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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2017 through April 30, 2018

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Semi-Annual Report

J.P. Morgan Specialty Funds

April 30, 2018 (Unaudited)

JPMorgan Opportunistic Equity Long/Short Fund

JPMorgan Research Market Neutral Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Opportunistic Equity Long/Short Fund	3
JPMorgan Research Market Neutral Fund	6
Schedules of Portfolio Investments	9
Financial Statements	19
Financial Highlights	26
Notes to Financial Statements	30
Schedule of Shareholder Expenses	38

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

June 8, 2018 (Unaudited)

Dear Shareholder,

While the global economy largely continued its steady-growth trajectory throughout the six months ended April 30, 2018, investor concerns about rising interest rates and geo-political events fueled the return of volatility to financial markets and ended a 15-month string of rising equity prices in the U.S.

  “This world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.”— George C.W. Gatch

Favorable central bank policies, corporate earnings growth and consumer confidence remained supportive of global growth throughout the reporting period, though economic data in the European Union (the “EU”) softened somewhat in early 2018. Global petroleum prices generally rose during the reporting period as record output from U.S. shale operations was outweighed by expectations of rising global demand and extended output cuts from the Organization of Petroleum Exporting Nations.

The U.S. Federal Reserve (the “Fed”) raised interest rates in December 2017 and again in March 2018 in response to a tightening labor market and early signs of price inflation. The unemployment rate dropped to 3.9% in April – a level not seen in 18 years – after sitting at 4.1% from October 2017 to March 2018. Gross domestic product (GDP) in the U.S. rose by 2.9% in the fourth quarter of 2017 and an estimated 2.2% in the first quarter of 2018.

Meanwhile, U.S. tax cut legislation enacted in December 2017, appeared to provide support for both equity prices and corporate earnings, which reached record highs in the first quarter of 2017. Of the 279 companies reporting U.S. first quarter earnings by the end of the reporting period, 78% had surpassed analysts’ aggregate estimates.

In early February, a spike in 10-year U.S. Treasury bond yields triggered a rapid sell-off in U.S. financial markets that spread to global markets. Yields on 10-year Treasury bonds are generally considered a bellwether for broader market trends, and the increase in yields was a technical signal that raised investor concerns about inflation and rising U.S. interest rates.

While financial markets rebounded somewhat, the sell-off led to a record spike in market volatility just three months after the CBOE Volatility Index, which looks at Standard & Poor’s 500 Index futures to gauge near-term volatility, had dropped to the lowest level since it was created.

Throughout the latter half of the reporting period, U.S. financial markets were also buffeted by the potential for a U.S.-China trade war after President Trump threatened to raise import tariffs. However, background political uncertainty in Washington, D.C. appeared to have little direct impact on domestic financial markets.

Meanwhile, the European Central Bank (ECB) in January reduced its monthly asset purchases by half, though it declined to raise benchmark interest rates during the reporting period. In November, the Bank of England raised interest rates for the first time in a decade as the domestic economy continued to expand and uncertainty over Britain’s planned exit from the EU receded somewhat. In Germany, Chancellor Angela Merkel successfully formed a governing coalition in late February, removing further uncertainty among investors. Across the 19-nation Eurozone, unemployment fell to 8.5% and GDP grew 2.5% in the first quarter of 2018.

In China, government efforts to curb financial speculation appeared to hold down financial market volatility even as the nation’s economy continued to grow. Estimated GDP growth for China was 6.8% in the first quarter of 2018 and 6.9% for the final quarter of 2017. Emerging market nations largely continued to benefit from robust growth in China, rising commodity prices and global demand for goods. However, rising borrowing costs have put pressure on emerging markets in select nations that depend most on external financing, particularly Argentina, Turkey and Brazil.

Against a generally positive environment for global economic growth, a few distinct concerns have emerged in 2018. U.S. threats of protectionist trade policies and changes in U.S. foreign policy, particularly toward Iran, have led to political strains with long-time U.S. allies and trading partners. Rising interest rates globally have put pressure on the currencies of several emerging market nations. The world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.

We believe investors who maintain a long-term outlook and a properly diversified portfolio should continue to benefit from the global economic expansion in 2018. 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

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

Global financial markets generally provided positive returns for the reporting period, but gains were tempered by increased market volatility, rising bond yields in the U.S. and moderating economic growth in the early part of 2018. While economists had generally forecast continued growth in the global economy, concerns over inflationary pressure, signs of slowing growth in Europe and a potential trade war between the U.S. and China all led to investor uncertainty in the latter half of the reporting period.

Notably, global petroleum prices rose significantly during the reporting period. Global economic growth drove increased demand for oil, while on the supply side, the Organization of Petroleum Exporting Countries and Russia agreed in December 2017 to extend production curbs through 2018. Severe reductions in output from Venezuela and threatened U.S. sanctions against Iran also provided support for global energy prices.

Throughout the final months of 2017 and into January 2018, U.S. equity prices reached new highs and financial market volatility remained at historically low levels. Then in early February 2018, the Standard & Poor’s 500 Index (the “S&P 500”) fell more than 10% intraday and the CBOE Volatility Index, which measures options on the S&P 500 to gauge near-term market volatility, spiked a record 115.6%. The sell-off came after fifteen consecutive months of stock market gains and was largely triggered by a spike in yields on 10-year U.S. Treasury bonds, which signaled to investors that rising borrowing costs and accelerating inflation could lead to weakness in asset prices. Overall, bond prices in the U.S. declined amid investor expectations for rising interest rates.

In Europe and Japan, equity prices generally ended higher for the reporting period, supported by central bank policies, corporate earnings and continued improvements in leading economic indicators. However, increased market volatility in 2018 erased much of the stock market gains made in late 2017.

Equity prices in emerging markets also rose amid corporate profit growth, rising commodities prices and a positive global economic outlook. China’s efforts to curb financial market speculation appeared to provide some stability to asset prices. Notably, prices for emerging market debt slumped after rising through most of 2016 and 2017. A potential U.S.-China trade war, widening conflict in Syria and political uncertainty ahead of elections in Brazil and Mexico contributed to investor concerns about emerging market currencies and local-currency denominated bonds.

For the six months ended April 30, 2018, the S&P 500 returned 3.82%, while the ICE BofAML 3-Month US Treasury Bill Index (formerly BofA Merrill Lynch U.S. 3-Month Treasury Bill Index) returned 0.68%.

2 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		0.56%
Standard & Poor’s 500 Index		3.82%
ICE BofAML 3-Month US Treasury Bill Index (formerly BofA Merrill Lynch U.S. 3-Month Treasury Bill Index)		0.68%
Net Assets as of 4/30/2018 (In Thousands)	$	194,606

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the six months ended April 30, 2018.

The Fund’s long position in the financials sector was the leading detractor from performance relative to the Benchmark, while the Fund’s long position consumer staples sector was a contributor to relative performance. The Fund’s long position in the consumer discretionary sector also detracted from relative performance but the impact was more than offset by the Fund’s short position in the sector, which was the leading contributor to relative performance.

Leading individual detractors from absolute performance included the Fund’s long positions in Illinois Tool Works Inc., Deere & Co. and Kraft Heinz Co. Shares of Illinois Tool Works and Deere & Co., both manufacturers of industrial products and equipment, fell amid investor concerns that recent growth in earnings and revenue at both companies represented a peak in their business cycles. Shares of Kraft Heinz, a maker of processed food and beverages, fell after the company reported lower-than-expected earnings and sales for the fourth quarter of 2017.

Leading individual contributors to absolute performance included the Fund’s long positions in Northrup Grumman Corp., UnitedHealth Group Inc. and its short position in Alliance Data Systems Corp. Shares of Northrup Grumman, an aerospace and defense manufacturer, rose after the company reported better-than-expected earnings for the first quarter of 2018, and raised its profit forecast. Shares of UnitedHealth Group, a health insurer, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2018, and raised its profit forecast. Shares of Alliance Data Systems, a provider of private-label credit cards and customer loyalty services, fell amid investor concerns that rising U.S. interest rates could reduce the company’s cash flow.

HOW WAS THE FUND POSITIONED?

During the six months ended April 30, 2018, the Fund invested an average of 110% of its assets in long and short positions in equity securities, selecting from a universe of equity securities with market capitalizations similar to those included in the Russell 1000 Index and/or S&P 500 Index. The Fund’s manager sought to achieve lower volatility than the Benchmark through a disciplined research process, security selection and risk management. For the six month reporting period, the Fund’s average gross exposure was 110% and its average net exposure was 57%.

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

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

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO***

1.	UnitedHealth Group, Inc.	9.6	%
2.	Berkshire Hathaway, Inc., Class A	9.1
3.	Time Warner, Inc.	5.3
4.	Fiserv, Inc.	4.3
5.	NextEra Energy, Inc.	4.3
6.	Becton Dickinson and Co.	3.8
7.	PayPal Holdings, Inc.	3.8
8.	Alphabet, Inc., Class A	3.7
9.	Walt Disney Co. (The)	3.5
10.	salesforce.com, Inc.	3.5

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Johnson & Johnson	18.4	%
	2.	Citigroup, Inc.	13.7
	3.	Molson Coors Brewing Co., Class B	11.4
	4.	Cardinal Health, Inc.	10.5
	5.	Harley-Davidson, Inc.	10.2
	6.	Take-Two Interactive Software, Inc.	6.9
	7.	DENTSPLY SIRONA, Inc.	6.6
	8.	Rockwell Automation, Inc.	6.6
	9.	Newell Brands, Inc.	6.1
	10.	Procter & Gamble Co. (The)	5.0

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	21.9	%
Health Care	16.0
Consumer Discretionary	9.6
Financials	9.1
Industrials	8.5
Consumer Staples	5.6
Utilities	4.2
Short-Term Investment	25.1

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Health Care	35.5	%
Consumer Staples	19.6
Consumer Discretionary	17.7
Financials	13.7
Information Technology	6.9
Industrials	6.6

*** Percentages indicated are based on total long investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	August 29, 2014
With Sales Charge**			(4.89	)%		1.74	%		4.49	%		6.28	%
Without Sales Charge			0.40			7.39			6.39			7.86
CLASS C SHARES	August 29, 2014
With CDSC***			(0.82	)		5.90			5.90			7.34
Without CDSC			0.18			6.90			5.90			7.34
CLASS I SHARES	August 29, 2014		0.56			7.68			6.68			8.13
CLASS R2 SHARES	August 29, 2014		0.29			7.14			6.15			7.60
CLASS R5 SHARES	August 29, 2014		0.67			7.92			6.89			8.35
CLASS R6 SHARES	August 29, 2014		0.67			7.97			6.94			8.40

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (8/29/14 TO 4/30/18)

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

The Fund commenced operations on August 29, 2014.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Opportunistic Equity Long/Short Fund, the S&P 500 Index, the ICE BofAML 3-Month US Treasury Bill Index and Lipper Alternative Long/Short Equity Funds Index from August 29, 2014 to April 30, 2018. 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 ICE BofAML 3-Month US 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 ICE BofAML 3-Month US 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.

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(0.27)%
ICE BofAML 3-Month US Treasury Bill Index (formerly BofA Merrill Lynch U.S. 3-Month Treasury Bill Index)		0.68%
Net Assets as of 4/30/2018 (In Thousands)	$	204,856

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares underperformed the ICE BofAML 3-Month US Treasury Bill Index (formerly BofA Merrill Lynch U.S. 3-Month Treasury Bill Index) (the “Benchmark”) for the six months ended April 30, 2018.

The Fund’s long positions in the retail and telecommunications sectors were leading detractors from performance relative to the Benchmark, while the Fund’s long positions in the energy and utilities sectors were leading contributors to relative performance.

Leading individual detractors from absolute performance included the Fund’s long position Alphabet Inc. and its short positions in Seagate Technology PLC and Boeing Co. Shares of Alphabet, parent company of Google, fell after the company reported narrowing profit margins and higher spending on acquisitions and one-time costs. Shares of Seagate Technology, a data storage company, rose after the company reported better-than-expected earnings for the fourth quarter of 2017. Shares of Boeing, an aircraft maker and aerospace company, rose after the company reported better-than-expected results for the first quarter of 2018.

Leading individual contributors to absolute performance included the Fund’s short positions in Exxon Mobil Corp. and Heartland Express Inc., and its long position in Union Pacific Corp. Shares of Exxon Mobil, an oil and gas exploration and production company, fell after the company reported lower-than-expected earnings. Shares of Heartland Express, a trucking company, fell along with shares of other transport companies amid investor concerns about potential changes to trade, tariffs and the North American Free Trade Agreement. Shares of Union Pacific, a freight railroad operator, rose after the company reported increased profit and revenue for the first quarter of 2018.

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 the broader market for stocks and bonds. The Fund’s portfolio managers used fundamental research to estimate companies’ long-term earnings forecasts, ranking approximately 600 large and mid cap stocks into five quintiles. The Fund’s portfolio managers looked to the top two quintiles for potential long positions in stocks that they believed were undervalued and the bottom two quintiles for potential short positions in stocks that they believed were overvalued.

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

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

6 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Union Pacific Corp., (United States)	3.0	%
	2.	Norfolk Southern Corp., (United States)	2.6
	3.	Alphabet, Inc., Class C, (United States)	2.4
	4.	UnitedHealth Group, Inc., (United States)	2.1
	5.	EOG Resources, Inc., (United States)	2.0
	6.	Pioneer Natural Resources Co., (United States)	1.7
	7.	NextEra Energy, Inc., (United States)	1.7
	8.	Northrop Grumman Corp., (United States)	1.6
	9.	Bank of America Corp., (United States)	1.6
	10.	Amazon.com, Inc., (United States)	1.5

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Southern Co. (The), (United States)	3.5	%
	2.	Exxon Mobil Corp., (United States)	2.5
	3.	Schlumberger Ltd., (United States)	2.2
	4.	Procter & Gamble Co. (The), (United States)	1.8
	5.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR, (Taiwan)	1.7
	6.	United Parcel Service, Inc., Class B, (United States)	1.6
	7.	Chipotle Mexican Grill, Inc., (United States)	1.5
	8.	AT&T, Inc., (United States)	1.5
	9.	Verizon Communications, Inc., (United States)	1.5
	10.	Heartland Express, Inc., (United States)	1.4

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Consumer Discretionary	15.3	%
Information Technology	14.6
Industrials	12.2
Financials	10.1
Energy	6.9
Consumer Staples	6.8
Utilities	6.5
Health Care	6.1
Materials	4.7
Real Estate	1.5
Others (each less than 1.0%)	0.6
Short-Term Investments	14.7

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	16.5	%
Industrials	14.3
Information Technology	13.3
Financials	12.3
Utilities	7.9
Health Care	7.8
Consumer Staples	7.7
Energy	7.7
Materials	5.8
Telecommunication Services	3.5
Real Estate	3.2

*** Percentages indicated are based on total long investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge**			(5.63	)%		(3.77	)%		(0.51	)%		0.13	%
Without Sales Charge			(0.43	)		1.58			0.57			0.68
CLASS C SHARES	November 2, 2009
With CDSC***			(1.68	)		0.08			0.07			0.17
Without CDSC			(0.68	)		1.08			0.07			0.17
CLASS I SHARES	November 2, 2009		(0.34	)		1.85			0.82			0.96
CLASS L SHARES	December 31, 1998		(0.27	)		1.95			1.01			1.15

* Not annualized.

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

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

TEN YEAR FUND PERFORMANCE (4/30/08 TO 4/30/18)

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

Returns for Class C Shares prior to its inception date are based on the performance of Class B Shares, all of which converted to Class A Shares on June 19, 2015. The actual returns of Class C Shares would have been different to those shown because Class C Shares had different expenses than Class B Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Research Market Neutral Fund, ICE BofAML 3-Month US Treasury Bill Index and Lipper Alternative Equity Market Neutral Funds Index from April 30, 2008 to April 30, 2018. 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 ICE BofAML 3-Month US 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 ICE BofAML 3-Month US 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 APRIL 30, 2018

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 91.8%
	Common Stocks — 68.8%
			Consumer Discretionary — 8.8%
			Hotels, Restaurants & Leisure — 0.7%
	72		Extended Stay America, Inc. (j)		1,410
			Media — 8.1%
	99		Time Warner, Inc.		9,417
	62		Walt Disney Co. (The)		6,256
					15,673
			Total Consumer Discretionary		17,083
			Consumer Staples — 5.1%
			Beverages — 4.9%
	131		Coca-Cola Co. (The) (j)		5,649
	17		Constellation Brands, Inc., Class A (j)		3,905
					9,554
			Food Products — 0.2%
	8		Kraft Heinz Co. (The)		470
			Total Consumer Staples		10,024
			Financials — 8.4%
			Diversified Financial Services — 8.4%
	—	(h)	Berkshire Hathaway, Inc., Class A (a)		16,276
			Health Care — 14.7%
			Health Care Equipment & Supplies — 3.5%
	29		Becton Dickinson and Co.		6,759
			Health Care Providers & Services — 8.8%
	72		UnitedHealth Group, Inc. (j)		17,079
			Life Sciences Tools & Services — 2.4%
	23		Thermo Fisher Scientific, Inc. (j)		4,766
			Total Health Care		28,604
			Industrials — 7.8%
			Aerospace & Defense — 1.4%
	8		Northrop Grumman Corp. (j)		2,639
			Machinery — 2.2%
	10		Deere & Co.		1,419
	10		Illinois Tool Works, Inc. (j)		1,436
	9		Parker-Hannifin Corp.		1,444
					4,299
			Road & Rail — 4.2%
	25		Canadian Pacific Railway Ltd., (Canada)		4,506
	28		Union Pacific Corp. (j)		3,758
					8,264
			Total Industrials		15,202

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 20.1%
		Internet Software & Services — 3.4%
	6	Alphabet, Inc., Class A (a)		6,545
		IT Services — 11.5%
	108	Fiserv, Inc. (a) (j)		7,625
	27	Mastercard, Inc., Class A (j)		4,792
	90	PayPal Holdings, Inc. (a) (j)		6,750
	25	Visa, Inc., Class A (j)		3,195
				22,362
		Software — 5.2%
	42	Microsoft Corp. (j)		3,960
	51	salesforce.com, Inc. (a)		6,187
				10,147
		Total Information Technology		39,054
		Utilities — 3.9%
		Electric Utilities — 3.9%
	46	NextEra Energy, Inc.		7,602
		Total Common Stocks (Cost $123,657)		133,845
	Short-Term Investment — 23.0%
		Investment Company — 23.0%
	44,833	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $44,833)		44,833
		Total Investments — 91.8% (Cost $168,490)		178,678
		Other Assets in Excess of Liabilities — 8.2%		15,928
		NET ASSETS — 100.0%	$	194,606
	Short Positions — 29.7%
	Common Stocks — 29.7%
		Consumer Discretionary — 5.3%
		Automobiles — 3.0%
	143	Harley-Davidson, Inc.		5,885
		Household Durables — 1.8%
	127	Newell Brands, Inc.		3,501
		Media — 0.5%
	3	Charter Communications, Inc., Class A (a)		864
		Total Consumer Discretionary		10,250
		Consumer Staples — 5.8%
		Beverages — 3.4%
	92	Molson Coors Brewing Co., Class B		6,589

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Food & Staples Retailing — 1.0%
	75	Kroger Co. (The)		1,898
		Household Products — 1.4%
	40	Procter & Gamble Co. (The)		2,865
		Total Consumer Staples		11,352
		Financials — 4.1%
		Banks — 4.1%
	116	Citigroup, Inc.		7,915
		Health Care — 10.6%
		Health Care Equipment & Supplies — 2.0%
	76	DENTSPLY SIRONA, Inc.		3,844
		Health Care Providers & Services — 3.1%
	95	Cardinal Health, Inc.		6,065

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 5.5%
	84	Johnson & Johnson		10,632
		Total Health Care		20,541
		Industrials — 1.9%
		Electrical Equipment — 1.9%
	23	Rockwell Automation, Inc.		3,805
		Information Technology — 2.0%
		Software — 2.0%
	40	Take-Two Interactive Software, Inc. (a)		3,965
		Total Securities Sold Short (Proceeds $59,877)	$	57,828

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.2%
	Common Stocks — 84.6%
			Consumer Discretionary — 15.2%
			Auto Components — 0.7%
	12		Aptiv plc		1,055
	10		Delphi Technologies plc		476
					1,531
			Hotels, Restaurants & Leisure — 1.3%
	7		Hilton Worldwide Holdings, Inc.		589
	5		Royal Caribbean Cruises Ltd.		493
	17		Yum Brands, Inc.		1,498
					2,580
			Household Durables — 0.7%
	23		DR Horton, Inc.		1,028
	17		MDC Holdings, Inc.		484
					1,512
			Internet & Direct Marketing Retail — 1.8%
	2		Amazon.com, Inc. (a)		3,081
	—	(h)	Booking Holdings, Inc. (a)		638
					3,719
			Media — 4.8%
	11		Charter Communications, Inc., Class A (a)		2,937
	34		Comcast Corp., Class A		1,071
	15		DISH Network Corp., Class A (a)		508
	49		Sirius XM Holdings, Inc.		310
	12		Time Warner, Inc.		1,111
	29		Twenty-First Century Fox, Inc., Class B		1,063
	28		Walt Disney Co. (The) (j)		2,794
					9,794
			Multiline Retail — 0.9%
	20		Dollar Tree, Inc. (a)		1,882
			Specialty Retail — 4.4%
	3		AutoZone, Inc. (a)		2,125
	5		Best Buy Co., Inc.		416
	12		Home Depot, Inc. (The)		2,286
	7		Lowe’s Cos., Inc.		551
	9		O’Reilly Automotive, Inc. (a)		2,347
	15		Ross Stores, Inc.		1,250
					8,975
			Textiles, Apparel & Luxury Goods — 0.6%
	7		PVH Corp.		1,151
			Total Consumer Discretionary		31,144

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 6.8%
		Beverages — 1.6%
	19	Coca-Cola Co. (The)		817
	6	Constellation Brands, Inc., Class A		1,320
	8	Molson Coors Brewing Co., Class B		591
	5	PepsiCo, Inc.		456
				3,184
		Food & Staples Retailing — 1.0%
	4	Costco Wholesale Corp.		867
	19	Walgreens Boots Alliance, Inc.		1,254
				2,121
		Food Products — 2.4%
	5	Kellogg Co.		285
	65	Mondelez International, Inc., Class A		2,551
	22	Post Holdings, Inc. (a)		1,759
	6	Tyson Foods, Inc., Class A		395
				4,990
		Household Products — 0.4%
	14	Energizer Holdings, Inc.		818
		Personal Products — 0.6%
	8	Estee Lauder Cos., Inc. (The), Class A		1,244
		Tobacco — 0.8%
	19	Philip Morris International, Inc. (j)		1,518
		Total Consumer Staples		13,875
		Energy — 6.8%
		Oil, Gas & Consumable Fuels — 6.8%
	7	Concho Resources, Inc. (a)		1,155
	17	Diamondback Energy, Inc. (a)		2,186
	34	EOG Resources, Inc.		3,973
	11	Marathon Petroleum Corp.		843
	10	Occidental Petroleum Corp.		735
	14	ONEOK, Inc.		867
	21	Parsley Energy, Inc., Class A (a)		638
	18	Pioneer Natural Resources Co. (j)		3,539
		Total Energy		13,936
		Financials — 10.0%
		Banks — 4.4%
	110	Bank of America Corp. (j)		3,290
	27	BB&T Corp.		1,430
	14	Citigroup, Inc.		939

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Banks — continued
	4	Comerica, Inc.		413
	50	Huntington Bancshares, Inc.		739
	9	Prosperity Bancshares, Inc.		613
	13	SunTrust Banks, Inc.		853
	2	SVB Financial Group (a)		606
	4	Zions Bancorp		210
				9,093
		Capital Markets — 2.6%
	12	Charles Schwab Corp. (The)		665
	6	CME Group, Inc.		890
	54	Morgan Stanley (j)		2,795
	3	S&P Global, Inc.		624
	3	T. Rowe Price Group, Inc.		323
				5,297
		Consumer Finance — 0.8%
	17	Capital One Financial Corp.		1,544
		Diversified Financial Services — 0.4%
	16	Voya Financial, Inc.		820
		Insurance — 1.8%
	11	American International Group, Inc.		613
	7	Arthur J Gallagher & Co.		461
	1	Everest Re Group Ltd.		214
	19	Hartford Financial Services Group, Inc. (The)		1,005
	12	Lincoln National Corp.		868
	11	Principal Financial Group, Inc.		625
				3,786
		Total Financials		20,540
		Health Care — 6.0%
		Biotechnology — 0.7%
	9	Vertex Pharmaceuticals, Inc. (a)		1,382
		Health Care Equipment & Supplies — 1.2%
	46	Boston Scientific Corp. (a)		1,332
	12	Medtronic plc		930
	2	Zimmer Biomet Holdings, Inc.		216
				2,478
		Health Care Providers & Services — 3.3%
	20	AmerisourceBergen Corp.		1,827
	4	Cigna Corp.		603
	18	UnitedHealth Group, Inc. (j)		4,292
				6,722

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 0.8%
	1	Eli Lilly & Co.		42
	7	Merck & Co., Inc.		405
	34	Pfizer, Inc.		1,263
				1,710
		Total Health Care		12,292
		Industrials — 12.1%
		Aerospace & Defense — 2.4%
	3	General Dynamics Corp.		563
	4	Harris Corp.		640
	10	Northrop Grumman Corp.		3,323
	4	United Technologies Corp.		461
				4,987
		Airlines — 0.3%
	13	Delta Air Lines, Inc. (j)		667
		Building Products — 0.5%
	10	Allegion plc		735
	2	Lennox International, Inc.		293
				1,028
		Electrical Equipment — 0.2%
	5	Eaton Corp. plc (j)		390
		Industrial Conglomerates — 0.1%
	1	Honeywell International, Inc.		188
		Machinery — 2.1%
	3	Cummins, Inc.		419
	3	Deere & Co.		344
	9	Ingersoll-Rand plc		783
	19	PACCAR, Inc.		1,208
	10	Stanley Black & Decker, Inc. (j)		1,452
				4,206
		Road & Rail — 6.5%
	5	Canadian Pacific Railway Ltd., (Canada) (j)		876
	11	Kansas City Southern		1,148
	37	Norfolk Southern Corp. (j)		5,322
	45	Union Pacific Corp. (j)		6,016
				13,362
		Total Industrials		24,828
		Information Technology — 14.5%
		Internet Software & Services — 3.1%
	5	Alphabet, Inc., Class C (a) (j)		4,875
	8	Facebook, Inc., Class A (a)		1,459
				6,334

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		IT Services — 2.5%
	4	Accenture plc, Class A		617
	5	DXC Technology Co.		511
	4	Fidelity National Information Services, Inc.		338
	9	PayPal Holdings, Inc. (a)		642
	6	Square, Inc., Class A (a)		295
	6	WEX, Inc. (a) (j)		921
	22	Worldpay, Inc. (a)		1,824
				5,148
		Semiconductors & Semiconductor Equipment — 5.2%
	18	Analog Devices, Inc.		1,586
	12	Broadcom, Inc.		2,700
	3	Microchip Technology, Inc.		292
	14	Micron Technology, Inc. (a)		659
	13	NVIDIA Corp.		2,827
	11	ON Semiconductor Corp. (a)		252
	24	Texas Instruments, Inc. (j)		2,453
				10,769
		Software — 3.1%
	8	Intuit, Inc.		1,421
	24	Microsoft Corp.		2,215
	19	Oracle Corp.		856
	10	salesforce.com, Inc. (a)		1,243
	4	Workday, Inc., Class A (a)		529
				6,264
		Technology Hardware, Storage & Peripherals — 0.6%
	68	Hewlett Packard Enterprise Co. (j)		1,157
		Total Information Technology		29,672
		Materials — 4.6%
		Chemicals — 2.9%
	14	Celanese Corp., Series A		1,573
	27	DowDuPont, Inc.		1,679
	23	Eastman Chemical Co.		2,318
	5	Westlake Chemical Corp.		498
				6,068
		Containers & Packaging — 1.7%
	5	Avery Dennison Corp.		534
	51	Ball Corp.		2,051
	14	WestRock Co.		838
				3,423
		Total Materials		9,491

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate — 1.5%
		Equity Real Estate Investment Trusts (REITs) — 1.5%
	8	AvalonBay Communities, Inc.		1,250
	32	Brixmor Property Group, Inc.		477
	7	Equity Residential		458
	13	Vornado Realty Trust (j)		882
		Total Real Estate		3,067
		Telecommunication Services — 0.6%
		Wireless Telecommunication Services — 0.6%
	19	T-Mobile US, Inc. (a) (j)		1,150
		Utilities — 6.5%
		Electric Utilities — 5.0%
	9	American Electric Power Co., Inc.		654
	50	Exelon Corp.		2,004
	23	Great Plains Energy, Inc.		758
	21	NextEra Energy, Inc. (j)		3,517
	30	PG&E Corp.		1,364
	40	Xcel Energy, Inc. (j)		1,875
				10,172
		Multi-Utilities — 1.5%
	14	CMS Energy Corp. (j)		675
	47	Public Service Enterprise Group, Inc.		2,426
				3,101
		Total Utilities		13,273
		Total Common Stocks (Cost $140,752)		173,268
	Short-Term Investments — 14.6%
		Investment Company — 14.5%
	29,703	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.84% (b) (l) (Cost $29,704)		29,706
PRINCIPAL AMOUNT($)
		U.S. Treasury Obligation — 0.1%
	233	U.S. Treasury Bills, 1.99%, 01/31/2019 (k) (n) (Cost $230)		229
		Total Short-Term Investments (Cost $29,934)		29,935
		Total Investments — 99.2% (Cost $170,686)		203,203
		Other Assets in Excess of Liabilities — 0.8%		1,653
		NET ASSETS — 100.0%	$	204,856

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — 83.9%
	Common Stocks — 83.9%
		Consumer Discretionary — 13.9%
		Auto Components — 0.2%
	4	Autoliv, Inc., (Sweden)		469
		Automobiles — 1.3%
	43	General Motors Co.		1,588
	12	Harley-Davidson, Inc.		485
	2	Tesla, Inc. (a)		617
				2,690
		Hotels, Restaurants & Leisure — 2.7%
	14	Aramark		507
	5	Bloomin’ Brands, Inc.		129
	8	Brinker International, Inc.		349
	6	Chipotle Mexican Grill, Inc. (a)		2,658
	7	McDonald’s Corp.		1,124
	13	Starbucks Corp.		738
				5,505
		Household Durables — 0.4%
	6	Whirlpool Corp.		866
		Internet & Direct Marketing Retail — 0.6%
	4	Netflix, Inc. (a)		1,159
		Leisure Products — 0.9%
	7	Hasbro, Inc.		611
	89	Mattel, Inc.		1,322
				1,933
		Media — 3.7%
	21	AMC Networks, Inc., Class A (a)		1,068
	13	Cinemark Holdings, Inc.		515
	33	Discovery, Inc., Class A (a)		778
	35	Entercom Communications Corp., Class A		352
	33	Interpublic Group of Cos., Inc. (The)		775
	136	News Corp., Class A		2,168
	28	Omnicom Group, Inc.		2,038
				7,694
		Multiline Retail — 1.0%
	13	Nordstrom, Inc.		665
	18	Target Corp.		1,301
				1,966
		Specialty Retail — 2.1%
	20	Abercrombie & Fitch Co., Class A		519
	3	Advance Auto Parts, Inc.		308
	18	American Eagle Outfitters, Inc.		363

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	104	Ascena Retail Group, Inc. (a)		232
	65	Bed Bath & Beyond, Inc.		1,141
	6	Buckle, Inc. (The)		127
	30	DSW, Inc., Class A		660
	46	Express, Inc. (a)		360
	5	L Brands, Inc.		190
	7	Williams-Sonoma, Inc.		313
				4,213
		Textiles, Apparel & Luxury Goods — 1.0%
	51	Hanesbrands, Inc.		941
	43	Under Armour, Inc., Class A (a)		765
	19	Under Armour, Inc., Class C (a)		285
				1,991
		Total Consumer Discretionary		28,486
		Consumer Staples — 6.5%
		Beverages — 0.4%
	14	Brown-Forman Corp., Class B		771
		Food & Staples Retailing — 0.8%
	17	Kroger Co. (The)		419
	14	Walmart, Inc.		1,253
				1,672
		Food Products — 2.1%
	56	General Mills, Inc.		2,433
	20	Hershey Co. (The)		1,865
				4,298
		Household Products — 3.2%
	9	Church & Dwight Co., Inc.		429
	15	Clorox Co. (The)		1,793
	12	Kimberly-Clark Corp.		1,207
	43	Procter & Gamble Co. (The)		3,077
				6,506
		Total Consumer Staples		13,247
		Energy — 6.4%
		Energy Equipment & Services — 2.7%
	9	Halliburton Co.		498
	20	Helmerich & Payne, Inc.		1,389
	54	Schlumberger Ltd.		3,735
				5,622
		Oil, Gas & Consumable Fuels — 3.7%
	13	Apache Corp.		521
	8	ConocoPhillips		523

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	26	Enbridge, Inc., (Canada)		776
	56	Exxon Mobil Corp.		4,334
	5	Hess Corp.		297
	10	Murphy Oil Corp.		302
	57	Range Resources Corp.		789
				7,542
		Total Energy		13,164
		Financials — 10.3%
		Banks — 5.8%
	27	BancorpSouth Bank		900
	16	Bank of Hawaii Corp.		1,386
	12	Commerce Bancshares, Inc.		786
	11	Cullen/Frost Bankers, Inc.		1,238
	10	East West Bancorp, Inc.		658
	38	First Hawaiian, Inc.		1,044
	5	M&T Bank Corp.		906
	62	People’s United Financial, Inc.		1,135
	9	PNC Financial Services Group, Inc. (The)		1,281
	34	Umpqua Holdings Corp.		805
	26	US Bancorp		1,337
	6	Webster Financial Corp.		390
				11,866
		Capital Markets — 2.4%
	3	FactSet Research Systems, Inc.		564
	1	Goldman Sachs Group, Inc. (The)		226
	45	Invesco Ltd.		1,296
	1	Moody’s Corp.		208
	6	Nasdaq, Inc.		535
	10	Northern Trust Corp.		1,025
	51	Waddell & Reed Financial, Inc., Class A		1,031
				4,885
		Insurance — 2.1%
	10	Aflac, Inc.		462
	2	Allstate Corp. (The)		223
	5	Arch Capital Group Ltd. (a)		366
	16	Torchmark Corp.		1,386
	4	Travelers Cos., Inc. (The)		479
	4	Unum Group		200
	16	WR Berkley Corp.		1,207
				4,323
		Total Financials		21,074

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care — 6.5%
		Biotechnology — 1.1%
	9	AbbVie, Inc.		897
	6	Amgen, Inc.		1,108
	2	Celgene Corp. (a)		197
				2,202
		Health Care Equipment & Supplies — 1.7%
	11	Abbott Laboratories		613
	15	Baxter International, Inc.		1,066
	6	Stryker Corp.		1,082
	6	Varian Medical Systems, Inc. (a)		688
				3,449
		Health Care Providers & Services — 2.4%
	20	Cardinal Health, Inc.		1,289
	30	Henry Schein, Inc. (a)		2,314
	2	Humana, Inc.		727
	26	Patterson Cos., Inc.		597
				4,927
		Health Care Technology — 0.4%
	14	Cerner Corp. (a)		799
		Pharmaceuticals — 0.9%
	16	Johnson & Johnson		1,982
		Total Health Care		13,359
		Industrials — 12.0%
		Aerospace & Defense — 0.8%
	3	Boeing Co. (The)		835
	2	Lockheed Martin Corp.		762
				1,597
		Air Freight & Logistics — 1.9%
	7	CH Robinson Worldwide, Inc.		674
	7	Expeditors International of Washington, Inc.		418
	24	United Parcel Service, Inc., Class B		2,775
				3,867
		Building Products — 0.5%
	32	Johnson Controls International plc		1,090
		Commercial Services & Supplies — 0.3%
	10	Republic Services, Inc.		615
		Electrical Equipment — 1.1%
	21	Emerson Electric Co.		1,390
	2	Hubbell, Inc.		242
	4	Rockwell Automation, Inc.		594
				2,226

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Industrial Conglomerates — 1.8%
	8	3M Co.		1,496
	155	General Electric Co.		2,184
				3,680
		Machinery — 0.2%
	9	Donaldson Co., Inc.		411
		Professional Services — 0.3%
	21	Nielsen Holdings plc		658
		Road & Rail — 3.9%
	29	Canadian National Railway Co., (Canada)		2,264
	140	Heartland Express, Inc.		2,489
	9	Ryder System, Inc.		600
	38	Schneider National, Inc., Class B		1,024
	43	Werner Enterprises, Inc.		1,478
				7,855
		Trading Companies & Distributors — 1.2%
	19	Air Lease Corp.		776
	5	GATX Corp.		306
	5	WW Grainger, Inc.		1,418
				2,500
		Total Industrials		24,499
		Information Technology — 11.2%
		Communications Equipment — 1.1%
	35	Cisco Systems, Inc.		1,562
	28	Juniper Networks, Inc.		700
				2,262
		Electronic Equipment, Instruments & Components — 0.3%
	6	Amphenol Corp., Class A		523
		Internet Software & Services — 1.2%
	64	eBay, Inc. (a)		2,411
		IT Services — 1.3%
	5	Automatic Data Processing, Inc.		536
	4	International Business Machines Corp.		567
	4	Jack Henry & Associates, Inc.		470
	20	Paychex, Inc.		1,187
				2,760
		Semiconductors & Semiconductor Equipment — 5.2%
	9	Applied Materials, Inc.		428
	43	Intel Corp.		2,245
	5	Lam Research Corp.		1,014
	25	Qorvo, Inc. (a)		1,682
	13	QUALCOMM, Inc.		665

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — continued
	4	Skyworks Solutions, Inc.		379
	77	Taiwan Semiconductor Manufacturing Co. Ltd., (Taiwan), ADR		2,968
	18	Xilinx, Inc.		1,185
				10,566
		Software — 0.7%
	4	Citrix Systems, Inc. (a)		450
	51	Snap, Inc., Class A (a)		725
	3	Splunk, Inc. (a)		310
				1,485
		Technology Hardware, Storage & Peripherals — 1.4%
	9	Apple, Inc.		1,419
	5	NetApp, Inc.		314
	16	Seagate Technology plc		954
	2	Western Digital Corp.		128
				2,815
		Total Information Technology		22,822
		Materials — 4.8%
		Chemicals — 2.8%
	19	Albemarle Corp.		1,841
	4	Ecolab, Inc.		630
	15	LyondellBasell Industries NV, Class A		1,588
	11	PPG Industries, Inc.		1,214
	3	Praxair, Inc.		465
				5,738
		Containers & Packaging — 0.9%
	10	AptarGroup, Inc.		947
	4	Sealed Air Corp.		173
	12	Sonoco Products Co.		632
				1,752
		Metals & Mining — 0.6%
	19	Compass Minerals International, Inc.		1,280
		Paper & Forest Products — 0.5%
	26	Domtar Corp.		1,131
		Total Materials		9,901
		Real Estate — 2.7%
		Equity Real Estate Investment Trusts (REITs) — 2.7%
	28	Apple Hospitality REIT, Inc.		506
	5	Boston Properties, Inc.		588
	32	CBL & Associates Properties, Inc.		136
	5	Crown Castle International Corp.		533

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	2	Extra Space Storage, Inc.		222
	10	GGP, Inc.		191
	26	HCP, Inc.		601
	25	Host Hotels & Resorts, Inc.		485
	16	Pennsylvania REIT		154
	9	Regency Centers Corp.		556
	4	Simon Property Group, Inc.		638
	6	SL Green Realty Corp.		537
	4	Taubman Centers, Inc.		206
	33	Washington Prime Group, Inc.		217
		Total Real Estate		5,570
		Telecommunication Services — 3.0%
		Diversified Telecommunication Services — 2.5%
	80	AT&T, Inc.		2,620
	51	Verizon Communications, Inc.		2,537
				5,157
		Wireless Telecommunication Services — 0.5%
	174	Sprint Corp. (a)		977
		Total Telecommunication Services		6,134

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 6.6%
		Electric Utilities — 3.5%
	7	Duke Energy Corp.		574
	8	Pinnacle West Capital Corp.		616
	130	Southern Co. (The)		5,993
				7,183
		Gas Utilities — 0.4%
	6	National Fuel Gas Co.		309
	10	UGI Corp.		484
				793
		Multi-Utilities — 2.7%
	12	CenterPoint Energy, Inc.		304
	16	Consolidated Edison, Inc.		1,264
	32	Dominion Energy, Inc.		2,127
	15	DTE Energy Co.		1,577
	13	NiSource, Inc.		312
				5,584
		Total Utilities		13,560
		Total Securities Sold Short (Proceeds $176,852)	$	171,816

Percentages indicated are based on net assets.

Futures contracts outstanding as of April 30, 2018:

DESCRIPTION

NUMBER OF CONTRACTS

EXPIRATION DATE

TRADING CURRENCY

NOTIONAL AMOUNT ($)

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

Short Contracts

S&P 500 E-Mini Index

(10

)

06/2018

USD

(1,324

)

67

67

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 17

J.P. Morgan Specialty Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

ADR	—  American Depositary Receipt
REIT	—  Real Estate Investment Trust
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	—  Amount rounds to less than 500.

(j)	—  All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral for JPMorgan Opportunistic Equity Long/Short Fund and JPMorgan Research Market Neutral Fund were approximately $41,138,000 and $31,400,000, 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 April 30, 2018.
(n)	—  The rate shown is the effective yield as of April 30, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Opportunistic Equity Long/Short Fund		JPMorgan Research Market Neutral Fund
ASSETS:
Investments in non-affiliates, at value	$	133,845	$	173,497
Investments in affiliates, at value		44,833		29,706
Deposits at broker for securities sold short		57,456		173,809
Receivables:
Investment securities sold		16,032		5,280
Fund shares sold		2,841		19
Dividends from non-affiliates		127		252
Dividends from affiliates		38		50
Variation margin on futures contracts		—		12
Total Assets		255,172		382,625
LIABILITIES:
Payables:
Due to custodian		—		—	(a)
Securities sold short, at value		57,828		171,816
Dividend expense to non-affiliates on securities sold short		27		222
Investment securities purchased		2,330		5,387
Fund shares redeemed		35		111
Accrued liabilities:
Investment advisory fees		177		105
Administration fees		11		—
Distribution fees		14		8
Service fees		37		24
Custodian and accounting fees		15		13
Trustees’ and Chief Compliance Officer’s fees		1		—
Other		91		83
Total Liabilities		60,566		177,769
Net Assets	$	194,606	$	204,856

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 19

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	180,711		$	211,196
Accumulated undistributed (distributions in excess of) net investment income		(772	)		(2,987	)
Accumulated net realized gains (losses)		2,430			(40,973	)
Net unrealized appreciation (depreciation)		12,237			37,620
Total Net Assets	$	194,606		$	204,856
Net Assets:
Class A	$	61,908		$	16,338
Class C		2,631			7,372
Class I		116,834			43,387
Class L		—			137,759
Class R2		24			—
Class R5		24			—
Class R6		13,185			—
Total	$	194,606		$	204,856
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		3,442			1,148
Class C		149			554
Class I		6,432			2,923
Class L		—			9,100
Class R2		2			—
Class R5		1			—
Class R6		719			—
Net Asset Value (a):
Class A — Redemption price per share	$	17.99		$	14.23
Class C — Offering price per share (b)		17.64			13.30
Class I — Offering and redemption price per share		18.16			14.85
Class L — Offering and redemption price per share		—			15.14
Class R2 — Offering and redemption price per share		17.81			—
Class R5 — Offering and redemption price per share		18.31			—
Class R6 — Offering and redemption price per share		18.34			—
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)]	$	18.99		$	15.02
Cost of investments in non-affiliates	$	123,657		$	140,982
Cost of investments in affiliates		44,833			29,704
Proceeds from securities sold short		59,877			176,852

(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.

20 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	2
Interest income from non-affiliates on securities sold short		267			1,005
Dividend income from non-affiliates		753			1,361
Dividend income from affiliates		175			233
Total investment income		1,195			2,601
EXPENSES:
Investment advisory fees		1,033			839
Administration fees		70			85
Distribution fees:
Class A		68			22
Class C		10			32
Class R2		—	(a)		—
Service fees:
Class A		68			22
Class C		3			10
Class I		135			53
Class L		—			71
Class R2		—	(a)		—
Class R5		—	(a)		—
Custodian and accounting fees		17			21
Interest expense to affiliates		1			3
Professional fees		39			32
Trustees’ and Chief Compliance Officer’s fees		13			12
Printing and mailing costs		17			28
Registration and filing fees		30			30
Transfer agency fees (See Note 2.F.)		2			7
Other		6			7
Dividend expense to non-affiliates on securities sold short		538			2,259
Total expenses		2,050			3,533
Less fees waived		(92	)		(310	)
Less expense reimbursements		—	(a)		—
Net expenses		1,958			3,223
Net investment income (loss)		(763	)		(622	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,750			22,461
Investments in affiliates		—			(6	)
Options purchased		(945	)		—
Futures contracts		—			(256	)
Securities sold short		1,424			(12,094	)
Foreign currency transactions		—			—	(a)
Options written		123			—
Net realized gain (loss)		4,352			10,105
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(3,546	)		(15,607	)
Investments in affiliates		—			2
Options purchased		234			—
Futures contracts		—			95
Securities sold short		413			5,319
Foreign currency translations		—			—	(a)
Options written		(23	)		—
Change in net unrealized appreciation/depreciation		(2,922	)		(10,191	)
Net realized/unrealized gains (losses)		1,430			(86	)
Change in net assets resulting from operations	$	667		$	(708	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 21

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Opportunistic Equity Long/Short Fund						JPMorgan Research Market Neutral Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(763	)	$	(1,656	)	$	(622	)	$	(3,157	)
Net realized gain (loss)		4,352			19,475			10,105			45,237
Change in net unrealized appreciation/depreciation		(2,922	)		5,857			(10,191	)		(25,539	)
Change in net assets resulting from operations		667			23,676			(708	)		16,541
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net realized gains		(640	)		(3,097	)		(490	)		—
Class C
From net realized gains		(37	)		(187	)		(253	)		—
Class I
From net realized gains		(1,327	)		(9,417	)		(1,120	)		—
Class L
From net realized gains		—			—			(3,654	)		—
Class R2
From net realized gains		—	(a)		(2	)		—			—
Class R5
From net realized gains		—	(a)		(1	)		—			—
Class R6
From net realized gains		(80	)		(544	)		—			—
Total distributions to shareholders		(2,084	)		(13,248	)		(5,517	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		34,602			(62,641	)		(8,450	)		(144,361	)
NET ASSETS:
Change in net assets		33,185			(52,213	)		(14,675	)		(127,820	)
Beginning of period		161,421			213,634			219,531			347,351
End of period	$	194,606		$	161,421		$	204,856		$	219,531
Accumulated undistributed (distributions in excess of) net investment income	$	(772	)	$	(9	)	$	(2,987	)	$	(2,365	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

	JPMorgan Opportunistic Equity Long/Short Fund						JPMorgan Research Market Neutral Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	19,676		$	21,397		$	3,024		$	2,593
Distributions reinvested		638			3,087			465			—
Cost of shares redeemed		(7,063	)		(21,283	)		(4,501	)		(11,262	)
Change in net assets resulting from Class A capital transactions	$	13,251		$	3,201		$	(1,012	)	$	(8,669	)
Class C
Proceeds from shares issued	$	694		$	407		$	663		$	409
Distributions reinvested		37			187			226			—
Cost of shares redeemed		(665	)		(1,426	)		(4,112	)		(5,187	)
Change in net assets resulting from Class C capital transactions	$	66		$	(832	)	$	(3,223	)	$	(4,778	)
Class I
Proceeds from shares issued	$	54,284		$	34,015		$	12,191		$	7,361
Distributions reinvested		1,327			9,182			1,064			—
Cost of shares redeemed		(41,252	)		(105,645	)		(12,821	)		(19,265	)
Change in net assets resulting from Class I capital transactions	$	14,359		$	(62,448	)	$	434		$	(11,904	)
Class L
Proceeds from shares issued	$	—		$	—		$	3,444		$	11,368
Distributions reinvested		—			—			3,589			—
Cost of shares redeemed		—			—			(11,682	)		(130,378	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(4,649	)	$	(119,010	)
Class R2
Distributions reinvested		—	(a)		2			—			—
Change in net assets resulting from Class R2 capital transactions	$	—	(a)	$	2		$	—		$	—
Class R5
Distributions reinvested		—	(a)		1			—			—
Change in net assets resulting from Class R5 capital transactions	$	—	(a)	$	1		$	—		$	—
Class R6
Proceeds from shares issued	$	7,252		$	605		$	—		$	—
Distributions reinvested		80			544			—			—
Cost of shares redeemed		(406	)		(3,714	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	6,926		$	(2,565	)	$	—		$	—
Total change in net assets resulting from capital transactions	$	34,602		$	(62,641	)	$	(8,450	)	$	(144,361	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 23

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Opportunistic Equity Long/Short Fund						JPMorgan Research Market Neutral Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		1,070			1,199			210			180
Reinvested		36			178			33			—
Redeemed		(386	)		(1,184	)		(315	)		(795	)
Change in Class A Shares		720			193			(72	)		(615	)
Class C
Issued		38			24			49			30
Reinvested		2			11			17			—
Redeemed		(37	)		(82	)		(304	)		(387	)
Change in Class C Shares		3			(47	)		(238	)		(357	)
Class I
Issued		2,943			1,859			822			494
Reinvested		73			524			72			—
Redeemed		(2,223	)		(5,957	)		(862	)		(1,306	)
Change in Class I Shares		793			(3,574	)		32			(812	)
Class L
Issued		—			—			226			761
Reinvested		—			—			240			—
Redeemed		—			—			(768	)		(8,719	)
Change in Class L Shares		—			—			(302	)		(7,958	)
Class R2
Issued		1			—			—			—
Reinvested		—	(a)		—	(a)		—			—
Change in Class R2 Shares		1			—	(a)		—			—
Class R5
Reinvested		—	(a)		—	(a)		—			—
Change in Class R5 Shares		—	(a)		—	(a)		—			—
Class R6
Issued		393			33			—			—
Reinvested		4			31			—			—
Redeemed		(22	)		(207	)		—			—
Change in Class R6 Shares		375			(143	)		—			—

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2018 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
JPMorgan Opportunistic Equity Long/Short Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	18.13	$	(0.10	)	$	0.19	$	0.09		$	(0.23	)
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
Six Months Ended April 30, 2018 (Unaudited)		17.83		(0.14	)		0.18		0.04			(0.23	)
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
Six Months Ended April 30, 2018 (Unaudited)		18.28		(0.07	)		0.18		0.11			(0.23	)
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
Six Months Ended April 30, 2018 (Unaudited)		17.98		(0.12	)		0.18		0.06			(0.23	)
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
Six Months Ended April 30, 2018 (Unaudited)		18.41		(0.06	)		0.19		0.13			(0.23	)
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
Six Months Ended April 30, 2018 (Unaudited)		18.44		(0.05	)		0.18		0.13			(0.23	)
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 1.93% for the period ended April 30, 2018, 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 2.32% and 2.43% for the period ended April 30, 2018, 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 are 1.57% and 1.68% for the period ended April 30, 2018, 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 2.42% for the period ended April 30, 2018, 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 1.38% and 1.78% for the period ended April 30, 2018, 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 1.42% for the period ended April 30, 2018, 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 APRIL 30, 2018

		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 (c)			Portfolio turnover rate (including securities sold short) (c)
$	17.99		0.51	%	$	61,908		2.46	%		(1.07	)%		2.56	%		311	%		529	%
	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
	17.64		0.24			2,631		2.95			(1.54	)		3.06			311			529
	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
	18.16		0.62			116,834		2.20			(0.81	)		2.31			311			529
	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
	17.81		0.35			24		2.70			(1.30	)		3.05			311			529
	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
	18.31		0.72			24		2.01			(0.61	)		2.41			311			529
	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
	18.34		0.72			13,185		1.94			(0.57	)		2.05			311			529
	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.

APRIL 30, 2018 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) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Research Market Neutral Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	14.69	$	(0.06	)	$	(0.01	)	$	(0.07	)	$	(0.39	)
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
Six Months Ended April 30, 2018 (Unaudited)		13.79		(0.09	)		(0.01	)		(0.10	)		(0.39	)
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
Six Months Ended April 30, 2018 (Unaudited)		15.30		(0.05	)		(0.01	)		(0.06	)		(0.39	)
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
Six Months Ended April 30, 2018 (Unaudited)		15.58		(0.04	)		(0.01	)		(0.05	)		(0.39	)
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) 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) 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 1.22% and 1.56% for the period ended April 30, 2018, 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 1.73% and 2.03% for the period ended April 30, 2018, 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 are 0.96% and 1.26% for the period ended April 30, 2018, 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 are 0.82% and 1.11% for the period ended April 30, 2018, 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 APRIL 30, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000's)		Net expenses (including dividend and interest expense for securities  sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including short sales) (c)
$	14.23		(0.43	)%	$	16,338		3.37	%		(0.88	)%		3.71	%		68	%		133	%
	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
	13.30		(0.68	)		7,372		3.88			(1.39	)		4.18			68			133
	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
	14.85		(0.34	)		43,387		3.11			(0.63	)		3.41			68			133
	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
	15.14		(0.27	)		137,759		2.97			(0.49	)		3.26			68			133
	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.

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited)

1. Organization

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

The following are 2 separate funds of the Trust (collectively, the “Funds”) covered by this report:

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

The investment objective of JPMorgan Opportunistic Equity Long/Short Fund (“Opportunistic Equity Long/Short Fund”) is to seek capital appreciation.

The investment objective of JPMorgan Research Market Neutral Fund (“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 L Shares of the Research Market Neutral Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectus.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectuses. 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, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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 APRIL 30, 2018

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)	$	178,678		$	—	$	—	$	178,678
Total Liabilities for Securities Sold Short (a)	$	(57,828	)	$	—	$	—	$	(57,828	)

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)	$	202,974		$	229	$	—	$	203,203
Total Liabilities for Securities Sold Short (a)	$	(171,816	)	$	—	$	—	$	(171,816	)
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	67		$	—	$	—	$	67

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

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

There were no transfers among any levels during the six months ended April 30, 2018.

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 options purchased. 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 on options purchased 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 will 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.

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (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 six months ended April 30, 2018:

	Opportunistic Equity Long/Short Fund
Exchange-Traded Options:
Average Number of Contracts Purchased	$	1,722	(a)
Average Number of Contracts Written		117	(b)

(a) For the period November 1, 2017 through January 31, 2018.

(b) For the period November 1, 2017 through December 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 April 30, 2018, 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.

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 use of futures contracts exposes the Fund to 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 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

32 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

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

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended April 30, 2018 (amounts in thousands):

	Research Market Neutral Fund
Futures Contracts:
Average Notional Balance Short	$	2,507
Ending Notional Balance Short		1,324

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.

The amount of the transfer agency and sub-transfer agency fees charged to each class of the Funds for the six months ended April 30, 2018 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	$	—	(a)	$	—	(a)	$	2		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	2
Research Market Neutral Fund
Transfer agency fees		4			1			1	$	1		n/a			n/a			n/a			7

(a) Amount rounds to less than 500.

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2018, 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, if any, are generally declared and paid annually for the Funds and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

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

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of each Fund’s respective average daily net assets as follows:

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

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2018 the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), 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 I, Class L, Class R5 and Class R6 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
Opportunistic Equity Long/Short Fund		0.25	%		0.75	%		0.50	%
Research Market Neutral Fund		0.25			0.75			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 six months ended April 30, 2018, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Opportunistic Equity Long/Short Fund	$	2		$	—
Research Market Neutral Fund		—	(a)		—

(a) Amount rounds to less than 500.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R5
Opportunistic Equity Long/Short Fund		0.25	%		0.25	%		0.25	%		n/a			0.25	%		0.10	%
Research Market Neutral Fund		0.25			0.25			0.25			0.10	%		n/a			n/a

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket 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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were 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.

34 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

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

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

	Class A			Class C			Class I			Class L			Class R2			Class R5			Class R6
Opportunistic Equity Long/Short Fund		1.85	%		2.35	%		1.60	%		n/a			2.10	%		1.40	%		1.35	%
Research Market Neutral Fund		1.25			1.75			0.99			0.85	%		n/a			n/a			n/a

The expense limitation agreements were in effect for the six months ended April 30, 2018 and are in place until at least February 28, 2019.

For the six months ended April 30, 2018, 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	$	39	$	26	$	1	$	66	$	—	(a)
Research Market Neutral Fund		185		85		7		277		—

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 Fund’s investment in such affiliated money market fund.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the six months ended April 30, 2018 were as follows (amounts in thousands):

Opportunistic Equity Long/Short Fund	$	26
Research Market Neutral Fund		33

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

The Funds may use related party broker-dealers. For the six months ended April 30, 2018, the Funds did not incur any brokerage commissions with broker dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended April 30, 2018, 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	$	430,797	$	437,671	$	320,839	$	301,419
Research Market Neutral Fund		122,022		136,201		104,643		115,308

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2018 were as follows (amounts in thousands):

	Aggregate Cost*			Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Opportunistic Equity Long/Short Fund	$	108,613		$	13,183	$	946	$	12,237
Research Market Neutral Fund		(6,166	)		49,767		12,147		37,620

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

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.

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 six months ended April 30, 2018.

The Trust, along with certain other trusts (“Borrowers”), has 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 six months ended April 30, 2018.

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.

36 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

As of April 30, 2018, the Funds had individual shareholder accounts and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Individual Non-affiliated Shareholder Accounts and/or Non-affiliated Omnibus Accounts		% of the Fund
JPMorgan Opportunistic Equity Long/Short Fund		3		45.1	%
JPMorgan Research Market Neutral Fund		1		11.0

The J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate 52.4% of the net assets of the Research Market Neutral Fund.

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

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

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

As of April 30, 2018, 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.

APRIL 30, 2018 J.P. MORGAN SPECIALTY FUNDS 37

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2017, and continued to hold your shares at the end of the reporting period, April 30, 2018.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
Opportunistic Equity Long/Short Fund
Class A
Actual	$	1,000.00	$	1,005.10	$	12.23		2.46	%
Hypothetical		1,000.00		1,012.60		12.28		2.46
Class C
Actual		1,000.00		1,002.40		14.65		2.95
Hypothetical		1,000.00		1,010.17		14.70		2.95
Class I
Actual		1,000.00		1,006.20		10.94		2.20
Hypothetical		1,000.00		1,013.88		10.99		2.20
Class R2
Actual		1,000.00		1,003.50		13.41		2.70
Hypothetical		1,000.00		1,011.41		13.47		2.70
Class R5
Actual		1,000.00		1,007.20		10.00		2.01
Hypothetical		1,000.00		1,014.83		10.04		2.01
Class R6
Actual		1,000.00		1,007.20		9.65		1.94
Hypothetical		1,000.00		1,015.17		9.69		1.94
Research Market Neutral Fund
Class A
Actual		1,000.00		995.70		16.68		3.37
Hypothetical		1,000.00		1,008.08		16.78		3.37
Class C
Actual		1,000.00		993.20		19.18		3.88
Hypothetical		1,000.00		1,005.55		19.29		3.88
Class I
Actual		1,000.00		996.60		15.40		3.11
Hypothetical		1,000.00		1,009.37		15.49		3.11
Class L
Actual		1,000.00		997.30		14.67		2.97
Hypothetical		1,000.00		1,010.04		14.76		2.97

* 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).

38 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2018

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 prospectuses 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., 2018. All rights reserved. April 2018. SAN-SPEC-418

Semi-Annual Report

J.P. Morgan International Equity Funds

April 30, 2018 (Unaudited)

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	64
Financial Highlights	88
Notes to Financial Statements	108
Schedule of Shareholder Expenses	132

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

June 8, 2018 (Unaudited)

Dear Shareholder,

While the global economy largely continued its steady-growth trajectory throughout the six months ended April 30, 2018, investor concerns about rising interest rates and geo-political events fueled the return of volatility to financial markets and ended a 15-month string of rising equity prices in the U.S.

  “This world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.”— George C.W. Gatch

Favorable central bank policies, corporate earnings growth and consumer confidence remained supportive of global growth throughout the reporting period, though economic data in the European Union (the “EU”) softened somewhat in early 2018. Global petroleum prices generally rose during the reporting period as record output from U.S. shale operations was outweighed by expectations of rising global demand and extended output cuts from the Organization of Petroleum Exporting Nations.

The U.S. Federal Reserve (the “Fed”) raised interest rates in December 2017 and again in March 2018 in response to a tightening labor market and early signs of price inflation. The unemployment rate dropped to 3.9% in April – a level not seen in 18 years – after sitting at 4.1% from October 2017 to March 2018. Gross domestic product (GDP) in the U.S. rose by 2.9% in the fourth quarter of 2017 and an estimated 2.2% in the first quarter of 2018.

Meanwhile, U.S. tax cut legislation enacted in December 2017, appeared to provide support for both equity prices and corporate earnings, which reached record highs in the first quarter of 2017. Of the 279 companies reporting U.S. first quarter earnings by the end of the reporting period, 78% had surpassed analysts’ aggregate estimates.

In early February, a spike in 10-year U.S. Treasury bond yields triggered a rapid sell-off in U.S. financial markets that spread to global markets. Yields on 10-year Treasury bonds are generally considered a bellwether for broader market trends, and the increase in yields was a technical signal that raised investor concerns about inflation and rising U.S. interest rates.

While financial markets rebounded somewhat, the sell-off led to a record spike in market volatility just three months after the CBOE Volatility Index, which looks at Standard & Poor’s 500 Index futures to gauge near-term volatility, had dropped to the lowest level since it was created.

Throughout the latter half of the reporting period, U.S. financial markets were also buffeted by the potential for a U.S.-China trade war after President Trump threatened to raise import tariffs. However, background political uncertainty in Washington, D.C. appeared to have little direct impact on domestic financial markets.

Meanwhile, the European Central Bank (ECB) in January reduced its monthly asset purchases by half, though it declined to raise benchmark interest rates during the reporting period. In November, the Bank of England raised interest rates for the first time in a decade as the domestic economy continued to expand and uncertainty over Britain’s planned exit from the EU receded somewhat. In Germany, Chancellor Angela Merkel successfully formed a governing coalition in late February, removing further uncertainty among investors. Across the 19-nation Eurozone, unemployment fell to 8.5% and GDP grew 2.5% in the first quarter of 2018.

In China, government efforts to curb financial speculation appeared to hold down financial market volatility even as the nation’s economy continued to grow. Estimated GDP growth for China was 6.8% in the first quarter of 2018 and 6.9% for the final quarter of 2017. Emerging market nations largely continued to benefit from robust growth in China, rising commodity prices and global demand for goods. However, rising borrowing costs have put pressure on emerging markets in select nations that depend most on external financing, particularly Argentina, Turkey and Brazil.

Against a generally positive environment for global economic growth, a few distinct concerns have emerged in 2018. U.S. threats of protectionist trade policies and changes in U.S. foreign policy, particularly toward Iran, have led to political strains with long-time U.S. allies and trading partners. Rising interest rates globally have put pressure on the currencies of several emerging market nations. The world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.

We believe investors who maintain a long-term outlook and a properly diversified portfolio should continue to benefit from the global economic expansion in 2018. 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

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

Global financial markets generally provided positive returns for the reporting period, but gains were tempered by increased market volatility, rising bond yields in the U.S. and moderating economic growth in the early part of 2018. While economists had generally forecast continued growth in the global economy, concerns over inflationary pressure, signs of slowing growth in Europe and a potential trade war between the U.S. and China all led to investor uncertainty in the latter half of the reporting period.

Notably, global petroleum prices rose significantly during the reporting period. Global economic growth drove increased demand for oil, while on the supply side, the Organization of Petroleum Exporting Countries and Russia agreed in December 2017 to extend production curbs through 2018. Severe reductions in output from Venezuela and threatened U.S. sanctions against Iran also provided support for global energy prices.

Throughout the final months of 2017 and into January 2018, U.S. equity prices reached new highs and financial market volatility remained at historically low levels. Then in early February 2018, the Standard & Poor’s 500 Index (the “S&P 500”) fell more than 10% intraday and the CBOE Volatility Index, which measures options on the S&P 500 to gauge near-term market volatility, spiked a record 115.6%. The sell-off came after fifteen consecutive months of stock market gains and was largely triggered by an upward spike in yields on 10-year U.S. Treasury bonds, which signaled to investors that rising borrowing costs and accelerating inflation could lead to weakness in asset prices. Overall, bond prices in the U.S. declined amid investor expectations for rising interest rates.

In Europe and Japan, equity prices generally ended higher for the reporting period, supported by central bank policies, corporate earnings and continued improvements in leading economic indicators. However, increased market volatility in 2018 erased much of the stock market gains made in late 2017.

Equity prices in emerging markets also rose amid corporate profit growth, rising commodities prices and a positive global economic outlook. China’s efforts to curb financial market speculation appeared to provide some stability to asset prices. Notably, prices for emerging market debt slumped after rising through most of 2016 and 2017. A potential U.S.-China trade war, widening conflict in Syria and political uncertainty ahead of elections in Brazil and Mexico contributed to investor concerns about emerging market currencies and local-currency denominated bonds.

For the six months ended April 30, 2018, the MSCI Europe Australasia and Far East Index (net of foreign withholding taxes) returned 3.41% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 4.80%.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

JPMorgan Emerging Economies Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	1.60%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)	4.80%
Net Assets as of 4/30/2018 (In Thousands)	$2,084,791

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 underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.

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

Leading individual detractors from relative performance included the Fund’s overweight positions in Merry Electronics Co., General Interface Solution Holding Ltd. and Guangzhou Automobile Group Co. Shares of Merry Electronics, a Taiwan maker of headsets, headphones, earphones and audio speakers, fell after the company forecast a drop in revenue amid soft demand for consumer electronics. Shares of General Interface Solution Holding, the Taiwan touch-screen manufacturing unit of Hon Hai Precision Industry Co., fell after the company reported declining revenue. Shares of Guangzhou Automobile Group, a China auto manufacturer, fell amid investor concerns about potential U.S. trade tariffs.

Leading individual contributors to relative performance included the Fund’s overweight positions in Yageo Corp., Standard Bank Group Ltd. and PTT Public Co. Shares of Yageo, a Taiwan manufacturer of electronics components, rose amid a reduction in output from its competitors in China and Japan. Shares of Standard Bank Group, a South African bank, rose after the company reported growth in earnings for the year ended December 31, 2017. Shares of PTT Public, a Thailand petroleum company, rose as global energy prices rebounded during the period.

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 overweight positions relative to the Benchmark during the six months ended April 30, 2018, were in Russia and Turkey and its largest underweight positions were in South African and India. From a sector perspective, the Fund’s largest overweight allocations relative to the Benchmark were in the materials and financials sectors, while its largest underweight positions were in the consumer staples and consumer discretionary sectors.

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

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

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Economies Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	4.7	%
	2.	Samsung Electronics Co. Ltd. (South Korea)	3.7
	3.	Alibaba Group Holding Ltd., ADR (China)	2.5
	4.	Industrial & Commercial Bank of China Ltd., Class H (China)	2.4
	5.	China Construction Bank Corp., Class H (China)	2.0
	6.	Itau Unibanco Holding SA, ADR (Brazil)	1.8
	7.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	1.4
	8.	LG Electronics, Inc. (South Korea)	1.4
	9.	Vale SA, ADR (Brazil)	1.4
	10.	China Merchants Bank Co. Ltd., Class H (China)	1.3

PORTFOLIO COMPOSITION BY COUNTRY***
China	25.5	%
South Korea	16.9
Taiwan	10.6
Brazil	9.8
Russia	7.5
Thailand	4.0
Turkey	3.7
Malaysia	2.5
Hong Kong	2.4
India	2.4
South Africa	1.7
Hungary	1.7
Indonesia	1.2
Panama	1.2
Singapore	1.1
United States	1.1
Others (each less than 1.0%)	3.3
Short-Term Investment	3.4

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2008
With Sales Charge**			(3.89	)%		12.11	%		1.53	%		0.72	%
Without Sales Charge			1.46			18.33			2.63			1.26
CLASS C SHARES	February 28, 2008
With CDSC***			0.23			16.68			2.13			0.75
Without CDSC			1.23			17.68			2.13			0.75
CLASS I SHARES	February 28, 2008		1.60			18.60			2.88			1.51
CLASS R5 SHARES	February 28, 2008		1.59			18.77			3.07			1.71
CLASS R6 SHARES	September 1, 2015		1.68			18.87			3.11			1.73

* Not annualized.

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

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

TEN YEAR PERFORMANCE (4/30/08 TO 4/30/18)

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 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 April 30, 2008 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These

expenses are not identical to the expenses incurred by the Fund. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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

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

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*	3.06%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)	4.80%
Net Assets as of 4/30/2018 (In Thousands)	$5,088,421

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 underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.

By sector, the Fund’s security selection in the consumer staples sector and its security selection and underweight position in the energy sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection and overweight position in the financials sector and its security selection in the information technology sector were leading contributors to relative performance.

By country, the Fund’s security selection in Brazil and Russia was a leading detractor from relative performance, while the Fund’s security selection South Africa and India was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Largan Precision Co., Kroton Educacional SA and Magnit PJSC. Shares of Largan Precision, a Taiwan maker of optical lenses for mobile devices and computers, fell as demand for new smartphones receded during the reporting period. Shares of Kroton Educacional, a Brazilian educational services provider, fell amid investor concerns about the company’s debt load following several corporate acquisitions. Shares of Magnit, a Russian operator of retail stores, fell on weak sales growth.

Leading individual contributors to relative performance included the Fund’s overweight positions in AIA Group Ltd.,

Bidvest Group Ltd. and MercadoLibre Inc. Shares of AIA Group, a Hong Kong life insurer, rose after the company reported better-than-expected earnings for its latest fiscal year. Shares of Bidvest Group, a South African conglomerate, rose after the company reported earnings and revenue growth for the first half of its fiscal year. Shares of MercadoLibre, an online commerce platform provider based in Argentina, rose after the company reported earnings growth for the fourth quarter and full year 2017.

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 sector positions during the reporting period were in the financials, information technology and consumer discretionary sectors, while the Fund’s smallest sector positions were in the utilities, materials and energy sectors. The Fund’s largest country positions were in China, India and Brazil and its smallest positions were in Saudi Arabia, Turkey and Papua New Guinea.

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

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

6 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	6.3	%
	2.	Samsung Electronics Co. Ltd. (South Korea)	5.2
	3.	AIA Group Ltd. (Hong Kong)	5.0
	4.	Alibaba Group Holding Ltd., ADR (China)	4.5
	5.	Housing Development Finance Corp. Ltd. (India)	4.1
	6.	Ping An Insurance Group Co. of China Ltd., Class H (China)	4.0
	7.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	3.6
	8.	Sberbank of Russia PJSC (Russia)	3.0
	9.	MercadoLibre, Inc. (Argentina)	2.9
	10.	Tata Consultancy Services Ltd. (India)	2.6

PORTFOLIO COMPOSITION BY COUNTRY***
China	25.8	%
India	18.4
Brazil	7.9
South Korea	6.9
Hong Kong	6.9
Taiwan	6.0
South Africa	5.9
Russia	3.7
Mexico	3.6
Argentina	2.9
Indonesia	2.3
United States	1.7
Peru	1.4
Others (each less than 1.0%)	4.4
Short-Term Investment	2.2

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			(2.54	)%		12.81	%		3.18	%		1.57	%
Without Sales Charge			2.87			19.06			4.30			2.12
CLASS C SHARES	February 28, 2006
With CDSC***			1.58			17.45			3.77			1.61
Without CDSC			2.58			18.45			3.77			1.61
CLASS I SHARES	September 10, 2001		2.99			19.37			4.55			2.37
CLASS L SHARES	November 15, 1993		3.06			19.55			4.70			2.53
CLASS R2 SHARES	July 31, 2017		2.67			18.71			4.18			2.06
CLASS R3 SHARES	July 31, 2017		2.85			19.03			4.29			2.12
CLASS R4 SHARES	July 31, 2017		2.95			19.32			4.54			2.37
CLASS R5 SHARES	September 9, 2016		3.03			19.53			4.71			2.53
CLASS R6 SHARES	December 23, 2013		3.11			19.63			4.79			2.58

* Not annualized.

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

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

TEN YEAR PERFORMANCE (4/30/08 to 4/30/18)

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 R5 Shares and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares and Class R6 Shares would have been different than those shown because Class R5 Shares and Class R6 Shares have different expenses than Class L Shares.

Returns shown for Class R2 Shares and Class R3 Shares prior to their inception are based on the performance of Class A Shares. The actual returns of Class R2 Shares and Class R3 Shares would have been lower than those shown because Class R2 Shares 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 April 30, 2008 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

8 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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

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

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

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Global Research Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	2.68%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)	3.40%
Net Assets as of 4/30/2018 (In Thousands)	$8,317,057

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 underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.

By sector, the Fund’s security selection in the telecommunications and basic industries sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the energy and technology-software sectors was a leading contributor to relative performance. By region, the Fund’s security selection in North America was a leading detractor from relative performance, while the Fund’s security selection in Japan was a modest 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 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)	2.1	%
	2.	Microsoft Corp. (United States)	2.0
	3.	Amazon.com, Inc. (United States)	1.9
	4.	Bank of America Corp. (United States)	1.0
	5.	Alphabet, Inc., Class C (United States)	1.0
	6.	Facebook, Inc., Class A (United States)	1.0
	7.	Visa, Inc., Class A (United States)	0.9
	8.	UnitedHealth Group, Inc. (United States)	0.9
	9.	Alphabet, Inc., Class A (United States)	0.8
	10.	Johnson & Johnson (United States)	0.8

PORTFOLIO COMPOSITION BY COUNTRY***
United States	58.5	%
Japan	8.6
United Kingdom	5.8
France	4.5
Germany	3.2
Canada	3.2
Switzerland	2.9
Australia	2.5
Netherlands	2.2
Hong Kong	1.2
Spain	1.1
Others (each less than 1.0%)	4.2
Short-Term Investment	2.1

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

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

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

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	February 28, 2013		2.68	%		12.26	%		9.45	%		10.22	%
CLASS R6 SHARES	November 1, 2017		2.74			12.32			9.46			10.23

* Not annualized.

LIFE OF FUND PERFORMANCE (2/28/13 TO 4/30/18)

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.

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 Global Research Enhanced Index Fund, the MSCI World Index and the Lipper Global Large-Cap Core Funds Index from February 28, 2013 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Global Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Lipper Global Large-Cap Core Funds Index is an index based on the total returns of certain mutuals funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these

waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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

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

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

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan Global Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	2.79%
Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes)	3.56%
Net Assets as of 4/30/2018 (In Thousands)	$5,164

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 six months ended April 30, 2018.

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

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

Leading individual detractors from the Fund’s relative performance included its overweight positions in Altice NV, Comcast Corp. and Renesas Electronics Corp. Shares of Altice, a Netherlands telecommunications and media company, fell amid investor concerns about the company’s high debt level and weak results for the third quarter of 2017. Shares of Comcast, a cable TV operator, fell amid the company’s bid to acquire 21^st Century Fox. Shares of Renesas Electronics, a Japanese semiconductor manufacturer, fell amid investor concerns about rising inventory, particularly in the automotive sector.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Pioneer Natural Resources Co., DBS Group Holdings Ltd. and Amazon.com Inc. Shares of Pioneer Natural Resources, an oil producer, rose after the company reported better-than-expected earnings and raised its dividend. Shares of DBS Group Holdings, a Singapore financial services company, rose after the company forecast earnings growth and reported growth in loans. Shares of Amazon.com, a provider of online retail shopping and services, rose amid continued growth in earnings and revenue.

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)	4.1	%
	2.	Pioneer Natural Resources Co. (United States)	3.7
	3.	HDFC Bank Ltd., ADR (India)	3.5
	4.	Citigroup, Inc. (United States)	3.3
	5.	Amazon.com, Inc. (United States)	3.2
	6.	Comcast Corp., Class A (United States)	2.5
	7.	Linde AG (Germany)	2.4
	8.	Safran SA (France)	2.4
	9.	Erste Group Bank AG (Austria)	2.4
	10.	GlaxoSmithKline plc (United Kingdom)	2.3

PORTFOLIO COMPOSITION BY COUNTRY***
United States	47.6	%
France	6.4
United Kingdom	6.3
China	5.5
Germany	4.2
Japan	4.2
India	3.5
Switzerland	3.4
Austria	3.4
Singapore	2.2
Hong Kong	2.2
Canada	2.1
Thailand	2.0
South Africa	1.8
Spain	1.6
Luxembourg	1.3
Brazil	1.2
Short-Term Investment	1.1

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

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

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR				5 YEAR			SINCE INCEPTION
CLASS A SHARES		November 30, 2011
With Sales Charge**				(2.78	)%		3.46	%			7.59	%		9.49	%
Without Sales Charge				2.61			9.17				8.76			10.42
CLASS C SHARES		November 30, 2011
With CDSC***				1.37			7.59				8.21			9.87
Without CDSC				2.37			8.59				8.21			9.87
CLASS I SHARES		November 30, 2011		2.79			9.57				9.10			10.75
CLASS R2 SHARES		November 30, 2011		2.47			8.85				8.48			10.14
CLASS R5 SHARES		November 30, 2011		2.86			9.66				9.24			10.91
CLASS R6 SHARES		November 30, 2011		2.91			9.72		��		9.31			10.97

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (11/30/11 TO 4/30/18)

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 Large-Cap Core Funds Index from November 30, 2011 to April 30, 2018. 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 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.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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

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

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan International Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	2.44%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)	3.41%
Net Assets as of 4/30/2018 (In Thousands)	$4,538,352

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.

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. The Fund’s security selection in the financials and energy sectors was a leading contributor to relative performance.

By region, the Fund’s security selection in the U.K. and Japan were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the Pacific, excluding Japan, was the leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in AMS AG, Kubota Corp. and KDDI Corp. Shares of AMS, an Austrian maker of analog semiconductors and sensors, fell after the company forecast weak sales for the second quarter of 2018. Shares of Kubota, a Japanese maker of agricultural and construction machinery, fell amid investor concerns that potential U.S. trade tariffs could hurt export sales. Shares of KDDI, a Japanese telecommunications company, fell after news reports that Japanese Internet services provider Rakuten Inc. would be entering the Japanese telecommunications industry.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in DBS Group Holdings, AIA Group Ltd. and CNOOC Ltd. Shares of DBS Group Holdings, a Singapore financial services company, rose after the company forecast earnings growth and reported growth in loans. Shares of AIA Group, a Hong Kong life insurer, rose after the company reported better-than-expected earnings for its latest fiscal year. Shares of CNOOC, China’s largest state-owned petroleum company, rose amid profit growth and an increase in global oil prices.

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)	2.8	%
	2.	Unilever plc (United Kingdom)	2.1
	3.	AIA Group Ltd. (Hong Kong)	2.1
	4.	Samsung Electronics Co. Ltd., Reg. S, GDR (South Korea)	1.9
	5.	Novartis AG (Registered) (Switzerland)	1.8
	6.	Prudential plc (United Kingdom)	1.8
	7.	SAP SE (Germany)	1.8
	8.	ASML Holding NV (Netherlands)	1.8
	9.	BNP Paribas SA (France)	1.8
	10.	Roche Holding AG (Switzerland)	1.7

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	17.8	%
United Kingdom	17.7
France	12.5
Switzerland	11.5
Germany	8.6
Netherlands	6.1
Hong Kong	4.3
China	3.4
South Korea	2.5
Spain	2.3
Singapore	1.6
Australia	1.3
Sweden	1.3
Denmark	1.2
India	1.2
Italy	1.1
Others (each less than 1.0%)	4.4
Short-Term Investment	1.2

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

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

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge**			(3.09	)%		9.56	%		4.30	%		1.90	%
Without Sales Charge			2.30			15.60			5.43			2.45
CLASS C SHARES	January 31, 2003
With CDSC***			1.04			14.02			4.90			1.92
Without CDSC			2.04			15.02			4.90			1.92
CLASS I SHARES	January 1, 1997		2.44			15.96			5.70			2.71
CLASS R2 SHARES	November 3, 2008		2.11			15.26			5.15			2.19
CLASS R5 SHARES	May 15, 2006		2.46			16.10			5.89			2.89
CLASS R6 SHARES	November 30, 2010		2.53			16.18			5.95			2.93

* Not annualized.

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

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

TEN YEAR PERFORMANCE (4/30/08 to 4/30/18)

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from April 30, 2008 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the

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

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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

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

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		3.73%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		3.41%
Net Assets as of 4/30/2018 (In Thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . ..	$	200,074

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 outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.

By sector, the Fund’s security selection in the industrial cyclical and basic industries sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the automobiles & auto parts sector and in the consumer staples sector was a leading detractor from relative performance.

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

Leading individual contributors to relative performance included the Fund’s overweight positions in UPM-Kymmene Oyj, Royal Ahold Delhaize NV and DBS Group Holdings Ltd. Shares of UPM-Kymmene, a Finnish paper, pulp and lumber company, rose after the company unveiled plans to reduce operations in the U.S. and Germany. Shares of Royal Ahold Delhaize, a Netherlands supermarkets operator, rose after the company

reported strong profit growth for the fourth quarter of 2017. Shares of DBS Group Holdings, a Singapore financial services company, rose after the company forecast earnings growth and reported growth in loans.

Leading individual detractors from relative performance included the Fund’s overweight positions in Bridgestone Corp., Norsk Hydro ASA and Sanofi SA. Shares of Bridgestone, a Japanese auto tire manufacturer, fell amid weak demand and higher raw materials costs. Shares of Norsk Hydro, a Norwegian aluminum producer, fell amid investor concerns about potential U.S. trade tariffs. Shares of Sanofi, a French pharmaceuticals company, fell after the company reported a drop in sales and earnings for the first quarter of 2018.

HOW THE FUND WAS MANAGED?

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

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

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

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	3.2	%
	2.	Novartis AG (Registered) (Switzerland)	2.3
	3.	Rio Tinto plc (United Kingdom)	2.3
	4.	Vinci SA (France)	2.2
	5.	Unibail-Rodamco SE (France)	2.1
	6.	Iberdrola SA (Spain)	2.1
	7.	Allianz SE (Registered) (Germany)	2.1
	8.	TOTAL SA (France)	2.0
	9.	Unilever NV, CVA (United Kingdom)	1.9
	10.	Mitsubishi Corp. (Japan)	1.9

PORTFOLIO COMPOSITION BY COUNTRY***
France	18.3	%
United Kingdom	17.5
Japan	15.9
Switzerland	9.8
Netherlands	7.4
Germany	6.0
Spain	3.7
Australia	3.7
Sweden	2.3
China	2.1
Finland	1.8
Norway	1.8
Italy	1.7
Singapore	1.4
Taiwan	1.2
Macau	1.2
Canada	1.2
South Korea	1.1
Short-Term Investment	1.9

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2011
With Sales Charge**			(1.83	)%		6.77	%		4.26	%		4.79	%
Without Sales Charge			3.58			12.68			5.39			5.58
CLASS C SHARES	February 28, 2011
With CDSC***			2.33			11.12			4.86			5.05
Without CDSC			3.33			12.12			4.86			5.05
CLASS I SHARES	February 28, 2011		3.73			13.05			5.71			5.88
CLASS R2 SHARES	February 28, 2011		3.40			12.38			5.11			5.31
CLASS R5 SHARES	February 28, 2011		3.77			13.14			5.84			6.04
CLASS R6 SHARES	January 30, 2015		3.84			13.24			5.87			6.07

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (2/28/11 TO 4/30/18)

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

The Fund commenced operations on February 28, 2011.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Income Fund, the MSCI EAFE Index and the Lipper International Equity Income Funds Index from February 28, 2011 to April 30, 2018. 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 APRIL 30, 2018

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

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

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2.94%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) . . . . . . . . . . . . . . . .	3.41%
Net Assets as of 4/30/2018 (In Thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . .	$5,836,565

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 underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.

By sector, the Fund’s security selection in the consumer non-durable and property sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the banks and finance sector and in the industrial cyclical sector was a leading contributor to relative performance.

By region, the Fund’s security selection in the Pacific and Japan made a positive contribution to performance relative to the Benchmark, while the Fund’s security selection in Europe detracted from relative performance.

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

HOW WAS THE FUND POSITIONED?

The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by 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)	1.9	%
	2.	Toyota Motor Corp. (Japan)	1.6
	3.	Royal Dutch Shell plc, Class B (Netherlands)	1.6
	4.	Roche Holding AG (Switzerland)	1.5
	5.	TOTAL SA (France)	1.5
	6.	British American Tobacco plc (United Kingdom)	1.5
	7.	SAP SE (Germany)	1.4
	8.	Vodafone Group plc (United Kingdom)	1.3
	9.	BNP Paribas SA (France)	1.3
	10.	Air Liquide SA (France)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	24.1	%
United Kingdom	14.1
France	12.3
Germany	9.7
Switzerland	8.6
Netherlands	6.2
Australia	4.7
Spain	3.5
Italy	2.7
Hong Kong	2.1
Finland	1.5
Singapore	1.3
Belgium	1.0
Others (each less than 1.0%)	4.6
Short-Term Investment	3.6

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

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

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
With Sales Charge**			(2.59	)%		6.86	%		4.84	%		1.04	%
Without Sales Charge			2.81			12.79			5.97			1.59
CLASS I SHARES	October 28, 1992		2.94			13.03			6.24			1.84
CLASS R6 SHARES	November 1, 2017		2.98			13.09			6.25			1.85

* Not annualized.

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

TEN YEAR PERFORMANCE (4/30/08 to 4/30/18)

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 International Research Enhanced Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from April 30, 2008 to April 30, 2018. 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)

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		0.65%
Morgan Stanley Capital International (“MSCI”) All Country World Index, Ex-U.S. (net of foreign withholding taxes)		3.47%
Net Assets as of 4/30/2018 (In Thousands)	$	565,416

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 underperformed the MSCI All Country World Index, Ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.

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

By region, the Fund’s security selection and overweight position in Europe and its security selection in Japan were leading detractors from performance relative to the Benchmark. The Fund’s security selection in emerging markets and the Pacific, excluding Japan, was a leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included the its overweight positions in Altice NV, AMS AG and British American Tobacco PLC. Shares of Altice, a Netherlands telecommunications and media company, fell amid investor concerns about the company’s high debt level and weak results for the third quarter of 2017. Shares of AMS, an Austrian maker of analog semiconductors and sensors, fell after the company forecast weak sales for the second quarter of 2018. Shares of British American Tobacco, a U.K. tobacco

producer, fell after the company reported lower-than-expected sales in 2017, amid a broader decline in demand for tobacco products.

Leading individual contributors to the Fund’s relative performance included the its overweight positions in Ping An Insurance Co., AIA Group Ltd. and CNOOC Ltd. Shares of Ping An Insurance, a Chinese financial services company, rose after the company announced plans to spin off its health care and technology business via an estimated $1 billion initial public offering in Hong Kong. Shares of AIA Group, a Hong Kong life insurer, rose after the company reported better-than-expected earnings for its latest fiscal year. Shares of CNOOC, China’s largest state-owned petroleum company, rose amid profit growth and an increase in global oil prices.

HOW WAS THE FUND POSITIONED?

By harnessing their team’s global sector specialists, the Fund’s portfolio managers sought to build a high-conviction, benchmark-agnostic portfolio of growth, value and 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.

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

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

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	3.3	%
	2.	HDFC Bank Ltd., ADR (India)	3.2
	3.	AIA Group Ltd. (Hong Kong)	3.1
	4.	Ping An Insurance Group Co. of China Ltd., Class H (China)	3.1
	5.	CK Asset Holdings Ltd. (Hong Kong)	2.9
	6.	Linde AG (Germany)	2.8
	7.	Unilever NV, CVA (United Kingdom)	2.8
	8.	Aviva plc (United Kingdom)	2.6
	9.	BHP Billiton plc (Australia)	2.6
	10.	Itau Unibanco Holding SA (Preference) (Brazil)	2.5

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	13.3	%
Germany	9.9
Switzerland	9.6
Netherlands	9.0
China	8.9
Japan	8.6
Hong Kong	6.0
South Korea	4.8
France	3.9
India	3.2
Austria	2.9
Canada	2.7
Australia	2.6
Brazil	2.5
Indonesia	2.2
South Africa	2.2
wSpain	2.0
Finland	1.5
Denmark	1.0
Short-Term Investment	3.2

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		November 30, 2011
With Sales Charge**				(4.72	)%		6.93	%		5.39	%		8.18	%
Without Sales Charge				0.56			12.83			6.53			9.09
CLASS C SHARES		November 30, 2011
With CDSC***				(0.72	)		11.20			5.98			8.54
Without CDSC				0.28			12.20			5.98			8.54
CLASS I SHARES		November 30, 2011		0.65			13.11			6.84			9.40
CLASS R2 SHARES		November 30, 2011		0.37			12.47			6.24			8.81
CLASS R5 SHARES		November 30, 2011		0.73			13.23			6.99			9.57
CLASS R6 SHARES		November 30, 2011		0.77			13.32			7.04			9.62

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (11/30/11 TO 4/30/18)

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

The Fund commenced operations on November 30, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Unconstrained Equity Fund, the MSCI All Country World Index, ex-U.S. and the Lipper International Large-Cap Growth Funds Index from November 30, 2011 to April 30, 2018. 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 APRIL 30, 2018

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		3.16%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)		3.41%
Net Assets as of 4/30/2018 (In Thousands)	$	757,429

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 underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.

By sector, the Fund’s security selection in the basic industries and consumer staples sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the banks and technology-software sectors was a leading contributor to relative performance.

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

Leading individual detractors from relative performance included the Fund’s overweight positions in Outokumpu Oyj, TransCanada Corp. and Norsk Hydro ASA. Shares of Outokumpu, a Finnish stainless steel producer, fell amid weak earnings and investor concerns about potential U.S. trade tariffs. Shares of TransCanada, a Canadian operator of oil and natural gas pipelines, fell amid legal challenges to the company’s Keystone XL pipeline permit. Shares of Norsk Hydro, a Norwegian aluminum producer, fell amid investor concerns about potential U.S. trade tariffs.

Leading individual contributors to relative performance included the Fund’s overweight positions in Otsuka Corp., DBS Group Holdings Ltd. and Deutsche Boerse AG. Shares of Otsuka, a Japanese pharmaceuticals and supplements maker, rose after the U.S. Food and Drug Administration approved the use of the company’s drug for kidney disease. Shares of DBS Group Holdings, a Singapore financial services company, rose after the company forecast earnings growth and reported growth in loans. Shares of Deutsche Boerse, a German operator financial products exchanges, rose after the company reported growth in revenue and earnings for the first quarter of 2018.

HOW WAS THE FUND POSITIONED?

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

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

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

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	5.1	%
	2.	TOTAL SA (France)	3.3
	3.	Mitsubishi UFJ Financial Group, Inc (Japan)	2.5
	4.	BNP Paribas SA (France)	2.3
	5.	Honda Motor Co. Ltd (Japan)	2.3
	6.	AXA SA (France)	2.2
	7.	Australia & New Zealand Banking Group Ltd. (Australia)	2.2
	8.	Enel SpA (Italy)	2.1
	9.	Vodafone Group plc (United Kingdom)	2.1
	10.	Iberdrola SA (Spain)	2.0

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	24.7	%
France	15.5
United Kingdom	12.6
Netherlands	8.6
Switzerland	8.1
Germany	7.2
Italy	3.9
Spain	3.3
Australia	3.2
Belgium	2.1
Singapore	1.5
Austria	1.3
Canada	1.3
Sweden	1.0
United States	1.0
Others (each less than 1.0%)	4.7

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		September 28, 2001
With Sales Charge**				(2.39	)%		6.84	%		2.57	%		0.43	%
Without Sales Charge				3.02			12.75			3.69			0.97
CLASS C SHARES		July 11, 2006
With CDSC***				1.71			11.15			3.16			0.46
Without CDSC				2.71			12.15			3.16			0.46
CLASS I SHARES		September 10, 2001		3.11			13.09			3.99			1.24
CLASS L SHARES		November 4, 1993		3.16			13.20			4.12			1.38
CLASS R2 SHARES		November 3, 2008		2.79			12.42			3.42			0.72
CLASS R5 SHARES		September 9, 2016		3.13			13.19			4.11			1.38
CLASS R6 SHARES		November 30, 2010		3.22			13.36			4.25			1.47

* Not annualized.

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

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

TEN YEAR PERFORMANCE (4/30/08 TO 4/30/18)

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 and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares and Class R6 Shares would have been different than those shown because Class R5 Shares and Class R6 Shares have different expenses than Class L Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan International Value Fund, the MSCI EAFE Value Index and the Lipper International Large-Cap Value Funds Average from April 30, 2008 to April 30, 2018. 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.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan Intrepid International Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	1.41%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)	3.41%
Net Assets as of 4/30/2018 (In Thousands)	$3,646,268

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018. 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 industrials and information technology sector was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the financials and consumer staples 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.	Royal Dutch Shell plc, Class B (Netherlands)	1.9	%
	2.	Novartis AG (Registered) (Switzerland)	1.9
	3.	Roche Holding AG (Switzerland)	1.6
	4.	Toyota Motor Corp. (Japan)	1.6
	5.	Allianz SE (Registered) (Germany)	1.6
	6.	Rio Tinto plc (United Kingdom)	1.4
	7.	Novo Nordisk A/S, Class B (Denmark)	1.3
	8.	DBS Group Holdings Ltd. (Singapore)	1.2
	9.	Oversea-Chinese Banking Corp. Ltd. (Singapore)	1.1
	10.	Macquarie Group Ltd. (Australia)	1.0

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	23.5	%
United Kingdom	13.4
Switzerland	9.1
Netherlands	8.3
Germany	7.6
Australia	6.9
France	6.6
Sweden	3.6
Denmark	3.3
Singapore	2.7
Finland	2.3
Spain	1.8
Hong Kong	1.7
Norway	1.6
Belgium	1.5
Austria	1.2
Italy	1.2
Others (each less than 1.0%)	2.0
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 April 30, 2018 . The Fund’s portfolio composition is subject to change.

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**			(3.91	)%		6.39	%		4.63	%		1.20	%
Without Sales Charge			1.41			12.27			5.76			1.74
CLASS C SHARES	February 28, 2006
With CDSC***			0.15			10.66			5.23			1.23
Without CDSC			1.15			11.66			5.23			1.23
CLASS I SHARES	February 28, 2006		1.52			12.52			6.08			2.02
CLASS R2 SHARES	November 3, 2008		1.26			11.94			5.49			1.50
CLASS R6 SHARES	May 29, 2015		1.67			12.82			6.30			2.25

* Not annualized.

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

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

TEN YEAR PERFORMANCE (4/30/08 TO 4/30/18)

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 April 30, 2008 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The

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

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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

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

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.6%
		Argentina — 0.3%
	60	Banco Macro SA, ADR		5,819
		Brazil — 9.8%
	1,789	Banco Bradesco SA, ADR (a)		17,529
	2,188	Banco do Brasil SA (a)		22,935
	1,117	Banco Santander Brasil SA		12,166
	2,317	Cia de Saneamento do Parana (Preference)		7,011
	1,144	Estacio Participacoes SA		10,352
	170	Fibria Celulose SA		3,345
	2,559	Itau Unibanco Holding SA, ADR		37,177
	3,379	Kroton Educacional SA		13,570
	247	Magazine Luiza SA		7,473
	2,982	Metalurgica Gerdau SA (Preference)		6,682
	2,046	MRV Engenharia e Participacoes SA		8,727
	2,414	Petroleo Brasileiro SA (Preference) (a)		15,834
	621	Qualicorp SA		4,302
	663	Suzano Papel e Celulose SA		7,740
	2,076	Vale SA, ADR (a)		28,727
				203,570
		Chile — 0.4%
	552	Antofagasta plc		7,369
		China — 25.5%
	1,214	AAC Technologies Holdings, Inc.		17,424
	289	Alibaba Group Holding Ltd., ADR (a)		51,585
	3,373	Anhui Conch Cement Co. Ltd., Class H		21,053
	38,231	Bank of China Ltd., Class H		20,753
	40,167	China Construction Bank Corp., Class H		42,081
	6,383	China Merchants Bank Co. Ltd., Class H		27,833
	2,446	China Shenhua Energy Co. Ltd., Class H		6,000
	12,042	Country Garden Holdings Co. Ltd.		24,554
	7,777	Dali Foods Group Co. Ltd., Reg. S (e)		5,384
	132	Daqo New Energy Corp., ADR (a)		7,034
	10,928	Fosun International Ltd.		23,222
	9,804	Guangzhou Automobile Group Co. Ltd., Class H		17,958
	56,870	Industrial & Commercial Bank of China Ltd., Class H		49,948
	65	NetEase, Inc., ADR		16,593
	2,367	Nexteer Automotive Group Ltd. (a)		3,642
	9,482	PICC Property & Casualty Co. Ltd., Class H		16,974
	2,274	Ping An Insurance Group Co. of China Ltd., Class H		22,220
	5,310	Shenzhen Expressway Co. Ltd., Class H		5,388
	843	Sunny Optical Technology Group Co. Ltd.		13,756
	1,998	Tencent Holdings Ltd.		98,213
	5,746	Weichai Power Co. Ltd., Class H		6,652

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — continued
	936	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H, Reg. S (e)		3,961
	5,832	Yanzhou Coal Mining Co. Ltd., Class H		7,298
	123	Yirendai Ltd., ADR		4,335
	137	YY, Inc., ADR (a)		13,207
	1,805	Zhongsheng Group Holdings Ltd.		5,173
				532,241
		Hong Kong — 2.4%
	2,989	Haier Electronics Group Co. Ltd. (a)		10,341
	1,982	Kingboard Chemical Holdings Ltd.		8,062
	3,715	Kingboard Laminates Holdings Ltd.		4,951
	18,788	WH Group Ltd., Reg. S (e)		19,451
	5,556	Xinyi Glass Holdings Ltd. (a)		7,987
				50,792
		Hungary — 1.7%
	916	MOL Hungarian Oil & Gas plc		10,579
	569	OTP Bank Nyrt		24,802
				35,381
		India — 2.4%
	1,430	HCL Technologies Ltd.		22,506
	421	NIIT Technologies Ltd.		7,291
	3,325	Vedanta Ltd.		14,761
	106	WNS Holdings Ltd., ADR (a)		5,172
				49,730
		Indonesia — 1.2%
	17,822	Bank Negara Indonesia Persero Tbk. PT		10,261
	60,292	Bank Rakyat Indonesia Persero Tbk. PT		13,901
				24,162
		Kazakhstan — 0.3%
	553	KAZ Minerals plc (a)		6,990
		Luxembourg — 0.4%
	212	Ternium SA, ADR		8,390
		Malaysia — 2.5%
	12,351	AirAsia Bhd.		12,066
	8,158	CIMB Group Holdings Bhd.		14,867
	3,864	Malayan Banking Bhd.		10,592
	3,633	Tenaga Nasional Bhd.		14,629
				52,154
		Panama — 1.1%
	205	Copa Holdings SA, Class A		24,039
		Poland — 0.8%
	145	Jastrzebska Spolka Weglowa SA (a)		3,398

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Poland — continued
	547	Polski Koncern Naftowy ORLEN SA		13,932
				17,330
		Qatar — 0.4%
	201	Qatar National Bank QPSC		8,336
		Russia — 7.5%
	1,580	Aeroflot PJSC		3,611
	11,402	Alrosa PJSC		16,208
	935	Evraz plc		5,881
	339	LUKOIL PJSC, ADR		22,580
	11,101	Magnitogorsk Iron & Steel Works PJSC		8,552
	874	MMC Norilsk Nickel PJSC, ADR		15,021
	1,833	Mobile TeleSystems PJSC, ADR		19,247
	60	Novatek PJSC, Reg. S, GDR		7,563
	16	Novolipetsk Steel PJSC, Reg. S, GDR		416
	141	Ros Agro plc, Reg. S, GDR		1,537
	321,660	RusHydro PJSC		3,800
	9	Sberbank of Russia PJSC, ADR		130
	1,354	Sberbank of Russia PJSC, ADR		20,029
	714	Severstal PJSC, Reg. S, GDR		11,370
	174	Tatneft PJSC, ADR		11,230
	158	Tatneft PJSC, ADR		10,113
				157,288
		Singapore — 1.1%
	15,230	IGG, Inc.		22,904
		South Africa — 1.7%
	268	Astral Foods Ltd.		6,602
	239	Kumba Iron Ore Ltd.		5,111
	1,391	Standard Bank Group Ltd.		23,858
				35,571
		South Korea — 16.9%
	529	Hana Financial Group, Inc.		23,486
	237	Hyundai Marine & Fire Insurance Co. Ltd.		8,449
	1,095	Industrial Bank of Korea		17,176
	218	KT&G Corp.		19,924
	64	LG Chem Ltd.		21,493
	78	LG Corp.		5,903
	309	LG Electronics, Inc.		29,326
	16	Lotte Chemical Corp.		6,269
	52	NCSoft Corp.		17,479
	144	PSK, Inc.		3,093
	31	Samsung Electronics Co. Ltd. (bb)		77,119
	21	Samsung SDI Co. Ltd.		3,562
	169	Seoul Semiconductor Co. Ltd.		2,985

SHARES		SECURITY DESCRIPTION	VALUE($)
		South Korea — continued
	145	SFA Engineering Corp.		4,381
	459	Shinhan Financial Group Co. Ltd.		20,457
	70	Silicon Works Co. Ltd.		2,443
	349	SK Hynix, Inc.		27,458
	134	SK Innovation Co. Ltd.		24,480
	131	S-Oil Corp.		13,449
	137	TES Co. Ltd.		3,820
	1,346	Woori Bank		20,102
				352,854
		Taiwan — 10.6%
	1,030	Accton Technology Corp.		2,354
	1,638	Catcher Technology Co. Ltd.		18,166
	3,469	Chipbond Technology Corp.		6,874
	2,649	Compeq Manufacturing Co. Ltd.		2,639
	34,064	CTBC Financial Holding Co. Ltd.		24,293
	2,572	E Ink Holdings, Inc.		2,846
	1,735	FLEXium Interconnect, Inc. (a)		4,535
	12,306	Fubon Financial Holding Co. Ltd.		21,054
	1,659	General Interface Solution Holding Ltd.		9,931
	11,447	Macronix International (a)		18,185
	1,821	MediaTek, Inc. (a)		20,711
	2,014	Nanya Technology Corp.		6,269
	275	Phison Electronics Corp.		2,490
	3,202	Powertech Technology, Inc.		9,166
	1,545	Sino-American Silicon Products, Inc. (a)		6,631
	784	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		30,152
	6,627	Winbond Electronics Corp.		4,056
	974	Yageo Corp. (a)		20,416
	20,336	Yuanta Financial Holding Co. Ltd.		9,705
				220,473
		Thailand — 4.0%
	3,165	Kiatnakin Bank PCL		7,377
	16,985	Krung Thai Bank PCL		9,757
	5,606	PTT Global Chemical PCL		17,326
	13,338	PTT PCL		23,667
	17,317	Star Petroleum Refining PCL		8,589
	3,143	Thai Oil PCL		9,356
	2,708	Tisco Financial Group PCL		7,597
				83,669
		Turkey — 3.7%
	3,268	Akbank Turk A/S		6,800
	2,320	Eregli Demir ve Celik Fabrikalari TAS (a)		5,791
	8,966	Petkim Petrokimya Holding A/S (a)		15,845

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Turkey — continued
	2,049	Tekfen Holding A/S		7,755
	1,638	Turk Hava Yollari AO (a)		6,766
	5,017	Turkcell Iletisim Hizmetleri A/S		17,274
	2,412	Turkiye Garanti Bankasi A/S		5,463
	5,123	Turkiye Halk Bankasi A/S		10,481
				76,175
		United Kingdom — 0.5%
	456	Anglo American plc		10,720
		United States — 1.1%
	277	Cognizant Technology Solutions Corp., Class A		22,699
		Vietnam — 0.3%
	2,424	Hoa Phat Group JSC (a)		5,713
		Total Common Stocks (Cost $1,671,547)		2,014,369
	Short-Term Investment — 3.4%
		Investment Company — 3.4%
	69,885	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $69,885)		69,885
		Total Investments — 100.0% (Cost $1,741,432)		2,084,254
		Other Assets in Excess of Liabilities — 0.0% (g)		537
		NET ASSETS — 100.0%	$	2,084,791

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Banks		24.8	%
Oil, Gas & Consumable Fuels		8.9
Internet Software & Services		8.6
Metals & Mining		7.7
Semiconductors & Semiconductor Equipment		7.3
Technology Hardware, Storage & Peripherals		4.6
Electronic Equipment, Instruments & Components		4.4
Chemicals		2.9
IT Services		2.4
Household Durables		2.3
Software		2.3
Insurance		2.3
Airlines		2.2
Wireless Telecommunication Services		1.7
Food Products		1.6
Industrial Conglomerates		1.4
Real Estate Management & Development		1.2
Diversified Consumer Services		1.1
Diversified Financial Services		1.0
Construction Materials		1.0
Tobacco		1.0
Others (each less than 1.0%)		5.9
Short-Term Investment		3.4

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.4%
		Argentina — 2.9%
	440	MercadoLibre, Inc.		149,272
		Australia — 0.5%
	4,107	Oil Search Ltd.		24,164
		Brazil — 7.9%
	8,231	Ambev SA, ADR		54,489
	3,264	Cielo SA		17,918
	1,076	Itau Unibanco Holding SA (Preference)		15,626
	4,864	Itau Unibanco Holding SA, ADR		70,671
	16,900	Kroton Educacional SA		67,876
	6,545	Lojas Renner SA		60,724
	846	Marcopolo SA		780
	6,582	Marcopolo SA (Preference)		7,685
	5,347	Petrobras Distribuidora SA		34,726
	1,331	Raia Drogasil SA (a)		26,113
	2,252	Ultrapar Participacoes SA		39,035
	1,671	WEG SA		8,477
				404,120
		China — 25.9%
	2,320	AAC Technologies Holdings, Inc.		33,291
	1,279	Alibaba Group Holding Ltd., ADR (a)		228,340
	15,417	Fuyao Glass Industry Group Co. Ltd., Class A		54,372
	10,482	Hangzhou Robam Appliances Co. Ltd., Class A		55,060
	12,813	Inner Mongolia Yili Industrial Group Co. Ltd., Class A		52,954
	2,725	JD.com, Inc., ADR (a)		99,483
	457	Kweichow Moutai Co. Ltd., Class A		47,451
	8,555	Midea Group Co. Ltd., Class A		69,428
	643	New Oriental Education & Technology Group, Inc., ADR		57,745
	20,695	Ping An Insurance Group Co. of China Ltd., Class H		202,214
	4,105	Shenzhou International Group Holdings Ltd.		44,811
	6,561	Tencent Holdings Ltd.		322,563
	1,121	Yum China Holdings, Inc.		47,913
				1,315,625
		Egypt — 0.9%
	9,193	Commercial International Bank Egypt SAE (Registered), Reg. S, GDR		47,160
		Hong Kong — 6.9%
	28,321	AIA Group Ltd.		253,114
	516	Jardine Matheson Holdings Ltd.		31,227
	11,194	Techtronic Industries Co. Ltd.		65,574
				349,915

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 18.4%
	1,781	Asian Paints Ltd.		31,991
	3,584	HDFC Bank Ltd.		107,492
	945	HDFC Bank Ltd., ADR		90,519
	9,865	HDFC Standard Life Insurance Co. Ltd., Reg. S (e)		76,276
	7,440	Housing Development Finance Corp. Ltd.		209,522
	2,824	IndusInd Bank Ltd.		79,965
	14,965	ITC Ltd.		62,947
	3,303	Kotak Mahindra Bank Ltd.		59,775
	2,518	Tata Consultancy Services Ltd.		132,927
	1,135	Tata Motors Ltd., ADR (a)		28,519
	915	UltraTech Cement Ltd.		56,175
				936,108
		Indonesia — 2.3%
	71,409	Astra International Tbk. PT		36,549
	35,605	Bank Central Asia Tbk. PT		56,302
	98,768	Bank Rakyat Indonesia Persero Tbk. PT		22,773
				115,624
		Macau — 0.7%
	6,128	Sands China Ltd.		35,414
		Mexico — 3.6%
	9,980	Becle SAB de CV (a)		16,975
	589	Fomento Economico Mexicano SAB de CV, ADR		56,980
	11,169	Grupo Financiero Banorte SAB de CV, Class O		69,848
	8,646	Infraestructura Energetica Nova SAB de CV		38,100
				181,903
		Panama — 0.9%
	405	Copa Holdings SA, Class A		47,450
		Peru — 1.4%
	310	Credicorp Ltd.		72,029
		Russia — 3.7%
	446	Magnit PJSC		34,608
	146	Magnit PJSC, Reg. S, GDR		2,754
	42,387	Sberbank of Russia PJSC		151,089
				188,451
		South Africa — 5.9%
	4,435	Bid Corp. Ltd.		101,954
	3,233	Bidvest Group Ltd. (The)		63,341
	336	Capitec Bank Holdings Ltd.		23,898
	5,049	FirstRand Ltd.		27,038
	1,734	Mr Price Group Ltd.		38,041
	7,045	Sanlam Ltd.		44,503
				298,775

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Korea — 6.9%
	53	NAVER Corp.		35,039
	91	NCSoft Corp.		30,618
	182	Netmarble Games Corp., Reg. S (e)		24,877
	106	Samsung Electronics Co. Ltd. (bb)		262,745
				353,279
		Spain — 0.5%
	3,396	Prosegur Cia de Seguridad SA		25,672
		Taiwan — 6.0%
	553	Largan Precision Co. Ltd.		64,318
	5,867	President Chain Store Corp.		57,670
	4,744	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		182,393
				304,381
		Thailand — 0.6%
	5,132	Kasikornbank PCL, NVDR		31,644
		Turkey — 0.3%
	1,037	Ford Otomotiv Sanayi A/S		14,274
		United States — 1.2%
	517	EPAM Systems, Inc. (a)		59,128
		Total Common Stocks (Cost $3,586,197)		4,954,388

NUMBER OF WARRANTS
	Warrants — 0.5%
		United States — 0.5%
		Almarai Co.
	1,597	expiring 07/11/2019 (Strike Price $1.00) (a)		25,288
	90	expiring 07/20/2020 (Strike Price $1.00) (a)		1,429
		Total Warrants (Cost $30,284)		26,717
SHARES
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	112,528	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $112,528)		112,528
		Total Investments — 100.1% (Cost $3,729,009)		5,093,633
		Liabilities in Excess of Other Assets — (0.1)%		(5,212	)
		NET ASSETS — 100.0%	$	5,088,421

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Banks		17.6	%
Internet Software & Services		14.4
Insurance		11.3
Technology Hardware, Storage & Peripherals		5.2
Food & Staples Retailing		4.4
IT Services		4.1
Thrifts & Mortgage Finance		4.1
Household Durables		3.7
Semiconductors & Semiconductor Equipment		3.6
Beverages		3.4
Diversified Consumer Services		2.5
Internet & Direct Marketing Retail		2.0
Electronic Equipment, Instruments & Components		1.9
Industrial Conglomerates		1.9
Hotels, Restaurants & Leisure		1.6
Food Products		1.6
Automobiles		1.6
Specialty Retail		1.4
Oil, Gas & Consumable Fuels		1.2
Tobacco		1.2
Multiline Retail		1.2
Construction Materials		1.1
Software		1.1
Auto Components		1.1
Others (each less than 1.0%)		4.6
Short-Term Investment		2.2

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — 98.0%
		Argentina — 0.0% (g)
	3	MercadoLibre, Inc.		1,185
		Australia — 2.5%
	109	AGL Energy Ltd.		1,773
	1,126	Alumina Ltd.		2,217
	316	Amcor Ltd.		3,258
	505	AMP Ltd.		1,530
	306	APA Group		1,916
	74	Aristocrat Leisure Ltd.		1,481
	24	ASX Ltd.		1,058
	675	Aurizon Holdings Ltd.		2,271
	659	Australia & New Zealand Banking Group Ltd.		13,253
	86	Bendigo & Adelaide Bank Ltd.		682
	669	BHP Billiton Ltd.		15,607
	228	BHP Billiton plc		4,858
	237	Boral Ltd.		1,221
	321	Brambles Ltd.		2,375
	78	Caltex Australia Ltd.		1,807
	96	Challenger Ltd.		780
	240	Coca-Cola Amatil Ltd.		1,675
	18	Cochlear Ltd.		2,688
	352	Commonwealth Bank of Australia		18,928
	178	Computershare Ltd.		2,258
	10	Crown Resorts Ltd.		99
	94	CSL Ltd.		12,062
	228	Dexus		1,622
	165	Fortescue Metals Group Ltd.		560
	427	Goodman Group		2,907
	152	GPT Group (The)		552
	274	Incitec Pivot Ltd.		781
	385	Insurance Australia Group Ltd.		2,281
	121	LendLease Group		1,623
	72	Macquarie Group Ltd.		5,849
	487	Medibank Pvt Ltd.		1,069
	1,378	Mirvac Group		2,313
	581	National Australia Bank Ltd.		12,630
	149	Newcrest Mining Ltd.		2,364
	340	Oil Search Ltd.		2,000
	130	Orica Ltd.		1,935
	317	Origin Energy Ltd. (a)		2,317
	372	QBE Insurance Group Ltd.		2,779
	38	Ramsay Health Care Ltd.		1,870
	25	REA Group Ltd.		1,491
	317	Santos Ltd. (a)		1,459
	1,430	Scentre Group		4,322
	6	SEEK Ltd.		90

SHARES		SECURITY DESCRIPTION	VALUE($)
		Australia — continued
	54	Sonic Healthcare Ltd.		950
	1,368	South32 Ltd.		3,797
	544	Stockland		1,690
	358	Suncorp Group Ltd.		3,770
	362	Sydney Airport		1,936
	513	Tabcorp Holdings Ltd.		1,686
	908	Telstra Corp. Ltd.		2,158
	175	TPG Telecom Ltd.		734
	519	Transurban Group		4,518
	110	Treasury Wine Estates Ltd.		1,567
	634	Vicinity Centres		1,161
	226	Wesfarmers Ltd.		7,420
	278	Westfield Corp.		1,921
	676	Westpac Banking Corp.		14,530
	149	Woodside Petroleum Ltd.		3,605
	312	Woolworths Group Ltd.		6,535
				204,589
		Austria — 0.1%
	256	Erste Group Bank AG (a)		12,524
		Belgium — 0.4%
	161	Anheuser-Busch InBev SA/NV		16,042
	126	KBC Group NV		10,992
	80	UCB SA		6,045
				33,079
		Bermuda — 0.0% (g)
	87	Marvell Technology Group Ltd.		1,747
		Canada — 3.2%
	50	Agnico Eagle Mines Ltd.		2,084
	99	Alimentation Couche-Tard, Inc., Class B		4,285
	85	ARC Resources Ltd.		943
	147	Bank of Montreal		11,192
	267	Bank of Nova Scotia (The)		16,389
	262	Barrick Gold Corp.		3,526
	36	BCE, Inc.		1,542
	210	Brookfield Asset Management, Inc., Class A		8,324
	93	Canadian Imperial Bank of Commerce		8,117
	179	Canadian National Railway Co.		13,791
	257	Canadian Natural Resources Ltd.		9,273
	34	Canadian Pacific Railway Ltd.		6,236
	16	Canadian Tire Corp. Ltd., Class A		2,227
	199	Cenovus Energy, Inc.		1,990
	52	CGI Group, Inc., Class A (a)		3,019
	4	Constellation Software, Inc.		3,200
	126	Crescent Point Energy Corp.		1,100

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
		Canada — continued
	27	Dollarama, Inc.		3,144
	185	Enbridge, Inc.		5,589
	201	Encana Corp.		2,502
	5	Fairfax Financial Holdings Ltd.		2,909
	66	Fortis, Inc.		2,204
	41	Franco-Nevada Corp.		2,873
	57	Gildan Activewear, Inc.		1,656
	188	Goldcorp, Inc.		2,497
	73	Great-West Lifeco, Inc.		1,952
	70	Imperial Oil Ltd.		2,168
	31	Intact Financial Corp.		2,349
	84	Inter Pipeline Ltd.		1,509
	294	Kinross Gold Corp. (a)		1,138
	53	Loblaw Cos. Ltd.		2,707
	93	Magna International, Inc.		5,521
	462	Manulife Financial Corp.		8,721
	59	Metro, Inc.		1,883
	78	National Bank of Canada		3,712
	155	Nutrien Ltd.		7,069
	60	Open Text Corp.		2,110
	89	Pembina Pipeline Corp.		2,825
	88	Power Corp. of Canada		2,089
	62	Power Financial Corp.		1,600
	51	Restaurant Brands International, Inc.		2,802
	85	Rogers Communications, Inc., Class B		4,012
	319	Royal Bank of Canada		24,285
	60	Saputo, Inc.		1,948
	96	Shaw Communications, Inc., Class B		1,967
	37	SNC-Lavalin Group, Inc.		1,613
	144	Sun Life Financial, Inc.		5,964
	364	Suncor Energy, Inc.		13,921
	126	Teck Resources Ltd., Class B		3,170
	81	Thomson Reuters Corp.		3,246
	403	Toronto-Dominion Bank (The)		22,611
	166	TransCanada Corp.		7,050
	98	Wheaton Precious Metals Corp.		2,036
				262,590
		China — 0.1%
	934	BOC Hong Kong Holdings Ltd.		4,828
	412	Yangzijiang Shipbuilding Holdings Ltd.		360
				5,188
		Denmark — 0.6%
	41	Chr Hansen Holding A/S		3,678
	120	Danske Bank A/S		4,177
	43	Genmab A/S (a)		8,637

SHARES		SECURITY DESCRIPTION	VALUE($)
		Denmark — continued
	675	Novo Nordisk A/S, Class B		31,728
				48,220
		Finland — 0.3%
	60	Cargotec OYJ, Class B		3,069
	119	Konecranes OYJ		4,859
	734	Nokia OYJ		4,404
	474	Outokumpu OYJ		3,070
	376	UPM-Kymmene OYJ		13,408
				28,810
		France — 4.5%
	235	Accor SA		13,271
	156	Air Liquide SA		20,245
	204	Airbus SE		23,997
	107	Alstom SA		4,854
	50	Arkema SA		6,591
	120	AXA SA		3,424
	371	BNP Paribas SA		28,624
	129	Capgemini SE		17,787
	88	Cie Generale des Etablissements Michelin SCA		12,324
	467	Engie SA		8,187
	28	Kering SA		16,078
	87	Legrand SA		6,764
	89	LVMH Moet Hennessy Louis Vuitton SE		30,927
	355	Natixis SA		2,915
	76	Pernod Ricard SA		12,583
	221	Publicis Groupe SA		16,517
	102	Renault SA		11,039
	163	Sanofi		12,896
	254	Schneider Electric SE (a)		22,986
	69	Sodexo SA		6,810
	121	Thales SA		15,360
	657	TOTAL SA		41,264
	35	Unibail-Rodamco SE		8,403
	216	Vinci SA		21,581
	246	Vivendi SA		6,479
				371,906
		Germany — 3.2%
	90	adidas AG		22,070
	107	Allianz SE (Registered)		25,375
	222	BASF SE		23,060
	129	Bayer AG (Registered)		15,466
	72	Bayerische Motoren Werke AG		8,005
	51	Brenntag AG		2,912
	55	Continental AG		14,773
	108	Daimler AG (Registered)		8,523

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
		Germany — continued
	106	Deutsche Post AG (Registered)		4,580
	1,199	Deutsche Telekom AG (Registered)		20,994
	84	Henkel AG & Co. KGaA (Preference)		10,620
	662	Infineon Technologies AG		16,945
	30	Linde AG (a)		6,683
	82	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		18,722
	82	RWE AG		1,950
	294	SAP SE		32,612
	103	Siemens AG (Registered)		13,089
	98	Volkswagen AG (Preference)		20,191
				266,570
		Hong Kong — 1.2%
	2,508	AIA Group Ltd.		22,413
	67	ASM Pacific Technology Ltd.		922
	41	Bank of East Asia Ltd. (The)		180
	442	CK Asset Holdings Ltd.		3,814
	669	CK Hutchison Holdings Ltd.		7,909
	220	CK Infrastructure Holdings Ltd.		1,732
	460	CLP Holdings Ltd.		4,777
	558	Galaxy Entertainment Group Ltd.		4,884
	59	Hang Lung Properties Ltd.		140
	209	Hang Seng Bank Ltd.		5,294
	367	Henderson Land Development Co. Ltd.		2,329
	556	HKT Trust & HKT Ltd.		732
	2,019	Hong Kong & China Gas Co. Ltd.		4,219
	229	Hong Kong Exchanges & Clearing Ltd.		7,402
	243	Hongkong Land Holdings Ltd.		1,756
	2,431	Hutchison Port Holdings Trust		810
	21	Jardine Matheson Holdings Ltd.		1,241
	342	Kerry Properties Ltd.		1,635
	1,756	Li & Fung Ltd.		883
	375	Link REIT		3,314
	220	MTR Corp. Ltd.		1,236
	673	New World Development Co. Ltd.		987
	410	NWS Holdings Ltd.		808
	279	Power Assets Holdings Ltd.		2,074
	1,172	Sino Land Co. Ltd.		2,023
	363	Sun Hung Kai Properties Ltd.		5,846
	204	Swire Pacific Ltd., Class A		2,011
	99	Techtronic Industries Co. Ltd.		577
	1,040	WH Group Ltd., Reg. S (e)		1,076
	381	Wharf Holdings Ltd. (The)		1,268
	363	Wharf Real Estate Investment Co. Ltd.		2,722
	335	Wheelock & Co. Ltd.		2,485

SHARES			SECURITY DESCRIPTION	VALUE($)
			Hong Kong — continued
	249		Yue Yuen Industrial Holdings Ltd.		706
					100,205
			Ireland — 0.4%
	487		CRH plc		17,293
	134		James Hardie Industries plc, CDI		2,369
	96		Ryanair Holdings plc, ADR (a)		10,540
					30,202
			Israel — 0.0% (g)
	155		Teva Pharmaceutical Industries Ltd., ADR		2,783
			Italy — 0.7%
	209		Assicurazioni Generali SpA		4,221
	4,071		Enel SpA		25,823
	160		Eni SpA		3,132
	644		Intesa Sanpaolo SpA		2,450
	1,105		Italgas SpA		7,153
	395		Snam SpA		1,895
	697		UniCredit SpA		15,119
					59,793
			Japan — 8.6%
	57		AEON Financial Service Co. Ltd.		1,340
	59		Aeon Mall Co. Ltd.		1,183
	168		Ajinomoto Co., Inc.		3,069
	47		Alfresa Holdings Corp.		1,033
	199		Amada Holdings Co. Ltd.		2,384
	147		Asahi Group Holdings Ltd.		7,446
	330		Asahi Kasei Corp.		4,542
	269		Astellas Pharma, Inc.		3,929
	132		Bandai Namco Holdings, Inc.		4,480
	199		Bridgestone Corp.		8,302
	170		Canon, Inc.		5,848
	11		Central Japan Railway Co.		2,144
	29		Chugai Pharmaceutical Co. Ltd.		1,508
	25		Coca-Cola Bottlers Japan Holdings, Inc.		1,054
	596		Concordia Financial Group Ltd.		3,463
	34		Dai Nippon Printing Co. Ltd.		721
	374		Daicel Corp.		4,313
	205		Dai-ichi Life Holdings, Inc.		4,060
	213		Daiichi Sankyo Co. Ltd.		7,293
	78		Daikin Industries Ltd.		9,100
	18		Daito Trust Construction Co. Ltd.		2,937
	198		Daiwa House Industry Co. Ltd.		7,232
	—	(h)	Daiwa House REIT Investment Corp.		770
	49		Denso Corp.		2,561
	95		East Japan Railway Co.		9,136
	165		Electric Power Development Co. Ltd.		4,485

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
			Japan — continued
	29		FANUC Corp.		6,148
	8		Fast Retailing Co. Ltd.		3,424
	160		Fuji Electric Co. Ltd.		1,141
	142		FUJIFILM Holdings Corp.		5,715
	572		Fujitsu Ltd.		3,468
	54		Hakuhodo DY Holdings, Inc.		760
	25		Hankyu Hanshin Holdings, Inc.		999
	68		Hisamitsu Pharmaceutical Co., Inc.		5,293
	16		Hitachi High-Technologies Corp.		728
	1,371		Hitachi Ltd.		10,006
	436		Honda Motor Co. Ltd.		14,999
	63		Hoya Corp.		3,350
	302		Hulic Co. Ltd.		3,254
	399		ITOCHU Corp.		7,981
	248		J Front Retailing Co. Ltd.		4,020
	117		Japan Airlines Co. Ltd.		4,609
	40		Japan Exchange Group, Inc.		741
	77		Japan Post Bank Co. Ltd.		1,049
	—	(h)	Japan Prime Realty Investment Corp.		704
	—	(h)	Japan Real Estate Investment Corp.		1,316
	1		Japan Retail Fund Investment Corp.		1,250
	246		Japan Tobacco, Inc.		6,618
	87		JFE Holdings, Inc.		1,790
	54		JTEKT Corp.		870
	1,176		JXTG Holdings, Inc.		7,665
	254		Kansai Electric Power Co., Inc. (The)		3,548
	114		Kao Corp.		8,181
	128		Kawasaki Heavy Industries Ltd.		4,276
	287		KDDI Corp.		7,691
	34		Keikyu Corp.		614
	26		Keyence Corp.		15,549
	21		Kintetsu Group Holdings Co. Ltd.		870
	152		Kirin Holdings Co. Ltd.		4,264
	170		Komatsu Ltd.		5,795
	23		Kose Corp.		4,324
	43		Kubota Corp.		722
	35		Kyocera Corp.		2,236
	185		Kyowa Hakko Kirin Co. Ltd.		4,003
	80		Kyushu Electric Power Co., Inc.		992
	137		M3, Inc.		5,167
	76		Mabuchi Motor Co. Ltd.		3,813
	234		Marui Group Co. Ltd.		4,850
	230		Mazda Motor Corp.		3,195
	770		Mebuki Financial Group, Inc.		2,988
	20		MEIJI Holdings Co. Ltd.		1,604

SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — continued
	335		Mitsubishi Chemical Holdings Corp.		3,166
	436		Mitsubishi Corp.		12,026
	555		Mitsubishi Electric Corp.		8,505
	64		Mitsubishi Estate Co. Ltd.		1,175
	25		Mitsubishi Tanabe Pharma Corp.		482
	2,794		Mitsubishi UFJ Financial Group, Inc.		18,726
	117		Mitsubishi UFJ Lease & Finance Co. Ltd.		746
	389		Mitsui & Co. Ltd.		7,016
	147		Mitsui Chemicals, Inc.		4,220
	146		Mitsui Fudosan Co. Ltd.		3,740
	2,809		Mizuho Financial Group, Inc.		5,082
	38		MS&AD Insurance Group Holdings, Inc.		1,274
	33		Murata Manufacturing Co. Ltd.		4,179
	188		NGK Spark Plug Co. Ltd.		4,814
	43		NH Foods Ltd.		1,879
	60		Nidec Corp.		9,387
	23		Nintendo Co. Ltd.		9,664
	—	(h)	Nippon Building Fund, Inc.		1,427
	—	(h)	Nippon Prologis REIT, Inc.		542
	271		Nippon Steel & Sumitomo Metal Corp.		5,883
	208		Nippon Telegraph & Telephone Corp.		9,885
	133		Nippon Yusen KK		2,837
	568		Nissan Motor Co. Ltd.		5,977
	25		Nitori Holdings Co. Ltd.		4,148
	48		Nitto Denko Corp.		3,583
	471		Nomura Holdings, Inc.		2,712
	1		Nomura Real Estate Master Fund, Inc.		735
	77		Nomura Research Institute Ltd.		3,940
	118		NSK Ltd.		1,572
	318		NTT DOCOMO, Inc.		8,213
	134		Obayashi Corp.		1,548
	6		Obic Co. Ltd.		486
	122		Olympus Corp.		4,549
	211		Ono Pharmaceutical Co. Ltd.		4,877
	59		Oriental Land Co. Ltd.		5,830
	449		ORIX Corp.		7,871
	95		Otsuka Corp.		4,411
	164		Otsuka Holdings Co. Ltd.		8,548
	660		Panasonic Corp.		9,771
	141		Persol Holdings Co. Ltd.		3,342
	145		Recruit Holdings Co. Ltd.		3,339
	261		Resona Holdings, Inc.		1,482
	47		Rohm Co. Ltd.		4,337
	6		Ryohin Keikaku Co. Ltd.		1,950
	61		Santen Pharmaceutical Co. Ltd.		1,016

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
		Japan — continued
	191	Seibu Holdings, Inc.		3,214
	95	Seiko Epson Corp.		1,788
	250	Sekisui House Ltd.		4,589
	226	Seven & i Holdings Co. Ltd.		9,949
	11	Shimano, Inc.		1,423
	389	Shimizu Corp.		3,847
	69	Shin-Etsu Chemical Co. Ltd.		6,884
	12	Shionogi & Co. Ltd.		601
	43	Shiseido Co. Ltd.		2,777
	156	Shizuoka Bank Ltd. (The)		1,582
	14	SMC Corp.		5,168
	191	SoftBank Group Corp.		14,579
	74	Sompo Holdings, Inc.		3,098
	290	Sony Corp.		13,526
	27	Stanley Electric Co. Ltd.		972
	33	Start Today Co. Ltd.		956
	14	Subaru Corp.		460
	508	Sumitomo Chemical Co. Ltd.		2,907
	16	Sumitomo Corp.		280
	340	Sumitomo Electric Industries Ltd.		5,202
	99	Sumitomo Metal Mining Co. Ltd.		4,236
	342	Sumitomo Mitsui Financial Group, Inc.		14,271
	127	Sumitomo Mitsui Trust Holdings, Inc.		5,377
	78	Sumitomo Realty & Development Co. Ltd.		3,098
	20	Sundrug Co. Ltd.		1,029
	48	Suntory Beverage & Food Ltd.		2,342
	11	Suzuken Co. Ltd.		460
	128	Suzuki Motor Corp.		6,880
	247	T&D Holdings, Inc.		4,198
	76	Takeda Pharmaceutical Co. Ltd.		3,200
	78	THK Co. Ltd.		2,715
	61	Tohoku Electric Power Co., Inc.		781
	208	Tokio Marine Holdings, Inc.		9,831
	216	Tokyo Electric Power Co. Holdings, Inc. (a)		1,027
	41	Tokyo Electron Ltd.		7,817
	69	Tokyo Gas Co. Ltd.		1,841
	228	Tokyo Tatemono Co. Ltd.		3,466
	325	Tokyu Corp.		5,457
	134	Toppan Printing Co. Ltd.		1,121
	464	Toray Industries, Inc.		4,331
	1,051	Toshiba Corp. (a)		2,817
	46	Toyota Industries Corp.		2,736
	567	Toyota Motor Corp.		37,147
	27	Toyota Tsusho Corp.		965
	27	Unicharm Corp.		768

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	1	United Urban Investment Corp.		826
	192	Yahoo Japan Corp.		790
	173	Yamato Holdings Co. Ltd.		4,456
	25	Yaskawa Electric Corp.		1,007
				716,597
		Luxembourg — 0.1%
	346	ArcelorMittal		11,744
		Macau — 0.1%
	658	Sands China Ltd.		3,801
	316	Wynn Macau Ltd.		1,169
				4,970
		Netherlands — 2.2%
	49	Akzo Nobel NV		4,411
	136	ASML Holding NV		25,967
	71	ASR Nederland NV		3,347
	113	Heineken Holding NV		11,491
	39	Heineken NV		4,088
	1,449	ING Groep NV		24,414
	753	Koninklijke Ahold Delhaize NV		18,155
	906	Koninklijke KPN NV		2,819
	210	Koninklijke Philips NV		8,897
	1,314	Royal Dutch Shell plc, Class A		45,708
	866	Royal Dutch Shell plc, Class B		30,902
	127	Wolters Kluwer NV		6,882
				187,081
		New Zealand — 0.1%
	346	Auckland International Airport Ltd.		1,548
	262	Fletcher Building Ltd.		1,162
	130	Ryman Healthcare Ltd.		968
	662	Spark New Zealand Ltd.		1,608
				5,286
		Norway — 0.2%
	732	Telenor ASA		16,193
		Singapore — 0.5%
	556	Ascendas REIT		1,116
	867	CapitaLand Ltd.		2,444
	379	CapitaLand Mall Trust		598
	390	ComfortDelGro Corp. Ltd.		658
	467	DBS Group Holdings Ltd.		10,784
	771	Genting Singapore plc		676
	17	Jardine Cycle & Carriage Ltd.		430
	428	Keppel Corp. Ltd.		2,622
	811	Oversea-Chinese Banking Corp. Ltd.		8,374
	79	Singapore Exchange Ltd.		460

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
		Singapore — continued
	153	Singapore Press Holdings Ltd.		313
	1,671	Singapore Telecommunications Ltd.		4,421
	259	United Overseas Bank Ltd.		5,869
	659	Wilmar International Ltd.		1,612
				40,377
		Spain — 1.1%
	52	Amadeus IT Group SA		3,761
	317	Banco Bilbao Vizcaya Argentaria SA		2,565
	4,611	Banco Santander SA		29,790
	2,949	Iberdrola SA		22,788
	382	Industria de Diseno Textil SA		11,845
	337	Red Electrica Corp. SA		7,021
	666	Repsol SA		12,718
	386	Telefonica SA		3,938
				94,426
		Sweden — 0.6%
	318	Assa Abloy AB, Class B		6,660
	94	Atlas Copco AB, Class B		3,320
	8	Autoliv, Inc.		1,025
	967	Nordea Bank AB		9,833
	809	Sandvik AB		13,801
	1,057	Svenska Handelsbanken AB, Class A		11,789
				46,428
		Switzerland — 2.9%
	468	ABB Ltd. (Registered)		10,910
	1,059	Credit Suisse Group AG (Registered) (a)		17,855
	162	Ferguson plc		12,436
	3,621	Glencore plc (a)		17,444
	197	Julius Baer Group Ltd. (a)		11,677
	255	LafargeHolcim Ltd. (Registered) (a)		14,138
	35	Lonza Group AG (Registered) (a)		8,655
	653	Nestle SA (Registered)		50,601
	627	Novartis AG (Registered)		48,253
	197	Roche Holding AG		43,824
	316	UBS Group AG (Registered) (a)		5,301
				241,094
		United Kingdom — 5.8%
	804	3i Group plc		10,380
	247	AstraZeneca plc		17,321
	2,671	Aviva plc		19,410
	2,948	BP plc		21,900
	594	British American Tobacco plc		32,563
	1,329	BT Group plc		4,562
	276	Bunzl plc		7,998
	730	Compass Group plc		15,665
	76	DCC plc		7,300

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — continued
	852	Diageo plc		30,388
	857	GlaxoSmithKline plc		17,199
	3,207	HSBC Holdings plc		31,927
	488	Imperial Brands plc		17,476
	212	InterContinental Hotels Group plc		13,399
	104	Johnson Matthey plc		4,696
	1,159	Legal & General Group plc		4,292
	16	Liberty Global plc, Class A (a)		480
	84	Liberty Global plc, Class C (a)		2,430
	8,135	Lloyds Banking Group plc		7,215
	224	London Stock Exchange Group plc		13,212
	355	National Grid plc		4,112
	1,204	Prudential plc		30,961
	45	Reckitt Benckiser Group plc		3,545
	279	RELX plc		5,960
	105	Rio Tinto Ltd.		6,226
	458	Rio Tinto plc		24,976
	446	RSA Insurance Group plc		4,022
	1,725	Standard Chartered plc		18,119
	3,682	Taylor Wimpey plc		9,696
	2,356	Tesco plc		7,632
	643	Unilever NV, CVA		36,885
	212	Unilever plc		11,871
	9,539	Vodafone Group plc		27,837
	112	Whitbread plc		6,583
	344	WPP plc		5,906
				484,144
		United States — 58.6%
	18	3M Co.		3,505
	369	Abbott Laboratories		21,457
	231	AbbVie, Inc.		22,259
	232	Accenture plc, Class A		35,114
	18	Activision Blizzard, Inc.		1,196
	129	Adobe Systems, Inc. (a)		28,482
	27	Agilent Technologies, Inc.		1,762
	91	Alcoa Corp. (a)		4,656
	49	Alexion Pharmaceuticals, Inc. (a)		5,776
	2	Alleghany Corp.		948
	236	Allegion plc		18,235
	128	Allergan plc		19,626
	31	Alliance Data Systems Corp.		6,384
	7	Alnylam Pharmaceuticals, Inc. (a)		704
	67	Alphabet, Inc., Class A (a)		68,101
	82	Alphabet, Inc., Class C (a)		83,570

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
		United States — continued
	232	Altria Group, Inc.		13,026
	99	Amazon.com, Inc. (a)		154,970
	41	Ameren Corp.		2,424
	288	American Electric Power Co., Inc.		20,122
	165	American Express Co.		16,246
	9	American Financial Group, Inc.		1,052
	490	American International Group, Inc.		27,459
	74	American Tower Corp.		10,147
	140	AmerisourceBergen Corp.		12,678
	82	Amgen, Inc.		14,250
	345	Analog Devices, Inc.		30,134
	129	Andeavor		17,792
	31	Antero Resources Corp. (a)		587
	1,037	Apple, Inc.		171,312
	121	Aptiv plc		10,192
	37	Aramark		1,384
	11	Arch Capital Group Ltd. (a)		849
	10	Arista Networks, Inc. (a)		2,725
	19	Arrow Electronics, Inc. (a)		1,445
	59	Arthur J Gallagher & Co.		4,130
	668	AT&T, Inc.		21,828
	19	Athene Holding Ltd., Class A (a)		929
	11	Atmos Energy Corp.		927
	22	AutoZone, Inc. (a)		14,002
	99	AvalonBay Communities, Inc.		16,080
	19	Axis Capital Holdings Ltd.		1,140
	399	Ball Corp.		15,977
	2,827	Bank of America Corp.		84,571
	438	BB&T Corp.		23,128
	101	Becton Dickinson and Co.		23,479
	203	Berkshire Hathaway, Inc., Class B (a)		39,387
	195	Best Buy Co., Inc.		14,947
	51	Biogen, Inc. (a)		14,086
	33	BioMarin Pharmaceutical, Inc. (a)		2,760
	49	BlackRock, Inc.		25,397
	71	Boeing Co. (The)		23,810
	6	Booking Holdings, Inc. (a)		12,785
	957	Boston Scientific Corp. (a)		27,474
	390	Bristol-Myers Squibb Co.		20,323
	310	Brixmor Property Group, Inc.		4,620
	170	Broadcom, Inc.		39,105
	25	Broadridge Financial Solutions, Inc.		2,715
	69	CA, Inc.		2,385
	16	Camden Property Trust		1,348
	333	Capital One Financial Corp.		30,191

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	140	Caterpillar, Inc.		20,272
	31	CBRE Group, Inc., Class A (a)		1,410
	28	CDK Global, Inc.		1,840
	31	CDW Corp.		2,216
	170	Celanese Corp., Series A		18,442
	159	Celgene Corp. (a)		13,861
	34	Centene Corp. (a)		3,681
	396	Charles Schwab Corp. (The)		22,040
	106	Charter Communications, Inc., Class A (a)		28,665
	436	Chevron Corp.		54,577
	98	Chubb Ltd.		13,290
	170	Cigna Corp.		29,130
	486	Cisco Systems, Inc.		21,520
	872	Citigroup, Inc.		59,546
	30	CME Group, Inc.		4,756
	355	CMS Energy Corp.		16,745
	521	Coca-Cola Co. (The)		22,520
	15	Cognex Corp.		702
	203	Colgate-Palmolive Co.		13,218
	1,597	Comcast Corp., Class A		50,122
	39	CommScope Holding Co., Inc. (a)		1,478
	152	Concho Resources, Inc. (a)		23,819
	80	Constellation Brands, Inc., Class A		18,604
	10	Cooper Cos., Inc. (The)		2,271
	48	Corning, Inc.		1,283
	3	CoStar Group, Inc. (a)		1,214
	29	Crown Holdings, Inc. (a)		1,452
	125	Cummins, Inc.		20,061
	377	CVS Health Corp.		26,341
	130	Danaher Corp.		13,019
	141	Deere & Co.		19,111
	32	Dell Technologies, Inc., Class V (a)		2,272
	34	Delphi Technologies plc		1,634
	305	Delta Air Lines, Inc.		15,915
	185	Diamondback Energy, Inc. (a)		23,763
	62	Digital Realty Trust, Inc.		6,518
	146	Discover Financial Services		10,430
	271	DISH Network Corp., Class A (a)		9,080
	84	Dollar General Corp.		8,070
	211	Dollar Tree, Inc. (a)		20,210
	811	DowDuPont, Inc.		51,260
	302	DR Horton, Inc.		13,327
	38	Dr Pepper Snapple Group, Inc.		4,573
	83	Duke Realty Corp.		2,236
	61	DXC Technology Co.		6,326

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
			United States — continued
	29		E*TRADE Financial Corp. (a)		1,746
	32		East West Bancorp, Inc.		2,159
	253		Eastman Chemical Co.		25,835
	347		Eaton Corp. plc		26,034
	347		Eli Lilly & Co.		28,164
	340		EOG Resources, Inc.		40,134
	146		EQT Corp.		7,330
	22		Equinix, Inc.		9,429
	171		Equity Residential		10,538
	27		Essex Property Trust, Inc.		6,505
	87		Estee Lauder Cos., Inc. (The), Class A		12,835
	547		Exxon Mobil Corp.		42,531
	467		Facebook, Inc., Class A (a)		80,291
	206		Fastenal Co.		10,291
	68		Federal Realty Investment Trust		7,908
	—	(h)	FedEx Corp.		—	(h)
	197		Fidelity National Information Services, Inc.		18,682
	10		FleetCor Technologies, Inc. (a)		2,174
	55		Flex Ltd. (a)		712
	24		FNF Group		898
	1,517		Ford Motor Co.		17,050
	191		Franklin Resources, Inc.		6,432
	294		Freeport-McMoRan, Inc.		4,468
	139		General Dynamics Corp.		27,908
	367		Gilead Sciences, Inc.		26,484
	156		Global Payments, Inc.		17,652
	34		Goldman Sachs Group, Inc. (The)		8,109
	—	(h)	Halliburton Co.		—	(h)
	26		Harris Corp.		4,070
	397		Hartford Financial Services Group, Inc. (The)		21,357
	186		HCP, Inc.		4,346
	25		HD Supply Holdings, Inc. (a)		955
	1,009		Hewlett Packard Enterprise Co.		17,199
	233		Hilton Worldwide Holdings, Inc.		18,379
	39		Hologic, Inc. (a)		1,506
	333		Home Depot, Inc. (The)		61,453
	306		Honeywell International, Inc.		44,307
	887		HP, Inc.		19,054
	1,002		Huntington Bancshares, Inc.		14,933
	8		IAC/InterActiveCorp (a)		1,281
	7		IDEX Corp.		982
	20		Illumina, Inc. (a)		4,703
	309		Ingersoll-Rand plc		25,915
	14		Ingredion, Inc.		1,642
	473		Intel Corp.		24,420

SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — continued
	307		Intercontinental Exchange, Inc.		22,237
	136		International Business Machines Corp.		19,716
	103		Intuit, Inc.		19,035
	18		Intuitive Surgical, Inc. (a)		7,991
	41		Invitation Homes, Inc.		956
	502		Johnson & Johnson		63,444
	8		Jones Lang LaSalle, Inc.		1,376
	633		KeyCorp		12,601
	205		Kraft Heinz Co. (The)		11,540
	70		Las Vegas Sands Corp.		5,109
	10		Lear Corp.		1,832
	15		Leidos Holdings, Inc.		981
	259		Lennar Corp., Class A		13,703
	7		Lennox International, Inc.		1,402
	23		Liberty Broadband Corp., Class C (a)		1,640
	—	(h)	Liberty Interactive Corp. QVC Group, Class A (a)		8
	14		Liberty Media Corp.-Liberty Formula One, Class C (a)		416
	24		Liberty Media Corp.-Liberty SiriusXM, Class A (a)		990
	29		Liberty Property Trust		1,201
	181		Lincoln National Corp.		12,775
	11		Live Nation Entertainment, Inc. (a)		448
	290		Lowe’s Cos., Inc.		23,873
	15		ManpowerGroup, Inc.		1,464
	194		Marathon Petroleum Corp.		14,556
	1		Markel Corp. (a)		1,458
	397		Masco Corp.		15,044
	104		Mastercard, Inc., Class A		18,604
	56		Maxim Integrated Products, Inc.		3,060
	70		McDonald’s Corp.		11,649
	446		Medtronic plc		35,737
	434		Merck & Co., Inc.		25,570
	331		MetLife, Inc.		15,779
	180		Microchip Technology, Inc.		15,100
	200		Micron Technology, Inc. (a)		9,218
	1,741		Microsoft Corp.		162,839
	61		Mid-America Apartment Communities, Inc.		5,597
	46		Mohawk Industries, Inc. (a)		9,625
	280		Molson Coors Brewing Co., Class B		19,945
	764		Mondelez International, Inc., Class A		30,196
	734		Morgan Stanley		37,894
	12		MSCI, Inc.		1,725
	109		Mylan NV (a)		4,237
	29		National Retail Properties, Inc.		1,100
	42		Netflix, Inc. (a)		13,039
	66		Newmont Mining Corp.		2,575

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
			United States — continued
	223		NextEra Energy, Inc.		36,567
	459		NIKE, Inc., Class B		31,385
	225		Norfolk Southern Corp.		32,235
	97		Northrop Grumman Corp.		31,257
	68		Nucor Corp.		4,175
	191		NVIDIA Corp.		42,900
	—	(h)	NVR, Inc. (a)		837
	350		Occidental Petroleum Corp.		27,042
	243		ONEOK, Inc.		14,634
	856		Oracle Corp.		39,103
	100		O’Reilly Automotive, Inc. (a)		25,602
	22		Owens Corning		1,436
	281		PACCAR, Inc.		17,900
	16		Palo Alto Networks, Inc. (a)		3,117
	29		Parker-Hannifin Corp.		4,708
	242		Parsley Energy, Inc., Class A (a)		7,258
	53		PayPal Holdings, Inc. (a)		3,960
	438		PepsiCo, Inc.		44,241
	1,578		Pfizer, Inc.		57,775
	116		PG&E Corp.		5,360
	541		Philip Morris International, Inc.		44,340
	165		Pioneer Natural Resources Co.		33,294
	24		Plains GP Holdings LP, Class A		591
	178		Principal Financial Group, Inc.		10,512
	302		Procter & Gamble Co. (The)		21,863
	54		Prologis, Inc.		3,490
	157		Prudential Financial, Inc.		16,736
	393		Public Service Enterprise Group, Inc.		20,507
	42		Public Storage		8,517
	83		PVH Corp.		13,248
	39		Qurate Retail Group, Inc. QVC Group, Class A (a)		916
	17		Raymond James Financial, Inc.		1,532
	13		Reinsurance Group of America, Inc.		1,999
	26		Robert Half International, Inc.		1,601
	144		Ross Stores, Inc.		11,608
	32		Sabre Corp.		668
	246		salesforce.com, Inc. (a)		29,785
	14		SEI Investments Co.		868
	36		ServiceNow, Inc. (a)		5,993
	167		Shire plc		8,907
	379		Sirius XM Holdings, Inc.		2,398
	122		Snap-on, Inc.		17,703
	7		Spectrum Brands Holdings, Inc.		507
	12		Spirit AeroSystems Holdings, Inc., Class A		925
	12		Splunk, Inc. (a)		1,246

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	53	Square, Inc., Class A (a)		2,512
	176	Stanley Black & Decker, Inc.		24,937
	126	Starbucks Corp.		7,252
	254	State Street Corp.		25,359
	22	Steel Dynamics, Inc.		1,003
	281	SunTrust Banks, Inc.		18,793
	12	SVB Financial Group (a)		3,523
	226	Synchrony Financial		7,492
	9	Take-Two Interactive Software, Inc. (a)		909
	50	TD Ameritrade Holding Corp.		2,879
	4	Teleflex, Inc.		1,117
	23	Tesla, Inc. (a)		6,613
	411	Texas Instruments, Inc.		41,712
	106	Thermo Fisher Scientific, Inc.		22,238
	167	Time Warner, Inc.		15,876
	303	T-Mobile US, Inc. (a)		18,304
	36	Toll Brothers, Inc.		1,527
	24	Trimble, Inc. (a)		821
	644	Twenty-First Century Fox, Inc., Class A		23,559
	88	Twenty-First Century Fox, Inc., Class B		3,156
	46	Twitter, Inc. (a)		1,403
	64	Tyson Foods, Inc., Class A		4,510
	20	UGI Corp.		953
	350	Union Pacific Corp.		46,827
	16	United Rentals, Inc. (a)		2,461
	253	United Technologies Corp.		30,456
	307	UnitedHealth Group, Inc.		72,557
	22	Unum Group		1,085
	4	Vail Resorts, Inc.		991
	82	Ventas, Inc.		4,214
	252	VEREIT, Inc.		1,714
	346	Verizon Communications, Inc.		17,084
	113	Vertex Pharmaceuticals, Inc. (a)		17,316
	577	Visa, Inc., Class A		73,198
	8	VMware, Inc., Class A (a)		1,091
	162	Vornado Realty Trust		11,034
	199	Voya Financial, Inc.		10,410
	276	Walgreens Boots Alliance, Inc.		18,323
	107	Walmart, Inc.		9,485
	437	Walt Disney Co. (The)		43,818
	58	Waste Connections, Inc.		4,170
	262	WEC Energy Group, Inc.		16,832
	1,099	Wells Fargo & Co.		57,115
	239	WestRock Co.		14,116
	95	Weyerhaeuser Co.		3,485

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
		United States — continued
	85	Workday, Inc., Class A (a)		10,588
	193	Worldpay, Inc. (a)		15,654
	43	Wyndham Worldwide Corp.		4,855
	499	Xcel Energy, Inc.		23,370
	231	Yum Brands, Inc.		20,102
	170	Zimmer Biomet Holdings, Inc.		19,526
	41	Zoetis, Inc.		3,390
				4,871,960
		Total Common Stocks (Cost $6,466,044)		8,149,691
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		New Zealand — 0.0% (g)
	59	Fletcher Building Ltd., expiring 05/11/2018 (a) (Cost $—)		62
SHARES
	Short-Term Investment — 2.1%
		Investment Company — 2.1%
	173,270	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $173,270)		173,270
		Total Investments — 100.1% (Cost $6,639,314)		8,323,023
		Liabilities in Excess of Other Assets — (0.1)%		(5,966	)
		NET ASSETS — 100.0%	$	8,317,057

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Banks		8.7	%
Oil, Gas & Consumable Fuels		6.4
Pharmaceuticals		5.5
Software		4.2
Insurance		3.9
IT Services		3.2
Semiconductors & Semiconductor Equipment		3.2
Capital Markets		3.0
Internet Software & Services		2.8
Technology Hardware, Storage & Peripherals		2.6
Media		2.6
Machinery		2.5
Chemicals		2.5
Beverages		2.4
Internet & Direct Marketing Retail		2.2
Health Care Equipment & Supplies		2.1
Specialty Retail		2.0
Equity Real Estate Investment Trusts (REITs)		1.9
Electric Utilities		1.9
Aerospace & Defense		1.9
Hotels, Restaurants & Leisure		1.8
Biotechnology		1.8
Automobiles		1.7
Metals & Mining		1.7
Health Care Providers & Services		1.5
Road & Rail		1.5
Textiles, Apparel & Luxury Goods		1.4
Tobacco		1.4
Food & Staples Retailing		1.4
Food Products		1.3
Diversified Telecommunication Services		1.3
Electrical Equipment		1.1
Industrial Conglomerates		1.0
Wireless Telecommunication Services		1.0
Others (each less than 1.0%)		12.5
Short-Term Investment		2.1

Futures contracts outstanding as of April 30, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		878		06/2018		EUR		36,729		993
S&P 500 E-Mini Index		489		06/2018		USD		64,719		(3,470	)
TOPIX Index		98		06/2018		JPY		15,892		620
										(1,857	)

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.9%
			Austria — 3.4%
	1		ams AG (a)		51
	2		Erste Group Bank AG (a)		122
					173
			Brazil — 1.2%
	11		Cielo SA		60
			Canada — 2.1%
	2		Toronto-Dominion Bank (The)		108
			China — 5.4%
	1		CNOOC Ltd., ADR		92
	2		JD.com, Inc., ADR (a)		75
	12		Ping An Insurance Group Co. of China Ltd., Class H		112
					279
			France — 6.3%
	1		Airbus SE		96
	1		Safran SA		123
	1		Schneider Electric SE (a)		108
					327
			Germany — 4.2%
	2		Delivery Hero AG, Reg. S (a) (e)		93
	1		Linde AG (a)		123
					216
			Hong Kong — 2.1%
	12		AIA Group Ltd.		111
			India — 3.5%
	2		HDFC Bank Ltd., ADR		180
			Japan — 4.2%
	3		Komatsu Ltd.		99
	11		Renesas Electronics Corp. (a)		117
					216
			Luxembourg — 1.3%
	2		ArcelorMittal		66
			Singapore — 2.2%
	5		DBS Group Holdings Ltd.		113
			South Africa — 1.7%
	—	(h)	Naspers Ltd., Class N		89
			Spain — 1.6%
	3		Industria de Diseno Textil SA		83
			Switzerland — 3.4%
	1		LafargeHolcim Ltd. (Registered) (a)		78
	1		Novartis AG (Registered)		98
					176

SHARES			SECURITY DESCRIPTION	VALUE($)
			Thailand — 2.0%
	16		Kasikornbank PCL		103
			United Kingdom — 6.2%
	2		British American Tobacco plc		89
	6		GlaxoSmithKline plc		118
	39		Vodafone Group plc		113
					320
			United States — 47.1%
	1		Activision Blizzard, Inc.		83
	—	(h)	Alphabet, Inc., Class C (a)		208
	—	(h)	Amazon.com, Inc. (a)		163
	1		BioMarin Pharmaceutical, Inc. (a)		79
	—	(h)	Broadcom, Inc.		97
	2		Citigroup, Inc.		170
	4		Comcast Corp., Class A		128
	2		DowDuPont, Inc.		113
	1		EQT Corp.		75
	—	(h)	Facebook, Inc., Class A (a)		81
	—	(h)	First Republic Bank		42
	1		Microsoft Corp.		104
	1		Molson Coors Brewing Co., Class B		58
	2		NIKE, Inc., Class B		115
	1		Occidental Petroleum Corp.		96
	2		Oracle Corp.		104
	1		Pioneer Natural Resources Co.		190
	1		Stanley Black & Decker, Inc.		112
	3		Synchrony Financial		99
	2		Twenty-First Century Fox, Inc., Class A		88
	1		Union Pacific Corp.		117
	—	(h)	UnitedHealth Group, Inc.		113
					2,435
			Total Common Stocks (Cost $4,902)		5,055
	Short-Term Investment — 1.1%
			Investment Company — 1.1%
	56		JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $56)		56
			Total Investments — 99.0% (Cost $4,958)		5,111
			Other Assets in Excess of Liabilities — 1.0%		53
			NET ASSETS — 100.0%	$	5,164

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Banks		16.4	%
Oil, Gas & Consumable Fuels		8.9
Internet Software & Services		7.5
Media		6.0
Software		5.7
Semiconductors & Semiconductor Equipment		5.2
Internet & Direct Marketing Retail		4.7
Chemicals		4.6
Insurance		4.4
Aerospace & Defense		4.3
Pharmaceuticals		4.2
Machinery		4.1
Road & Rail		2.3
Textiles, Apparel & Luxury Goods		2.2
Health Care Providers & Services		2.2
Wireless Telecommunication Services		2.2
Electrical Equipment		2.1
Consumer Finance		1.9
Tobacco		1.7
Specialty Retail		1.6
Biotechnology		1.6
Construction Materials		1.5
Metals & Mining		1.3
IT Services		1.2
Beverages		1.1
Short-Term Investment		1.1

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stock — 98.1%
			Australia — 1.3%
	1,710	��	BHP Billiton Ltd.		39,898
	926		BHP Billiton plc		19,736
					59,634
			Austria — 0.9%
	237		ams AG (a)		19,587
	432		Erste Group Bank AG (a)		21,129
					40,716
			Brazil — 0.8%
	2,375		Itau Unibanco Holding SA, ADR		34,513
			China — 3.4%
	132		Baidu, Inc., ADR (a)		33,172
	8,928		China Overseas Land & Investment Ltd.		29,914
	28,780		CNOOC Ltd.		48,688
	4,329		Ping An Insurance Group Co. of China Ltd., Class H		42,300
					154,074
			Denmark — 1.2%
	1,197		Novo Nordisk A/S, Class B		56,303
			France — 12.4%
	935		Accor SA		52,856
	1,432		AXA SA		40,955
	1,024		BNP Paribas SA		79,052
	251		Essilor International Cie Generale d’Optique SA		34,331
	338		Imerys SA		30,883
	159		LVMH Moet Hennessy Louis Vuitton SE		55,473
	3,486		Orange SA		63,379
	287		Pernod Ricard SA		47,685
	571		Safran SA		66,926
	395		Sanofi		31,218
	668		Schneider Electric SE (a)		60,578
					563,336
			Germany — 8.6%
	304		Allianz SE (Registered)		71,838
	496		Bayer AG (Registered)		59,234
	263		Continental AG		70,073
	416		Fresenius Medical Care AG & Co. KGaA		42,176
	299		Linde AG (a)		66,272
	717		SAP SE		79,670
					389,263
			Hong Kong — 4.3%
	10,679		AIA Group Ltd.		95,437
	5,557		CK Asset Holdings Ltd.		47,969

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	4,313	CK Hutchison Holdings Ltd.		51,001
				194,407
		India — 1.2%
	544	HDFC Bank Ltd., ADR		52,093
		Indonesia — 0.5%
	46,465	Astra International Tbk. PT		23,782
		Italy — 1.1%
	2,328	UniCredit SpA		50,476
		Japan — 17.7%
	955	Asahi Group Holdings Ltd.		48,309
	488	Daikin Industries Ltd.		57,018
	215	FANUC Corp.		45,969
	2,042	Honda Motor Co. Ltd.		70,213
	2,208	Inpex Corp.		28,224
	74	Keyence Corp.		45,368
	1,657	Komatsu Ltd.		56,495
	3,535	Kubota Corp.		59,604
	840	Makita Corp.		37,645
	1,513	Mitsui Fudosan Co. Ltd.		38,761
	324	Nidec Corp.		50,734
	355	Nitto Denko Corp.		26,363
	2,138	Renesas Electronics Corp. (a)		22,300
	541	Shin-Etsu Chemical Co. Ltd.		54,279
	113	SMC Corp.		43,053
	1,851	Sumitomo Mitsui Financial Group, Inc.		77,130
	218	Tokyo Electron Ltd.		41,925
				803,390
		Macau — 0.7%
	5,503	Sands China Ltd.		31,805
		Netherlands — 6.0%
	418	ASML Holding NV		79,554
	3,961	ING Groep NV		66,739
	3,674	Royal Dutch Shell plc, Class A		127,832
				274,125
		Singapore — 1.6%
	3,087	DBS Group Holdings Ltd.		71,219
		South Africa — 0.7%
	133	Naspers Ltd., Class N		32,490
		South Korea — 2.4%
	105	Hyundai Mobis Co. Ltd.		24,348
	71	Samsung Electronics Co. Ltd., Reg. S, GDR		86,614
				110,962

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
		Spain — 2.3%
	8,813	Banco Bilbao Vizcaya Argentaria SA		71,318
	1,043	Industria de Diseno Textil SA		32,346
				103,664
		Sweden — 1.3%
	1,498	Atlas Copco AB, Class A		58,595
		Switzerland — 11.4%
	2,228	ABB Ltd. (Registered)		51,946
	661	Cie Financiere Richemont SA (Registered)		62,871
	713	Ferguson plc		54,547
	13,010	Glencore plc (a)		62,669
	386	LafargeHolcim Ltd. (Registered) (a)		21,552
	537	LafargeHolcim Ltd. (Registered) (a)		29,837
	1,044	Novartis AG (Registered)		80,392
	350	Roche Holding AG		77,837
	4,486	UBS Group AG (Registered) (a)		75,296
				516,947
		Taiwan — 0.8%
	956	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		36,758
		United Kingdom — 17.5%
	7,582	Aviva plc		55,089
	1,418	British American Tobacco plc		77,751
	1,908	Burberry Group plc		47,920
	2,263	GlaxoSmithKline plc		45,396
	5,201	Meggitt plc		33,691
	717	Persimmon plc		26,793
	3,119	Prudential plc		80,200
	2,354	RELX NV		50,086
	744	Rio Tinto Ltd.		44,296
	603	Rio Tinto plc		32,871
	5,187	Standard Chartered plc		54,488
	1,084	TechnipFMC plc		35,557
	1,723	Unilever plc		96,667
	21,930	Vodafone Group plc		63,997
	2,995	WPP plc		51,388
				796,190
		Total Common Stocks (Cost $3,557,730)		4,454,742

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	52,920	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $52,920)		52,920
		Total Investments — 99.3% (Cost $3,610,650)		4,507,662
		Other Assets in Excess of Liabilities — 0.7%		30,690
		NET ASSETS — 100.0%	$	4,538,352

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Banks		12.8	%
Insurance		8.6
Pharmaceuticals		7.8
Machinery		6.7
Oil, Gas & Consumable Fuels		4.5
Semiconductors & Semiconductor Equipment		4.4
Metals & Mining		4.4
Textiles, Apparel & Luxury Goods		3.7
Electrical Equipment		3.6
Chemicals		3.3
Real Estate Management & Development		2.6
Aerospace & Defense		2.2
Personal Products		2.2
Beverages		2.1
Auto Components		2.1
Automobiles		2.1
Technology Hardware, Storage & Peripherals		1.9
Hotels, Restaurants & Leisure		1.9
Media		1.9
Construction Materials		1.8
Software		1.8
Tobacco		1.7
Capital Markets		1.7
Wireless Telecommunication Services		1.4
Diversified Telecommunication Services		1.4
Building Products		1.3
Trading Companies & Distributors		1.2
Industrial Conglomerates		1.1
Professional Services		1.1
Electronic Equipment, Instruments & Components		1.0
Others (each less than 1.0%)		4.5
Short-Term Investment		1.2

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — 98.1%
		Australia — 3.7%
	137	Australia & New Zealand Banking Group Ltd.		2,749
	126	BHP Billiton plc		2,687
	215	Transurban Group		1,875
				7,311
		Canada — 1.2%
	55	TransCanada Corp.		2,326
		China — 2.1%
	1,522	China Construction Bank Corp., Class H		1,595
	1,511	CNOOC Ltd.		2,556
				4,151
		Finland — 1.8%
	39	Konecranes OYJ		1,588
	56	UPM-Kymmene OYJ		1,999
				3,587
		France — 18.3%
	27	Airbus SE		3,211
	44	BNP Paribas SA		3,428
	17	Capgemini SE		2,324
	26	Cie Generale des Etablissements Michelin SCA		3,636
	8	LVMH Moet Hennessy Louis Vuitton SE		2,945
	137	Orange SA		2,488
	26	Publicis Groupe SA		1,907
	24	Sanofi		1,905
	24	Schneider Electric SE (a)		2,153
	65	TOTAL SA		4,081
	18	Unibail-Rodamco SE		4,299
	43	Vinci SA		4,324
				36,701
		Germany — 6.0%
	18	Allianz SE (Registered)		4,213
	41	Daimler AG (Registered)		3,202
	14	Deutsche Boerse AG		1,942
	103	Deutsche Telekom AG (Registered)		1,811
	2	Puma SE		934
				12,102
		Italy — 1.7%
	534	Enel SpA		3,390
		Japan — 15.9%
	294	Amada Holdings Co. Ltd.		3,526
	17	Bandai Namco Holdings, Inc.		565
	72	Bridgestone Corp.		3,018
	56	Japan Airlines Co. Ltd.		2,210
	96	JFE Holdings, Inc.		1,966

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	138	Mitsubishi Corp.		3,814
	56	Mitsui & Co. Ltd.		1,013
	61	NTT DOCOMO, Inc.		1,576
	80	Sumitomo Mitsui Financial Group, Inc.		3,317
	39	Sumitomo Mitsui Trust Holdings, Inc.		1,645
	69	Tokio Marine Holdings, Inc.		3,252
	55	Toyota Motor Corp.		3,633
	37	Trend Micro, Inc.		2,218
				31,753
		Macau — 1.2%
	411	Sands China Ltd.		2,374
		Netherlands — 7.4%
	10	ASML Holding NV		1,831
	212	ING Groep NV		3,574
	129	Koninklijke Ahold Delhaize NV		3,102
	183	Royal Dutch Shell plc, Class A		6,379
				14,886
		Norway — 1.8%
	324	Norsk Hydro ASA		2,025
	68	Telenor ASA		1,501
				3,526
		Singapore — 1.4%
	122	DBS Group Holdings Ltd.		2,815
		South Korea — 1.1%
	1	Samsung Electronics Co. Ltd. (bb)		2,139
		Spain — 3.7%
	508	Banco Santander SA		3,284
	546	Iberdrola SA		4,216
				7,500
		Sweden — 2.3%
	276	Nordea Bank AB		2,803
	169	Svenska Handelsbanken AB, Class A		1,882
				4,685
		Switzerland — 9.8%
	37	Ferguson plc		2,808
	43	LafargeHolcim Ltd. (Registered) (a)		2,390
	31	Nestle SA (Registered)		2,431
	61	Novartis AG (Registered)		4,665
	9	Roche Holding AG		2,056
	34	Swiss Re AG		3,251
	6	Zurich Insurance Group AG (a)		2,057
				19,658

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
		Taiwan — 1.2%
	64	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,453
		United Kingdom — 17.5%
	44	AstraZeneca plc		3,101
	336	Aviva plc		2,438
	67	British American Tobacco plc		3,681
	87	Diageo plc		3,096
	147	GlaxoSmithKline plc		2,939
	370	HSBC Holdings plc		3,682
	31	Persimmon plc		1,150
	73	Prudential plc		1,877
	84	Rio Tinto plc		4,602
	433	Taylor Wimpey plc		1,140
	67	Unilever NV, CVA		3,846
	1,166	Vodafone Group plc		3,402
				34,954
		Total Common Stocks (Cost $182,093)		196,311
	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	3,844	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $3,844)		3,844
		Total Investments — 100.0% (Cost $185,937)		200,155
		Liabilities in Excess of Other Assets — 0.0% (g)		(81	)
		NET ASSETS — 100.0%	$	200,074

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Banks		15.4	%
Insurance		8.5
Oil, Gas & Consumable Fuels		7.7
Pharmaceuticals		7.3
Metals & Mining		5.6
Trading Companies & Distributors		3.8
Electric Utilities		3.8
Automobiles		3.4
Auto Components		3.3
Diversified Telecommunication Services		2.9
Machinery		2.6
Wireless Telecommunication Services		2.5
Construction & Engineering		2.2
Equity Real Estate Investment Trusts (REITs)		2.2
Semiconductors & Semiconductor Equipment		2.1
Textiles, Apparel & Luxury Goods		1.9
Personal Products		1.9
Tobacco		1.8
Aerospace & Defense		1.6
Food & Staples Retailing		1.6
Beverages		1.5
Food Products		1.2
Construction Materials		1.2
Hotels, Restaurants & Leisure		1.2
IT Services		1.2
Household Durables		1.1
Software		1.1
Airlines		1.1
Electrical Equipment		1.1
Technology Hardware, Storage & Peripherals		1.1
Paper & Forest Products		1.0
Capital Markets		1.0
Media		1.0
Others (each less than 1.0%)		1.2
Short-Term Investment		1.9

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — 95.8%
		Australia — 4.7%
	2,719	Australia & New Zealand Banking Group Ltd.		54,658
	2,889	BHP Billiton Ltd.		67,393
	286	Commonwealth Bank of Australia		15,421
	141	CSL Ltd.		18,043
	3,550	Dexus		25,244
	5,364	Goodman Group		36,497
	182	Macquarie Group Ltd.		14,803
	265	National Australia Bank Ltd.		5,768
	812	Wesfarmers Ltd.		26,701
	464	Westpac Banking Corp.		9,977
				274,505
		Austria — 0.4%
	478	Erste Group Bank AG (a)		23,394
	14	Immofinanz AG (a)		37
				23,431
		Belgium — 1.0%
	601	Anheuser-Busch InBev SA/NV		59,734
		China — 0.5%
	6,108	BOC Hong Kong Holdings Ltd.		31,576
		Denmark — 0.8%
	228	Chr Hansen Holding A/S		20,675
	579	Novo Nordisk A/S, Class B		27,235
				47,910
		Finland — 1.5%
	369	Cargotec OYJ, Class B		18,798
	5,230	Nokia OYJ		31,380
	3,538	Outokumpu OYJ		22,897
	643	Wartsila OYJ Abp		13,647
				86,722
		France — 12.2%
	558	Air Liquide SA		72,529
	487	Airbus SE		57,172
	736	Alstom SA		33,527
	2,103	AXA SA		60,147
	972	BNP Paribas SA		75,072
	236	Capgemini SE		32,426
	335	Pernod Ricard SA		55,714
	456	Renault SA		49,427
	717	Sanofi		56,663
	667	Schneider Electric SE (a)		60,500
	388	Sodexo SA		38,439
	1,390	TOTAL SA		87,380
	114	Vinci SA		11,366
	819	Vivendi SA		21,605
				711,967

SHARES		SECURITY DESCRIPTION	VALUE($)
		Germany — 9.6%
	117	adidas AG		28,757
	40	Allianz SE (Registered)		9,468
	202	BASF SE		21,015
	552	Bayer AG (Registered)		65,945
	593	Brenntag AG		33,946
	827	Daimler AG (Registered)		65,046
	705	Deutsche Bank AG (Registered)		9,644
	266	Deutsche Boerse AG		35,724
	1,096	Deutsche Post AG (Registered)		47,555
	2,175	Deutsche Telekom AG (Registered)		38,068
	118	HeidelbergCement AG		11,567
	339	Henkel AG & Co. KGaA (Preference)		43,142
	1,086	Infineon Technologies AG		27,802
	64	Linde AG (a)		14,133
	709	SAP SE		78,754
	255	Siemens AG (Registered)		32,439
				563,005
		Hong Kong — 2.1%
	6,284	AIA Group Ltd.		56,165
	2,900	CK Asset Holdings Ltd.		25,037
	3,399	CK Hutchison Holdings Ltd.		40,195
	254	I-CABLE Communications Ltd. (a)		5
				121,402
		Ireland — 0.6%
	329	Ryanair Holdings plc, ADR (a)		36,147
		Israel — 0.2%
	657	Teva Pharmaceutical Industries Ltd., ADR		11,816
		Italy — 2.7%
	1,953	Assicurazioni Generali SpA		39,405
	10,495	Enel SpA		66,575
	24,023	Telecom Italia SpA (a)		23,698
	1,339	UniCredit SpA		29,024
				158,702
		Japan — 23.9%
	419	Asahi Group Holdings Ltd.		21,201
	1,127	Bridgestone Corp.		47,120
	136	Central Japan Railway Co.		27,312
	2,257	Daicel Corp.		26,036
	442	Daikin Industries Ltd.		51,667
	1,335	DMG Mori Co. Ltd.		24,938
	316	Electric Power Development Co. Ltd.		8,591
	2,150	Hitachi Ltd.		15,692
	1,611	Honda Motor Co. Ltd.		55,382
	846	Japan Airlines Co. Ltd.		33,379
	1,100	Japan Tobacco, Inc.		29,564
	579	Kao Corp.		41,586
	602	KDDI Corp.		16,157

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
		Japan — continued
	26	Keyence Corp.		15,793
	691	Kyowa Hakko Kirin Co. Ltd.		14,956
	897	Kyushu Electric Power Co., Inc.		11,109
	869	Mabuchi Motor Co. Ltd.		43,639
	2,087	Marui Group Co. Ltd.		43,317
	1,996	Mitsubishi Corp.		55,035
	10,130	Mitsubishi UFJ Financial Group, Inc.		67,881
	1,335	NGK Spark Plug Co. Ltd.		34,235
	43	Nintendo Co. Ltd.		17,858
	715	Nippon Telegraph & Telephone Corp.		33,916
	544	Nomura Research Institute Ltd.		28,024
	586	Olympus Corp.		21,863
	492	Otsuka Corp.		22,775
	831	Otsuka Holdings Co. Ltd.		43,421
	2,578	Panasonic Corp.		38,168
	4,454	Renesas Electronics Corp. (a)		46,463
	1,137	Seven & i Holdings Co. Ltd.		50,097
	382	Sony Corp.		17,827
	1,779	Sumitomo Electric Industries Ltd.		27,235
	1,226	Sumitomo Mitsui Financial Group, Inc.		51,085
	2,115	T&D Holdings, Inc.		35,918
	769	Tokio Marine Holdings, Inc.		36,309
	544	Tokyo Gas Co. Ltd.		14,590
	2,226	Tokyu Corp.		37,358
	3,863	Toray Industries, Inc.		36,057
	1,379	Toyota Motor Corp.		90,438
	442	West Japan Railway Co.		31,227
	1,208	Yamato Holdings Co. Ltd.		31,048
				1,396,267
		Luxembourg — 0.5%
	903	ArcelorMittal		30,607
		Malta — 0.0% (g)
	449	BGP Holdings Beneficial (a) (bb)		—	(h)
		Netherlands — 6.2%
	377	Akzo Nobel NV		34,178
	227	ASML Holding NV		43,127
	286	Heineken NV		30,115
	3,799	ING Groep NV		64,021
	814	Koninklijke Philips NV		34,435
	1,833	Royal Dutch Shell plc, Class A		63,773
	2,530	Royal Dutch Shell plc, Class B		90,317
				359,966
		Singapore — 1.3%
	1,585	DBS Group Holdings Ltd.		36,572
	1,598	United Overseas Bank Ltd.		36,186
				72,758

SHARES		SECURITY DESCRIPTION	VALUE($)
		Spain — 3.4%
	4,809	Banco Santander SA		31,069
	6,897	Bankia SA		30,259
	8,630	Iberdrola SA		66,675
	1,584	Industria de Diseno Textil SA		49,089
	2,317	Telefonica SA		23,615
				200,707
		Sweden — 0.6%
	3,116	Svenska Handelsbanken AB, Class A		34,747
		Switzerland — 8.6%
	377	Cie Financiere Richemont SA (Registered)		35,843
	1,702	Credit Suisse Group AG (Registered) (a)		28,704
	633	Ferguson plc		48,458
	100	LafargeHolcim Ltd. (Registered) (a)		5,557
	728	LafargeHolcim Ltd. (Registered) (a)		40,468
	1,419	Nestle SA (Registered)		109,943
	751	Novartis AG (Registered)		57,817
	396	Roche Holding AG		88,042
	376	Swiss Re AG		35,831
	1,947	UBS Group AG (Registered) (a)		32,684
	50	Zurich Insurance Group AG (a)		15,918
				499,265
		United Kingdom — 14.1%
	2,493	3i Group plc		32,186
	234	AstraZeneca plc		16,383
	4,812	Aviva plc		34,960
	1,999	Barratt Developments plc		15,332
	7,558	BP plc		56,142
	1,564	British American Tobacco plc		85,801
	1,155	Burberry Group plc		29,015
	171	Diageo plc		6,084
	3,668	Dixons Carphone plc		10,229
	2,703	GlaxoSmithKline plc		54,211
	6,518	HSBC Holdings plc		64,895
	474	InterContinental Hotels Group plc		29,902
	12,036	ITV plc		25,040
	31,325	Lloyds Banking Group plc		27,784
	2,485	Prudential plc		63,896
	855	Rio Tinto Ltd.		50,899
	204	Rio Tinto plc		11,134
	4,561	Standard Chartered plc		47,905
	7,812	Taylor Wimpey plc		20,573
	371	TechnipFMC plc		12,159
	604	Unilever NV, CVA		34,613
	26,707	Vodafone Group plc		77,937
	220	Whitbread plc		12,931
				820,011

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
		United States — 0.9%
	938	Shire plc		49,974
		Total Common Stocks (Cost $5,261,949)		5,591,219
PRINCIPAL AMOUNT($)
	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 — 3.6%
		Investment Company — 3.6%
	211,220	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $211,220)		211,220
		Total Investments — 99.4% (Cost $5,473,169)		5,802,439
		Other Assets in Excess of Liabilities — 0.6%		34,126
		NET ASSETS — 100.0%	$	5,836,565

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Banks		12.7	%
Pharmaceuticals		7.5
Insurance		6.7
Oil, Gas & Consumable Fuels		5.1
Automobiles		4.5
Chemicals		3.9
Metals & Mining		3.1
Beverages		3.0
Capital Markets		2.6
Electric Utilities		2.5
Trading Companies & Distributors		2.4
Diversified Telecommunication Services		2.1
Semiconductors & Semiconductor Equipment		2.0
Tobacco		2.0
Food Products		1.9
Auto Components		1.9
Electrical Equipment		1.8
Software		1.7
Road & Rail		1.6
Wireless Telecommunication Services		1.6
Textiles, Apparel & Luxury Goods		1.6
Household Durables		1.6
Machinery		1.6
IT Services		1.4
Hotels, Restaurants & Leisure		1.4
Air Freight & Logistics		1.4
Food & Staples Retailing		1.3
Personal Products		1.3
Industrial Conglomerates		1.2
Airlines		1.2
Biotechnology		1.2
Equity Real Estate Investment Trusts (REITs)		1.1
Specialty Retail		1.0
Construction Materials		1.0
Aerospace & Defense		1.0
Health Care Equipment & Supplies		1.0
Others (each less than 1.0%)		5.5
Short-Term Investment		3.6

Futures contracts outstanding as of April 30, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE	TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		2,004	06/2018		EUR		83,831		3,885
FTSE 100 Index		532	06/2018		GBP		54,541		3,028
TOPIX Index		397	06/2018		JPY		64,379		2,439
									9,352

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.3%
		Australia — 2.6%
	675	BHP Billiton plc		14,401
		Austria — 2.9%
	77	ams AG (a)		6,332
	208	Erste Group Bank AG (a)		10,180
				16,512
		Brazil — 2.5%
	968	Itau Unibanco Holding SA (Preference)		14,052
		Canada — 2.7%
	192	Alimentation Couche-Tard, Inc., Class B		8,291
	90	Canadian National Railway Co.		6,945
				15,236
		China — 8.9%
	3,094	China Overseas Land & Investment Ltd.		10,367
	7,713	CNOOC Ltd.		13,048
	614	CNOOC Ltd.		1,027
	235	JD.com, Inc., ADR (a)		8,596
	1,761	Ping An Insurance Group Co. of China Ltd., Class H		17,203
				50,241
		Denmark — 1.0%
	124	Novo Nordisk A/S, Class B		5,823
		Finland — 1.4%
	382	Wartsila OYJ Abp		8,104
		France — 3.9%
	200	Accor SA		11,329
	90	Safran SA		10,563
				21,892
		Germany — 9.9%
	98	Bayer AG (Registered)		11,735
	52	Continental AG		13,813
	183	Delivery Hero AG, Reg. S (a) (e)		8,708
	72	Linde AG (a)		15,957
	109	Zalando SE, Reg. S (a) (e)		5,611
				55,824
		Hong Kong — 5.9%
	1,935	AIA Group Ltd.		17,297
	1,888	CK Asset Holdings Ltd.		16,295
				33,592
		India — 3.2%
	186	HDFC Bank Ltd., ADR		17,801

SHARES		SECURITY DESCRIPTION	VALUE($)
		Indonesia — 2.2%
	7,945	Bank Central Asia Tbk. PT		12,563
		Japan — 8.6%
	36	FANUC Corp.		7,626
	344	Komatsu Ltd.		11,737
	395	Kubota Corp.		6,658
	626	ORIX Corp.		10,971
	115	Shin-Etsu Chemical Co. Ltd.		11,530
				48,522
		Netherlands — 8.9%
	50	ASML Holding NV		9,593
	800	ING Groep NV		13,478
	189	NN Group NV		9,069
	523	Royal Dutch Shell plc, Class A		18,310
				50,450
		South Africa — 2.1%
	50	Naspers Ltd., Class N		12,119
		South Korea — 4.8%
	69	Hyundai Motor Co.		10,237
	6	Samsung Electronics Co. Ltd., Reg. S, GDR		7,228
	8	Samsung Electronics Co. Ltd., Reg. S, GDR		9,681
				27,146
		Spain — 2.0%
	1,395	Banco Bilbao Vizcaya Argentaria SA		11,288
		Switzerland — 9.6%
	108	Cie Financiere Richemont SA (Registered)		10,264
	149	Ferguson plc		11,404
	2,578	Glencore plc (a)		12,416
	195	LafargeHolcim Ltd. (Registered) (a)		10,816
	555	UBS Group AG (Registered) (a)		9,311
				54,211
		United Kingdom — 13.2%
	2,041	Aviva plc		14,826
	238	British American Tobacco plc		13,052
	414	RELX NV		8,810
	496	Smith & Nephew plc		9,492
	276	Unilever NV, CVA		15,821
	730	WPP plc		12,525
				74,526
		Total Common Stocks (Cost $508,334)		544,303

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	18,009	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $18,009)		18,009
		Total Investments — 99.5% (Cost $526,343)		562,312
		Other Assets in Excess of Liabilities — 0.5%		3,104
		NET ASSETS — 100.0%	$	565,416

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Banks		14.1	%
Insurance		10.4
Machinery		6.1
Oil, Gas & Consumable Fuels		5.8
Chemicals		4.9
Metals & Mining		4.8
Real Estate Management & Development		4.7
Media		4.4
Pharmaceuticals		3.1
Technology Hardware, Storage & Peripherals		3.0
Semiconductors & Semiconductor Equipment		2.8
Personal Products		2.8
Internet & Direct Marketing Retail		2.5
Auto Components		2.5
Tobacco		2.3
Trading Companies & Distributors		2.0
Hotels, Restaurants & Leisure		2.0
Diversified Financial Services		2.0
Construction Materials		1.9
Aerospace & Defense		1.9
Textiles, Apparel & Luxury Goods		1.8
Automobiles		1.8
Health Care Equipment & Supplies		1.7
Capital Markets		1.7
Professional Services		1.6
Internet Software & Services		1.5
Food & Staples Retailing		1.5
Road & Rail		1.2
Short-Term Investment		3.2

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.9%
		Australia — 3.1%
	815	Australia & New Zealand Banking Group Ltd.		16,392
	1,109	Goodman Group		7,543
				23,935
		Austria — 1.3%
	203	Erste Group Bank AG (a)		9,940
		Belgium — 2.1%
	103	Anheuser-Busch InBev SA/NV		10,278
	63	KBC Group NV		5,443
				15,721
		Canada — 1.3%
	228	TransCanada Corp.		9,669
		China — 0.6%
	2,536	CNOOC Ltd.		4,290
		Finland — 0.9%
	1,029	Outokumpu OYJ		6,661
		France — 15.3%
	105	Air Liquide SA		13,611
	79	Airbus SE		9,250
	582	AXA SA		16,633
	223	BNP Paribas SA		17,197
	110	Renault SA		11,927
	127	Sanofi		10,019
	139	Schneider Electric SE (a)		12,608
	393	TOTAL SA		24,700
				115,945
		Germany — 7.1%
	28	BASF SE		2,956
	51	Bayer AG (Registered)		6,108
	105	Brenntag AG		6,012
	161	Daimler AG (Registered)		12,631
	52	Deutsche Boerse AG		6,942
	32	HeidelbergCement AG		3,098
	175	Infineon Technologies AG		4,482
	92	Siemens AG (Registered)		11,624
				53,853
		Ireland — 0.9%
	61	Ryanair Holdings plc, ADR (a)		6,743
		Israel — 0.2%
	98	Teva Pharmaceutical Industries Ltd., ADR		1,763
		Italy — 3.9%
	2,467	Enel SpA		15,647
	2,178	Intesa Sanpaolo SpA		8,285

SHARES		SECURITY DESCRIPTION	VALUE($)
		Italy — continued
	5,733	Telecom Italia SpA (a)		5,655
				29,587
		Japan — 24.4%
	260	Bridgestone Corp.		10,877
	76	Daikin Industries Ltd.		8,901
	276	DMG Mori Co. Ltd.		5,157
	496	Honda Motor Co. Ltd.		17,066
	159	Japan Airlines Co. Ltd.		6,267
	317	Japan Tobacco, Inc.		8,513
	131	Mabuchi Motor Co. Ltd.		6,566
	233	Marui Group Co. Ltd.		4,828
	433	Mitsubishi Corp.		11,949
	2,809	Mitsubishi UFJ Financial Group, Inc.		18,822
	236	Mitsui Fudosan Co. Ltd.		6,038
	310	NGK Spark Plug Co. Ltd.		7,953
	284	Nippon Telegraph & Telephone Corp.		13,477
	137	Otsuka Corp.		6,330
	323	Panasonic Corp.		4,784
	200	Renesas Electronics Corp. (a)		2,088
	327	Sumitomo Electric Industries Ltd.		4,998
	160	Sumitomo Mitsui Financial Group, Inc.		6,685
	266	Sumitomo Mitsui Trust Holdings, Inc.		11,289
	354	T&D Holdings, Inc.		6,006
	338	Tokyu Corp.		5,669
	68	Toyota Motor Corp.		4,479
	238	Yamato Holdings Co. Ltd.		6,124
				184,866
		Luxembourg — 0.9%
	199	ArcelorMittal		6,742
		Netherlands — 8.5%
	62	Akzo Nobel NV		5,634
	795	ING Groep NV		13,398
	153	NN Group NV		7,320
	1,088	Royal Dutch Shell plc, Class A		37,855
				64,207
		Norway — 0.4%
	553	Norsk Hydro ASA		3,453
		Singapore — 1.5%
	490	DBS Group Holdings Ltd.		11,305
		South Korea — 0.7%
	2	Samsung Electronics Co. Ltd. (bb)		5,161

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Spain — 3.3%
	367	Banco Santander SA		2,371
	1,802	Bankia SA		7,909
	1,913	Iberdrola SA		14,780
				25,060
		Sweden — 1.0%
	677	Svenska Handelsbanken AB, Class A		7,546
		Switzerland — 8.1%
	515	Credit Suisse Group AG (Registered) (a)		8,685
	78	Ferguson plc		6,003
	148	LafargeHolcim Ltd. (Registered) (a)		8,201
	129	Novartis AG (Registered)		9,917
	31	Roche Holding AG		6,792
	87	Swiss Re AG		8,333
	124	UBS Group AG (Registered) (a)		2,075
	35	Zurich Insurance Group AG (a)		11,059
				61,065
		United Kingdom — 12.4%
	683	Barratt Developments plc		5,238
	221	GlaxoSmithKline plc		4,431
	1,355	HSBC Holdings plc		13,486
	62	InterContinental Hotels Group plc		3,893
	3,158	ITV plc		6,570
	2,480	Lloyds Banking Group plc		2,199
	529	Prudential plc		13,594
	224	Rio Tinto plc		12,190
	1,063	Standard Chartered plc		11,166
	178	TechnipFMC plc		5,829
	5,290	Vodafone Group plc		15,439
				94,035
		United States — 1.0%
	138	Shire plc		7,324
		Total Common Stocks (Cost $663,671)		748,871
		Total Investments — 98.9% (Cost $663,671)		748,871
		Other Assets in Excess of Liabilities — 1.1%		8,558
		NET ASSETS — 100.0%	$	757,429

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Banks		21.8	%
Oil, Gas & Consumable Fuels		10.2
Insurance		8.4
Automobiles		6.2
Pharmaceuticals		5.2
Electric Utilities		4.1
Metals & Mining		3.9
Trading Companies & Distributors		3.2
Auto Components		3.2
Chemicals		3.0
Electrical Equipment		2.6
Diversified Telecommunication Services		2.5
Capital Markets		2.4
Wireless Telecommunication Services		2.1
Airlines		1.7
Industrial Conglomerates		1.5
Construction Materials		1.5
Beverages		1.4
Household Durables		1.3
Aerospace & Defense		1.2
Building Products		1.2
Tobacco		1.1
Equity Real Estate Investment Trusts (REITs)		1.0
Biotechnology		1.0
Others (each less than 1.0%)		8.3

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

Forward foreign currency exchange contracts outstanding as of April 30, 2018:
CURRENCY PURCHASED			CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
	JPY	412,671	USD	3,779	Australia & New Zealand Banking Group Ltd.		5/25/2018		1
	USD	7,967	CAD	10,186	HSBC Bank, N.A.		5/25/2018		30
	USD	4,763	CHF	4,642	Deutsche Bank AG		5/25/2018		69
	USD	59,555	EUR	48,598	Citibank, NA		5/25/2018		766
	USD	3,538	GBP	2,536	Merrill Lynch International		5/25/2018		44
	USD	1,586	JPY	171,416	Barclays Bank plc		5/25/2018		16
	USD	4,308	JPY	462,670	Deutsche Bank AG		5/25/2018		69
	Total unrealized appreciation								995
	AUD	32,320	USD	24,911	Australia & New Zealand Banking Group Ltd.		5/25/2018		(578	)
	CHF	1,530	USD	1,562	Union Bank of Switzerland AG		5/25/2018		(15	)
	DKK	40,063	USD	6,593	Standard Chartered Bank		5/25/2018		(88	)
	EUR	5,681	USD	6,950	State Street Corp.		5/25/2018		(78	)
	GBP	10,043	USD	14,038	Barclays Bank plc		5/25/2018		(197	)
	GBP	2,229	USD	3,116	Morgan Stanley		5/25/2018		(44	)
	HKD	156,052	USD	19,902	Credit Suisse International		5/25/2018		(6	)
	NOK	16,261	USD	2,068	HSBC Bank, N.A.		5/25/2018		(40	)
	SEK	33,112	USD	3,913	Standard Chartered Bank		5/25/2018		(125	)
	SGD	1,976	USD	1,494	Credit Suisse International		5/25/2018		(3	)
	USD	2,807	SGD	3,721	HSBC Bank, N.A.		5/25/2018		—	(h)
	Total unrealized depreciation								(1,174	)
	Net unrealized depreciation								(179	)

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.6%
		Australia — 6.9%
	1,410	Aristocrat Leisure Ltd.		28,293
	2,106	BlueScope Steel Ltd.		25,883
	700	carsales.com Ltd.		7,518
	352	CIMIC Group Ltd.		11,970
	1,348	Computershare Ltd.		17,149
	1,126	CSR Ltd.		4,752
	2,190	Fortescue Metals Group Ltd.		7,431
	456	Macquarie Group Ltd.		37,115
	3,184	Metcash Ltd.		8,594
	272	Monadelphous Group Ltd.		3,293
	2,958	Nine Entertainment Co. Holdings Ltd.		5,238
	1,402	Northern Star Resources Ltd.		6,693
	5,455	Qantas Airways Ltd.		23,593
	1,969	Regis Resources Ltd.		6,948
	11,898	South32 Ltd.		33,018
	1,789	St Barbara Ltd.		5,707
	4,940	Whitehaven Coal Ltd.		17,035
				250,230
		Austria — 1.2%
	258	Erste Group Bank AG (a)		12,606
	511	OMV AG		31,679
				44,285
		Belgium — 1.5%
	284	bpost SA		6,240
	400	KBC Group NV		34,758
	177	UCB SA		13,293
				54,291
		China — 0.8%
	5,516	BOC Hong Kong Holdings Ltd.		28,513
		Denmark — 3.3%
	794	Danske Bank A/S		27,630
	124	Dfds A/S		7,740
	198	Jyske Bank A/S (Registered)		11,870
	983	Novo Nordisk A/S, Class B		46,218
	168	Royal Unibrew A/S		11,103
	263	Sydbank A/S		9,712
	140	Topdanmark A/S		6,580
				120,853
		Finland — 2.3%
	398	Neste OYJ		33,507
	269	Sampo OYJ, Class A		14,565
	1,024	UPM-Kymmene OYJ		36,529
				84,601

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — 6.6%
	107	Arkema SA		13,978
	190	BNP Paribas SA		14,662
	269	Capgemini SE		37,068
	209	Cie Generale des Etablissements Michelin SCA		29,334
	212	Eiffage SA		25,223
	103	Eurazeo SA		9,008
	379	Faurecia SA		30,932
	1,572	Natixis SA		12,910
	155	Pernod Ricard SA		25,725
	76	Sanofi		5,996
	40	Sopra Steria Group		8,550
	76	TOTAL SA		4,784
	225	Vinci SA		22,487
				240,657
		Germany — 7.5%
	238	Allianz SE (Registered)		56,314
	1,003	Aroundtown SA		8,026
	202	Aurubis AG		18,047
	78	CANCOM SE		9,176
	334	Covestro AG, Reg. S (e)		30,334
	750	Deutsche Lufthansa AG (Registered)		21,813
	494	Deutsche Post AG (Registered)		21,420
	191	Jenoptik AG		6,921
	155	Rheinmetall AG		20,210
	145	Siltronic AG		23,259
	150	Software AG		7,381
	1,355	TUI AG		30,651
	637	Uniper SE		19,691
				273,243
		Hong Kong — 1.7%
	2,756	CK Asset Holdings Ltd.		23,793
	234	Hang Seng Bank Ltd.		5,922
	883	Kerry Properties Ltd.		4,219
	13,942	WH Group Ltd., Reg. S (e)		14,433
	10,208	Xinyi Glass Holdings Ltd. (a)		14,675
				63,042
		Italy — 1.1%
	5,644	Enel SpA		35,802
	258	ERG SpA		6,190
				41,992
		Japan — 23.3%
	133	Aisin Seiki Co. Ltd.		7,221
	86	Azbil Corp.		4,021
	426	Bridgestone Corp.		17,825

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	672	Brother Industries Ltd.		14,421
	132	Canon Marketing Japan, Inc.		2,871
	116	Central Japan Railway Co.		23,245
	72	FCC Co. Ltd.		2,039
	1,943	Fuji Electric Co. Ltd.		13,858
	461	FUJIFILM Holdings Corp.		18,548
	644	Haseko Corp.		10,122
	3,407	Hitachi Ltd.		24,866
	1,232	ITOCHU Corp.		24,634
	1,838	Kajima Corp.		17,707
	981	Kansai Electric Power Co., Inc. (The)		13,731
	505	KDDI Corp.		13,559
	162	KH Neochem Co. Ltd.		4,884
	869	Kirin Holdings Co. Ltd.		24,378
	195	Koito Manufacturing Co. Ltd.		13,017
	811	K’s Holdings Corp.		11,691
	194	Kurita Water Industries Ltd.		6,269
	782	Leopalace21 Corp.		6,784
	65	Mandom Corp.		2,336
	2,411	Marubeni Corp.		18,109
	93	Meitec Corp.		5,116
	1,274	Mitsubishi Chemical Holdings Corp.		12,051
	659	Mitsubishi Corp.		18,178
	903	Mitsubishi Electric Corp.		13,848
	346	Mitsubishi Gas Chemical Co., Inc.		8,104
	4,201	Mitsubishi UFJ Financial Group, Inc.		28,150
	880	Mitsubishi UFJ Lease & Finance Co. Ltd.		5,595
	1,142	Mitsui & Co. Ltd.		20,579
	514	Mitsui Chemicals, Inc.		14,732
	258	Nichias Corp.		3,268
	172	Nihon Unisys Ltd.		3,578
	1,068	Nippon Light Metal Holdings Co. Ltd.		2,855
	361	Nippon Telegraph & Telephone Corp.		17,122
	384	Nomura Real Estate Holdings, Inc.		9,495
	919	NTT DOCOMO, Inc.		23,741
	1,520	Obayashi Corp.		17,500
	1,752	Oji Holdings Corp.		12,325
	181	Open House Co. Ltd.		10,054
	1,048	ORIX Corp.		18,372
	1,412	Penta-Ocean Construction Co. Ltd.		11,125
	101	Sankyu, Inc.		4,918
	187	SCREEN Holdings Co. Ltd.		15,312
	1,462	Shimizu Corp.		14,463
	819	Showa Shell Sekiyu KK		11,565
	386	Sompo Holdings, Inc.		16,158
	578	Sony Corp.		27,010

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	520	Sumitomo Bakelite Co. Ltd.		4,690
	1,150	Sumitomo Corp.		20,641
	485	Sumitomo Mitsui Financial Group, Inc.		20,193
	374	Taisei Corp.		20,192
	176	Takasago Thermal Engineering Co. Ltd.		3,327
	492	Tokai Tokyo Financial Holdings, Inc.		3,562
	110	Tokyo Electron Ltd.		21,203
	137	Tokyo Seimitsu Co. Ltd.		5,211
	1,055	Tokyu Fudosan Holdings Corp.		8,305
	255	Toyota Boshoku Corp.		5,362
	860	Toyota Motor Corp.		56,359
	201	TS Tech Co. Ltd.		8,149
	247	Ulvac, Inc.		13,186
	553	Yamaha Motor Co. Ltd.		17,695
				849,425
		Luxembourg — 0.9%
	934	ArcelorMittal		31,640
		Netherlands — 8.2%
	1,029	ABN AMRO Group NV, Reg. S, CVA (e)		31,916
	632	ASR Nederland NV		29,822
	211	BE Semiconductor Industries NV		14,562
	206	Euronext NV, Reg. S (e)		14,732
	242	EXOR NV		17,961
	2,138	ING Groep NV		36,023
	1,481	Koninklijke Ahold Delhaize NV		35,717
	689	Philips Lighting NV, Reg. S (e)		20,964
	1,962	Royal Dutch Shell plc, Class B		70,024
	503	Wolters Kluwer NV		27,206
				298,927
		Norway — 1.6%
	752	DNB ASA		14,070
	121	Kongsberg Gruppen ASA (a)		2,964
	193	Salmar ASA		8,975
	1,432	Telenor ASA		31,693
				57,702
		Portugal — 0.3%
	589	Galp Energia SGPS SA		11,314
		Singapore — 2.7%
	1,942	DBS Group Holdings Ltd.		44,797
	4,044	Oversea-Chinese Banking Corp. Ltd.		41,765
	746	Venture Corp. Ltd.		11,673
				98,235

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Spain — 1.8%
	315	ACS Actividades de Construccion y Servicios SA		13,270
	113	Aena SME SA, Reg. S (e)		23,348
	246	Amadeus IT Group SA		17,913
	623	Repsol SA		11,897
				66,428
		Sweden — 3.6%
	836	Electrolux AB, Series B		22,006
	981	Fabege AB		11,290
	257	Hemfosa Fastigheter AB		3,179
	1,794	Sandvik AB		30,581
	470	Swedbank AB, Class A		10,201
	618	Swedish Match AB		27,738
	1,477	Volvo AB, Class B		25,038
				130,033
		Switzerland — 9.0%
	338	Adecco Group AG (Registered)		22,388
	155	Baloise Holding AG (Registered)		24,640
	8	Barry Callebaut AG (Registered)		15,071
	16	Bucher Industries AG (Registered)		6,009
	11	Georg Fischer AG (Registered)		13,700
	157	Julius Baer Group Ltd. (a)		9,303
	415	Nestle SA (Registered)		32,131
	874	Novartis AG (Registered)		67,244
	98	Oriflame Holding AG		4,659
	39	Partners Group Holding AG		28,243
	260	Roche Holding AG		57,784
	4	Sika AG		26,921
	607	STMicroelectronics NV		13,261
	94	Sunrise Communications Group AG, Reg. S (a) (e)		7,343
				328,697
		United Kingdom — 13.3%
	1,857	3i Group plc		23,969
	3,224	Barratt Developments plc		24,724
	200	Bellway plc		9,123
	288	Berkeley Group Holdings plc		16,142
	401	Bovis Homes Group plc		6,823
	379	BP plc		2,812
	83	British American Tobacco plc		4,573
	180	Computacenter plc		3,130
	186	Diageo plc		6,619
	1,147	Fiat Chrysler Automobiles NV (a)		25,487
	518	GlaxoSmithKline plc		10,389
	1,897	HSBC Holdings plc		18,888

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — continued
	992	Ibstock plc, Reg. S (e)		4,054
	1,307	Indivior plc (a)		8,092
	3,214	International Consolidated Airlines Group SA		27,779
	154	J D Wetherspoon plc		2,471
	9,082	Legal & General Group plc		33,637
	39,800	Lloyds Banking Group plc		35,301
	247	Next plc		17,830
	896	Persimmon plc		33,457
	607	Prudential plc		15,606
	3,059	Redrow plc		26,358
	932	Rio Tinto plc		50,772
	422	Savills plc		5,688
	264	Schroders plc		11,948
	11,342	Tesco plc		36,737
	3,356	Thomas Cook Group plc		5,699
	270	Unilever NV, CVA		15,463
				483,571
		Total Common Stocks (Cost $3,202,703)		3,557,679
	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	62,726	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $62,726)		62,726
		Total Investments — 99.3% (Cost $3,265,429)		3,620,405
		Other Assets in Excess of Liabilities — 0.7%		25,863
		NET ASSETS — 100.0%	$	3,646,268

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Banks		11.8	%
Pharmaceuticals		5.8
Insurance		5.4
Oil, Gas & Consumable Fuels		5.4
Metals & Mining		5.2
Household Durables		4.9
Construction & Engineering		4.3
Capital Markets		3.9
Auto Components		3.6
Chemicals		3.2
Semiconductors & Semiconductor Equipment		2.9
Trading Companies & Distributors		2.8
Automobiles		2.7
IT Services		2.7
Real Estate Management & Development		2.5
Machinery		2.3

INDUSTRY		PERCENTAGE
Food & Staples Retailing	��		2.2	%
Airlines			2.0
Food Products			2.0
Beverages			1.9
Hotels, Restaurants & Leisure			1.9
Diversified Telecommunication Services			1.6
Professional Services			1.5
Diversified Financial Services			1.4
Electric Utilities			1.4
Paper & Forest Products			1.3
Electrical Equipment			1.3
Electronic Equipment, Instruments & Components			1.3
Wireless Telecommunication Services			1.0
Others (each less than 1.0%)			8.1
Short-Term Investment			1.7

Futures contracts outstanding as of April 30, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		343		06/2018		EUR		14,348		647
FTSE 100 Index		109		06/2018		GBP		11,175		775
TOPIX Index		64		06/2018		JPY		10,379		451
										1,873

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

J.P. Morgan International Equity Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
BRL	—  Brazilian Real
CAD	—  Canadian Dollar
CDI	—  CHESS Depository Interest
CHF	—  Swiss Franc
CVA	—  Dutch Certification
DKK	—  Danish Krone
EUR	—  Euro
FTSE	—  Financial Times 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
SGD	—  Singapore Dollar
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. Security has not paid its last interest payment and/or interest is not being accrued.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%.
(h)	—  Amount rounds to less than 500.
(l)	—  The rate shown is the current yield as of April 30, 2018.
(x)	—  Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of April 30, 2018.
(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 April 30, 2018.
(bb)	—  Security has been valued using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Emerging Economies Fund			JPMorgan Emerging Markets Equity Fund			JPMorgan Global Research Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	2,014,369		$	4,981,105		$	8,149,753
Investments in affiliates, at value		69,885			112,528			173,270
Cash		4,422			927			479
Foreign currency, at value		22,379			2,967			5,403
Deposits at broker for futures contracts		—			—			5,165
Receivables:
Investment securities sold		23,556			—			8,698
Fund shares sold		366			14,482			5,300
Dividends from non-affiliates		1,717			3,388			15,801
Dividends from affiliates		73			182			192
Tax reclaims		11			5			8,225
Other assets		—			84			29
Total Assets		2,136,778			5,115,668			8,372,315
LIABILITIES:
Payables:
Investment securities purchased		49,487			15,907			50,572
Fund shares redeemed		113			2,848			2,603
Variation margin on futures contracts		—			—			326
Accrued liabilities:
Investment advisory fees		1,047			3,015			1,129
Administration fees		—			—			410
Distribution fees		35			142			—
Service fees		36			277			33
Custodian and accounting fees		324			553			78
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Deferred foreign capital gains tax		845			4,279			—
Audit fees		51			54			48
Printing and mailing cost		25			104			36
Other		24			68			23
Total Liabilities		51,987			27,247			55,258
Net Assets	$	2,084,791		$	5,088,421		$	8,317,057

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	JPMorgan Emerging Economies Fund			JPMorgan Emerging Markets Equity Fund			JPMorgan Global Research Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	1,736,750		$	3,799,111		$	6,410,341
Accumulated undistributed (distributions in excess of) net investment income		5,413			3,706			42,191
Accumulated net realized gains (losses)		902			(74,615	)		182,770
Net unrealized appreciation (depreciation)		341,726			1,360,219			1,681,755
Total Net Assets	$	2,084,791		$	5,088,421		$	8,317,057
Net Assets:
Class A	$	159,665		$	507,374		$	—
Class C		2,857			58,183			—
Class I		64,309			888,178			470,695
Class L		—			541,498			—
Class R2		—			45			—
Class R3		—			389			—
Class R4		—			21			—
Class R5		353			2,343			—
Class R6		1,857,607			3,090,390			7,846,362
Total	$	2,084,791		$	5,088,421		$	8,317,057
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		10,878			17,911			—
Class C		196			2,116			—
Class I		4,325			30,617			20,873
Class L		—			18,535			—
Class R2		—			1			—
Class R3		—			14			—
Class R4		—			1			—
Class R5		24			80			—
Class R6		125,584			105,955			351,600
Net Asset Value (a):
Class A — Redemption price per share	$	14.68		$	28.33		$	—
Class C — Offering price per share (b)		14.58			27.49			—
Class I — Offering and redemption price per share		14.87			29.01			22.55
Class L — Offering and redemption price per share		—			29.22			—
Class R2 — Offering and redemption price per share		—			28.23			—
Class R3 — Offering and redemption price per share		—			28.26			—
Class R4 — Offering and redemption price per share		—			28.98			—
Class R5 — Offering and redemption price per share		15.01			29.18			—
Class R6 — Offering and redemption price per share		14.79			29.17			22.32
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	15.49		$	29.90		$	—
Cost of investments in non-affiliates	$	1,671,547		$	3,616,481		$	6,466,044
Cost of investments in affiliates		69,885			112,528			173,270
Cost of foreign currency		22,311			2,924			5,449

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Global Unconstrained Equity Fund			JPMorgan International Equity Fund		JPMorgan International Equity Income Fund
ASSETS:
Investments in non-affiliates, at value	$	5,055		$	4,454,742	$	196,311
Investments in affiliates, at value		56			52,920		3,844
Cash		48			548		20
Foreign currency, at value		2			410		346
Receivables:
Investment securities sold		116			20,175		3,170
Fund shares sold		12			845		236
Dividends from non-affiliates		4			17,908		829
Dividends from affiliates		—	(a)		94		5
Tax reclaims		15			7,866		475
Due from adviser		7			—		—
Other assets		28			—		—
Total Assets		5,343			4,555,508		205,236
LIABILITIES:
Payables:
Investment securities purchased		108			14,221		4,788
Fund shares redeemed		1			782		175
Accrued liabilities:
Investment advisory fees		—			1,749		60
Distribution fees		1			73		27
Service fees		1			80		28
Custodian and accounting fees		16			122		23
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—		—	(a)
Audit fees		43			49		48
Printing and mailing cost		6			70		—	(a)
Other		3			10		13
Total Liabilities		179			17,156		5,162
Net Assets	$	5,164		$	4,538,352	$	200,074

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	JPMorgan Global Unconstrained Equity Fund			JPMorgan International Equity Fund			JPMorgan International Equity Income Fund
NET ASSETS:
Paid-in-Capital	$	4,927		$	3,543,983		$	178,933
Accumulated undistributed (distributions in excess of) net investment income		(6	)		24,538			(720	)
Accumulated net realized gains (losses)		90			72,952			7,643
Net unrealized appreciation (depreciation)		153			896,879			14,218
Total Net Assets	$	5,164		$	4,538,352		$	200,074
Net Assets:
Class A	$	1,760		$	271,112		$	85,864
Class C		571			23,757			14,612
Class I		2,662			190,224			84,406
Class R2		21			2,158			291
Class R5		21			22,549			178
Class R6		129			4,028,552			14,723
Total	$	5,164		$	4,538,352		$	200,074
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		105			15,088			5,108
Class C		34			1,398			876
Class I		157			10,426			5,007
Class R2		1			121			17
Class R5		1			1,234			11
Class R6		8			220,381			873
Net Asset Value (a):
Class A — Redemption price per share	$	16.80		$	17.97		$	16.81
Class C — Offering price per share (b)		16.58			17.00			16.69
Class I — Offering and redemption price per share		16.95			18.25			16.86
Class R2 — Offering and redemption price per share		16.94			17.85			16.78
Class R5 — Offering and redemption price per share		16.90			18.28			16.87
Class R6 — Offering and redemption price per share		16.89			18.28			16.86
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.73		$	18.97		$	17.74
Cost of investments in non-affiliates	$	4,902		$	3,557,730		$	182,093
Cost of investments in affiliates		56			52,920			3,844
Cost of foreign currency		2			413			347

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan International Research Enhanced Equity Fund		JPMorgan International Unconstrained Equity Fund		JPMorgan International Value Fund			JPMorgan Intrepid International Fund
ASSETS:
Investments in non-affiliates, at value	$	5,591,219	$	544,303	$	748,871		$	3,557,679
Investments in affiliates, at value		211,220		18,009		—			62,726
Cash		50		186		69			48
Foreign currency, at value		8,926		179		410			2,619
Deposits at broker for futures contracts		11,079		—		—			1,979
Receivables:
Investment securities sold		—		—		3,775			—
Fund shares sold		3,105		1,430		774			145
Dividends from non-affiliates		21,369		2,141		2,943			15,751
Dividends from affiliates		259		12		3			98
Tax reclaims		7,471		166		3,049			7,078
Variation margin on futures contracts		2,157		—		—			398
Unrealized appreciation on forward foreign currency exchange contracts		—		—		995			—
Other assets		—		75		—			—
Total Assets		5,856,855		566,501		760,889			3,648,521
LIABILITIES:
Payables:
Investment securities purchased		—		—		1			5
Fund shares redeemed		19,125		689		1,192			344
Unrealized depreciation on forward foreign currency exchange contracts		—		—		1,174			—
Accrued liabilities:
Investment advisory fees		715		214		313			1,499
Administration fees		246		—		8			57
Distribution fees		55		37		78			59
Service fees		33		60		92			43
Custodian and accounting fees		16		17		43			140
Trustees’ and Chief Compliance Officer’s fees		4		3		—	(a)		1
Audit fees		80		52		37			62
Printing and mailing cost		6		—		303			27
Other		10		13		219			16
Total Liabilities		20,290		1,085		3,460			2,253
Net Assets	$	5,836,565	$	565,416	$	757,429		$	3,646,268

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	JPMorgan International Research Enhanced Equity Fund			JPMorgan International Unconstrained Equity Fund			JPMorgan International Value Fund			JPMorgan Intrepid International Fund
NET ASSETS:
Paid-in-Capital	$	5,416,589		$	532,105		$	735,503		$	3,233,432
Accumulated undistributed (distributions in excess of) net investment income		48,930			2,110			4,850			29,277
Accumulated net realized gains (losses)		32,713			(4,751	)		(68,044	)		26,864
Net unrealized appreciation (depreciation)		338,333			35,952			85,120			356,695
Total Net Assets	$	5,836,565		$	565,416		$	757,429		$	3,646,268
Net Assets:
Class A	$	254,716		$	98,563		$	319,588		$	192,179
Class C		—			28,055			18,860			2,062
Class I		151,836			260,396			149,553			57,550
Class L		—			—			145,751			—
Class R2		—			742			1,295			37,300
Class R5		—			4,203			70			—
Class R6		5,430,013			173,457			122,312			3,357,177
Total	$	5,836,565		$	565,416		$	757,429		$	3,646,268
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		13,479			4,665			22,228			8,683
Class C		—			1,344			1,354			92
Class I		7,942			12,178			10,157			2,501
Class L		—			—			9,948			—
Class R2		—			35			91			1,708
Class R5		—			197			5			—
Class R6		284,842			8,113			8,370			148,165
Net Asset Value (a):
Class A — Redemption price per share	$	18.90		$	21.13		$	14.38		$	22.13
Class C — Offering price per share (b)		—			20.87			13.93			22.42
Class I — Offering and redemption price per share		19.12			21.38			14.72			23.02
Class L — Offering and redemption price per share		—			—			14.65			—
Class R2 — Offering and redemption price per share		—			21.04			14.12			21.84
Class R5 — Offering and redemption price per share		—			21.37			14.59			—
Class R6 — Offering and redemption price per share		19.06			21.38			14.61			22.66
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)]	$	19.95		$	22.30		$	15.18		$	23.36
Cost of investments in non-affiliates	$	5,261,949		$	508,334		$	663,671		$	3,202,703
Cost of investments in affiliates		211,220			18,009			—			62,726
Cost of foreign currency		8,966			179			410			2,638

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Emerging Economies Fund			JPMorgan Emerging Markets Equity Fund			JPMorgan Global Research Enhanced Index Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	263		$	—		$	18
Interest income from affiliates		3			2			1
Dividend income from non-affiliates		24,145			26,846			96,864
Dividend income from affiliates		229			843			761
Foreign taxes withheld		(2,039	)		(1,719	)		(4,724	)
Total investment income		22,601			25,972			92,920
EXPENSES:
Investment advisory fees		9,043			20,982			8,485
Administration fees		864			2,004			3,444
Distribution fees:
Class A		224			681			—
Class C		11			208			—
Class R2		—			—	(a)		—
Class R3		—			—	(a)		—
Service fees:
Class A		224			681			—
Class C		4			69			—
Class I		86			982			3,201
Class L		—			253			—
Class R2		—			—	(a)		—
Class R3		—			—	(a)		—
Class R4		—			—	(a)		—
Class R5		—	(a)		—	(a)		—
Custodian and accounting fees		708			1,264			280
Interest expense to affiliates		1			—	(a)		16
Professional fees		55			63			81
Trustees’ and Chief Compliance Officer’s fees		16			21			27
Printing and mailing costs		27			143			101
Registration and filing fees		43			138			87
Transfer agency fees (See Note 2.H.)		15			66			15
Other		17			32			57
Total expenses		11,338			27,587			15,794
Less fees waived		(3,544	)		(5,677	)		(4,139	)
Less expense reimbursements		(4	)		(9	)		—
Net expenses		7,790			21,901			11,655
Net investment income (loss)		14,811			4,071			81,265
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		83,669	(b)		49,223			353,793
Investments in affiliates		—			—			36
Futures contracts		957			—			4,550
Foreign currency transactions		(28	)		(329	)		884
Net realized gain (loss)		84,598			48,894			359,263
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(65,327	)(c)		60,363	(d)		(165,515	)
Futures contracts		(564	)		—			(5,370	)
Foreign currency translations		(10	)		(120	)		(9	)
Change in net unrealized appreciation/depreciation		(65,901	)		60,243			(170,894	)
Net realized/unrealized gains (losses)		18,697			109,137			188,369
Change in net assets resulting from operations	$	33,508		$	113,208		$	269,634

(a) Amount rounds to less than 500.

(b) Net of foreign capital gains tax of approximately $(502,000) for JPMorgan Emerging Economies Fund.

(c) Net of change in foreign capital gains tax of approximately $394,000 for JPMorgan Emerging Economies Fund.

(d) Net of change in foreign capital gains tax of approximately $(4,279,000) for JPMorgan Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	JPMorgan Global Unconstrained Equity Fund			JPMorgan International Equity Fund			JPMorgan International Equity Income Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	—	(a)	$	—	(a)
Interest income from affiliates		—	(a)		1			—	(a)
Dividend income from non-affiliates		29			53,411			4,306
Dividend income from affiliates		—			377			21
Foreign taxes withheld		(2	)		(4,376	)		(414	)
Total investment income		27			49,413			3,913
EXPENSES:
Investment advisory fees		15			15,214			710
Administration fees		2			1,764			82
Distribution fees:
Class A		2			378			108
Class C		2			87			54
Class R2		—	(a)		6			1
Service fees:
Class A		2			378			108
Class C		—	(a)		29			18
Class I		3			208			108
Class R2		—	(a)		3			1
Class R5		—	(a)		11			—	(a)
Custodian and accounting fees		22			287			42
Interest expense to affiliates		—			11			1
Professional fees		36			64			32
Trustees’ and Chief Compliance Officer’s fees		12			19			13
Printing and mailing costs		3			56			8
Registration and filing fees		36			57			32
Transfer agency fees (See Note 2.H.)		1			36			10
Other		5			33			6
Total expenses		141			18,641			1,334
Less fees waived		(19	)		(6,837	)		(479	)
Less expense reimbursements		(109	)		(7	)		—
Net expenses		13			11,797			855
Net investment income (loss)		14			37,616			3,058
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		100			128,298			18,635
Investments in affiliates		—			—			1
Foreign currency transactions		(1	)		(44	)		(53	)
Forward foreign currency exchange contracts		—			—			(360	)
Net realized gain (loss)		99			128,254			18,223
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(58	)		(78,850	)		(14,592	)
Foreign currency translations		—	(a)		(209	)		(5	)
Forward foreign currency exchange contracts		—			—			328
Change in net unrealized appreciation/depreciation		(58	)		(79,059	)		(14,269	)
Net realized/unrealized gains (losses)		41			49,195			3,954
Change in net assets resulting from operations	$	55		$	86,811		$	7,012

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

	JPMorgan International Research Enhanced Equity Fund			JPMorgan International Unconstrained Equity Fund			JPMorgan International Value Fund			JPMorgan Intrepid International Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	53		$	—	(a) $		—	(a)	$	16
Interest income from affiliates		47			—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		84,372			4,750			13,142			56,782
Dividend income from affiliates		1,133			83			47			453
Foreign taxes withheld		(7,467	)		(338	)		(1,160	)		(5,524	)
Total investment income		78,138			4,495			12,029			51,727
EXPENSES:
Investment advisory fees		5,538			1,654			2,369			10,329
Administration fees		2,248			192			321			1,397
Distribution fees:
Class A		365			107			399			283
Class C		—			86			74			7
Class R2		—			1			4			38
Service fees:
Class A		365			107			399			283
Class C		—			29			25			2
Class I		1,358			253			203			71
Class L		—			—			85			—
Class R2		—			—	(a)		2			19
Class R5		—			1			—	(a)		—
Custodian and accounting fees		292			57			66			262
Interest expense to affiliates		21			—	(a)		1			10
Professional fees		104			34			50			65
Trustees’ and Chief Compliance Officer’s fees		25			15			14			18
Printing and mailing costs		121			12			125			36
Registration and filing fees		87			64			53			51
Transfer agency fees (See Note 2.H.)		43			11			16			31
Other		38			7			18			31
Total expenses		10,605			2,630			4,224			12,933
Less fees waived		(2,782	)		(837	)		(991	)		(2,881	)
Less expense reimbursements		—			—	(a)		—	(a)		(5	)
Net expenses		7,823			1,793			3,233			10,047
Net investment income (loss)		70,315			2,702			8,796			41,680
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		38,798			(1,572	)		4,226			32,730
Futures contracts		18,438			76			—			(4,351	)
Foreign currency transactions		1,138			17			42			247
Forward foreign currency exchange contracts		—			—			(1,685	)		—
Net realized gain (loss)		58,374			(1,479	)		2,583			28,626
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		10,733			(4,496	)		12,906			(32,775	)
Futures contracts		727			—			—			1,333
Foreign currency translations		(326	)		(18	)		164			(152	)
Forward foreign currency exchange contracts		—			—			(349	)		—
Change in net unrealized appreciation/depreciation		11,134			(4,514	)		12,721			(31,594	)
Net realized/unrealized gains (losses)		69,508			(5,993	)		15,304			(2,968	)
Change in net assets resulting from operations	$	139,823		$	(3,291	)	$	24,100		$	38,712

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Emerging Economies Fund						JPMorgan Emerging Markets Equity Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,811		$	41,242		$	4,071		$	27,237
Net realized gain (loss)		84,598			158,485			48,894			(16,512	)
Change in net unrealized appreciation/depreciation		(65,901	)		303,356			60,243			907,407
Change in net assets resulting from operations		33,508			503,083			113,208			918,132
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,219	)		(1,900	)		(788	)		(1,930	)
Class C
From net investment income		(37	)		(14	)		(4	)		(12	)
Class I
From net investment income		(1,440	)		(709	)		(2,829	)		(1,895	)
Class L
From net investment income		—			—			(2,054	)		(3,193	)
Class R2 (a)
From net investment income		—			—			—	(b)		—
Class R3 (a)
From net investment income		—			—			—	(b)		—
Class R4 (a)
From net investment income		—			—			—	(b)		—
Class R5
From net investment income		(8	)		(23	)		(1	)		—	(b)
Class R6
From net investment income		(39,227	)		(24,949	)		(16,464	)		(16,962	)
Total distributions to shareholders		(43,931	)		(27,595	)		(22,140	)		(23,992	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		57,519			(217,505	)		549,465			429,170
NET ASSETS:
Change in net assets		47,096			257,983			640,533			1,323,310
Beginning of period		2,037,695			1,779,712			4,447,888			3,124,578
End of period	$	2,084,791		$	2,037,695		$	5,088,421		$	4,447,888
Accumulated undistributed (distributions in excess of) net investment income	$	5,413		$	34,533		$	3,706		$	21,775

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

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Global Research Enhanced Index Fund						JPMorgan Global Unconstrained Equity Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	81,265		$	149,058		$	14		$	23
Net realized gain (loss)		359,263			148,203			99			185
Change in net unrealized appreciation/depreciation		(170,894	)		1,306,055			(58	)		212
Change in net assets resulting from operations		269,634			1,603,316			55			420
DISTRIBUTIONS TO SHAREHOLDERS:
Class A (a)
From net investment income		—			(1	)		(10	)		—
From net realized gains		—			—			(46	)		—
Class C (a)
From net investment income		—			—	(b)		(3	)		—
From net realized gains		—			—			(20	)		—
Class I
From net investment income		(14,541	)		(155,975	)		(20	)		(3	)
From net realized gains		—			—			(70	)		—
Class R2 (a)
From net investment income		—			—	(b)		—	(b)		—
From net realized gains		—			—			(1	)		—
Class R5
From net investment income		—			—			—	(b)		—	(b)
From net realized gains		—			—			(1	)		—
Class R6 (c)
From net investment income		(144,723	)		—			(1	)		—	(b)
From net realized gains		—			—			(5	)		—
Total distributions to shareholders		(159,264	)		(155,976	)		(177	)		(3	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(456,773	)		308,814			1,737			1,460
NET ASSETS:
Change in net assets		(346,403	)		1,756,154			1,615			1,877
Beginning of period		8,663,460			6,907,306			3,549			1,672
End of period	$	8,317,057		$	8,663,460		$	5,164		$	3,549
Accumulated undistributed (distributions in excess of) net investment income	$	42,191		$	120,190		$	(6	)	$	14

(a) Liquidated on August 11, 2017 for JPMorgan Global Research Enhanced Index Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective November 1, 2017, for JPMorgan Global Research Enhanced Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	JPMorgan International Equity Fund						JPMorgan International Equity Income Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	37,616		$	66,082		$	3,058		$	4,955
Net realized gain (loss)		128,254			(9,296	)		18,223			(181	)
Change in net unrealized appreciation/depreciation		(79,059	)		803,981			(14,269	)		24,302
Change in net assets resulting from operations		86,811			860,767			7,012			29,076
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(4,237	)		(611	)		(1,440	)		(2,272	)
Class C
From net investment income		(224	)		(22	)		(200	)		(346	)
Class I
From net investment income		(2,341	)		(394	)		(1,527	)		(2,676	)
Class R2
From net investment income		(26	)		(2	)		(5	)		(11	)
Class R5
From net investment income		(355	)		(165	)		(7	)		(47	)
Class R6
From net investment income		(59,589	)		(16,643	)		(280	)		(30	)
Total distributions to shareholders		(66,772	)		(17,837	)		(3,459	)		(5,382	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		511,222			(260,305	)		(3,935	)		42,607
NET ASSETS:
Change in net assets		531,261			582,625			(382	)		66,301
Beginning of period		4,007,091			3,424,466			200,456			134,155
End of period	$	4,538,352		$	4,007,091		$	200,074		$	200,456
Accumulated undistributed (distributions in excess of) net investment income	$	24,538		$	53,694		$	(720	)	$	(319	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Research Enhanced Equity Fund						JPMorgan International Unconstrained Equity Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	70,315		$	44,850		$	2,702		$	2,308
Net realized gain (loss)		58,374			35,372			(1,479	)		2,079
Change in net unrealized appreciation/depreciation		11,134			305,035			(4,514	)		40,014
Change in net assets resulting from operations		139,823			385,257			(3,291	)		44,401
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,017	)		(1,511	)		(451	)		(259	)
From net realized gains		(3,062	)		—			—			—
Class C (a)
From net investment income		—			(227	)		(86	)		(67	)
Class I
From net investment income		(10,260	)		(32,213	)		(1,315	)		(257	)
From net realized gains		(12,396	)		—			—			—
Class R2 (a)
From net investment income		—			(254	)		(2	)		—	(b)
Class R5
From net investment income		—			—			(1	)		—	(b)
Class R6 (c)
From net investment income		(42,968	)		—			(1,288	)		(1,980	)
From net realized gains		(36,573	)		—			—			—
Total distributions to shareholders		(108,276	)		(34,205	)		(3,143	)		(2,563	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		766,316			3,352,439			214,221			206,016
NET ASSETS:
Change in net assets		797,863			3,703,491			207,787			247,854
Beginning of period		5,038,702			1,335,211			357,629			109,775
End of period	$	5,836,565		$	5,038,702		$	565,416		$	357,629
Accumulated undistributed (distributions in excess of) net investment income	$	48,930		$	34,860		$	2,110		$	2,551

(a) Liquidated on October 9, 2017 for JPMorgan International Research Enhanced Equity Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective November 1, 2017, for JPMorgan International Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	JPMorgan International Value Fund						JPMorgan Intrepid International Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,796		$	17,446		$	41,680		$	60,855
Net realized gain (loss)		2,583			71,880			28,626			160,672
Change in net unrealized appreciation/depreciation		12,721			107,859			(31,594	)		402,080
Change in net assets resulting from operations		24,100			197,185			38,712			623,607
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(6,784	)		(18,922	)		(4,177	)		(3,117	)
Class C
From net investment income		(316	)		(1,312	)		(19	)		(28	)
Class I
From net investment income		(3,872	)		(8,933	)		(1,091	)		(1,014	)
Class L (a)
From net investment income		(4,302	)		(30,468	)		—			—
Class R2
From net investment income		(27	)		(59	)		(172	)		(9	)
Class R5
From net investment income		(2	)		(1	)		—			—
Class R6
From net investment income		(2,922	)		(1,834	)		(61,869	)		(66,113	)
Total distributions to shareholders		(18,225	)		(61,529	)		(67,328	)		(70,281	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(42,233	)		(650,089	)		519,275			(92,031	)
NET ASSETS:
Change in net assets		(36,358	)		(514,433	)		490,659			461,295
Beginning of period		793,787			1,308,220			3,155,609			2,694,314
End of period	$	757,429		$	793,787		$	3,646,268		$	3,155,609
Accumulated undistributed (distributions in excess of) net investment income	$	4,850		$	14,279		$	29,277		$	54,925

(a) Liquidated on December 8, 2016 for JPMorgan Intrepid International Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Emerging Economies Fund						JPMorgan Emerging Markets Equity Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	25,917		$	52,611		$	109,978		$	183,624
Distributions reinvested		3,219			1,900			781			1,872
Cost of shares redeemed		(50,480	)		(60,941	)		(144,381	)		(181,184	)
Change in net assets resulting from Class A capital transactions	$	(21,344	)	$	(6,430	)	$	(33,622	)	$	4,312
Class C
Proceeds from shares issued	$	472		$	631		$	14,565		$	17,118
Distributions reinvested		37			14			4			12
Cost of shares redeemed		(426	)		(984	)		(5,712	)		(17,463	)
Change in net assets resulting from Class C capital transactions	$	83		$	(339	)	$	8,857		$	(333	)
Class I
Proceeds from shares issued	$	19,745		$	17,416		$	337,156		$	331,493
Distributions reinvested		785			360			2,460			1,623
Cost of shares redeemed		(20,315	)		(22,430	)		(87,627	)		(109,592	)
Change in net assets resulting from Class I capital transactions	$	215		$	(4,654	)	$	251,989		$	223,524
Class L
Proceeds from shares issued	$	—		$	—		$	159,286		$	402,572
Distributions reinvested		—			—			1,682			2,482
Cost of shares redeemed		—			—			(56,286	)		(496,701	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	104,682		$	(91,647	)
Class R2 (a)
Proceeds from shares issued	$	—		$	—		$	25		$	20
Distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		—			—			—	(b)		—
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	25		$	20
Class R3 (a)
Proceeds from shares issued	$	—		$	—		$	419		$	20
Distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		—			—			(16	)		—
Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	403		$	20
Class R4 (a)
Proceeds from shares issued	$	—		$	—		$	33		$	20
Distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		—			—			(30	)		—
Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	3		$	20
Class R5
Proceeds from shares issued	$	105		$	324		$	2,450		$	185
Distributions reinvested		8			23			1			—	(b)
Cost of shares redeemed		(179	)		(1,787	)		(218	)		—	(b)
Change in net assets resulting from Class R5 capital transactions	$	(66	)	$	(1,440	)	$	2,233		$	185
Class R6
Proceeds from shares issued	$	133,294		$	124,871		$	394,993		$	672,770
Distributions reinvested		39,227			24,949			16,155			16,658
Cost of shares redeemed		(93,890	)		(354,462	)		(196,253	)		(396,359	)
Change in net assets resulting from Class R6 capital transactions	$	78,631		$	(204,642	)	$	214,895		$	293,069
Total change in net assets resulting from capital transactions	$	57,519		$	(217,505	)	$	549,465		$	429,170

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

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	JPMorgan Emerging Economies Fund						JPMorgan Emerging Markets Equity Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		1,708			4,043			3,735			7,615
Reinvested		220			173			28			93
Redeemed		(3,253	)		(4,857	)		(4,901	)		(7,550	)
Change in Class A Shares		(1,325	)		(641	)		(1,138	)		158
Class C
Issued		30			49			508			702
Reinvested		3			1			—	(a)		1
Redeemed		(28	)		(74	)		(201	)		(762	)
Change in Class C Shares		5			(24	)		307			(59	)
Class I
Issued		1,290			1,347			11,185			13,114
Reinvested		53			33			84			79
Redeemed		(1,301	)		(1,678	)		(2,905	)		(4,464	)
Change in Class I Shares		42			(298	)		8,364			8,729
Class L
Issued		—			—			5,209			16,403
Reinvested		—			—			57			119
Redeemed		—			—			(1,856	)		(18,771	)
Change in Class L Shares		—			—			3,410			(2,249	)
Class R2 (b)
Issued		—			—			—	(a)		1
Reinvested		—			—			—	(a)		—
Redeemed		—			—			—	(a)		—
Change in Class R2 Shares		—			—			—	(a)		1
Class R3 (b)
Issued		—			—			14			1
Reinvested		—			—			—	(a)		—
Redeemed		—			—			(1	)		—
Change in Class R3 Shares		—			—			13			1
Class R4 (b)
Issued		—			—			1			1
Reinvested		—			—			—	(a)		—
Redeemed		—			—			(1	)		—
Change in Class R4 Shares		—			—			—	(a)		1
Class R5
Issued		7			26			80			6
Reinvested		1			2			—	(a)		—	(a)
Redeemed		(12	)		(136	)		(7	)		—	(a)
Change in Class R5 Shares		(4	)		(108	)		73			6
Class R6
Issued		8,635			9,667			13,003			25,331
Reinvested		2,667			2,258			550			804
Redeemed		(6,114	)		(26,789	)		(6,461	)		(15,462	)
Change in Class R6 Shares		5,188			(14,864	)		7,092			10,673

(a) Amount rounds to less than 500.

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Global Research Enhanced Index Fund						JPMorgan Global Unconstrained Equity Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A (a)
Proceeds from shares issued	$	—		$	—		$	820		$	1,003
Distributions reinvested		—			1			55			—
Cost of shares redeemed		—			(24	)		(244	)		(379	)
Change in net assets resulting from Class A capital transactions	$	—		$	(23	)	$	631		$	624
Class C (a)
Proceeds from shares issued	$	—		$	—		$	223		$	230
Distributions reinvested		—			—	(b)		22			—
Cost of shares redeemed		—			(23	)		(44	)		(101	)
Change in net assets resulting from Class C capital transactions	$	—		$	(23	)	$	201		$	129
Class I
Proceeds from shares issued	$	363,717		$	1,447,613		$	996		$	1,004
Distributions reinvested		14,320			19,299			86			3
Cost of shares redeemed		(8,706,704	)		(1,158,029	)		(187	)		(396	)
Change in net assets resulting from Class I capital transactions	$	(8,328,667	)	$	308,883		$	895		$	611
Class R2 (a)
Proceeds from shares issued	$	—		$	—		$	—		$	—	(b)
Distributions reinvested		—			—	(b)		—			—
Cost of shares redeemed		—			(23	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	—		$	(23	)	$	—		$	—	(b)
Class R5
Proceeds from shares issued	$	—		$	—		$	—		$	—	(b)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	—		$	—	(b)
Class R6 (c)
Proceeds from shares issued	$	8,906,627		$	—		$	5		$	96
Distributions reinvested		144,635			—			5			—
Cost of shares redeemed		(1,179,368	)		—			—	(b)		—	(b)
Change in net assets resulting from Class R6 capital transactions	$	7,871,894		$	—		$	10		$	96
Total change in net assets resulting from capital transactions	$	(456,773	)	$	308,814		$	1,737		$	1,460

a) Liquidated on August 11, 2017 for JPMorgan Global Research Enhanced Index Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective November 1, 2017, for JPMorgan Global Research Enhanced Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	JPMorgan Global Research Enhanced Index Fund						JPMorgan Global Unconstrained Equity Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A (a)
Issued		—			—			48			61
Reinvested		—			—	(b)		3			—
Redeemed		—			(1	)		(14	)		(23	)
Change in Class A Shares		—			(1	)		37			38
Class C (a)
Issued		—			—			12			15
Reinvested		—			—	(b)		2			—
Redeemed		—			(1	)		(3	)		(7	)
Change in Class C Shares		—			(1	)		11			8
Class I
Issued		15,947			71,810			58			59
Reinvested		633			1,023			5			—	(b)
Redeemed		(386,726	)		(57,817	)		(11	)		(24	)
Change in Class I Shares		(370,146	)		15,016			52			35
Class R2 (a)
Issued		—			—			(1	)		—	(b)
Reinvested		—			—	(b)		—			—
Redeemed		—			(1	)		—			—
Change in Class R2 Shares		—			(1	)		(1	)		—	(b)
Class R5
Issued		—			—			—			—	(b)
Change in Class R5 Shares		—			—			—			—	(b)
Class R6 (c)
Issued		396,436			—			1			6
Reinvested		6,466			—			—	(b)		—
Redeemed		(51,302	)		—			—	(b)		—	(b)
Change in Class R6 Shares		351,600			—			1			6

(a) Liquidated on August 11, 2017 for JPMorgan Global Research Enhanced Index Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective November 1, 2017, for JPMorgan Global Research Enhanced Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Equity Fund						JPMorgan International Equity Income Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	46,872		$	115,322		$	14,034		$	39,144
Distributions reinvested		4,198			605			1,439			2,269
Cost of shares redeemed		(84,752	)		(86,838	)		(15,440	)		(33,881	)
Change in net assets resulting from Class A capital transactions	$	(33,682	)	$	29,089		$	33		$	7,532
Class C
Proceeds from shares issued	$	4,234		$	6,163		$	2,027		$	5,012
Distributions reinvested		210			19			199			343
Cost of shares redeemed		(5,132	)		(9,245	)		(1,547	)		(5,201	)
Change in net assets resulting from Class C capital transactions	$	(688	)	$	(3,063	)	$	679		$	154
Class I
Proceeds from shares issued	$	68,402		$	56,730		$	15,201		$	59,870
Distributions reinvested		2,206			320			1,509			2,443
Cost of shares redeemed		(20,795	)		(37,900	)		(20,570	)		(41,426	)
Change in net assets resulting from Class I capital transactions	$	49,813		$	19,150		$	(3,860	)	$	20,887
Class R2
Proceeds from shares issued	$	320		$	672		$	83		$	295
Distributions reinvested		12			1			5			11
Cost of shares redeemed		(288	)		(396	)		(126	)		(356	)
Change in net assets resulting from Class R2 capital transactions	$	44		$	277		$	(38	)	$	(50	)
Class R5
Proceeds from shares issued	$	327		$	1,663		$	21		$	997
Distributions reinvested		354			165			7			47
Cost of shares redeemed		(203	)		(43,919	)		(1,188	)		(635	)
Change in net assets resulting from Class R5 capital transactions	$	478		$	(42,091	)	$	(1,160	)	$	409
Class R6
Proceeds from shares issued	$	720,947		$	393,780		$	2,350		$	14,231
Distributions reinvested		59,589			16,643			280			30
Cost of shares redeemed		(285,279	)		(674,090	)		(2,219	)		(586	)
Change in net assets resulting from Class R6 capital transactions	$	495,257		$	(263,667	)	$	411		$	13,675
Total change in net assets resulting from capital transactions	$	511,222		$	(260,305	)	$	(3,935	)	$	42,607

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	JPMorgan International Equity Fund						JPMorgan International Equity Income Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		2,579			7,301			820			2,566
Reinvested		235			42			86			148
Redeemed		(4,692	)		(5,607	)		(921	)		(2,230	)
Change in Class A Shares		(1,878	)		1,736			(15	)		484
Class C
Issued		245			405			122			329
Reinvested		12			1			12			22
Redeemed		(302	)		(610	)		(93	)		(338	)
Change in Class C Shares		(45	)		(204	)		41			13
Class I
Issued		3,712			3,517			895			3,939
Reinvested		122	��		22			90			158
Redeemed		(1,132	)		(2,347	)		(1,207	)		(2,659	)
Change in Class I Shares		2,702			1,192			(222	)		1,438
Class R2
Issued		18			41			4			20
Reinvested		1			—	(a)		—	(a)		1
Redeemed		(16	)		(26	)		(7	)		(23	)
Change in Class R2 Shares		3			15			(3	)		(2	)
Class R5
Issued		18			111			2			66
Reinvested		19			11			—	(a)		3
Redeemed		(11	)		(2,981	)		(69	)		(40	)
Change in Class R5 Shares		26			(2,859	)		(67	)		29
Class R6
Issued		38,407			25,401			138			882
Reinvested		3,289			1,123			17			2
Redeemed		(15,289	)		(42,082	)		(131	)		(36	)
Change in Class R6 Shares		26,407			(15,558	)		24			848

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Research Enhanced Equity Fund						JPMorgan International Unconstrained Equity Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	28,384		$	291,313		$	48,039		$	56,512
Distributions reinvested		6,000			1,449			451			256
Cost of shares redeemed		(79,656	)		(80,384	)		(16,439	)		(9,624	)
Change in net assets resulting from Class A capital transactions	$	(45,272	)	$	212,378		$	32,051		$	47,144
Class C (a)
Proceeds from shares issued	$	—		$	655		$	15,897		$	12,093
Distributions reinvested		—			221			86			66
Cost of shares redeemed		—			(16,621	)		(2,121	)		(3,674	)
Change in net assets resulting from Class C capital transactions	$	—		$	(15,745	)	$	13,862		$	8,485
Class I
Proceeds from shares issued	$	255,195		$	3,428,331		$	165,167		$	133,949
Distributions reinvested		22,644			31,067			1,280			199
Cost of shares redeemed		(4,823,760	)		(291,221	)		(33,514	)		(23,313	)
Change in net assets resulting from Class I capital transactions	$	(4,545,921	)	$	3,168,177		$	132,933		$	110,835
Class R2 (a)
Proceeds from shares issued	$	—		$	6,205		$	698		$	71
Distributions reinvested		—			189			2			—	(b)
Cost of shares redeemed		—			(18,765	)		(39	)		—	(b)
Change in net assets resulting from Class R2 capital transactions	$	—		$	(12,371	)	$	661		$	71
Class R5
Proceeds from shares issued	$	—		$	—		$	4,806		$	69
Distributions reinvested		—			—			1			—	(b)
Cost of shares redeemed		—			—			(361	)		(6	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	4,446		$	63
Class R6 (c)
Proceeds from shares issued	$	5,597,036		$	—		$	31,148		$	38,555
Distributions reinvested		79,541			—			1,288			1,980
Cost of shares redeemed		(319,068	)		—			(2,168	)		(1,117	)
Change in net assets resulting from Class R6 capital transactions	$	5,357,509		$	—		$	30,268		$	39,418
Total change in net assets resulting from capital transactions	$	766,316		$	3,352,439		$	214,221		$	206,016

(a) Liquidated on October 9, 2017 for JPMorgan International Research Enhanced Equity Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective November 1, 2017, for JPMorgan International Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	JPMorgan International Research Enhanced Equity Fund						JPMorgan International Unconstrained Equity Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		1,499			15,780			2,213			2,894
Reinvested		321			93			21			15
Redeemed		(4,235	)		(4,458	)		(771	)		(521	)
Change in Class A Shares		(2,415	)		11,415			1,463			2,388
Class C (a)
Issued		—			40			745			610
Reinvested		—			15			4			4
Redeemed		—			(963	)		(100	)		(191	)
Change in Class C Shares		—			(908	)		649			423
Class I
Issued		13,334			186,476			7,522			6,707
Reinvested		1,199			1,983			60			12
Redeemed		(257,184	)		(17,061	)		(1,540	)		(1,152	)
Change in Class I Shares		(242,651	)		171,398			6,042			5,567
Class R2 (a)
Issued		—			382			32			4
Reinvested		—			12			—	(b)		—	(b)
Redeemed		—			(1,067	)		(2	)		—	(b)
Change in Class R2 Shares		—			(673	)		30			4
Class R5
Issued		—			—			210			3
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			(17	)		—	(b)
Change in Class R5 Shares		—			—			193			3
Class R6 (c)
Issued		297,275			—			1,428			2,008
Reinvested		4,222			—			61			117
Redeemed		(16,655	)		—			(99	)		(53	)
Change in Class R6 Shares		284,842			—			1,390			2,072

(a) Liquidated on October 9, 2017 for JPMorgan International Research Enhanced Equity Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective November 1, 2017, for JPMorgan International Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Value Fund						JPMorgan Intrepid International Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	29,642		$	82,228		$	28,945		$	90,711
Distributions reinvested		6,704			18,745			4,173			3,114
Cost of shares redeemed		(36,073	)		(406,516	)		(72,724	)		(62,079	)
Change in net assets resulting from Class A capital transactions	$	273		$	(305,543	)	$	(39,606	)	$	31,746
Class C
Proceeds from shares issued	$	1,627		$	2,914		$	651		$	455
Distributions reinvested		287			1,151			19			26
Cost of shares redeemed		(4,263	)		(10,863	)		(373	)		(1,359	)
Change in net assets resulting from Class C capital transactions	$	(2,349	)	$	(6,798	)	$	297		$	(878	)
Class I
Proceeds from shares issued	$	31,809		$	29,799		$	13,050		$	39,085
Distributions reinvested		3,381			4,900			1,088			451
Cost of shares redeemed		(31,697	)		(69,741	)		(9,172	)		(11,981	)
Change in net assets resulting from Class I capital transactions	$	3,493		$	(35,042	)	$	4,966		$	27,555
Class L (a)
Proceeds from shares issued	$	5,707		$	193,382		$	—		$	39
Distributions reinvested		1,069			20,403			—			—
Cost of shares redeemed		(63,724	)		(590,617	)		—			(23,795	)
Change in net assets resulting from Class L capital transactions	$	(56,948	)	$	(376,832	)	$	—		$	(23,756	)
Class R2
Proceeds from shares issued	$	97		$	368		$	32,182		$	8,299
Distributions reinvested		9			24			165			4
Cost of shares redeemed		(189	)		(402	)		(3,818	)		(321	)
Change in net assets resulting from Class R2 capital transactions	$	(83	)	$	(10	)	$	28,529		$	7,982
Class R5
Proceeds from shares issued	$	6		$	36		$	—		$	—
Distributions reinvested		2			1			—			—
Cost of shares redeemed		—	(b)		(1	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	8		$	36		$	—		$	—
Class R6
Proceeds from shares issued	$	23,117		$	106,682		$	652,886		$	257,105
Distributions reinvested		2,922			1,834			61,869			66,113
Cost of shares redeemed		(12,666	)		(34,416	)		(189,666	)		(457,898	)
Change in net assets resulting from Class R6 capital transactions	$	13,373		$	74,100		$	525,089		$	(134,680	)
Total change in net assets resulting from capital transactions	$	(42,233	)	$	(650,089	)	$	519,275		$	(92,031	)

(a) Liquidated on December 8, 2016 for JPMorgan Intrepid International Fund.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	JPMorgan International Value Fund						JPMorgan Intrepid International Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		2,059			6,323			1,302			4,549
Reinvested		472			1,558			191			171
Redeemed		(2,496	)		(32,574	)		(3,277	)		(3,165	)
Change in Class A Shares		35			(24,693	)		(1,784	)		1,555
Class C
Issued		116			229			29			22
Reinvested		21			99			1			1
Redeemed		(307	)		(863	)		(17	)		(67	)
Change in Class C Shares		(170	)		(535	)		13			(44	)
Class I
Issued		2,162			2,244			562			1,985
Reinvested		233			399			48			24
Redeemed		(2,146	)		(5,291	)		(396	)		(574	)
Change in Class I Shares		249			(2,648	)		214			1,435
Class L (a)
Issued		388			14,882			—			2
Reinvested		74			1,668			—			—
Redeemed		(4,375	)		(44,537	)		—			(1,238	)
Change in Class L Shares		(3,913	)		(27,987	)		—			(1,236	)
Class R2
Issued		6			30			1,476			386
Reinvested		1			2			7			—	(b)
Redeemed		(14	)		(32	)		(174	)		(15	)
Change in Class R2 Shares		(7	)		—	(b)		1,309			371
Class R5
Issued		1			2			—			—
Reinvested		—	(b)		—	(b)		—			—
Redeemed		—	(b)		—	(b)		—			—
Change in Class R5 Shares		1			2			—			—
Class R6
Issued		1,575			7,566			28,152			13,047
Reinvested		203			150			2,771			3,555
Redeemed		(861	)		(2,501	)		(8,284	)		(22,597	)
Change in Class R6 Shares		917			5,215			22,639			(5,995	)

(a) Liquidated on December 8, 2016 for JPMorgan Intrepid International Fund.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Emerging Economies Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	14.73	$	0.07		$	0.14		$	0.21		$	(0.26	)
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
Six Months Ended April 30, 2018 (Unaudited)		14.60		0.04			0.13			0.17			(0.19	)
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
Six Months Ended April 30, 2018 (Unaudited)		14.93		0.10			0.14			0.24			(0.30	)
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
Six Months Ended April 30, 2018 (Unaudited)		15.07		0.11			0.13			0.24			(0.30	)
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
Six Months Ended April 30, 2018 (Unaudited)		14.87		0.11			0.14			0.25			(0.33	)
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.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

		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)
$	14.68		1.46	%	$	159,665		1.14	%		0.99	%		1.52	%		26	%
	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
	14.58		1.16			2,857		1.64			0.50			2.05			26
	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
	14.87		1.60			64,309		0.89			1.27			1.27			26
	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
	15.01		1.59			353		0.79			1.37			1.13			26
	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
	14.79		1.68			1,857,607		0.69			1.44			1.01			26
	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.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

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
JPMorgan Emerging Markets Equity Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	27.58	$	(0.03	)	$	0.82			$	0.79		$	(0.04	)
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
Six Months Ended April 30, 2018 (Unaudited)		26.80		(0.10	)		0.79				0.69			—	(g)
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
Six Months Ended April 30, 2018 (Unaudited)		28.29		0.01			0.83				0.84			(0.12	)
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
Six Months Ended April 30, 2018 (Unaudited)		28.49		0.03			0.83				0.86			(0.13	)
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
Six Months Ended April 30, 2018 (Unaudited)		27.57		(0.06	)		0.80				0.74			(0.08	)
July 31, 2017 (h) through October 31, 2017		26.40		(0.01	)		1.18				1.17			—
Class R3
Six Months Ended April 30, 2018 (Unaudited)		27.59		0.01			0.77				0.78			(0.11	)
July 31, 2017 (h) through October 31, 2017		26.40		0.01			1.18				1.19			—
Class R4
Six Months Ended April 30, 2018 (Unaudited)		28.28		0.02			0.81				0.83			(0.13	)
July 31, 2017 (h) through October 31, 2017		27.05		0.02			1.21				1.23			—
Class R5
Six Months Ended April 30, 2018 (Unaudited)		28.47		0.07			0.79				0.86			(0.15	)
Year Ended October 31, 2017		22.49		0.15			6.01				6.16			(0.18	)
September 9, 2016 (h) through October 31, 2016		22.40		0.01			0.08				0.09			—
Class R6
Six Months Ended April 30, 2018 (Unaudited)		28.46		0.04			0.83				0.87			(0.16	)
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 (h) 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) 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 APRIL 30, 2018

		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)
$	28.33		2.87	%	$	507,374		1.23	%		(0.20	)%		1.51	%		5	%
	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
	27.49		2.58			58,183		1.73			(0.68	)		2.01			5
	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
	29.01		2.95			888,178		0.98			0.09			1.25			5
	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
	29.22		3.02			541,498		0.89			0.17			1.10			5
	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
	28.23		2.67			45		1.53			(0.41	)		1.79			5
	27.57		4.43			21		1.60			(0.17	)		1.80			22
	28.26		2.81			389		1.28			0.06			1.50			5
	27.59		4.51			21		1.35			0.08			1.55			22
	28.98		2.95			21		1.04			0.17			1.27			5
	28.28		4.55			21		1.10			0.33			1.30			22
	29.18		3.03			2,343		0.88			0.44			1.11			5
	28.47		27.72			217		0.95			0.58			3.36			22
	22.49		0.40			20		0.90			0.28			1.08			23
	29.17		3.07			3,090,390		0.78			0.26			1.00			5
	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.

APRIL 30, 2018 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			Net realized gain			Total distributions
JPMorgan Global Research Enhanced Index Fund
Class I
Six Months Ended April 30, 2018 (Unaudited)	$	22.16	$	0.21	$	0.38		$	0.59	$	(0.20	)	$	—		$	(0.20	)
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		—			—			—
Class R6
November 1, 2017(i) through April 30, 2018 (Unaudited)		22.19		0.22		0.36			0.58		(0.45	)		—			(0.45	)

(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,

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

		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)
$	22.55		2.68	%	$	470,695		0.34	%		1.85	%		0.55	%		25	%
	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
	22.32		2.60			7,846,362		0.25			1.94			0.30			25

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan Global Unconstrained Equity Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	17.14	$	0.04	(e)	$	0.40		$	0.44		$	(0.13	)	$	(0.65	)	$	—		$	(0.78	)
Year Ended October 31, 2017		14.12		0.15	(e)		2.87			3.02			—			—			—			—
Year Ended October 31, 2016		16.12		0.27	(e)		(0.88	)		(0.61	)		(0.30	)		(0.27	)		(0.82	)		(1.39	)
Year Ended October 31, 2015		19.55		0.11	(e)		0.66			0.77			(0.31	)		(3.89	)		—			(4.20	)
Year Ended October 31, 2014		20.11		0.23			1.17			1.40			(0.17	)		(1.79	)		—			(1.96	)
Year Ended October 31, 2013		16.73		0.24			3.77			4.01			(0.22	)		(0.41	)		—			(0.63	)
Class C
Six Months Ended April 30, 2018 (Unaudited)		16.93		—	(e)(g)		0.40			0.40			(0.10	)		(0.65	)		—			(0.75	)
Year Ended October 31, 2017		14.02		0.07	(e)		2.84			2.91			—			—			—			—
Year Ended October 31, 2016		16.01		0.11	(e)		(0.79	)		(0.68	)		(0.22	)		(0.27	)		(0.82	)		(1.31	)
Year Ended October 31, 2015		19.43		0.04	(e)		0.64			0.68			(0.21	)		(3.89	)		—			(4.10	)
Year Ended October 31, 2014		20.01		0.14			1.16			1.30			(0.09	)		(1.79	)		—			(1.88	)
Year Ended October 31, 2013		16.65		0.16			3.76			3.92			(0.15	)		(0.41	)		—			(0.56	)
Class I
Six Months Ended April 30, 2018 (Unaudited)		17.30		0.07	(e)		0.41			0.48			(0.18	)		(0.65	)		—			(0.83	)
Year Ended October 31, 2017		14.23		0.20	(e)		2.91			3.11			(0.04	)		—			—			(0.04	)
Year Ended October 31, 2016		16.18		0.26	(e)		(0.83	)		(0.57	)		(0.29	)		(0.27	)		(0.82	)		(1.38	)
Year Ended October 31, 2015		19.60		0.19	(e)		0.64			0.83			(0.36	)		(3.89	)		—			(4.25	)
Year Ended October 31, 2014		20.15		0.27			1.19			1.46			(0.22	)		(1.79	)		—			(2.01	)
Year Ended October 31, 2013		16.76		0.29			3.77			4.06			(0.26	)		(0.41	)		—			(0.67	)
Class R2
Six Months Ended April 30, 2018 (Unaudited)		17.24		0.02	(e)		0.40			0.42			(0.07	)		(0.65	)		—			(0.72	)
Year Ended October 31, 2017		14.24		0.11	(e)		2.89			3.00			—			—			—			—
Year Ended October 31, 2016		16.11		0.14	(e)		(0.79	)		(0.65	)		(0.13	)		(0.27	)		(0.82	)		(1.22	)
Year Ended October 31, 2015		19.49		0.08	(e)		0.65			0.73			(0.22	)		(3.89	)		—			(4.11	)
Year Ended October 31, 2014		20.06		0.18			1.17			1.35			(0.13	)		(1.79	)		—			(1.92	)
Year Ended October 31, 2013		16.69		0.20			3.77			3.97			(0.19	)		(0.41	)		—			(0.60	)
Class R5
Six Months Ended April 30, 2018 (Unaudited)		17.25		0.08	(e)		0.41			0.49			(0.19	)		(0.65	)		—			(0.84	)
Year Ended October 31, 2017		14.24		0.22	(e)		2.89			3.11			(0.10	)		—			—			(0.10	)
Year Ended October 31, 2016		16.21		0.24	(e)		(0.80	)		(0.56	)		(0.32	)		(0.27	)		(0.82	)		(1.41	)
Year Ended October 31, 2015		19.65		0.21	(e)		0.64			0.85			(0.40	)		(3.89	)		—			(4.29	)
Year Ended October 31, 2014		20.19		0.31			1.19			1.50			(0.25	)		(1.79	)		—			(2.04	)
Year Ended October 31, 2013		16.79		0.32			3.79			4.11			(0.30	)		(0.41	)		—			(0.71	)
Class R6
Six Months Ended April 30, 2018 (Unaudited)		17.24		0.08	(e)		0.42			0.50			(0.20	)		(0.65	)		—			(0.85	)
Year Ended October 31, 2017		14.23		0.23	(e)		2.88			3.11			(0.10	)		—			—			(0.10	)
Year Ended October 31, 2016		16.22		0.25	(e)		(0.80	)		(0.55	)		(0.35	)		(0.27	)		(0.82	)		(1.44	)
Year Ended October 31, 2015		19.66		0.21	(e)		0.66			0.87			(0.42	)		(3.89	)		—			(4.31	)
Year Ended October 31, 2014		20.20		0.32			1.19			1.51			(0.26	)		(1.79	)		—			(2.05	)
Year Ended October 31, 2013		16.80		0.33			3.78			4.11			(0.30	)		(0.41	)		—			(0.71	)

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

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

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

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

(e) Calculated based upon average shares outstanding.

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

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)
$	16.80		2.61	%	$	1,760		0.75	%		0.52	%		6.46	%		37	%
	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	(f)		1.37	(f)		5.36	(f)		71
	16.58		2.37			571		1.25			(0.05	)		7.10			37
	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	(f)		0.87	(f)		5.85	(f)		71
	16.95		2.79			2,662		0.40			0.86			6.26			37
	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	(f)		1.62	(f)		5.10	(f)		71
	16.94		2.47			21		1.00			0.20			7.31			37
	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	(f)		1.12	(f)		5.60	(f)		71
	16.90		2.86			21		0.30			0.90			6.67			37
	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	(f)		1.82	(f)		4.89	(f)		71
	16.89		2.91			129		0.25			0.96			6.30			37
	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	(f)		1.87	(f)		4.85	(f)		71

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 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) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Equity Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	17.81	$	0.11		$	0.30		$	0.41		$	(0.25	)
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	(f)		(0.68	)		(0.31	)		(0.36	)
Year Ended October 31, 2013		13.36		0.20			2.56			2.76			(0.20	)
Class C
Six Months Ended April 30, 2018 (Unaudited)		16.83		0.07			0.27			0.34			(0.17	)
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	(f)		(0.64	)		(0.38	)		(0.30	)
Year Ended October 31, 2013		12.78		0.12			2.45			2.57			(0.15	)
Class I
Six Months Ended April 30, 2018 (Unaudited)		18.09		0.15			0.29			0.44			(0.28	)
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	(f)		(0.67	)		(0.28	)		(0.40	)
Year Ended October 31, 2013		13.52		0.23			2.61			2.84			(0.23	)
Class R2
Six Months Ended April 30, 2018 (Unaudited)		17.70		0.09			0.28			0.37			(0.22	)
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	(f)		(0.65	)		(0.35	)		(0.33	)
Year Ended October 31, 2013		13.31		0.11			2.61			2.72			(0.16	)
Class R5
Six Months Ended April 30, 2018 (Unaudited)		18.13		0.15			0.29			0.44			(0.29	)
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	(f)		(0.69	)		(0.25	)		(0.42	)
Year Ended October 31, 2013		13.52		0.27			2.60			2.87			(0.26	)
Class R6
Six Months Ended April 30, 2018 (Unaudited)		18.13		0.16			0.30			0.46			(0.31	)
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	(f)		(0.69	)		(0.24	)		(0.43	)
Year Ended October 31, 2013		13.52		0.28			2.59			2.87			(0.26	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.32, $0.21, $0.34, $0.25, $0.39 and $0.40 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and the net investment income (loss) ratio would have been 2.01%, 1.40%, 2.08%, 1.59%, 2.40% and 2.48% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	17.97		2.30	%	$	271,112		0.94	%		1.23	%		1.31	%		17	%
	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	(f)		1.45			6
	15.92		20.85			188,590		1.30			1.33			1.47			8
	17.00		2.04			23,757		1.45			0.80			1.83			17
	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	(f)		1.95			6
	15.20		20.25			23,655		1.80			0.83			1.97			8
	18.25		2.44			190,224		0.70			1.66			1.06			17
	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	(f)		1.20			6
	16.13		21.23			434,316		1.05			1.51			1.22			8
	17.85		2.11			2,158		1.25			0.97			1.57			17
	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	(f)		1.70			6
	15.87		20.58			1,230		1.55			0.78			1.72			8
	18.28		2.46			22,549		0.60			1.64			0.91			17
	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	(f)		1.00			6
	16.13		21.42			106,963		0.85			1.79			1.02			8
	18.28		2.53			4,028,552		0.50			1.78			0.81			17
	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	(f)		0.95			6
	16.13		21.47			1,248,489		0.80			1.85			0.97			8

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 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) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Equity Income Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	16.50	$	0.25		$	0.34		$	0.59		$	(0.28	)	$	—		$	(0.28	)
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
Six Months Ended April 30, 2018 (Unaudited)		16.38		0.21			0.33			0.54			(0.23	)		—			(0.23	)
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
Six Months Ended April 30, 2018 (Unaudited)		16.55		0.26			0.35			0.61			(0.30	)		—			(0.30	)
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
Six Months Ended April 30, 2018 (Unaudited)		16.47		0.22			0.34			0.56			(0.25	)		—			(0.25	)
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
Six Months Ended April 30, 2018 (Unaudited)		16.57		0.18			0.43			0.61			(0.31	)		—			(0.31	)
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
Six Months Ended April 30, 2018 (Unaudited)		16.55		0.29			0.34			0.63			(0.32	)		—			(0.32	)
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.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

		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)
$	16.81		3.58	%	$	85,864		0.95	%		2.95	%		1.42	%		56	%
	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
	16.69		3.33			14,612		1.45			2.47			1.94			56
	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
	16.86		3.73			84,406		0.70			3.11			1.18			56
	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
	16.78		3.40			291		1.25			2.65			1.79			56
	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
	16.87		3.71			178		0.60			2.15			1.08			56
	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
	16.86		3.84			14,723		0.50			3.41			0.91			56
	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.

APRIL 30, 2018 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
JPMorgan International Research Enhanced Equity Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	18.76	$	0.20		$	0.32		$	0.52		$	(0.19	)	$	(0.19	)	$	(0.38	)
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	(f)		(0.89	)		(0.49	)		(0.36	)		(0.15	)		(0.51	)
Year Ended October 31, 2015		20.38		0.43			(0.60	)		(0.17	)		(0.40	)		(3.27	)		(3.67	)
Year Ended October 31, 2014		21.20		0.47			(0.56	)		(0.09	)		(0.39	)		(0.34	)		(0.73	)
Year Ended October 31, 2013		17.24		0.38			4.00			4.38			(0.42	)		—			(0.42	)
Class I
Six Months Ended April 30, 2018 (Unaudited)		18.92		0.16			0.39			0.55			(0.16	)		(0.19	)		(0.35	)
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	(f)		(0.92	)		(0.46	)		(0.41	)		(0.15	)		(0.56	)
Year Ended October 31, 2015		20.54		0.48			(0.60	)		(0.12	)		(0.45	)		(3.27	)		(3.72	)
Year Ended October 31, 2014		21.36		0.52			(0.56	)		(0.04	)		(0.44	)		(0.34	)		(0.78	)
Year Ended October 31, 2013		17.36		0.40			4.06			4.46			(0.46	)		—			(0.46	)
Class R6
November 1, 2017 (h) through April 30, 2018 (Unaudited)		18.98		0.26			0.23			0.49			(0.22	)		(0.19	)		(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) Amount rounds to less than 0.005%.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

		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)
$	18.90		2.81	%	$	254,716		0.59	%		2.08	%		0.83	%		19	%
	18.76		23.41			298,112		0.59			1.98			0.90			33
	15.54		(2.94	)		69,626		0.60			2.60	(f)		1.02			24
	16.54		(0.29	)		82,667		0.60			2.51			0.99			39
	20.38		(0.40	)		96,325		0.59			2.23			1.10			63
	21.20		25.84			108,193		0.75			2.04			1.35			51
	19.12		2.94			151,836		0.35			1.69			0.56			19
	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	(f)		0.59			24
	16.70		0.00	(g)		779,908		0.35			2.79			0.60			39
	20.54		(0.16	)		562,180		0.34			2.45			0.84			63
	21.36		26.18			464,273		0.53			2.10			1.09			51
	19.06		2.66			5,430,013		0.25			2.81			0.31			19

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Unconstrained Equity Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	21.14	$	0.09		$	0.03		$	0.12		$	(0.13	)	$	—		$	(0.13	)
Year Ended October 31, 2017		17.24		0.16	(e)		4.09			4.25			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		17.61		0.22	(e)(f)		(0.55	)		(0.33	)		(0.04	)		—			(0.04	)
Year Ended October 31, 2015		18.59		0.09	(e)(f)		0.39			0.48			(0.17	)		(1.29	)		(1.46	)
Year Ended October 31, 2014		20.59		0.13	(g)		(0.65	)		(0.52	)		(0.17	)		(1.31	)		(1.48	)
Year Ended October 31, 2013		17.28		0.15			3.62			3.77			(0.11	)		(0.35	)		(0.46	)
Class C
Six Months Ended April 30, 2018 (Unaudited)		20.90		0.04			0.02			0.06			(0.09	)		—			(0.09	)
Year Ended October 31, 2017		17.04		0.05	(e)		4.06			4.11			(0.25	)		—			(0.25	)
Year Ended October 31, 2016		17.45		0.13	(e)(f)		(0.53	)		(0.40	)		(0.01	)		—			(0.01	)
Year Ended October 31, 2015		18.44		(0.02	)(e)(f)		0.39			0.37			(0.07	)		(1.29	)		(1.36	)
Year Ended October 31, 2014		20.47		0.09	(g)		(0.69	)		(0.60	)		(0.12	)		(1.31	)		(1.43	)
Year Ended October 31, 2013		17.20		0.07			3.59			3.66			(0.04	)		(0.35	)		(0.39	)
Class I
Six Months Ended April 30, 2018 (Unaudited)		21.41		0.14			—			0.14			(0.17	)		—			(0.17	)
Year Ended October 31, 2017		17.45		0.23	(e)		4.13			4.36			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		17.71		0.24	(e)(f)		(0.50	)		(0.26	)		—			—			—
Year Ended October 31, 2015		18.67		0.15	(e)(f)		0.38			0.53			(0.20	)		(1.29	)		(1.49	)
Year Ended October 31, 2014		20.64		0.21	(g)		(0.67	)		(0.46	)		(0.20	)		(1.31	)		(1.51	)
Year Ended October 31, 2013		17.32		0.21			3.60			3.81			(0.14	)		(0.35	)		(0.49	)
Class R2
Six Months Ended April 30, 2018 (Unaudited)		21.11		0.10			(0.02	)		0.08			(0.15	)		—			(0.15	)
Year Ended October 31, 2017		17.21		0.06	(e)		4.14			4.20			(0.30	)		—			(0.30	)
Year Ended October 31, 2016		17.57		0.15	(e)(f)		(0.51	)		(0.36	)		—			—			—
Year Ended October 31, 2015		18.55		0.03	(e)(f)		0.39			0.42			(0.11	)		(1.29	)		(1.40	)
Year Ended October 31, 2014		20.53		0.12	(g)		(0.68	)		(0.56	)		(0.11	)		(1.31	)		(1.42	)
Year Ended October 31, 2013		17.24		0.12			3.59			3.71			(0.07	)		(0.35	)		(0.42	)
Class R5
Six Months Ended April 30, 2018 (Unaudited)		21.39		0.22			(0.06	)		0.16			(0.18	)		—			(0.18	)
Year Ended October 31, 2017		17.44		0.20	(e)		4.17			4.37			(0.42	)		—			(0.42	)
Year Ended October 31, 2016		17.75		0.27	(e)(f)		(0.52	)		(0.25	)		(0.06	)		—			(0.06	)
Year Ended October 31, 2015		18.72		0.16	(e)(f)		0.39			0.55			(0.23	)		(1.29	)		(1.52	)
Year Ended October 31, 2014		20.69		0.24	(g)		(0.67	)		(0.43	)		(0.23	)		(1.31	)		(1.54	)
Year Ended October 31, 2013		17.35		0.25			3.61			3.86			(0.17	)		(0.35	)		(0.52	)
Class R6
Six Months Ended April 30, 2018 (Unaudited)		21.40		0.13			0.03			0.16			(0.18	)		—			(0.18	)
Year Ended October 31, 2017		17.45		0.26	(e)		4.12			4.38			(0.43	)		—			(0.43	)
Year Ended October 31, 2016		17.76		0.29	(e)(f)		(0.52	)		(0.23	)		(0.08	)		—			(0.08	)
Year Ended October 31, 2015		18.73		(0.01	)(e)(f)		0.57			0.56			(0.24	)		(1.29	)		(1.53	)
Year Ended October 31, 2014		20.70		0.25	(g)		(0.67	)		(0.42	)		(0.24	)		(1.31	)		(1.55	)
Year Ended October 31, 2013		17.36		0.26			3.61			3.87			(0.18	)		(0.35	)		(0.53	)

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

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

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

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

(e) Calculated based upon average shares outstanding.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $0.10, $0.06, $0.17, $0.08, $0.20 and $0.22 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively and the net investment income (loss) ratio would have been 0.80%, 0.37%, 0.99%, 0.48%, 1.18% and 1.23% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively.

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

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)
$	21.13		0.56	%	$	98,563		0.99	%		0.88	%		1.37	%		19	%
	21.14		25.16			67,684		1.24			0.83			1.46			38
	17.24		(1.86	)		14,034		1.24			1.28	(f)		1.61			51
	17.61		3.04			5,824		1.24			0.49	(f)		2.31			42
	18.59		(2.47	)		351		1.32			0.98	(g)		5.09			63
	20.59		22.23			83		1.32	(h)		0.89	(h)		7.99	(h)		65
	20.87		0.28			28,055		1.49			0.42			1.87			19
	20.90		24.51			14,534		1.74			0.27			2.00			38
	17.04		(2.28	)		4,626		1.74			0.75	(f)		2.14			51
	17.45		2.39			3,439		1.74			(0.12	)(f)		2.79			42
	18.44		(2.91	)		137		1.82			0.55	(g)		6.19			63
	20.47		21.61			76		1.82	(h)		0.40	(h)		8.35	(h)		65
	21.38		0.65			260,396		0.74			1.25			1.12			19
	21.41		25.60			131,356		0.89			1.14			1.19			38
	17.45		(1.47	)		9,929		0.89			1.41	(f)		1.35			51
	17.71		3.29			59,858		0.89			0.83	(f)		1.84			42
	18.67		(2.18	)		3,868		1.07			1.17	(g)		5.55			63
	20.64		22.49			3,925		1.07	(h)		1.17	(h)		7.52	(h)		65
	21.04		0.37			742		1.29			0.98			1.72			19
	21.11		24.85			97		1.49			0.31			2.79			38
	17.21		(2.05	)		20		1.49			0.87	(f)		4.37			51
	17.57		2.67			20		1.51			0.19	(f)		5.11			42
	18.55		(2.68	)		68		1.57			0.66	(g)		6.05			63
	20.53		21.92			70		1.57	(h)		0.67	(h)		8.01	(h)		65
	21.37		0.73			4,203		0.64			2.01			1.05			19
	21.39		25.67			90		0.79			1.01			2.44			38
	17.44		(1.38	)		20		0.80			1.57	(f)		3.59			51
	17.75		3.43			20		0.81			0.89	(f)		4.43			42
	18.72		(1.99	)		70		0.87			1.36	(g)		5.34			63
	20.69		22.76			71		0.87	(h)		1.37	(h)		7.31	(h)		65
	21.38		0.77			173,457		0.54			1.24			0.86			19
	21.40		25.72			143,868		0.74			1.37			0.95			38
	17.45		(1.29	)		81,146		0.74			1.70	(f)		1.02			51
	17.76		3.48			5,335		0.74			(0.05	)(f)		2.87			42
	18.73		(1.95	)		70		0.82			1.41	(g)		5.29			63
	20.70		22.80			71		0.82	(h)		1.42	(h)		7.26	(h)		65

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 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) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Value Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	14.26	$	0.15		$	0.28		$	0.43		$	(0.31	)
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
Six Months Ended April 30, 2018 (Unaudited)		13.78		0.11			0.26			0.37			(0.22	)
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
Six Months Ended April 30, 2018 (Unaudited)		14.62		0.17			0.28			0.45			(0.35	)
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
Six Months Ended April 30, 2018 (Unaudited)		14.55		0.17			0.29			0.46			(0.36	)
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
Six Months Ended April 30, 2018 (Unaudited)		14.01		0.12			0.27			0.39			(0.28	)
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
Six Months Ended April 30, 2018 (Unaudited)		14.51		0.18			0.27			0.45			(0.37	)
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
Six Months Ended April 30, 2018 (Unaudited)		14.53		0.19			0.27			0.46			(0.38	)
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.

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

		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)
$	14.38		3.02	%	$	319,588		1.00	%		2.07	%		1.27	%		7	%
	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
	13.93		2.71			18,860		1.50			1.52			1.78			7
	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
	14.72		3.11			149,553		0.75			2.31			1.02			7
	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
	14.65		3.16			145,751		0.65			2.31			0.87			7
	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
	14.12		2.79			1,295		1.30			1.77			1.55			7
	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
	14.59		3.13			70		0.65			2.49			0.95			7
	14.51		23.81			62		0.93			1.69			4.00			31
	12.51		(0.32	)		20		0.79			1.52			0.79			61
	14.61		3.22			122,312		0.55			2.56			0.76			7
	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.

APRIL 30, 2018 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
JPMorgan Intrepid International Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	22.22	$	0.20		$	0.11		$	0.31		$	(0.40	)
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
Six Months Ended April 30, 2018 (Unaudited)		22.40		0.18			0.08			0.26			(0.24	)
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
Six Months Ended April 30, 2018 (Unaudited)		23.12		0.26			0.10			0.36			(0.46	)
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
Six Months Ended April 30, 2018 (Unaudited)		22.01		0.38			(0.11	)		0.27			(0.44	)
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
Six Months Ended April 30, 2018 (Unaudited)		22.78		0.28			0.09			0.37			(0.49	)
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.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

		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)
	$22.13		1.41	%	$	192,179		1.00	%		1.78	%		1.21	%		26	%
	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
	22.42		1.19			2,062		1.50			1.57			1.74			26
	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
	23.02		1.57			57,550		0.75			2.25			0.96			26
	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
	21.84		1.26			37,300		1.30			3.50			1.64			26
	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
	22.66		1.67			3,357,177		0.55			2.47			0.71			26
	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.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (collectively, the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 10 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
JPMorgan Emerging Economies Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM I	Diversified
JPMorgan 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
JPMorgan Global Research Enhanced Index Fund	Class I and Class R6*	JPM I	Diversified
JPMorgan Global Unconstrained Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Equity Income Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Research Enhanced Equity Fund	Class A, Class I and Class R6*	JPM II	Diversified
JPMorgan International Unconstrained Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Value Fund	Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Intrepid International Fund	Class A, Class C, Class I, Class R2 and Class R6	JPM I	Diversified

* Class R6 commenced operations on November 1, 2017.

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

As of October 31, 2017, Class R2 shares of the JPMorgan Global Unconstrained Equity Fund (“Global Unconstrained Equity Fund”) were not publicly offered for investment.

The investment objective of JPMorgan Emerging Economies Fund (“Emerging Economies Fund’) is to seek long-term capital growth.

The investment objective of JPMorgan Emerging Markets Equity Fund (“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 JPMorgan Global Research Enhanced Index Fund (“Global Research Enhanced Index Fund”), JPMorgan Global Unconstrained Equity Fund (“Global Unconstrained Equity Fund”), JPMorgan International Research Enhanced Equity Fund (“International Research Enhanced Equity Fund”) and JPMorgan International Unconstrained Equity Fund (“International Unconstrained Equity Fund”) is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan International Equity Fund (“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 JPMorgan International Equity Income Fund (“International Equity Income Fund”) is to seek to provide both current income and long-term capital appreciation.

The investment objective of JPMorgan International Value Fund (“International Value Fund”) is to seek to provide high total return from a portfolio of foreign company equity securities. Effective May 17, 2018, the investment objective changed to seeks to provide long-term capital appreciation.

The investment objective of JPMorgan Intrepid International Fund (“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, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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.

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

2. Significant Accounting Policies

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

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

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

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

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

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

See the tables 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 Emerging Economies Fund, Emerging Markets Equity Fund, International Equity Income Fund and International Value Fund at April 30, 2018.

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

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

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

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

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

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

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

Emerging Economies Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Argentina	$	5,819	$	—	$	—	$	5,819
Brazil		203,570		—		—		203,570
Chile		—		7,369		—		7,369
China		92,754		439,487		—		532,241
Hong Kong		—		50,792		—		50,792
Hungary		—		35,381		—		35,381
India		5,172		44,558		—		49,730
Indonesia		—		24,162		—		24,162
Kazakhstan		—		6,990		—		6,990
Luxembourg		8,390		—		—		8,390
Malaysia		—		52,154		—		52,154
Panama		24,039		—		—		24,039
Poland		—		17,330		—		17,330
Qatar		—		8,336		—		8,336
Russia		52,955		104,333		—		157,288
Singapore		—		22,904		—		22,904
South Africa		6,602		28,969		—		35,571
South Korea		—		275,735		77,119		352,854
Taiwan		30,152		190,321		—		220,473
Thailand		83,669		—		—		83,669
Turkey		—		76,175		—		76,175
United Kingdom		—		10,720		—		10,720
United States		22,699		—		—		22,699
Vietnam		—		5,713		—		5,713
Total Common Stocks		535,821		1,401,429		77,119		2,014,369
Short-Term Investment
Investment Company		69,885		—		—		69,885
Total Investments in Securities	$	605,706	$	1,401,429	$	77,119	$	2,084,254

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

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	$	149,272	$	—	$	—	$	149,272
Australia		—		24,164		—		24,164
Brazil		404,120		—		—		404,120
China		433,481		882,144		—		1,315,625
Egypt		47,160		—		—		47,160
Hong Kong		—		349,915		—		349,915
India		119,038		817,070		—		936,108
Indonesia		—		115,624		—		115,624
Macau		—		35,414		—		35,414
Mexico		181,903		—		—		181,903
Panama		47,450		—		—		47,450
Peru		72,029		—		—		72,029
Russia		—		188,451		—		188,451
South Africa		—		298,775		—		298,775
South Korea		—		90,534		262,745		353,279
Spain		—		25,672		—		25,672
Taiwan		182,393		121,988		—		304,381
Thailand		—		31,644		—		31,644
Turkey		—		14,274		—		14,274
United States		59,128		—		—		59,128
Total Common Stocks		1,695,974		2,995,669		262,745		4,954,388
Warrants
United States		—		26,717		—		26,717
Short-Term Investment
Investment Company		112,528		—		—		112,528
Total Investments in Securities	$	1,808,502	$	3,022,386	$	262,745	$	5,093,633

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

Global Research Enhanced Index Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Argentina	$	1,185		$	—	$	—	$	1,185
Australia		—			204,589		—		204,589
Austria		—			12,524		—		12,524
Belgium		—			33,079		—		33,079
Bermuda		1,747			—		—		1,747
Canada		262,590			—		—		262,590
China		—			5,188		—		5,188
Denmark		—			48,220		—		48,220
Finland		—			28,810		—		28,810
France		—			371,906		—		371,906
Germany		—			266,570		—		266,570
Hong Kong		2,074			98,131		—		100,205
Ireland		10,540			19,662		—		30,202
Israel		2,783			—		—		2,783
Italy		—			59,793		—		59,793
Japan		—			716,597		—		716,597
Luxembourg		—			11,744		—		11,744
Macau		—			4,970		—		4,970
Netherlands		—			187,081		—		187,081
New Zealand		—			5,286		—		5,286
Norway		—			16,193		—		16,193
Singapore		—			40,377		—		40,377
Spain		—			94,426		—		94,426
Sweden		1,025			45,403		—		46,428
Switzerland		—			241,094		—		241,094
United Kingdom		2,910			481,234		—		484,144
United States		4,863,053			8,907		—		4,871,960
Total Common Stocks		5,147,907			3,001,784		—		8,149,691
Rights
New Zealand		—			62		—		62
Short-Term Investment
Investment Company		173,270			—		—		173,270
Total Investments in Securities	$	5,321,177		$	3,001,846	$	—	$	8,323,023
Appreciation in Other Financial Instruments
Futures Contracts	$	—		$	1,613	$	—	$	1,613
Depreciation in Other Financial Instruments
Futures Contracts	$	(3,470	)	$	—	$	—	$	(3,470	)

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

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	$	—	$	173	$	—	$	173
Brazil		60		—		—		60
Canada		108		—		—		108
China		167		112		—		279
France		—		327		—		327
Germany		—		216		—		216
Hong Kong		—		111		—		111
India		180		—		—		180
Japan		—		216		—		216
Luxembourg		—		66		—		66
Singapore		—		113		—		113
South Africa		—		89		—		89
Spain		—		83		—		83
Switzerland		—		176		—		176
Thailand		—		103		—		103
United Kingdom		—		320		—		320
United States		2,435		—		—		2,435
Total Common Stocks		2,950		2,105		—		5,055
Short-Term Investment
Investment Company		56		—		—		56
Total Investments in Securities	$	3,006	$	2,105	$	—	$	5,111
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	$	—	$	59,634	$	—	$	59,634
Austria		—		40,716		—		40,716
Brazil		34,513		—		—		34,513
China		33,172		120,902		—		154,074
Denmark		—		56,303		—		56,303
France		—		563,336		—		563,336
Germany		—		389,263		—		389,263
Hong Kong		—		194,407		—		194,407
India		52,093		—		—		52,093
Indonesia		—		23,782		—		23,782
Italy		—		50,476		—		50,476
Japan		—		803,390		—		803,390
Macau		—		31,805		—		31,805
Netherlands		—		274,125		—		274,125
Singapore		—		71,219		—		71,219
South Africa		—		32,490		—		32,490
South Korea		—		110,962		—		110,962
Spain		—		103,664		—		103,664
Sweden		—		58,595		—		58,595
Switzerland		—		516,947		—		516,947
Taiwan		36,758		—		—		36,758
United Kingdom		—		796,190		—		796,190
Total Common Stocks		156,536		4,298,206		—		4,454,742
Short-Term Investment
Investment Company		52,920		—		—		52,920
Total Investments in Securities	$	209,456	$	4,298,206	$	—	$	4,507,662

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (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	$	—	$	7,311	$	—	$	7,311
Canada		2,326		—		—		2,326
China		—		4,151		—		4,151
Finland		—		3,587		—		3,587
France		—		36,701		—		36,701
Germany		—		12,102		—		12,102
Italy		—		3,390		—		3,390
Japan		—		31,753		—		31,753
Macau		—		2,374		—		2,374
Netherlands		—		14,886		—		14,886
Norway		—		3,526		—		3,526
Singapore		—		2,815		—		2,815
South Korea		—		—		2,139		2,139
Spain		—		7,500		—		7,500
Sweden		—		4,685		—		4,685
Switzerland		—		19,658		—		19,658
Taiwan		2,453		—		—		2,453
United Kingdom		—		34,954		—		34,954
Total Common Stocks		4,779		189,393		2,139		196,311
Short-Term Investment
Investment Company		3,844		—		—		3,844
Total Investments in Securities	$	8,623	$	189,393	$	2,139	$	200,155

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

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	$	—	$	274,505	$	—		$	274,505
Austria		—		23,431		—			23,431
Belgium		—		59,734		—			59,734
China		—		31,576		—			31,576
Denmark		—		47,910		—			47,910
Finland		—		86,722		—			86,722
France		—		711,967		—			711,967
Germany		—		563,005		—			563,005
Hong Kong		—		121,402		—			121,402
Ireland		36,147		—		—			36,147
Israel		11,816		—		—			11,816
Italy		—		158,702		—			158,702
Japan		—		1,396,267		—			1,396,267
Luxembourg		—		30,607		—			30,607
Malta		—		—		—	(a)		—	(a)
Netherlands		—		359,966		—			359,966
Singapore		—		72,758		—			72,758
Spain		—		200,707		—			200,707
Sweden		—		34,747		—			34,747
Switzerland		—		499,265		—			499,265
United Kingdom		—		820,011		—			820,011
United States		—		49,974		—			49,974
Total Common Stocks		47,963		5,543,256		—	(a)		5,591,219
Debt Securities
Corporate Bonds
Brazil		—		—		—	(a)		—	(a)
Short-Term Investment
Investment Company		211,220		—		—			211,220
Total Investments in Securities	$	259,183	$	5,543,256	$	—	(a)	$	5,802,439
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	9,352	$	—		$	9,352

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

International Unconstrained Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	14,401	$	—	$	14,401
Austria		—		16,512		—		16,512
Brazil		14,052		—		—		14,052
Canada		15,236		—		—		15,236
China		8,596		41,645		—		50,241
Denmark		—		5,823		—		5,823
Finland		—		8,104		—		8,104
France		—		21,892		—		21,892
Germany		—		55,824		—		55,824
Hong Kong		—		33,592		—		33,592
India		17,801		—		—		17,801
Indonesia		—		12,563		—		12,563
Japan		—		48,522		—		48,522
Netherlands		—		50,450		—		50,450
South Africa		—		12,119		—		12,119
South Korea		7,228		19,918		—		27,146
Spain		—		11,288		—		11,288
Switzerland		—		54,211		—		54,211
United Kingdom		—		74,526		—		74,526
Total Common Stocks		62,913		481,390		—		544,303
Short-Term Investment
Investment Company		18,009		—		—		18,009
Total Investments in Securities	$	80,922	$	481,390	$	—	$	562,312

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

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	$	—	$	23,935		$	—	$	23,935
Austria		—		9,940			—		9,940
Belgium		—		15,721			—		15,721
Canada		9,669		—			—		9,669
China		—		4,290			—		4,290
Finland		—		6,661			—		6,661
France		—		115,945			—		115,945
Germany		—		53,853			—		53,853
Ireland		6,743		—			—		6,743
Israel		1,763		—			—		1,763
Italy		—		29,587			—		29,587
Japan		—		184,866			—		184,866
Luxembourg		—		6,742			—		6,742
Netherlands		—		64,207			—		64,207
Norway		—		3,453			—		3,453
Singapore		—		11,305			—		11,305
South Korea		—		—			5,161		5,161
Spain		—		25,060			—		25,060
Sweden		—		7,546			—		7,546
Switzerland		—		61,065			—		61,065
United Kingdom		—		94,035			—		94,035
United States		—		7,324			—		7,324
Total Investments in Securities	$	18,175	$	725,535		$	5,161	$	748,871
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	995		$	—	$	995
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(1,174	)	$	—	$	(1,174	)

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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	$	—	$	250,230	$	—	$	250,230
Austria		—		44,285		—		44,285
Belgium		6,240		48,051		—		54,291
China		—		28,513		—		28,513
Denmark		—		120,853		—		120,853
Finland		—		84,601		—		84,601
France		—		240,657		—		240,657
Germany		—		273,243		—		273,243
Hong Kong		—		63,042		—		63,042
Italy		—		41,992		—		41,992
Japan		—		849,425		—		849,425
Luxembourg		—		31,640		—		31,640
Netherlands		—		298,927		—		298,927
Norway		—		57,702		—		57,702
Portugal		—		11,314		—		11,314
Singapore		—		98,235		—		98,235
Spain		—		66,428		—		66,428
Sweden		—		130,033		—		130,033
Switzerland		—		328,697		—		328,697
United Kingdom		2,471		481,100		—		483,571
Total Common Stocks		8,711		3,548,968		—		3,557,679
Short-Term Investment
Investment Company		62,726		—		—		62,726
Total Investments in Securities	$	71,437	$	3,548,968	$	—	$	3,620,405
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	1,873	$	—	$	1,873

(a) Amount rounds to less than 500.

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

For the Emerging Economies Fund, transfers from level 1 to level 2 in the amount of $35,725,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.

For the Emerging Markets Equity Fund, transfers from level 1 to level 2 in the amount of $211,139,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.

For the Global Research Enhanced Index Fund, transfers from level 1 to level 2 in the amount of $50,902,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.

For the Global Unconstrained Equity Fund, transfers from level 1 to level 2 in the amount of $79,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.

For the International Equity Fund, transfers from level 1 to level 2 in the amount of $112,043,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.

For the International Equity Income Fund, transfers from level 1 to level 2 in the amount of $4,796,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.

For the International Research Enhanced Equity Fund, transfers from level 1 to level 2 in the amount of $86,600,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.

For the International Unconstrained Equity Fund, transfers from level 1 to level 2 in the amount of $18,397,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

For the International Value Fund, transfers from level 1 to level 2 in the amount of $11,170,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.

For the Intrepid International Fund, transfers from level 1 to level 2 in the amount of $82,321,000 are due to applying the fair value factors to certain securities during the year ended April 30, 2018.

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

Emerging Economies Fund	Balance as of October 31, 2017		Realized gain (loss)		Change in net unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of April 30, 2018
Investments in Securities
Common Stocks — South Korea	$	—	$	441	$	1,144	$	—	$	27,500	$	(612	)	$	48,646	$	—	$	77,119

Emerging Markets Equity Fund	Balance as of October 31, 2017		Realized gain (loss)		Change in net unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases1		Sales2		Transfers into Level 3		Transfers out of Level 3		Balance as of April 30, 2018
Investments in Securities
Common Stocks — South Korea	$	—	$	—	$	2,499	$	—	$	83,091	$	—	$	177,155	$	—	$	262,745

International Equity Income Fund	Balance as of October 31, 2017		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of April 30, 2018
Investments in Securities
Common Stocks — South Korea	$	—	$	775	$	(854	)	$	—	$	446	$	(2,544	)	$	4,316	$	—	$	2,139

International Value Fund	Balance as of October 31, 2017		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of April 30, 2018
Investments in Securities
Common Stocks — South Korea	$	—	$	1,175	$	(1,273	)	$	—	$	—	$	(2,444	)	$	7,703	$	—	$	5,161

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the year ended April 30, 2018 for Emerging Economies Fund, Emerging Markets Equity Fund, International Equity Income Fund and International Value Fund.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2018, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

Emerging Economies Fund	$	1,144
Emerging Markets Equity Fund		2,499
International Equity Income Fund		(854	)
International Value Fund		(1,273	)

Emerging Economies Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at April 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	77,119	Recent Market Information	Transaction Price		KRW 2,650 (KRW 2,650)
Common Stock		77,119
Total	$	77,119

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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.

Emerging Markets Equity Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at April 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	262,745	Recent Market Information	Transaction Price		KRW 2,650 (KRW 2,650)
Common Stock		262,745
Total	$	262,745

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.

International Equity Income Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at April 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	2,139	Recent Market Information	Transaction Price		KRW 2,650 (KRW 2,650)
Common Stocks		2,139
Total	$	2,139

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.

International Value Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at April 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	5,161	Recent Market Information	Transaction Price		KRW 2,650 (KRW 2,650)
Common Stocks		5,161
Total	$	5,161

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.

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, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

As of April 30, 2018 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 Unconstrained Equity Fund and Intrepid International Fund used index futures contracts to gain or reduce exposure to the stock

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index.

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

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

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

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended April 30, 2018 (amounts in thousands):

	Emerging Economies Fund		Global Research Enhanced Index Fund		International Research Enhanced Equity Fund		International Unconstrained Equity Fund			Intrepid International Fund
Futures Contracts:
Average Notional Balance Long	$	10,006	$	83,479	$	190,570	$	14,019	(a)	$	58,327
Ending Notional Balance Long		—		117,340		202,751		—			35,902

(a) For the period January 1, 2018 through January 31, 2018.

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

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

The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

The table below discloses the volume of the Funds’ forward foreign currency exchange contracts activity during the six months ended April 30, 2018 (amounts in thousands):

	International Equity Income Fund			International Value Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	15,331	(a)	$	103,391
Average Settlement Value Sold		11,235	(a)		94,926
Ending Settlement Value Purchased		—			88,326
Ending Settlement Value Sold		—			84,524

(a) For the period November 1, 2017 to December 31, 2017.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

E. Summary of Derivatives Information

The following tables present the value of derivatives held as of April 30, 2018, 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	$	1,613
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(3,470	)

(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.

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	$	9,352

(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.

International Value Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	995
Gross Liabilities:
Foreign exchange contracts	Payables	$	(1,174	)

Intrepid International Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,873

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

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a 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.

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2018, by primary underlying risk exposure (amounts in thousands):

Emerging Economies Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	957

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(564	)

Global Research Enhanced Index Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	4,550
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(5,370	)

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	$	(360	)

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	$	328

International Research Enhanced Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	18,438

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	727

International Unconstrained Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	76

International Value Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(1,685	)

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (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	$	(349	)

Intrepid International Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(4,351	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,333

The Funds’ derivatives contracts held at April 30, 2018 are not accounted for as hedging instruments under GAAP.

F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported 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. 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.

H. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the 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. The amount of the transfer agency fees charged to each class of the Funds for the six months ended April 30, 2018 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	$	6		$	1		$	2		n/a		n/a			n/a			n/a		$	—	(a)	$	6		$	15
Emerging Markets Equity Fund
Transfer agency fees		29			5			13	$	10	$	—	(a)	$	—	(a)	$	—	(a)		—	(a)		9			66
Global Research Enhanced Index Fund
Transfer agency fees		n/a			n/a			11		n/a		n/a			n/a			n/a			n/a			4			15
Global Unconstrained Equity Fund
Transfer agency fees		—	(a)		—	(a)		1		n/a		—	(a)		n/a			n/a			—	(a)		—	(a)		1
International Equity Fund
Transfer agency fees		17			3			3		n/a		—	(a)		n/a			n/a			—	(a)		13			36

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	Class A		Class C			Class I		Class L		Class R2			Class R3		Class R4		Class R5			Class R6			Total
International Equity Income Fund
Transfer agency fees	$	2	$	2		$	6		n/a	$	—	(a)		n/a		n/a	$	—	(a)	$	—	(a)	$	10
International Research Enhanced Equity Fund
Transfer agency fees		34		n/a			5	��	n/a		n/a			n/a		n/a		n/a			4			43
International Unconstrained Equity Fund
Transfer agency fees		2		2			6		n/a		—	(a)		n/a		n/a		1			—	(a)		11
International Value Fund
Transfer agency fees		10		1			3	$	2		—	(a)		n/a		n/a		—	(a)		—	(a)		16
Intrepid International Fund
Transfer agency fees		6		—	(a)		1		n/a		14			n/a		n/a		n/a			10			31

(a) Amount rounds to less than 500.

I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2018, 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.

J. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon 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 and long-term capital gains on securities of issuers domiciled in India. Prior to April 1, 2018, certain Funds were only 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 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.

K. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid annually, except for International Equity Income Fund, which are declared and paid monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets.

The annual rate for each Fund is as follows:

Emerging Economies Fund	0.85	%
Emerging Markets Equity Fund	0.85
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.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2018, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), 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
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 six months ended April 30, 2018, JPMDS retained the following amounts (in thousands):

	Front-End Sales Charge			CDSC
Emerging Economies Fund	$	1		$	—
Emerging Markets Equity Fund		70			—
Global Unconstrained Equity Fund		—	(a)		—
International Equity Fund		27			—
International Equity Income Fund		10			—
International Research Enhanced Equity Fund		1			—
International Unconstrained Equity Fund		48			—
International Value Fund		40			—
Intrepid International Fund		1			—

(a) Amount rounds to less than 500.

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service 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		n/a			n/a			0.25			n/a			n/a			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			n/a			0.25			n/a			n/a			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			n/a			0.25			n/a			n/a			n/a

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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

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

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

Class A

Class C

Class I

Class L

Class R2

Class R3

Class R4

Class R5

Class R6

Emerging Economies Fund

1.14

%*

1.64

%*

0.89

%*

n/a

n/a

n/a

n/a

0.79

%*

0.69

%*

Emerging Markets Equity Fund

1.24

*

1.74

*

0.99

*

0.95

%

1.54

%*

1.29

%*

1.04

%*

0.89

*

0.79

*

Global Research Enhanced Index Fund

n/a

n/a

0.34

n/a

n/a

n/a

n/a

n/a

0.25

Global Unconstrained Equity Fund

1.00

*

1.50

*

0.75

*

n/a

1.30

*

n/a

n/a

0.65

*

0.55

*

International Equity Fund

0.95

*

1.45

*

0.70

*

n/a

1.25

*

n/a

n/a

0.60

*

0.50

*

International Equity Income Fund

0.95

*

1.45

*

0.70

*

n/a

1.25

*

n/a

n/a

0.60

*

0.50

*

International Research Enhanced Equity Fund

0.60

n/a

0.35

n/a

n/a

n/a

n/a

n/a

0.25

International Unconstrained Equity Fund

1.00

*

1.50

*

0.75

*

n/a

1.30

*

n/a

n/a

0.65

*

0.55

*

International Value Fund

1.00

*

1.50

*

0.75

*

0.95

1.30

*

n/a

n/a

0.65

*

0.55

*

Intrepid International Fund

1.00

*

1.50

*

0.75

*

n/a

1.30

*

n/a

n/a

n/a

0.55

*

* The contractual expense percentages in the table above are in place until at least October 31, 2019.

Except as noted above, the expense limitation agreements were in effect for the six months ended April 30, 2018 and are in place until February 28, 2019.

For the six months ended April 30, 2018, 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	$	2,571	$	864	$	71	$	3,506	$	4
Emerging Markets Equity Fund		3,143		2,004		393		5,540		9
Global Research Enhanced Index Fund		1,179		787		2,052		4,018		—
Global Unconstrained Equity Fund		9		2		2		13		109
International Equity Fund		4,870		1,764		145		6,779		7
International Equity Income Fund		337		82		56		475		—
International Research Enhanced Equity Fund		916		608		1,071		2,595		—
International Unconstrained Equity Fund		543		192		88		823		—	(a)
International Value Fund		530		313		140		983		—	(a)
Intrepid International Fund		1,636		1,091		86		2,813		5

(a) Amount rounds to less than 500.

	Voluntary Waivers
	Investment Advisory Fees
Global Unconstrained Equity Fund	$	6

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2018 were as follows (amounts in thousands):

Emerging Economies Fund	$	38
Emerging Markets Equity Fund		137
Global Research Enhanced Index Fund		121
Global Unconstrained Equity Fund		—	(a)
International Equity Fund		58
International Equity Income Fund		4
International Research Enhanced Equity Fund		187
International Unconstrained Equity Fund		14
International Value Fund		8
Intrepid International Fund		68

(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.

The Funds may use related party broker-dealers. For the six months ended April 30, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended April 30, 2018, 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	$	593,564	$	550,077
Emerging Markets Equity Fund		780,274		244,599
Global Research Enhanced Index Fund		2,088,823		2,659,503
Global Unconstrained Equity Fund		3,121		1,600
International Equity Fund		1,158,053		734,718
International Equity Income Fund		112,501		118,169
International Research Enhanced Equity Fund		1,884,510		993,262
International Unconstrained Equity Fund		297,594		88,148
International Value Fund		58,547		108,419
Intrepid International Fund		1,334,405		862,856

During the six months ended April 30, 2018, there were no purchases or sales of U.S. Government securities.

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	1,741,432	$	398,143	$	55,321	$	342,822
Emerging Markets Equity Fund		3,729,009		1,494,468		129,844		1,364,624
Global Research Enhanced Index Fund		6,639,314		1,846,746		164,894		1,681,852
Global Unconstrained Equity Fund		4,958		371		218		153
International Equity Fund		3,610,650		965,490		68,478		897,012
International Equity Income Fund		185,937		16,817		2,599		14,218
International Research Enhanced Equity Fund		5,473,169		480,972		142,350		338,622
International Unconstrained Equity Fund		526,343		44,880		8,911		35,969
International Value Fund		663,671		118,158		33,137		85,021
Intrepid International Fund		3,265,429		441,931		85,082		356,849

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 following Funds had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains, as follows (amounts in thousands):

	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		—

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

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

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 April 30, 2018. Average borrowings from the Facility for the six months ended April 30, 2018, were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Global Research Enhanced Index Fund	$	20,016		2.11	%		4	$	5
International Equity Fund		22,564		2.04			7		8
International Equity Income Fund		2,563		2.14			3		—	(a)
International Unconstrained Equity Fund		1,646		2.46			1		—	(a)
International Value Fund		7,728		2.43			2		1

(a) Amount rounds to less than 500.

The Trusts, along with certain other trusts (“Borrowers”), have 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 six months ended April 30, 2018.

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.

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

As of April 30, 2018, 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		10.2	%		70.6	%
Emerging Markets Equity Fund		—			35.5
International Equity Fund		—			73.4
International Research Enhanced Equity Fund		13.1			57.5
International Unconstrained Equity Fund		21.5			—
Intrepid International Fund		—			91.4

As of April 30, 2018, 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 Nonaffiliated Shareholder Accounts and/or Non-affiliated Omnibus Accounts		% of the Fund
Emerging Markets Equity Fund		1		11.2	%		—		—
Global Research Enhanced Index Fund		1		92.7			—		—
Global Unconstrained Equity Fund		1		17.1			3		39.3	%
International Equity Income Fund		1		10.1			3		52.7
International Research Enhanced Equity Fund		1		16.5			—		—
International Unconstrained Equity Fund		—		—			2		23.4
International Value Fund		—		—			3		65.8

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

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

As of April 30, 2018, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:

	China			France			India			Japan
Emerging Economies Fund		25.5	%		—	%		—	%		—	%
Emerging Markets Equity Fund		25.8			—			18.4			—
International Equity Fund		—			12.5			—			17.8
International Equity Income Fund		—			18.3			—			15.9
International Research Enhanced Equity Fund		—			12.3			—			24.1
International Unconstrained Equity Fund		—			—			—			—
International Value Fund		—			15.5			—			24.7
Intrepid International Fund		—			—						23.5
	South Korea			Switzerland			Taiwan			United Kingdom
Emerging Economies Fund		16.9	%		—	%		10.6	%		—	%
International Equity Fund		—			11.5			—			17.7
International Equity Income Fund		—			—			—			17.5
International Research Enhanced Equity Fund		—			—			—			14.1
International Unconstrained Equity Fund		—			—			—			13.3
International Value Fund		—			—			—			12.6
Intrepid International Fund		—			—			—			13.4

As of April 30, 2018, 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.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2017, and continued to hold your shares at the end of the reporting period, April 30, 2018.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During the Period		Annualized Expense Ratio
Emerging Economies Fund
Class A
Actual*	$	1,000.00	$	1,014.60	$	5.69		1.14	%
Hypothetical*		1,000.00		1,019.14		5.71		1.14
Class C
Actual*		1,000.00		1,011.60		8.18		1.64
Hypothetical*		1,000.00		1,016.66		8.20		1.64
Class I
Actual*		1,000.00		1,016.00		4.45		0.89
Hypothetical*		1,000.00		1,020.38		4.46		0.89
Class R5
Actual*		1,000.00		1,015.90		3.95		0.79
Hypothetical*		1,000.00		1,020.88		3.96		0.79
Class R6
Actual*		1,000.00		1,016.80		3.45		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Emerging Markets Equity Fund
Class A
Actual*		1,000.00		1,028.70		6.19		1.23
Hypothetical*		1,000.00		1,018.70		6.16		1.23
Class C
Actual*		1,000.00		1,025.80		8.69		1.73
Hypothetical*		1,000.00		1,016.22		8.65		1.73
Class I
Actual*		1,000.00		1,029.50		4.93		0.98
Hypothetical*		1,000.00		1,019.93		4.91		0.98
Class L
Actual*		1,000.00		1,030.20		4.48		0.89
Hypothetical*		1,000.00		1,020.38		4.46		0.89

132 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During the Period		Annualized Expense Ratio
Emerging Markets Equity Fund (continued)
Class R2
Actual*	$	1,000.00	$	1,026.70	$	7.69		1.53	%
Hypothetical*		1,000.00		1,017.21		7.65		1.53
Class R3
Actual*		1,000.00		1,028.10		6.44		1.28
Hypothetical*		1,000.00		1,018.45		6.41		1.28
Class R4
Actual*		1,000.00		1,029.50		5.23		1.04
Hypothetical*		1,000.00		1,019.64		5.21		1.04
Class R5
Actual*		1,000.00		1,030.30		4.43		0.88
Hypothetical*		1,000.00		1,020.43		4.41		0.88
Class R6
Actual*		1,000.00		1,030.70		3.93		0.78
Hypothetical*		1,000.00		1,020.93		3.91		0.78
Global Research Enhanced Index Fund
Class I
Actual*		1,000.00		1,026.80		1.71		0.34
Hypothetical*		1,000.00		1,023.11		1.71		0.34
Class R6
Actual**		1,000.00		1,026.00		1.25		0.25
Hypothetical*		1,000.00		1,023.55		1.25		0.25
Global Unconstrained Equity Fund
Class A
Actual*		1,000.00		1,026.10		3.77		0.75
Hypothetical*		1,000.00		1,021.08		3.76		0.75
Class C
Actual*		1,000.00		1,023.70		6.27		1.25
Hypothetical*		1,000.00		1,018.60		6.26		1.25
Class I
Actual*		1,000.00		1,027.90		2.01		0.40
Hypothetical*		1,000.00		1,022.81		2.01		0.40
Class R2
Actual*		1,000.00		1,024.70		5.02		1.00
Hypothetical*		1,000.00		1,019.84		5.01		1.00
Class R5
Actual*		1,000.00		1,028.60		1.51		0.30
Hypothetical*		1,000.00		1,023.31		1.51		0.30
Class R6
Actual*		1,000.00		1,029.10		1.26		0.25
Hypothetical*		1,000.00		1,023.55		1.25		0.25
International Equity Fund
Class A
Actual*		1,000.00		1,023.00		4.71		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class C
Actual*		1,000.00		1,020.40		7.26		1.45
Hypothetical*		1,000.00		1,017.60		7.25		1.45
Class I
Actual*		1,000.00		1,024.40		3.51		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Class R2
Actual*		1,000.00		1,021.10		6.26		1.25
Hypothetical*		1,000.00		1,018.60		6.26		1.25

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 133

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During the Period		Annualized Expense Ratio
International Equity Fund (continued)
Class R5
Actual*	$	1,000.00	$	1,024.60	$	3.01		0.60	%
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R6
Actual*		1,000.00		1,025.30		2.51		0.50
Hypothetical*		1,000.00		1,022.32		2.51		0.50
International Equity Income Fund
Class A
Actual*		1,000.00		1,035.80		4.80		0.95
Hypothetical*		1,000.00		1,020.08		4.76		0.95
Class C
Actual*		1,000.00		1,033.30		7.31		1.45
Hypothetical*		1,000.00		1,017.60		7.25		1.45
Class I
Actual*		1,000.00		1,037.30		3.54		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Class R2
Actual*		1,000.00		1,034.00		6.30		1.25
Hypothetical*		1,000.00		1,018.60		6.26		1.25
Class R5
Actual*		1,000.00		1,037.10		3.03		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R6
Actual*		1,000.00		1,038.40		2.53		0.50
Hypothetical*		1,000.00		1,022.32		2.51		0.50
International Research Enhanced Equity Fund
Class A
Actual*		1,000.00		1,028.10		2.97		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Class I
Actual*		1,000.00		1,029.40		1.76		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
Class R6
Actual**		1,000.00		1,026.60		1.25		0.25
Hypothetical*		1,000.00		1,023.55		1.25		0.25
International Unconstrained Equity Fund
Class A
Actual*		1,000.00		1,005.60		4.92		0.99
Hypothetical*		1,000.00		1,019.89		4.96		0.99
Class C
Actual*		1,000.00		1,002.80		7.40		1.49
Hypothetical*		1,000.00		1,017.41		7.45		1.49
Class I
Actual*		1,000.00		1,006.50		3.68		0.74
Hypothetical*		1,000.00		1,021.12		3.71		0.74
Class R2
Actual*		1,000.00		1,003.70		6.41		1.29
Hypothetical*		1,000.00		1,018.40		6.46		1.29
Class R5
Actual*		1,000.00		1,007.30		3.19		0.64
Hypothetical*		1,000.00		1,021.62		3.21		0.64
Class R6
Actual*		1,000.00		1,007.70		2.69		0.54
Hypothetical*		1,000.00		1,022.12		2.71		0.54

134 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2018

	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During the Period		Annualized Expense Ratio
International Value Fund
Class A
Actual*	$	1,000.00	$	1,030.20	$	5.03		1.00	%
Hypothetical*		1,000.00		1,019.84		5.01		1.00
Class C
Actual*		1,000.00		1,027.10		7.54		1.50
Hypothetical*		1,000.00		1,017.36		7.50		1.50
Class I
Actual*		1,000.00		1,031.10		3.78		0.75
Hypothetical*		1,000.00		1,021.08		3.76		0.75
Class L
Actual*		1,000.00		1,031.60		3.27		0.65
Hypothetical*		1,000.00		1,021.57		3.26		0.65
Class R2
Actual*		1,000.00		1,027.90		6.54		1.30
Hypothetical*		1,000.00		1,018.35		6.51		1.30
Class R5
Actual*		1,000.00		1,031.30		3.27		0.65
Hypothetical*		1,000.00		1,021.57		3.26		0.65
Class R6
Actual*		1,000.00		1,032.20		2.77		0.55
Hypothetical*		1,000.00		1,022.07		2.76		0.55
Intrepid International Fund
Class A
Actual*		1,000.00		1,014.10		4.99		1.00
Hypothetical*		1,000.00		1,019.84		5.01		1.00
Class C
Actual*		1,000.00		1,011.90		7.48		1.50
Hypothetical*		1,000.00		1,017.36		7.50		1.50
Class I
Actual*		1,000.00		1,015.70		3.75		0.75
Hypothetical*		1,000.00		1,021.08		3.76		0.75
Class R2
Actual*		1,000.00		1,012.60		6.49		1.30
Hypothetical*		1,000.00		1,018.35		6.51		1.30
Class R6
Actual*		1,000.00		1,016.70		2.75		0.55
Hypothetical*		1,000.00		1,022.07		2.76		0.55

* 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 181/365 (to reflect the actual period). Commencement of operations was November 1, 2017.

APRIL 30, 2018 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 135

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 prospectuses 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., 2018.  All rights reserved. April 2018. SAN-INTEQ-418

Semi-Annual Report

J.P. Morgan Tax Aware Funds

April 30, 2018 (Unaudited)

JPMorgan Tax Aware Equity Fund

JPMorgan Tax Aware Real Return Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Tax Aware Equity Fund	3
JPMorgan Tax Aware Real Return Fund	6
Schedules of Portfolio Investments	10
Financial Statements	26
Financial Highlights	32
Notes to Financial Statements	36
Schedule of Shareholder Expenses	44

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ 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

June 8, 2018 (Unaudited)

Dear Shareholder,

While the global economy largely continued its steady-growth trajectory throughout the six months ended April 30, 2018, investor concerns about rising interest rates and geo-political events fueled the return of volatility to financial markets and ended a 15-month string of rising equity prices in the U.S.

  “This world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.”— George C.W. Gatch

Favorable central bank policies, corporate earnings growth and consumer confidence remained supportive of global growth throughout the reporting period, though economic data in the European Union (the “EU”) softened somewhat in early 2018. Global petroleum prices generally rose during the reporting period as record output from U.S. shale operations was outweighed by expectations of rising global demand and extended output cuts from the Organization of Petroleum Exporting Nations.

The U.S. Federal Reserve (the “Fed”) raised interest rates in December 2017 and again in March 2018 in response to a tightening labor market and early signs of price inflation. The unemployment rate dropped to 3.9% in April – a level not seen in 18 years – after sitting at 4.1% from October 2017 to March 2018. Gross domestic product (GDP) in the U.S. rose by 2.9% in the fourth quarter of 2017 and an estimated 2.2% in the first quarter of 2018.

Meanwhile, U.S. tax cut legislation enacted in December 2017, appeared to provide support for both equity prices and corporate earnings, which reached record highs in the first quarter of 2017. Of the 279 companies reporting U.S. first quarter earnings by the end of the reporting period, 78% had surpassed analysts’ aggregate estimates.

In early February, a spike in 10-year U.S. Treasury bond yields triggered a rapid sell-off in U.S. financial markets that spread to global markets. Yields on 10-year Treasury bonds are generally considered a bellwether for broader market trends, and the increase in yields was a technical signal that raised investor concerns about inflation and rising U.S. interest rates.

While financial markets rebounded somewhat, the sell-off led to a record spike in market volatility just three months after the CBOE Volatility Index, which looks at Standard & Poor’s 500 Index futures to gauge near-term volatility, had dropped to the lowest level since it was created.

Throughout the latter half of the reporting period, U.S. financial markets were also buffeted by the potential for a U.S.-China trade war after President Trump threatened to raise import tariffs. However, background political uncertainty in Washington, D.C. appeared to have little direct impact on domestic financial markets.

Meanwhile, the European Central Bank (ECB) in January reduced its monthly asset purchases by half, though it declined to raise benchmark interest rates during the reporting period. In November, the Bank of England raised interest rates for the first time in a decade as the domestic economy continued to expand and uncertainty over Britain’s planned exit from the EU receded somewhat. In Germany, Chancellor Angela Merkel successfully formed a governing coalition in late February, removing further uncertainty among investors. Across the 19-nation Eurozone, unemployment fell to 8.5% and GDP grew 2.5% in the first quarter of 2018.

In China, government efforts to curb financial speculation appeared to hold down financial market volatility even as the nation’s economy continued to grow. Estimated GDP growth for China was 6.8% in the first quarter of 2018 and 6.9% for the final quarter of 2017. Emerging market nations largely continued to benefit from robust growth in China, rising commodity prices and global demand for goods. However, rising borrowing costs have put pressure on emerging markets in select nations that depend most on external financing, particularly Argentina, Turkey and Brazil.

Against a generally positive environment for global economic growth, a few distinct concerns have emerged in 2018. U.S. threats of protectionist trade policies and changes in U.S. foreign policy, particularly toward Iran, have led to political strains with long-time U.S. allies and trading partners. Rising interest rates globally have put pressure on the currencies of several emerging market nations. The world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.

We believe investors who maintain a long-term outlook and a properly diversified portfolio should continue to benefit from the global economic expansion in 2018. 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

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 1

J.P. Morgan Tax Aware Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

Global financial markets generally provided positive returns for the reporting period, but gains were tempered by increased market volatility, rising bond yields in the U.S. and moderating economic growth in the early part of 2018. While economists had generally forecast continued growth in the global economy, concerns over inflationary pressure, signs of slowing growth in Europe and a potential trade war between the U.S. and China all led to investor uncertainty in the latter half of the reporting period.

Notably, global petroleum prices rose significantly during the reporting period. Global economic growth drove increased demand for oil, while on the supply side, the Organization of Petroleum Exporting Countries and Russia agreed in December 2017 to extend production curbs through 2018. Severe reductions in output from Venezuela and threatened U.S. sanctions against Iran also provided support for global energy prices.

Throughout the final months of 2017 and into January 2018, U.S. equity prices reached new highs and financial market volatility remained at historically low levels. Then in early February 2018, the Standard & Poor’s 500 Index (the “S&P 500”) fell more than 10% intraday and the CBOE Volatility Index, which measures options on the S&P 500 to gauge near-term market volatility, spiked a record 115.6%. The sell-off came after fifteen consecutive months of stock market gains and was largely triggered by a spike in yields on 10-year U.S. Treasury bonds, which signaled to investors that rising borrowing costs and accelerating inflation could lead to weakness in asset prices. Overall, bond prices in the U.S. declined amid investor expectations for rising interest rates.

In Europe and Japan, equity prices generally ended higher for the reporting period, supported by central bank policies, corporate earnings and continued improvements in leading economic indicators. However, increased market volatility in 2018 erased much of the stock market gains made in late 2017.

Equity prices in emerging markets also rose amid corporate profit growth, rising commodities prices and a positive global economic outlook. China’s efforts to curb financial market speculation appeared to provide some stability to asset prices. Notably, prices for emerging market debt slumped after rising through most of 2016 and 2017. A potential U.S.-China trade war, widening conflict in Syria and political uncertainty ahead of elections in Brazil and Mexico contributed to investor concerns about emerging market currencies and local-currency denominated bonds.

For the twelve months ended October 30, 2017, the S&P 500 returned 3.82%, while the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned -1.16%.

2 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.87%
S&P 500 Index		3.82%
Net Assets as of 4/30/2018 (In Thousands)	$	1,454,087

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 underperformed the S&P 500 Index (the “Benchmark”) for the six months ended April 30, 2018. The Fund’s security selection in the semiconductors & hardware sector and the insurance sector was a leading detractor from performance relative to the Benchmark. The Fund’s overweight allocation and security selection in the media sector and its security selection in the energy sector were leading contributors to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Broadcom Ltd. and its underweight positions in Boeing Co. and Cisco Systems Inc. Shares of Broadcom, a semiconductor manufacturer, fell after the U.S. blocked its attempted acquisition of Qualcomm Inc. Shares of Boeing, an aircraft maker and aerospace company, rose after the company reported better-than-expected results for the first quarter of 2018. Shares of Cisco Systems, a computer networking services provider, rose after the company reported better-than-expected revenue and earnings.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Amazon.com Inc. and Pioneer Natural Resources Co. and its underweight position in Exxon Mobil Corp. Shares of Amazon.com, a provider of online retail shopping and services, rose amid continued growth in earnings and revenue. Shares of Pioneer Natural Resources, an oil producer, rose after the company reported better-than-expected earnings and raised its dividend. Shares of Exxon Mobil, an oil and gas exploration and production company, fell after the company reported lower-than-expected earnings.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers employed a bottom-up fundamental approach to security

selection, researching companies to determine what they believed to be their underlying value and potential for future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Amazon.com, Inc.	4.2	%
	2.	UnitedHealth Group, Inc.	4.1
	3.	Microsoft Corp.	4.0
	4.	Broadcom, Inc.	3.5
	5.	Apple, Inc.	3.3
	6.	Bank of America Corp.	3.0
	7.	Honeywell International, Inc.	2.7
	8.	Alphabet, Inc., Class C	2.3
	9.	Citigroup, Inc.	2.1
	10.	Alphabet, Inc., Class A	2.1

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	28.7	%
Financials	17.3
Health Care	14.2
Consumer Discretionary	12.7
Industrials	11.4
Energy	6.5
Consumer Staples	4.0
Materials	3.1
Utilities	1.4
Short-Term Investment	0.7

* 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 April 30, 2018. The Fund’s portfolio composition is subject to change.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
		6 MONTHS*									1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	March 22, 2011
With Sales Charge**			(2.75	)%		(4.35	)%		(0.48	)%		5.96	%		4.16	%		4.82	%		11.81	%		10.68	%		9.29	%		8.39	%		7.72	%		6.76	%
Without Sales Charge			2.65			0.96			2.78			11.82			9.92			8.36			13.03			11.89			10.30			8.98			8.31			7.27
CLASS C SHARES	March 22, 2011
With CDSC***			1.40			(0.25	)		2.02			10.29			8.49			7.39			12.47			11.43			9.86			8.60			7.99			6.96
Without CDSC			2.40			0.75			2.62			11.29			9.49			7.99			12.47			11.43			9.86			8.60			7.99			6.96
CLASS I SHARES	January 30, 1997		2.87			1.14			2.94			12.30			10.30			8.71			13.53			12.28			10.69			9.32			8.58			7.55

* Not annualized.

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

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

TEN YEAR FUND PERFORMANCE (4/30/08 TO 4/30/18)

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 April 30, 2008 to April 30, 2018. 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 APRIL 30, 2018

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares, with the exception of returns noted above as after taxes.

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

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		0.15%
Bloomberg Barclays U.S. 1–15 Year Blend (1–17) Municipal Bond Index		(1.16)%
Composite Benchmark**		0.71%
Net Assets as of 4/30/2018 (In Thousands)	$	1,114,153

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, outperformed the Bloomberg Barclays U.S. 1–15 Year Blend (1–17) Municipal Bond Index (the “Benchmark”) and underperformed the Composite Benchmark for the six months ended April 30, 2018.

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 1.05%, 1.88%, 2.66% and 5.84%, respectively. Swaps contract returns were pulled higher by the recovery in oil prices during the reporting period.

Relative to the Benchmark, the Fund’s underweight position in the general obligation bond sector and its overweight position in pre-refunded bonds were leading contributors to performance. The Fund’s underweight positions in both industrial development revenue/pollution control revenue bonds and hospital sector bonds detracted from relative performance. During the reporting period, lower quality bonds generally outperformed higher quality bonds and the Fund’s overweight position in bonds rated AA and higher and its underweight position in bonds rated A and BBB detracted from relative performance.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed a bottom-up, security-selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. The Fund maintained its 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 98% from 94%.

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 APRIL 30, 2018

PORTFOLIO COMPOSITION****
Municipal Bonds	95.9	%
Short-Term Investment	4.1

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

** The Fund’s Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index.

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

**** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
		6 MONTHS*									1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	August 31, 2005
With Sales Charge**			(3.74	)%		(3.84	)%		(1.81	)%		(2.98	)%		(3.17	)%		(0.97	)%		(0.45	)%		(0.49	)%		0.21	%		1.47	%		1.45	%		1.69	%
Without Sales Charge			0.02			(0.08	)		0.44			0.80			0.60			1.30			0.32			0.28			0.80			1.86			1.84			2.00
CLASS C SHARES	August 31, 2005
With CDSC***			(1.12	)		(1.21	)		(0.32	)		(0.71	)		(0.80	)		0.30			(0.26	)		(0.28	)		0.24			1.23			1.21			1.38
Without CDSC			(0.12	)		(0.21	)		0.27			0.29			0.20			0.89			(0.26	)		(0.28	)		0.24			1.23			1.21			1.38
CLASS I SHARES	August 31, 2005		0.15			0.03			0.55			1.03			0.82			1.51			0.60			0.55			1.06			2.12			2.10			2.26
CLASS R6 SHARES	August 16, 2013		0.20			0.19			0.71			1.15			1.13			1.83			0.69			0.69			1.19			2.17			2.17			2.33

* Not annualized.

** Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR FUND PERFORMANCE (4/30/08 TO 4/30/18)

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 April 30, 2008 to April 30, 2018. 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 APRIL 30, 2018

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.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.3%
		Consumer Discretionary — 12.7%
		Auto Components — 0.6%
	111	Aptiv plc		9,406
		Hotels, Restaurants & Leisure — 0.3%
	48	Yum Brands, Inc.		4,216
		Internet & Direct Marketing Retail — 4.3%
	39	Amazon.com, Inc. (a)		61,793
		Media — 3.2%
	52	Charter Communications, Inc., Class A (a)		14,225
	350	Comcast Corp., Class A		11,002
	300	Twenty-First Century Fox, Inc., Class B		10,820
	99	Walt Disney Co. (The)		9,931
				45,978
		Multiline Retail — 0.3%
	53	Dollar Tree, Inc. (a)		5,063
		Specialty Retail — 3.5%
	11	AutoZone, Inc. (a)		6,726
	151	Home Depot, Inc. (The)		27,948
	195	Lowe’s Cos., Inc.		16,058
				50,732
		Textiles, Apparel & Luxury Goods — 0.5%
	50	PVH Corp.		7,985
		Total Consumer Discretionary		185,173
		Consumer Staples — 4.0%
		Beverages — 2.6%
	200	Coca-Cola Co. (The)		8,646
	34	Constellation Brands, Inc., Class A		7,857
	93	Molson Coors Brewing Co., Class B		6,658
	145	PepsiCo, Inc.		14,626
				37,787
		Food Products — 0.9%
	310	Mondelez International, Inc., Class A		12,243
		Tobacco — 0.5%
	89	Philip Morris International, Inc.		7,298
		Total Consumer Staples		57,328
		Energy — 6.5%
		Oil, Gas & Consumable Fuels — 6.5%
	420	Cabot Oil & Gas Corp.		10,052
	52	Diamondback Energy, Inc. (a)		6,628
	205	EOG Resources, Inc.		24,279
	109	Marathon Petroleum Corp.		8,188
	321	Occidental Petroleum Corp.		24,797
	98	Pioneer Natural Resources Co.		19,812
		Total Energy		93,756

SHARES		SECURITY DESCRIPTION	VALUE($)
		Financials — 17.3%
		Banks — 7.4%
	1,464	Bank of America Corp.		43,804
	457	Citigroup, Inc.		31,228
	46	First Republic Bank		4,256
	552	Wells Fargo & Co.		28,665
				107,953
		Capital Markets — 4.9%
	24	BlackRock, Inc.		12,263
	28	Goldman Sachs Group, Inc. (The)		6,600
	234	Intercontinental Exchange, Inc.		16,978
	527	Morgan Stanley		27,212
	39	S&P Global, Inc.		7,362
				70,415
		Consumer Finance — 0.8%
	53	Capital One Financial Corp.		4,759
	88	Discover Financial Services		6,276
				11,035
		Diversified Financial Services — 1.5%
	72	Berkshire Hathaway, Inc., Class B (a)		13,997
	153	Voya Financial, Inc.		8,030
				22,027
		Insurance — 2.7%
	190	Chubb Ltd.		25,841
	136	Hartford Financial Services Group, Inc. (The)		7,338
	138	MetLife, Inc.		6,583
				39,762
		Total Financials		251,192
		Health Care — 14.2%
		Biotechnology — 1.8%
	39	Biogen, Inc. (a)		10,798
	91	Gilead Sciences, Inc.		6,546
	55	Vertex Pharmaceuticals, Inc. (a)		8,405
				25,749
		Health Care Equipment & Supplies — 2.7%
	113	Danaher Corp.		11,366
	162	Medtronic plc		12,990
	136	Zimmer Biomet Holdings, Inc.		15,654
				40,010
		Health Care Providers & Services — 4.0%
	249	UnitedHealth Group, Inc.		58,941
		Life Sciences Tools & Services — 0.6%
	124	Agilent Technologies, Inc.		8,119

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — 5.1%
	46	Allergan plc		7,018
	247	Bristol-Myers Squibb Co.		12,883
	137	Eli Lilly & Co.		11,080
	52	Johnson & Johnson		6,590
	168	Merck & Co., Inc.		9,914
	711	Pfizer, Inc.		26,049
				73,534
		Total Health Care		206,353
		Industrials — 11.4%
		Aerospace & Defense — 2.5%
	34	Boeing Co. (The)		11,174
	66	General Dynamics Corp.		13,313
	37	Northrop Grumman Corp.		11,813
				36,300
		Airlines — 0.8%
	102	Southwest Airlines Co.		5,367
	98	United Continental Holdings, Inc. (a)		6,607
				11,974
		Building Products — 1.1%
	77	Allegion plc		5,958
	285	Masco Corp.		10,805
				16,763
		Commercial Services & Supplies — 0.7%
	148	Waste Connections, Inc.		10,671
		Industrial Conglomerates — 2.7%
	268	Honeywell International, Inc.		38,824
		Machinery — 1.2%
	121	Stanley Black & Decker, Inc.		17,189
		Road & Rail — 2.4%
	62	Norfolk Southern Corp.		8,867
	192	Union Pacific Corp.		25,590
				34,457
		Total Industrials		166,178
		Information Technology — 28.7%
		Internet Software & Services — 6.3%
	30	Alphabet, Inc., Class A (a)		30,997
	33	Alphabet, Inc., Class C (a)		33,822
	159	Facebook, Inc., Class A (a)		27,410
				92,229
		IT Services — 7.0%
	77	Accenture plc, Class A		11,679
	192	Fidelity National Information Services, Inc.		18,251

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — continued
	157	Mastercard, Inc., Class A		28,076
	124	PayPal Holdings, Inc. (a)		9,232
	119	Visa, Inc., Class A		15,149
	68	WEX, Inc. (a)		11,011
	103	Worldpay, Inc. (a)		8,375
				101,773
		Semiconductors & Semiconductor Equipment — 5.2%
	219	Broadcom, Inc.		50,301
	56	Microchip Technology, Inc.		4,689
	41	NVIDIA Corp.		9,272
	111	Texas Instruments, Inc.		11,279
				75,541
		Software — 6.9%
	122	Adobe Systems, Inc. (a)		27,111
	630	Microsoft Corp.		58,881
	197	Oracle Corp.		9,017
	48	salesforce.com, Inc. (a)		5,820
				100,829
		Technology Hardware, Storage & Peripherals — 3.3%
	287	Apple, Inc.		47,462
		Total Information Technology		417,834
		Materials — 3.1%
		Chemicals — 1.6%
	376	DowDuPont, Inc.		23,767
		Construction Materials — 0.5%
	39	Martin Marietta Materials, Inc.		7,500
		Containers & Packaging — 1.0%
	187	Ball Corp.		7,500
	112	WestRock Co.		6,616
				14,116
		Total Materials		45,383
		Utilities — 1.4%
		Electric Utilities — 0.8%
	71	NextEra Energy, Inc.		11,559
		Multi-Utilities — 0.6%
	354	NiSource, Inc.		8,637
		Total Utilities		20,196
		Total Common Stocks (Cost $801,216)		1,443,393

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.7%
		Investment Company — 0.7%
	10,378	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $10,378)		10,378
		Total Investments — 100.0% (Cost $811,594)		1,453,771
		Other Assets in Excess of Liabilities — 0.0% (g)		316
		NET ASSETS — 100.0%	$	1,454,087

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 94.3% (t)
		Alaska — 1.4%
		Other Revenue — 1.4%
	13,490	Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Rev., 5.25%, 09/01/2029		15,610
		Arizona — 3.1%
		Other Revenue — 0.2%
		Phoenix Civic Improvement Corp., Senior Lien,
	1,085	Series C, Rev., 5.00%, 07/01/2022		1,181
	1,000	Series C, Rev., 5.00%, 07/01/2024		1,087
				2,268
		Prerefunded — 2.9%
	26,840	Arizona State Transportation Board, Series A, Rev., GAN, 5.25%, 07/01/2020 (p)		28,686
	3,000	Arizona State Transportation Board, Maricopa County Regional Area Road, Rev., 5.00%, 07/01/2020 (p)		3,190
				31,876
		Total Arizona		34,144
		Arkansas — 0.2%
		Prerefunded — 0.1%
	710	City of Fort Smith, Water & Sewer, Rev., AGM, 5.00%, 10/01/2018 (p)		719
		Water & Sewer — 0.1%
	1,105	City of Fort Smith, Water & Sewer, Rev., AGM, 5.00%, 10/01/2022		1,119
		Total Arkansas		1,838
		California — 17.2%
		Certificate of Participation/Lease — 0.0% (g)
	80	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.00%, 10/01/2031		89
		Education — 0.6%
	3,000	California State University, Systemwide, Series A, Rev., 5.00%, 11/01/2024		3,500
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.50%, 08/01/2020		2,681
				6,181
		General Obligation — 5.6%
	750	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/2026		510
		Contra Costa Community College District,
	2,115	GO, 5.00%, 08/01/2021		2,322

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	1,000	GO, 5.00%, 08/01/2022		1,096
	1,000	GO, 5.00%, 08/01/2024		1,095
	145	Los Angeles Community College District, Election of 2008, Series G, GO, 4.00%, 08/01/2039		150
		Los Angeles Unified School District,
	10,010	Series B, GO, 5.00%, 07/01/2026		12,010
	9,000	Series C, GO, 5.00%, 07/01/2026		10,372
	5,000	Series D, GO, 5.25%, 07/01/2024		5,201
		Murrieta Valley Unified School District,
	550	GO, AGM, 5.00%, 09/01/2022		614
	725	GO, AGM, 5.00%, 09/01/2023		823
	1,000	San Diego Unified School District, Election of 1998, Series F-1, GO, AGM, 5.25%, 07/01/2028		1,253
	1,000	State Center Community College District, GO, 5.00%, 08/01/2024		1,116
		State of California, Various Purpose,
	5,000	GO, 5.00%, 04/01/2020		5,146
	10,370	GO, 5.00%, 08/01/2030		11,907
	5,000	GO, 5.63%, 04/01/2026		5,171
	3,010	GO, 6.50%, 04/01/2033		3,141
				61,927
		Hospital — 0.3%
	1,000	California Health Facilities Financing Authority, Kaiser Permanente, Subseries A-2, Rev., 4.00%, 11/01/2038		1,025
	1,750	California Municipal Finance Authority, Community Medical Centers, Series A, Rev., 5.00%, 02/01/2031		1,976
				3,001
		Other Revenue — 0.6%
	4,950	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.00%, 06/01/2034		5,543
		San Francisco Bay Area Rapid Transit District, Sales Tax,
	175	Series A, Rev., 5.00%, 07/01/2024		204
	395	Series A, Rev., 5.00%, 07/01/2025		467
	225	Series A, Rev., 5.00%, 07/01/2026		265
				6,479
		Prerefunded — 2.2%
	250	California State Department of Water Resources, Central Valley Project Water System, Series AQ, Rev., 4.00%, 06/01/2023 (p)		273

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	8,700	California State Public Works Board, University of California, Series H, Rev., 5.00%, 09/01/2023 (p)		9,965
	15	City of Los Angeles, Department of Water & Power, Power System, Series A, Rev., 5.00%, 01/01/2023 (p)		17
	3,590	State of California, Various Purpose, GO, 6.50%, 04/01/2019 (p)		3,745
	10,285	University of California, Series O, Rev., 5.75%, 05/15/2019 (p)		10,710
				24,710
		Transportation — 0.7%
		California Infrastructure & Economic Development Bank, Bay Area Toll Bridges, First Lien,
	340	Series A, Rev., AGM, 5.00%, 07/01/2022 (p)		381
	2,315	Series A, Rev., FGIC, 5.00%, 07/01/2025 (p)		2,747
		San Joaquin County Transportation Authority, Measure K,
	2,285	Rev., 5.00%, 03/01/2029		2,709
	2,000	Rev., 5.00%, 03/01/2030		2,365
				8,202
		Utility — 6.0%
		City of Los Angeles, Department of Water & Power, Power System,
	2,500	Series A, Rev., 5.00%, 07/01/2023		2,830
	2,550	Series A, Rev., 5.00%, 07/01/2032		3,014
	5,000	Series A, Rev., 5.00%, 07/01/2033		5,880
	710	Series A, Rev., 5.00%, 07/01/2034		830
	25,385	Series B, Rev., 5.00%, 07/01/2028		28,855
	8,580	Series B, Rev., 5.00%, 07/01/2029		10,239
	2,100	Series B, Rev., 5.00%, 07/01/2031		2,389
	1,925	Series B, Rev., 5.00%, 07/01/2032		2,185
	3,300	Series D, Rev., 5.00%, 07/01/2032		3,783
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.25%, 11/15/2021		5,448
	1,290	Sacramento Municipal Utility District Financing Authority, Cosumnes Project, Rev., 5.00%, 07/01/2028		1,512
				66,965
		Water & Sewer — 1.2%
	4,750	City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/2023		4,157

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — continued
	2,545	Metropolitan Water District Southern Water Works, Series A, Rev., 5.00%, 10/01/2025		2,823
	6,000	San Diego County Water Authority, Series 2013A, Rev., 5.00%, 05/01/2030		6,709
				13,689
		Total California		191,243
		Colorado — 2.3%
		General Obligation — 2.3%
	4,250	Dawson Ridge Metropolitan District No.1, Series A, GO, Zero Coupon, 10/01/2022 (p)		3,833
		Douglas County School District No. Re-1, Douglas & Elbert Counties,
	6,950	GO, 5.25%, 12/15/2023		8,004
	2,345	GO, 5.25%, 12/15/2025		2,783
	10,000	Jefferson County School District No. R-1, GO, 5.00%, 12/15/2022		11,222
		Total Colorado		25,842
		Connecticut — 1.0%
		General Obligation — 0.8%
	200	City of Greenwich, GO, 5.00%, 06/01/2020		201
	8,200	State of Connecticut, Series E, GO, 5.00%, 08/15/2030		8,839
				9,040
		Water & Sewer — 0.2%
		South Central Regional Water Authority, Water System Revenue,
	250	Series A, Rev., NATL-RE, 5.25%, 08/01/2019		260
	1,290	Series A, Rev., NATL-RE, 5.25%, 08/01/2020		1,380
				1,640
		Total Connecticut		10,680
		Delaware — 0.9%
		Education — 0.1%
	1,000	University of Delaware, Series B, Rev., 5.00%, 11/01/2021		1,045
		General Obligation — 0.8%
	20	County of New Castle, Series B, GO, 5.00%, 07/15/2021		22
		State of Delaware,
	975	Series A, GO, 5.00%, 02/01/2025		1,135
	2,255	Series A, GO, 5.00%, 02/01/2027		2,700
	2,355	Series A, GO, 5.00%, 02/01/2028		2,853
	1,370	Series A, GO, 5.00%, 02/01/2029		1,654

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	1,000	Series C, GO, 5.00%, 03/01/2021		1,082
				9,446
		Total Delaware		10,491
		District of Columbia — 1.2%
		General Obligation — 0.2%
		District of Columbia,
	290	Series A, GO, 5.00%, 06/01/2029		342
	400	Series A, GO, 5.00%, 06/01/2030		470
	600	Series A, GO, 5.00%, 06/01/2031		704
	620	Series A, GO, 5.00%, 06/01/2032		724
				2,240
		Water & Sewer — 1.0%
		District of Columbia Water & Sewer Authority, Sub Lien,
	5,000	Series C, Rev., 5.00%, 10/01/2025		5,570
	5,000	Series C, Rev., 5.00%, 10/01/2029		5,545
				11,115
		Total District of Columbia		13,355
		Florida — 3.6%
		General Obligation — 3.6%
		Florida State Board of Education, Public Education Capital Outlay,
	5,090	Series A, GO, 5.00%, 06/01/2024		5,443
	32,375	Series D, GO, 5.00%, 06/01/2025		35,088
		Total Florida		40,531
		Georgia — 2.2%
		General Obligation — 0.5%
		Georgia Polk School District,
	175	Series 2018, GO, 5.00%, 03/01/2024		200
	350	Series 2018, GO, 5.00%, 03/01/2025		406
		State of Georgia,
	130	Series A, GO, 5.00%, 02/01/2025		151
	300	Series B, GO, 5.00%, 07/01/2020		319
	3,960	Series E, GO, 5.00%, 12/01/2025		4,664
				5,740
		Transportation — 0.6%
	6,000	City of Atlanta, Airport, Series A, Rev., 5.00%, 01/01/2021		6,453
		Water & Sewer — 1.1%
	6,895	Cobb County, Water & Sewer, Rev., 5.00%, 07/01/2022		7,148

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — continued
	5,000	Fulton County, Water & Sewerage, Rev., 5.00%, 01/01/2023		5,375
	125	Henry County Water & Sewerage Authority, Rev., 5.00%, 02/01/2029		137
				12,660
		Total Georgia		24,853
		Hawaii — 0.7%
		General Obligation — 0.7%
		State of Hawaii,
	2,500	Series FG, GO, 5.00%, 10/01/2028		2,938
	4,000	Series FT, GO, 5.00%, 01/01/2026		4,691
		Total Hawaii		7,629
		Idaho — 0.3%
		General Obligation — 0.3%
	3,060	Ada & Canyon Counties, Joint School District No. 2, GO, 5.00%, 08/15/2023		3,467
		Illinois — 0.8%
		General Obligation — 0.1%
	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		160
	625	Village of Schaumburg, Series A, GO, 4.00%, 12/01/2020		653
				813
		Other Revenue — 0.0% (g)
		City of Chicago, Motor Fuel Tax,
	75	Rev., 5.00%, 01/01/2020		77
	200	Rev., 5.00%, 01/01/2021		207
	105	Rev., 5.00%, 01/01/2022		110
				394
		Transportation — 0.4%
	3,000	Illinois State Toll Highway Authority, Series A, Rev., 5.00%, 12/01/2022		3,334
	750	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.00%, 07/01/2024		888
				4,222
		Water & Sewer — 0.3%
		City of Chicago, Water Revenue, Second Lien Project,
	1,000	Rev., 5.00%, 11/01/2021		1,081
	400	Rev., 5.00%, 11/01/2022		437
	1,000	Rev., 5.00%, 11/01/2029		1,097

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	985	Illinois Finance Authority, State Clean Water Initiative Revolving Fund, Rev., 5.00%, 01/01/2025		1,133
				3,748
		Total Illinois		9,177
		Indiana — 1.7%
		Other Revenue — 0.1%
	1,110	Fort Wayne Redevelopment Authority, Lease Rental, Harrison Square Project, Rev., 5.00%, 02/01/2026		1,244
		Prerefunded — 1.1%
	9,870	Indiana Finance Authority, Revolving Fund, Series A, Rev., 5.00%, 02/01/2022 (p)		10,879
	1,750	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.00%, 01/01/2020 (p)		1,836
				12,715
		Utility — 0.4%
	4,050	Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series D, Rev., 5.00%, 01/01/2026		4,522
		Water & Sewer — 0.1%
		City of Evansville, Waterworks District,
	325	Series B, Rev., 5.00%, 01/01/2022		356
	375	Series B, Rev., 5.00%, 01/01/2023		409
				765
		Total Indiana		19,246
		Iowa — 0.5%
		Prerefunded — 0.5%
	5,440	Iowa Finance Authority, State Revolving Fund, Rev., 5.00%, 08/01/2021 (p)		5,930
		Kentucky — 0.5%
		Prerefunded — 0.5%
	5,185	Kentucky Turnpike Authority, Revitalization Projects, Series A, Rev., 5.00%, 07/01/2021 (p)		5,631
		Louisiana — 1.1%
		Housing — 0.3%
	3,270	Louisiana Public Facilities Authority, Multi-Family Housing, CR, Series A, Rev., Zero Coupon, 02/01/2020 (p)		3,154

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.7%
	3,000	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project, Rev., 5.00%, 10/01/2032		3,344
	4,375	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/2019 (p)		4,237
				7,581
		Utility — 0.1%
	1,250	City of Alexandria, Utilities, Series A, Rev., 5.00%, 05/01/2043		1,341
		Total Louisiana		12,076
		Maryland — 2.2%
		General Obligation — 2.0%
	7,090	Baltimore County, Consolidated Public Improvement, GO, 5.00%, 03/01/2032		8,432
	2,075	County of Anne Arundel, Water & Sewer, GO, 5.00%, 10/01/2027		2,452
	10,000	State of Maryland, State and Local Facilities Loan, Series A, GO, 5.00%, 03/15/2024		11,459
				22,343
		Prerefunded — 0.2%
	1,690	State of Maryland, State and Local Facilities Loan, Series A, GO, 5.00%, 03/01/2023 (p)		1,901
		Total Maryland		24,244
		Massachusetts — 3.5%
		General Obligation — 0.8%
		Commonwealth of Massachusetts,
	3,000	Series B, GO, 5.00%, 01/01/2027		3,545
	200	Series C, GO, AGM, 5.50%, 12/01/2022		229
	5,000	Commonwealth of Massachusetts, Consolidated Loan of 2014, Series C, GO, 4.00%, 07/01/2031		5,230
				9,004
		Other Revenue — 0.7%
	7,420	Massachusetts School Building Authority, Dedicated Sales Tax, Series B, Rev., 5.00%, 08/15/2030		8,184
		Transportation — 1.1%
	10,000	Massachusetts Bay Transportation Authority, Series A, Rev., 5.25%, 07/01/2027		12,168
		Water & Sewer — 0.9%
	8,280	Massachusetts Clean Water Trust (The), Green Bond, Series 20, Rev., 5.00%, 02/01/2036		9,406
		Total Massachusetts		38,762

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Michigan — 1.3%
		Education — 0.3%
		Eastern Michigan University, Board of Regents,
	750	Series A, Rev., 5.00%, 03/01/2026		866
	750	Series A, Rev., 5.00%, 03/01/2027		873
	1,000	Series A, Rev., 5.00%, 03/01/2033		1,138
				2,877
		General Obligation — 0.2%
	2,000	Huron Valley School District, GO, Q-SBLF, 5.00%, 05/01/2024		2,152
		Other Revenue — 0.1%
	1,240	State of Michigan, Trunk Line Fund, Rev., 5.00%, 11/15/2028		1,353
		Prerefunded — 0.0% (g)
	100	State of Michigan, Environmental Program, Series A, GO, 6.00%, 05/01/2019 (p)		104
		Water & Sewer — 0.7%
	7,000	City of Grand Rapids, Sanitary Sewer System, Series A, Rev., BHAC-CR, AGM-CR FGIC, 5.50%, 01/01/2022		7,512
		Total Michigan		13,998
		Minnesota — 1.5%
		General Obligation — 0.5%
	2,135	County of Hennepin, Series B, GO, 5.00%, 12/01/2027		2,545
	775	Olmsted County, Crossover, Series A, GO, 5.00%, 02/01/2021		836
	2,265	Roseville Independent School District No 623, Minnesota School District, Credit Enhancement Program, Series A, GO, 5.00%, 02/01/2028		2,646
				6,027
		Other Revenue — 1.0%
	9,705	State of Minnesota, General Fund Refunding Appropriation, Series B, Rev., 5.00%, 03/01/2025		10,671
		Prerefunded — 0.0% (g)
	195	St. Paul Minnesota, Housing & Redevelopment Authority Health Care, Rev., 5.25%, 11/15/2020 (p)		211
		Total Minnesota		16,909
		Missouri — 0.6%
		Other Revenue — 0.6%
	6,620	Kansas City Industrial Development Authority, Downtown Redevelopment District, Series A, Rev., 5.00%, 09/01/2021		7,193

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		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
		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)		15
		Total Missouri		7,229
		Nebraska — 0.5%
		Utility — 0.5%
	5,000	Omaha Public Power District, Electric System, Series A, Rev., 4.00%, 02/01/2032		5,178
		New Hampshire — 0.1%
		Prerefunded — 0.1%
	1,195	New Hampshire Municipal Bond Bank, Series E, Rev., 5.00%, 01/15/2020 (p)		1,256
		New Jersey — 2.8%
		Education — 1.3%
		New Jersey Economic Development Authority, School Facilities Construction,
	5,000	Series PP, Rev., 5.00%, 06/15/2029		5,315
	3,500	Series XX, Rev., 5.00%, 06/15/2019		3,611
	5,145	Series XX, Rev., 5.00%, 06/15/2021		5,458
				14,384
		General Obligation — 0.3%
	850	North Brunswick Township Board of Education, GO, 5.00%, 07/15/2022		900
		Township of Woodbridge,
	1,100	GO, 5.00%, 07/15/2022		1,169
	1,200	GO, 5.00%, 07/15/2023		1,276
				3,345
		Other Revenue — 0.3%
	2,800	Tobacco Settlement Financing Corp., Series A, Rev., 5.00%, 06/01/2027		3,201
		Transportation — 0.7%
	2,500	New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.00%, 06/15/2036		2,599
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., AMBAC, 5.25%, 12/15/2022		5,430
				8,029

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 17

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.2%
	1,995	Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 12/01/2020		1,885
		Total New Jersey		30,844
		New Mexico — 1.2%
		Other Revenue — 1.1%
		New Mexico Finance Authority, Senior Lien Public Project,
	1,625	Series B, Rev., 5.00%, 06/01/2018		1,629
	1,690	Series B, Rev., 5.00%, 06/01/2018		1,695
	1,820	Series B, Rev., 5.00%, 06/01/2018		1,825
	1,965	Series B, Rev., 5.00%, 06/01/2018		1,970
	4,200	Series C, Rev., 5.00%, 06/01/2022		4,560
				11,679
		Transportation — 0.1%
	1,385	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.00%, 12/15/2021		1,486
		Total New Mexico		13,165
		New York — 22.4%
		Education — 0.2%
	2,100	Monroe County IDA, School Facility, Modernization Project, Rev., 5.00%, 05/01/2030		2,470
		General Obligation — 1.5%
	5,000	City of New York, Fiscal Year 2010, Series E, GO, 5.00%, 08/01/2023		5,188
		City of New York, Fiscal Year 2013,
	6,085	Series D, GO, 5.00%, 08/01/2028		6,756
	4,050	Series F, Sub Series F-1, GO, 5.00%, 03/01/2030		4,494
				16,438
		Industrial Development Revenue/Pollution Control Revenue — 0.9%
	9,475	New York Liberty Development Corp., World Trade Center Projects, Class 1, Rev., 5.00%, 09/15/2030		10,429
		Other Revenue — 6.9%
	1,500	Hudson Yards Infrastructure Corp., Series A, Rev., 5.00%, 02/15/2033		1,731
	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		9,766

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	10,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Sub Series F-1, Rev., 5.00%, 02/01/2031		11,085
	10,000	New York Convention Center Development Corp., Hotel Unit Fee Secured, Series B, Rev., AGM-CR, Zero Coupon, 11/15/2052		2,341
	8,500	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.00%, 07/01/2023		8,801
		New York State Dormitory Authority, State Sales Tax,
	3,000	Series A, Rev., 5.00%, 03/15/2028		3,411
	5,000	Series A, Rev., 5.00%, 03/15/2029		5,682
	1,000	Series A, Rev., 5.00%, 03/15/2033		1,123
	4,225	Series A, Rev., 5.00%, 03/15/2034		4,760
	15,000	New York State Urban Development Corp., Service Contract, Series B, Rev., 5.25%, 01/01/2025		15,080
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	1,800	Series A, Rev., 5.00%, 10/15/2028		2,069
	7,500	Series A, Rev., 5.00%, 10/15/2029		8,604
	1,850	Series A, Rev., 5.00%, 10/15/2031		2,117
				76,570
		Prerefunded — 2.7%
		Metropolitan Transportation Authority,
	575	Series A, Rev., 5.00%, 11/15/2021 (p)		633
	925	Series A, Rev., 5.00%, 11/15/2021 (p)		1,018
	60	Series C, Rev., 6.50%, 11/15/2018 (p)		61
	350	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.00%, 06/15/2018 (p)		351
	5	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.00%, 11/01/2019 (p)		5
	100	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series A, Rev., 5.00%, 02/15/2019 (p)		103
	25,000	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series A, Rev., 5.00%, 01/01/2022 (p)		27,581
				29,752
		Special Tax — 3.9%
	7,250	New York State Dormitory Authority, State Personal Income Tax, Series C, Rev., 5.00%, 03/15/2031		8,152

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Special Tax — continued
		New York State Dormitory Authority, State Personal Income Tax, General Purpose,
	12,500	Series C, Rev., 5.00%, 03/15/2033		13,979
	3,500	Series C, Rev., 5.00%, 03/15/2041		3,728
	10,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.00%, 03/15/2026		10,669
	5,475	New York State Urban Development Corp., State Personal Income Tax, Series C, Rev., 5.00%, 03/15/2027		6,482
				43,010
		Transportation — 2.7%
		Metropolitan Transportation Authority,
	195	Series C, Rev., 6.50%, 11/15/2028		200
	5,000	Subseries C-1, Rev., 5.25%, 11/15/2028		5,826
		New York State Thruway Authority,
	2,760	Series L, Rev., 5.00%, 01/01/2023		3,088
	3,145	Series L, Rev., 5.00%, 01/01/2024		3,575
		Port Authority of New York & New Jersey, Consolidated,
	2,965	Rev., 5.00%, 05/01/2034		3,117
	2,000	Rev., 5.00%, 05/01/2035		2,101
	6,500	Rev., 5.00%, 10/15/2041		7,299
	3,105	Triborough Bridge & Tunnel Authority, Series A-2, Rev., 5.00%, 11/15/2028		3,156
	1,250	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series B, Rev., 5.00%, 11/15/2031		1,384
				29,746
		Utility — 0.8%
		Utility Debt Securitization Authority,
	4,000	Series TE, Rev., 5.00%, 12/15/2028		4,541
	4,250	Series TE, Rev., 5.00%, 12/15/2041		4,727
				9,268
		Water & Sewer — 2.8%
	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		17,359
	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		3,453
		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		3,263

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — continued
	3,500	Series A, Rev., 5.00%, 06/15/2027		4,198
	3,000	Series A, Rev., 5.00%, 06/15/2028		3,584
				31,857
		Total New York		249,540
		North Carolina — 0.6%
		Prerefunded — 0.5%
	5,950	Wake County, Hammond Road Detention Center, Limited Obligation, Rev., 5.00%, 06/01/2019 (p)		6,150
		Transportation — 0.1%
	700	North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.00%, 01/01/2029		803
		Total North Carolina		6,953
		Ohio — 1.1%
		General Obligation — 0.1%
	1,000	City of Columbus, Various Purpose, Series 2017-1, GO, 5.00%, 04/01/2028		1,195
		Other Revenue — 0.2%
	2,235	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series B, Rev., 5.00%, 10/01/2022		2,330
		Prerefunded — 0.5%
	4,750	City of Columbus, Series 1, GO, 5.00%, 07/01/2023 (p)		5,380
		Transportation — 0.1%
	1,020	State of Ohio, Capital Facilities Lease Appropriation, Series A, Rev., 5.00%, 04/01/2028		1,215
		Water & Sewer — 0.2%
		Northeast Ohio Regional Sewer District, Wastewater Improvement,
	555	Rev., 5.00%, 11/15/2025		640
	1,500	Rev., 5.00%, 11/15/2027		1,725
				2,365
		Total Ohio		12,485
		Oklahoma — 1.0%
		Education — 0.2%
		Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project,
	250	Series 2018, Rev., 5.00%, 10/01/2022		276
	175	Series 2018, Rev., 5.00%, 10/01/2023		196
	500	Series 2018, Rev., 5.00%, 10/01/2025		571

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 19

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
	500	Series 2018, Rev., 5.00%, 10/01/2026		576
				1,619
		Transportation — 0.7%
		Oklahoma Turnpike Authority, Turnpike System, Second Senior,
	3,000	Series A, Rev., 5.00%, 01/01/2022		3,219
	2,000	Series A, Rev., 5.00%, 01/01/2024		2,143
	2,000	Series A, Rev., 5.00%, 01/01/2038		2,240
				7,602
		Water & Sewer — 0.1%
	1,380	Oklahoma City Water Utilities Trust, Water & Sewer System, Rev., 5.00%, 07/01/2027		1,550
		Total Oklahoma		10,771
		Oregon — 1.2%
		General Obligation — 0.2%
		Linn & Benton Counties, School District No. 8J, Greater Albany,
	500	GO, 5.00%, 06/15/2030		589
	1,180	GO, 5.00%, 06/15/2031		1,385
	100	Marion County, GO, AMBAC, 5.50%, 06/01/2023		115
	570	Washington County, Hillsboro School District No. 1J, GO, 5.00%, 06/15/2027		677
				2,766
		Other Revenue — 0.2%
	1,500	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.00%, 04/01/2027		1,682
		Prerefunded — 0.6%
	6,965	Oregon State Department of Administrative Services, Series A, COP, 5.00%, 05/01/2019 (p)		7,183
		Water & Sewer — 0.2%
	2,180	City of Portland, Sewer System, Second Lien, Series B, Rev., 4.00%, 10/01/2036		2,239
		Total Oregon		13,870
		Pennsylvania — 1.3%
		General Obligation — 0.4%
	4,195	Commonwealth of Pennsylvania, Third Series, GO, 5.38%, 07/01/2021		4,583

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hospital — 0.4%
		Berks County Pennsylvania, IDA, Health System, Tower Health Project,
	350	Rev., 5.00%, 11/01/2027		403
	450	Rev., 5.00%, 11/01/2028		516
	150	Rev., 5.00%, 11/01/2029		171
	150	Rev., 5.00%, 11/01/2030		171
	3,000	Sayre Health Care Facilities Authority, Guthrie Health Issue, Rev., (ICE LIBOR USD 3 Month + 0.78%), 2.12%, 12/01/2024 (aa)		2,911
				4,172
		Other Revenue — 0.3%
		Commonwealth Financing Authority, Tobacco Master Settlement Payment,
	500	Series 2018, Rev., 5.00%, 06/01/2024		557
	630	Series 2018, Rev., 5.00%, 06/01/2025		707
	380	Series 2018, Rev., 5.00%, 06/01/2026		429
	500	Series 2018, Rev., 5.00%, 06/01/2027		567
	880	Series 2018, Rev., 5.00%, 06/01/2028		1,001
	380	Series 2018, Rev., 5.00%, 06/01/2029		430
				3,691
		Prerefunded — 0.2%
	2,000	Pennsylvania State University, Series A, Rev., 5.00%, 03/01/2019 (p)		2,052
		Total Pennsylvania		14,498
		Rhode Island — 0.2%
		Education — 0.1%
	655	Rhode Island Health & Educational Building Corp., Brown University, Series A, Rev., 5.00%, 09/01/2025		716
		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		1,133
		Total Rhode Island		1,849
		South Carolina — 0.2%
		General Obligation — 0.0% (g)
	150	State of South Carolina, Series B, GO, 5.00%, 04/01/2024		172
		Water & Sewer — 0.2%
	1,500	City of Columbia, Rev., 5.00%, 02/01/2026		1,647
		Total South Carolina		1,819
		Tennessee — 0.9%
		General Obligation — 0.7%
	1,525	City of Bartlett, GO, 5.00%, 09/01/2023		1,734

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
		City of Maryville,
	2,160	Series A, GO, 5.00%, 06/01/2024		2,477
	2,075	Series A, GO, 5.00%, 06/01/2025		2,411
	1,240	Series A, GO, 5.00%, 06/01/2026		1,456
				8,078
		Utility — 0.2%
	1,230	City of Chattanooga, Electric Revenue, Series A, Rev., 5.00%, 09/01/2023		1,400
		Total Tennessee		9,478
		Texas — 7.9%
		Education — 0.0% (g)
	500	University of Texas, Financing System, Series C, Rev., 5.00%, 08/15/2018		505
		General Obligation — 2.9%
		Carroll Independent School District,
	945	Series C, GO, 5.00%, 02/15/2022		966
	325	Series C, GO, 5.00%, 02/15/2023		333
	1,490	City of El Paso, Refunding & Improvement, GO, 5.00%, 02/15/2032		1,731
	4,000	City of Houston, Public Improvement, Series A, GO, 5.00%, 03/01/2030		4,485
	3,150	City of Lubbock, GO, 5.00%, 02/15/2025		3,573
	680	City of Pflugerville, Limited Tax, GO, 5.00%, 08/01/2023		753
		City of San Antonio, General Improvement,
	700	GO, 5.00%, 08/01/2023		762
	1,500	GO, 5.00%, 08/01/2024		1,633
	2,000	GO, 5.00%, 08/01/2024		2,177
	4,735	GO, 5.00%, 08/01/2026		5,151
	2,735	GO, 5.00%, 08/01/2027		2,973
		Crandall Independent School District,
	1,150	Series A, GO, PSF-GTD, Zero Coupon, 08/15/2025		934
	2,140	Series A, GO, PSF-GTD, Zero Coupon, 08/15/2026		1,673
	2,145	Series A, GO, PSF-GTD, Zero Coupon, 08/15/2027		1,611
		San Jacinto Community College District,
	390	GO, AMBAC, 5.00%, 02/15/2020		391
	2,600	GO, 5.00%, 02/15/2040		2,735
				31,881

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.8%
		Trinity River Authority, Walker-Calloway System,
	125	Rev., 5.00%, 02/01/2024		141
	265	Rev., 5.00%, 02/01/2025		303
	275	Rev., 5.00%, 02/01/2026		317
	290	Rev., 5.00%, 02/01/2027		337
	305	Rev., 5.00%, 02/01/2028		358
	320	Rev., 5.00%, 02/01/2029		374
	340	Rev., 5.00%, 02/01/2030		396
	355	Rev., 5.00%, 02/01/2031		411
	5,000	University of Texas System, Board of Regents, Financing System, Series B, Rev., 5.00%, 08/15/2026		5,910
				8,547
		Prerefunded — 1.1%
	1,965	Dallas County Community College District, GO, 5.00%, 02/15/2019 (p)		2,013
	1,830	Harlandale Independent School District, GO, AGC, 5.00%, 08/01/2019 (p)		1,898
		Hays County, Pass-Through Toll,
	3,285	GO, 5.00%, 02/15/2020 (p)		3,458
	5,000	San Jacinto Community College District, GO, 5.00%, 02/15/2019 (p)		5,121
				12,490
		Transportation — 1.3%
	3,000	City of Houston, Airport System, Sub Lien, Series B, Rev., 5.00%, 07/01/2026		3,237
	7,660	Grand Parkway Transportation Corp., Series B, Rev., 5.25%, 10/01/2051		8,552
		North Texas Tollway Authority System, First Tier,
	200	Series A, Rev., 5.00%, 01/01/2026		222
	550	Series A, Rev., 5.00%, 01/01/2027		635
	360	Series A, Rev., 5.00%, 01/01/2030		411
	600	Series A, Rev., 5.00%, 01/01/2035		680
		North Texas Tollway Authority System, Second Tier,
	150	Series B, Rev., 5.00%, 01/01/2026		166
	300	Series B, Rev., 5.00%, 01/01/2027		344
	400	Series B, Rev., 5.00%, 01/01/2030		455
				14,702
		Utility — 0.3%
	3,000	City of San Antonio, Electric and Gas System, Rev., 5.00%, 02/01/2026		3,513

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 21

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 1.5%
	5,550	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.75%, 12/01/2032 (p)		7,442
	1,250	City of San Antonio, Water System Junior Lien, Series E, Rev., 5.00%, 05/15/2024		1,406
		Coastal Water Authority, City of Houston Projects,
	100	Rev., 4.00%, 12/15/2018		101
	3,315	Rev., 5.00%, 12/15/2023		3,549
	3,820	Texas Water Development Board, State Revolving Fund, Series A, Sub Series A-1, Rev., 5.00%, 07/15/2020		3,960
				16,458
		Total Texas		88,096
		Utah — 1.2%
		Prerefunded — 0.7%
	7,455	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.00%, 07/01/2019 (p)		7,722
	250	Utah Infrastructure Agency Telecommunications and Franchise Tax, Rev., 4.00%, 10/15/2025 (p)		277
				7,999
		Transportation — 0.4%
	3,645	Utah Transit Authority Sales Tax, Subordinate Sales Tax, Series A, Rev., 5.00%, 06/15/2025		4,257
		Water & Sewer — 0.1%
		Weber Basin Water Conservancy District,
	250	Series B, Rev., 5.00%, 10/01/2030		296
	470	Series B, Rev., 5.00%, 10/01/2031		554
				850
		Total Utah		13,106
		Virginia — 1.7%
		General Obligation — 0.5%
	5,000	Commonwealth of Virginia, Series D, GO, 5.00%, 06/01/2020		5,169
		Other Revenue — 0.0% (g)
	25	Virginia Public Building Authority, Public Facilities, Series B-1, Rev., 5.00%, 08/01/2018 (p)		25
	405	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Rev., 5.00%, 11/01/2023		424
				449

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.1%
	205	City of Richmond, Public Improvement, Series D, GO, 5.00%, 07/15/2020 (p)		218
	560	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Rev., 5.00%, 11/01/2019 (p)		585
				803
		Transportation — 0.7%
	2,985	Hampton Roads Transportation Accountability Commission Fund, Series A, Rev., 5.00%, 07/01/2029		3,558
	3,955	Virginia Commonwealth Transportation Board, Capital Projects, Series A, Rev., 5.00%, 05/15/2033		4,624
				8,182
		Utility — 0.4%
	4,090	City of Richmond, Public Utility Revenue, Series A, Rev., 5.00%, 01/15/2028		4,771
		Total Virginia		19,374
		Washington — 2.2%
		General Obligation — 0.1%
	1,100	Snohomish County, Edmonds School District No. 15, GO, 5.00%, 12/01/2033		1,238
	275	Yakima County School District No. 7, GO, 5.50%, 12/01/2023		291
				1,529
		Hospital — 0.6%
		Washington Health Care Facilities Authority,
	1,250	Rev., 5.00%, 10/01/2025		1,439
	1,500	Rev., 5.00%, 10/01/2026		1,741
	2,500	Rev., 5.00%, 10/01/2027		2,924
				6,104
		Prerefunded — 0.9%
	10,000	State of Washington, Various Purpose, Series 2010C, GO, 5.00%, 08/01/2019 (p)		10,379
		Transportation — 0.5%
		Port of Seattle, Intermediate Lien,
	3,750	Series B, Rev., 5.00%, 03/01/2033		4,194
	1,000	Series B, Rev., 5.00%, 03/01/2034		1,115
				5,309

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

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		1,456
		Total Washington		24,777
		Total Municipal Bonds (Cost $1,017,746)		1,049,944

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.0%
		Investment Company — 4.0%
	44,785	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $44,785)		44,785
		Total Investments — 98.3% (Cost $1,062,531)		1,094,729
		Other Assets in Excess of Liabilities — 1.7%		19,424
		NET ASSETS — 100.0%	$	1,114,153

Percentages indicated are based on net assets.

Over the Counter (“OTC”) Inflation-linked swap contracts outstanding as of April 30, 2018:
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		569
CPI-U at termination	2.00% at termination		Receive	BNP Paribas	11/07/2026	USD	9,000		317
CPI-U at termination	2.00% at termination		Receive	Deutsche Bank AG	11/07/2026	USD	25,000		867
CPI-U at termination	2.14% at termination		Receive	Barclays Bank plc	03/02/2020	USD	56,000		98
CPI-U at termination	2.05% at termination		Receive	Barclays Bank plc	11/17/2023	USD	25,000		450
CPI-U at termination	2.11% at termination		Receive	Citibank, NA	03/06/2020	USD	36,000		70
CPI-U at termination	2.24% at termination		Receive	Barclays Bank plc	02/06/2023	USD	99,600		373
CPI-U at termination	2.06% at termination		Receive	BNP Paribas	11/15/2023	USD	9,000		160
CPI-U at termination	2.06% at termination		Receive	Deutsche Bank AG	11/14/2022	USD	22,000		316
CPI-U at termination	2.06% at termination		Receive	Morgan Stanley	11/13/2022	USD	9,000		128
CPI-U at termination	2.18% at termination		Receive	Barclays Bank plc	10/16/2027	USD	34,000		790
CPI-U at termination	2.18% at termination		Receive	Barclays Bank plc	10/02/2027	USD	66,000		1,584
CPI-U at termination	2.31% at termination		Receive	Deutsche Bank AG	03/09/2026	USD	9,000		27
									5,749
CPI-U at termination	2.71% at termination		Receive	Deutsche Bank AG	02/25/2044	USD	5,000		(666	)
CPI-U at termination	2.48% at termination		Receive	Deutsche Bank AG	02/21/2024	USD	40,000		(2,133	)
CPI-U at termination	2.42% at termination		Receive	Deutsche Bank AG	12/15/2024	USD	54,000		(55	)
CPI-U at termination	2.50% at termination	��	Receive	Deutsche Bank AG	10/10/2044	USD	8,000		(508	)
CPI-U at termination	2.62% at termination		Receive	Citibank, NA	10/07/2024	USD	14,000		(154	)
CPI-U at termination	2.35% at termination		Receive	BNP Paribas	07/06/2020	USD	25,000		(1,447	)
CPI-U at termination	2.16% at termination		Receive	Royal Bank of Scotland	03/27/2020	USD	68,000		(15	)
CPI-U at termination	2.42% at termination		Receive	Citibank, NA	06/30/2020	USD	50,000		(3,325	)
CPI-U at termination	2.67% at termination		Receive	Morgan Stanley	09/12/2044	USD	3,000		(365	)
CPI-U at termination	2.42% at termination		Receive	Citibank, NA	05/24/2020	USD	25,000		(1,711	)
CPI-U at termination	2.70% at termination		Receive	Barclays Bank plc	09/03/2044	USD	5,000		(657	)
CPI-U at termination	2.33% at termination		Receive	Citibank, NA	07/06/2020	USD	50,000		(2,777	)
CPI-U at termination	2.41% at termination		Receive	Citibank, NA	07/01/2020	USD	50,000		(3,263	)
CPI-U at termination	2.42% at termination		Receive	Royal Bank of Scotland	06/30/2020	USD	75,000		(5,017	)
CPI-U at termination	2.43% at termination		Receive	Royal Bank of Scotland	06/28/2020	USD	25,000		(1,692	)
CPI-U at termination	2.73% at termination		Receive	Royal Bank of Scotland	02/10/2044	USD	9,000		(1,274	)
CPI-U at termination	2.44% at termination		Receive	Barclays Bank plc	05/15/2024	USD	18,000		(895	)
CPI-U at termination	2.49% at termination		Receive	Citibank, NA	08/27/2024	USD	6,000		(339	)
CPI-U at termination	2.48% at termination		Receive	Royal Bank of Scotland	03/17/2024	USD	7,000		(372	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 23

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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

09/2/2024

USD

15,000

(823

)

CPI-U at termination

2.50% at termination

Receive

Morgan Stanley

02/4/2024

USD

34,000

(1,895

)

CPI-U at termination

2.53% at termination

Receive

Morgan Stanley

01/27/2024

USD

30,000

(1,763

)

(31,146

)

(25,397

)

(a) Value of floating rate index at April 30, 2018 was 2.51%.

Summary of total swap contracts outstanding as of April 30, 2018:
	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Assets
OTC Inflation linked swaps outstanding		—		5,749
Total OTC swap contracts outstanding		—		5,749
Liabilities
OTC Inflation linked swaps outstanding		—		(31,146	)
Total OTC swap contracts outstanding		—		(31,146	)

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

J.P. Morgan Tax Aware Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

AGC	—  Insured by Assured Guaranty Corp.
AGM	—  Insured by Assured Guaranty Municipal Corp.
AMBAC	—  Insured by American Municipal Bond Assurance Corp.
BHAC	—  Insured by Berkshire Hathaway Assurance Corp.
COP	—  Certificate of Participation
CPI-U	—  Consumer Price Index for All Urban Consumers
CR	—  Custodial Receipts
FGIC	—  Insured by Financial Guaranty Insurance Co.
GAN	—  Grant Anticipation Notes
GO	—  General Obligation
GTD	—  Guaranteed
ICE	—  Intercontinental Exchange
IDA	—  Industrial Development Authority
LIBOR	—  London Interbank Offered Rate
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 April 30, 2018.
(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 April 30, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
ASSETS:
Investments in non-affiliates, at value	$	1,443,393		$	1,049,944
Investments in affiliates, at value		10,378			44,785
Restricted cash for OTC derivatives		—			27,950
Cash		—			90
Receivables:
Fund shares sold		911			4,921
Interest and dividends from non-affiliates		696			13,292
Dividends from affiliates		21			51
Outstanding OTC swap contracts, at value (net upfront payments of $0 and $0, respectively)		—			5,749
Total Assets		1,455,399			1,146,782
LIABILITIES:
Payables:
Due to custodian		—	(a)		—
Fund shares redeemed		592			983
Outstanding OTC swap contracts, at value (net upfront receipts of $0 and $0, respectively)		—			31,146
Accrued liabilities:
Investment advisory fees		417			270
Administration fees		97			52
Distribution fees		11			24
Service fees		126			35
Custodian and accounting fees		10			16
Collateral management fees		—			6
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—
Other		59			97
Total Liabilities		1,312			32,629
Net Assets	$	1,454,087		$	1,114,153

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	797,481		$	1,199,839
Accumulated undistributed (distributions in excess of) net investment income		1,097			(36	)
Accumulated net realized gains (losses)		13,332			(92,451	)
Net unrealized appreciation (depreciation)		642,177			6,801
Total Net Assets	$	1,454,087		$	1,114,153
Net Assets:
Class A	$	24,324		$	46,929
Class C		9,639			22,854
Class I		1,420,124			365,977
Class R6		—			678,393
Total	$	1,454,087		$	1,114,153
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		740			5,023
Class C		296			2,453
Class I		42,958			39,094
Class R6		—			72,466
Net Asset Value (a):
Class A — Redemption price per share	$	32.89		$	9.34
Class C — Offering price per share (b)		32.58			9.32
Class I — Offering and redemption price per share		33.06			9.36
Class R6 — Offering and redemption price per share		—			9.36
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)]	$	34.71		$	9.70
Cost of investments in non-affiliates	$	801,216		$	1,017,746
Cost of investments in affiliates		10,378			44,785

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 27

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	20,339
Dividend income from non-affiliates		9,706			—
Dividend income from affiliates		99			552
Total investment income		9,805			20,891
EXPENSES:
Investment advisory fees		2,356			2,292
Administration fees		546			532
Distribution fees:
Class A		29			62
Class C		35			91
Service fees:
Class A		29			62
Class C		12			30
Class I		1,642			418
Custodian and accounting fees		18			87
Interest expense to affiliates		—	(a)		—
Professional fees		28			41
Collateral management fees		—			19
Trustees’ and Chief Compliance Officer’s fees		14			15
Printing and mailing costs		25			19
Registration and filing fees		33			52
Transfer agency fees (See Note 2.E.)		9			6
Other		13			16
Total expenses		4,789			3,742
Less fees waived		(1,013	)		(865	)
Net expenses		3,776			2,877
Net investment income (loss)		6,029			18,014
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		17,900			3,881
Swaps		—			(22,599	)
Net realized gain (loss)		17,900			(18,718	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		5,883			(38,121	)
Swaps		—			41,157
Change in net unrealized appreciation/depreciation		5,883			3,036
Net realized/unrealized gains (losses)		23,783			(15,682	)
Change in net assets resulting from operations	$	29,812		$	2,332

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,029		$	11,776		$	18,014		$	39,807
Net realized gain (loss)		17,900			111,296			(18,718	)		(39,823	)
Change in net unrealized appreciation/depreciation		5,883			153,147			3,036			15,843
Change in net assets resulting from operations		29,812			276,219			2,332			15,827
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(55	)		(106	)		(645	)		(1,281	)
From net realized gains		(1,456	)		(616	)		—			—
Class C
From net investment income		(7	)		(14	)		(254	)		(568	)
From net realized gains		(610	)		(255	)		—			—
Class I
From net investment income		(5,663	)		(11,635	)		(4,827	)		(26,332	)
From net realized gains		(84,733	)		(44,856	)		—			—
Class R6
From net investment income		—			—			(12,631	)		(10,092	)
Select Class (a)
From net investment income		—			(548	)		—			(1,354	)
From net realized gains		—			(3,890	)		—			—
Total distributions to shareholders		(92,524	)		(61,920	)		(18,357	)		(39,627	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		242,802			(122,107	)		(389,264	)		7,487
NET ASSETS:
Change in net assets		180,090			92,192			(405,289	)		(16,313	)
Beginning of period		1,273,997			1,181,805			1,519,442			1,535,755
End of period	$	1,454,087		$	1,273,997		$	1,114,153		$	1,519,442
Accumulated undistributed (distributions in excess of) net investment income	$	1,097		$	793		$	(36	)	$	307

(a) All remaining Select Class Shares exchanged into Institutional Class Shares and the Institutional Class Shares were then renamed to Class I Shares on April 3, 2017. Additionally, on April 3, 2017, Select Class Shares were no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	5,674		$	8,130		$	4,841		$	29,920
Distributions reinvested		1,508			640			635			1,206
Cost of shares redeemed		(1,926	)		(5,759	)		(14,678	)		(20,872	)
Change in net assets resulting from Class A capital transactions	$	5,256		$	3,011		$	(9,202	)	$	10,254
Class C
Proceeds from shares issued	$	1,406		$	3,150		$	502		$	2,832
Distributions reinvested		617			269			194			431
Cost of shares redeemed		(936	)		(1,481	)		(4,095	)		(9,272	)
Change in net assets resulting from Class C capital transactions	$	1,087		$	1,938		$	(3,399	)	$	(6,009	)
Class I
Proceeds from shares issued	$	361,747		$	238,226		$	90,513		$	489,275
Distributions reinvested		89,425			7,214			3,659			4,103
Cost of shares redeemed		(214,713	)		(271,435	)		(47,376	)		(1,298,948	)
Change in net assets resulting from Class I capital transactions	$	236,459		$	(25,995	)	$	46,796		$	(805,570	)
Class R6
Proceeds from shares issued	$	—		$	—		$	477,315		$	1,030,708
Distributions reinvested		—			—			12,582			2,900
Cost of shares redeemed		—			—			(913,356	)		(112,873	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	(423,459	)	$	920,735
Select Class (a)
Proceeds from shares issued	$	—		$	5,685		$	—		$	32,949
Distributions reinvested		—			1,453			—			606
Cost of shares redeemed		—			(108,199	)		—			(145,478	)
Change in net assets resulting from Select Class capital transactions	$	—		$	(101,061	)	$	—		$	(111,923	)
Total change in net assets resulting from capital transactions	$	242,802		$	(122,107	)	$	(389,264	)	$	7,487

(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.

30 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		166			254			515			3,148
Reinvested		46			22			67			127
Redeemed		(57	)		(176	)		(1,557	)		(2,205	)
Change in Class A Shares		155			100			(975	)		1,070
Class C
Issued		41			102			53			299
Reinvested		19			9			21			46
Redeemed		(28	)		(47	)		(436	)		(981	)
Change in Class C Shares		32			64			(362	)		(636	)
Class I
Issued		10,572			7,540			9,601			51,422
Reinvested		2,687			239			389			432
Redeemed		(6,307	)		(8,695	)		(5,019	)		(136,860	)
Change in Class I Shares		6,952			(916	)		4,971			(85,006	)
Class R6
Issued		—			—			50,542			108,487
Reinvested		—			—			1,338			305
Redeemed		—			—			(96,859	)		(11,943	)
Change in Class R6 Shares		—			—			(44,979	)		96,849
Select Class (a)
Issued		—			189			—			3,465
Reinvested		—			49			—			64
Redeemed		—			(3,474	)		—			(15,291	)
Change in Select Class Shares		—			(3,236	)		—			(11,762	)

(a) All remaining Select Class Shares exchanged into Institutional Class Shares and the Institutional Class Shares were then renamed to Class I Shares on April 3, 2017. Additionally, on April 3, 2017, Select Class Shares were no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Tax Aware Equity Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	34.41	$	0.08		$	0.84	$	0.92	$	(0.08	)	$	(2.36	)	$	(2.44	)
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	(f)		5.33		5.56		(0.29	)		—			(0.29	)
Class C
Six Months Ended April 30, 2018 (Unaudited)		34.13		—	(g)		0.83		0.83		(0.02	)		(2.36	)		(2.38	)
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	(f)		5.32		5.44		(0.20	)		—			(0.20	)
Class I
Six Months Ended April 30, 2018 (Unaudited)		34.57		0.15			0.85		1.00		(0.15	)		(2.36	)		(2.51	)
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	(f)		5.32		5.66		(0.37	)		—			(0.37	)

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

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.20, $0.09 and $0.31 for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.88%, 0.41% and 1.41% for Class A, Class C and Class I Shares, respectively.

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	32.89		2.65	%	$	24,324		0.96	%		0.49	%		0.96	%		17	%
	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	(f)		0.96			67
	32.58		2.40			9,639		1.45			0.00	(h)		1.46			17
	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	(f)		1.46			67
	33.06		2.87			1,420,124		0.55			0.91			0.70			17
	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	(f)		0.56			67

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 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
JPMorgan Tax Aware Real Return Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	9.46	$	0.11	(e)	$	(0.11	)	$	—	(f)	$	(0.12	)
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
Six Months Ended April 30, 2018 (Unaudited)		9.43		0.09	(e)		(0.10	)		(0.01	)		(0.10	)
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
Six Months Ended April 30, 2018 (Unaudited)		9.48		0.13	(e)		(0.12	)		0.01			(0.13	)
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
Six Months Ended April 30, 2018 (Unaudited)		9.48		0.13	(e)		(0.11	)		0.02			(0.14	)
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 (g) 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) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

		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)
$	9.34		0.02	%	$	46,929		0.73	%		2.46	%		0.97	%		25	%
	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
	9.32		(0.12	)		22,854		1.23			1.96			1.47			25
	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
	9.36		0.15			365,977		0.48			2.71			0.72			25
	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
	9.36		0.20			678,393		0.39			2.80			0.47			25
	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.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited)

1. Organization

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

The following are 2 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan Tax Aware Equity Fund	Class A, Class C and Class I	Diversified
JPMorgan Tax Aware Real Return Fund	Class A, Class C, Class I and Class R6	Diversified

The investment objective of JPMorgan Tax Aware Equity Fund (“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 JPMorgan Tax Aware Real Return Fund (“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, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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 APRIL 30, 2018

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)	$	1,453,771	$	—		$	—	$	1,453,771
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)	$	44,785	$	1,049,944		$	—	$	1,094,729
Appreciation in Other Financial Instruments
Swaps (c)	$	—	$	5,749		$	—	$	5,749
Depreciation in Other Financial Instruments
Swaps (c)	$	—	$	(31,146	)	$	—	$	(31,146	)

(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 six months ended April 30, 2018.

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, 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 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

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

provides collateral management services to the Fund (See Note 3.G). These amounts are not reflected on the Fund’s Statements of Assets and Liabilities and are disclosed in the table below. Tax Aware Real Return Fund’s swap contracts at net value and collateral posted or received by the counterparty as of April 30, 2018 are as follows (amounts in thousands):

Fund Counterparty		Value of derivative contracts			Collateral amount
BNP Paribas	Collateral Posted	$	(970	)	$	1,030
Citibank, N.A.			(12,322	)		12,090
Deutsche Bank AG			(2,152	)		2,540
Morgan Stanley			(3,895	)		3,920
NatWest Markets			(8,370	)		8,370
Barclays Bank plc	Collateral Received		2,312			(2,500	)

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 six months ended April 30, 2018 (amounts in thousands):

Interest Rate-Related Swaps (Inflation-Linked Swaps)	Tax Aware Real Return Fund
Average Notional Balance — Pays Fixed Rate	$	1,160,936
Ending Notional Balance — Pays Fixed Rate		1,040,600

C. Summary of Derivatives Information

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of April 30, 2018 (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	$	3,864	$	(1,552	)	$	(2,312	)	$	—
BNP Paribas		477		(477	)		—			—
Citibank, N.A.		70		(70	)		—			—
Deutsche Bank AG		1,210		(1,210	)		—			—
Morgan Stanley		128		(128	)		—			—
	$	5,749	$	(3,437	)	$	(2,312	)	$	—

38 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

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	$	1,552	$	(1,552	)	$	—		$	—
BNP Paribas		1,447		(477	)		(970	)		—
Citibank, N.A.		12,392		(70	)		(12,090	)		232
Deutsche Bank AG		3,362		(1,210	)		(2,152	)		—
Morgan Stanley		4,023		(128	)		(3,895	)		—
NatWest Markets		8,370		—			(8,370	)		—
	$	31,146	$	(3,437	)	$	(27,477	)	$	232

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.B. for actual swap collateral received or posted.

The Fund’s derivatives contracts held at April 30, 2018 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. The amount of the transfer agency and sub-transfer agency fees charged to each class of the Funds for the six months ended April 30, 2018 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class R6			Total
Tax Aware Equity Fund
Transfer agency fees	$	1	$	—	(a)	$	8		n/a		$	9
Tax Aware Real Return Fund
Transfer agency fees		1		—	(a)		5	$	—	(a)		6

(a) Amount rounds to less than 500.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2018, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — Tax Aware Equity Fund generally declares and pays distributions from net investment income quarterly. Tax Aware Real Return Fund generally declares and pays distributions from net investment income monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Tax Aware Equity Fund	0.35	%
Tax Aware Real Return Fund	0.35

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2018, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

JPMCB serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), 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 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, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2018, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Tax Aware Equity Fund	$	14		$	—
Tax Aware Real Return Fund		—	(a)		—

(a) Amount rounds to less than 500.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service 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

^(a)  Amount rounds to less than 500.

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were 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.

40 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

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 six months ended April 30, 2018 and are in place until at least February 28, 2019.

For the six months ended April 30, 2018, 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	$	—	$	—	$	999	$	999
Tax Aware Real Return Fund		272		182		312		766

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 Fund’s investment in such affiliated money market fund.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2018 were as follows (amounts in thousands):

Tax Aware Equity Fund	$	14
Tax Aware Real Return Fund		99

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 JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

During the six months ended April 30, 2018, the Tax Aware Real Return Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended April 30, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended April 30, 2018, 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	$	388,389	$	230,838
Tax Aware Real Return Fund		305,100		651,476

During the six months ended April 30, 2018, there were no purchases or sales of U.S. Government securities.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	811,594	$	651,233	$	9,056	$	642,177
Tax Aware Real Return Fund		1,062,531		39,596		32,795		6,801

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 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 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 six months ended April 30, 2018.

The Trust along with certain other trusts (“Borrowers”), has 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

42 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

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 six months ended April 30, 2018.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2018, the Funds had omnibus accounts which owed 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
Tax Aware Equity Fund		1		69.9	%		1		18.8	%
Tax Aware Real Return Fund		1		58.7			—		—

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. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

APRIL 30, 2018 J.P. MORGAN TAX AWARE FUNDS 43

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2017, and continued to hold your shares at the end of the reporting period, April 30, 2018.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
Tax Aware Equity Fund
Class A
Actual	$	1,000.00	$	1,026.50	$	4.82		0.96	%
Hypothetical		1,000.00		1,020.03		4.81		0.96
Class C
Actual		1,000.00		1,024.00		7.28		1.45
Hypothetical		1,000.00		1,017.60		7.25		1.45
Class I
Actual		1,000.00		1,028.70		2.77		0.55
Hypothetical		1,000.00		1,022.07		2.76		0.55
Tax Aware Real Return Fund
Class A
Actual		1,000.00		1,000.20		3.62		0.73
Hypothetical		1,000.00		1,021.17		3.66		0.73
Class C
Actual		1,000.00		998.80		6.10		1.23
Hypothetical		1,000.00		1,018.70		6.16		1.23
Class I
Actual		1,000.00		1,001.50		2.38		0.48
Hypothetical		1,000.00		1,022.41		2.41		0.48
Class R6
Actual		1,000.00		1,002.00		1.94		0.39
Hypothetical		1,000.00		1,022.86		1.96		0.39

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

44 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2018

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 prospectuses 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., 2018.  All rights reserved. April 2018. SAN-TA-418

Semi-Annual Report

J.P. Morgan Region Fund

April 30, 2018 (Unaudited)

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
Schedule of Shareholder Expenses	23

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectuses 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

June 8, 2018 (Unaudited)

Dear Shareholder,

While the global economy largely continued its steady-growth trajectory throughout the six months ended April 30, 2018, investor concerns about rising interest rates and geo-political events fueled the return of volatility to financial markets and ended a 15-month string of rising equity prices in the U.S.

  “This world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.”— George C.W. Gatch

Favorable central bank policies, corporate earnings growth and consumer confidence remained supportive of global growth throughout the reporting period, though economic data in the European Union (the “EU”) softened somewhat in early 2018. Global petroleum prices generally rose during the reporting period as record output from U.S. shale operations was outweighed by expectations of rising global demand and extended output cuts from the Organization of Petroleum Exporting Nations.

The U.S. Federal Reserve (the “Fed”) raised interest rates in December 2017 and again in March 2018 in response to a tightening labor market and early signs of price inflation. The unemployment rate dropped to 3.9% in April – a level not seen in 18 years – after sitting at 4.1% from October 2017 to March 2018. Gross domestic product (GDP) in the U.S. rose by 2.9% in the fourth quarter of 2017 and an estimated 2.2% in the first quarter of 2018.

Meanwhile, U.S. tax cut legislation enacted in December 2017, appeared to provide support for both equity prices and corporate earnings, which reached record highs in the first quarter of 2017. Of the 279 companies reporting U.S. first quarter earnings by the end of the reporting period, 78% had surpassed analysts’ aggregate estimates.

In early February, a spike in 10-year U.S. Treasury bond yields triggered a rapid sell-off in U.S. financial markets that spread to global markets. Yields on 10-year Treasury bonds are generally considered a bellwether for broader market trends, and the increase in yields was a technical signal that raised investor concerns about inflation and rising U.S. interest rates.

While financial markets rebounded somewhat, the sell-off led to a record spike in market volatility just three months after the CBOE Volatility Index, which looks at Standard & Poor’s 500 Index futures to gauge near-term volatility, had dropped to the lowest level since it was created.

Throughout the latter half of the reporting period, U.S. financial markets were also buffeted by the potential for a U.S.-China trade war after President Trump threatened to raise import tariffs. However, background political uncertainty in Washington, D.C. appeared to have little direct impact on domestic financial markets.

Meanwhile, the European Central Bank (ECB) in January reduced its monthly asset purchases by half, though it declined to raise benchmark interest rates during the reporting period. In November, the Bank of England raised interest rates for the first time in a decade as the domestic economy continued to expand and uncertainty over Britain’s planned exit from the EU receded somewhat. In Germany, Chancellor Angela Merkel successfully formed a governing coalition in late February, removing further uncertainty among investors. Across the 19-nation Eurozone, unemployment fell to 8.5% and GDP grew 2.5% in the first quarter of 2018.

In China, government efforts to curb financial speculation appeared to hold down financial market volatility even as the nation’s economy continued to grow. Estimated GDP growth for China was 6.8% in the first quarter of 2018 and 6.9% for the final quarter of 2017. Emerging market nations largely continued to benefit from robust growth in China, rising commodity prices and global demand for goods. However, rising borrowing costs have put pressure on emerging markets in select nations that depend most on external financing, particularly Argentina, Turkey and Brazil.

Against a generally positive environment for global economic growth, a few distinct concerns have emerged in 2018. U.S. threats of protectionist trade policies and changes in U.S. foreign policy, particularly toward Iran, have led to political strains with long-time U.S. allies and trading partners. Rising interest rates globally have put pressure on the currencies of several emerging market nations. The world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.

We believe investors who maintain a long-term outlook and a properly diversified portfolio should continue to benefit from the global economic expansion in 2018. 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

APRIL 30, 2018 J.P. MORGAN REGION FUND 1

JPMorgan Intrepid European Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(1.01)%
Morgan Stanley Capital International (“MSCI”) Europe Index (net of foreign withholding taxes)		2.47%
Net Assets as of 4/30/2018 (In Thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	924,392

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 generally provided positive returns for the reporting period, but gains were tempered by increased market volatility, rising bond yields in the U.S. and moderating economic growth in the early part of 2018. While economists had generally forecast continued growth in the global economy, concerns over inflationary pressure, signs of slowing growth in Europe and a potential trade war between the U.S. and China led to investor uncertainty in the latter half of the reporting period.

In Europe, equity prices generally ended higher for the reporting period, supported by central bank policies, corporate earnings and continued improvements in leading economic indicators. However, increased market volatility in 2018 erased much of the stock market gains made in late 2017.

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.

The Fund’s security selection and overweight position in the semiconductors & semiconductor equipment sector and its security selection in the pharmaceuticals, biotechnology & life sciences sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection and underweight position in the food, beverage & tobacco sector

and its security selection in the software & services sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Evotec AG and RWE AG, and its underweight position in Royal Dutch Shell PLC. Shares of Evotec, a German drug development company that was not held in the Benchmark, fell late in the reporting period after rising strongly for most of 2017. Shares of RWE, a German electric and natural gas utility, fell amid Germany’s ongoing transition to less carbon-intensive electricity production. Shares of Royal Dutch Shell, a petroleum and natural gas producer, rose amid rising global oil prices during the reporting period.

Leading individual positive contributors to relative performance included the Fund’s overweight positions in Neste Corp., Fever-Tree Drinks PLC and UPM-Kymmene Oyj. Shares of Neste, a Finnish petroleum and renewable diesel producer, rose amid rising global oil prices. Shares of Fever-Tree Drinks, a U.K. provider of carbonated drink mixers, rose after the company reported strong growth in sales and earnings. Shares of UPM-Kymmene, a Finnish paper, pulp and lumber company, rose after the company unveiled plans to reduce operations in the U.S. and Germany.

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.

2 J.P. MORGAN REGION FUND APRIL 30, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Novartis AG (Registered) (Switzerland)	3.7	%
	2.	Neste OYJ (Finland)	2.6
	3.	Allianz SE (Registered) (Germany)	2.6
	4.	Repsol SA (Spain)	2.4
	5.	BASF SE (Germany)	2.3
	6.	Koninklijke DSM NV (Netherlands)	2.2
	7.	Capgemini SE (France)	2.2
	8.	Vinci SA (France)	2.2
	9.	ING Groep NV (Netherlands)	2.2
	10.	LVMH Moet Hennessy Louis Vuitton SE (France)	2.1

PORTFOLIO COMPOSITION BY COUNTRY***
France	20.2	%
United Kingdom	19.6
Switzerland	15.1
Germany	10.5
Netherlands	7.6
Finland	5.9
Italy	4.5
Denmark	3.9
Sweden	3.1
Spain	2.4
Austria	1.9
Belgium	1.1
Norway	1.1
Others (each less than 1.0%)	1.1
Short-Term Investment	2.0

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

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

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

APRIL 30, 2018 J.P. MORGAN REGION FUND 3

JPMorgan Intrepid European Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
With Sales Charge**			(6.21	)%		2.01	%		5.37	%		1.75	%
Without Sales Charge			(1.01	)		7.67			6.52			2.30
CLASS C SHARES	November 1, 1998
With CDSC***			(2.25	)		6.14			5.99			1.79
Without CDSC			(1.25	)		7.14			5.99			1.79
CLASS I SHARES	September 10, 2001		(0.89	)		7.95			6.82			2.58
CLASS L SHARES	September 10, 2001		(0.84	)		8.09			7.01			2.79

* Not annualized.

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

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

TEN YEAR PERFORMANCE (4/30/08 TO 4/30/18)

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 April 30, 2008 to April 30, 2018. 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 FUND APRIL 30, 2018

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.7%
		Austria — 1.9%
	361	Erste Group Bank AG (a)		17,648
		Belgium — 1.1%
	120	KBC Group NV		10,390
		Denmark — 3.9%
	403	Danske Bank A/S		14,022
	295	Novo Nordisk A/S, Class B		13,879
	120	Royal Unibrew A/S		7,956
				35,857
		Finland — 5.8%
	104	Metso OYJ		3,679
	284	Neste OYJ		23,890
	548	Stora Enso OYJ, Class R		10,816
	428	UPM-Kymmene OYJ		15,264
				53,649
		France — 20.0%
	140	Airbus SE		16,405
	208	BNP Paribas SA		16,029
	146	Capgemini SE		20,099
	518	Credit Agricole SA		8,523
	83	Dassault Systemes SE		10,694
	400	Engie SA		7,024
	141	Faurecia SA		11,517
	34	Kering SA		19,440
	56	LVMH Moet Hennessy Louis Vuitton SE		19,453
	853	Orange SA		15,511
	257	Peugeot SA		6,332
	217	TOTAL SA		13,618
	199	Vinci SA		19,914
				184,559
		Germany — 10.4%
	91	AIXTRON SE (a)		1,292
	100	Allianz SE (Registered)		23,709
	201	BASF SE		20,943
	78	Covestro AG, Reg. S (e)		7,050
	292	Evotec AG (a)		4,706
	54	Hannover Rueck SE		7,563
	316	Infineon Technologies AG		8,089
	219	ProSiebenSat.1 Media SE		7,945
	108	Wirecard AG		14,563
				95,860
		Israel — 0.5%
	255	Plus500 Ltd.		4,954

SHARES		SECURITY DESCRIPTION	VALUE($)
		Italy — 4.4%
	234	Banca Generali SpA		7,578
	63	Ferrari NV		7,780
	3,746	Intesa Sanpaolo SpA		14,249
	503	UniCredit SpA		10,911
				40,518
		Netherlands — 7.5%
	425	ABN AMRO Group NV, Reg. S, CVA (e)		13,178
	84	AMG Advanced Metallurgical Group NV		3,932
	63	ASML Holding NV		11,977
	1,168	ING Groep NV		19,686
	198	Koninklijke DSM NV		20,423
				69,196
		Norway — 1.1%
	466	Telenor ASA		10,309
		Spain — 2.4%
	1,153	Repsol SA		22,007
		Sweden — 3.0%
	1,006	Dometic Group AB (e)		9,626
	191	Swedish Orphan Biovitrum AB (a)		4,097
	841	Volvo AB, Class B		14,260
				27,983
		Switzerland — 14.9%
	8	Georg Fischer AG (Registered)		10,488
	3,673	Glencore plc (a)		17,694
	251	Logitech International SA (Registered)		9,263
	433	Novartis AG (Registered)		33,364
	20	Partners Group Holding AG		14,659
	38	Roche Holding AG		8,394
	33	Swatch Group AG (The)		15,958
	162	Swiss Re AG		15,407
	85	VAT Group AG, Reg. S (a) (e)		12,495
				137,722
		United Kingdom — 19.3%
	533	Anglo American plc		12,547
	363	Ashtead Group plc		10,087
	971	Barratt Developments plc		7,449
	220	Bellway plc		10,032
	677	Compass Group plc		14,530
	246	Fevertree Drinks plc		9,551
	766	Fiat Chrysler Automobiles NV (a)		17,027
	1,082	International Consolidated Airlines Group SA		9,334
	12,381	Lloyds Banking Group plc		10,981
	3,517	Man Group plc		8,735

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN REGION FUND 5

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	394	Persimmon plc		14,710
	338	Rio Tinto plc		18,400
	724	Rolls-Royce Holdings plc (a)		8,362
	3,253	Taylor Wimpey plc		8,568
	5,555	Tesco plc		17,992
				178,305
		United States — 0.5%
	85	Shire plc		4,502
		Total Common Stocks (Cost $860,049)		893,459
	Preferred Stock — 0.0% (g)
		United Kingdom — 0.0% (g)
	51,406	Rolls-Royce plc (Preference) (bb) (Cost $71)		70
	Short-Term Investment — 2.0%
		Investment Company — 2.0%
	18,466	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $18,466)		18,466
		Total Investments — 98.7% (Cost $878,586)		911,995
		Other Assets in Excess of Liabilities — 1.3%		12,397
		NET ASSETS — 100.0%	$	924,392

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN REGION FUND APRIL 30, 2018

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Banks		14.9	%
Oil, Gas & Consumable Fuels		6.5
Pharmaceuticals		6.1
Textiles, Apparel & Luxury Goods		6.0
Metals & Mining		5.8
Chemicals		5.3
Insurance		5.1
Machinery		4.5
Household Durables		4.5
IT Services		3.8
Automobiles		3.4
Capital Markets		3.4
Paper & Forest Products		2.9
Diversified Telecommunication Services		2.8
Aerospace & Defense		2.7
Semiconductors & Semiconductor Equipment		2.3
Auto Components		2.3
Construction & Engineering		2.2
Food & Staples Retailing		2.0
Beverages		1.9
Hotels, Restaurants & Leisure		1.6
Software		1.2
Trading Companies & Distributors		1.1
Airlines		1.0
Technology Hardware, Storage & Peripherals		1.0
Others (each less than 1.0%)		3.7
Short-Term Investment		2.0

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CVA	—  Dutch Certification
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 of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%.
(l)	—  The rate shown is the current yield as of April 30, 2018.
(bb)	—  Security has been valued using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN REGION FUND 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Intrepid European Fund
ASSETS:
Investments in non-affiliates, at value	$	893,529
Investments in affiliates, at value		18,466
Cash		100
Foreign currency, at value		620
Receivables:
Due from custodian		2,376
Investment securities sold		18,301
Fund shares sold		188
Dividends from non-affiliates		2,186
Dividends from affiliates		28
Tax reclaims		3,376
Variation margin on futures contracts		—	(a)
Total Assets		939,170
LIABILITIES:
Payables:
Investment securities purchased		13,586
Fund shares redeemed		196
Accrued liabilities:
Investment advisory fees		499
Administration fees		62
Distribution fees		61
Service fees		116
Custodian and accounting fees		56
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		202
Total Liabilities		14,778
Net Assets	$	924,392

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN REGION FUND APRIL 30, 2018

	JPMorgan Intrepid European Fund
NET ASSETS:
Paid-in-Capital	$	893,040
Accumulated undistributed (distributions in excess of) net investment income		7,142
Accumulated net realized gains (losses)		(9,268	)
Net unrealized appreciation (depreciation)		33,478
Total Net Assets	$	924,392
Net Assets:
Class A	$	165,542
Class C		42,711
Class I		187,764
Class L		528,375
Total	$	924,392
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		6,269
Class C		1,820
Class I		6,977
Class L		19,465
Net Asset Value (a):
Class A — Redemption price per share	$	26.40
Class C — Offering price per share (b)		23.46
Class I — Offering and redemption price per share		26.91
Class L — Offering and redemption price per share		27.14
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	27.86
Cost of investments in non-affiliates	$	860,120
Cost of investments in affiliates		18,466
Cost of foreign currency		620

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN REGION FUND 9

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Intrepid European Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	4
Interest income from affiliates		—	(a)
Dividend income from non-affiliates		13,239
Dividend income from affiliates		159
Foreign taxes withheld		(1,432	)
Total investment income		11,970
EXPENSES:
Investment advisory fees		3,120
Administration fees		390
Distribution fees:
Class A		209
Class C		164
Service fees:
Class A		209
Class C		55
Class I		236
Class L		280
Custodian and accounting fees		90
Interest expense to affiliates		3
Professional fees		60
Trustees’ and Chief Compliance Officer’s fees		14
Printing and mailing costs		37
Registration and filing fees		38
Transfer agency fees (See Note 2.F)		21
Other		11
Total expenses		4,937
Less fees waived		(132	)
Net expenses		4,805
Net investment income (loss)		7,165
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		51,235
Futures contracts		1,033
Foreign currency transactions		93
Net realized gain (loss)		52,361
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(66,851	)
Futures contracts		(96	)
Foreign currency translations		(34	)
Change in net unrealized appreciation/depreciation		(66,981	)
Net realized/unrealized gains (losses)		(14,620	)
Change in net assets resulting from operations	$	(7,455	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN REGION FUND APRIL 30, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Intrepid European Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,165		$	15,911
Net realized gain (loss)		52,361			82,878
Change in net unrealized appreciation/depreciation		(66,981	)		95,771
Change in net assets resulting from operations		(7,455	)		194,560
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,283	)		(2,962	)
Class C
From net investment income		(435	)		(764	)
Class I
From net investment income		(2,988	)		(2,896	)
Class L
From net investment income		(9,949	)		(10,351	)
Total distributions to shareholders		(15,655	)		(16,973	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(29,994	)		17,522
NET ASSETS:
Change in net assets		(53,104	)		195,109
Beginning of period		977,496			782,387
End of period	$	924,392		$	977,496
Accumulated undistributed (distributions in excess of) net investment income	$	7,142		$	15,632

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN REGION FUND 11

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Intrepid European Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,234		$	39,901
Distributions reinvested		2,203			2,847
Cost of shares redeemed		(17,970	)		(72,459	)
Change in net assets resulting from Class A capital transactions	$	4,467		$	(29,711	)
Class C
Proceeds from shares issued	$	5,564		$	10,881
Distributions reinvested		395			683
Cost of shares redeemed		(8,761	)		(24,752	)
Change in net assets resulting from Class C capital transactions	$	(2,802	)	$	(13,188	)
Class I
Proceeds from shares issued	$	33,332		$	79,324
Distributions reinvested		2,739			1,243
Cost of shares redeemed		(30,719	)		(68,901	)
Change in net assets resulting from Class I capital transactions	$	5,352		$	11,666
Class L
Proceeds from shares issued	$	28,828		$	132,401
Distributions reinvested		8,412			9,412
Cost of shares redeemed		(74,251	)		(93,058	)
Change in net assets resulting from Class L capital transactions	$	(37,011	)	$	48,755
Total change in net assets resulting from capital transactions	$	(29,994	)	$	17,522
SHARE TRANSACTIONS:
Class A
Issued		754			1,592
Reinvested		83			130
Redeemed		(670	)		(3,039	)
Change in Class A Shares		167			(1,317	)
Class C
Issued		231			489
Reinvested		17			35
Redeemed		(370	)		(1,152	)
Change in Class C Shares		(122	)		(628	)
Class I
Issued		1,199			3,145
Reinvested		102			56
Redeemed		(1,124	)		(2,885	)
Change in Class I Shares		177			316
Class L
Issued		1,048			5,289
Reinvested		310			421
Redeemed		(2,651	)		(3,725	)
Change in Class L Shares		(1,293	)		1,985

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN REGION FUND APRIL 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2018 J.P. MORGAN REGION FUND 13

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
JPMorgan Intrepid European Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	27.04	$	0.17	$	(0.44	)	$	(0.27	)	$	(0.37	)
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
Six Months Ended April 30, 2018 (Unaudited)		24.00		0.09		(0.39	)		(0.30	)		(0.24	)
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
Six Months Ended April 30, 2018 (Unaudited)		27.60		0.21		(0.46	)		(0.25	)		(0.44	)
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
Six Months Ended April 30, 2018 (Unaudited)		27.85		0.22		(0.45	)		(0.23	)		(0.48	)
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) 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.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN REGION FUND APRIL 30, 2018

		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)
$	26.40		(1.01	)%	$	165,542		1.24	%		1.29	%		1.30	%		73	%
	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
	23.46		(1.25	)		42,711		1.74			0.78			1.79			73
	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
	26.91		(0.89	)		187,764		0.99			1.56			1.04			73
	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
	27.14		(0.84	)		528,375		0.88			1.59			0.88			73
	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.

APRIL 30, 2018 J.P. MORGAN REGION FUND 15

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited)

1. Organization

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

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan Intrepid European Fund	Class A, Class C, Class I and Class L*	Diversified

* Effective December 1, 2016, Class L 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, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. 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 calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

16 J.P. MORGAN REGION FUND APRIL 30, 2018

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 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	$	—	$	17,648	$	—	$	17,648
Belgium		—		10,390		—		10,390
Denmark		—		35,857		—		35,857
Finland		—		53,649		—		53,649
France		—		184,559		—		184,559
Germany		—		95,860		—		95,860
Israel		—		4,954		—		4,954
Italy		—		40,518		—		40,518
Netherlands		—		69,196		—		69,196
Norway		—		10,309		—		10,309
Spain		—		22,007		—		22,007
Sweden		—		27,983		—		27,983
Switzerland		—		137,722		—		137,722
United Kingdom		—		178,305		—		178,305
United States		—		4,502		—		4,502
Total Common Stocks		—		893,459		—		893,459
Preferred Stocks
United Kingdom		—		—		70		70
Short-Term Investment
Investment Company		18,466		—		—		18,466
Total Investments in Securities	$	18,466	$	893,459	$	70	$	911,995

Transfers from level 1 to level 2 in the amount of approximately $52,062,000 are due to the non-application of the fair value factors to certain securities during the six months ended April 30, 2018.

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, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Fund.

As of April 30, 2018, 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.

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

APRIL 30, 2018 J.P. MORGAN REGION FUND 17

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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 six months ended April 30, 2018 (amounts in thousands):

Futures Contracts:
Average Notional Balance Long	$	16,108	(a)

(a) For the period November 1, 2017 through December 31, 2017.

As of April 30, 2018, the Fund did not hold open futures contracts.

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 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 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 the Fund first learns of the dividend.

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Fund for the six months ended April 30, 2018 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class L		Total
Transfer agency fees	$	12	$	2	$	5	$	2	$	21

G. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of April 30, 2018, 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 remains subject to examination by the Internal Revenue Service.

18 J.P. MORGAN REGION FUND APRIL 30, 2018

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, if any, 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.

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 six months ended April 30, 2018, the effective annualized rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“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	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2018, JPMDS retained the following (amounts in thousands):

Front-End Sales Charge		CDSC
$	16	$	—

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 income earned on cash balances at the custodian, if any, included in Interest income from affiliates on the Statement of Operations. Prior to March 1, 2018, payments to the custodian were 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 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.

APRIL 30, 2018 J.P. MORGAN REGION FUND 19

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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
	1.24	%		1.74	%		0.99	%		1.00	%

The expense limitation agreements were in effect for the six months ended April 30, 2018. The expense limitation agreements for Class A, Class C and Class I are in place until at least October 31, 2019 and for Class L until at least February 28, 2019.

For the six months ended April 30, 2018, 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 reimbursed expenses in future years.

Contractual Waivers
Service Fees
$	105

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 six months ended April 30, 2018 was approximately $27,000.

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 six months ended April 30, 2018, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended April 30, 2018, 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)
$	678,543	$	715,478

During the six months ended April 30, 2018, 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 April 30, 2018 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	878,586	$	58,449	$	25,040	$	33,409

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

20 J.P. MORGAN REGION FUND APRIL 30, 2018

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

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 six months ended April 30, 2018.

The Trust, along with certain other trusts (“Borrowers”), has 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 six months ended April 30, 2018.

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.

Number of Affiliated Omnibus Accounts		% of the Fund
	1		20.2	%

The J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

J.P. Morgan Investor Funds
	33.4	%

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

APRIL 30, 2018 J.P. MORGAN REGION FUND 21

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

As of April 30, 2018, the Fund had non-U.S. country allocations representing greater than 10% of total investments as follows:

France			Germany			Switzerland			United Kingdom
	20.2	%		10.5	%		15.1	%		19.6	%

As of April 30, 2018, 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.

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.

22 J.P. MORGAN REGION FUND APRIL 30, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2017, and continued to hold your shares at the end of the reporting period, April 30, 2018.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid European Fund
Class A
Actual	$	1,000.00	$	989.90	$	6.12		1.24	%
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class C
Actual		1,000.00		987.50		8.57		1.74
Hypothetical		1,000.00		1,016.17		8.70		1.74
Class I
Actual		1,000.00		991.10		4.89		0.99
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class L
Actual		1,000.00		991.60		4.35		0.88
Hypothetical		1,000.00		1,020.43		4.41		0.88

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

APRIL 30, 2018 J.P. MORGAN REGION FUND 23

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

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

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

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 prospectuses 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., 2018.  All rights reserved. April 2018. SAN-INTEQ-CO-418

Semi-Annual Report

J.P. Morgan SMA Funds

April 30, 2018 (Unaudited)

JPMorgan International Value SMA Fund

JPMorgan Tax Aware Real Return SMA Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan International Value SMA Fund	3
JPMorgan Tax Aware Real Return SMA Fund	6
Schedules of Portfolio Investments	9
Financial Statements	16
Financial Highlights	20
Notes to Financial Statements	24
Schedule of Shareholder Expenses	34

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

June 8, 2018 (Unaudited)

Dear Shareholder,

While the global economy largely continued its steady-growth trajectory throughout the six months ended April 30, 2018, investor concerns about rising interest rates and geo-political events fueled the return of volatility to financial markets and ended a 15-month string of rising equity prices in the U.S.

  “This world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.”— George C.W. Gatch

Favorable central bank policies, corporate earnings growth and consumer confidence remained supportive of global growth throughout the reporting period, though economic data in the European Union (the “EU”) softened somewhat in early 2018. Global petroleum prices generally rose during the reporting period as record output from U.S. shale operations was outweighed by expectations of rising global demand and extended output cuts from the Organization of Petroleum Exporting Nations.

The U.S. Federal Reserve (the “Fed”) raised interest rates in December 2017 and again in March 2018 in response to a tightening labor market and early signs of price inflation. The unemployment rate dropped to 3.9% in April – a level not seen in 18 years – after sitting at 4.1% from October 2017 to March 2018. Gross domestic product (GDP) in the U.S. rose by 2.9% in the fourth quarter of 2017 and an estimated 2.2% in the first quarter of 2018.

Meanwhile, U.S. tax cut legislation enacted in December 2017, appeared to provide support for both equity prices and corporate earnings, which reached record highs in the first quarter of 2017. Of the 279 companies reporting U.S. first quarter earnings by the end of the reporting period, 78% had surpassed analysts’ aggregate estimates.

In early February, a spike in 10-year U.S. Treasury bond yields triggered a rapid sell-off in U.S. financial markets that spread to global markets. Yields on 10-year Treasury bonds are generally considered a bellwether for broader market trends, and the increase in yields was a technical signal that raised investor concerns about inflation and rising U.S. interest rates.

While financial markets rebounded somewhat, the sell-off led to a record spike in market volatility just three months after the CBOE Volatility Index, which looks at Standard & Poor’s 500 Index futures to gauge near-term volatility, had dropped to the lowest level since it was created.

Throughout the latter half of the reporting period, U.S. financial markets were also buffeted by the potential for a U.S.-China trade war after President Trump threatened to raise import tariffs. However, background political uncertainty in Washington, D.C. appeared to have little direct impact on domestic financial markets.

Meanwhile, the European Central Bank (ECB) in January reduced its monthly asset purchases by half, though it declined to raise benchmark interest rates during the reporting period. In November, the Bank of England raised interest rates for the first time in a decade as the domestic economy continued to expand and uncertainty over Britain’s planned exit from the EU receded somewhat. In Germany, Chancellor Angela Merkel successfully formed a governing coalition in late February, removing further uncertainty among investors. Across the 19-nation Eurozone, unemployment fell to 8.5% and GDP grew 2.5% in the first quarter of 2018.

In China, government efforts to curb financial speculation appeared to hold down financial market volatility even as the nation’s economy continued to grow. Estimated GDP growth for China was 6.8% in the first quarter of 2018 and 6.9% for the final quarter of 2017. Emerging market nations largely continued to benefit from robust growth in China, rising commodity prices and global demand for goods. However, rising borrowing costs have put pressure on emerging markets in select nations that depend most on external financing, particularly Argentina, Turkey and Brazil.

Against a generally positive environment for global economic growth, a few distinct concerns have emerged in 2018. U.S. threats of protectionist trade policies and changes in U.S. foreign policy, particularly toward Iran, have led to political strains with long-time U.S. allies and trading partners. Rising interest rates globally have put pressure on the currencies of several emerging market nations. The world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.

We believe investors who maintain a long-term outlook and a properly diversified portfolio should continue to benefit from the global economic expansion in 2018. 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

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

Global financial markets generally provided positive returns for the reporting period, but gains were tempered by increased market volatility, rising bond yields in the U.S. and moderating economic growth in the early part of 2018. While economists had generally forecast continued growth in the global economy, concerns over inflationary pressure, signs of slowing growth in Europe and a potential trade war between the U.S. and China all led to investor uncertainty in the latter half of the reporting period.

Notably, global petroleum prices rose significantly during the reporting period. Global economic growth drove increased demand for oil, while on the supply side, the Organization of Petroleum Exporting Countries and Russia agreed in December 2017 to extend production curbs through 2018. Severe reductions in output from Venezuela and threatened U.S. sanctions against Iran also provided support for global energy prices.

Throughout the final months of 2017 and into January 2018, U.S. equity prices reached new highs and financial market volatility remained at historically low levels. Then in early February 2018, the Standard & Poor’s 500 Index (the “S&P 500”) fell more than 10% intraday and the CBOE Volatility Index, which measures options on the S&P 500 to gauge near-term market volatility, spiked a record 115.6%. The sell-off came after fifteen consecutive months of stock market gains and was largely triggered by a spike in yields on 10-year U.S. Treasury bonds, which signaled to investors that rising borrowing costs and accelerating inflation could lead to weakness in asset prices. Overall, bond prices in the U.S. declined amid investor expectations for rising interest rates.

In Europe and Japan, equity prices generally ended higher for the reporting period, supported by central bank policies, corporate earnings and continued improvements in leading economic indicators. However, increased market volatility in 2018 erased much of the stock market gains made in late 2017.

Equity prices in emerging markets also rose amid corporate profit growth, rising commodities prices and a positive global economic outlook. China’s efforts to curb financial market speculation appeared to provide some stability to asset prices. Notably, prices for emerging market debt slumped after rising through most of 2016 and 2017. A potential U.S.-China trade war, widening conflict in Syria and political uncertainty ahead of elections in Brazil and Mexico contributed to investor concerns about emerging market currencies and local-currency denominated bonds.

For the six months ended April 30, 2018, the MSCI Europe Australasia and Far East Index (net of foreign withholding taxes) returned 3.41%, while the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned -1.16%.

2 J.P. MORGAN SMA FUNDS APRIL 30, 2018

JPMorgan International Value SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund1,*		0.31%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)		3.41%
Net Assets as of 4/30/2018 (In Thousands)	$	40,934

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 underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2018.

By sector, the Fund’s security selection in the basic industries sector and its underweight position in the energy sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the technology-software sector and its security selection and overweight position in the transportation sector were leading contributors to relative performance.

By region, the Fund’s underweight position and security selection in the U.K. and its security selection in Continental Europe were leading detractors from performance relative to the Benchmark. The Fund’s security selection and overweight position in Japan and its underweight position and security selection in the Pacific were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Outokumpu Oyj, Svenska Handelsbanken AB and Daimler AG. Shares of Outokumpu, a Finnish stainless steel producer, fell amid weak earnings and investor concerns about potential U.S. trade tariffs. Shares of Svenska Handelsbanken, a Swedish financial services and banking company, fell after the company reported weaker-than-expected operating profit for the first quarter of 2018. Shares of Daimler AG, a maker of cars, trucks and vans, fell amid investor uncertainty about potential U.S. import tariffs.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Otsuka Corp., Deutsche Boerse AG and NGK Spark Plug Co. Shares of Otsuka, a Japanese pharmaceuticals and supplements maker, rose after the U.S. Food and Drug Administration approved the use of the company’s drug for kidney disease. Shares of Deutsche Boerse, a German operator financial products exchanges, rose after the company reported growth in revenue and earnings for the first quarter of 2018. Shares of NGK Spark Plug Co., a Japanese auto parts manufacturer, rose after the company reported growth in sales and earnings for its fiscal year ended March 31, 2018.

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.

¹  The Fund was liquidated on June 8, 2018.

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

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

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 3

JPMorgan International Value SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Daimler AG (Registered) (Germany)	6.3	%
	2.	Mitsubishi Corp. (Japan)	6.3
	3.	Renault SA (France)	5.9
	4.	Erste Group Bank AG (Austria)	4.9
	5.	Daikin Industries Ltd. (Japan)	4.9
	6.	Standard Chartered plc (United Kingdom)	4.5
	7.	NGK Spark Plug Co. Ltd. (Japan)	4.3
	8.	Bankia SA (Spain)	3.8
	9.	NN Group NV (Netherlands)	3.7
	10.	Goodman Group (Australia)	3.7

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	47.5	%
Germany	14.1
United Kingdom	6.9
France	5.9
Austria	4.9
Spain	3.8
Netherlands	3.7
Australia	3.7
Sweden	3.6
Finland	3.1
South Korea	2.8

* Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SMA FUNDS APRIL 30, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			3 YEAR			5 YEAR			10 YEAR
JPMorgan International Value SMA Fund		August 17, 2007		5.38	%		18.53	%		7.99	%		5.46	%		3.10	%

* Not annualized.

TEN YEAR PERFORMANCE (4/30/08 TO 4/30/18)

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 April 30, 2008 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Lipper International Large-Cap Value Funds Index reflects an initial investment at the end of the month closest to the Fund’s inception. The performance of the MSCI EAFE Value Index does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Value Index

is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented stocks in developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Value Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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

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

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 5

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund *	0.31%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index	(1.16)%
Tax Aware Real Return Composite Benchmark**	0.71%
Net Assets as of 4/30/2018 (In Thousands)	$9,617

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return SMA Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

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

The Fund’s shares had a positive absolute return and outperformed the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) but underperformed the Composite Benchmark for the six months ended April 30, 2018.

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 1.05%, 1.88%, 2.66% and 5.84%, respectively. Swaps contract returns were pulled higher by the recovery in oil prices during the reporting period.

Relative to the Benchmark, the Fund’s underweight position in the general obligation bond sector and its overweight position in pre-refunded bonds were leading contributors to performance. The Fund’s underweight positions in both industrial development revenue/pollution control revenue bonds and hospital sector bonds detracted from relative performance. During the reporting period, lower quality bonds generally outperformed higher quality bonds and the Fund’s overweight position in bonds rated AA and higher and its underweight position in bonds rated A and BBB detracted from relative performance.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed a bottom-up, security-selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. The Fund maintained its 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 98% from 94%.

INVESTMENT APPROACH

The Fund uses zero-coupon inflation-linked swaps (“inflation swaps”) in combination with tax-exempt municipal bonds to seek to replicate a portfolio of inflation protected securities. The Fund is designed to protect the total return generated by its tax-exempt fixed income holdings from inflation risk. The inflation swaps used by the Fund are based on cumulative percentage movements in the Consumer Price Index for All Urban Consumers (“CPI-U”). The inflation swaps are structured so that one counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. The other counterparty (the Fund) pays a compounded fixed rate (zero coupon inflation-swap rate), which is based on the “breakeven inflation rate,” calculated as the yield difference between a nominal U.S. Treasury security and a U.S. Treasury Inflation Protected Security (TIPS) of equal maturity.

The Fund’s portfolio managers aim to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying bonds is used as the general basis for the Fund’s inflation swap positioning. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s portfolio managers believe that matching the duration of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.

6 J.P. MORGAN SMA FUNDS APRIL 30, 2018

PORTFOLIO COMPOSITION****
Municipal Bonds	95.2	%
Short-Term Investment	4.8

* 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 return of the Fund’s Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index.

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

**** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 7

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			3 YEAR			5 YEAR			10 YEAR
JPMorgan Tax Aware Real Return SMA Fund		May 31, 2007
Before Taxes				0.31	%		1.13	%		1.86	%		0.69	%		2.51	%
After Taxes on Distributions				0.17			0.90			1.78			0.64			2.49
After Taxes on Distributions and Sale of Fund Shares				0.63			1.56			2.02			1.14			2.60

* Not annualized.

TEN YEAR PERFORMANCE (4/30/08 TO 4/30/18)

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 April 30, 2008 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Tax Aware Real Return Composite Benchmark is determined by

adding the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index. The Lipper Intermediate Municipal Debt Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate tax liability.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares, with the exception of returns noted above as after taxes.

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

8 J.P. MORGAN SMA FUNDS APRIL 30, 2018

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.3%
			Australia — 3.6%
	215		Goodman Group		1,463
			Austria — 4.8%
	40		Erste Group Bank AG (a)		1,967
			Finland — 3.0%
	188		Outokumpu OYJ		1,215
			France — 5.7%
	22		Renault SA		2,342
			Germany — 13.8%
	21		Brenntag AG		1,217
	32		Daimler AG (Registered)		2,512
	10		Deutsche Boerse AG		1,390
	5		HeidelbergCement AG		516
					5,635
			Japan — 46.2%
	17		Daikin Industries Ltd.		1,951
	52		DMG Mori Co. Ltd.		977
	34		Japan Airlines Co. Ltd.		1,354
	29		Mabuchi Motor Co. Ltd.		1,432
	49		Marui Group Co. Ltd.		1,017
	91		Mitsubishi Corp.		2,498
	49		Mitsui Fudosan Co. Ltd.		1,242
	67		NGK Spark Plug Co. Ltd.		1,729
	29		Otsuka Corp.		1,362
	43		Renesas Electronics Corp. (a)		445
	67		Sumitomo Electric Industries Ltd.		1,023
	79		T&D Holdings, Inc.		1,338
	75		Tokyu Corp.		1,262
	50		Yamato Holdings Co. Ltd.		1,273
					18,903
			Netherlands — 3.6%
	31		NN Group NV		1,475
			South Korea — 2.7%
	(h	)	Samsung Electronics Co. Ltd. (bb)		1,120
			Spain — 3.7%
	349		Bankia SA		1,533
			Sweden — 3.5%
	127		Svenska Handelsbanken AB, Class A		1,419

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — 6.7%
	124	Barratt Developments plc		949
	171	Standard Chartered plc		1,800
				2,749
		Total Common Stocks (Cost $30,507)		39,821
		Total Investments — 97.3% (Cost $30,507)		39,821
		Other Assets in Excess of Liabilities — 2.7%		1,113
		NET ASSETS — 100.0%	$	40,934

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Banks		16.9	%
Automobiles		12.2
Trading Companies & Distributors		9.3
Insurance		7.1
Auto Components		6.9
Building Products		4.9
Equity Real Estate Investment Trusts (REITs)		3.7
Electrical Equipment		3.6
Capital Markets		3.5
IT Services		3.4
Airlines		3.4
Air Freight & Logistics		3.2
Road & Rail		3.2
Real Estate Management & Development		3.1
Metals & Mining		3.0
Technology Hardware, Storage & Peripherals		2.8
Multiline Retail		2.5
Machinery		2.5
Household Durables		2.4
Construction Materials		1.3
Semiconductors & Semiconductor Equipment		1.1

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 9

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of April 30, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		18		06/2018		EUR		753		8
FTSE 100 Index		5		06/2018		GBP		513		7
TOPIX Index		3		06/2018		JPY		486		4
										19

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SMA FUNDS APRIL 30, 2018

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 90.9% (t)
		Arizona — 1.8%
		Water & Sewer — 1.8%
	150	City of Tucson, Water System, Rev., 5.00%, 07/01/2023		170
		California — 8.9%
		Education — 1.1%
	75	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.80%, 02/01/2020		80
	25	Golden West Schools Financing Authority, Beverly Hills Unified School District, Rev., NATL-RE, 5.25%, 08/01/2023		28
				108
		General Obligation — 4.1%
	75	Coast Community College District, Series A, GO, 4.00%, 08/01/2022		81
	100	State of California, Various Purpose, GO, 5.00%, 08/01/2028		119
	165	Tustin Unified School District, School Facilities Improvement District No. 2002-1, GO, 5.00%, 08/01/2031		192
				392
		Utility — 3.7%
	300	City of Los Angeles, Department of Water & Power, Power System, Series B, Rev., 5.00%, 07/01/2029		358
		Total California		858
		Connecticut — 1.2%
		Water & Sewer — 1.2%
	100	City of Stamford, Water Pollution Control System & Facility, Series A, Rev., 6.00%, 08/15/2022		116
		Florida — 3.8%
		General Obligation — 2.8%
	250	Florida State Board of Education, Public Education Capital Outlay, Series D, GO, 5.00%, 06/01/2025		271
		Other Revenue — 0.7%
	60	County of Miami, Special Obligation, Series B, Rev., 5.00%, 10/01/2023		68
		Prerefunded — 0.2%
	20	City of Port St Lucie, Utility System, Rev., AGC, 5.25%, 09/01/2018 (p)		20
		Water & Sewer — 0.1%
	10	City of Fort Lauderdale, Water & Sewer, Rev., 5.00%, 09/01/2018		10
		Total Florida		369

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Georgia — 7.5%
		Utility — 3.7%
	300	Main Street Natural Gas Inc., Georgia Gas Project, Series A, Rev., 5.50%, 09/15/2028		358
		Water & Sewer — 3.8%
	250	County of DeKalb, Water & Sewerage, Series B, Rev., 5.25%, 10/01/2026		299
	60	Jackson County Water & Sewer Authority, Series A, Rev., XLCA, 5.25%, 09/01/2021		64
				363
		Total Georgia		721
		Illinois — 0.6%
		General Obligation — 0.6%
	60	City of Chicago, Series A, GO, AGM, 5.50%, 01/01/2019		61
		Indiana — 1.1%
		Education — 1.1%
	100	Purdue University, Student Fee, Series U, Rev., 5.25%, 07/01/2021		110
		Louisiana — 0.3%
		Water & Sewer — 0.3%
	25	Tangipahoa Water District, Series A, Rev., AGM, 3.00%, 11/01/2018		25
		Maryland — 1.1%
		General Obligation — 1.1%
		State of Maryland, State and Local Facilities Loan,
	75	Series A, GO, 5.00%, 03/15/2024		86
	20	Series B, GO, 5.00%, 08/01/2018		20
		Total Maryland		106
		Massachusetts — 7.5%
		Education — 0.6%
	50	Massachusetts Development Finance Agency, Emerson College Issue, Rev., 5.00%, 01/01/2037		55
		General Obligation — 2.0%
	50	Commonwealth of Massachusetts, Series A, GO, 5.00%, 01/01/2033		59
	120	Town of Ludlow, Municipal Purpose Loan, GO, 5.00%, 08/15/2024		138
				197
		Transportation — 4.9%
		Massachusetts Bay Transportation Authority,
	150	Series A, Rev., 5.25%, 07/01/2027		183
	250	Series B, Rev., 5.25%, 07/01/2023		286
				469
		Total Massachusetts		721

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 11

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Missouri — 0.5%
		General Obligation — 0.5%
	40	North Kansas City School District No. 74, Series A, GO, 5.00%, 03/01/2023		45
		Nevada — 2.4%
		Water & Sewer — 2.4%
	200	Truckee Meadows Water Authority, Rev., 5.00%, 07/01/2031		232
		New Jersey — 3.9%
		Other Revenue — 2.4%
	200	Tobacco Settlement Financing Corp., Series A, Rev., 5.00%, 06/01/2027		228
		Transportation — 1.5%
		New Jersey Transportation Trust Fund Authority, Transportation System,
	80	Series A, Rev., 5.25%, 12/15/2020		85
	60	Series A, Rev., 5.50%, 12/15/2021		65
				150
		Total New Jersey		378
		New Mexico — 5.0%
		Other Revenue — 2.3%
	200	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.00%, 06/01/2022		217
		Transportation — 2.7%
	250	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.00%, 06/15/2024		265
		Total New Mexico		482
		New York — 9.3%
		Education — 0.3%
	30	New York State Dormitory Authority, The New School, Rev., 5.00%, 07/01/2018		30
		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		21
				57
		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		112

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 4.3%
	30	New York State Thruway Authority, 2nd General Highway & Bridge Trust Fund, Series B, Rev., 5.00%, 10/01/2018 (p)		30
	345	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series A, Rev., 5.00%, 01/01/2022 (p)		381
				411
		Special Tax — 1.7%
	150	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series C, Rev., 5.00%, 03/15/2033		168
		Transportation — 1.2%
	100	New York State Transportation Development Corp., Rev., 5.00%, 01/01/2034		111
		Total New York		889
		Ohio — 3.0%
		Prerefunded — 3.0%
	250	City of Columbus, Series 1, GO, 5.00%, 07/01/2023 (p)		283
		Oregon — 2.7%
		General Obligation — 2.7%
	215	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.25%, 06/01/2025		255
		Pennsylvania — 4.9%
		General Obligation — 1.0%
		Central Bucks School District,
	80	Series A, GO, 4.50%, 05/15/2021 (p)		86
	15	Series A, GO, 5.00%, 05/15/2023		16
				102
		Other Revenue — 3.9%
	370	Commonwealth Financing Authority, Tobacco Master Settlement Payment, Series 2018, Rev., AGM, 4.00%, 06/01/2039		372
		Total Pennsylvania		474
		South Carolina — 3.6%
		General Obligation — 3.6%
	15	County of Charleston, Transportation Sales Tax, GO, 5.00%, 11/01/2023		17
	300	State of South Carolina, Series C, GO, 5.00%, 03/01/2022		324
		Total South Carolina		341
		Tennessee — 0.3%
		Water & Sewer — 0.3%
	30	City of Knoxville, Water System, Series BB, Rev., 5.00%, 03/01/2019		31

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SMA FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Texas — 12.5%
		Education — 3.5%
	30	Harris County Cultural Education Facilities Finance Corp., Methodist Hospital System, Series B, Rev., 5.50%, 12/01/2018		31
	250	Permanent University Fund — University of Texas System, Series B, Rev., 5.25%, 07/01/2028		305
				336
		Prerefunded — 7.4%
		City of Dallas, Waterworks and Sewer System,
	20	Rev., 5.00%, 10/01/2018 (p)		21
	20	Rev., 5.00%, 10/01/2018 (p)		20
	355	City of Houston, Combined Utility System, First Lien, Series D, Rev., 5.00%, 11/15/2021 (p)		389
	250	Hays County, Pass-Through Toll, GO, 5.00%, 02/15/2020 (p)		263
	20	Klein Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2018 (p)		20
				713
		Transportation — 0.1%
	10	Dallas-Fort Worth International Airport, Joint Improvement, Series G, Rev., 5.00%, 11/01/2018		10
		Utility — 1.2%
	100	City of Weatherford, Utility System, Rev., AGM, 5.00%, 09/01/2023		112
		Water & Sewer — 0.3%
	30	North Texas Municipal Water District, Water System, Rev., 5.25%, 09/01/2020		32
		Total Texas		1,203
		Utah — 2.4%
		Other Revenue — 2.4%
	200	Utah Transit Authority Sales Tax, Subordinate Sales Tax, Series A, Rev., 5.00%, 06/15/2029		231
		Virginia — 4.7%
		Education — 1.1%
	50	University of Virginia, Rev., 4.00%, 09/01/2021		53
	50	Virginia College Building Authority, 21st Century College & Equipment Programs, Educational Facilities, Series E-2, Rev., 5.00%, 02/01/2023		56
				109

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 0.6%
	50	City of Alexandria, Series A, GO, 4.50%, 06/15/2020		53
		Utility — 3.0%
	250	City of Richmond, Public Utility Revenue, Series A, Rev., 5.00%, 01/15/2025		290
		Total Virginia		452
		Washington — 1.7%
		Transportation — 1.7%
	150	Central Puget Sound Regional Transit Authority, Sales Tax & Motor Vehicle Excise Tax, Series P-1, Rev., 5.00%, 02/01/2025		165
		Wisconsin — 0.2%
		Prerefunded — 0.2%
	20	Wisconsin Department of Transportation, Series A, Rev., 5.00%, 07/01/2018 (p)		20
		Total Municipal Bonds (Cost $8,555)		8,738
SHARES
	Short-Term Investment — 4.6%
		Investment Company — 4.6%
	444	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $444)		444
		Total Investments — 95.5% (Cost $8,999)		9,182
		Other Assets in Excess of Liabilities — 4.5%		435
		NET ASSETS — 100.0%	$	9,617

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 13

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

(Amounts in thousands)

Over the Counter (“OTC”) Inflation-linked swap contracts outstanding as of April 30, 2018:
FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE		COUNTERPARTY	MATURITY DATE		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
CPI-U at termination	2.28% at termination		Receive	Union Bank of Switzerland AG		03/16/2027	USD	700		4
CPI-U at termination	2.04% at termination		Receive	BNP Paribas		11/16/2022	USD	1,000		15
CPI-U at termination	2.31% at termination		Receive	Barclays Bank plc		02/21/2028	USD	250		2
CPI-U at termination	2.08% at termination		Receive	BNP Paribas		12/19/2024	USD	1,000		18
CPI-U at termination	2.17% at termination		Receive	BNP Paribas		04/04/2024	USD	600		5
CPI-U at termination	2.24% at termination		Receive	Barclays Bank plc		02/06/2023	USD	400		1
CPI-U at termination	2.26% at termination		Receive	BNP Paribas		04/06/2025	USD	343		2
										47
CPI-U at termination	2.72% at termination		Receive	BNP Paribas		04/01/2021	USD	2,990		(297	)
CPI-U at termination	2.62% at termination		Receive	NatWest Markets		06/28/2025		USD 1,000		(102	)
										(399	)
										(352	)

(a) Value of floating rate index at April 30, 2018 was 2.51%.

Summary of total swap contracts outstanding as of April 30, 2018:
	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Assets
OTC Inflation linked swaps outstanding		—		47
Total OTC swap contracts outstanding		—		47
Liabilities
OTC Inflation linked swaps outstanding		—		(399	)
Total OTC swap contracts outstanding		—		(399	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SMA FUNDS APRIL 30, 2018

J.P. Morgan SMA Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

AGC	—  Insured by Assured Guaranty Corp.
AGM	—  Insured by Assured Guaranty Municipal Corp.
CPI-U	—  Consumer Price Index for All Urban Consumers
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
GO	—  General Obligation
GTD	—  Guaranteed
JPY	—  Japanese Yen
MTA	—  Metropolitan Transportation Authority
NATL	—  Insured by National Public Finance Guarantee Corp.
PSF	—  Permanent School Fund
RE	—  Reinsured
Rev.	—  Revenue

TOPIX	—  Tokyo Stock Price Index
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.
(h)	—  Amount rounds to less than 500.
(l)	—  The rate shown is the current yield as of April 30, 2018.
(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.
(bb)	—  Security has been valued using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 15

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan International Value SMA Fund			JPMorgan Tax Aware Real Return SMA Fund
ASSETS:
Investments in non-affiliates, at value	$	39,821		$	8,738
Investments in affiliates, at value		—			444
Restricted cash for OTC derivatives		—			830
Cash		—			—	(a)
Foreign currency, at value		48			—
Deposits at broker for futures contracts		97			—
Receivables:
Investment securities sold		2,398			—
Fund shares sold		—			48
Interest and dividends from non-affiliates		197			108
Dividends from affiliates		—			1
Tax reclaims		227			—
Variation margin on futures contracts		20			—
Outstanding OTC swap contracts, at value		—			47
Due from adviser		16			—
Total Assets		42,824			10,216
LIABILITIES:
Payables:
Due to custodian		1,805			—
Investment securities purchased		1			111
Fund shares redeemed		2			—
Outstanding OTC swap contracts, at value		—			399
Accrued liabilities:
Investment advisory fees		—			21
Custodian and accounting fees		8			12
Collateral management fees		—			6
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)
Audit fees		54			49
Other		20			1
Total Liabilities		1,890			599
Net Assets	$	40,934		$	9,617
NET ASSETS:
Paid-in-Capital	$	25,189		$	10,250
Accumulated undistributed (distributions in excess of) net investment income		(121	)		(8	)
Accumulated net realized gains (losses)		6,535			(456	)
Net unrealized appreciation (depreciation)		9,331			(169	)
Total Net Assets	$	40,934		$	9,617
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):		2,827			975
Net asset value, offering and redemption price per share (b)	$	14.48		$	9.86
Cost of investments in non-affiliates	$	30,507		$	8,555
Cost of investments in affiliates		—			444
Cost of foreign currency		48			—

(a) Amount rounds to less than 500.

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

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMA FUNDS APRIL 30, 2018

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan International Value SMA Fund			JPMorgan Tax Aware Real Return SMA Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	128
Interest income from affiliates		—	(a)		1
Dividend income from non-affiliates		795			—
Dividend income from affiliates		—			4
Foreign taxes withheld		(96	)		—
Total investment income		699			133
EXPENSES:
Administration fees		22			4
Custodian and accounting fees		18			22
Interest expense to affiliates		1			—
Professional fees		40			42
Collateral management fees		—			17
Trustees’ and Chief Compliance Officer’s fees		12			12
Printing and mailing costs		6			2
Registration and filing fees		10			17
Transfer agency fees		—	(a)		—	(a)
Other		4			2
Total expenses		113			118
Less fees waived		(22	)		(4	)
Less expense reimbursements		(90	)		(114	)
Net expenses		1			—
Net investment income (loss)		698			133
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,086			(23	)
Futures contracts		18			—
Foreign currency transactions		6			—
Swaps		—			(176	)
Net realized gain (loss)		7,110			(199	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(4,234	)		(235	)
Futures contracts		19			—
Foreign currency translations		(1	)		—
Swaps		—			330
Change in net unrealized appreciation/depreciation		(4,216	)		95
Net realized/unrealized gains (losses)		2,894			(104	)
Change in net assets resulting from operations	$	3,592		$	29

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 17

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan International Value SMA Fund						JPMorgan Tax Aware Real Return SMA Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	698		$	1,466		$	133		$	266
Net realized gain (loss)		7,110			8,851			(199	)		(105	)
Change in net unrealized appreciation/depreciation		(4,216	)		5,871			95			40
Change in net assets resulting from operations		3,592			16,188			29			201
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,077	)		(2,258	)		(141	)		(267	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		6,153			12,839			892			3,674
Distributions reinvested		1,238			1,413			—			—
Cost of shares redeemed		(30,176	)		(42,726	)		(1,119	)		(3,849	)
Change in net assets resulting from capital transactions		(22,785	)		(28,474	)		(227	)		(175	)
NET ASSETS:
Change in net assets		(21,270	)		(14,544	)		(339	)		(241	)
Beginning of period		62,204			76,748			9,956			10,197
End of period	$	40,934		$	62,204		$	9,617		$	9,956
Accumulated undistributed (distributions in excess of) net investment income	$	(121	)	$	1,258		$	(8	)	$	—
SHARE TRANSACTIONS:
Issued		425			1,089			90			369
Reinvested		87			124			—			—
Redeemed		(2,053	)		(3,536	)		(113	)		(386	)
Change in Shares		(1,541	)		(2,323	)		(23	)		(17	)

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMA FUNDS APRIL 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2018 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
JPMorgan International Value SMA Fund
Six Months Ended April 30, 2018 (Unaudited)	$	14.24	$	0.19	(f)	$	0.56		$	0.75		$	(0.51	)
Year Ended October 31, 2017		11.47		0.28	(f)		2.86			3.14			(0.37	)
Year Ended October 31, 2016		12.02		0.25	(f)		(0.36	)		(0.11	)		(0.44	)
Year Ended October 31, 2015		12.78		0.26	(f)		(0.69	)		(0.43	)		(0.33	)
Year Ended October 31, 2014		13.87		0.30			(1.12	)		(0.82	)		(0.27	)
Year Ended October 31, 2013		11.31		0.31			2.69			3.00			(0.44	)

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

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

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

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

(e) The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisors and/or broker-dealers, some of which are unaffiliated with the Fund and the Investment Advisor. Participants in these programs pay a fee to the sponsor of the program.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMA FUNDS APRIL 30, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)(e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)
$	14.48		5.38	%	$	40,934		—	%(g)		2.57	%		0.42	%		11	%
	14.24		28.15			62,204		—	(g)		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.

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 21

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
JPMorgan Tax Aware Real Return SMA Fund
Six Months Ended April 30, 2018 (Unaudited)	$	9.97	$	0.13	(f)	$	(0.10	)	$	0.03		$	(0.14	)
Year Ended October 31, 2017		10.04		0.26	(f)		(0.07	)		0.19			(0.26	)
Year Ended October 31, 2016		9.95		0.28	(f)		0.09			0.37			(0.28	)
Year Ended October 31, 2015		10.52		0.31	(f)		(0.55	)		(0.24	)		(0.33	)
Year Ended October 31, 2014		10.58		0.30			(0.05	)		0.25			(0.31	)
Year Ended October 31, 2013		11.11		0.29			(0.54	)		(0.25	)		(0.28	)

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

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

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

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

(e) The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisors and/or broker-dealers, some of which are unaffiliated with the Fund and the Investment Advisor. Participants in these programs pay a fee to the sponsor of the program.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SMA FUNDS APRIL 30, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)(e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)
$	9.86		0.31	%	$	9,617		—	%		2.69	%		2.36	%		22	%
	9.97		1.94			9,956		—	(g)		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			—	(g)
	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.

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited)

1. Organization

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

The following are 2 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Diversified/Non-Diversified
JPMorgan International Value SMA Fund	Diversified
JPMorgan Tax Aware Real Return SMA Fund	Diversified

The investment objective of JPMorgan International Value SMA Fund (“International Value SMA Fund”) is to seek to provide high total return from a portfolio of foreign company equity securities.

The investment objective of JPMorgan Tax Aware Real Return SMA Fund (“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.

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

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

24 J.P. MORGAN SMA FUNDS APRIL 30, 2018

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.

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 Fund at April 30, 2018.

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):

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)	$	—	$	38,701	$	1,120	$	39,821
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	—	$	19	$	—	$	19

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)	$	444	$	8,738		$	—	$	9,182
Appreciation in Other Financial Instruments
Inflation-Linked Swaps (b)	$	—	$	47		$	—	$	47
Depreciation in Other Financial Instruments
Inflation-Linked Swaps (b)	$	—	$	(399	)	$	—	$	(399	)

(a) All portfolio holdings designated as level 2 and 3 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 period.

For International Value SMA Fund, a transfer from level 1 to level 2 in the amount of approximately $3,503,000 is due to applying the fair value factors to certain securities during the six months ended April 30, 2018.

For Tax Aware Real Return SMA Fund, there were no transfers among any levels during the six months ended April 30, 2018.

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

International Value SMA Fund	Balance as of October 31, 2017		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of April 30, 2018
Investments in Securities
Common Stocks — South Korea	$	—	$	767	$	(825	)	$	—	$	—	$	(1,105	)	$	2,283	$	—	$	1,120
Total	$	—	$	767	$	(825	)	$	—	$	—	$	(1,105	)	$	2,283	$	—	$	1,120

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.

For International Value SMA Fund, a transfer from level 2 to level 3 in the amount of approximately $2,283,000 is due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the six months ended April 30, 2018.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $(825).

International Value SMA Fund

Quantitative information about level 3 Fair Value Measurements

(Amounts in thousands)

	Fair Value at April 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	1,120	Recent Market Information	Transaction Price		KRW 2,650 (KRW 2,650)
Common Stock		1,120
Total	$	1,120

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 prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

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, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Fund.

As of April 30, 2018, 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

26 J.P. MORGAN SMA FUNDS APRIL 30, 2018

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).

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended April 30, 2018 (amounts in thousands):

	International Value SMA Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	1,752	(a)
Ending Notional Balance Long		1,752

(a) For the period April 1, 2018 through April 30, 2018.

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, 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 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 a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements gives the Fund and a 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 six months ended April 30, 2018 (amounts in thousands):

	Tax Aware Real Return SMA Fund
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Pays Fixed rate	$	8,790
Ending Notional Balance — Pays Fixed Rate		8,283

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable forward foreign currency contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of 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.

The Fund’s derivative contracts collateral requirements and collateral posted or received by counterparty as of April 30, 2018 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	$	(257	)	$	570
		NatWest Markets		(102	)		260

E. Summary of Derivatives Information

The following tables present the value of derivatives held as of April 30, 2018, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Value SMA Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	19

(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.

Tax Aware Real Return SMA Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Swaps
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	47
Gross Liabilities:		Swaps
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(399	)

The following tables present the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of April 30, 2018 (amounts in thousands):

Tax Aware Real Return SMA 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		Net Amount Due From Counterparty (Not less than zero)
Barclays Bank plc	$	3	$	—		$	—	$	3
BNP Paribas		40		(40	)		—		—
Union Bank of Switzerland AG		4		—			—		4
	$	47	$	(40	)	$	—	$	7

28 J.P. MORGAN SMA FUNDS APRIL 30, 2018

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			Net Amount Due To Counterparty (Not less than zero)
BNP Paribas	$	297	$	(40	)	$	(257	)(b)	$	—
NatWest Markets		102		—			(102	)(b)		—
	$	399	$	(40	)	$	(359	)	$	—

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.D. for actual swap collateral received or posted.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2018, by primary underlying risk exposure (amounts in thousands):

International Value SMA Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	18

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	19

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	$	(176	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	330

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.

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2018, 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, if any, are generally declared and paid annually for International Value SMA Fund and monthly for Tax Aware Real Return SMA Fund. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser does not charge an advisory fee to the Funds. It should be understood, however, that the Funds are an integral part of separately managed account programs. Participants in these programs pay a fee to the sponsor of the program. The Adviser is compensated directly or indirectly by the separately managed account sponsors.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2018, 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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, for Tax Aware Real Return SMA Fund, payments to the custodian were 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, 2019.

For the six months ended April 30, 2018, 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	$	22	$	90
Tax Aware Real Return SMA Fund		4		114

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

30 J.P. MORGAN SMA FUNDS APRIL 30, 2018

amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the six months ended April 30, 2018 was as follows (amounts in thousands):

Tax Aware Real Return SMA Fund $ 1

F. Collateral Management Fees — JPMCB provides derivatives collateral management services for Tax Aware Real Return SMA Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral Management fees on the Statements of Operations.

G. Other — The Funds may invest in affiliated J.P. Morgan money market funds. The Funds’ Adviser and its affiliates provide services to and receive fees from the J.P. Morgan money market funds; therefore, the Adviser and its affiliates may indirectly receive fees, including advisory fees, from the Funds.

Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

The Funds may use related party broker-dealers. For the six months ended April 30, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended April 30, 2018, 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	$	5,571	$	29,234
Tax Aware Real Return SMA Fund		2,390		1,983

During the six months ended April 30, 2018, 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 April 30, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
International Value SMA Fund	$	30,507	$	9,942	$	609	$	9,333
Tax Aware Real Return SMA Fund		8,999		274		443		(169	)

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 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

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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 Fund 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.

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations. Average borrowings from the Facility during the six months ended April 30, 2018, 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	$	2,939		2.24	%		9	$	2

The Trust, along with certain other trusts (“Borrowers”), has 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 six months ended June 30, 2018.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2018, International Value SMA Fund had two shareholders, which were accounts maintained by separately managed account sponsors on behalf of their clients, that owned 93.1% of the Fund’s outstanding shares. Tax Aware Real Return SMA Fund had a shareholder, which was 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.

32 J.P. MORGAN SMA FUNDS APRIL 30, 2018

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

As of April 30, 2018, International Value SMA Fund had non-U.S. country allocations representing greater than 10% of total investments as follows:

	Germany			Japan
International Value SMA Fund		14.1	%		47.5	%

As of April 30, 2018, 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. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

9. Subsequent Event

At their meeting in February 2018, the Board approved the liquidation of the International Value SMA Fund which occurred on June 8, 2018.

APRIL 30, 2018 J.P. MORGAN SMA FUNDS 33

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including administration fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Fund at the beginning of the reporting period, November 1, 2017, and continued to hold your shares at the end of the reporting period, April 30, 2018.

Actual Expenses

For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Fund under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During the Period†*		Annualized Expense Ratio†
International Value SMA Fund
Actual	$	1,000.00	$	1,053.80	$	0.00		0.00	%
Hypothetical		1,000.00		1,024.79		0.00		0.00
Tax Aware Real Return SMA Fund
Actual		1,000.00		1,003.10		0.00		0.00
Hypothetical		1,000.00		1,024.79		0.00		0.00

† Reflects the fact that no fees or expenses are borne by the Funds. The Funds are an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Funds and the Adviser. Participants in these programs pay a fee to the sponsor of the program.

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

34 J.P. MORGAN SMA FUNDS APRIL 30, 2018

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 prospectuses 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., 2018.  All rights reserved. April 2018. SAN-SMA-418

Semi-Annual Report

J.P. Morgan Funds

April 30, 2018 (Unaudited)

JPMorgan Global Allocation Fund

JPMorgan Income Builder Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Global Allocation Fund	3
JPMorgan Income Builder Fund	7
Schedules of Portfolio Investments	11
Financial Statements	104
Financial Highlights	110
Notes to Financial Statements	114
Schedule of Shareholder Expenses	136

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

June 8, 2018 (Unaudited)

Dear Shareholder,

While the global economy largely continued its steady-growth trajectory throughout the six months ended April 30, 2018, investor concerns about rising interest rates and geo-political events fueled the return of volatility to financial markets and ended a 15-month string of rising equity prices in the U.S.

  “This world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.”— George C.W. Gatch

Favorable central bank policies, corporate earnings growth and consumer confidence remained supportive of global growth throughout the reporting period, though economic data in the European Union (the “EU”) softened somewhat in early 2018. Global petroleum prices generally rose during the reporting period as record output from U.S. shale operations was outweighed by expectations of rising global demand and extended output cuts from the Organization of Petroleum Exporting Nations.

The U.S. Federal Reserve (the “Fed”) raised interest rates in December 2017 and again in March 2018 in response to a tightening labor market and early signs of price inflation. The unemployment rate dropped to 3.9% in April – a level not seen in 18 years – after sitting at 4.1% from October 2017 to March 2018. Gross domestic product (GDP) in the U.S. rose by 2.9% in the fourth quarter of 2017 and an estimated 2.2% in the first quarter of 2018.

Meanwhile, U.S. tax cut legislation enacted in December 2017, appeared to provide support for both equity prices and corporate earnings, which reached record highs in the first quarter of 2017. Of the 279 companies reporting U.S. first quarter earnings by the end of the reporting period, 78% had surpassed analysts’ aggregate estimates.

In early February, a spike in 10-year U.S. Treasury bond yields triggered a rapid sell-off in U.S. financial markets that spread to global markets. Yields on 10-year Treasury bonds are generally considered a bellwether for broader market trends, and the increase in yields was a technical signal that raised investor concerns about inflation and rising U.S. interest rates.

While financial markets rebounded somewhat, the sell-off led to a record spike in market volatility just three months after the CBOE Volatility Index, which looks at Standard & Poor’s 500 Index futures to gauge near-term volatility, had dropped to the lowest level since it was created.

Throughout the latter half of the reporting period, U.S. financial markets were also buffeted by the potential for a U.S.-China trade war after President Trump threatened to raise import tariffs. However, background political uncertainty in Washington, D.C. appeared to have little direct impact on domestic financial markets.

Meanwhile, the European Central Bank (ECB) in January reduced its monthly asset purchases by half, though it declined to raise benchmark interest rates during the reporting period. In November, the Bank of England raised interest rates for the first time in a decade as the domestic economy continued to expand and uncertainty over Britain’s planned exit from the EU receded somewhat. In Germany, Chancellor Angela Merkel successfully formed a governing coalition in late February, removing further uncertainty among investors. Across the 19-nation Eurozone, unemployment fell to 8.5% and GDP grew 2.5% in the first quarter of 2018.

In China, government efforts to curb financial speculation appeared to hold down financial market volatility even as the nation’s economy continued to grow. Estimated GDP growth for China was 6.8% in the first quarter of 2018 and 6.9% for the final quarter of 2017. Emerging market nations largely continued to benefit from robust growth in China, rising commodity prices and global demand for goods. However, rising borrowing costs have put pressure on emerging markets in select nations that depend most on external financing, particularly Argentina, Turkey and Brazil.

Against a generally positive environment for global economic growth, a few distinct concerns have emerged in 2018. U.S. threats of protectionist trade policies and changes in U.S. foreign policy, particularly toward Iran, have led to political strains with long-time U.S. allies and trading partners. Rising interest rates globally have put pressure on the currencies of several emerging market nations. The world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.

We believe investors who maintain a long-term outlook and a properly diversified portfolio should continue to benefit from the global economic expansion in 2018. 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

APRIL 30, 2018 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

Global financial markets generally provided positive returns for the reporting period, but gains were tempered by increased market volatility, rising bond yields in the U.S. and moderating economic growth in the early part of 2018. While economists had generally forecast continued growth in the global economy, concerns over inflationary pressure, signs of slowing growth in Europe and a potential trade war between the U.S. and China all led to investor uncertainty in the latter half of the reporting period.

Notably, global petroleum prices rose significantly during the reporting period. Global economic growth drove increased demand for oil, while on the supply side, the Organization of Petroleum Exporting Countries and Russia agreed in December 2017 to extend production curbs through 2018. Severe reductions in output from Venezuela and threatened U.S. sanctions against Iran also provided support for global energy prices.

Throughout the final months of 2017 and into January 2018, U.S. equity prices reached new highs and financial market volatility remained at historically low levels. Then in early February 2018, the Standard & Poor’s 500 Index (the “S&P 500”) fell more than 10% intraday and the CBOE Volatility Index, which measures options on the S&P 500 to gauge near-term market volatility, spiked a record 115.6%. The sell-off came after fifteen consecutive months of stock market gains and was largely triggered by a spike in yields on 10-year U.S. Treasury bonds, which signaled to investors that rising borrowing costs and accelerating inflation could lead to weakness in asset prices. Overall, bond prices in the U.S. declined amid investor expectations for rising interest rates.

In Europe and Japan, equity prices generally ended higher for the reporting period, supported by central bank policies, corporate earnings and continued improvements in leading economic indicators. However, increased market volatility in 2018 erased much of the stock market gains made in late 2017.

Equity prices in emerging markets also rose amid corporate profit growth, rising commodities prices and a positive global economic outlook. China’s efforts to curb financial market speculation appeared to provide some stability to asset prices. Notably, prices for emerging market debt slumped after rising through most of 2016 and 2017. A potential U.S.-China trade war, widening conflict in Syria and political uncertainty ahead of elections in Brazil and Mexico contributed to investor concerns about emerging market currencies and local-currency denominated bonds.

For the six months ended April 30, 2018, the MSCI World Index returned 3.40% and the Bloomberg Barclays U.S. Aggregate Bond Index returned -1.87%.

2 J.P. MORGAN FUNDS APRIL 30, 2018

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	1.93%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)	3.40%
Bloomberg Barclays Global Aggregate Index (Unhedged USD)	1.19%
Global Allocation Composite Benchmark	2.57%
Net Assets as of 4/30/2018 (In Thousands)	$3,371,393

INVESTMENT OBJECTIVE**

The JPMorgan Global Allocation Fund (the “Fund”) seeks to maximize long-term total return.

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

For the six months ended April 30, 2018, the Fund’s Class I Shares underperformed both the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) 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, and outperformed the Bloomberg Barclays Global Aggregate Index (Unhedged USD).

Relative to the Benchmark, the Fund’s allocation to bonds was a leading detractor from performance. Relative to the Composite Benchmark, the Fund’s 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 overall equity exposure was reduced in an effort to reduce risk. The portfolio managers reduced equity exposure primarily in international developed markets, such as Europe; however, they maintained a positive view on global growth and earnings strength and continued to prefer equities over bonds. Given the portfolio managers’ expectations for continued market volatility, they 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 added a dedicated US Agency Mortgage strategy in November 2017. They also removed dedicated European High Yield (also known as “junk bonds”) and US Investment Grade Corporates strategies in January and March 2018, respectively. Within core fixed income, the Fund maintained exposure to government bonds to further diversify its fixed income exposure.

APRIL 30, 2018 J.P. MORGAN FUNDS 3

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

TOP TEN LONG HOLDINGS OF THE PORTFOLIO***
	1.	UnitedHealth Group, Inc., (United States)	1.0	%
	2.	U.S. Treasury Notes, 1.13%, 01/31/19, (United States)	0.9
	3.	FNMA REMIC, Series 2017-49, Class JA, 4.00%, 07/25/53, (United States)	0.6
	4.	Berkshire Hathaway, Inc., Class A, (United States)	0.6
	5.	Amazon.com, Inc., (United States)	0.5
	6.	Alphabet, Inc., Class C, (United States)	0.5
	7.	Apple, Inc., (United States)	0.5
	8.	AIA Group Ltd., (Hong Kong)	0.5
	9.	FNMA REMIC, Series 2017-41, Class ME, 3.00%, 05/25/53, (United States)	0.5
	10.	FNMA REMIC, Series 2017-4, Class BA, 3.50%, 05/25/41, (United States)	0.5

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO****
	1.	Johnson & Johnson, (United States)	18.5	%
	2.	Citigroup, Inc., (United States)	13.6
	3.	Molson Coors Brewing Co., Class B, (United States)	11.3
	4.	Cardinal Health, Inc., (United States)	10.5
	5.	Harley-Davidson, Inc., (United States)	10.2
	6.	Take-Two Interactive Software, Inc., (United States)	6.8
	7.	DENTSPLY SIRONA, Inc., (United States)	6.8
	8.	Rockwell Automation, Inc., (United States)	6.5
	9.	Newell Brands, Inc., (United States)	6.0
	10.	Procter & Gamble Co. (The), (United States)	4.9

LONG POSITION PORTFOLIO***
Common Stocks	55.3	%
Foreign Government Securities	11.5
Collateralized Mortgage Obligations	10.7
Corporate Bonds	9.1
U.S. Treasury Obligations	2.8
Asset-Backed Securities	1.1
Others (each less than 1.0%)	1.3
Short-Term Investments	8.2

SHORT POSITION PORTFOLIO COMPOSITION****
Common Stocks	100.0	%

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

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

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN FUNDS APRIL 30, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		May 31, 2011
With Sales Charge**				(2.81	)%		4.42	%		5.25	%		5.47	%
Without Sales Charge				1.78			9.33			6.22			6.18
CLASS C SHARES		May 31, 2011
With CDSC***				0.55			7.80			5.69			5.65
Without CDSC				1.55			8.80			5.69			5.65
CLASS I SHARES		May 31, 2011		1.93			9.65			6.49			6.44
CLASS R2 SHARES		May 31, 2011		1.69			9.07			5.96			5.91
CLASS R6 SHARES		November 1, 2017		1.97			9.69			6.49			6.45
CLASS T SHARES		June 6, 2017
With Sales Charge****				(0.83	)		6.51			5.68			5.78
Without Sales Charge				1.73			9.25			6.21			6.17

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

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

**** Sales Charge for Class T Shares is 2.50%.

LIFE OF FUND PERFORMANCE (5/31/11 TO 4/30/18)

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.

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

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 Global Aggregate Index – (Unhedged USD), the Global Allocation Composite Benchmark and the Lipper Flexible Portfolio Funds Index from May 31, 2011 to April 30, 2018. 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) 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

APRIL 30, 2018 J.P. MORGAN FUNDS 5

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed mar kets. 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 Global Aggregate Index – (Unhedged USD) provides a broad-based measure of the global investment-grade fixed income markets. The Lipper Flexible Portfolio Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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

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

6 J.P. MORGAN FUNDS APRIL 30, 2018

JPMorgan Income Builder Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	0.91%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)	3.40%
Bloomberg Barclays U.S. Aggregate Bond Index	(1.87)%
Income Builder Composite Benchmark	1.34%
Net Assets as of 4/30/2018 (In Thousands)	$12,782,451

INVESTMENT OBJECTIVE**

The JPMorgan Income Builder Fund (the “Fund”) seeks to maximize income while maintaining prospects for capital appreciation.

INVESTMENT APPROACH

J.P. Morgan’s Multi-Asset Solutions Team (the “Team”) combined capital markets research and asset allocation with the insights of specialist asset class teams to construct a broadly diversified portfolio of income producing securities that the Team believed would perform well given the Team’s market views. The underlying specialist teams built portfolios of their highest conviction securities with what they believed to be the best opportunities for yield and total return on a risk-adjusted basis.

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

For the six months ended April 30, 2018, the Fund’s Class A Shares, without a sales charge, underperformed both the MSCI World Index 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 Bond Index. The Fund

outperformed the Bloomberg Barclays U.S. Aggregate Bond Index.

During the reporting period, equities generally outperformed other asset classes and the Fund’s bonds 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 Bond Index, which does not hold equities.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers positioned the Fund to tactically pursue income. During the reporting period, the portfolio managers responded to an increase in market volatility and a divergence in economic growth across certain regions by reducing the Fund’s allocation to equities, particularly in Europe, and real estate investment trusts in favor of bonds. In fixed income, the portfolio managers added an allocation to U.S. agency mortgages in February 2018 and removed its allocation to U.S. investment grade corporate bonds in March 2018. Additionally, they increased the Fund’s exposure to U.S. high yield bonds (also known as “junk bonds”) and emerging markets debt.

APRIL 30, 2018 J.P. MORGAN FUNDS 7

JPMorgan Income Builder Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	FNMA, 30 Year, Single Family, 3.50%, 03/01/2048	0.9	%
	2.	Pfizer, Inc.	0.7
	3.	Merck & Co., Inc.	0.7
	4.	Novartis AG (Registered), (Switzerland)	0.6
	5.	Rio Tinto plc, (United Kingdom)	0.5
	7.	FNMA, 30 Year, Single Family, 3.00%, 01/01/2047	0.5
	6.	TOTAL SA, (France)	0.5
	8.	Coca-Cola Co. (The)	0.5
	9.	FHLMC Gold Pools, 30 Year, Single Family, 3.50%, 03/01/2048	0.5
	10.	FNMA, 30 Year, Single Family, 3.50%, 12/01/2047	0.5

PORTFOLIO COMPOSITION***
Common Stocks	41.0	%
Corporate Bonds	35.6
Foreign Government Securities	4.5
Mortgage-Backed Securities	4.3
Asset-Backed Securities	4.3
Collateralized Mortgage Obligations	3.6
Convertible Bonds	1.4
Others (each less than 1.0%)	3.0
Short-Term Investments	2.3

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

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

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

8 J.P. MORGAN FUNDS APRIL 30, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2007
With Sales Charge**			(3.63	)%		1.59	%		3.72	%		5.87	%
Without Sales Charge			0.91			6.34			4.69			6.35
CLASS C SHARES	May 31, 2007
With CDSC***			(0.34	)		4.73			4.16			5.82
Without CDSC			0.66			5.73			4.16			5.82
CLASS I SHARES	May 31, 2007		0.98			6.39			4.83			6.52
CLASS R6 SHARES	November 1, 2017		1.03			6.44			4.84			6.53
CLASS T SHARES	June 6, 2017
With Sales Charge****			(1.62	)		3.69			4.14			6.07
Without Sales Charge			0.88			6.32			4.68			6.35

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

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

**** Sales Charge for Class T Shares is 2.50%.

TEN YEAR PERFORMANCE (4/30/08 TO 4/30/18)

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 for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

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 Bond Index, the Income Builder Composite Benchmark and the Lipper Flexible Portfolio Funds Index from April 30, 2008 to April 30, 2018. 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 Bond 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 withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Flexible Portfolio Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index (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 Bond 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 Bond 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.

APRIL 30, 2018 J.P. MORGAN FUNDS 9

JPMorgan Income Builder Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

From April 30, 2008 through December 18, 2009, the Fund did not experience any shareholder purchase and sale activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted. Class A Shares have a $1,000 minimum initial investment and carry a 4.50% sales charge.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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

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

10 J.P. MORGAN FUNDS APRIL 30, 2018

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — 96.8%
	Asset-Backed Securities — 1.0%
		United States — 1.0%
	446	ABFC Trust, Series 2004-HE1, Class M1, 2.80%, 03/25/2034 (z) (bb)		445
		ACE Securities Corp. Home Equity Loan Trust,
	414	Series 2002-HE3, Class M1, 3.70%, 10/25/2032 (z) (bb)		413
	303	Series 2003-NC1, Class M1, 3.07%, 07/25/2033 (z) (bb)		300
	399	Series 2003-OP1, Class M1, 2.95%, 12/25/2033 (z) (bb)		396
	129	Series 2004-HE4, Class M2, 2.87%, 12/25/2034 (z) (bb)		125
	498	Series 2004-OP1, Class M3, 3.77%, 04/25/2034 (z)		478
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	1	Series 2003-11, Class M3, 4.69%, 12/25/2033 (z) (bb)		1
	338	Series 2004-FR1W, Class A6, 4.42%, 05/25/2034 (z) (bb)		341
		Ameriquest Mortgage Securities, Inc. Asset-Backed Securities,
	503	Series 2003-10, Class M1, 2.95%, 12/25/2033 (z) (bb)		496
	209	Series 2003-10, Class M2, 4.45%, 12/25/2033 (z) (bb)		206
	315	Amortizing Residential Collateral Trust, Series 2004-1, Class M5, 3.77%, 10/25/2034 (z) (bb)		309
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	782	Series 2003-W5, Class M2, 4.67%, 10/25/2033 (z) (bb)		753
	1,429	Series 2003-W9, Class M2, 4.48%, 01/25/2034 (z) (bb)		1,414
	176	Series 2004-W5, Class M1, 2.80%, 04/25/2034 (z) (bb)		175
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	585	Series 2004-HE2, Class M2, 3.77%, 04/25/2034 (z) (bb)		555
	1,045	Series 2004-HE3, Class M2, 3.58%, 06/25/2034 (z) (bb)		1,042
		Bear Stearns Asset-Backed Securities I Trust,
	384	Series 2004-FR2, Class M3, 3.70%, 06/25/2034 (z)		379
	717	Series 2004-HE6, Class M2, 3.77%, 08/25/2034 (z) (bb)		715

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Bear Stearns Asset-Backed Securities Trust,
	552	Series 2004-1, Class M1, 2.87%, 06/25/2034 (z) (bb)		550
	238	Series 2004-2, Class M1, 3.10%, 08/25/2034 (z) (bb)		231
		Countrywide Asset-Backed Certificates,
	46	Series 2002-4, Class M1, 3.02%, 12/25/2032 (z) (bb)		46
	55	Series 2003-BC6, Class M2, 3.62%, 10/25/2033 (z) (bb)		54
	80	Series 2004-2, Class M1, 2.65%, 05/25/2034 (z) (bb)		80
	291	Series 2004-3, Class M1, 2.65%, 06/25/2034 (z) (bb)		283
	1,000	Series 2005-12, Class M2, 2.39%, 02/25/2036 (z) (bb)		1,000
	414	Series 2005-AB3, Class 1A1, 2.40%, 02/25/2036 (z) (bb)		407
	694	Countrywide Partnership Trust, Series 2004-EC1, Class M2, 2.84%, 01/25/2035 (z) (bb)		693
		Credit-Based Asset Servicing & Securitization LLC,
	1,310	Series 2004-CB4, Class A5, SUB, 6.78%, 05/25/2035		1,312
	149	Series 2005-CB1, Class M2, 2.99%, 01/25/2035 (z) (bb)		149
		CWABS, Inc. Asset-Backed Certificates Trust,
	398	Series 2003-BC1, Class A1, 2.70%, 03/25/2033 (z) (bb)		392
	93	Series 2004-5, Class M3, 3.62%, 07/25/2034 (z) (bb)		94
	343	Series 2004-6, Class M1, 2.80%, 10/25/2034 (z)		338
	77	Series 2004-6, Class M2, 2.87%, 10/25/2034 (z) (bb)		76
	253	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.87%, 10/25/2034 (bb)		250
	485	First Franklin Mortgage Loan Trust, Series 2005-FF10, Class A1, 2.20%, 11/25/2035 (z) (bb)		469
		Fremont Home Loan Trust,
	22	Series 2003-B, Class M2, 4.33%, 12/25/2033 (z) (bb)		22
	468	Series 2004-2, Class M2, 2.83%, 07/25/2034 (z)		471

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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
	65	Series 2004-B, Class M7, 4.90%, 05/25/2034 (z)		56
		GSAMP Trust,
	582	Series 2004-OPT, Class M1, 2.77%, 11/25/2034 (z) (bb)		581
	281	Series 2006-HE3, Class A2C, 2.06%, 05/25/2046 (z)		278
	254	Home Equity Asset Trust, Series 2004-7, Class M1, 2.83%, 01/25/2035 (z)		254
		Home Equity Mortgage Loan Asset-Backed Trust,
	246	Series 2004-B, Class M3, 3.10%, 11/25/2034 (z) (bb)		245
	238	Series 2004-B, Class M8, 4.85%, 11/25/2034 (z) (bb)		217
		Long Beach Mortgage Loan Trust,
	864	Series 2004-3, Class M2, 2.80%, 07/25/2034 (z) (bb)		862
	496	Series 2004-3, Class M4, 3.51%, 07/25/2034 (z) (bb)		497
		MASTR Asset-Backed Securities Trust,
	87	Series 2003-NC1, Class M5, 4.78%, 04/25/2033 (z) (bb)		80
	517	Series 2005-NC1, Class M2, 2.65%, 12/25/2034 (z) (bb)		520
		Morgan Stanley ABS Capital I, Inc. Trust,
	146	Series 2003-HE2, Class M2, 4.37%, 08/25/2033 (z) (bb)		144
	548	Series 2004-HE6, Class M1, 2.72%, 08/25/2034 (z)		552
	28	Series 2004-HE8, Class M3, 3.02%, 09/25/2034 (z) (bb)		28
	357	Series 2004-NC5, Class M1, 2.80%, 05/25/2034 (z) (bb)		355
	424	Series 2004-NC6, Class M2, 3.77%, 07/25/2034 (z) (bb)		418
	267	Series 2004-NC7, Class M2, 2.83%, 07/25/2034 (z) (bb)		269
	49	Series 2005-HE1, Class M3, 2.68%, 12/25/2034 (z) (bb)		45
	331	Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-AM3, Class A3, 2.88%, 02/25/2033 (z) (bb)		324
	471	New Century Home Equity Loan Trust, Series 2004-2, Class M3, 2.90%, 08/25/2034 (z) (bb)		471

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	510	NovaStar Mortgage Funding Trust, Series 2003-2, Class M3, 5.27%, 09/25/2033 (z) (bb)		504
	1,444	Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class M1, 2.92%, 07/25/2033 (z) (bb)		1,425
		Option One Mortgage Loan Trust,
	663	Series 2004-1, Class M1, 2.80%, 01/25/2034 (z) (bb)		658
	645	Series 2004-1, Class M2, 3.55%, 01/25/2034 (z) (bb)		632
	31	Series 2004-3, Class M2, 2.75%, 11/25/2034 (z) (bb)		31
	500	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M4, 3.14%, 01/25/2036 (z) (bb)		503
		Pretium Mortgage Credit Partners I LLC,
	1,393	Series 2017-NPL1, Class A1, SUB, 3.50%, 04/29/2032 (e)		1,390
	683	Series 2017-NPL2, Class A1, SUB, 3.25%, 03/28/2057 (e) (bb)		678
	1,000	Series 2017-NPL2, Class A2, SUB, 5.50%, 03/28/2057 (e) (bb)		978
		Renaissance Home Equity Loan Trust,
	306	Series 2003-2, Class M1, 3.13%, 08/25/2033 (z) (bb)		306
	738	Series 2004-1, Class M4, 4.60%, 05/25/2034 (z) (bb)		613
	79	Series 2005-1, Class AF6, SUB, 4.97%, 05/25/2035 (bb)		80
	370	Saxon Asset Securities Trust, Series 2003-3, Class M1, 2.87%, 12/25/2033 (z) (bb)		357
	816	Securitized Asset-Backed Receivables LLC Trust, Series 2004-NC1, Class M2, 3.62%, 02/25/2034 (z) (bb)		815
	507	Soundview Home Loan Trust, Series 2005-OPT1, Class M2, 2.57%, 06/25/2035 (z) (bb)		506
	696	Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1, 2.80%, 11/25/2034 (z) (bb)		668
		Structured Asset Investment Loan Trust,
	168	Series 2003-BC11, Class M1, 2.87%, 10/25/2033 (z) (bb)		167
	385	Series 2004-7, Class M2, 3.02%, 08/25/2034 (z) (bb)		370
	644	Series 2004-8, Class M9, 5.65%, 09/25/2034 (z)		630

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Asset-Backed Securities — continued
		United States — continued
	35	Series 2004-BNC1, Class A5, 3.14%, 09/25/2034 (z) (bb)		36
	403	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A4, 2.07%, 12/25/2036 (z) (bb)		390
	352	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb)		353
	690	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.38%, 04/25/2047 (e) (bb)		688
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	336	Series 2004-2, Class M6, 4.72%, 10/25/2034 (z)		333
	97	Series 2004-2, Class M8A, 6.40%, 10/25/2034 (e) (z) (bb)		94
		Total Asset-Backed Securities (Cost $33,212)		34,861
	Collateralized Mortgage Obligations — 10.3%
		United States — 10.3%
		Alternative Loan Trust
	506	Series 2004-27CB, Class A1, 6.00%, 12/25/2034		510
	126	Series 2004-28CB, Class 6A1, 6.00%, 01/25/2035		126
	95	Series 2005-11CB, Class 2A1, 5.50%, 06/25/2035		95
	22	Series 2005-19CB, Class A2, IF, 12.77%, 06/25/2035 (z)		24
	1,197	Series 2005-28CB, Class 2A6, 5.00%, 08/25/2035		1,044
	846	Series 2006-14CB, Class A1, 6.00%, 06/25/2036		713
	70	Banc of America Funding Trust, Series 2005-6, Class 1A2, 5.50%, 10/25/2035		67
		Bear Stearns ALT-A Trust
	84	Series 2005-4, Class 23A1, 3.79%, 05/25/2035 (z)		85
	652	Series 2005-4, Class 23A2, 3.79%, 05/25/2035 (z)		661
	179	Series 2005-7, Class 12A3, 2.58%, 08/25/2035 (z)		177
		Bear Stearns ARM Trust
	293	Series 2005-9, Class A1, 3.52%, 10/25/2035 (z)		299
	529	Series 2006-1, Class A1, 3.67%, 02/25/2036 (z)		532

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	688	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class M1, 2.72%, 06/25/2034 (z) (bb)		625
		Chase Mortgage Finance Trust
	310	Series 2006-S4, Class A5, 6.00%, 12/25/2036		260
	122	Series 2007-A1, Class 1A1, 3.77%, 02/25/2037 (z)		123
	162	Series 2007-A1, Class 8A1, 3.72%, 02/25/2037 (z)		166
		CHL Mortgage Pass-Through Trust
	103	Series 2004-9, Class A7, 5.25%, 06/25/2034		105
	503	Series 2004-25, Class 2A1, 2.58%, 02/25/2035 (z)		486
	750	Series 2005-26, Class 1A11, 5.50%, 11/25/2035		678
	630	Series 2005-31, Class 2A1, 3.30%, 01/25/2036 (z)		599
	230	Series 2006-21, Class A14, 6.00%, 02/25/2037		203
	259	Series 2007-10, Class A4, 5.50%, 07/25/2037		213
	145	Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 3.63%, 10/25/2035 (z)		147
		Citigroup Mortgage Loan Trust, Inc.
	447	Series 2005-3, Class 2A2A, 3.57%, 08/25/2035 (z)		449
	576	Series 2005-4, Class A, 3.56%, 08/25/2035 (z)		581
	2	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-25, Class 2A1, 4.50%, 10/25/2018		2
	481	CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-8, Class 5A1, 6.00%, 12/25/2034		510
		FHLMC REMIC
	6,885	Series 3768, Class CB, 3.50%, 12/15/2025		6,993
	5,485	Series 3778, Class JA, 3.50%, 04/15/2040		5,537
	9,507	Series 3788, Class FA, 2.43%, 01/15/2041 (z)		9,551
	600	Series 3806, Class L Shares, 3.50%, 02/15/2026		604
	1,451	Series 4005, Class PA, 2.00%, 10/15/2041		1,366
	5,521	Series 4073, Class AJ, 3.00%, 08/15/2038		5,522
	1,011	Series 4112, Class FC, 2.25%, 01/15/2042 (z)		1,006

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 13

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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
	5,655	Series 4118, Class PD, 1.50%, 05/15/2042		5,302
	2,197	Series 4136, Class DJ, 1.75%, 07/15/2042		2,017
	8,993	Series 4223, Class AL, 3.00%, 08/15/2042		8,949
	8,032	Series 4261, Class PA, 3.00%, 07/15/2032		7,993
	786	Series 4323, Class VA, 4.00%, 03/15/2027		810
	4,906	Series 4363, Class B, 3.00%, 12/15/2040		4,856
	5,383	Series 4364, Class A, 3.00%, 08/15/2040		5,337
	8,623	Series 4366, Class KA, 3.00%, 03/15/2041		8,514
	1,276	Series 4446, Class MA, 3.50%, 12/15/2050		1,281
	1,194	Series 4467, Class AB, 3.00%, 07/15/2041		1,180
	1,052	Series 4480, Class QA, 3.00%, 11/15/2043		1,040
	1,561	Series 4494, Class KA, 3.75%, 10/15/2042		1,591
	4,182	Series 4496, Class CA, 2.00%, 07/15/2031		4,042
	6,189	Series 4510, Class HB, 2.00%, 03/15/2040		5,924
	3,678	Series 4622, Class HA, 3.00%, 11/15/2043		3,621
	524	Series 4639, Class AC, 3.00%, 05/15/2040		520
	879	Series 4669, Class VJ, 4.00%, 05/15/2028		905
	4,260	Series 4709, Class EA, 3.00%, 01/15/2046		4,201
	10,738	Series 4768, Class DA, 4.00%, 06/15/2043		10,945
	13,288	Series 4776, Class DJ, 4.00%, 04/15/2041		13,594
	8,400	Series 4790, Class ED, 3.50%, 07/15/2042		8,451
		FHLMC STRIPS
	1,161	Series 242, Class F29, 2.15%, 11/15/2036 (z)		1,164
	528	Series 311, Class F1, 2.45%, 08/15/2043 (z)		531
	6,957	Series 317, Class F3, 2.42%, 11/15/2043 (z)		7,026
	1,143	Series 326, Class F2, 2.45%, 03/15/2044 (z)		1,153
		FNMA REMIC
	138	Series 2005-10, Class BK, 5.00%, 03/25/2025		144
	2,511	Series 2006-5, Class 1A, 2.03%, 08/25/2034 (z)		2,632
	1,247	Series 2007-30, Class LF, 2.21%, 04/25/2037 (z)		1,251
	2,820	Series 2010-142, Class FM, 2.37%, 12/25/2040 (z)		2,823
	12,343	Series 2011-53, Class FT, 2.48%, 06/25/2041 (z)		12,514
	1,991	Series 2012-87, Class CA, 2.00%, 06/25/2039		1,914
	7,054	Series 2012-122, Class FM, 2.30%, 11/25/2042 (z)		7,100

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,496	Series 2013-20, Class CA, 2.50%, 01/25/2043		2,423
	3,169	Series 2013-26, Class AK, 2.50%, 11/25/2038		3,095
	9,785	Series 2013-58, Class KJ, 3.00%, 02/25/2043		9,677
	10,710	Series 2013-101, Class FE, 2.50%, 10/25/2043 (z)		10,857
	488	Series 2013-135, Class GA, 3.00%, 07/25/2032		486
	1,280	Series 2014-29, Class BA, 3.00%, 03/25/2040		1,269
	4,476	Series 2014-36, Class EJ, 3.00%, 06/25/2040		4,424
	6,761	Series 2015-15, Class GH, 2.50%, 03/25/2041		6,564
	2,821	Series 2015-54, Class FA, 2.25%, 07/25/2045 (z)		2,814
	3,504	Series 2015-55, Class QA, 3.50%, 10/25/2042		3,500
	6,263	Series 2016-8, Class FA, 2.35%, 03/25/2046 (z)		6,303
	4,319	Series 2016-25, Class FL, 2.40%, 05/25/2046 (z)		4,363
	1,046	Series 2016-40, Class FA, 2.55%, 07/25/2046 (z)		1,066
	443	Series 2016-40, Class PA, 3.00%, 07/25/2045		439
	8,202	Series 2016-63, Class AF, 2.40%, 09/25/2046 (z)		8,293
	1,856	Series 2016-75, Class FC, 2.30%, 10/25/2046 (z)		1,863
	1,545	Series 2016-103, Class LA, 3.00%, 05/25/2044		1,519
	12,435	Series 2017-4, Class AH, 3.00%, 05/25/2041		12,344
	14,970	Series 2017-4, Class BA, 3.50%, 05/25/2041		15,065
	15,500	Series 2017-41, Class ME, 3.00%, 05/25/2053		15,272
	19,256	Series 2017-49, Class JA, 4.00%, 07/25/2053		19,785
	4,294	Series 2017-50, Class CB, 2.00%, 04/25/2041		4,168
	6,313	Series 2017-50, Class FB, 2.30%, 07/25/2047 (z)		6,349
	4,601	Series 2017-96, Class KA, 3.00%, 01/25/2055		4,525

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		United States — continued
	1,866	Series 2017-99, Class MA, 3.50%, 05/25/2053		1,875
		GNMA
	2,269	Series 2008-35, Class FH, 2.50%, 04/20/2038 (z)		2,298
	2,412	Series 2014-117, Class FP, 2.20%, 06/20/2043 (z)		2,412
	372	GSR Mortgage Loan Trust, Series 2004-11, Class 2A2, 3.74%, 09/25/2034 (z)		374
		Impac CMB Trust
	96	Series 2004-6, Class 1A2, 2.68%, 10/25/2034 (z)		93
	499	Series 2005-2, Class 2A2, 2.70%, 04/25/2035 (z)		484
	366	Series 2005-4, Class 2A2, 2.66%, 05/25/2035 (z)		348
	388	Series 2005-4, Class 2B1, 4.37%, 05/25/2035 (z) (bb)		370
	258	Series 2005-4, Class 2M2, 3.02%, 05/25/2035 (z)		238
	258	JP Morgan Mortgage Trust, Series 2005-A8, Class 2A3, 3.45%, 11/25/2035 (z)		255
	294	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, 3.82%, 04/21/2034 (z)		301
	136	MASTR Alternative Loan Trust, Series 2004-6, Class 8A1, 5.50%, 07/25/2034		139
	64	Merrill Lynch Mortgage Investors Trust, Series 2005-1, Class 2A1, 3.41%, 04/25/2035 (z)		63
		Merrill Lynch Mortgage Investors Trust MLMI
	118	Series 2003-A4, Class 3A, 3.98%, 05/25/2033 (z)		117
	60	Series 2005-A2, Class A3, 3.55%, 02/25/2035 (z)		61
		Morgan Stanley Mortgage Loan Trust
	129	Series 2004-5AR, Class 4A, 3.87%, 07/25/2034 (z)		127
	336	Series 2004-7AR, Class 2A6, 3.58%, 09/25/2034 (z)		345
	273	Series 2004-11AR, Class 1A2A, 2.21%, 01/25/2035 (z)		265
	413	MortgageIT Trust, Series 2005-1, Class 1B1, 3.40%, 02/25/2035 (z) (bb)		396
		Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
	480	Series 2005-4, Class 1A2, 2.29%, 11/25/2035 (z)		473

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	815	Series 2005-5, Class 1APT, 2.18%, 12/25/2035 (z)		798
		Opteum Mortgage Acceptance Corp. Trust
	679	Series 2006-1, Class 1AC1, 2.20%, 04/25/2036 (z)		655
	952	Series 2006-1, Class 1APT, 2.11%, 04/25/2036 (z)		892
		RALI Trust
	812	Series 2006-QS3, Class 1A10, 6.00%, 03/25/2036		760
	70	Series 2006-QS18, Class 3A1, 5.75%, 12/25/2021		67
		RFMSI Trust
	2	Series 2003-S15, Class A1, 4.50%, 08/25/2018		2
	4	Series 2003-S16, Class A2, 4.50%, 09/25/2018		4
	789	Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		745
	1	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 4A3, 3.58%, 08/25/2035 (z)		1
		WaMu Mortgage Pass-Through Certificates Trust
	2	Series 2003-S8, Class A2, 5.00%, 09/25/2018		2
	23	Series 2004-CB2, Class 5A, 5.00%, 07/25/2019		23
	763	Series 2005-AR3, Class A1, 3.66%, 03/25/2035 (z)		750
	559	Series 2005-AR5, Class A6, 3.27%, 05/25/2035 (z)		564
	417	Series 2005-AR7, Class A3, 3.28%, 08/25/2035 (z)		420
	272	Series 2005-AR10, Class 1A3, 3.33%, 09/25/2035 (z)		275
	365	Series 2005-AR14, Class 1A4, 3.41%, 12/25/2035 (z)		362
		Wells Fargo Mortgage-Backed Securities Trust
	190	Series 2003-H, Class A1, 3.59%, 09/25/2033 (z)		193
	223	Series 2003-K, Class 1A1, 3.57%, 11/25/2033 (z)		226
	239	Series 2003-M, Class A1, 3.73%, 12/25/2033 (z)		245
	632	Series 2004-CC, Class A1, 3.75%, 01/25/2035 (z)		645

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 15

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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
	306	Series 2004-DD, Class 1A1, 3.77%, 01/25/2035 (z)		317
	139	Series 2004-H, Class A1, 3.40%, 06/25/2034 (z)		142
	65	Series 2004-K, Class 1A2, 3.48%, 07/25/2034 (z)		66
	170	Series 2004-N, Class A7, 3.48%, 08/25/2034 (z)		172
	194	Series 2004-Z, Class 2A2, 3.74%, 12/25/2034 (z)		198
	102	Series 2004-EE, Class 2A2, 3.52%, 12/25/2034 (z)		105
	866	Series 2005-AR1, Class 1A1, 3.84%, 02/25/2035 (z)		884
	282	Series 2005-AR2, Class 2A2, 3.91%, 03/25/2035 (z)		288
	102	Series 2005-AR2, Class 3A1, 3.88%, 03/25/2035 (z)		103
	379	Series 2005-AR3, Class 1A1, 3.64%, 03/25/2035 (z)		389
	460	Series 2005-AR10, Class 2A1, 3.71%, 06/25/2035 (z)		472
	501	Series 2005-AR14, Class A1, 3.48%, 08/25/2035 (z)		508
	218	Series 2005-AR16, Class 6A3, 3.66%, 10/25/2035 (z)		219
	48	Series 2006-AR2, Class 2A3, 3.77%, 03/25/2036 (z)		48
	171	Series 2006-AR3, Class A3, 4.02%, 03/25/2036 (z)		170
	504	Series 2006-AR6, Class 7A1, 3.65%, 03/25/2036 (z)		510
		Total Collateralized Mortgage Obligations (Cost $352,392)		349,101
	Commercial Mortgage-Backed Securities — 0.2%
		United States — 0.2%
		GPMT,
	1,000	Series 2018-FL1, Class AS, 3.10%, 12/19/2035 (e) (w) (z)		1,000
	1,000	Series 2018-FL1, Class B12/19/2035 (e) (w) (z)		1,000
		JP Morgan Chase Commercial Mortgage Securities Trust,
	461	Series 2007-LD11, Class AM, 6.18%, 06/15/2049 (z)		469
	201	Series 2007-LDPX, Class AM, 5.46%, 01/15/2049 (z)		201

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	368	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, 6.09%, 07/15/2044 (z)		374
	1,540	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class AJ, 5.45%, 09/15/2039 (z)		1,171
	653	Morgan Stanley Capital I Trust, Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041 (z)		653
	1,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class C, 6.17%, 04/15/2047 (z) (bb)		1,017
		Total Commercial Mortgage-Backed Securities (Cost $6,152)		5,885
SHARES
	Common Stocks — 53.5%
		Argentina — 0.0% (g)
	5	MercadoLibre, Inc.		1,672
		Australia — 1.1%
	378	Australia & New Zealand Banking Group Ltd.		7,596
	401	BHP Billiton Ltd.		9,366
	39	Commonwealth Bank of Australia		2,103
	17	CSL Ltd.		2,160
	467	Dexus		3,321
	723	Goodman Group		4,916
	25	Macquarie Group Ltd.		2,019
	31	National Australia Bank Ltd.		667
	55	Oil Search Ltd.		324
	113	Wesfarmers Ltd.		3,711
	54	Westpac Banking Corp.		1,153
				37,336
		Austria — 0.2%
	135	Erste Group Bank AG (a)		6,597
		Belgium — 0.3%
	82	Anheuser-Busch InBev SA/NV		8,159
	24	KBC Group NV		2,102
				10,261
		Brazil — 0.5%
	452	Ambev SA, ADR		2,994
	286	Cielo SA		1,568
	295	Itau Unibanco Holding SA (Preference)		4,277
	244	Lojas Renner SA		2,263
	53	Raia Drogasil SA (a)		1,033
	116	Ultrapar Participacoes SA		2,003

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Brazil — continued
	25	Vale SA, ADR (a)		349
	281	WEG SA		1,427
				15,914
		Canada — 0.2%
	28	Canadian Pacific Railway Ltd.		5,185
	3	Fairfax Financial Holdings Ltd.		1,484
	54	Gildan Activewear, Inc.		1,582
				8,251
		Chile — 0.1%
	69	Banco Santander Chile, ADR		2,267
		China — 1.2%
	44	Alibaba Group Holding Ltd., ADR (a)		7,826
	13	Baidu, Inc., ADR (a)		3,349
	849	BOC Hong Kong Holdings Ltd.		4,389
	509	CNOOC Ltd.		861
	88	JD.com, Inc., ADR (a)		3,200
	658	Ping An Insurance Group Co. of China Ltd., Class H		6,430
	270	Tencent Holdings Ltd.		13,279
	312	Tsingtao Brewery Co. Ltd., Class H		1,615
				40,949
		Denmark — 0.4%
	25	Chr Hansen Holding A/S		2,245
	82	Danske Bank A/S		2,841
	138	Novo Nordisk A/S, Class B		6,494
	22	Royal Unibrew A/S		1,470
				13,050
		Finland — 0.7%
	43	Cargotec OYJ, Class B		2,173
	19	Metso OYJ		681
	55	Neste OYJ		4,632
	730	Nokia OYJ		4,378
	469	Outokumpu OYJ		3,037
	105	Stora Enso OYJ, Class R		2,071
	87	UPM-Kymmene OYJ		3,107
	88	Wartsila OYJ Abp		1,859
				21,938
		France — 4.0%
	77	Air Liquide SA		10,010
	96	Airbus SE		11,248
	100	Alstom SA		4,568

SHARES		SECURITY DESCRIPTION	VALUE
		France — continued
	297	AXA SA		8,483
	176	BNP Paribas SA		13,625
	61	Capgemini SE		8,459
	104	Credit Agricole SA		1,709
	16	Dassault Systemes SE		2,018
	79	Engie SA		1,393
	29	Faurecia SA		2,344
	6	Kering SA		3,599
	11	LVMH Moet Hennessy Louis Vuitton SE		3,770
	165	Orange SA		3,007
	47	Pernod Ricard SA		7,743
	51	Peugeot SA		1,256
	63	Renault SA		6,879
	100	Sanofi		7,875
	91	Schneider Electric SE (a)		8,242
	53	Sodexo SA		5,242
	236	TOTAL SA		14,834
	55	Vinci SA		5,512
	108	Vivendi SA		2,842
				134,658
		Germany — 2.8%
	16	adidas AG		3,919
	18	AIXTRON SE (a)		257
	25	Allianz SE (Registered)		5,798
	65	BASF SE		6,713
	76	Bayer AG (Registered)		9,032
	82	Brenntag AG		4,718
	15	Covestro AG, Reg. S (e)		1,367
	114	Daimler AG (Registered)		8,970
	91	Deutsche Bank AG (Registered)		1,238
	37	Deutsche Boerse AG		4,976
	150	Deutsche Post AG (Registered)		6,492
	302	Deutsche Telekom AG (Registered)		5,291
	54	Evotec AG (a)		872
	11	Hannover Rueck SE		1,489
	14	HeidelbergCement AG		1,337
	47	Henkel AG & Co. KGaA (Preference)		5,996
	211	Infineon Technologies AG		5,406
	8	Linde AG (a)		1,697
	40	ProSiebenSat.1 Media SE		1,466
	99	SAP SE		10,987
	35	Siemens AG (Registered)		4,419
	21	Wirecard AG		2,840
				95,280

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 17

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Hong Kong — 0.8%
	1,764	AIA Group Ltd.		15,767
	379	CK Asset Holdings Ltd.		3,271
	23	CK Hutchison Holdings Ltd.		272
	449	CK Hutchison Holdings Ltd.		5,314
	64	I-CABLE Communications Ltd. (a)		1
	54	Jardine Matheson Holdings Ltd.		3,240
				27,865
		India — 0.7%
	147	HDFC Bank Ltd., ADR		14,080
	395	Infosys Ltd., ADR		6,986
	110	Mahindra & Mahindra Ltd., Reg. S, GDR		1,436
	189	Mahindra & Mahindra Ltd., Reg. S, GDR		2,472
				24,974
		Indonesia — 0.2%
	3,306	Astra International Tbk. PT		1,692
	1,297	Bank Central Asia Tbk. PT		2,051
	9,060	Bank Rakyat Indonesia Persero Tbk. PT		2,089
	282	Unilever Indonesia Tbk. PT		937
				6,769
		Ireland — 0.1%
	46	Ryanair Holdings plc, ADR (a)		5,024
		Israel — 0.0% (g)
	71	Teva Pharmaceutical Industries Ltd., ADR		1,285
		Italy — 0.9%
	271	Assicurazioni Generali SpA		5,477
	45	Banca Generali SpA		1,455
	1,459	Enel SpA		9,253
	13	Ferrari NV		1,587
	716	Intesa Sanpaolo SpA		2,723
	2,965	Telecom Italia SpA (a)		2,925
	286	UniCredit SpA		6,204
				29,624
		Japan — 5.6%
	55	Asahi Group Holdings Ltd.		2,787
	157	Bridgestone Corp.		6,542
	18	Central Japan Railway Co.		3,587
	308	Daicel Corp.		3,550
	62	Daikin Industries Ltd.		7,184
	176	DMG Mori Co. Ltd.		3,281
	37	Electric Power Development Co. Ltd.		993
	237	Hitachi Ltd.		1,730

SHARES		SECURITY DESCRIPTION	VALUE
		Japan — continued
	224	Honda Motor Co. Ltd.		7,699
	118	Japan Airlines Co. Ltd.		4,641
	153	Japan Tobacco, Inc.		4,118
	80	Kao Corp.		5,780
	63	KDDI Corp.		1,688
	3	Keyence Corp.		1,768
	85	Kyowa Hakko Kirin Co. Ltd.		1,831
	104	Kyushu Electric Power Co., Inc.		1,284
	120	Mabuchi Motor Co. Ltd.		6,019
	290	Marui Group Co. Ltd.		6,019
	277	Mitsubishi Corp.		7,649
	1,408	Mitsubishi UFJ Financial Group, Inc.		9,434
	185	NGK Spark Plug Co. Ltd.		4,755
	5	Nintendo Co. Ltd.		2,059
	98	Nippon Telegraph & Telephone Corp.		4,627
	72	Nomura Research Institute Ltd.		3,688
	77	Olympus Corp.		2,856
	69	Otsuka Corp.		3,183
	116	Otsuka Holdings Co. Ltd.		6,039
	352	Panasonic Corp.		5,206
	599	Renesas Electronics Corp. (a)		6,245
	158	Seven & i Holdings Co. Ltd.		6,962
	44	Sony Corp.		2,055
	247	Sumitomo Electric Industries Ltd.		3,786
	170	Sumitomo Mitsui Financial Group, Inc.		7,102
	293	T&D Holdings, Inc.		4,981
	107	Tokio Marine Holdings, Inc.		5,045
	63	Tokyo Gas Co. Ltd.		1,685
	309	Tokyu Corp.		5,180
	537	Toray Industries, Inc.		5,011
	191	Toyota Motor Corp.		12,505
	62	West Japan Railway Co.		4,347
	168	Yamato Holdings Co. Ltd.		4,327
				189,228
		Luxembourg — 0.1%
	125	ArcelorMittal		4,224
		Macau — 0.1%
	490	Sands China Ltd.		2,834
		Malaysia — 0.0% (g)
	222	Public Bank Bhd.		1,340
		Mexico — 0.2%
	19	Fomento Economico Mexicano SAB de CV, ADR		1,875
	235	Grupo Financiero Banorte SAB de CV, Class O		1,471
	768	Wal-Mart de Mexico SAB de CV		2,136
				5,482

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Netherlands — 1.9%
	89	ABN AMRO Group NV, Reg. S, CVA (e)		2,770
	51	Akzo Nobel NV		4,661
	16	AMG Advanced Metallurgical Group NV		767
	43	ASML Holding NV		8,276
	40	Heineken NV		4,185
	754	ING Groep NV		12,703
	38	Koninklijke DSM NV		3,914
	113	Koninklijke Philips NV		4,779
	255	Royal Dutch Shell plc, Class A		8,863
	345	Royal Dutch Shell plc, Class B		12,304
				63,222
		Norway — 0.1%
	89	Telenor ASA		1,969
		Peru — 0.1%
	12	Credicorp Ltd.		2,725
		Russia — 0.2%
	62	Magnit PJSC, Reg. S, GDR		1,166
	649	Sberbank of Russia PJSC		2,313
	140	Sberbank of Russia PJSC, ADR		2,063
				5,542
		Singapore — 0.3%
	216	DBS Group Holdings Ltd.		4,988
	218	United Overseas Bank Ltd.		4,934
				9,922
		South Africa — 0.5%
	53	Bid Corp. Ltd.		1,219
	128	Bidvest Group Ltd. (The)		2,504
	18	Capitec Bank Holdings Ltd.		1,305
	574	FirstRand Ltd.		3,075
	42	Mr Price Group Ltd.		916
	59	MTN Group Ltd.		589
	150	RMB Holdings Ltd.		943
	244	Sanlam Ltd.		1,540
	102	Shoprite Holdings Ltd.		2,032
	44	Tiger Brands Ltd.		1,383
				15,506
		South Korea — 0.3%
	17	Hyundai Motor Co.		2,572
	3	Samsung Electronics Co. Ltd. (bb)		7,728
				10,300

SHARES		SECURITY DESCRIPTION	VALUE
		Spain — 0.9%
	668	Banco Santander SA		4,318
	958	Bankia SA		4,206
	1,200	Iberdrola SA		9,268
	216	Industria de Diseno Textil SA		6,690
	221	Repsol SA		4,217
	305	Telefonica SA		3,106
				31,805
		Sweden — 0.3%
	190	Dometic Group AB (e)		1,823
	433	Svenska Handelsbanken AB, Class A		4,829
	37	Swedish Orphan Biovitrum AB (a)		794
	171	Volvo AB, Class B		2,903
				10,349
		Switzerland — 2.7%
	52	Cie Financiere Richemont SA (Registered)		4,982
	237	Credit Suisse Group AG (Registered) (a)		3,989
	88	Ferguson plc		6,735
	2	Georg Fischer AG (Registered)		2,136
	12	LafargeHolcim Ltd. (Registered) (a)		642
	101	LafargeHolcim Ltd. (Registered) (a)		5,624
	51	Logitech International SA (Registered)		1,885
	194	Nestle SA (Registered)		14,994
	188	Novartis AG (Registered)		14,455
	4	Partners Group Holding AG		2,984
	63	Roche Holding AG		13,944
	6	Swatch Group AG (The)		2,924
	85	Swiss Re AG		8,106
	271	UBS Group AG (Registered) (a)		4,542
	16	VAT Group AG, Reg. S (a) (e)		2,392
	5	Zurich Insurance Group AG (a)		1,751
				92,085
		Taiwan — 0.5%
	385	Delta Electronics, Inc.		1,395
	6	Largan Precision Co. Ltd.		698
	307	President Chain Store Corp.		3,018
	270	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		10,393
				15,504
		Thailand — 0.1%
	126	Siam Cement PCL (The) (Registered)		1,862
	347	Siam Commercial Bank PCL (The)		1,440
				3,302

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 19

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Turkey — 0.0% (g)
	168	KOC Holding A/S		566
		United Kingdom — 3.5%
	347	3i Group plc		4,473
	27	AstraZeneca plc		1,893
	669	Aviva plc		4,859
	243	Barratt Developments plc		1,866
	1,050	BP plc		7,803
	217	British American Tobacco plc		11,909
	157	Burberry Group plc		3,954
	20	Diageo plc		703
	424	Dixons Carphone plc		1,182
	147	Fiat Chrysler Automobiles NV (a)		3,264
	376	GlaxoSmithKline plc		7,534
	906	HSBC Holdings plc		9,019
	66	InterContinental Hotels Group plc		4,156
	204	International Consolidated Airlines Group SA		1,760
	1,583	ITV plc		3,294
	4,354	Lloyds Banking Group plc		3,861
	345	Prudential plc		8,880
	119	Rio Tinto Ltd.		7,074
	24	Rio Tinto plc		1,287
	634	Standard Chartered plc		6,658
	903	Taylor Wimpey plc		2,378
	43	TechnipFMC plc		1,405
	84	Unilever NV ,CVA		4,811
	3,712	Vodafone Group plc		10,832
	25	Whitbread plc		1,495
				116,350
		United States — 21.9%
	57	Acadia Healthcare Co., Inc. (a)		2,044
	20	Adobe Systems, Inc. (a)		4,323
	20	AdvanSix, Inc. (a)		707
	10	Aetna, Inc.		1,755
	2	Alleghany Corp.		1,059
	16	Allergan plc		2,406
	82	Ally Financial, Inc.		2,136
	7	Alphabet, Inc., Class A (a)		7,544
	16	Alphabet, Inc., Class C (a)		16,497
	11	Amazon.com, Inc. (a)		17,043
	43	American Electric Power Co., Inc.		3,035
	9	American Express Co.		921
	85	American Homes 4 Rent, Class A		1,721
	73	American International Group, Inc.		4,110

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	19		AmerisourceBergen Corp.		1,725
	30		Amphenol Corp., Class A		2,485
	17		Analog Devices, Inc.		1,442
	96		Apple, Inc. (j)		15,917
	53		Applied Materials, Inc.		2,651
	9		Arista Networks, Inc. (a)		2,449
	22		Arrow Electronics, Inc. (a)		1,653
	5		AutoZone, Inc. (a)		3,006
	19		Avaya Holdings Corp. (a)		439
	99		Ball Corp.		3,952
	309		Bank of America Corp.		9,251
	34		Becton Dickinson and Co.		7,844
	—	(h)	Berkshire Hathaway, Inc., Class A (a)		18,602
	18		Best Buy Co., Inc.		1,394
	5		BlackRock, Inc.		2,546
	15		Boeing Co. (The)		4,963
	2		Booking Holdings, Inc. (a)		3,629
	43		Brinker International, Inc.		1,880
	120		Brixmor Property Group, Inc.		1,787
	19		Broadcom, Inc.		4,300
	68		Capital One Financial Corp. (j)		6,121
	20		Carlisle Cos., Inc.		2,193
	37		Cavium, Inc. (a)		2,763
	109		CBRE Group, Inc., Class A (a) (j)		4,944
	32		CBS Corp. (Non-Voting), Class B		1,582
	158		Charles Schwab Corp. (The)		8,819
	9		Charter Communications, Inc., Class A (a)		2,395
	16		Chubb Ltd.		2,226
	73		Cisco Systems, Inc.		3,247
	54		Citigroup, Inc.		3,665
	64		Citizens Financial Group, Inc.		2,655
	48		Clear Channel Outdoor Holdings, Inc., Class A		229
	7		Clorox Co. (The)		799
	31		CNO Financial Group, Inc.		675
	151		Coca-Cola Co. (The)		6,523
	21		Columbia Sportswear Co.		1,759
	38		Comcast Corp., Class A		1,187
	30		Comerica, Inc.		2,821
	55		CommScope Holding Co., Inc. (a)		2,092
	26		Concho Resources, Inc. (a)		4,110
	46		ConocoPhillips		3,036
	19		Constellation Brands, Inc., Class A		4,492
	57		Copart, Inc. (a)		2,900
	89		Corning, Inc.		2,407

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		United States — continued
	93	Coty, Inc., Class A		1,616
	16	CVS Health Corp.		1,103
	27	Deere & Co.		3,714
	122	Delta Air Lines, Inc. (j)		6,382
	13	DexCom, Inc. (a)		942
	27	Dick’s Sporting Goods, Inc.		885
	97	DISH Network Corp., Class A (a)		3,271
	25	Dover Corp.		2,325
	27	Dr Pepper Snapple Group, Inc.		3,196
	16	Duke Energy Corp.		1,302
	22	Eagle Materials, Inc.		2,198
	50	East West Bancorp, Inc.		3,311
	16	EastGroup Properties, Inc.		1,430
	23	Edison International		1,515
	34	Electronic Arts, Inc. (a)		3,973
	22	Energizer Holdings, Inc.		1,237
	124	Entercom Communications Corp., Class A (j)		1,257
	22	EOG Resources, Inc.		2,648
	43	EQT Corp.		2,159
	25	Eversource Energy		1,495
	82	Evolent Health, Inc., Class A (a)		1,347
	33	Exact Sciences Corp. (a)		1,626
	52	Exelixis, Inc. (a)		1,086
	13	Expedia Group, Inc.		1,466
	85	Extended Stay America, Inc.		1,657
	67	Exxon Mobil Corp. (j)		5,197
	48	Facebook, Inc., Class A (a)		8,330
	29	Fastenal Co.		1,446
	9	Federal Realty Investment Trust		1,068
	64	Fifth Third Bancorp		2,113
	29	First Republic Bank		2,692
	123	Fiserv, Inc. (a)		8,731
	40	Fortune Brands Home & Security, Inc.		2,187
	34	Gap, Inc. (The)		996
	23	Gartner, Inc. (a)		2,729
	15	Genuine Parts Co.		1,326
	40	Global Payments, Inc.		4,556
	58	GoDaddy, Inc., Class A (a)		3,776
	2	Goodman Private (a) (bb)		—
	102	Graphic Packaging Holding Co.		1,465
	22	Guidewire Software, Inc. (a)		1,844
	52	Hartford Financial Services Group, Inc. (The)		2,801
	15	HCA Healthcare, Inc.		1,418
	75	Hewlett Packard Enterprise Co.		1,284

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	71	Hilton Worldwide Holdings, Inc.		5,600
	10	Home Depot, Inc. (The)		1,796
	22	Honeywell International, Inc.		3,189
	22	Illinois Tool Works, Inc. (j)		3,120
	13	Illumina, Inc. (a)		3,077
	19	Intercept Pharmaceuticals, Inc. (a)		1,294
	6	Intuitive Surgical, Inc. (a)		2,741
	45	Invesco Ltd.		1,300
	18	Jazz Pharmaceuticals plc (a)		2,784
	6	John Bean Technologies Corp.		623
	35	Johnson & Johnson		4,455
	41	KapStone Paper and Packaging Corp.		1,406
	107	Kimco Realty Corp.		1,559
	175	Kinder Morgan, Inc.		2,761
	43	Kohl’s Corp.		2,661
	10	Kraft Heinz Co. (The)		538
	75	Kroger Co. (The)		1,878
	73	La Quinta Holdings, Inc. (a)		1,422
	22	Lennox International, Inc.		4,216
	78	LKQ Corp. (a)		2,417
	93	Loews Corp. (j)		4,890
	18	Lululemon Athletica, Inc. (a)		1,823
	25	M&T Bank Corp.		4,603
	35	Marathon Petroleum Corp.		2,599
	9	Marsh & McLennan Cos., Inc.		749
	13	Martin Marietta Materials, Inc.		2,483
	69	Mastercard, Inc., Class A		12,266
	13	Medtronic plc		1,031
	69	Merck & Co., Inc.		4,063
	150	Microsoft Corp. (j)		14,013
	25	Mid-America Apartment Communities, Inc.		2,260
	10	Middleby Corp. (The) (a)		1,239
	19	Mohawk Industries, Inc. (a)		4,004
	30	Molson Coors Brewing Co., Class B		2,116
	32	Monster Beverage Corp. (a)		1,733
	42	Morgan Stanley		2,189
	23	Murphy USA, Inc. (a)		1,437
	29	Nasdaq, Inc.		2,571
	16	Netflix, Inc. (a)		5,062
	30	Nexstar Media Group, Inc., Class A		1,879
	73	NextEra Energy, Inc.		11,951
	1	NII Holdings, Inc. (a)		3
	13	Nordson Corp.		1,647
	40	Nordstrom, Inc.		2,020

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 21

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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
	19	Northern Trust Corp.		2,040
	9	Northrop Grumman Corp.		3,040
	18	NVIDIA Corp. (j)		3,975
	38	Occidental Petroleum Corp.		2,939
	21	Old Dominion Freight Line, Inc.		2,848
	47	Oshkosh Corp.		3,389
	85	Outfront Media, Inc.		1,602
	22	Palo Alto Networks, Inc. (a)		4,227
	22	Parker-Hannifin Corp.		3,682
	152	PayPal Holdings, Inc. (a)		11,334
	33	PBF Energy, Inc., Class A		1,262
	1	Penn Virginia Corp. (a)		49
	192	Pfizer, Inc.		7,020
	27	Phillips 66		2,979
	33	PNC Financial Services Group, Inc. (The)		4,852
	29	Post Holdings, Inc. (a)		2,344
	32	Procter & Gamble Co. (The)		2,288
	47	Progressive Corp. (The)		2,840
	10	Prudential Financial, Inc.		1,061
	12	Public Storage		2,472
	28	QUALCOMM, Inc.		1,404
	60	Rayonier, Inc.		2,243
	16	Red Hat, Inc. (a)		2,577
	45	Revance Therapeutics, Inc. (a)		1,251
	27	S&P Global, Inc.		5,023
	7	Sage Therapeutics, Inc. (a)		1,065
	104	salesforce.com, Inc. (a)		12,636
	22	ServiceNow, Inc. (a)		3,615
	130	Shire plc		6,935
	59	Southwest Airlines Co.		3,121
	22	Spark Therapeutics, Inc. (a)		1,696
	32	Splunk, Inc. (a)		3,246
	15	Spotify Technology SA (a)		2,354
	26	Square, Inc., Class A (a)		1,247
	25	Stanley Black & Decker, Inc.		3,491
	56	SunTrust Banks, Inc.		3,772
	40	T. Rowe Price Group, Inc.		4,562
	11	Take-Two Interactive Software, Inc. (a)		1,124
	30	Teladoc, Inc. (a)		1,289
	5	Tesla, Inc. (a)		1,555
	38	Texas Instruments, Inc. (j)		3,879
	231	TherapeuticsMD, Inc. (a)		1,270
	26	Thermo Fisher Scientific, Inc.		5,483
	14	Tiffany & Co.		1,441

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	136	Time Warner, Inc.		12,901
	21	Travelers Cos., Inc. (The)		2,820
	4	Ulta Beauty, Inc. (a)		1,068
	32	Union Pacific Corp.		4,309
	23	United Technologies Corp.		2,812
	140	UnitedHealth Group, Inc. (j)		33,043
	29	Unum Group		1,416
	60	US Bancorp		3,004
	27	Veeva Systems, Inc., Class A (a)		1,879
	44	Verizon Communications, Inc.		2,170
	22	Vertex Pharmaceuticals, Inc. (a)		3,423
	81	Visa, Inc., Class A		10,301
	17	Vistra Energy Corp. (a)		391
	25	WABCO Holdings, Inc. (a)		3,211
	34	Walgreens Boots Alliance, Inc.		2,234
	72	Walt Disney Co. (The)		7,213
	115	Waste Connections, Inc.		8,329
	18	Wayfair, Inc., Class A (a)		1,128
	152	Wells Fargo & Co. (j)		7,882
	42	WestRock Co.		2,477
	34	Weyerhaeuser Co.		1,254
	40	Williams Cos., Inc. (The)		1,030
	45	Worldpay, Inc. (a)		3,671
	62	Xcel Energy, Inc.		2,884
				738,796
		Total Common Stocks (Cost $1,588,492)		1,804,765
PRINCIPAL AMOUNT
	Convertible Bonds — 0.0% (g)
		United States — 0.0% (g)
		Liberty Interactive LLC,
	100	3.75%, 02/15/2030		66
	55	4.00%, 11/15/2029		37
		Total Convertible Bonds (Cost $97)		103
	Corporate Bonds — 8.8%
		Argentina — 0.1%
	320	Arcor SAIC, Reg. S, 6.00%, 07/06/2023		331
	150	Generacion Mediterranea SA, 9.63%, 07/27/2023 (e)		163
		Pampa Energia SA,
	100	Reg. S, 7.38%, 07/21/2023		104
	150	Reg. S, 7.50%, 01/24/2027		152

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Argentina — continued
	390	Tecpetrol SA, 4.88%, 12/12/2022 (e)		377
		YPF SA,
	90	6.95%, 07/21/2027 (e)		88
	350	7.00%, 12/15/2047 (e)		312
	866	Reg. S, 8.50%, 03/23/2021		938
	400	Reg. S, 8.75%, 04/04/2024		438
				2,903
		Australia — 0.0% (g)
		FMG Resources August 2006 Pty. Ltd.,
	263	4.75%, 05/15/2022 (e)		261
	180	5.13%, 05/15/2024 (e)		177
	167	Nufarm Australia Ltd., 5.75%, 04/30/2026 (e)		167
				605
		Azerbaijan — 0.1%
		State Oil Co. of the Azerbaijan Republic,
	200	Reg. S, 4.75%, 03/13/2023		199
	1,440	Reg. S, 6.95%, 03/18/2030		1,545
				1,744
		Bahrain — 0.0% (g)
	300	Batelco International Finance No. 1 Ltd., Reg. S, 4.25%, 05/01/2020		292
		Brazil — 0.2%
		Banco do Brasil SA,
	400	Reg. S, 5.88%, 01/26/2022		409
	530	Cemig Geracao e Transmissao SA, 9.25%, 12/05/2024 (e)		572
	155	CSN Resources SA, Reg. S, 6.50%, 07/21/2020		150
		JBS USA LUX SA,
	560	5.75%, 06/15/2025 (e)		526
	351	6.75%, 02/15/2028 (e)		336
	754	7.25%, 06/01/2021 (e)		760
		JSL Europe SA,
	630	7.75%, 07/26/2024 (e)		633
	340	Light Servicos de Eletricidade SA, 7.25%, 05/03/2023 (e)		343
		Petrobras Global Finance BV,
	500	6.25%, 03/17/2024		523
	201	8.38%, 05/23/2021		226
	700	8.75%, 05/23/2026		823
	200	Suzano Austria GmbH, Reg. S, 7.00%, 03/16/2047		222

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Brazil — continued
	200	Votorantim Cimentos SA, Reg. S, 7.25%, 04/05/2041		217
	380	Vrio Finco 1 LLC, 6.88%, 04/04/2028 (e)		380
				6,120
		Canada — 0.3%
	405	1011778 BC ULC, 4.25%, 05/15/2024 (e)		385
	613	Athabasca Oil Corp., 9.88%, 02/24/2022 (e)		618
	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)		43
		Bombardier, Inc.,
	384	6.00%, 10/15/2022 (e)		382
	192	6.13%, 01/15/2023 (e)		194
	151	7.50%, 12/01/2024 (e)		159
	380	7.50%, 03/15/2025 (e)		395
	1,012	8.75%, 12/01/2021 (e)		1,126
		Concordia International Corp.,
	421	7.00%, 04/15/2023 (d) (e) (bb)		25
	359	9.00%, 04/01/2022 (e)		327
	387	Cott Holdings, Inc., 5.50%, 04/01/2025 (e)		384
	1,695	Garda World Security Corp., 8.75%, 05/15/2025 (e)		1,771
	325	Gateway Casinos & Entertainment Ltd., 8.25%, 03/01/2024 (e)		345
	200	Gran Tierra Energy International Holdings Ltd., 6.25%, 02/15/2025 (e)		190
	180	Hudbay Minerals, Inc., 7.25%, 01/15/2023 (e)		188
	117	Jupiter Resources, Inc., 8.50%, 10/01/2022 (e)		51
	147	Kronos Acquisition Holdings, Inc., 9.00%, 08/15/2023 (e)		140
		Mattamy Group Corp.,
	50	6.50%, 10/01/2025 (e)		50
	185	6.88%, 12/15/2023 (e)		190
		MEG Energy Corp.,
	360	6.38%, 01/30/2023 (e)		324
	321	6.50%, 01/15/2025 (e)		321
	84	7.00%, 03/31/2024 (e)		75
		NOVA Chemicals Corp.,
	267	4.88%, 06/01/2024 (e)		259
	252	5.00%, 05/01/2025 (e)		243
	96	5.25%, 06/01/2027 (e)		92

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 23

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Canada — continued
		Open Text Corp.,
	323	5.63%, 01/15/2023 (e)		334
	288	5.88%, 06/01/2026 (e)		299
		Precision Drilling Corp.,
	48	5.25%, 11/15/2024		45
	44	6.50%, 12/15/2021		45
	142	7.13%, 01/15/2026 (e)		144
	150	Quebecor Media, Inc., 5.75%, 01/15/2023		154
	131	Seven Generations Energy Ltd., 5.38%, 09/30/2025 (e)		127
		Teck Resources Ltd.,
	180	5.40%, 02/01/2043		172
	260	6.00%, 08/15/2040		271
	590	6.13%, 10/01/2035		627
		Videotron Ltd.,
	47	5.13%, 04/15/2027 (e)		46
	320	5.38%, 06/15/2024 (e)		329
				10,997
		Chile — 0.0% (g)
	300	Corp. Nacional del Cobre de Chile, Reg. S, 4.50%, 09/16/2025		307
	200	Empresa Electrica Angamos SA, Reg. S, 4.88%, 05/25/2029		194
	200	Empresa Nacional del Petroleo, Reg. S, 3.75%, 08/05/2026		190
	400	Geopark Ltd., 6.50%, 09/21/2024 (e)		398
	200	VTR Finance BV, Reg. S, 6.88%, 01/15/2024		206
				1,295
		China — 0.2%
	3,600	China Development Bank, Reg. S, 2.63%, 01/24/2022		3,483
	200	China Minmetals Corp., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.72%), 3.75%, 11/13/2022 (x) (y) (aa)		189
		Fortune Star BVI Ltd.,
	570	Reg. S, 5.25%, 03/23/2022		541
	260	GOME Retail Holdings Ltd., Reg. S, 5.00%, 03/10/2020		255
	200	Guangxi Communications Investment Group Co. Ltd., Reg. S, 3.00%, 11/04/2019		196
	250	Hongkong International Qingdao Co. Ltd., Reg. S, 4.25%, 12/04/2022		243
	200	Huarong Finance II Co. Ltd., Reg. S, 2.75%, 06/03/2019		198

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		China — continued
	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)		205
	200	Rock International Investment, Inc., Reg. S, 6.63%, 03/27/2020		177
	200	Sinopec Group Overseas Development Ltd., Reg. S, 4.10%, 04/28/2045		185
	200	Three Gorges Finance I Cayman Islands Ltd., Reg. S, 3.70%, 06/10/2025		196
	200	Times China Holdings Ltd., Reg. S, 6.25%, 01/23/2020		200
				6,068
		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)		151
		Ecopetrol SA,
	470	5.38%, 06/26/2026		484
	300	5.88%, 09/18/2023		319
				954
		Congo, Democratic Republic of the — 0.0% (g)
	240	HTA Group Ltd., Reg. S, 9.13%, 03/08/2022		251
		Costa Rica — 0.0% (g)
	200	Banco Nacional de Costa Rica, Reg. S, 5.88%, 04/25/2021		206
		Ecuador — 0.0% (g)
		Petroamazonas EP,
	200	Reg. S, 4.63%, 02/16/2020		190
	450	4.63%, 11/06/2020 (e)		416
				606
		Finland — 0.0% (g)
		Nokia OYJ,
	15	3.38%, 06/12/2022		14
	455	4.38%, 06/12/2027		422
	201	6.63%, 05/15/2039		210
				646
		France — 0.1%
		Altice France SA,
	800	6.00%, 05/15/2022 (e)		791
	850	6.25%, 05/15/2024 (e)		810
	334	7.38%, 05/01/2026 (e)		324

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		France — continued
	400	Societe Generale SA, (USD Swap Semi 5 Year + 6.24%), 7.38%, 09/13/2021 (e) (x) (y) (aa)		424
				2,349
		Germany — 0.3%
	3,500	Kreditanstalt fuer Wiederaufbau, 2.63%, 04/12/2021		3,483
	4,870	Landwirtschaftliche Rentenbank, 2.38%, 02/21/2020 (e)		4,848
	455	Unitymedia GmbH, 6.13%, 01/15/2025 (e)		478
				8,809
		Ghana — 0.0% (g)
	636	Tullow Oil plc, 7.00%, 03/01/2025 (e)		645
		Guatemala — 0.0% (g)
	200	Comunicaciones Celulares SA, Reg. S, 6.88%, 02/06/2024		208
		Hong Kong — 0.0% (g)
	200	King Power Capital Ltd., Reg. S, 5.63%, 11/03/2024		213
	610	WTT Investment Ltd., 5.50%, 11/21/2022 (e)		589
				802
		Hungary — 0.0% (g)
	200	MFB Magyar Fejlesztesi Bank Zrt., Reg. S, 6.25%, 10/21/2020		213
		India — 0.0% (g)
	200	Greenko Dutch BV, 5.25%, 07/24/2024 (e)		191
	200	IDBI Bank Ltd., Reg. S, 3.75%, 01/25/2019		200
	240	JSW Steel Ltd., Reg. S, 5.25%, 04/13/2022		238
	200	UPL Corp. Ltd., Reg. S, 3.25%, 10/13/2021		194
				823
		Indonesia — 0.1%
	200	Listrindo Capital BV, Reg. S, 4.95%, 09/14/2026		187
	200	Medco Platinum Road Pte. Ltd., 6.75%, 01/30/2025 (e)		191
		Minejesa Capital BV,
	470	4.63%, 08/10/2030 (e)		447
	300	5.63%, 08/10/2037 (e)		289
		Pertamina Persero PT,
	400	Reg. S, 6.45%, 05/30/2044		441
	200	Reg. S, 6.50%, 05/27/2041		221
	200	Perusahaan Listrik Negara PT, Reg. S, 4.13%, 05/15/2027		188

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Indonesia — continued
	220	Theta Capital Pte. Ltd., Reg. S, 7.00%, 04/11/2022		207
				2,171
		Ireland — 0.1%
		Ardagh Packaging Finance plc,
	550	6.00%, 02/15/2025 (e)		556
	200	7.25%, 05/15/2024 (e)		212
	258	Avolon Holdings Funding Ltd., 5.50%, 01/15/2023 (e)		257
		Park Aerospace Holdings Ltd.,
	65	4.50%, 03/15/2023 (e)		62
	205	5.25%, 08/15/2022 (e)		204
	557	5.50%, 02/15/2024 (e)		541
				1,832
		Israel — 0.0% (g)
		Teva Pharmaceutical Finance Netherlands III BV,
	260	3.15%, 10/01/2026		207
	610	6.75%, 03/01/2028 (e)		602
				809
		Italy — 0.0% (g)
		Telecom Italia Capital SA,
	251	6.00%, 09/30/2034		260
	540	6.38%, 11/15/2033		587
	77	7.20%, 07/18/2036		88
	37	7.72%, 06/04/2038		45
	271	Wind Tre SpA, 5.00%, 01/20/2026 (e)		227
				1,207
		Jamaica — 0.0% (g)
		Digicel Group Ltd.,
	420	Reg. S, 7.13%, 04/01/2022		342
	200	Reg. S, 8.25%, 09/30/2020		180
				522
		Japan — 0.0% (g)
	200	SoftBank Group Corp., 4.50%, 04/15/2020 (e)		205
		Jordan — 0.0% (g)
	370	Hikma Pharmaceuticals plc, Reg. S, 4.25%, 04/10/2020		367
		Kazakhstan — 0.2%
	1,340	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.95%, 07/10/2042		1,466

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 25

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Kazakhstan — continued
		Kazakhstan Temir Zholy National Co. JSC,
	700	4.85%, 11/17/2027 (e)		695
		KazMunayGas National Co. JSC,
	600	5.38%, 04/24/2030 (e)		598
	320	6.38%, 10/24/2048 (e)		327
	1,350	Reg. S, 3.88%, 04/19/2022		1,333
	400	Reg. S, 7.00%, 05/05/2020		427
	200	KazMunayGas National Co. PJSC, Reg. S, 4.75%, 04/19/2027		196
	350	Nostrum Oil & Gas Finance BV, 8.00%, 07/25/2022 (e)		357
				5,399
		Luxembourg — 0.2%
	650	Altice Financing SA, 7.50%, 05/15/2026 (e)		639
		Altice Luxembourg SA,
	400	7.63%, 02/15/2025 (e)		360
	400	7.75%, 05/15/2022 (e)		382
		ArcelorMittal,
	28	5.75%, 03/01/2021		29
	330	6.13%, 06/01/2025		357
	525	6.50%, 02/25/2022		566
	63	7.00%, 03/01/2041		72
	268	7.25%, 10/15/2039		318
	132	Intelsat Connect Finance SA, 12.50%, 04/01/2022 (e)		116
		Intelsat Jackson Holdings SA,
	645	5.50%, 08/01/2023		541
	382	7.25%, 10/15/2020		373
	530	7.50%, 04/01/2021		502
	462	8.00%, 02/15/2024 (e)		487
	391	9.75%, 07/15/2025 (e)		383
				5,125
		Mauritius — 0.0% (g)
	460	Liquid Telecommunications Financing plc, 8.50%, 07/13/2022 (e)		484
		Mexico — 0.4%
	400	Banco Nacional de Comercio Exterior SNC, Reg. S, 4.38%, 10/14/2025		397
	800	BBVA Bancomer SA, Reg. S, 4.38%, 04/10/2024		801
		Cemex SAB de CV,
	545	5.70%, 01/11/2025 (e)		551
	1,060	6.13%, 05/05/2025 (e)		1,097
	1,200	7.75%, 04/16/2026 (e)		1,316

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Mexico — continued
	620	Cometa Energia SA de CV, 6.38%, 04/24/2035 (e)		605
	300	Grupo KUO SAB de CV, Reg. S, 5.75%, 07/07/2027		292
	350	Nemak SAB de CV, 4.75%, 01/23/2025 (e)		341
		Petroleos Mexicanos,
	300	4.88%, 01/24/2022		305
	1,500	5.38%, 03/13/2022		1,550
	100	5.50%, 01/21/2021		104
	200	(ICE LIBOR USD 3 Month + 3.65%), 5.72%, 03/11/2022 (aa)		218
	3,300	6.38%, 02/04/2021		3,475
	950	6.75%, 09/21/2047		915
	160	Reg. S, 6.35%, 02/12/2048		147
				12,114
		Morocco — 0.0% (g)
	200	OCP SA, Reg. S, 6.88%, 04/25/2044		215
		Netherlands — 0.2%
		Bank Nederlandse Gemeenten NV,
	4,800	2.50%, 02/16/2021 (e)		4,754
	AUD    602	Reg. S, 4.75%, 03/06/2023		492
	250	Constellium NV, 6.63%, 03/01/2025 (e)		253
	400	NXP BV, 4.63%, 06/15/2022 (e)		403
	600	UPCB Finance IV Ltd., 5.38%, 01/15/2025 (e)		587
	400	Ziggo Bond Finance BV, 5.88%, 01/15/2025 (e)		378
	330	Ziggo Secured Finance BV, 5.50%, 01/15/2027 (e)		311
				7,178
		Nigeria — 0.0% (g)
	288	Fidelity Bank plc, 10.50%, 10/16/2022 (e)		293
	280	IHS Netherlands Holdco BV, Reg. S, 9.50%, 10/27/2021		288
				581
		Norway — 0.0% (g)
	161	Aker BP ASA, 5.88%, 03/31/2025 (e)		167
	200	DNO ASA, Reg. S, 8.75%, 06/18/2020 (e)		206
				373
		Panama — 0.0% (g)
	200	Banistmo SA, 3.65%, 09/19/2022 (e)		191

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Peru — 0.0% (g)
	200	Corp. Financiera de Desarrollo SA, Reg. S, 4.75%, 02/08/2022		204
	200	Fondo MIVIVIENDA SA, Reg. S, 3.50%, 01/31/2023		195
	230	Inkia Energy Ltd., 5.88%, 11/09/2027 (e)		220
	200	Nexa Resources SA, Reg. S, 5.38%, 05/04/2027		200
		Petroleos del Peru SA,
	200	Reg. S, 4.75%, 06/19/2032		189
	200	Reg. S, 5.63%, 06/19/2047		195
	150	Union Andina de Cementos SAA, Reg. S, 5.88%, 10/30/2021		154
				1,357
		Qatar — 0.1%
	1,290	ABQ Finance Ltd., Reg. S, 3.50%, 02/22/2022		1,243
	648	Ras Laffan Liquefied Natural Gas Co. Ltd. II, Reg. S, 5.30%, 09/30/2020		662
				1,905
		Russia — 0.1%
	200	GTLK Europe DAC, Reg. S, 5.13%, 05/31/2024		190
	200	Sberbank of Russia, Reg. S, 6.13%, 02/07/2022		208
	200	Sberbank of Russia Via SB Capital SA, Reg. S, 6.13%, 02/07/2022		208
		Vnesheconombank Via VEB Finance plc,
	200	Reg. S, 5.94%, 11/21/2023		208
	300	Reg. S, 6.03%, 07/05/2022		311
	440	VTB Bank OJSC Via VTB Capital SA, Reg. S, 6.95%, 10/17/2022		452
				1,577
		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)		292
		South Africa — 0.1%
		Eskom Holdings SOC Ltd.,
	350	Reg. S, 5.75%, 01/26/2021		350
	200	Reg. S, 6.75%, 08/06/2023		202
	200	Reg. S, 7.13%, 02/11/2025		204
		Stillwater Mining Co.,
	730	6.13%, 06/27/2022 (e)		731
	200	7.13%, 06/27/2025 (e)		202
				1,689

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		South Korea — 0.0% (g)
	910	Heungkuk Life Insurance Co. Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/09/2047 (aa)		849
		Trinidad and Tobago — 0.0% (g)
		Petroleum Co. of Trinidad & Tobago Ltd.,
	650	Reg. S, 9.75%, 08/14/2019		684
		Turkey — 0.1%
	520	Akbank Turk A/S, Reg. S, 5.13%, 03/31/2025		492
	250	QNB Finansbank A/S, Reg. S, 4.88%, 05/19/2022		239
	301	Ronesans Gayrimenkul Yatirim A/S, 7.25%, 04/26/2023 (e)		295
	200	TC Ziraat Bankasi A/S, 5.13%, 09/29/2023 (e)		191
		Turkiye Is Bankasi A/S,
	300	6.13%, 04/25/2024 (e)		291
	200	Reg. S, 6.00%, 10/24/2022		195
	800	Turkiye Sise ve Cam Fabrikalari A/S, Reg. S, 4.25%, 05/09/2020		797
	338	Yapi ve Kredi Bankasi A/S, 6.10%, 03/16/2023 (e)		331
				2,831
		Ukraine — 0.0% (g)
		State Savings Bank of Ukraine,
	750	Reg. S, SUB, 9.38%, 03/10/2023		774
	200	Reg. S, SUB, 9.63%, 03/20/2025		208
				982
		United Arab Emirates — 0.1%
		DAE Funding LLC,
	141	4.50%, 08/01/2022 (e)		135
	151	5.00%, 08/01/2024 (e)		145
	590	EA Partners I BV, Reg. S, 6.88%, 09/28/2020		433
	350	ICD Sukuk Co. Ltd., Reg. S, 3.51%, 05/21/2020		346
	718	Shelf Drilling Holdings Ltd., 8.25%, 02/15/2025 (e)		729
				1,788
		United Kingdom — 0.2%
	400	Ashtead Capital, Inc., 5.63%, 10/01/2024 (e)		412
		Barclays plc,
	620	5.20%, 05/12/2026		620
	300	(USD Swap Semi 5 Year + 6.71%), 8.25%, 12/15/2018 (x) (y) (aa)		308

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United Kingdom — continued
	463	Fiat Chrysler Automobiles NV, 5.25%, 04/15/2023		481
	423	Jaguar Land Rover Automotive plc, 4.50%, 10/01/2027 (e)		381
	508	KCA Deutag UK Finance plc, 7.25%, 05/15/2021 (e)		494
		Noble Holding International Ltd.,
	24	5.25%, 03/15/2042		16
	135	6.20%, 08/01/2040		95
	162	7.75%, 01/15/2024		152
	356	7.88%, 02/01/2026 (e)		358
	23	8.95%, 04/01/2045		20
		Royal Bank of Scotland Group plc,
	240	5.13%, 05/28/2024		244
	330	6.00%, 12/19/2023		350
	1,147	6.10%, 06/10/2023		1,218
	450	6.13%, 12/15/2022		477
	200	(USD Swap Semi 5 Year + 5.80%), 7.50%, 08/10/2020 (x) (y) (aa)		210
	200	(USD Swap Semi 5 Year + 7.60%), 8.62%, 08/15/2021 (x) (y) (aa)		219
	600	Virgin Media Finance plc, 6.38%, 04/15/2023 (e)		605
				6,660
		United States — 5.6%
		Acadia Healthcare Co., Inc.,
	401	5.63%, 02/15/2023		405
	40	6.13%, 03/15/2021		41
	175	6.50%, 03/01/2024		181
	219	ACE Cash Express, Inc., 12.00%, 12/15/2022 (e)		243
	1,005	ADT Corp. (The), 4.13%, 06/15/2023		942
		AECOM,
	548	5.13%, 03/15/2027		526
	261	5.88%, 10/15/2024		272
	358	AES Corp., 5.50%, 04/15/2025		366
	500	Ahern Rentals, Inc., 7.38%, 05/15/2023 (e)		482
	360	Aircastle Ltd., 4.13%, 05/01/2024		353
		AK Steel Corp.,
	115	6.38%, 10/15/2025		108
	230	7.00%, 03/15/2027		223
	20	7.50%, 07/15/2023		21
		Albertsons Cos. LLC,
	282	5.75%, 03/15/2025		246
	1,670	6.63%, 06/15/2024		1,557

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	257	Alcoa Nederland Holding BV, 6.75%, 09/30/2024 (e)		276
		Aleris International, Inc.,
	225	7.88%, 11/01/2020		222
	120	9.50%, 04/01/2021 (e)		125
		Alliance Data Systems Corp.,
	545	5.38%, 08/01/2022 (e)		548
	170	5.88%, 11/01/2021 (e)		173
	932	Allison Transmission, Inc., 4.75%, 10/01/2027 (e)		877
		Ally Financial, Inc.,
	1,205	4.63%, 03/30/2025		1,195
	435	5.13%, 09/30/2024		446
	296	5.75%, 11/20/2025		305
	253	8.00%, 11/01/2031		307
		Altice US Finance I Corp.,
	665	5.38%, 07/15/2023 (e)		666
	572	5.50%, 05/15/2026 (e)		554
		AMC Entertainment Holdings, Inc.,
	380	5.75%, 06/15/2025		368
	123	5.88%, 11/15/2026		120
	181	6.13%, 05/15/2027		175
		AMC Networks, Inc.,
	203	4.75%, 08/01/2025		192
	380	5.00%, 04/01/2024		371
		American Axle & Manufacturing, Inc.,
	616	6.25%, 04/01/2025		616
	176	6.25%, 03/15/2026		174
	668	6.50%, 04/01/2027		664
	235	American Woodmark Corp., 4.88%, 03/15/2026 (e)		227
		AmeriGas Partners LP,
	75	5.50%, 05/20/2025		74
	152	5.63%, 05/20/2024		151
	208	5.75%, 05/20/2027		200
	127	5.88%, 08/20/2026		126
	164	AMN Healthcare, Inc., 5.13%, 10/01/2024 (e)		162
		Antero Resources Corp.,
	949	5.13%, 12/01/2022		954
	132	5.38%, 11/01/2021		133
	39	Apergy Corp., 6.38%, 05/01/2026 (e)		40
	45	Archrock Partners LP, 6.00%, 10/01/2022		45

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Arconic, Inc.,
	408	5.13%, 10/01/2024		413
	465	5.90%, 02/01/2027		480
	100	5.95%, 02/01/2037		101
	561	Avaya, Inc., 7.00%, 04/01/2019 (d) (bb)		—	(h)
		Avis Budget Car Rental LLC,
	200	5.25%, 03/15/2025 (e)		193
	95	5.50%, 04/01/2023		94
	257	B&G Foods, Inc., 5.25%, 04/01/2025		235
		Ball Corp.,
	100	4.00%, 11/15/2023		98
	100	4.88%, 03/15/2026		100
		Bank of America Corp.,
	95	Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 09/05/2024 (x) (y) (aa)		99
	218	Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 03/17/2025 (x) (y) (aa)		226
		Berry Global, Inc.,
	430	4.50%, 02/15/2026 (e)		411
	330	5.13%, 07/15/2023		332
	40	5.50%, 05/15/2022		41
	115	Big River Steel LLC, 7.25%, 09/01/2025 (e)		120
	113	Blue Cube Spinco, Inc., 10.00%, 10/15/2025		132
	429	Booz Allen Hamilton, Inc., 5.13%, 05/01/2025 (e)		424
		Boyd Gaming Corp.,
	387	6.38%, 04/01/2026		405
	174	6.88%, 05/15/2023		183
	306	Boyne USA, Inc., 7.25%, 05/01/2025 (e)		316
	250	Brink’s Co. (The), 4.63%, 10/15/2027 (e)		230
		Bristow Group, Inc.,
	129	6.25%, 10/15/2022		106
	150	8.75%, 03/01/2023 (e)		155
	215	Buckeye Partners LP, (ICE LIBOR USD 3 Month + 4.02%), 6.38%, 01/22/2078 (aa)		209
	215	BWAY Holding Co., 5.50%, 04/15/2024 (e)		216
	438	Cablevision Systems Corp., 8.00%, 04/15/2020		464
	152	Caleres, Inc., 6.25%, 08/15/2023		157
	153	California Resources Corp., 8.00%, 12/15/2022 (e)		132
		Calpine Corp.,
	370	5.25%, 06/01/2026 (e)		354
	4	5.38%, 01/15/2023		4
	20	5.50%, 02/01/2024		18

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	252	5.75%, 01/15/2025		231
	450	5.88%, 01/15/2024 (e)		453
	590	Camelot Finance SA, 7.88%, 10/15/2024 (e)		615
	549	Carrizo Oil & Gas, Inc., 6.25%, 04/15/2023		564
	68	Catalent Pharma Solutions, Inc., 4.88%, 01/15/2026 (e)		66
	122	CB Escrow Corp., 8.00%, 10/15/2025 (e)		116
	103	CCM Merger, Inc., 6.00%, 03/15/2022 (e)		105
		CCO Holdings LLC,
	402	5.00%, 02/01/2028 (e)		371
	245	5.13%, 05/01/2027 (e)		230
	235	5.38%, 05/01/2025 (e)		231
	540	5.50%, 05/01/2026 (e)		526
	305	5.75%, 09/01/2023		309
	370	5.75%, 01/15/2024		373
	644	5.75%, 02/15/2026 (e)		639
	1,064	5.88%, 04/01/2024 (e)		1,080
		CDW LLC,
	105	5.00%, 09/01/2023		107
	95	5.00%, 09/01/2025		95
	155	5.50%, 12/01/2024		161
	75	Cedar Fair LP, 5.38%, 06/01/2024		76
		Centene Corp.,
	455	4.75%, 01/15/2025		442
	195	5.63%, 02/15/2021		201
	503	6.13%, 02/15/2024		527
		CenturyLink, Inc.,
	215	Series S, 6.45%, 06/15/2021		220
	280	Series T, 5.80%, 03/15/2022		279
	93	Series W, 6.75%, 12/01/2023		92
	62	Series Y, 7.50%, 04/01/2024		63
	355	Cequel Communications Holdings I LLC, 7.50%, 04/01/2028 (e)		360
		CF Industries, Inc.,
	256	4.50%, 12/01/2026 (e)		256
	130	5.15%, 03/15/2034		119
	350	Chemours Co. (The), 7.00%, 05/15/2025		377
		Cheniere Corpus Christi Holdings LLC,
	65	5.13%, 06/30/2027		64
	590	5.88%, 03/31/2025		608
	130	7.00%, 06/30/2024		142
	163	Cheniere Energy Partners LP, 5.25%, 10/01/2025 (e)		159

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 29

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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
		Chesapeake Energy Corp.,
	111	(ICE LIBOR USD 3 Month + 3.25%), 5.60%, 04/15/2019 (aa)		111
	22	5.75%, 03/15/2023		20
	181	8.00%, 01/15/2025 (e)		175
	569	8.00%, 06/15/2027 (e)		548
	440	Cincinnati Bell, Inc., 7.00%, 07/15/2024 (e)		404
	264	Cinemark USA, Inc., 4.88%, 06/01/2023		261
		CIT Group, Inc.,
	474	5.00%, 08/15/2022		485
	168	5.25%, 03/07/2025		171
	88	6.13%, 03/09/2028		91
	246	CITGO Petroleum Corp., 6.25%, 08/15/2022 (e)		246
	240	Citigroup, Inc., Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 08/15/2026 (x) (y) (aa)		249
		Claire’s Stores, Inc.,
	159	6.13%, 03/15/2020 (d) (e)		91
	406	9.00%, 03/15/2019 (d) (e)		239
		Clear Channel Worldwide Holdings, Inc.,
	15	Series A, 6.50%, 11/15/2022		15
	55	Series A, 7.63%, 03/15/2020		55
	845	Series B, 6.50%, 11/15/2022		865
	525	Series B, 7.63%, 03/15/2020		527
	480	Clearwater Paper Corp., 4.50%, 02/01/2023		450
	105	Cleveland-Cliffs, Inc., 5.75%, 03/01/2025		101
	559	CNG Holdings, Inc., 9.38%, 05/15/2020 (e)		553
	234	CNO Financial Group, Inc., 5.25%, 05/30/2025		236
	87	CNX Midstream Partners LP, 6.50%, 03/15/2026 (e)		85
	16	Coeur Mining, Inc., 5.88%, 06/01/2024		16
		Commercial Metals Co.,
	119	4.88%, 05/15/2023		117
	166	5.38%, 07/15/2027		162
	692	CommScope Technologies LLC, 6.00%, 06/15/2025 (e)		713
	274	CommScope, Inc., 5.50%, 06/15/2024 (e)		279
		Community Health Systems, Inc.,
	357	5.13%, 08/01/2021		328
	633	6.25%, 03/31/2023		576
	525	6.88%, 02/01/2022		287
	432	7.13%, 07/15/2020		344
	26	Consolidated Communications, Inc., 6.50%, 10/01/2022		24

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Continental Resources, Inc.,
	108	3.80%, 06/01/2024		105
	174	4.50%, 04/15/2023		176
	330	4.90%, 06/01/2044		322
	215	5.00%, 09/15/2022		218
	110	Cornerstone Chemical Co., 6.75%, 08/15/2024 (e)		109
		Covanta Holding Corp.,
	195	5.88%, 03/01/2024		192
	60	5.88%, 07/01/2025		58
		Crestwood Midstream Partners LP,
	191	5.75%, 04/01/2025		189
	184	6.25%, 04/01/2023		188
		Crown Americas LLC,
	300	4.25%, 09/30/2026		278
	134	4.75%, 02/01/2026 (e)		129
		CSC Holdings LLC,
	420	5.25%, 06/01/2024		395
	200	5.38%, 02/01/2028 (e)		187
	268	5.50%, 04/15/2027 (e)		257
	605	6.63%, 10/15/2025 (e)		624
	304	6.75%, 11/15/2021		320
	205	10.13%, 01/15/2023 (e)		227
		CSI Compressco LP,
	157	7.25%, 08/15/2022		148
	105	7.50%, 04/01/2025 (e)		106
	80	Cumberland Farms, Inc., 6.75%, 05/01/2025 (e)		83
		CURO Financial Technologies Corp.,
	201	12.00%, 03/01/2022 (e)		220
	1,211	CVR Partners LP, 9.25%, 06/15/2023 (e)		1,246
		CyrusOne LP,
	178	5.00%, 03/15/2024		178
	186	5.38%, 03/15/2027		186
	389	Dana Financing Luxembourg SARL, 5.75%, 04/15/2025 (e)		395
		DaVita, Inc.,
	654	5.13%, 07/15/2024		633
	240	5.75%, 08/15/2022		246
		DCP Midstream Operating LP,
	495	3.88%, 03/15/2023		478
	350	6.75%, 09/15/2037 (e)		379
	407	Dean Foods Co., 6.50%, 03/15/2023 (e)		390
	521	Delek Logistics Partners LP, 6.75%, 05/15/2025 (e)		517

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Dell International LLC,
	370	5.88%, 06/15/2021 (e)		381
	638	7.13%, 06/15/2024 (e)		679
	78	Denbury Resources, Inc., 9.00%, 05/15/2021 (e)		81
	324	Diamond Offshore Drilling, Inc., 7.88%, 08/15/2025		332
	632	Diebold Nixdorf, Inc., 8.50%, 04/15/2024		656
		DISH DBS Corp.,
	370	5.00%, 03/15/2023		319
	405	5.13%, 05/01/2020		403
	83	5.88%, 07/15/2022		76
	150	5.88%, 11/15/2024		128
	925	6.75%, 06/01/2021		923
	270	7.75%, 07/01/2026		245
	399	Dole Food Co., Inc., 7.25%, 06/15/2025 (e)		402
	361	Dollar Tree, Inc., 5.75%, 03/01/2023		377
	572	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/2023 (e)		591
		Eldorado Resorts, Inc.,
	536	6.00%, 04/01/2025		531
	65	7.00%, 08/01/2023		69
	2,067	Embarq Corp., 8.00%, 06/01/2036		1,963
	385	EMC Corp., 3.38%, 06/01/2023		359
	220	EMI Music Publishing Group North America Holdings, Inc., 7.63%, 06/15/2024 (e)		238
		Endo Dac,
	200	5.88%, 10/15/2024 (e)		188
	808	6.00%, 07/15/2023 (e)		588
		Endo Finance LLC,
	250	5.38%, 01/15/2023 (e)		181
	120	7.25%, 01/15/2022 (e)		102
		Energy Transfer Equity LP,
	337	4.25%, 03/15/2023		325
	115	5.50%, 06/01/2027		115
	413	5.88%, 01/15/2024		422
		Ensco plc,
	55	4.50%, 10/01/2024		45
	309	5.20%, 03/15/2025		254
	13	5.75%, 10/01/2044		9
	105	7.75%, 02/01/2026		99
	249	Entegris, Inc., 4.63%, 02/10/2026 (e)		240

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Envision Healthcare Corp.,
	379	5.13%, 07/01/2022 (e)		374
	544	5.63%, 07/15/2022		546
	230	6.25%, 12/01/2024 (e)		239
		EP Energy LLC,
	447	8.00%, 11/29/2024 (e)		463
	508	8.00%, 02/15/2025 (e)		358
	98	9.38%, 05/01/2020		93
	204	9.38%, 05/01/2024 (e)		156
		Equinix, Inc.,
	300	5.38%, 01/01/2022		310
	47	5.38%, 04/01/2023		48
	250	5.75%, 01/01/2025		259
	318	5.88%, 01/15/2026		329
	458	ESH Hospitality, Inc., 5.25%, 05/01/2025 (e)		448
	88	EW Scripps Co. (The), 5.13%, 05/15/2025 (e)		82
	553	Exela Intermediate LLC, 10.00%, 07/15/2023 (e)		554
	171	Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/2025 (e)		170
		First Data Corp.,
	439	5.00%, 01/15/2024 (e)		442
	112	5.75%, 01/15/2024 (e)		114
	503	7.00%, 12/01/2023 (e)		526
	97	Flex Acquisition Co., Inc., 6.88%, 01/15/2025 (e)		97
		Freeport-McMoRan, Inc.,
	990	3.88%, 03/15/2023		949
	35	4.00%, 11/14/2021		35
	265	4.55%, 11/14/2024		256
	392	5.40%, 11/14/2034		362
	228	5.45%, 03/15/2043		207
		Frontier Communications Corp.,
	35	7.13%, 03/15/2019		35
	120	8.50%, 04/01/2026 (e)		117
	251	10.50%, 09/15/2022		221
	605	11.00%, 09/15/2025		464
	360	FXI Holdings, Inc., 7.88%, 11/01/2024 (e)		355
	111	Gartner, Inc., 5.13%, 04/01/2025 (e)		111
	350	Gates Global LLC, 6.00%, 07/15/2022 (e)		354
		Genesis Energy LP,
	337	5.63%, 06/15/2024		321
	45	6.00%, 05/15/2023		44
	185	6.25%, 05/15/2026		177

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 31

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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
	644	Genesys Telecommunications Laboratories, Inc., 10.00%, 11/30/2024 (e)		712
		GenOn Energy, Inc.,
	205	9.50%, 10/15/2018 (d)		167
	715	9.88%, 10/15/2020 (d)		585
		Global Partners LP,
	235	6.25%, 07/15/2022		235
	210	7.00%, 06/15/2023 (bb)		212
	225	GLP Capital LP, 5.38%, 11/01/2023		233
	608	Golden Nugget, Inc., 6.75%, 10/15/2024 (e)		617
	39	Goodman Networks, Inc., 8.00%, 05/11/2022 (bb)		28
		Goodyear Tire & Rubber Co. (The),
	513	4.88%, 03/15/2027		480
	430	5.00%, 05/31/2026		410
	100	Graphic Packaging International LLC, 4.13%, 08/15/2024		98
		Gray Television, Inc.,
	385	5.13%, 10/15/2024 (e)		367
	125	5.88%, 07/15/2026 (e)		120
	37	GTT Communications, Inc., 7.88%, 12/31/2024 (e)		38
		Gulfport Energy Corp.,
	387	6.00%, 10/15/2024		368
	88	6.38%, 05/15/2025		84
	40	6.38%, 01/15/2026		38
	230	H&E Equipment Services, Inc., 5.63%, 09/01/2025		231
		Hanesbrands, Inc.,
	250	4.63%, 05/15/2024 (e)		240
	325	4.88%, 05/15/2026 (e)		314
	500	Hardwoods Acquisition, Inc., 7.50%, 08/01/2021 (e)		457
		Harland Clarke Holdings Corp.,
	200	6.88%, 03/01/2020 (e)		202
	216	8.38%, 08/15/2022 (e)		221
	525	HCA Healthcare, Inc., 6.25%, 02/15/2021		552
		HCA, Inc.,
	289	3.75%, 03/15/2019		290
	205	4.25%, 10/15/2019		207
	967	5.38%, 02/01/2025		962
	155	5.50%, 06/15/2047		146
	1,324	5.88%, 05/01/2023		1,380
	365	5.88%, 02/15/2026		370
	125	6.50%, 02/15/2020		131
	472	7.50%, 02/15/2022		519

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	205	HD Supply, Inc., 5.75%, 04/15/2024 (e)		215
	415	Hecla Mining Co., 6.88%, 05/01/2021		420
		Hertz Corp. (The),
	165	5.50%, 10/15/2024 (e)		138
	140	7.38%, 01/15/2021		139
	791	Hexion, Inc., 6.63%, 04/15/2020		743
	855	Hilcorp Energy I LP, 5.00%, 12/01/2024 (e)		831
		Hilton Domestic Operating Co., Inc.,
	101	4.25%, 09/01/2024		97
	130	5.13%, 05/01/2026 (e)		130
	65	Hilton Grand Vacations Borrower LLC, 6.13%, 12/01/2024		69
		Hilton Worldwide Finance LLC,
	161	4.63%, 04/01/2025		156
	52	4.88%, 04/01/2027		51
	254	Holly Energy Partners LP, 6.00%, 08/01/2024 (e)		255
		Hologic, Inc.,
	174	4.38%, 10/15/2025 (e)		167
	78	4.63%, 02/01/2028 (e)		75
		Hughes Satellite Systems Corp.,
	454	5.25%, 08/01/2026		444
	224	6.63%, 08/01/2026		222
	85	7.63%, 06/15/2021		91
		Icahn Enterprises LP,
	515	5.88%, 02/01/2022		520
	164	6.25%, 02/01/2022		167
	375	6.38%, 12/15/2025		376
	114	6.75%, 02/01/2024		117
		iHeartCommunications, Inc.,
	1,242	9.00%, 12/15/2019 (d)		994
	100	IHS Markit Ltd., 4.00%, 03/01/2026 (e)		96
	1,015	ILFC E-Capital Trust I, (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.64%, 12/21/2065 (e) (aa)		977
	485	Infor Software Parent LLC, 7.13% (cash), 05/01/2021 (e) (v)		489
	404	Infor US, Inc., 6.50%, 05/15/2022		410
	293	Informatica LLC, 7.13%, 07/15/2023 (e)		293
	121	Ingevity Corp., 4.50%, 02/01/2026 (e)		117
	200	International Game Technology plc, 6.50%, 02/15/2025 (e)		213
	230	IQVIA, Inc., 4.88%, 05/15/2023 (e)		233
	498	IRB Holding Corp., 6.75%, 02/15/2026 (e)		481

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Iron Mountain, Inc.,
	348	4.88%, 09/15/2027 (e)		328
	153	5.25%, 03/15/2028 (e)		144
	521	5.75%, 08/15/2024		514
	210	Itron, Inc., 5.00%, 01/15/2026 (e)		205
		Jack Ohio Finance LLC,
	352	6.75%, 11/15/2021 (e)		363
	100	10.25%, 11/15/2022 (e)		110
	170	Jaguar Holding Co. II, 6.38%, 08/01/2023 (e)		172
	24	JB Poindexter & Co., Inc., 7.13%, 04/15/2026 (e)		24
	115	JC Penney Corp., Inc., 8.63%, 03/15/2025 (e)		107
	126	Kaiser Aluminum Corp., 5.88%, 05/15/2024		130
	143	Kennedy-Wilson, Inc., 5.88%, 04/01/2024 (e)		141
	394	KFC Holding Co., 4.75%, 06/01/2027 (e)		379
	96	Koppers, Inc., 6.00%, 02/15/2025 (e)		98
		L Brands, Inc.,
	285	5.25%, 02/01/2028		267
	150	6.75%, 07/01/2036		140
	225	6.88%, 11/01/2035		213
		Ladder Capital Finance Holdings LLLP,
	239	5.25%, 03/15/2022 (e)		239
	72	5.25%, 10/01/2025 (e)		69
		Lamar Media Corp.,
	64	5.00%, 05/01/2023		65
	232	5.38%, 01/15/2024		237
		Lennar Corp.,
	275	4.50%, 04/30/2024		268
	120	4.75%, 11/15/2022		120
	75	4.75%, 05/30/2025		73
	460	4.75%, 11/29/2027 (e)		434
	165	5.25%, 06/01/2026 (e)		162
	370	5.88%, 11/15/2024 (e)		382
		Level 3 Financing, Inc.,
	248	5.13%, 05/01/2023		246
	60	5.25%, 03/15/2026		58
	95	5.38%, 08/15/2022		96
	277	5.38%, 01/15/2024		274
	171	5.38%, 05/01/2025		168
	552	5.63%, 02/01/2023		559
	5	Levi Strauss & Co., 5.00%, 05/01/2025		5
	196	Liberty Mutual Group, Inc., 7.80%, 03/15/2037 (e)		237

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Live Nation Entertainment, Inc.,
	140	4.88%, 11/01/2024 (e)		137
	45	5.38%, 06/15/2022 (e)		46
	72	5.63%, 03/15/2026 (e)		72
	338	LPL Holdings, Inc., 5.75%, 09/15/2025 (e)		328
		Mallinckrodt International Finance SA,
	63	4.75%, 04/15/2023		45
	90	5.50%, 04/15/2025 (e)		68
	124	5.63%, 10/15/2023 (e)		97
	183	5.75%, 08/01/2022 (e)		153
	473	Martin Midstream Partners LP, 7.25%, 02/15/2021		474
	532	MasTec, Inc., 4.88%, 03/15/2023		528
	31	Match Group, Inc., 5.00%, 12/15/2027 (e)		30
		Mattel, Inc.,
	125	3.15%, 03/15/2023		107
	97	6.75%, 12/31/2025 (e)		94
	95	MGM Growth Properties Operating Partnership LP, 5.63%, 05/01/2024		97
		MGM Resorts International,
	296	4.63%, 09/01/2026		280
	175	7.75%, 03/15/2022		194
	200	Micron Technology, Inc., 5.50%, 02/01/2025		208
	35	Momentive Performance Materials USA LLC, 8.88%, 10/15/2020 (d) (bb)		—
	743	MPH Acquisition Holdings LLC, 7.13%, 06/01/2024 (e)		756
	226	MSCI, Inc., 5.75%, 08/15/2025 (e)		236
	4	Murphy Oil USA, Inc., 6.00%, 08/15/2023		4
		Nabors Industries, Inc.,
	17	5.10%, 09/15/2023		16
	209	5.50%, 01/15/2023		205
	127	5.75%, 02/01/2025 (e)		120
	358	Nationstar Mortgage LLC, 6.50%, 06/01/2022		368
	563	Navistar International Corp., 6.63%, 11/01/2025 (e)		584
	525	Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/2021 (e)		357
		Netflix, Inc.,
	346	4.38%, 11/15/2026		324
	175	4.88%, 04/15/2028 (e)		165
	240	5.75%, 03/01/2024		249
	222	5.88%, 11/15/2028 (e)		222

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 33

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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
		New Albertsons LP,
	345	6.63%, 06/01/2028		265
	51	7.45%, 08/01/2029		41
	55	7.75%, 06/15/2026		48
	437	8.00%, 05/01/2031		364
	120	8.70%, 05/01/2030		106
	350	New Home Co., Inc. (The), 7.25%, 04/01/2022		359
		Nexstar Broadcasting, Inc.,
	145	5.63%, 08/01/2024 (e)		143
	35	6.13%, 02/15/2022 (e)		36
		NextEra Energy Operating Partners LP,
	246	4.25%, 09/15/2024 (e)		237
	201	4.50%, 09/15/2027 (e)		188
	140	NGPL PipeCo LLC, 4.88%, 08/15/2027 (e)		136
	600	Nielsen Co. Luxembourg SARL (The), 5.00%, 02/01/2025 (e)		590
	333	Nielsen Finance LLC, 5.00%, 04/15/2022 (e)		336
	115	Northwest Acquisitions ULC, 7.13%, 11/01/2022 (e)		117
		Novelis Corp.,
	424	5.88%, 09/30/2026 (e)		421
	416	6.25%, 08/15/2024 (e)		424
	790	NRG Energy, Inc., 6.25%, 05/01/2024		817
	180	NRG Yield Operating LLC, 5.00%, 09/15/2026		175
	479	Nuance Communications, Inc., 5.63%, 12/15/2026		478
	310	NuStar Logistics LP, 5.63%, 04/28/2027		294
	148	NVA Holdings, Inc., 6.88%, 04/01/2026 (e)		149
		Oasis Petroleum, Inc.,
	215	6.50%, 11/01/2021		220
	117	6.88%, 03/15/2022		121
	98	OI European Group BV, 4.00%, 03/15/2023 (e)		93
		Outfront Media Capital LLC,
	283	5.25%, 02/15/2022		287
	195	5.63%, 02/15/2024		197
	155	5.88%, 03/15/2025		159
		Owens-Brockway Glass Container, Inc.,
	80	5.00%, 01/15/2022 (e)		81
	205	5.38%, 01/15/2025 (e)		205
	89	Parker Drilling Co., 6.75%, 07/15/2022		67
	60	Parsley Energy LLC, 5.38%, 01/15/2025 (e)		60
	140	Party City Holdings, Inc., 6.13%, 08/15/2023 (e)		142

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		PBF Holding Co. LLC,
	211	7.00%, 11/15/2023		218
	325	7.25%, 06/15/2025		337
	147	PBF Logistics LP, 6.88%, 05/15/2023		148
		Peabody Energy Corp.,
	187	6.00%, 03/31/2022 (e)		192
	15	6.38%, 03/31/2025 (e)		16
	75	Penn Virginia Corp. Escrow, 8.50%, 05/01/2020 (d) (bb)		—	(h)
	538	Penske Automotive Group, Inc., 5.50%, 05/15/2026		522
		PetSmart, Inc.,
	214	5.88%, 06/01/2025 (e)		154
	191	7.13%, 03/15/2023 (e)		111
	313	8.88%, 06/01/2025 (e)		181
		Pilgrim’s Pride Corp.,
	605	5.75%, 03/15/2025 (e)		592
	216	5.88%, 09/30/2027 (e)		206
	260	Plains All American Pipeline LP, Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (x) (y) (aa)		253
	238	Plantronics, Inc., 5.50%, 05/31/2023 (e)		238
	416	Polaris Intermediate Corp., 8.50% (cash), 12/01/2022 (e) (v)		422
	300	PolyOne Corp., 5.25%, 03/15/2023		307
		Post Holdings, Inc.,
	250	5.00%, 08/15/2026 (e)		235
	265	5.50%, 03/01/2025 (e)		260
	335	5.75%, 03/01/2027 (e)		327
	242	PQ Corp., 5.75%, 12/15/2025 (e)		240
	1,215	Prime Security Services Borrower LLC, 9.25%, 05/15/2023 (e)		1,305
		QEP Resources, Inc.,
	111	5.25%, 05/01/2023		108
	117	5.38%, 10/01/2022		117
	118	6.88%, 03/01/2021		127
		Qorvo, Inc.,
	166	6.75%, 12/01/2023		176
	43	7.00%, 12/01/2025		47
	10	Quad/Graphics, Inc., 7.00%, 05/01/2022		10
		Quicken Loans, Inc.,
	248	5.25%, 01/15/2028 (e)		226
	582	5.75%, 05/01/2025 (e)		571
	210	Qwest Capital Funding, Inc., 7.75%, 02/15/2031		193

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	120	Qwest Corp., 7.25%, 09/15/2025		129
	468	Rackspace Hosting, Inc., 8.63%, 11/15/2024 (e)		474
		Radian Group, Inc.,
	293	4.50%, 10/01/2024		280
	74	7.00%, 03/15/2021		79
	9	Range Resources Corp., 5.00%, 08/15/2022		9
	72	RBS Global, Inc., 4.88%, 12/15/2025 (e)		69
	647	Revlon Consumer Products Corp., 6.25%, 08/01/2024		388
		Reynolds Group Issuer, Inc.,
	410	5.13%, 07/15/2023 (e)		412
	460	5.75%, 10/15/2020		464
	35	6.87%, 02/15/2021		35
		Rowan Cos., Inc.,
	19	4.75%, 01/15/2024		16
	90	4.88%, 06/01/2022		83
	48	7.38%, 06/15/2025		47
		Sabre GLBL, Inc.,
	40	5.25%, 11/15/2023 (e)		40
	195	5.38%, 04/15/2023 (e)		197
	75	Sally Holdings LLC, 5.50%, 11/01/2023		75
		Sanchez Energy Corp.,
	201	6.13%, 01/15/2023		145
	94	7.25%, 02/15/2023 (e)		95
	328	7.75%, 06/15/2021		304
		SBA Communications Corp.,
	102	4.00%, 10/01/2022 (e)		97
	228	4.88%, 07/15/2022		229
	175	4.88%, 09/01/2024		168
		Scientific Games International, Inc.,
	402	5.00%, 10/15/2025 (e)		388
	515	10.00%, 12/01/2022		555
	202	Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026		197
		Sealed Air Corp.,
	105	4.88%, 12/01/2022 (e)		107
	410	5.13%, 12/01/2024 (e)		416
	100	5.25%, 04/01/2023 (e)		102
	50	5.50%, 09/15/2025 (e)		52
		SemGroup Corp.,
	228	5.63%, 07/15/2022		221
	203	5.63%, 11/15/2023		191
	32	6.38%, 03/15/2025		30
	308	7.25%, 03/15/2026		306

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	700	Seminole Hard Rock Entertainment, Inc., 5.88%, 05/15/2021 (e)		700
		Sensata Technologies BV,
	327	4.88%, 10/15/2023 (e)		328
	260	5.00%, 10/01/2025 (e)		260
		Service Corp. International,
	235	5.38%, 05/15/2024		240
	95	8.00%, 11/15/2021		107
		Sinclair Television Group, Inc.,
	125	5.13%, 02/15/2027 (e)		116
	10	5.38%, 04/01/2021		10
	247	5.63%, 08/01/2024 (e)		245
	225	5.88%, 03/15/2026 (e)		222
		Sirius XM Radio, Inc.,
	288	4.63%, 05/15/2023 (e)		285
	295	5.00%, 08/01/2027 (e)		281
	605	5.38%, 04/15/2025 (e)		602
	35	5.38%, 07/15/2026 (e)		34
	281	Six Flags Entertainment Corp., 4.88%, 07/31/2024 (e)		274
	451	SM Energy Co., 5.00%, 01/15/2024		430
	547	Solera LLC, 10.50%, 03/01/2024 (e)		609
	82	Sonic Automotive, Inc., 6.13%, 03/15/2027		79
	155	Sotera Health Holdings LLC, 6.50%, 05/15/2023 (e)		155
	395	Sotheby’s, 4.88%, 12/15/2025 (e)		380
	346	Southwestern Energy Co., 6.45%, 01/23/2025		338
	555	Spectrum Brands, Inc., 5.75%, 07/15/2025		554
	10	Speedway Motorsports, Inc., 5.13%, 02/01/2023		10
		Springleaf Finance Corp.,
	496	5.63%, 03/15/2023		491
	130	6.13%, 05/15/2022		133
	310	6.88%, 03/15/2025		313
	378	7.75%, 10/01/2021		412
	747	Sprint Capital Corp., 8.75%, 03/15/2032		857
		Sprint Communications, Inc.,
	114	6.00%, 11/15/2022		116
	533	7.00%, 03/01/2020 (e)		562
	236	7.00%, 08/15/2020		250
		Sprint Corp.,
	807	7.13%, 06/15/2024		831
	697	7.25%, 09/15/2021		739
	685	7.63%, 02/15/2025		721

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 35

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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
	1,080	7.63%, 03/01/2026		1,137
	492	7.88%, 09/15/2023		527
		Standard Industries, Inc.,
	290	4.75%, 01/15/2028 (e)		270
	75	5.00%, 02/15/2027 (e)		72
	475	6.00%, 10/15/2025 (e)		493
	870	Staples, Inc., 8.50%, 09/15/2025 (e)		813
	916	Station Casinos LLC, 5.00%, 10/01/2025 (e)		877
		Steel Dynamics, Inc.,
	480	4.13%, 09/15/2025		458
	121	5.00%, 12/15/2026		120
	66	5.50%, 10/01/2024		68
	5	Stone Energy Corp., 7.50%, 05/31/2022		5
		Summit Materials LLC,
	385	5.13%, 06/01/2025 (e)		374
	465	6.13%, 07/15/2023		473
		Summit Midstream Holdings LLC,
	138	5.50%, 08/15/2022		134
	308	5.75%, 04/15/2025		294
		Sunoco LP,
	220	4.88%, 01/15/2023 (e)		216
	91	5.50%, 02/15/2026 (e)		88
	41	5.88%, 03/15/2028 (e)		40
		SUPERVALU, Inc.,
	755	6.75%, 06/01/2021		755
	1,320	7.75%, 11/15/2022		1,315
	314	Symantec Corp., 5.00%, 04/15/2025 (e)		315
	240	Talen Energy Supply LLC, 6.50%, 06/01/2025		175
		Tallgrass Energy Partners LP,
	155	5.50%, 09/15/2024 (e)		157
	185	5.50%, 01/15/2028 (e)		185
		Targa Resources Partners LP,
	431	4.25%, 11/15/2023		407
	175	5.00%, 01/15/2028 (e)		162
	245	5.13%, 02/01/2025		238
	125	5.38%, 02/01/2027		120
	23	5.88%, 04/15/2026 (e)		23
	815	Team Health Holdings, Inc., 6.38%, 02/01/2025 (e)		709
		TEGNA, Inc.,
	200	5.50%, 09/15/2024 (e)		203
	330	6.38%, 10/15/2023		341
	160	Teleflex, Inc., 5.25%, 06/15/2024		162

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Tempur Sealy International, Inc.,
	580	5.50%, 06/15/2026		549
	583	5.63%, 10/15/2023		586
		Tenet Healthcare Corp.,
	611	4.38%, 10/01/2021		602
	317	4.50%, 04/01/2021		314
	401	4.63%, 07/15/2024 (e)		388
	703	5.13%, 05/01/2025 (e)		685
	49	6.00%, 10/01/2020		51
	18	6.75%, 02/01/2020		19
	860	6.75%, 06/15/2023		846
	150	7.00%, 08/01/2025 (e)		147
	115	7.50%, 01/01/2022 (e)		121
	560	8.13%, 04/01/2022		583
	228	Tennant Co., 5.63%, 05/01/2025		232
	407	Terex Corp., 5.63%, 02/01/2025 (e)		405
	358	Terraform Global Operating LLC, 6.13%, 03/01/2026 (e)		362
		TerraForm Power Operating LLC,
	184	4.25%, 01/31/2023 (e)		176
	230	5.00%, 01/31/2028 (e)		215
	487	SUB, 6.63%, 06/15/2025 (e)		520
	345	Tesla, Inc., 5.30%, 08/15/2025 (e)		305
	1,000	Texas Competitive Electric Holdings Co. LLC, 11.50%, 10/01/2020 (d) (bb)		10
		T-Mobile USA, Inc.,
	123	4.50%, 02/01/2026		118
	123	4.75%, 02/01/2028		118
	862	6.00%, 04/15/2024		903
	696	6.38%, 03/01/2025		731
	400	6.50%, 01/15/2026		425
		Toll Brothers Finance Corp.,
	185	4.35%, 02/15/2028		171
	115	4.88%, 11/15/2025		114
	120	5.63%, 01/15/2024		126
		TransDigm, Inc.,
	612	5.50%, 10/15/2020		612
	421	6.00%, 07/15/2022		427
	269	6.38%, 06/15/2026		270
	10	6.50%, 07/15/2024		10
	159	6.50%, 05/15/2025		162
	107	TransMontaigne Partners LP, 6.13%, 02/15/2026		106
	630	Transocean Proteus Ltd., 6.25%, 12/01/2024 (e)		647

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Transocean, Inc.,
	84	5.80%, 10/15/2022		82
	484	6.80%, 03/15/2038		407
	437	7.50%, 01/15/2026 (e)		441
	180	7.50%, 04/15/2031		166
	490	9.00%, 07/15/2023 (e)		529
	248	9.35%, 12/15/2041		248
	237	Travelport Corporate Finance plc, 6.00%, 03/15/2026 (e)		242
	99	TriMas Corp., 4.88%, 10/15/2025 (e)		95
	328	Trinseo Materials Operating SCA, 5.38%, 09/01/2025 (e)		323
	276	Tronox Finance plc, 5.75%, 10/01/2025 (e)		268
	215	Tronox, Inc., 6.50%, 04/15/2026 (e)		214
	691	Tutor Perini Corp., 6.88%, 05/01/2025 (e)		708
		Ultra Resources, Inc.,
	1,144	6.88%, 04/15/2022 (e)		841
	329	7.13%, 04/15/2025 (e)		219
	650	Unit Corp., 6.63%, 05/15/2021		650
		United Continental Holdings, Inc.,
	167	4.25%, 10/01/2022		163
	321	5.00%, 02/01/2024		318
		United Rentals North America, Inc.,
	600	4.63%, 10/15/2025		582
	337	4.88%, 01/15/2028		319
	910	5.50%, 07/15/2025		931
	220	5.50%, 05/15/2027		219
	61	5.75%, 11/15/2024		63
	185	5.88%, 09/15/2026		193
		United States Steel Corp.,
	343	6.25%, 03/15/2026		340
	97	6.88%, 08/15/2025		99
	167	Uniti Group LP, 6.00%, 04/15/2023 (e)		163
	159	Univar USA, Inc., 6.75%, 07/15/2023 (e)		164
		Univision Communications, Inc.,
	285	5.13%, 05/15/2023 (e)		271
	342	5.13%, 02/15/2025 (e)		316
	46	6.75%, 09/15/2022 (e)		47
	340	US Concrete, Inc., 6.38%, 06/01/2024		352
	97	USA Compression Partners LP, 6.88%, 04/01/2026 (e)		99
	234	USIS Merger Sub, Inc., 6.88%, 05/01/2025 (e)		236
		Valeant Pharmaceuticals International,
	253	6.75%, 08/15/2021 (e)		255
	529	7.25%, 07/15/2022 (e)		533

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Valeant Pharmaceuticals International, Inc.,
	185	5.50%, 03/01/2023 (e)		167
	478	5.50%, 11/01/2025 (e)		476
	1,577	5.88%, 05/15/2023 (e)		1,442
	211	6.13%, 04/15/2025 (e)		190
	162	6.50%, 03/15/2022 (e)		168
	353	7.00%, 03/15/2024 (e)		372
	164	7.50%, 07/15/2021 (e)		167
	727	9.00%, 12/15/2025 (e)		736
	406	9.25%, 04/01/2026 (e)		414
	77	Valvoline, Inc., 4.38%, 08/15/2025		74
	226	Venator Finance SARL, 5.75%, 07/15/2025 (e)		225
	160	Versum Materials, Inc., 5.50%, 09/30/2024 (e)		164
	1,161	Vertiv Group Corp., 9.25%, 10/15/2024 (e)		1,173
		Viacom, Inc.,
	83	4.38%, 03/15/2043		73
	240	(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 02/28/2057 (aa)		243
	142	(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 02/28/2057 (aa)		144
	95	ViaSat, Inc., 5.63%, 09/15/2025 (e)		91
		Vistra Energy Corp.,
	500	5.88%, 06/01/2023		512
	220	7.38%, 11/01/2022		232
	755	8.00%, 01/15/2025 (e)		818
	284	8.13%, 01/30/2026 (e)		312
	286	VOC Escrow Ltd., 5.00%, 02/15/2028 (e)		277
	76	Wabash National Corp., 5.50%, 10/01/2025 (e)		74
	2	Weatherford International LLC, 6.80%, 06/15/2037		2
		Weatherford International Ltd.,
	114	4.50%, 04/15/2022		101
	308	5.95%, 04/15/2042		223
	250	6.50%, 08/01/2036		190
	66	6.75%, 09/15/2040		51
	13	7.00%, 03/15/2038		10
	21	7.75%, 06/15/2021		21
	54	9.88%, 02/15/2024		52
	434	WellCare Health Plans, Inc., 5.25%, 04/01/2025		436
	315	WESCO Distribution, Inc., 5.38%, 06/15/2024		318

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 37

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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
	51	West Street Merger Sub, Inc., 6.38%, 09/01/2025 (e)		50
	696	Western Digital Corp., 4.75%, 02/15/2026		686
		Whiting Petroleum Corp.,
	243	5.75%, 03/15/2021		249
	16	6.25%, 04/01/2023		17
	215	6.63%, 01/15/2026 (e)		220
		Williams Cos., Inc. (The),
	275	3.70%, 01/15/2023		266
	22	4.55%, 06/24/2024		22
	245	5.75%, 06/24/2044		255
	142	7.75%, 06/15/2031		173
	21	Series A, 7.50%, 01/15/2031		25
		Windstream Services LLC,
	117	6.38%, 08/01/2023 (e)		67
	198	8.75%, 12/15/2024 (e)		118
		WMG Acquisition Corp.,
	75	4.88%, 11/01/2024 (e)		73
	55	5.00%, 08/01/2023 (e)		55
	340	5.50%, 04/15/2026 (e)		342
	205	5.63%, 04/15/2022 (e)		210
	115	Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/2026 (e)		116
		Wyndham Worldwide Corp.,
	74	4.15%, 04/01/2024		73
	100	4.50%, 04/01/2027		99
	44	5.10%, 10/01/2025		46
		XPO Logistics, Inc.,
	175	6.13%, 09/01/2023 (e)		181
	95	6.50%, 06/15/2022 (e)		98
		Zayo Group LLC,
	382	5.75%, 01/15/2027 (e)		379
	211	6.00%, 04/01/2023		217
	455	6.38%, 05/15/2025		471
				189,041
		Venezuela, Bolivarian Republic of — 0.0% (g)
		Petroleos de Venezuela SA,
	450	Reg. S, 5.38%, 04/12/2027 (d)		118
	50	Reg. S, 5.50%, 04/12/2037 (d)		13
	600	Reg. S, 6.00%, 11/15/2026 (d)		150
	113	Reg. S, 8.50%, 10/27/2020 (d)		97
	110	Reg. S, 9.00%, 11/17/2021 (d)		33

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Venezuela, Bolivarian Republic of — continued
	120	Reg. S, 9.75%, 05/17/2035 (d)		34
	120	Reg. S, 12.75%, 02/17/2022 (d)		37
				482
		Total Corporate Bonds (Cost $299,186)		295,446
	Foreign Government Securities — 11.2%
		Angola — 0.1%
		Republic of Angola,
	911	Reg. S, 7.00%, 08/17/2019		928
	800	Reg. S, 9.50%, 11/12/2025		899
				1,827
		Argentina — 0.2%
	ARS 16,000	Bonos de la Nacion Argentina con Ajuste por CER, 4.00%, 03/06/2020		814
		Provincia de Buenos Aires,
	380	7.88%, 06/15/2027 (e)		384
	600	Reg. S, 9.95%, 06/09/2021		663
		Provincia de Cordoba,
	600	7.45%, 09/01/2024 (e)		618
	300	Reg. S, 7.13%, 06/10/2021		314
	350	Reg. S, 7.45%, 09/01/2024		361
	150	Provincia de Mendoza Argentina, Reg. S, 8.38%, 05/19/2024		157
		Republic of Argentina,
	1,650	0.00%, 12/15/2035		138
	200	4.63%, 01/11/2023		191
	1,900	6.88%, 04/22/2021		1,991
	92	6.88%, 01/11/2048		82
	150	7.63%, 04/22/2046		145
	491	8.28%, 12/31/2033		522
	442	Reg. S, 7.13%, 06/28/2117		392
				6,772
		Armenia — 0.0% (g)
		Republic of Armenia,
	200	Reg. S, 6.00%, 09/30/2020		204
	400	Reg. S, 7.15%, 03/26/2025		427
				631
		Australia — 0.1%
		Republic of Australia,
	AUD 630	2.25%, 11/21/2022		471
	AUD 1,610	Reg. S, 1.75%, 11/21/2020		1,201
	AUD 700	Reg. S, 2.75%, 04/21/2024		533

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		Australia — continued
	AUD 620	Reg. S, 2.75%, 06/21/2035		448
	AUD 230	Reg. S, 3.00%, 03/21/2047		163
				2,816
		Azerbaijan — 0.0% (g)
	200	Republic of Azerbaijan, Reg. S, 4.75%, 03/18/2024		199
		Bahrain — 0.1%
		Kingdom of Bahrain,
	200	Reg. S, 5.50%, 03/31/2020		200
	200	Reg. S, 5.88%, 01/26/2021		201
	1,440	Reg. S, 6.13%, 07/05/2022		1,443
				1,844
		Belarus — 0.1%
		Republic of Belarus,
	585	6.20%, 02/28/2030 (e)		564
	630	7.63%, 06/29/2027 (e)		677
	1,110	Reg. S, 6.88%, 02/28/2023		1,161
	1,150	Reg. S, 7.63%, 06/29/2027		1,236
				3,638
		Belgium — 0.2%
		Belgium Government Bond,
	EUR 540	Reg. S, 0.50%, 10/22/2024 (e)		659
	EUR 1,660	Reg. S, 0.80%, 06/22/2025 (e)		2,057
	EUR 1,153	Reg. S, 1.00%, 06/22/2031 (e)		1,385
	EUR 144	Reg. S, 1.60%, 06/22/2047 (e)		174
	EUR 819	Reg. S, 1.90%, 06/22/2038 (e)		1,079
	EUR 110	Reg. S, 2.15%, 06/22/2066 (e)		146
				5,500
		Bermuda — 0.0% (g)
	200	Republic of Bermuda, Reg. S, 4.85%, 02/06/2024		209
		Brazil — 0.0% (g)
		Federative Republic of Brazil,
	850	6.00%, 04/07/2026		917
	200	8.25%, 01/20/2034		248
				1,165
		Canada — 0.0% (g)
	CAD 1,560	Canadian Government Bond, 3.25%, 06/01/2021		1,260

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Chile — 0.0% (g)
	CLP 30	BONOS TESORERIA GENL, 2.00%, 03/01/2035		1,289
		Colombia — 0.1%
		Republic of Colombia,
	400	3.88%, 04/25/2027		386
	200	4.50%, 01/28/2026		204
	800	5.00%, 06/15/2045		789
	200	7.38%, 09/18/2037		253
				1,632
		Costa Rica — 0.0% (g)
	200	Instituto Costarricense de Electricidad, Reg. S, 6.38%, 05/15/2043		172
		Republic of Costa Rica,
	200	Reg. S, 4.25%, 01/26/2023		191
	200	Reg. S, 4.38%, 04/30/2025		187
	200	Reg. S, 7.00%, 04/04/2044		199
				749
		Croatia — 0.0% (g)
		Republic of Croatia,
	462	Reg. S, 6.00%, 01/26/2024		503
	200	Reg. S, 6.38%, 03/24/2021		214
	337	Reg. S, 6.63%, 07/14/2020		359
	200	Reg. S, 6.75%, 11/05/2019		210
				1,286
		Denmark — 0.1%
		Kingdom of Denmark,
	DKK 1,170	0.25%, 11/15/2020		193
	DKK 3,560	0.50%, 11/15/2027		573
	DKK 2,020	4.50%, 11/15/2039		545
				1,311
		Dominican Republic — 0.1%
		Government of Dominican Republic,
	200	Reg. S, 5.88%, 04/18/2024		207
	1,000	Reg. S, 6.88%, 01/29/2026		1,080
	200	Reg. S, 7.45%, 04/30/2044		219
				1,506
		Ecuador — 0.1%
		Republic of Ecuador,
	280	8.75%, 06/02/2023 (e)		274
	300	Reg. S, 7.95%, 06/20/2024		280
	660	Reg. S, 10.50%, 03/24/2020		678

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 39

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		Ecuador — continued
	200	Reg. S, 10.75%, 03/28/2022		210
				1,442
		Egypt — 0.1%
		Republic of Egypt,
	EUR 330	4.75%, 04/16/2026 (e)		397
	EUR 320	5.63%, 04/16/2030 (e)		380
	860	Reg. S, 5.75%, 04/29/2020		879
	700	Reg. S, 5.88%, 06/11/2025		686
	600	Reg. S, 6.13%, 01/31/2022		616
	400	Reg. S, 7.50%, 01/31/2027		421
	200	Reg. S, 8.50%, 01/31/2047		214
				3,593
		El Salvador — 0.1%
		Republic of El Salvador,
	560	Reg. S, 5.88%, 01/30/2025		548
	230	Reg. S, 6.38%, 01/18/2027		227
	1,050	Reg. S, 7.38%, 12/01/2019		1,087
	770	Reg. S, 7.63%, 02/01/2041		801
	912	Reg. S, 7.65%, 06/15/2035		950
	250	Reg. S, 7.75%, 01/24/2023		269
	150	Reg. S, 8.25%, 04/10/2032		165
				4,047
		Ethiopia — 0.0% (g)
	200	Republic of Ethiopia, Reg. S, 6.63%, 12/11/2024		202
		France — 0.6%
	3,300	Caisse d’Amortissement de la Dette Sociale, Reg. S, 1.88%, 07/28/2020		3,232
		Republic of France,
	EUR 1,398	Reg. S, 0.00%, 05/25/2022		1,696
	EUR 2,020	Reg. S, 0.25%, 11/25/2026		2,372
	EUR 587	Reg. S, 1.50%, 05/25/2031		749
	EUR 409	Reg. S, 1.75%, 05/25/2066 (e)		487
	EUR 720	Reg. S, 2.00%, 05/25/2048 (e)		945
	EUR 3,420	Reg. S, 2.25%, 05/25/2024		4,637
	EUR 2,260	Reg. S, 2.50%, 05/25/2030		3,212
	EUR 1,660	Reg. S, 3.25%, 05/25/2045		2,757
				20,087
		Gabon — 0.0% (g)
		Republic of Gabonese,
	310	Reg. S, 6.38%, 12/12/2024		302
	450	Reg. S, 6.95%, 06/16/2025		447
				749

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Germany — 0.0% (g)
		Federal Republic of Germany,
	EUR 133	Reg. S, 4.00%, 01/04/2037		243
	EUR 40	Reg. S, 4.75%, 07/04/2034		77
				320
		Ghana — 0.0% (g)
	400	Republic of Ghana,Reg. S, 8.13%, 01/18/2026		427
		Honduras — 0.0% (g)
	200	Republic of Honduras, Reg. S, 8.75%, 12/16/2020		218
		Hungary — 0.1%
		Republic of Hungary,
	550	5.38%, 03/25/2024		591
	950	5.75%, 11/22/2023		1,035
	700	6.38%, 03/29/2021		753
				2,379
		Indonesia — 0.2%
		Republic of Indonesia,
	IDR   6,500,000	6.13%, 05/15/2028		440
	IDR 12,200,000	7.00%, 05/15/2022		892
	IDR   4,800,000	7.00%, 05/15/2027		347
	IDR 11,800,000	7.50%, 08/15/2032		863
	IDR   5,850,000	7.50%, 05/15/2038		423
	IDR   9,794,000	8.25%, 07/15/2021		741
	IDR 16,114,000	8.25%, 05/15/2036		1,249
	IDR 11,225,000	9.00%, 03/15/2029		923
	200	Reg. S, 4.13%, 01/15/2025		199
	200	Reg. S, 4.35%, 01/08/2027		200
	400	Reg. S, 5.88%, 01/15/2024		435
	200	Reg. S, 6.63%, 02/17/2037		238
	800	Reg. S, 6.75%, 01/15/2044		990
				7,940
		Iraq — 0.1%
		Republic of Iraq,
	1,050	Reg. S, 5.80%, 01/15/2028		987
	700	Reg. S, 6.75%, 03/09/2023		697
				1,684
		Italy — 1.7%
		Republic of Italy,
	EUR 1,860	0.05%, 10/15/2019		2,258
	EUR 4,860	0.25%, 05/15/2018		5,870
	EUR 7,650	0.30%, 10/15/2018		9,268

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		Italy — continued
	EUR 5,602	0.45%, 06/01/2021		6,844
	EUR 1,913	0.65%, 11/01/2020		2,353
	EUR 3,240	1.50%, 06/01/2025		3,978
	EUR 1,612	Reg. S, 0.10%, 05/15/2022 (e)		2,030
	EUR 3,374	Reg. S, 1.65%, 03/01/2032 (e)		3,838
	EUR 210	Reg. S, 2.25%, 09/01/2036 (e)		248
	EUR 281	Reg. S, 2.70%, 03/01/2047 (e)		335
	EUR 140	Reg. S, 2.80%, 03/01/2067 (e)		159
	EUR 9,790	3.50%, 06/01/2018		11,858
	EUR 733	Reg. S, 3.10%, 09/15/2026		1,106
	EUR 2,541	Reg. S, 4.75%, 09/01/2028 (e)		3,904
	EUR 1,119	Reg. S, 4.75%, 09/01/2044 (e)		1,846
				55,895
		Ivory Coast — 0.0% (g)
		Republic of Cote d’Ivoire,
	EUR 650	5.25%, 03/22/2030 (e)		795
	EUR 100	6.63%, 03/22/2048 (e)		122
	200	Reg. S, 6.38%, 03/03/2028		201
	95	Reg. S, SUB, 5.75%, 12/31/2032		90
				1,208
		Jamaica — 0.0% (g)
		Government of Jamaica,
	200	6.75%, 04/28/2028		220
	500	8.00%, 03/15/2039		585
				805
		Japan — 3.0%
		Government of Japan,
	JPY 904,300	0.10%, 12/15/2018		8,284
	JPY 675,450	0.10%, 01/15/2020		6,203
	JPY 568,100	0.10%, 12/20/2020		5,227
	JPY 1,226,400	0.10%, 12/20/2021		11,307
	JPY 8,150	0.10%, 06/20/2026		75
	JPY 351,950	0.20%, 12/20/2018		3,226
	JPY 236,500	0.30%, 06/20/2018		2,165
	JPY 647,050	0.50%, 09/20/2024		6,126
	JPY 1,020,850	0.60%, 09/20/2037		9,489
	JPY 44,450	0.70%, 03/20/2037		422
	JPY 83,600	0.80%, 09/20/2022		795
	JPY 861,250	0.80%, 12/20/2047		7,996
	JPY 21,600	0.90%, 03/20/2057		199
	JPY 696,300	1.30%, 12/20/2018		6,428
	JPY 429,550	1.40%, 12/20/2045		4,605

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Japan — continued
	JPY 1,051,900	1.50%, 09/20/2018		9,683
	JPY 125,700	1.50%, 06/20/2034		1,356
	JPY 1,045,150	1.60%, 03/20/2032		11,340
		Japan Finance Organization for Municipalities,
	1,890	3.25%, 04/24/2023 (e)		1,885
	EUR 2,800	Reg. S, 0.88%, 09/22/2021		3,450
	1,800	Reg. S, 2.13%, 04/13/2021		1,746
				102,007
		Kazakhstan — 0.1%
		Republic of Kazakhstan,
	KZT 283,000	Zero Coupon, 03/15/2019 (e) (bb)		802
	400	Reg. S, 3.88%, 10/14/2024		401
	200	Reg. S, 4.88%, 10/14/2044		196
	200	Reg. S, 6.50%, 07/21/2045		238
				1,637
		Kenya — 0.1%
		Republic of Kenya,
	200	7.25%, 02/28/2028 (e)		206
	200	8.25%, 02/28/2048 (e)		206
	800	Reg. S, 5.88%, 06/24/2019		811
	1,100	Reg. S, 6.88%, 06/24/2024		1,137
				2,360
		Kuwait — 0.0% (g)
	900	Kuwait Government Bond, Reg. S, 2.75%, 03/20/2022		871
		Lebanon — 0.2%
		Republic of Lebanon,
	250	6.15%, 06/19/2020		247
	595	6.25%, 05/27/2022		569
	1,894	6.38%, 03/09/2020		1,889
	145	Reg. S, 5.15%, 06/12/2018		145
	460	Reg. S, 5.15%, 11/12/2018		459
	956	Reg. S, 5.45%, 11/28/2019		940
	100	Reg. S, 5.80%, 04/14/2020		98
	400	Reg. S, 6.00%, 05/20/2019		399
	340	Reg. S, 6.10%, 10/04/2022		324
	240	Reg. S, 6.20%, 02/26/2025		220
	379	Reg. S, 6.60%, 11/27/2026		342
	906	Reg. S, 8.25%, 04/12/2021		925
				6,557

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 41

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		Macedonia, the Former Yugoslav Republic of — 0.0% (g)
	EUR 114	Former Yugoslav Republic of Macedonia, 2.75%, 01/18/2025 (e)		136
		Malaysia — 0.0% (g)
	MYR 3,300	Malaysia Government Bond, 3.44%, 02/15/2021		833
		Mexico — 0.0% (g)
		United Mexican States,
	200	4.15%, 03/28/2027		197
	200	4.60%, 01/23/2046		182
	240	5.55%, 01/21/2045		252
	100	5.75%, 10/12/2110		98
				729
		Mongolia — 0.1%
		Mongolia Government Bond,
	460	5.63%, 05/01/2023 (e)		447
	660	Reg. S, 5.13%, 12/05/2022		634
	430	Reg. S, 8.75%, 03/09/2024		476
	400	Reg. S, 10.88%, 04/06/2021		457
				2,014
		Montenegro — 0.0% (g)
	EUR 350	Republic of Montenegro, 3.38%, 04/21/2025 (e)		419
		Morocco — 0.0% (g)
	1,120	Kingdom of Morocco, Reg. S, 5.50%, 12/11/2042		1,163
		Nigeria — 0.1%
		Republic of Nigeria,
	200	6.50%, 11/28/2027 (e)		202
	980	7.63%, 11/28/2047 (e)		986
	290	7.70%, 02/23/2038 (e)		298
	300	Reg. S, 6.50%, 11/28/2027		302
	200	Reg. S, 6.75%, 01/28/2021		210
				1,998
		Norway — 0.1%
	2,880	Kommunalbanken A/S, 2.50%, 04/17/2020 (e)		2,868
		Oman — 0.1%
		Oman Government Bond,
	200	Reg. S, 4.13%, 01/17/2023		190
	300	Reg. S, 4.75%, 06/15/2026		280
	400	Reg. S, 5.38%, 03/08/2027		381
	1,100	Reg. S, 6.50%, 03/08/2047		1,020
	830	Reg. S, 6.75%, 01/17/2048		783
				2,654

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Pakistan — 0.0% (g)
	1,070	Republic of Pakistan, Reg. S, 7.25%, 04/15/2019		1,090
		Panama — 0.0% (g)
		Republic of Panama,
	200	4.50%, 05/15/2047		196
	400	6.70%, 01/26/2036		494
	200	9.38%, 04/01/2029		284
				974
		Paraguay — 0.0% (g)
		Republic of Paraguay,
	200	Reg. S, 5.00%, 04/15/2026		203
	400	Reg. S, 6.10%, 08/11/2044		422
	200	Republic of Uruguay, Reg. S, 4.70%, 03/27/2027		198
				823
		Peru — 0.1%
		Republic of Peru,
	PEN 3,179	6.35%, 08/12/2028		1,063
	200	8.75%, 11/21/2033		294
	PEN 1,477	Reg. S, 6.15%, 08/12/2032 (e)		475
				1,832
		Qatar — 0.2%
		State of Qatar,
	1,060	3.88%, 04/23/2023 (e)		1,056
	830	5.10%, 04/23/2048 (e)		822
	4,300	Reg. S, 5.25%, 01/20/2020		4,429
				6,307
		Romania — 0.0% (g)
		Republic of Romania,
	550	Reg. S, 4.38%, 08/22/2023		558
	50	Reg. S, 4.88%, 01/22/2024		52
	100	Reg. S, 6.75%, 02/07/2022		110
				720
		Russia — 0.1%
		Russian Federation,
	RUB 99,700	7.70%, 03/23/2033		1,619
	RUB 98,740	7.75%, 09/16/2026		1,626
	200	Reg. S, 4.88%, 09/16/2023		206
	800	Reg. S, 5.88%, 09/16/2043		866
				4,317

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		Saudi Arabia — 0.1%
	4,400	Kingdom of Saudi Arabia, Reg. S, 2.38%, 10/26/2021		4,220
		Senegal — 0.0% (g)
		Republic of Senegal,
	200	6.75%, 03/13/2048 (e)		189
	200	Reg. S, 6.25%, 05/23/2033		193
				382
		Serbia — 0.1%
		Republic of Serbia,
	1,375	Reg. S, 4.88%, 02/25/2020		1,399
	1,070	Reg. S, 7.25%, 09/28/2021		1,181
				2,580
		South Africa — 0.2%
		Republic of South Africa,
	400	4.30%, 10/12/2028		367
	100	4.67%, 01/17/2024		99
	200	5.38%, 07/24/2044		186
	200	5.50%, 03/09/2020		207
	100	5.88%, 05/30/2022		106
	200	5.88%, 09/16/2025		210
	120	6.25%, 03/08/2041		125
	ZAR 23,050	6.50%, 02/28/2041		1,400
	ZAR 30,675	8.75%, 02/28/2048		2,385
				5,085
		South Korea — 0.1%
	3,400	Export-Import Bank of Korea, 4.38%, 09/15/2021		3,488
		Spain — 1.0%
		Kingdom of Spain,
	EUR 130	0.05%, 01/31/2021		158
	EUR 1,718	0.40%, 04/30/2022		2,102
	EUR 880	1.40%, 01/31/2020		1,095
	EUR 10,383	3.75%, 10/31/2018		12,801
	EUR 1,666	Reg. S, 1.45%, 10/31/2027 (e)		2,055
	EUR 1,190	Reg. S, 1.50%, 04/30/2027 (e)		1,481
	EUR 2,591	Reg. S, 1.60%, 04/30/2025 (e)		3,310
	EUR 1,584	Reg. S, 1.95%, 07/30/2030 (e)		2,003
	EUR 4,004	Reg. S, 2.70%, 10/31/2048 (e)		5,195
	EUR 393	Reg. S, 2.90%, 10/31/2046 (e)		536
	EUR 121	Reg. S, 3.45%, 07/30/2066 (e)		178
	EUR 1,823	Reg. S, 4.00%, 04/30/2020 (e)		2,390
	EUR 836	Reg. S, 4.70%, 07/30/2041 (e)		1,488
				34,792

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Sri Lanka — 0.1%
		Republic of Sri Lanka,
	900	5.75%, 04/18/2023 (e)		895
	1,340	Reg. S, 6.25%, 10/04/2020		1,381
	500	Reg. S, 6.85%, 11/03/2025		511
				2,787
		Sweden — 0.1%
		Kingdom of Sweden,
	SEK 620	0.75%, 05/12/2028		71
	SEK 1,110	3.50%, 03/30/2039		176
	SEK 1,630	5.00%, 12/01/2020		213
	SEK 4,690	Reg. S, 1.50%, 11/13/2023 (e)		577
	3,300	Svensk Exportkredit AB, 2.88%, 03/14/2023		3,273
				4,310
		Turkey — 0.2%
		Republic of Turkey,
	970	4.88%, 04/16/2043		774
	400	6.00%, 03/25/2027		402
	200	6.00%, 01/14/2041		184
	200	6.25%, 09/26/2022		210
	600	6.63%, 02/17/2045		586
	250	7.38%, 02/05/2025		274
	100	8.00%, 02/14/2034		115
	TRY 19,100	9.40%, 07/08/2020		4,307
	TRY 3,700	11.00%, 02/24/2027		848
				7,700
		Ukraine — 0.1%
		Republic of Ukraine,
	600	Reg. S, 7.75%, 09/01/2020		623
	667	Reg. S, 7.75%, 09/01/2021		689
	250	Reg. S, 7.75%, 09/01/2024		249
	200	Reg. S, 7.75%, 09/01/2027		196
	1,000	Ukreximbank Via Biz Finance plc, Reg. S, 9.63%, 04/27/2022		1,034
				2,791
		United Kingdom — 0.8%
		United Kingdom Gilt,
	GBP 1,870	Reg. S, 0.50%, 07/22/2022		2,523
	GBP 2,462	Reg. S, 0.75%, 07/22/2023		3,326
	GBP 222	Reg. S, 1.25%, 07/22/2027		300
	GBP 1,660	Reg. S, 1.50%, 01/22/2021		2,327
	GBP   1,734	Reg. S, 1.50%, 07/22/2026		2,417
	GBP   2,170	Reg. S, 1.50%, 07/22/2047		2,767

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 43

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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
		United Kingdom — continued
	GBP 1,610	Reg. S, 1.75%, 07/22/2019		2,245
	GBP 3,630	Reg. S, 1.75%, 09/07/2037		4,949
	GBP 1,373	Reg. S, 1.75%, 07/22/2057		1,932
	GBP 154	Reg. S, 2.50%, 07/22/2065		273
	GBP 50	Reg. S, 3.75%, 07/22/2052		104
	GBP 2,020	Reg. S, 4.25%, 06/07/2032		3,676
	GBP 26	Reg. S, 4.25%, 12/07/2046		55
	GBP 274	Reg. S, 4.75%, 12/07/2038		570
				27,464
		Uruguay — 0.1%
		Republic of Uruguay,
	300	4.38%, 10/27/2027		302
	380	4.98%, 04/20/2055		362
	550	5.10%, 06/18/2050		540
	450	7.88%, 01/15/2033		588
				1,792
		Venezuela, Bolivarian Republic of — 0.0% (g)
		Republic of Venezuela,
	70	Reg. S, 6.00%, 12/09/2020 (d)		20
	180	Reg. S, 7.65%, 04/21/2025 (d)		50
	80	Reg. S, 7.75%, 10/13/2019 (d)		23
	540	Reg. S, 8.25%, 10/13/2024 (d)		153
	885	Reg. S, 9.00%, 05/07/2023 (d)		252
	540	Reg. S, 9.25%, 05/07/2028 (d)		152
	120	Reg. S, 11.75%, 10/21/2026 (d)		37
	130	Reg. S, 12.75%, 08/23/2022 (d)		41
				728
		Vietnam — 0.0% (g)
	200	Republic of Vietnam, Reg. S, 4.80%, 11/19/2024		203
		Zambia — 0.0% (g)
		Republic of Zambia,
	700	Reg. S, 5.38%, 09/20/2022		642
	200	Reg. S, 8.97%, 07/30/2027		201
				843
		Total Foreign Government Securities (Cost $382,021)		376,104
	Loan Assignments — 0.3% (cc)
		Canada — 0.0% (g)
	64	Concordia Healthcare Corp., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 6.15%, 10/21/2021 (aa)		58

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — continued
	75	MacDonald, Dettwiler and Associates Ltd., Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 4.66%, 10/04/2024 (aa)		75
				133
		United States — 0.3%
	165	Avaya, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 6.65%, 12/15/2024 (aa)		166
	1,382	California Resources Corp., 1st Lien Second Out Term Loan, (ICE LIBOR USD 1 Month + 10.38%), 12.27%, 12/31/2021 (aa)		1,551
	1,177	California Resources Corp., Senior Secured First Out, (ICE LIBOR USD 1 Month + 4.75%), 6.65%, 12/31/2022 (aa) ^		1,201
	1,083	Chesapeake Energy Corp., 1st Lien Last Out, (ICE LIBOR USD 3 Month + 7.50%), 9.44%, 08/23/2021 (aa) ^		1,145
	183	Cincinnati Bell, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.25%), 5.57%, 10/02/2024 (aa)		185
	210	Consolidated Communications, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.91%, 10/05/2023 (aa)		208
	180	Cortes NP Acquisition Corporation, Term B Loan, (ICE LIBOR USD 1 Month + 4.00%), 5.89%, 11/30/2023 (aa)		180
	19	FGI Operating Co. LLC, DIP term Loan, (ICE LIBOR USD 1 Month + 1.88%), 8.00%, 06/28/2018 (aa) (bb) ^		19
	84	FGI Operating Co. LLC, Term B Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.90%, 04/19/2019 (aa)		20
	457	First Data Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month +2.25%), 4.15%, 04/26/2024 (aa)		458
	281	Genesys Telecom Holdings, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 3.50%), 5.80%, 12/01/2023 (aa)		283
	120	JC Penney Corp., Term Loan B, (ICE LIBOR USD 3 Month + 4.25%), 6.23%, 06/23/2023 (aa) ^		117
	534	Moran Foods LLC, Term Loan B, (ICE LIBOR USD 1 Month + 6.00%), 7.90%, 12/05/2023 (aa)		461
	67	MTL Publishing LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 4.14%, 08/20/2023 (aa)		67
	72	ON Semiconductor Corp., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.00%), 3.90%, 03/31/2023 (aa)		72

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Loan Assignments — continued
		United States — continued
	123	PetSmart, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.89%, 03/11/2022 (aa)		97
	163	Quest Software Us Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 5.50%), 7.86%, 10/31/2022 (aa)		164
	189	Revlon Consumer Products Corp., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.40%, 09/07/2023 (aa)		145
	271	Securus Technologies Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.50%), 6.40%, 11/01/2024 (aa)		275
	71	Supervalu, Inc., Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.40%, 06/08/2024 (aa)		71
	118	Supervalu, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.40%, 06/08/2024 (aa)		118
	281	Syniverse Holdings, Inc., 1st Lien, (ICE LIBOR USD 1 Month + 5.00%), 6.90%, 03/09/2023 (aa)		284
	1,253	Ultra Resources, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.90%, 04/12/2024 (aa)		1,171
	613	Viskase Cos., Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 5.55%, 01/30/2021 (aa)		602
				9,060
		Total Loan Assignments (Cost $9,274)		9,193
	Mortgage-Backed Securities — 0.4%
		FHLMC Gold Pools, 15 Year, Single Family,
	6,188	3.50%, 04/01/2030		6,277
	1,687	4.00%, 04/01/2026		1,735
	5,383	FNMA, 15 Year, Single Family, 4.00%, 11/01/2026		5,582
		Total Mortgage-Backed Securities (Cost $13,608)		13,594
NUMBER OF CONTRACTS
	Options Purchased — 0.4%
		Call Options — 0.4%
		Japan — 0.1%
	789	TOPIX Index, expiring 06/08/2018 at JPY 1,750.00, European Style (a) Notional Amount: JPY 7,890 Exchange Traded		3,075
		United States — 0.3%
	40,271	iShares MSCI Emerging Markets ETF, 06/15/2018 at USD 48.00, American Style (a) Notional Amount: USD 188,952 Exchange Traded		2,920

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE
		United States — continued
	556	S&P 500 Index, expiring 06/15/2018 at USD 2,625.00, European Style (a) Notional Amount: USD 147,232 Exchange Traded		3,611
	1,034	S&P 500 Index, expiring 06/15/2018 at USD 2,725.00, European Style (a) Notional Amount: USD 273,808 Exchange Traded		1,701
NOTIONAL AMOUNT($)
	8,246	Foreign Exchange CNH/USD 07/27/2018 at USD 6.50, Vanilla, European Style (a) Notional Amount: USD 8,246 Counterparty: Standard Chartered Bank		24
	8,069	Foreign Exchange INR/USD 07/03/2018 at USD 67.60, Vanilla, European Style (a) Notional Amount: USD 8,069 Counterparty: Merrill Lynch International		48
	8,017	Foreign Exchange PLN/USD 06/20/2018 at USD 3.58, Vanilla, European Style (a) Notional Amount: USD 8,017 Counterparty: Goldman Sachs International		46
	7,833	Foreign Exchange RUB/USD 06/01/2018 at USD 60.30, Vanilla, European Style (a) Notional Amount: USD 7,833 Counterparty: Citibank, NA		370
				8,720
		Total Call Options Purchased		11,795
		Put Options — 0.0% (g)
		Australia — 0.0% (g)
	9,641	Foreign Exchange JPY/AUD 05/01/2018 at AUD 83.55, Vanilla, European Style (a) Notional Amount: AUD 9,641 Counterparty: Goldman Sachs International		113
	9,663	Foreign Exchange USD/AUD 05/11/2018 at AUD 0.75, Vanilla, European Style (a) Notional Amount: AUD 9,663 Counterparty: Merrill Lynch International		40
				153
		European Union — 0.0% (g)
	6,782	Foreign Exchange USD/EUR 06/29/2018 at EUR 1.19, Vanilla, European Style (a) Notional Amount: EUR 6,782 Counterparty: Citibank, NA		35
		Total Put Option Purchased		188
		Total Options Purchased (Cost $23,511)		11,983

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 45

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SHARES			SECURITY DESCRIPTION	VALUE
	Preferred Stocks — 0.0% (g)
			Bermuda — 0.0% (g)
	—	(h)	XLIT Ltd., Series D, (ICE LIBOR USD 3 Month + 3.12%), 5.47%, 06/01/2018 ($1,000 par value) (aa) @		85
			United States — 0.0% (g)
	1		GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 7.62%, 02/15/2040 ($25 par value) (aa)		17
	3		Goodman Private Preferred Shares (bb)		10
					27
			Total Preferred Stocks (Cost $99)		112
	Supranational — 0.1%
	270		African Export-Import Bank (The), Reg. S, 4.13%, 06/20/2024		260
	AUD 1,210		European Investment Bank, 0.50%, 06/21/2023		799
			Inter-American Development Bank,
	CAD 3,650		0.50%, 05/23/2023		2,543
	CAD    614		4.40%, 01/26/2026		528
			Total Supranational (Cost $4,251)		4,130
NUMBER OF RIGHTS
	Rights — 0.0% (g)
			United States — 0.0% (g)
	44		Media General, Inc., CVR (a) (bb)		2
	17		Vistra Energy Corp., expiring 12/31/2049 (a) (bb)		12
			Total Rights (Cost $—)		14
PRINCIPAL AMOUNT
	U.S. Treasury Obligations — 2.7%
			U.S. Treasury Bonds,
	1,200		2.25%, 08/15/2046		1,005
	1,132		2.50%, 02/15/2046		1,002
	10,299		3.63%, 08/15/2043		11,242
	7,286		3.75%, 08/15/2041		8,098
	5,061		4.25%, 05/15/2039		6,012
	4,098		5.38%, 02/15/2031		5,141
	2,225		6.13%, 08/15/2029		2,898
			U.S. Treasury Notes,
	28,685		1.13%, 01/31/2019 (k)		28,456
	13,124		1.25%, 10/31/2021		12,494
	14,769		2.13%, 05/15/2025		14,026
			Total U.S. Treasury Obligations (Cost $92,564)		90,374

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Short-Term Investments — 7.9%
		Foreign Government Treasury Bills — 0.3%
		Canadian Treasury Bills,
	CAD 4,100	1.13%, 11/15/2018 (n)		3,170
	CAD 4,496	1.35%, 10/18/2018 (n)		3,480
	CAD 4,200	1.37%, 12/13/2018 (n)		3,243
	CAD    390	1.42%, 11/15/2018 (n)		302
	CAD    300	1.46%, 12/13/2018 (n)		232
		Total Foreign Government Treasury Bills (Cost $10,562)		10,427
SHARES
		Investment Companies — 7.6%
	180,857	JPMorgan U.S. Government Money Market Fund, IM Class Shares, 1.63% (b) (l)		180,857
	74,726	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58%(b) (l)		74,726
		Total Investment Companies (Cost $255,583)		255,583
		Total Short-Term Investments (Cost $266,145)		266,010
		Total Investments — 96.8% (Cost $3,071,004)		3,261,675
		Other Assets in Excess of Liabilities — 3.2%		109,718
		NET ASSETS — 100.0%	$	3,371,393
	Short Positions — 2.0%
	Common Stocks — 2.0%
		United States — 2.0%
	109	Cardinal Health, Inc.		7,018
	4	Charter Communications, Inc., Class A (a)		962
	133	Citigroup, Inc.		9,106
	90	DENTSPLY SIRONA, Inc.		4,535
	165	Harley-Davidson, Inc.		6,799
	98	Johnson & Johnson		12,353
	86	Kroger Co. (The)		2,173
	106	Molson Coors Brewing Co., Class B		7,571
	146	Newell Brands, Inc.		4,035
	45	Procter & Gamble Co. (The)		3,281
	26	Rockwell Automation, Inc.		4,356
	46	Take-Two Interactive Software, Inc. (a)		4,562
		Total Securities Sold Short (Proceeds $68,401)		66,751

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS APRIL 30, 2018

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		11.5	%
Collateralized Mortgage Obligations		10.7
Banks		7.5
Oil, Gas & Consumable Fuels		4.2
Insurance		3.3
Pharmaceuticals		3.1
IT Services		2.6
Software		2.1
Internet Software & Services		2.0
Media		1.8
Health Care Providers & Services		1.7
Capital Markets		1.7
U.S. Treasury Notes		1.7
Automobiles		1.6
Semiconductors & Semiconductor Equipment		1.6
Machinery		1.5
Beverages		1.5
Chemicals		1.4
Electric Utilities		1.4
Diversified Telecommunication Services		1.3
Metals & Mining		1.1

INDUSTRY	PERCENTAGE
U.S. Treasury Bonds		1.1	%
Asset-Backed Securities		1.1
Hotels, Restaurants & Leisure		1.1
Internet & Direct Marketing Retail		1.0
Food & Staples Retailing		1.0
Others (each less than 1.0%)		21.2
Short-Term Investments		8.2

INDUSTRY (SHORT)	PERCENTAGE
Pharmaceuticals		18.5	%
Banks		13.7
Beverages		11.3
Health Care Providers & Services		10.5
Automobiles		10.2
Software		6.8
Health Care Equipment & Supplies		6.8
Electrical Equipment		6.5
Household Durables		6.0
Household Products		5.0
Food & Staples Retailing		3.3
Media		1.4

Futures contracts outstanding as of April 30, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
3 Month Eurodollar		223		06/2018		USD		54,429		(62	)
Australia 10 Year Bond		19		06/2018		AUD		1,829		4
Canada 10 Year Bond		72		06/2018		CAD		7,371		8
EURO STOXX 50 Index		551		06/2018		EUR		23,050		1,235
Euro-Bobl		37		06/2018		EUR		5,853		21
Euro-Bund		38		06/2018		EUR		7,284		57
Euro-OAT		21		06/2018		EUR		3,901		39
Euro-Schatz		99		06/2018		EUR		13,380		12
Foreign Exchange EUR/USD		1,090		06/2018		USD		165,176		(4,305	)
Foreign Exchange JPY/USD		676		06/2018		USD		77,554		(2,163	)
FTSE 100 Index		147		06/2018		GBP		15,070		924
MSCI EAFE E-Mini Index		198		06/2018		USD		20,062		(5	)
MSCI Emerging Markets E-Mini Index		560		06/2018		USD		32,262		(592	)
Russell 2000 E-Mini Index		436		06/2018		USD		33,655		(1,245	)
S&P 500 E-Mini Index		557		06/2018		USD		73,719		(2,613	)
Short-Term Euro-BTP		5		06/2018		EUR		681		3
TOPIX Index		109		06/2018		JPY		17,676		594

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 47

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
U.S. Treasury 5 Year Note		62			06/2018		USD		7,036			(13	)
U.S. Treasury Ultra Bond		310			06/2018		USD		48,544			(691	)
												(8,792	)
Short Contracts
3 Month Sterling		(486	)		06/2018		GBP		(83,007	)		(52	)
EURO STOXX 50 Index		(3,548	)		06/2018		EUR		(148,420	)		(4,730	)
Euro-Bund		(10	)		06/2018		EUR		(1,917	)		(12	)
Euro-Buxl		(2	)		06/2018		EUR		(395	)		1
Euro-Schatz		(62	)		06/2018		EUR		(8,379	)		(9	)
FTSE 100 Index		(1,061	)		06/2018		GBP		(108,774	)		(4,489	)
MSCI Europe Equity Index		(6,841	)		06/2018		EUR		(178,607	)		(6,600	)
TOPIX Index		(408	)		06/2018		JPY		(66,163	)		(2,998	)
U.S. Treasury 10 Year Note		(49	)		06/2018		USD		(5,858	)		49
U.S. Treasury 10 Year Ultra Note		(55	)		06/2018		USD		(7,026	)		2
U.S. Treasury 2 Year Note		(155	)		06/2018		USD		(32,867	)		25
3 Month Eurodollar		(223	)		12/2018		USD		(54,276	)		74
												(18,739	)
												(27,531	)

Forward foreign currency exchange contracts outstanding as of April 30, 2018:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
TRY	3,091	USD	744	Goldman Sachs International		5/18/2018		13
USD	786	AUD	1,013	State Street Corp.		5/18/2018		23
USD	830	COP	2,291,866	Credit Suisse International**		5/18/2018		14
USD	793	EUR	644	Credit Suisse International		5/18/2018		14
USD	812	EUR	656	Goldman Sachs International		5/18/2018		20
USD	755	INR	49,438	Credit Suisse International**		5/18/2018		13
USD	913	INR	60,609	Goldman Sachs International**		5/18/2018		3
USD	10,436	CAD	13,341	HSBC Bank, N.A.		5/25/2018		40
RUB	103,981	USD	1,614	Citibank, NA**		6/4/2018		30
RUB	102,665	USD	1,614	Credit Suisse International**		6/4/2018		9
CNY	19,963	USD	3,133	Citibank, NA**		6/19/2018		16
COP	3,455,144	USD	1,211	Citibank, NA**		6/19/2018		18
COP	3,461,038	USD	1,211	Credit Suisse International**		6/19/2018		20
EGP	27,366	USD	1,495	Citibank, NA**		6/19/2018		41
USD	821	ARS	17,399	Goldman Sachs International**		6/19/2018		8
USD	3,972	BRL	13,131	Goldman Sachs International**		6/19/2018		242
USD	2,956	CLP	1,785,140	Credit Suisse International**		6/19/2018		46
USD	1,531	CLP	917,067	Goldman Sachs International**		6/19/2018		36
USD	3,101	CNY	19,644	HSBC Bank, N.A.**		6/19/2018		2
USD	58	CZK	1,200	Citibank, NA		6/19/2018		2
USD	2,429	EUR	1,949	Royal Bank of Canada		6/19/2018		67
USD	1,641	EUR	1,312	State Street Corp.		6/19/2018		50
USD	3,976	JPY	420,880	HSBC Bank, N.A.		6/19/2018		113
USD	2,498	MXN	46,932	Goldman Sachs International		6/19/2018		8
USD	3,234	PLN	10,994	HSBC Bank, N.A.		6/19/2018		99

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS APRIL 30, 2018

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	1,073	RUB	62,291	Citibank, NA**		6/19/2018		89
USD	2,569	RUB	147,538	Goldman Sachs International**		6/19/2018		239
USD	773	SGD	1,017	Goldman Sachs International		6/19/2018		5
USD	2,373	THB	74,576	Goldman Sachs International		6/19/2018		7
USD	869	TRY	3,424	Citibank, NA		6/19/2018		39
USD	2,369	TRY	9,694	HSBC Bank, N.A.		6/19/2018		19
USD	2,958	ZAR	35,603	Goldman Sachs International		6/19/2018		121
USD	744	ZAR	9,035	HSBC Bank, N.A.		6/19/2018		24
USD	786	ZAR	9,540	National Australia Bank Ltd.		6/19/2018		26
USD	313	ZAR	3,768	State Street Corp.		6/19/2018		12
USD	951	IDR	13,236,119	Goldman Sachs International**		6/20/2018		5
GBP	718	SEK	8,573	Royal Bank of Canada		6/26/2018		8
USD	3,625	AUD	4,693	Australia & New Zealand Banking Group Ltd.		6/26/2018		92
USD	537	CAD	676	Australia & New Zealand Banking Group Ltd.		6/26/2018		10
USD	2,131	CHF	2,078	Australia & New Zealand Banking Group Ltd.		6/26/2018		24
USD	661	CHF	643	Barclays Bank plc		6/26/2018		9
USD	3,205	CHF	3,037	State Street Corp.		6/26/2018		126
USD	3,775	DKK	22,630	Merrill Lynch International		6/26/2018		90
USD	19,306	EUR	15,601	Australia & New Zealand Banking Group Ltd.		6/26/2018		385
USD	2,488	EUR	2,000	Barclays Bank plc		6/26/2018		63
USD	3,384	EUR	2,726	BNP Paribas		6/26/2018		78
USD	3,897	EUR	3,150	Citibank, NA		6/26/2018		76
USD	6,528	EUR	5,275	Merrill Lynch International		6/26/2018		130
USD	886	EUR	713	Royal Bank of Canada		6/26/2018		21
USD	4,790	EUR	3,874	Societe Generale		6/26/2018		91
USD	284,208	EUR	228,798	State Street Corp.		6/26/2018		6,712
USD	25,984	GBP	18,340	Australia & New Zealand Banking Group Ltd.		6/26/2018		666
USD	966	GBP	677	Barclays Bank plc		6/26/2018		30
USD	1,418	GBP	1,006	BNP Paribas		6/26/2018		29
USD	690	GBP	485	Merrill Lynch International		6/26/2018		20
USD	540	GBP	379	State Street Corp.		6/26/2018		16
USD	1,918	JPY	202,588	Australia & New Zealand Banking Group Ltd.		6/26/2018		57
USD	103,614	JPY	10,810,748	Royal Bank of Canada		6/26/2018		4,338
USD	580	JPY	61,834	State Street Corp.		6/26/2018		13
USD	1,980	JPY	211,080	TD Bank Financial Group		6/26/2018		42
USD	613	SEK	5,324	Barclays Bank plc		6/26/2018		2
USD	1,027	SEK	8,432	Deutsche Bank AG		6/26/2018		60
USD	937	EUR	754	Australia & New Zealand Banking Group Ltd.		7/19/2018		21
USD	824	EUR	669	Barclays Bank plc		7/19/2018		11
USD	1,049	EUR	841	Citibank, NA		7/19/2018		27
Total unrealized appreciation								14,780
CLP	495,281	USD	830	Credit Suisse International**		5/18/2018		(22	)
CNY	573	USD	91	Citibank, NA**		5/18/2018		(1	)
CNY	5,107	USD	809	Goldman Sachs International**		5/18/2018		(2	)
CNY	4,733	USD	752	State Street Corp.**		5/18/2018		(4	)
CZK	16,457	USD	805	State Street Corp.		5/18/2018		(28	)
EUR	644	USD	800	Australia & New Zealand Banking Group Ltd.		5/18/2018		(21	)
IDR	10,340,298	USD	749	Goldman Sachs International**		5/18/2018		(7	)
MXN	15,310	USD	831	Goldman Sachs International		5/18/2018		(15	)
THB	24,166	USD	774	Goldman Sachs International		5/18/2018		(8	)
TWD	26,367	USD	900	Citibank, NA**		5/18/2018		(9	)
TWD	22,690	USD	778	Goldman Sachs International**		5/18/2018		(11	)
USD	816	MXN	15,310	Credit Suisse International		5/18/2018		(1	)
USD	854	PHP	44,599	Citibank, NA**		5/18/2018		(8	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 49

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	748	PHP	38,992	Goldman Sachs International**		5/18/2018		(6	)
USD	1,141	TRY	4,757	Goldman Sachs International		5/18/2018		(24	)
BRL	5,820	USD	1,752	Credit Suisse International**		6/19/2018		(99	)
BRL	7,311	USD	2,229	Goldman Sachs International**		6/19/2018		(152	)
CLP	917,067	USD	1,516	Credit Suisse International**		6/19/2018		(21	)
CNY	10,107	USD	1,607	Citibank, NA**		6/19/2018		(13	)
CZK	30,119	USD	1,463	Citibank, NA		6/19/2018		(38	)
EUR	3,012	USD	3,731	Australia & New Zealand Banking Group Ltd.		6/19/2018		(80	)
EUR	249	USD	309	Royal Bank of Canada		6/19/2018		(7	)
INR	76,132	USD	1,157	Goldman Sachs International**		6/19/2018		(19	)
JPY	251,828	USD	2,415	Credit Suisse International		6/19/2018		(104	)
JPY	169,052	USD	1,610	Royal Bank of Canada		6/19/2018		(58	)
MXN	75,761	USD	4,083	Goldman Sachs International		6/19/2018		(64	)
PLN	880	USD	258	Citibank, NA		6/19/2018		(7	)
PLN	10,114	USD	2,964	Royal Bank of Canada		6/19/2018		(80	)
RUB	64,159	USD	1,018	Citibank, NA**		6/19/2018		(5	)
RUB	22,668	USD	364	Goldman Sachs International**		6/19/2018		(6	)
SGD	1,017	USD	778	Credit Suisse International		6/19/2018		(10	)
THB	74,576	USD	2,388	Australia & New Zealand Banking Group Ltd.		6/19/2018		(21	)
TRY	4,220	USD	1,030	Goldman Sachs International		6/19/2018		(7	)
TRY	1,092	USD	275	Royal Bank of Canada		6/19/2018		(10	)
USD	2,414	COP	6,916,182	Credit Suisse International**		6/19/2018		(46	)
USD	729	EGP	13,019	Citibank, NA**		6/19/2018		(3	)
USD	1,135	INR	76,132	Citibank, NA**		6/19/2018		(4	)
USD	1,525	MXN	28,828	State Street Corp.		6/19/2018		(4	)
USD	3,298	TRY	13,735	HSBC Bank, N.A.		6/19/2018		(32	)
ZAR	20,572	USD	1,649	Citibank, NA		6/19/2018		(10	)
ZAR	9,665	USD	797	National Australia Bank Ltd.		6/19/2018		(27	)
USD	2,705	IDR	38,273,143	Goldman Sachs International**		6/20/2018		(29	)
CHF	360	USD	379	Australia & New Zealand Banking Group Ltd.		6/26/2018		(14	)
CHF	1,159	USD	1,216	Goldman Sachs International		6/26/2018		(42	)
CHF	852	USD	898	State Street Corp.		6/26/2018		(34	)
EUR	988	USD	1,216	BNP Paribas		6/26/2018		(18	)
EUR	2,689	USD	3,369	Deutsche Bank AG		6/26/2018		(108	)
EUR	6,383	USD	7,878	State Street Corp.		6/26/2018		(136	)
GBP	1,201	EUR	1,376	Goldman Sachs International		6/26/2018		(11	)
GBP	32,794	USD	46,463	Australia & New Zealand Banking Group Ltd.		6/26/2018		(1,191	)
GBP	569	USD	798	HSBC Bank, N.A.		6/26/2018		(13	)
GBP	790	USD	1,112	Royal Bank of Canada		6/26/2018		(20	)
JPY	372,080	USD	3,527	State Street Corp.		6/26/2018		(111	)
JPY	532,570	USD	5,078	TD Bank Financial Group		6/26/2018		(187	)
SEK	17,972	USD	2,189	Deutsche Bank AG		6/26/2018		(127	)
USD	1,072	CAD	1,379	Australia & New Zealand Banking Group Ltd.		6/26/2018		(3	)
USD	2,870	CAD	3,697	Merrill Lynch International		6/26/2018		(14	)
EUR	291	USD	360	Australia & New Zealand Banking Group Ltd.		7/19/2018		(6	)
KZT	285,924	USD	857	Citibank, NA**		10/24/2018		(9	)
Total unrealized depreciation								(3,167	)
Net unrealized appreciation								11,613

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS APRIL 30, 2018

Written Call Options Contracts as of April 30, 2018:

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

Foreign Exchange INR/USD

Goldman Sachs International

8,069

USD

8,069

INR

67.60

7/3/2018

(48

)

(48

)

Written Put Options Contracts as of April 30, 2018:
DESCRIPTION	COUNTERPARTY	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		EXERCISE PRICE		EXPIRATION DATE		VALUE ($)
Foreign Exchange JPY/AUD	Goldman Sachs International		4,820	AUD	4,820	JPY	83.55		5/1/2018		(57	)
Foreign Exchange JPY/AUD	Goldman Sachs International		4,820	AUD	4,820	JPY	83.55		5/1/2018		(57	)
Foreign Exchange USD/AUD	Merrill Lynch International		9,663	AUD	9,663	USD	0.75		5/11/2018		(39	)
											(153	)
Total Written Options Contracts (Premiums Received $146)											(201	)

OTC Total Return Basket Swaps Outstanding at April 30, 2018:
COUNTERPARTY		DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		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	$	34,736	$	1,470	$	313	$	1,783

REFERENCE ENTITY	SHARES		NOTIONAL VALUE ($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) ($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
United Kingdom
Anglo American plc		105		2,481		146			0.0	(g)
Ashtead Group plc		71		1,963		40			0.0	(g)
Barratt Developments plc		188		1,445		26			0.0	(g)
Bellway plc		42		1,912		86			0.0	(g)
Compass Group plc		135		2,889		119			0.0	(g)
Fevertree Drinks plc		50		1,958		97			0.0	(g)
Lloyds Banking Group plc		2,374		2,105		(72	)		0.0	(g)
Man Group plc		692		1,718		51			0.0	(g)
Persimmon plc		64		2,409		58			0.0	(g)
Rio Tinto plc		68		3,711		337			0.0	(g)
Rolls-Royce Holdings plc		134		1,550		(75	)		0.0	(g)
Taylor Wimpey plc		589		1,552		28			0.0	(g)
Tesco plc		1,130		3,661		461			0.0	(g)
		5,642		29,354		1,302			0.0	(g)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 51

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE ($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) ($) (2)			PERCENTAGE OF NET ASSETS (%)
United States
Shire plc		16		853		(5	)		0.0	(g)
Israel
Plus500 Ltd.		47		916		51			0.0	(g)
Switzerland
Glencore plc		747		3,600		109			0.0	(g)
Preferred Stock
United Kingdom
Rolls-Royce plc		9,527		13		13			0.0	(g)
Total Long Positions of Total Return Basket Swaps		15,979		34,736		1,470			0.0	(g)

The following reference rates, and their values as of period-end, are used for security descriptions:	Value
GBP LIBOR	0.51	%

Summary of total swap contracts outstanding as of April 30, 2018:
	VALUE ($)
Assets
OTC Total return basket swaps contracts outstanding		1,783
Total OTC swap contracts outstanding		1,783

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS APRIL 30, 2018

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 4.2%
		United States — 4.2%
		ABFC Trust,
	253	Series 2003-OPT1, Class A1A, 2.72%, 04/25/2033 (z) (bb)		254
	1,642	Series 2004-HE1, Class M1, 2.80%, 03/25/2034 (z) (bb)		1,640
	733	Series 2004-OPT3, Class M1, 2.65%, 09/25/2033 (z) (bb)		688
	2,609	Series 2004-OPT5, Class A1, 2.60%, 06/25/2034 (z) (bb)		2,545
	1,358	Series 2005-WF1, Class M1, 2.44%, 11/25/2034 (z) (bb)		1,357
	1,036	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, 2.77%, 01/25/2035 (z) (bb)		1,007
		ACE Securities Corp. Home Equity Loan Trust,
	1,021	Series 2003-FM1, Class M1, 3.19%, 11/25/2032 (z) (bb)		1,034
	1,160	Series 2003-HE1, Class M1, 2.87%, 11/25/2033 (z)		1,140
	724	Series 2003-NC1, Class M1, 3.07%, 07/25/2033 (z) (bb)		717
	3,631	Series 2003-OP1, Class M1, 2.95%, 12/25/2033 (z) (bb)		3,595
	927	Series 2004-HE2, Class M1, 2.93%, 10/25/2034 (z) (bb)		927
	1,393	Series 2004-HE4, Class M2, 2.87%, 12/25/2034 (z) (bb)		1,355
	3,818	Series 2004-OP1, Class M2, 3.47%, 04/25/2034 (z) (bb)		3,755
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	612	Series 2002-AR1, Class M1, 2.94%, 09/25/2032 (z) (bb)		612
	1,135	Series 2003-13, Class M1, 2.92%, 01/25/2034 (z) (bb)		1,107
	489	Series 2003-13, Class M2, 4.45%, 01/25/2034 (z) (bb)		482
	195	Series 2004-R8, Class M1, 2.86%, 09/25/2034 (z) (bb)		196
		Ameriquest Mortgage Securities, Inc. Asset-Backed Securities,
	810	Series 2004-R1, Class A2, 2.50%, 02/25/2034 (z) (bb)		773
	3,591	Series 2004-R1, Class M1, 2.69%, 02/25/2034 (z) (bb)		3,609
	484	Series 2004-R1, Class M2, 2.77%, 02/25/2034 (z) (bb)		470

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	1,054	Series 2003-W5, Class M2, 4.67%, 10/25/2033 (z) (bb)		1,016
	660	Series 2004-W2, Class M2, 3.77%, 04/25/2034 (z) (bb)		677
	487	Series 2004-W2, Class M3, 4.00%, 04/25/2034 (z) (bb)		477
	1,783	Series 2004-W3, Class A3, 2.72%, 02/25/2034 (z) (bb)		1,739
	1,094	Series 2004-W6, Class M1, 2.72%, 05/25/2034 (z) (bb)		1,091
	494	Series 2004-W7, Class M2, 2.80%, 05/25/2034 (z) (bb)		496
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	1,970	Series 2001-HE3, Class A1, 2.44%, 11/15/2031 (z)		1,932
	128	Series 2003-HE3, Class M2, 4.90%, 06/15/2033 (z) (bb)		125
	1,522	Series 2003-HE4, Class M1, 3.14%, 08/15/2033 (z)		1,528
	1,254	Series 2003-HE4, Class M2, 4.37%, 08/15/2033 (z) (bb)		1,249
	1,614	Series 2004-HE2, Class M2, 3.77%, 04/25/2034 (z) (bb)		1,532
	1,089	Series 2004-HE7, Class M2, 3.47%, 10/25/2034 (z) (bb)		1,091
	500	Series 2005-HE6, Class M4, 2.86%, 07/25/2035 (z) (bb)		499
	563	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.67%, 12/28/2036 (bb)		570
	274	Bayview Financial Mortgage Pass-Through Trust, Series 2006-C, Class 1A2, SUB, 5.64%, 11/28/2036 (bb)		279
	3,342	Bayview Opportunity Master Fund IIIa Trust, Series 2017-RN7, Class A1, SUB, 3.10%, 09/28/2032 (e) (bb)		3,326
	4,000	Bayview Opportunity Master Fund Trust, Series 2018-RN5, Class A1, SUB, 3.82%, 04/28/2033 (e)		4,000
		Bear Stearns Asset-Backed Securities I Trust,
	4,302	Series 2004-HE6, Class M2, 3.77%, 08/25/2034 (z) (bb)		4,288
	1,773	Series 2004-HE11, Class M2, 3.47%, 12/25/2034 (z) (bb)		1,815
		Bear Stearns Asset-Backed Securities Trust,
	643	Series 2003-1, Class M1, 3.55%, 11/25/2042 (z) (bb)		616

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 53

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	427	Series 2003-SD1, Class A, 2.80%, 12/25/2033 (z) (bb)		427
	869	Series 2003-SD1, Class M1, 3.17%, 12/25/2033 (z) (bb)		840
	1,373	Series 2004-HE2, Class M2, 3.70%, 03/25/2034 (z) (bb)		1,371
	1,778	Series 2004-SD4, Class A1, 2.80%, 08/25/2044 (z) (bb)		1,770
	506	CDC Mortgage Capital Trust, Series 2003-HE1, Class M1, 3.25%, 08/25/2033 (z)		504
		Centex Home Equity Loan Trust,
	4,800	Series 2004-A, Class M1, 2.50%, 01/25/2034 (z) (bb)		4,763
	709	Series 2004-C, Class M2, 2.69%, 06/25/2034 (z) (bb)		699
	603	Series 2004-D, Class MF2, SUB, 5.56%, 09/25/2034 (bb)		604
	1,640	Series 2004-D, Class MF3, SUB, 5.76%, 09/25/2034 (bb)		1,551
	228	Series 2004-D, Class MV2, 2.59%, 09/25/2034 (z) (bb)		226
		Chase Funding Loan Acquisition Trust,
	1,116	Series 2004-AQ1, Class M1, 2.99%, 05/25/2034 (z) (bb)		1,072
	1,271	Series 2004-OPT1, Class M2, 3.40%, 06/25/2034 (z) (bb)		1,261
		Chase Funding Trust,
	1,242	Series 2003-4, Class 1A5, SUB, 5.25%, 05/25/2033 (bb)		1,258
	151	Series 2003-4, Class 2M1, 2.80%, 03/25/2033 (z) (bb)		146
	349	Series 2003-5, Class 1M2, 5.64%, 09/25/2032 (z) (bb)		304
	2,345	Series 2003-6, Class 2A2, 2.48%, 11/25/2034 (z) (bb)		2,285
	1,953	Series 2003-6, Class 2M1, 2.65%, 11/25/2034 (z) (bb)		1,878
	841	Series 2004-1, Class 1M1, 4.73%, 05/25/2033 (bb)		851
	750	Series 2004-1, Class 2M1, 2.65%, 09/25/2033 (z) (bb)		734
	1,803	Series 2004-2, Class 1M1, 5.70%, 02/26/2035 (z) (bb)		1,812
	1,248	CHEC Loan Trust, Series 2004-1, Class M1, 2.80%, 07/25/2034 (z) (bb)		1,151
		Citigroup Mortgage Loan Trust, Inc.,
	272	Series 2005-OPT1, Class M4, 2.95%, 02/25/2035 (z) (bb)		259

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	81	Series 2005-WF2, Class AF7, SUB, 5.25%, 08/25/2035 (bb)		80
	19	Continental Airlines Pass-Through Trust, Series 2004-ERJ1, 9.56%, 09/01/2019		20
		Countrywide Asset-Backed Certificates,
	878	Series 2002-4, Class M1, 3.02%, 12/25/2032 (z) (bb)		874
	1,251	Series 2003-3, Class 3A, 2.44%, 11/25/2033 (z) (bb)		1,200
	7,135	Series 2004-2, Class M1, 2.65%, 05/25/2034 (z) (bb)		7,125
	2,186	Series 2004-3, Class M1, 2.65%, 06/25/2034 (z) (bb)		2,125
	526	Series 2004-3, Class M2, 2.72%, 06/25/2034 (z) (bb)		524
	1,090	Series 2004-BC1, Class M1, 2.65%, 02/25/2034 (z)		1,086
	233	Series 2004-BC4, Class M1, 2.95%, 11/25/2034 (z) (bb)		233
	658	Series 2004-ECC2, Class M2, 2.87%, 12/25/2034 (z) (bb)		659
	3,000	Series 2005-12, Class M2, 2.39%, 02/25/2036 (z) (bb)		2,999
	4,059	Series 2005-AB3, Class 1A1, 2.40%, 02/25/2036 (z) (bb)		3,998
	2,290	Series 2005-AB4, Class 2A1, 2.17%, 03/25/2036 (z) (bb)		2,102
	7,746	Series 2006-19, Class 2A2, 2.06%, 03/25/2037 (z) (bb)		7,678
	966	Countrywide Partnership Trust, Series 2004-EC1, Class M2, 2.84%, 01/25/2035 (z) (bb)		964
		Credit-Based Asset Servicing & Securitization LLC,
	2,195	Series 2003-CB6, Class M1, 2.95%, 12/25/2033 (z) (bb)		2,160
	1,321	Series 2004-CB2, Class M1, 2.68%, 07/25/2033 (z) (bb)		1,248
	120	Series 2005-CB8, Class AF2, SUB, 3.78%, 12/25/2035 (bb)		119
	1,209	CWABS Asset-Backed Certificates Trust, Series 2005-11, Class AF6, 4.49%, 02/25/2036 (z) (bb)		1,236
		CWABS, Inc. Asset-Backed Certificates,
	2,973	Series 2003-BC1, Class A1, 2.70%, 03/25/2033 (z) (bb)		2,932
	668	Series 2004-1, Class M2, 2.72%, 03/25/2034 (z) (bb)		663

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	1,199	Series 2004-1, Class M3, 2.87%, 02/25/2034 (z) (bb)		1,195
		CWABS, Inc. Asset-Backed Certificates Trust,
	1,814	Series 2004-5, Class M2, 2.90%, 07/25/2034 (z) (bb)		1,816
	702	Series 2004-6, Class M2, 2.87%, 10/25/2034 (z) (bb)		695
	372	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.87%, 10/25/2034 (bb)		369
	7,710	FFMLT Trust, Series 2005-FF11, Class M1, 2.54%, 11/25/2035 (z) (bb)		7,691
	179	Finance America Mortgage Loan Trust, Series 2004-3, Class M2, 2.84%, 11/25/2034 (z) (bb)		165
	796	First Franklin Mortgage Loan Asset-Backed Certificates, Series 2004-FF3, Class M1, 2.72%, 05/25/2034 (z) (bb)		786
		First Franklin Mortgage Loan Trust,
	4,566	Series 2003-FF5, Class M1, 2.80%, 03/25/2034 (z) (bb)		4,577
	1,996	Series 2004-FF5, Class A1, 2.62%, 08/25/2034 (z) (bb)		1,944
	10,564	Series 2005-FF10, Class A1, 2.20%, 11/25/2035 (z) (bb)		10,218
	578	Series 2005-FF10, Class A4, 2.22%, 11/25/2035 (z)		579
	881	Series 2006-FF8, Class IIA3, 2.05%, 07/25/2036 (z) (bb)		876
		Fremont Home Loan Trust,
	2,142	Series 2002-1, Class M1, 3.15%, 08/25/2033 (z) (bb)		2,191
	1,915	Series 2003-A, Class M1, 2.87%, 08/25/2033 (z) (bb)		1,850
	1,218	Series 2004-2, Class M2, 2.83%, 07/25/2034 (z)		1,227
	3,506	Series 2004-A, Class M1, 2.72%, 01/25/2034 (z) (bb)		3,434
	486	Series 2004-B, Class M2, 2.84%, 05/25/2034 (z) (bb)		494
	821	Series 2004-C, Class M1, 2.87%, 08/25/2034 (z) (bb)		822
	1,799	Series 2004-D, Class M1, 2.77%, 11/25/2034 (z)		1,785
	581	Series 2004-D, Class M2, 2.80%, 11/25/2034 (z)		573
		GCAT LLC,
	3,844	Series 2017-3, Class A1, SUB, 3.35%, 04/25/2047 (e) (bb)		3,816

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,165	Series 2017-5, Class A1, SUB, 3.23%, 07/25/2047 (e) (bb)		2,151
	698	GSAA Home Equity Trust, Series 2005-6, Class A3, 2.27%, 06/25/2035 (z) (bb)		703
		GSAMP Trust,
	2,033	Series 2003-HE1, Class M1, 3.14%, 06/20/2033 (z) (bb)		2,055
	1,189	Series 2003-SEA, Class A1, 2.30%, 02/25/2033 (z) (bb)		1,170
	422	Series 2005-HE3, Class M2, 2.90%, 06/25/2035 (z) (bb)		424
	1,729	Series 2005-NC1, Class M1, 2.57%, 02/25/2035 (z) (bb)		1,737
	3,047	Series 2006-FM1, Class A2C, 2.06%, 04/25/2036 (z) (bb)		2,261
	5,288	Series 2006-HE3, Class A2C, 2.06%, 05/25/2046 (z)		5,225
	1,645	Series 2006-HE4, Class A2C, 2.05%, 06/25/2036 (z) (bb)		1,629
	6,030	Series 2007-SEA1, Class A, 2.20%, 12/25/2036 (e) (z) (bb)		5,823
		Home Equity Asset Trust,
	3,267	Series 2002-5, Class M1, 3.60%, 05/25/2033 (z) (bb)		3,251
	812	Series 2003-3, Class M1, 3.19%, 08/25/2033 (z) (bb)		815
	443	Series 2004-6, Class M2, 2.80%, 12/25/2034 (z) (bb)		436
	3,663	Series 2005-7, Class M1, 2.35%, 01/25/2036 (z) (bb)		3,676
		Home Equity Mortgage Loan Asset-Backed Trust,
	492	Series 2004-B, Class M2, 3.02%, 11/25/2034 (z) (bb)		491
	7,891	Series 2004-C, Class M1, 2.74%, 03/25/2035 (z)		7,860
	867	Series 2004-C, Class M2, 2.80%, 03/25/2035 (z) (bb)		861
	1,093	Series 2006-B, Class 2A3, 2.09%, 06/25/2036 (z) (bb)		1,063
		Long Beach Mortgage Loan Trust,
	705	Series 2001-2, Class M1, 2.46%, 07/25/2031 (z) (bb)		706
	2,471	Series 2002-5, Class M1, 3.14%, 11/25/2032 (z) (bb)		2,460
	269	Series 2003-4, Class M1, 2.92%, 08/25/2033 (z) (bb)		270

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 55

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	778	Series 2004-3, Class M2, 2.80%, 07/25/2034 (z) (bb)		777
	508	Series 2004-3, Class M4, 3.51%, 07/25/2034 (z) (bb)		509
	546	Series 2004-3, Class M6, 4.03%, 07/25/2034 (z)		514
	1,662	Series 2004-4, Class M1, 2.80%, 10/25/2034 (z)		1,663
		MASTR Asset-Backed Securities Trust,
	2,616	Series 2003-OPT1, Class M3, 6.02%, 12/25/2032 (z) (bb)		2,710
	785	Series 2004-OPT2, Class M1, 2.80%, 09/25/2034 (z) (bb)		771
	845	Series 2004-OPT2, Class M2, 2.87%, 09/25/2034 (z) (bb)		831
	1,539	Series 2005-NC1, Class M2, 2.65%, 12/25/2034 (z) (bb)		1,548
	912	Series 2005-NC1, Class M4, 3.04%, 12/25/2034 (z) (bb)		883
		Merrill Lynch Mortgage Investors Trust,
	411	Series 2003-OPT1, Class M1, 2.87%, 07/25/2034 (z)		402
	301	Series 2004-HE2, Class M1, 3.10%, 08/25/2035 (z) (bb)		302
	85	Series 2004-WMC5, Class M5, 3.62%, 07/25/2035 (z) (bb)		85
	1,702	Series 2005-FM1, Class M1, 2.62%, 05/25/2036 (z)		1,674
	7,604	MFA Trust, Series 2017-NPL1, Class A1, SUB, 3.35%, 11/25/2047 (e) (bb)		7,545
		Morgan Stanley ABS Capital I, Inc. Trust,
	912	Series 2003-NC10, Class M1, 2.92%, 10/25/2033 (z) (bb)		904
	5,003	Series 2004-HE1, Class M1, 2.75%, 01/25/2034 (z) (bb)		4,957
	209	Series 2004-HE2, Class M2, 3.70%, 03/25/2034 (z) (bb)		196
	1,033	Series 2004-HE2, Class M3, 4.07%, 03/25/2034 (z) (bb)		696
	3,610	Series 2004-HE3, Class M1, 2.75%, 03/25/2034 (z) (bb)		3,514
	1,256	Series 2004-HE3, Class M2, 3.77%, 03/25/2034 (z) (bb)		1,221
	960	Series 2004-HE6, Class M1, 2.72%, 08/25/2034 (z)		966
	1,138	Series 2004-HE6, Class M2, 2.80%, 08/25/2034 (z) (bb)		1,137

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	753	Series 2004-HE6, Class M3, 2.87%, 08/25/2034 (z) (bb)		755
	364	Series 2004-HE7, Class M2, 2.84%, 08/25/2034 (z) (bb)		368
	75	Series 2004-HE7, Class M3, 2.92%, 08/25/2034 (z) (bb)		75
	2,496	Series 2004-HE8, Class M1, 2.86%, 09/25/2034 (z) (bb)		2,521
	392	Series 2004-HE8, Class M2, 2.92%, 09/25/2034 (z) (bb)		398
	689	Series 2004-HE8, Class M3, 3.02%, 09/25/2034 (z) (bb)		691
	2,334	Series 2004-NC3, Class M1, 2.69%, 03/25/2034 (z) (bb)		2,301
	4,737	Series 2004-NC5, Class M1, 2.80%, 05/25/2034 (z) (bb)		4,710
	614	Series 2004-NC6, Class M2, 3.77%, 07/25/2034 (z) (bb)		606
	580	Series 2004-NC8, Class M3, 3.01%, 09/25/2034 (z) (bb)		571
	732	Series 2004-OP1, Class M2, 2.81%, 11/25/2034 (z) (bb)		726
	829	Series 2004-OP1, Class M3, 2.92%, 11/25/2034 (z) (bb)		822
	1,875	Series 2004-WMC2, Class M1, 2.81%, 07/25/2034 (z) (bb)		1,871
	689	Series 2004-WMC2, Class M2, 3.70%, 07/25/2034 (z) (bb)		680
	3,304	Series 2004-WMC3, Class M2, 2.69%, 01/25/2035 (z) (bb)		3,296
	398	Series 2005-HE1, Class M2, 2.60%, 12/25/2034 (z) (bb)		369
	1,078	Series 2005-HE1, Class M3, 2.68%, 12/25/2034 (z) (bb)		994
	263	Series 2005-NC1, Class M3, 2.66%, 01/25/2035 (z) (bb)		252
	4,405	Morgan Stanley Mortgage Loan Trust, Series 2007-5AX, Class 2A2, 2.05%, 02/25/2037 (z) (bb)		2,264
		New Century Home Equity Loan Trust,
	298	Series 2003-3, Class M1, 3.08%, 07/25/2033 (z) (bb)		298
	736	Series 2003-B, Class M2, 4.37%, 11/25/2033 (z) (bb)		739
	2,714	Series 2004-1, Class M1, 2.78%, 05/25/2034 (z)		2,696
	193	Series 2004-2, Class M2, 2.83%, 08/25/2034 (z) (bb)		192

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	899	Series 2004-2, Class M4, 3.70%, 08/25/2034 (z) (bb)		903
	767	Series 2004-2, Class M6, 4.15%, 08/25/2034 (z) (bb)		770
	1,122	Series 2004-3, Class M2, 2.87%, 11/25/2034 (z) (bb)		1,118
	410	Series 2004-3, Class M3, 2.96%, 11/25/2034 (z) (bb)		413
	4,514	Series 2004-4, Class M1, 2.66%, 02/25/2035 (z) (bb)		4,485
	504	Series 2004-4, Class M2, 2.69%, 02/25/2035 (z) (bb)		500
	292	Series 2005-1, Class M3, 2.68%, 03/25/2035 (z) (bb)		272
	2,283	Series 2006-2, Class A2B, 2.06%, 08/25/2036 (z)		2,160
		NovaStar Mortgage Funding Trust,
	1,191	Series 2003-2, Class M2, 4.67%, 09/25/2033 (z) (bb)		1,182
	4	Series 2003-3, Class M2, 4.37%, 12/25/2033 (z) (bb)		3
	3,760	Series 2004-2, Class M4, 3.70%, 09/25/2034 (z) (bb)		3,696
		Oak Hill Advisors Residential Loan Trust,
	5,938	Series 2017-NPL1, Class A1, SUB, 3.00%, 06/25/2057 (e) (bb)		5,859
	4,724	Series 2017-NPL2, Class A1, SUB, 3.00%, 07/25/2057 (e) (bb)		4,687
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	5,802	Series 2003-5, Class A1, 2.54%, 08/25/2033 (z) (bb)		5,678
	433	Series 2003-5, Class A2, 2.54%, 08/25/2033 (z) (bb)		425
	234	Series 2003-5, Class M2, 4.22%, 08/25/2033 (z) (bb)		213
		Option One Mortgage Loan Trust,
	4,198	Series 2002-3, Class A1, 2.40%, 08/25/2032 (z) (bb)		4,099
	732	Series 2002-3, Class A2, 2.44%, 08/25/2032 (z) (bb)		716
	633	Series 2004-3, Class M2, 2.75%, 11/25/2034 (z) (bb)		632
	1,910	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, 3.62%, 10/25/2034 (z) (bb)		1,889
		Pretium Mortgage Credit Partners I LLC,
	11,354	Series 2017-NPL1, Class A1, SUB, 3.50%, 04/29/2032 (e)		11,327

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	6,000	Series 2017-NPL1, Class A2, SUB, 5.50%, 04/29/2032 (e) (bb)		5,970
	8,025	Series 2017-NPL2, Class A1, SUB, 3.25%, 03/28/2057 (e) (bb)		7,968
	2,696	Series 2017-NPL2, Class A2, SUB, 5.50%, 03/28/2057 (e) (bb)		2,637
	4,773	Series 2017-NPL3, Class A1, SUB, 3.25%, 06/29/2032 (e) (bb)		4,743
	7,318	Series 2017-NPL4, Class A1, SUB, 3.25%, 08/27/2032 (e) (bb)		7,257
	12,273	Series 2017-NPL5, Class A1, 3.33%, 12/30/2032 (e) (z)		12,223
	6,589	Series 2018-NPL1, Class A1, SUB, 3.38%, 01/27/2033 (e) (bb)		6,559
	13,462	Series 2018-NPL2, Class A1, SUB, 3.70%, 03/27/2033 (e)		13,460
	790	RAAC Trust, Series 2005-RP3, Class M1, 2.70%, 05/25/2039 (e) (z) (bb)		789
		RAMP Trust,
	508	Series 2002-RS2, Class AI5, 5.95%, 03/25/2032 (z) (bb)		514
	5,500	Series 2006-RZ3, Class M1, 2.25%, 08/25/2036 (z) (bb)		5,378
		RASC Trust,
	610	Series 2001-KS3, Class AII, 2.36%, 09/25/2031 (z) (bb)		598
	2,731	Series 2005-EMX1, Class M1, 2.54%, 03/25/2035 (z) (bb)		2,738
	1,413	Series 2005-KS2, Class M1, 2.54%, 03/25/2035 (z) (bb)		1,414
	564	Series 2006-KS5, Class A3, 2.06%, 07/25/2036 (z) (bb)		563
		Renaissance Home Equity Loan Trust,
	1,234	Series 2002-3, Class M1, 3.40%, 12/25/2032 (z) (bb)		1,235
	390	Series 2003-1, Class M1, 3.40%, 06/25/2033 (z) (bb)		383
	1,348	Series 2003-3, Class M1, 2.63%, 12/25/2033 (z) (bb)		1,316
	1,226	Series 2003-3, Class M2F, SUB, 5.68%, 12/25/2033 (bb)		1,268
	1,923	Series 2003-4, Class M1, 2.75%, 03/25/2034 (z) (bb)		1,912
	972	Series 2003-4, Class M2F, SUB, 6.24%, 03/25/2034 (bb)		927
	649	Series 2004-1, Class M1, 2.77%, 05/25/2034 (z) (bb)		627
	341	Series 2005-1, Class AF6, SUB, 4.97%, 05/25/2035 (bb)		349

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 57

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	1,056	Series 2005-2, Class AV3, 2.27%, 08/25/2035 (z) (bb)		1,007
	556	Series 2005-4, Class A3, SUB, 5.56%, 02/25/2036		556
	668	SASCO Mortgage Loan Trust, Series 2004-GEL3, Class M1, 3.47%, 08/25/2034 (z) (bb)		664
		Saxon Asset Securities Trust,
	4,697	Series 2003-3, Class M1, 2.87%, 12/25/2033 (z) (bb)		4,532
	178	Series 2004-2, Class AF3, 3.62%, 08/25/2035 (z) (bb)		179
	1,650	Series 2004-2, Class MV2, 1.58%, 08/25/2035 (z) (bb)		1,656
	3,766	Series 2005-2, Class M2, 2.56%, 10/25/2035 (z)		3,595
		Securitized Asset-Backed Receivables LLC Trust,
	2,367	Series 2004-NC1, Class M1, 2.68%, 02/25/2034 (z) (bb)		2,385
	726	Series 2004-OP1, Class M2, 3.55%, 02/25/2034 (z) (bb)		716
	3,334	Series 2004-OP2, Class M1, 2.87%, 08/25/2034 (z) (bb)		3,292
	1,019	Series 2005-FR2, Class M2, 2.87%, 03/25/2035 (z) (bb)		1,021
	1,611	Series 2005-OP1, Class M2, 2.57%, 01/25/2035 (z) (bb)		1,577
	2,207	Soundview Home Loan Trust, Series 2006-OPT3, Class 2A3, 2.07%, 06/25/2036 (z) (bb)		2,196
		Specialty Underwriting & Residential Finance Trust,
	1,379	Series 2004-BC1, Class M2, 3.50%, 02/25/2035 (z) (bb)		1,369
	1,184	Series 2004-BC3, Class M1, 2.83%, 07/25/2035 (z) (bb)		1,179
	1,356	Stanwich Mortgage Loan Co. LLC, Series 2017-NPA1, Class A1, SUB, 3.60%, 03/16/2022 (e)		1,361
		Structured Asset Investment Loan Trust,
	212	Series 2003-BC3, Class M1, 3.32%, 04/25/2033 (z) (bb)		212
	707	Series 2003-BC6, Class M1, 3.02%, 07/25/2033 (z) (bb)		706
	884	Series 2003-BC7, Class M1, 3.02%, 07/25/2033 (z) (bb)		881
	652	Series 2003-BC11, Class M2, 4.45%, 10/25/2033 (z) (bb)		664

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			United States — continued
	614		Series 2003-BC12, Class M1, 2.87%, 11/25/2033 (z) (bb)		593
	1,895		Series 2004-1, Class M1, 2.87%, 02/25/2034 (z) (bb)		1,863
	—	(h)	Series 2004-1, Class M2, 4.60%, 02/25/2034 (z) (bb)		—	(h)
	1,949		Series 2004-5, Class M3, 2.83%, 05/25/2034 (z) (bb)		1,882
	2,000		Series 2004-6, Class M1, 2.80%, 07/25/2034 (z) (bb)		1,976
	1,318		Series 2004-7, Class M1, 2.95%, 08/25/2034 (z) (bb)		1,240
	480		Series 2004-8, Class M2, 2.83%, 09/25/2034 (z) (bb)		479
	226		Series 2004-BNC1, Class A5, 3.14%, 09/25/2034 (z) (bb)		228
	1,499		Series 2005-HE2, Class M1, 2.62%, 07/25/2035 (z) (bb)		1,503
			Structured Asset Securities Corp. Mortgage Loan Trust,
	4,386		Series 2006-BC4, Class A4, 2.07%, 12/25/2036 (z) (bb)		4,240
	9,245		Series 2006-BC6, Class A4, 2.07%, 01/25/2037 (z)		9,042
	3,579		Structured Asset Securities Corp. Pass-Through Certificates, Series 2002-AL1, Class A3, 3.45%, 02/25/2032 (bb)		3,507
	822		VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb)		823
	6,105		VOLT LVI LLC, Series 2017-NPL3, Class A1, SUB, 3.50%, 03/25/2047 (e)		6,134
	4,370		VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.38%, 04/25/2047 (e) (bb)		4,357
	2,107		VOLT LVIII LLC, Series 2017-NPL5, Class A1, SUB, 3.38%, 05/28/2047 (e) (bb)		2,101
			VOLT LIX LLC,
	5,005		Series 2017-NPL6, Class A1, SUB, 3.25%, 05/25/2047 (e) (bb)		4,974
	2,000		Series 2017-NPL6, Class A2, SUB, 5.38%, 05/25/2047 (e) (bb)		1,993
			VOLT LX LLC,
	5,951		Series 2017-NPL7, Class A1, SUB, 3.25%, 06/25/2047 (e) (bb)		5,917
	14,000		Series 2017-NPL7, Class A2, SUB, 5.38%, 06/25/2047 (e) (bb)		13,954
			VOLT LXI LLC,
	4,970		Series 2017-NPL8, Class A1, SUB, 3.13%, 06/25/2047 (e) (bb)		4,939

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	8,500	Series 2017-NPL8, Class A2, SUB, 5.00%, 06/25/2047 (e) (bb)		8,473
	6,027	VOLT LXII LLC, Series 2017-NPL9, Class A1, SUB, 3.13%, 09/25/2047 (e) (bb)		5,970
	2,691	VOLT LXIII LLC, Series 2017-NP10, Class A1, SUB, 3.00%, 10/25/2047 (e)		2,670
	3,311	VOLT LXIV LLC, Series 2017-NP11, Class A1, SUB, 3.38%, 10/25/2047 (e)		3,306
	2,338	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.50%, 06/26/2045 (e)		2,339
	2,436	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.88%, 09/25/2045 (e) (bb)		2,451
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	3	Series 2004-2, Class A21B, 2.74%, 10/25/2034 (z) (bb)		3
	824	Series 2004-2, Class M1, 2.80%, 10/25/2034 (z) (bb)		824
	1,273	Series 2004-2, Class M4, 3.70%, 10/25/2034 (z)		1,230
	613	Series 2004-2, Class M5, 3.77%, 10/25/2034 (z) (bb)		597
	290	Series 2004-2, Class M8A, 6.40%, 10/25/2034 (e) (z) (bb)		279
	290	Series 2004-2, Class M8B, 5.00%, 10/25/2034 (e) (z) (bb)		265
		Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates,
	420	Series 2004-1, Class M2, 2.53%, 04/25/2034 (z) (bb)		392
	689	Series 2004-1, Class M4, 3.05%, 04/25/2034 (z) (bb)		617
		Total Asset-Backed Securities (Cost $513,164)		538,334
	Collateralized Mortgage Obligations — 3.6%
		Cayman Islands — 0.0% (g)
	1,202	LSTAR Securities Investment Ltd., Series 2017-7, Class A, 3.64%, 10/01/2022 (e) (z)		1,195
		United States — 3.6%
		Adjustable Rate Mortgage Trust
	3,627	Series 2004-2, Class 6A1, 3.88%, 02/25/2035 (z)		3,656
	4,625	Series 2004-4, Class 4A1, 3.61%, 03/25/2035 (z)		4,667
	1,486	Series 2005-2, Class 3A1, 3.81%, 06/25/2035 (z)		1,466

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Alternative Loan Trust
	743	Series 2004-12CB, Class 2A1, 6.00%, 06/25/2034		758
	29	Series 2004-16CB, Class 2A1, 5.00%, 08/25/2019		29
	6,548	Series 2004-25CB, Class A1, 6.00%, 12/25/2034		6,676
	434	Series 2004-27CB, Class A1, 6.00%, 12/25/2034		437
	642	Series 2004-28CB, Class 2A4, 5.75%, 01/25/2035		639
	60	Series 2004-28CB, Class 4A1, 5.00%, 01/25/2020		60
	1,237	Series 2004-28CB, Class 6A1, 6.00%, 01/25/2035		1,229
	4,171	Series 2004-32CB, Class 2A5, 5.50%, 02/25/2035		4,220
	104	Series 2005-3CB, Class 1A4, 5.25%, 03/25/2035		103
	12,520	Series 2005-3CB, Class 1A13, 5.50%, 03/25/2035		11,904
	5,188	Series 2005-6CB, Class 1A4, 5.50%, 04/25/2035		5,027
	590	Series 2005-6CB, Class 1A6, 5.50%, 04/25/2035		598
	5,119	Series 2005-10CB, Class 1A5, 5.50%, 05/25/2035		5,059
	2,943	Series 2005-10CB, Class 1A8, 5.50%, 05/25/2035		3,002
	2,212	Series 2005-13CB, Class A4, 5.50%, 05/25/2035		2,204
	258	Series 2005-20CB, Class 1A1, 5.50%, 07/25/2035		245
	1,159	Series 2005-21CB, Class A4, 5.25%, 06/25/2035		1,113
	5,159	Series 2005-21CB, Class A17, 6.00%, 06/25/2035		5,125
	2,568	Series 2005-23CB, Class A15, 5.50%, 07/25/2035		2,416
	35	Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020		35
	1,029	Series 2005-64CB, Class 1A1, 5.50%, 12/25/2035		1,019
	2,603	Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		2,579
	7,877	Series 2005-80CB, Class 5A1, 6.00%, 02/25/2036		7,938
	609	Series 2005-85CB, Class 3A2, 5.25%, 02/25/2021		595

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 59

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	562	Series 2005-86CB, Class A4, 5.50%, 02/25/2036		497
	213	Series 2005-J1, Class 3A1, 6.50%, 08/25/2032		220
	7,782	Series 2005-J2, Class 1A5, 2.40%, 04/25/2035 (z)		6,883
	158	Series 2005-J3, Class 3A1, 6.50%, 09/25/2034		159
	363	Series 2005-J6, Class 2A1, 5.50%, 07/25/2025		359
	353	Series 2005-J11, Class 5A1, 5.50%, 11/25/2020		350
	486	Series 2005-J14, Class A3, 5.50%, 12/25/2035		427
	2,567	Series 2005-J14, Class A7, 5.50%, 12/25/2035		2,254
	2,145	Series 2005-J14, Class A8, 5.50%, 12/25/2035		1,884
	1,357	Series 2006-4CB, Class 2A5, 5.50%, 04/25/2036		1,347
	2,015	Series 2006-14CB, Class A1, 6.00%, 06/25/2036		1,697
	820	Series 2006-19CB, Class A15, 6.00%, 08/25/2036		734
	379	Series 2006-25CB, Class A2, 6.00%, 10/25/2036		336
	4,052	Series 2006-41CB, Class 2A13, 5.75%, 01/25/2037		3,456
	225	Series 2006-J1, Class 1A13, 5.50%, 02/25/2036		205
	473	Series 2006-J3, Class 4A1, 5.75%, 05/25/2026		395
	259	Series 2007-8CB, Class A9, 6.00%, 05/25/2037		223
	48	Series 2007-9T1, Class 3A1, 5.50%, 05/25/2022		36
	223	Series 2007-19, Class 1A8, 6.00%, 08/25/2037		181
	228	Series 2007-25, Class 2A1, 6.00%, 11/25/2022		221
		American Home Mortgage Investment Trust
	306	Series 2005-1, Class 6A, 4.45%, 06/25/2045 (z)		315
	7,158	Series 2007-2, Class 12A1, 2.17%, 03/25/2037 (z)		4,784
		Banc of America Alternative Loan Trust
	410	Series 2004-12, Class 4A1, 5.50%, 01/25/2020		412

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	84	Series 2005-3, Class 2A1, 5.50%, 04/25/2020		84
	91	Series 2005-4, Class 3A1, 5.50%, 05/25/2020		90
	72	Series 2005-6, Class 5A4, 5.50%, 07/25/2035		65
	65	Series 2005-6, Class 7A1, 5.50%, 07/25/2020		62
	891	Series 2005-11, Class 4A5, 5.75%, 12/25/2035		812
	371	Series 2005-12, Class 5A1, 5.25%, 01/25/2021		363
	11	Series 2006-4, Class 2A1, 6.00%, 05/25/2021		11
	980	Series 2006-4, Class 3CB4, 6.00%, 05/25/2046		947
	4,168	Series 2006-4, Class 4CB1, 6.50%, 05/25/2046		4,286
	629	Series 2006-5, Class CB7, 6.00%, 06/25/2046		579
		Banc of America Funding Trust
	2,817	Series 2005-6, Class 1A2, 5.50%, 10/25/2035		2,696
	848	Series 2005-7, Class 4A7, 6.00%, 11/25/2035		861
	643	Series 2006-2, Class 2A20, 5.75%, 03/25/2036		624
	1,509	Series 2006-A, Class 1A1, 3.64%, 02/20/2036 (z)		1,496
	115	Series 2007-4, Class 8A1, 5.50%, 11/25/2034		107
	5,283	Series 2007-5, Class 4A1, 2.27%, 07/25/2037 (z)		3,657
		Banc of America Mortgage Trust
	798	Series 2004-A, Class 2A2, 3.86%, 02/25/2034 (z)		798
	436	Series 2007-3, Class 1A1, 6.00%, 09/25/2037		421
	464	Bear Stearns ALT-A Trust, Series 2006-8, Class 3A1, 2.06%, 02/25/2034 (z)		432
	704	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, 2.90%, 10/25/2034 (z) (bb)		248
		Chase Mortgage Finance Trust
	1,688	Series 2006-S3, Class 1A2, 6.00%, 11/25/2036		1,376
	1,196	Series 2006-S4, Class A5, 6.00%, 12/25/2036		1,003

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	9,717	Series 2007-A2, Class 3A1, 3.79%, 07/25/2037 (z)		9,787
	318	Series 2007-S2, Class 1A8, 6.00%, 03/25/2037		268
		CHL Mortgage Pass-Through Trust
	178	Series 2003-27, Class A1, 3.83%, 06/25/2033 (z)		179
	332	Series 2003-37, Class 2A1, 3.56%, 09/25/2033 (z)		333
	4,195	Series 2004-25, Class 2A1, 2.58%, 02/25/2035 (z)		4,055
	210	Series 2005-20, Class A7, 5.25%, 12/25/2027		200
	3,000	Series 2005-26, Class 1A11, 5.50%, 11/25/2035		2,712
	281	Series 2005-30, Class A5, 5.50%, 01/25/2036		266
	1,701	Series 2005-31, Class 2A1, 3.30%, 01/25/2036 (z)		1,619
	2,065	Series 2006-10, Class 1A16, 6.00%, 05/25/2036		1,742
	138	Series 2006-15, Class A1, 6.25%, 10/25/2036		117
	570	Series 2006-17, Class A2, 6.00%, 12/25/2036		474
	3,547	Series 2006-18, Class 2A4, 6.00%, 12/25/2036		3,174
	4,257	Series 2006-HYB1, Class 2A2C, 3.29%, 03/20/2036 (z)		3,922
	1,639	Series 2006-HYB2, Class 2A1B, 3.41%, 04/20/2036 (z)		1,511
	190	Series 2006-J2, Class 1A1, 6.00%, 04/25/2036		174
	213	Series 2007-2, Class A2, 6.00%, 03/25/2037		184
	1,637	Series 2007-3, Class A18, 6.00%, 04/25/2037		1,380
	186	Series 2007-10, Class A4, 5.50%, 07/25/2037		153
	460	Series 2007-13, Class A4, 6.00%, 08/25/2037		404
	3,699	Series 2007-16, Class A1, 6.50%, 10/25/2037		3,146
	723	Series 2007-18, Class 2A1, 6.50%, 11/25/2037		568
	953	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.00%, 05/25/2037		917

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Citigroup Mortgage Loan Trust, Inc.
	310	Series 2005-3, Class 2A2A, 3.57%, 08/25/2035 (z)		311
	861	Series 2005-4, Class A, 3.56%, 08/25/2035 (z)		869
	1,006	Series 2005-6, Class A1, 3.41%, 09/25/2035 (z)		1,019
	726	Series 2005-9, Class 2A2, 5.50%, 11/25/2035		727
	620	Series 2005-11, Class A2A, 3.63%, 10/25/2035 (z)		627
	1,056	Series 2006-8, Class A3, 2.25%, 10/25/2035 (e) (z)		854
	2,540	Series 2006-AR3, Class 1A1A, 4.04%, 06/25/2036 (z)		2,532
	1,343	Series 2006-AR5, Class 1A5A, 3.62%, 07/25/2036 (z)		1,283
	5,236	CSFB Mortgage-Backed Pass-Through, Series 2005-4, Class 2A5, 2.45%, 06/25/2035 (z)		4,464
		CSFB Mortgage-Backed Pass-Through Certificates
	447	Series 2003-29, Class 3A1, 5.50%, 12/25/2033		464
	5,369	Series 2004-4, Class 4A1, 5.50%, 08/25/2034		5,482
	172	Series 2004-8, Class 4A3, 5.50%, 12/25/2034		175
	584	Series 2004-AR4, Class 2A1, 3.81%, 05/25/2034 (z)		594
	4,003	Series 2004-AR4, Class 4A1, 3.78%, 05/25/2034 (z)		4,078
	898	Series 2004-AR5, Class 6A1, 3.67%, 06/25/2034 (z)		915
	536	Series 2005-10, Class 5A3, 5.50%, 11/25/2035		522
	1,689	Series 2005-10, Class 11A1, 5.50%, 11/25/2020		1,374
	50	Series 2005-10, Class 12A1, 5.25%, 11/25/2020		45
	2,116	CSFB Mortgage-Backed Trust, Series 2004-AR6, Class 7A1, 3.63%, 10/25/2034 (z)		2,160
		CSMC Mortgage-Backed Trust
	72	Series 2006-8, Class 5A1, 5.92%, 10/25/2026 (z)		70
	749	Series 2007-2, Class 3A13, 5.50%, 03/25/2037		684
	150	Series 2007-3, Class 4A5, 5.00%, 04/25/2037		145

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 61

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	123	Series 2005-1, Class 2A1, 5.61%, 02/25/2020 (z)		123
	38	Series 2005-2, Class 2A1, 2.20%, 03/25/2020 (z)		37
	3,304	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, 2.16%, 08/19/2045 (z)		3,108
		FHLMC Structured Agency Credit Risk Debt Notes
	3,000	Series 2016-DNA3, Class M2, 3.90%, 12/25/2028 (z)		3,052
	3,000	Series 2017-DNA1, Class M2, 5.15%, 07/25/2029 (z)		3,247
	4,000	Series 2017-DNA2, Class M2, 5.35%, 10/25/2029 (z)		4,381
	6,000	Series 2017-DNA3, Class M2, 4.40%, 03/25/2030 (z)		6,223
	4,965	Series 2018-HQA1, Class M1, 2.60%, 09/25/2030 (z)		4,969
	12,500	Series 2018-HQA1, Class M2, 4.20%, 09/25/2030 (z)		12,684
		First Horizon Alternative Mortgage Securities Trust
	86	Series 2005-FA1, Class 1A4, 5.50%, 03/25/2035		83
	3,274	Series 2005-FA10, Class 1A5, 5.50%, 01/25/2036		2,823
	523	Series 2006-FA6, Class 3A1, 5.75%, 11/25/2021		508
	265	First Horizon Mortgage Pass-Through Trust, Series 2004-AR7, Class 4A1, 3.77%, 02/25/2035 (z)		265
		FNMA, Connecticut Avenue Securities
	3,411	Series 2017-C05, Class 1M1, 2.45%, 01/25/2030 (z)		3,411
	3,000	Series 2017-C05, Class 1M2, 4.10%, 01/25/2030 (z)		3,051
	8,000	Series 2018-C01, Class 1M2, 4.15%, 07/25/2030 (z)		8,187
		GMACM Mortgage Loan Trust
	780	Series 2004-AR2, Class 3A, 4.05%, 08/19/2034 (z)		753
	469	Series 2005-AR1, Class 3A, 3.99%, 03/18/2035 (z)		472
	1,573	GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (e) (z)		1,095

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		GSR Mortgage Loan Trust
	353	Series 2004-15F, Class 1A2, 5.50%, 12/25/2034		375
	356	Series 2005-1F, Class 2A3, 6.00%, 02/25/2035		345
	1,728	Series 2005-6F, Class 3A18, 5.50%, 07/25/2035		1,792
	185	Series 2005-AR3, Class 6A1, 3.79%, 05/25/2035 (z)		182
	3,412	Series 2005-AR4, Class 3A5, 3.55%, 07/25/2035 (z)		3,281
	2,227	Series 2005-AR7, Class 6A1, 3.66%, 11/25/2035 (z)		2,244
	1,848	Series 2006-1F, Class 2A9, 6.00%, 02/25/2036		1,592
	1,141	Series 2006-1F, Class 2A16, 6.00%, 02/25/2036		983
	1,096	Series 2006-9F, Class 3A1, 6.25%, 10/25/2036		1,083
	237	Series 2006-9F, Class 8A1, 5.50%, 08/25/2021		227
	573	Series 2007-1F, Class 3A13, 6.00%, 01/25/2037		535
	364	HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, 2.52%, 08/19/2045 (z)		359
		Impac CMB Trust
	1,117	Series 2004-5, Class 1A1, 2.62%, 10/25/2034 (z)		1,119
	407	Series 2004-5, Class 1M2, 2.77%, 10/25/2034 (z) (bb)		385
	2,498	Series 2004-6, Class 1A2, 2.68%, 10/25/2034 (z)		2,446
	991	Series 2004-7, Class 1A2, 2.82%, 11/25/2034 (z)		963
	4,291	Series 2004-9, Class 1A1, 2.66%, 01/25/2035 (z)		4,223
	1,079	Series 2004-10, Class 2A, 2.54%, 03/25/2035 (z)		1,005
	3,272	Series 2004-10, Class 3A1, 2.60%, 03/25/2035 (z)		3,059
	689	Series 2005-1, Class 1A1, 2.42%, 04/25/2035 (z)		655
	844	Series 2005-1, Class 1A2, 2.52%, 04/25/2035 (z)		781
	810	Series 2005-2, Class 1A2, 2.52%, 04/25/2035 (z)		773
	635	Series 2005-4, Class 1A1A, 2.44%, 05/25/2035 (z)		633

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	394	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A4, 3.75%, 08/25/2033		377
		Impac Secured Assets Trust
	3,950	Series 2007-3, Class A1B, 2.14%, 09/25/2037 (z)		3,266
	6,618	Series 2007-3, Class A1C, 2.26%, 09/25/2037 (z)		5,502
		IndyMac INDX Mortgage Loan Trust
	506	Series 2005-AR3, Class 3A1, 3.44%, 04/25/2035 (z)		497
	1,463	Series 2005-AR14, Class 2A1A, 2.20%, 07/25/2035 (z)		1,386
	5,576	JP Morgan Alternative Loan Trust, Series 2006-A2, Class 1A1, 2.08%, 05/25/2036 (z)		5,296
		JP Morgan Mortgage Trust
	228	Series 2004-A6, Class 1A1, 3.46%, 12/25/2034 (z)		225
	729	Series 2005-A3, Class 6A6, 3.78%, 06/25/2035 (z)		715
	803	Series 2005-A6, Class 1A2, 3.65%, 09/25/2035 (z)		812
	258	Series 2005-A8, Class 1A1, 3.53%, 11/25/2035 (z)		249
	3,182	Series 2005-A8, Class 4A1, 3.64%, 11/25/2035 (z)		3,182
	1,120	Series 2006-A7, Class 2A4, 3.62%, 01/25/2037 (z)		1,131
	108	Series 2006-S2, Class 2A1, 5.00%, 06/25/2021		101
	58	Series 2006-S3, Class 2A4, 5.50%, 08/25/2021		58
	401	Series 2007-A1, Class 2A2, 3.62%, 07/25/2035 (z)		406
	5,812	Series 2007-S1, Class 2A17, 2.23%, 03/25/2037 (z)		3,168
	65	Series 2007-S3, Class 2A3, 6.00%, 08/25/2022		67
	1,550	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.50%, 12/25/2035		1,468
		Lehman XS Trust
	8,983	Series 2005-5N, Class 3A1A, 2.20%, 11/25/2035 (z)		8,597
	6,172	Series 2005-7N, Class 1A1A, 2.17%, 12/25/2035 (z)		6,113

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		MASTR Alternative Loan Trust
	612	Series 2004-8, Class 1A1, 6.50%, 09/25/2034		665
	1,490	Series 2004-12, Class 3A1, 6.00%, 12/25/2034		1,550
	486	Series 2005-3, Class 1A1, 5.50%, 04/25/2035		497
	338	Series 2005-5, Class 3A1, 5.75%, 08/25/2035		287
	923	Series 2005-6, Class 1A2, 5.50%, 12/25/2035		886
	564	Series 2006-3, Class 3A1, 5.50%, 06/25/2021		556
		Merrill Lynch Mortgage Investors Trust
	131	Series 2005-1, Class 2A1, 3.41%, 04/25/2035 (z)		129
	414	Series 2005-1, Class 2A2, 3.41%, 04/25/2035 (z)		402
	1,859	Series 2006-1, Class 2A1, 3.33%, 02/25/2036 (z)		1,865
	389	Series 2006-AF2, Class AF2, 6.25%, 10/25/2036		324
	8,281	Metlife Securitization Trust, Series 2017-1A, Class A, 3.00%, 04/25/2055 (e) (z)		8,133
		Morgan Stanley Mortgage Loan Trust
	1,359	Series 2004-8AR, Class 4A1, 3.60%, 10/25/2034 (z)		1,384
	855	Series 2004-9, Class 1A, 5.40%, 11/25/2034 (z)		894
	83	Series 2005-4, Class 1A, 5.00%, 08/25/2035		83
	1,288	Series 2006-2, Class 1A, 5.25%, 02/25/2021		1,259
		MortgageIT Trust
	4,790	Series 2005-3, Class A1, 2.50%, 08/25/2035 (z)		4,678
	675	Series 2005-5, Class A1, 2.16%, 12/25/2035 (z)		671
	48	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, SUB, 5.16%, 03/25/2035		49
		Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
	545	Series 2005-4, Class 1A2, 2.29%, 11/25/2035 (z)		537
	2,652	Series 2005-5, Class 1APT, 2.18%, 12/25/2035 (z)		2,597

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 63

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
		Opteum Mortgage Acceptance Corp. Trust
	3,007	Series 2006-1, Class 1AC1, 2.20%, 04/25/2036 (z)		2,900
	841	Series 2006-1, Class 1APT, 2.11%, 04/25/2036 (z)		788
	1,094	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 3.73%, 05/25/2035 (z)		1,072
		RALI Trust
	14	Series 2003-QS20, Class CB, 5.00%, 11/25/2018		14
	2,584	Series 2005-QA5, Class A2, 4.77%, 04/25/2035 (z)		2,461
	3,197	Series 2005-QO1, Class A1, 2.20%, 08/25/2035 (z)		2,775
	123	Series 2005-QS2, Class A1, 5.50%, 02/25/2035		121
	2,492	Series 2005-QS6, Class A1, 5.00%, 05/25/2035		2,364
	1,308	Series 2005-QS17, Class A3, 6.00%, 12/25/2035		1,272
	2,214	Series 2006-QS3, Class 1A10, 6.00%, 03/25/2036		2,073
	2,521	Series 2006-QS4, Class A2, 6.00%, 04/25/2036		2,307
	70	Series 2006-QS18, Class 3A1, 5.75%, 12/25/2021		67
		Residential Asset Securitization Trust
	102	Series 2004-A6, Class A1, 5.00%, 08/25/2019		101
	4,134	Series 2005-A3, Class A2, 5.50%, 04/25/2035		3,626
	2,426	Series 2005-A8CB, Class A11, 6.00%, 07/25/2035		2,235
	196	Series 2005-A14, Class A1, 5.50%, 12/25/2035		170
		RFMSI Trust
	199	Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		200
	167	Series 2005-S7, Class A6, 5.50%, 11/25/2035		163
	707	Series 2005-SA1, Class 3A, 3.59%, 03/25/2035 (z)		709
	3,219	Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		3,041
	3,219	Series 2006-SA4, Class 2A1, 4.80%, 11/25/2036 (z)		3,060
	339,620	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class AIO, IO, 0.19%, 07/25/2056 (e) (z) (bb)		1,559

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Sequoia Mortgage Trust
	1,289	Series 2007-3, Class 1A1, 2.10%, 07/20/2036 (z)		1,228
	8,343	Series 2018-2, Class A4, 3.50%, 02/25/2048 (e) (z)		8,296
		Structured Adjustable Rate Mortgage Loan Trust
	912	Series 2004-16, Class 5A2, 3.64%, 11/25/2034 (z)		921
	558	Series 2005-1, Class 1A1, 3.86%, 02/25/2035 (z)		557
	2	Series 2005-17, Class 4A3, 3.58%, 08/25/2035 (z)		2
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates
	846	Series 2003-35, Class B1, 5.47%, 12/25/2033 (z) (bb)		787
	5,818	Series 2004-10, Class 1A1, 5.27%, 06/25/2034 (z)		5,936
		WaMu Mortgage Pass-Through Certificates Trust
	1,580	Series 2004-AR10, Class A1B, 2.32%, 07/25/2044 (z)		1,584
	1,849	Series 2004-AR11, Class A, 3.27%, 10/25/2034 (z)		1,855
	5,232	Series 2005-AR5, Class A6, 3.27%, 05/25/2035 (z)		5,277
	1,868	Series 2005-AR7, Class A3, 3.28%, 08/25/2035 (z)		1,881
	2,771	Series 2005-AR14, Class 1A3, 3.41%, 12/25/2035 (z)		2,748
	1,848	Series 2005-AR14, Class 1A4, 3.41%, 12/25/2035 (z)		1,833
	64	Series 2005-AR15, Class A1A1, 2.16%, 11/25/2045 (z)		63
	1,108	Series 2005-AR16, Class 1A1, 3.39%, 12/25/2035 (z)		1,076
	126	Series 2005-AR18, Class 1A3A, 3.41%, 01/25/2036 (z)		127
	520	Series 2006-AR2, Class 1A1, 3.41%, 03/25/2036 (z)		491
	1,199	Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust, Series 2005-1, Class 1A3, 5.50%, 03/25/2035		1,160
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
	816	Series 2005-4, Class CB7, 5.50%, 06/25/2035		787

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	1,233	Series 2005-10, Class 4CB1, 5.75%, 12/25/2035		1,206
	866	Series 2006-3, Class 5A2, 5.50%, 03/25/2021		845
	280	Series 2006-5, Class 2CB5, 6.50%, 07/25/2036		238
	5,858	Series 2007-1, Class 1A7, 2.50%, 02/25/2037 (z)		4,495
	1,412	Series 2007-1, Class 2A1, 6.00%, 01/25/2022		1,348
		Wells Fargo Mortgage-Backed Securities Trust
	2,656	Series 2004-M, Class A1, 3.52%, 08/25/2034 (z)		2,737
	4,203	Series 2004-N, Class A6, 3.48%, 08/25/2034 (z)		4,247
	3,991	Series 2004-N, Class A7, 3.48%, 08/25/2034 (z)		4,032
	748	Series 2004-Q, Class 1A1, 3.60%, 09/25/2034 (z)		759
	461	Series 2004-Q, Class 1A2, 3.60%, 09/25/2034 (z)		470
	579	Series 2004-BB, Class A5, 3.72%, 01/25/2035 (z)		588
	5,685	Series 2004-DD, Class 1A1, 3.77%, 01/25/2035 (z)		5,898
	622	Series 2004-DD, Class 2A6, 3.77%, 01/25/2035 (z)		640
	132	Series 2005-AR2, Class 2A2, 3.91%, 03/25/2035 (z)		135
	613	Series 2005-AR3, Class 2A1, 3.61%, 03/25/2035 (z)		622
	311	Series 2005-AR4, Class 2A2, 3.96%, 04/25/2035 (z)		312
	1,623	Series 2005-AR5, Class 1A1, 4.09%, 04/25/2035 (z)		1,628
	97	Series 2005-AR7, Class 2A1, 3.99%, 05/25/2035 (z)		96
	2,883	Series 2005-AR8, Class 1A1, 3.72%, 06/25/2035 (z)		2,947
	2,250	Series 2005-AR10, Class 1A1, 3.68%, 06/25/2035 (z)		2,358
	753	Series 2005-AR11, Class 1A1, 3.71%, 06/25/2035 (z)		760
	503	Series 2005-AR15, Class 1A6, 3.56%, 09/25/2035 (z)		483
	1,727	Series 2005-AR16, Class 6A3, 3.66%, 10/25/2035 (z)		1,740
	275	Series 2005-AR16, Class 7A1, 3.63%, 10/25/2035 (z)		269

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	412	Series 2006-4, Class 1A9, 5.75%, 04/25/2036		411
	1,602	Series 2006-AR2, Class 2A1, 3.77%, 03/25/2036 (z)		1,625
	282	Series 2006-AR2, Class 2A3, 3.77%, 03/25/2036 (z)		285
	1,264	Series 2006-AR6, Class 5A1, 3.67%, 03/25/2036 (z)		1,266
	395	Series 2006-AR19, Class A3, 3.70%, 12/25/2036 (z)		370
	273	Series 2007-2, Class 1A13, 6.00%, 03/25/2037		271
	485	Series 2007-15, Class A1, 6.00%, 11/25/2037		481
				458,694
		Total Collateralized Mortgage Obligations (Cost $451,415)		459,889
	Commercial Mortgage-Backed Securities — 0.9%
		United States — 0.9%
		Banc of America Commercial Mortgage Trust,
	1,524	Series 2007-3, Class B, 5.87%, 06/10/2049 (z) (bb)		1,535
	4,500	Series 2007-3, Class F, 5.87%, 06/10/2049 (e) (z) (bb)		4,584
	7,165	Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PW13, Class C, 5.68%, 09/11/2041 (e) (z) (bb)		7,010
	6,000	BX Commercial Mortgage Trust, Series 2018-BIOA, Class D, 3.22%, 03/15/2037 (e) (z) (bb)		5,968
		BX Trust,
	6,000	Series 2018-MCSF, Class A, 2.48%, 04/15/2035 (e) (z)		5,948
	1,500	Series 2018-MCSF, Class B, 2.71%, 04/15/2035 (e) (z)		1,487
	1,000	Series 2018-MCSF, Class C, 2.90%, 04/15/2035 (e) (z)		992
		BXMT Ltd.,
	1,500	Series 2017-FL1, Class C, 3.85%, 06/15/2035 (e) (z)		1,509
	3,000	Series 2017-FL1, Class D, 4.60%, 06/15/2035 (e) (z) (bb)		3,000
	1,023	CD Commercial Mortgage Trust, Series 2005-CD1, Class E, 5.43%, 07/15/2044 (z) (bb)		1,022
	2,988	CD Mortgage Trust, Series 2007-CD5, Class D, 6.43%, 11/15/2044 (e) (z) (bb)		2,992

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 65

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
		United States — continued
	5,400	COMM Mortgage Trust, Series 2015-CR23, Class CMC, 3.81%, 05/10/2048 (e) (z) (bb)		5,374
	2,825	Credit Suisse Commercial Mortgage Trust, Series 2007-C1, Class AM, 5.42%, 02/15/2040		2,852
	17,000	FHLMC Multifamily Structured Pass-Through Certificates, Series K054, Class X3, IO, 1.65%, 04/25/2043 (z)		1,729
		FREMF Mortgage Trust,
	1,400	Series 2017-K729, Class B, 3.80%, 11/25/2049 (e) (z)		1,363
	2,000	Series 2018-K731, Class C, 3.91%, 02/25/2025 (e)		1,856
	3,000	GPMT, Series 2018-FL1, Class B, 12/19/2035 (e) (w) (z)		3,000
		GS Mortgage Securities Trust,
	2,595	Series 2006-GG8, Class AJ, 5.62%, 11/10/2039		2,235
	2,344	Series 2007-GG10, Class AM, 6.02%, 08/10/2045 (z)		2,381
	2,000	Series 2017-GS5, Class D, 3.51%, 03/10/2050 (e) (z)		1,649
		JP Morgan Chase Commercial Mortgage Securities Trust,
	3,337	Series 2007-LD11, Class AM, 6.18%, 06/15/2049 (z)		3,390
	1,004	Series 2007-LDPX, Class AM, 5.46%, 01/15/2049 (z)		1,007
	433	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, 6.09%, 07/15/2044 (z)		440
		LB-UBS Commercial Mortgage Trust,
	2,410	Series 2006-C6, Class B, 5.47%, 09/15/2039 (z) (bb)		361
	6,700	Series 2006-C6, Class AJ, 5.45%, 09/15/2039 (z)		5,092
	9,200	Series 2007-C6, Class AJ, 6.44%, 07/15/2040 (z)		9,384
	3,950	Merrill Lynch Mortgage Trust, Series 2007-C1, Class AM, 6.00%, 06/12/2050 (z)		3,923
		Morgan Stanley Capital I Trust,
	308	Series 2006-HQ8, Class D, 5.79%, 03/12/2044 (z) (bb)		311
	1,166	Series 2006-HQ9, Class D, 5.86%, 07/12/2044 (z) (bb)		1,165
	2,571	Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041 (z)		2,572

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,065	Series 2007-HQ11, Class B, 5.54%, 02/12/2044 (z) (bb)		1,674
	2,000	Series 2007-T27, Class C, 6.13%, 06/11/2042 (e) (z) (bb)		2,090
		Wachovia Bank Commercial Mortgage Trust,
	5,825	Series 2007-C31, Class C, 6.17%, 04/15/2047 (z) (bb)		5,924
	3,783	Series 2007-C31, Class AJ, 5.66%, 04/15/2047 (z)		3,860
	2,650	Series 2007-C33, Class B, 6.21%, 02/15/2051 (z) (bb)		2,570
	6,313	Series 2007-C33, Class C, 6.21%, 02/15/2051 (z) (bb)		5,591
	2,075	Series 2007-C33, Class AJ, 6.21%, 02/15/2051 (z)		2,065
	1,500	Series 2007-C34, Class B, 6.38%, 05/15/2046 (z) (bb)		1,524
	1,824	Series 2007-C34, Class AJ, 6.30%, 05/15/2046 (z)		1,846
		Total Commercial Mortgage-Backed Securities (Cost $118,838)		113,275
SHARES
	Common Stocks — 40.5%
		Australia — 0.6%
	608	Australia & New Zealand Banking Group Ltd.		12,217
	518	BHP Billiton plc		11,044
	4,104	Goodman Group		27,920
	7,054	Mirvac Group		11,838
	6,381	Scentre Group		19,287
				82,306
		Austria — 0.0% (g)
	87	OMV AG		5,378
		Belgium — 0.2%
	79	Ageas		4,217
	59	KBC Group NV		5,146
	82	Proximus SADP		2,498
	62	Warehouses De Pauw, CVA		7,638
				19,499
		Brazil — 0.7%
	4,285	Ambev SA, ADR		28,366
	2,357	BB Seguridade Participacoes SA		18,507
	1,340	Cielo SA		7,353
	1,419	Engie Brasil Energia SA		15,087
	1,513	Itau Unibanco Holding SA (Preference)		21,966
				91,279

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Canada — 0.4%
	341	Allied Properties REIT		11,030
	317	Canadian Apartment Properties REIT		9,144
	599	TransCanada Corp.		25,407
				45,581
		Cayman Islands — 0.0% (g)
	58	Telford Offshore Holdings Ltd. (a) (bb)		86
		Chile — 0.1%
	574	Banco Santander Chile, ADR		18,956
		China — 1.5%
	19,399	China Construction Bank Corp., Class H		20,324
	1,562	China Mobile Ltd.		14,880
	4,288	China Pacific Insurance Group Co. Ltd., Class H		18,922
	11,434	China Resources Power Holdings Co. Ltd.		21,932
	12,556	CNOOC Ltd.		21,241
	3,882	Fuyao Glass Industry Group Co. Ltd., Class A		13,692
	2,329	Fuyao Glass Industry Group Co. Ltd., Class H, Reg. S (e)		8,004
	3,830	Guangdong Investment Ltd.		5,928
	1,429	Henan Shuanghui Investment & Development Co. Ltd., Class A		5,615
	3,602	Huayu Automotive Systems Co. Ltd., Class A		12,573
	499	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		8,784
	1,816	Midea Group Co. Ltd., Class A		14,740
	2,935	SAIC Motor Corp. Ltd., Class A		14,734
	1,971	Zhengzhou Yutong Bus Co. Ltd., Class A		6,357
				187,726
		Colombia — 0.0% (g)
	8	Frontera Energy Corp. (a)		260
	21	Frontera Energy Corp. (a)		637
	65	Millicom International Cellular SA, SDR		4,319
				5,216
		Czech Republic — 0.2%
	417	Komercni banka A/S		17,999
	1,837	Moneta Money Bank A/S, Reg. S (e)		6,604
				24,603
		Denmark — 0.2%
	133	Danske Bank A/S		4,630
	264	Novo Nordisk A/S, Class B		12,413
	258	Tryg A/S		6,108
				23,151

SHARES		SECURITY DESCRIPTION	VALUE
		Finland — 0.6%
	149	Elisa OYJ		6,588
	310	Fortum OYJ		7,140
	199	Konecranes OYJ		8,129
	74	Neste OYJ		6,221
	157	Sampo OYJ, Class A		8,500
	312	Stora Enso OYJ, Class R		6,153
	954	UPM-Kymmene OYJ		34,052
				76,783
		France — 2.9%
	6	Airbus SE		652
	74	Airbus SE		8,681
	392	AXA SA		11,212
	355	BNP Paribas SA		27,442
	72	Bouygues SA		3,665
	111	Capgemini SE		15,255
	90	Cie de Saint-Gobain		4,710
	174	Cie Generale des Etablissements Michelin SCA		24,494
	224	CNP Assurances (a)		5,743
	366	Credit Agricole SA		6,025
	522	Engie SA		9,153
	151	Fonciere Des Regions		16,910
	23	Gecina SA		3,905
	49	ICADE (a)		4,870
	78	LVMH Moet Hennessy Louis Vuitton SE		27,027
	824	Natixis SA		6,770
	541	Orange SA		9,840
	168	Peugeot SA		4,126
	43	Renault SA		4,689
	358	Schneider Electric SE (a)		32,495
	1,023	TOTAL SA		64,298
	149	Unibail-Rodamco SE		35,681
	286	Veolia Environnement SA (a)		6,763
	424	Vinci SA		42,355
				376,761
		Germany — 1.7%
	233	Allianz SE (Registered)		55,051
	1,009	Aroundtown SA		8,075
	110	BASF SE		11,496
	60	Bayerische Motoren Werke AG		6,718
	475	Daimler AG (Registered)		37,310
	1,744	Deutsche Telekom AG (Registered)		30,526
	125	Deutsche Wohnen SE		5,879
	482	E.ON SE		5,283
	118	Evonik Industries AG		4,204

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 67

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Germany — continued
	48	Hannover Rueck SE		6,789
	23	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		5,211
	153	ProSiebenSat.1 Media SE		5,534
	216	RWE AG		5,156
	156	Schaeffler AG (Preference)		2,409
	951	Telefonica Deutschland Holding AG		4,539
	317	TUI AG		7,161
	45	Volkswagen AG (Preference)		9,351
	99	Vonovia SE		4,954
				215,646
		Hong Kong — 0.5%
	853	Hang Seng Bank Ltd.		21,612
	8,377	HKT Trust & HKT Ltd.		11,022
	9,501	New World Development Co. Ltd.		13,933
	8,635	WH Group Ltd., Reg. S (e)		8,939
	1,041	Wharf Real Estate Investment Co. Ltd.		7,805
				63,311
		Hungary — 0.2%
	569	OTP Bank Nyrt		24,816
		India — 0.4%
	1,506	Coal India Ltd.		6,416
	1,065	Infosys Ltd., ADR		18,827
	2,288	ITC Ltd.		9,624
	337	Tata Consultancy Services Ltd.		17,806
				52,673
		Indonesia — 0.2%
	71,718	Telekomunikasi Indonesia Persero Tbk. PT		19,570
		Ireland — 0.1%
	693	AIB Group plc		4,136
	707	Bank of Ireland Group plc		6,345
				10,481
		Italy — 0.7%
	390	Assicurazioni Generali SpA		7,877
	123	Atlantia SpA		4,063
	5,471	Enel SpA		34,705
	590	Eni SpA		11,538
	3,012	Intesa Sanpaolo SpA		11,456
	296	Mediobanca Banca di Credito Finanziario SpA		3,587
	661	Poste Italiane SpA, Reg. S (e)		6,455
	1,101	Snam SpA		5,288
	594	Terna Rete Elettrica Nazionale SpA		3,567
				88,536

SHARES		SECURITY DESCRIPTION	VALUE
		Japan — 0.8%
	101	Bandai Namco Holdings, Inc.		3,411
	251	Bridgestone Corp.		10,505
	3	Daiwa House REIT Investment Corp.		6,320
	42	Invesco Office J-Reit, Inc.		5,318
	279	Japan Airlines Co. Ltd.		11,011
	15	Japan Hotel REIT Investment Corp.		11,223
	1	Kenedix Office Investment Corp.		5,699
	2	Kenedix Retail REIT Corp.		3,323
	5	Nippon Prologis REIT, Inc.		10,422
	326	Nippon Telegraph & Telephone Corp.		15,480
	481	Tokio Marine Holdings, Inc.		22,683
				105,395
		Macau — 0.1%
	3,073	Sands China Ltd.		17,759
		Mexico — 0.4%
	2,009	Bolsa Mexicana de Valores SAB de CV		3,879
	8,106	Fibra Uno Administracion SA de CV		13,423
	9,249	Kimberly-Clark de Mexico SAB de CV, Class A		16,760
	5,389	Wal-Mart de Mexico SAB de CV		14,984
				49,046
		Netherlands — 1.4%
	204	ABN AMRO Group NV, Reg. S, CVA (e)		6,320
	1,048	Aegon NV		7,681
	143	Akzo Nobel NV		12,991
	182	Eurocommercial Properties NV, CVA		7,643
	1,441	ING Groep NV		24,279
	1,244	Koninklijke Ahold Delhaize NV		30,007
	1,310	Koninklijke KPN NV		4,076
	144	NN Group NV		6,921
	53	Randstad Holding NV		3,439
	811	Royal Dutch Shell plc, Class A		28,395
	1,025	Royal Dutch Shell plc, Class B		36,575
	153	Vastned Retail NV		7,662
				175,989
		New Zealand — 0.0% (g)
	65	UCI Holdings LLC (a) (bb)		1,173
		Norway — 0.5%
	398	DNB ASA		7,452
	306	Gjensidige Forsikring ASA		4,846
	231	Marine Harvest ASA		5,028
	2,277	Norsk Hydro ASA		14,221
	377	Statoil ASA		9,650
	977	Telenor ASA		21,621
				62,818

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Portugal — 0.0% (g)
	209	Galp Energia SGPS SA		4,010
		Russia — 0.6%
	5,330	Alrosa PJSC		7,577
	10,955	Moscow Exchange MICEX-RTS PJSC		20,956
	152	PhosAgro PJSC, Reg. S, GDR		2,193
	7,929	Sberbank of Russia PJSC		28,263
	794	Sberbank of Russia PJSC, ADR		11,728
	15	Severstal PJSC, Reg. S, GDR		240
	271	Severstal PJSC, Reg. S, GDR		4,312
				75,269
		Singapore — 0.2%
	1,805	Ascendas REIT		3,620
	800	City Developments Ltd.		7,601
	835	DBS Group Holdings Ltd.		19,261
				30,482
		South Africa — 0.6%
	1,839	AVI Ltd.		16,821
	566	Barclays Africa Group Ltd.		8,284
	445	Bid Corp. Ltd.		10,240
	2,758	FirstRand Ltd.		14,772
	543	Investec plc		4,295
	126	Mondi plc		3,507
	332	SPAR Group Ltd. (The)		5,631
	967	Vodacom Group Ltd.		12,103
				75,653
		South Korea — 0.5%
	107	ING Life Insurance Korea Ltd., Reg. S (e)		4,128
	175	KT&G Corp.		15,970
	9	Samsung Electronics Co. Ltd. (bb)		21,623
	29	Samsung Fire & Marine Insurance Co. Ltd.		7,258
	393	SK Telecom Co. Ltd., ADR		9,328
				58,307
		Spain — 0.9%
	333	Abertis Infraestructuras SA		7,335
	91	ACS Actividades de Construccion y Servicios SA		3,845
	18	Aena SME SA, Reg. S (e)		3,801
	919	Banco Bilbao Vizcaya Argentaria SA		7,434
	2,098	Banco de Sabadell SA		4,106
	1,905	Banco Santander SA		12,309
	323	Bankinter SA		3,380
	228	Enagas SA		6,626
	4,824	Iberdrola SA		37,270

SHARES		SECURITY DESCRIPTION	VALUE
		Spain — continued
	624	Merlin Properties Socimi SA		9,623
	243	Red Electrica Corp. SA		5,064
	450	Repsol SA		8,584
				109,377
		Sweden — 0.6%
	139	Boliden AB		4,808
	99	Electrolux AB, Series B		2,613
	95	ICA Gruppen AB		2,935
	141	Lundin Petroleum AB (a)		3,881
	716	Nordea Bank AB		7,278
	612	Skandinaviska Enskilda Banken AB, Class A		5,747
	168	SKF AB, Class B		3,391
	1,648	Svenska Handelsbanken AB, Class A		18,380
	310	Swedbank AB, Class A		6,732
	88	Swedish Match AB		3,952
	544	Tele2 AB, Class B		7,049
	992	Telia Co. AB		4,885
	366	Volvo AB, Class B		6,211
				77,862
		Switzerland — 1.8%
	419	Credit Suisse Group AG (Registered) (a)		7,069
	262	Ferguson plc		20,065
	1,798	Glencore plc (a)		8,661
	331	LafargeHolcim Ltd. (Registered) (a)		18,407
	958	Novartis AG (Registered)		73,771
	86	Roche Holding AG		19,115
	452	Swiss Re AG		43,063
	491	UBS Group AG (Registered) (a)		8,238
	84	Zurich Insurance Group AG (a)		26,853
				225,242
		Taiwan — 1.2%
	986	Asustek Computer, Inc.		9,215
	1,252	Chicony Electronics Co. Ltd.		3,085
	1,740	Delta Electronics, Inc.		6,310
	1,371	MediaTek, Inc. (a)		15,593
	10,920	Mega Financial Holding Co. Ltd.		9,640
	2,597	Novatek Microelectronics Corp.		10,901
	1,148	President Chain Store Corp.		11,284
	8,205	Quanta Computer, Inc.		14,918
	5,095	Taiwan Mobile Co. Ltd. (a)		18,816
	1,232	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		47,372

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 69

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Taiwan — continued
	5,134	Vanguard International Semiconductor Corp.		10,407
				157,541
		Thailand — 0.3%
	954	Siam Cement PCL (The) (Registered)		14,116
	4,545	Siam Commercial Bank PCL (The)		18,867
	2,059	Thai Oil PCL		6,129
				39,112
		Turkey — 0.1%
	257	Ford Otomotiv Sanayi A/S		3,540
	956	Tofas Turk Otomobil Fabrikasi A/S		5,890
	225	Tupras Turkiye Petrol Rafinerileri A/S		5,764
				15,194
		United Arab Emirates — 0.2%
	2,894	Emaar Development PJSC (a)		4,372
	4,875	First Abu Dhabi Bank PJSC		16,434
				20,806
		United Kingdom — 4.2%
	299	3i Group plc		3,858
	174	Admiral Group plc		4,762
	345	Anglo American plc		8,127
	1,980	Assura plc		1,624
	439	AstraZeneca plc		30,727
	2,907	Aviva plc		21,121
	644	Barratt Developments plc		4,938
	121	Berkeley Group Holdings plc		6,781
	2,794	BP plc		20,757
	343	British American Tobacco plc		18,822
	2,148	British Land Co. plc (The)		19,833
	393	Diageo plc		14,025
	1,236	Direct Line Insurance Group plc		6,350
	155	easyJet plc		3,388
	1,548	GlaxoSmithKline plc		31,052
	654	Hammerson plc		4,933
	144	HSBC Holdings plc		1,444
	1,612	HSBC Holdings plc		16,059
	2,626	HSBC Holdings plc		26,142
	180	IMI plc		2,698
	421	International Consolidated Airlines Group SA		3,632
	1,067	J Sainsbury plc		4,526
	2,255	Legal & General Group plc		8,352
	13,665	Lloyds Banking Group plc		12,120
	1,061	NewRiver REIT plc		4,235
	73	Next plc		5,290

SHARES		SECURITY DESCRIPTION	VALUE
		United Kingdom — continued
	1,402	Old Mutual plc		4,829
	758	Persimmon plc		28,301
	347	Prudential plc		8,919
	1,213	Rio Tinto plc		66,111
	748	Royal Mail plc		5,966
	555	RSA Insurance Group plc		5,008
	1,539	Safestore Holdings plc		11,574
	67	Schroders plc		3,038
	1,416	Segro plc		12,564
	202	St James’s Place plc		3,151
	6,323	Taylor Wimpey plc		16,651
	2,832	Tritax Big Box REIT plc		5,837
	499	Unilever NV, CVA		28,600
	173	UNITE Group plc (The)		1,990
	18,479	Vodafone Group plc		53,925
				542,060
		United States — 14.9%
	20	AbbVie, Inc.		1,930
	39	Accenture plc, Class A		5,945
	84	Air Products & Chemicals, Inc.		13,593
	733	Altria Group, Inc.		41,121
	49	American Tower Corp.		6,744
	290	Analog Devices, Inc.		25,368
	64	Apple, Inc.		10,497
	61	Arthur J Gallagher & Co.		4,283
	450	AT&T, Inc.		14,701
	93	Automatic Data Processing, Inc.		10,954
	174	AvalonBay Communities, Inc.		28,419
	200	Avaya Holdings Corp. (a)		4,577
	939	Bank of America Corp.		28,106
	311	BB&T Corp.		16,400
	594	Brandywine Realty Trust		9,566
	169	Bristol-Myers Squibb Co.		8,808
	653	Brixmor Property Group, Inc.		9,722
	111	Broadcom, Inc.		25,454
	404	Caesars Entertainment Corp. (a)		4,589
	230	Camden Property Trust		19,606
	332	Chevron Corp.		41,485
	74	Chubb Ltd.		9,996
	99	Cincinnati Financial Corp.		6,978
	412	Cisco Systems, Inc.		18,258
	292	Citigroup, Inc.		19,951
	153	CME Group, Inc.		24,135
	207	CMS Energy Corp.		9,755

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	1,468	Coca-Cola Co. (The)		63,441
	790	Comcast Corp., Class A		24,802
	331	ConocoPhillips		21,679
	312	Digital Realty Trust, Inc.		32,990
	144	Dover Corp.		13,327
	133	DowDuPont, Inc.		8,406
	103	Dr Pepper Snapple Group, Inc.		12,371
	23	DTE Energy Co.		2,463
	414	Eaton Corp. plc		31,058
	160	Eli Lilly & Co.		12,934
	167	Equity LifeStyle Properties, Inc.		14,890
	128	Equity Residential		7,913
	117	Exxon Mobil Corp.		9,074
	125	Fidelity National Information Services, Inc.		11,909
	63	General Dynamics Corp.		12,702
	81	Gilead Sciences, Inc.		5,853
	53	Goodman Private (a) (bb)		—	(h)
	323	Gramercy Property Trust		7,584
	279	Halcon Resources Corp. (a)		1,499
	763	HCP, Inc.		17,818
	268	Healthcare Trust of America, Inc., Class A		6,702
	285	Highwoods Properties, Inc.		12,567
	212	Home Depot, Inc. (The)		39,182
	62	Honeywell International, Inc.		9,013
	98	Illinois Tool Works, Inc.		13,911
	579	Intel Corp.		29,874
	293	International Business Machines Corp.		42,519
	333	Iron Mountain, Inc.		11,297
	138	Johnson & Johnson		17,449
	55	KLA-Tencor Corp.		5,553
	307	Liberty Property Trust		12,845
	45	M&T Bank Corp.		8,234
	1,382	Merck & Co., Inc.		81,358
	554	Microsoft Corp.		51,837
	176	Mid-America Apartment Communities, Inc.		16,113
	292	Mondelez International, Inc., Class A		11,535
	349	Morgan Stanley		18,024
	203	National Health Investors, Inc.		13,838
	3	Nebraska Book Holdings, Inc. (a) (bb)		—	(h)
	318	NextEra Energy, Inc.		52,075
	178	NII Holdings, Inc. (a)		488
	234	NiSource, Inc.		5,719
	145	Northern Trust Corp.		15,493
	693	Occidental Petroleum Corp.		53,507
	242	Park Hotels & Resorts, Inc.		6,965

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	23		Penn Virginia Corp. (a)		1,046
	88		PepsiCo, Inc.		8,889
	2,440		Pfizer, Inc.		89,337
	705		Philip Morris International, Inc.		57,799
	159		PNC Financial Services Group, Inc. (The)		23,114
	123		PPG Industries, Inc.		12,985
	293		Principal Financial Group, Inc.		17,322
	560		Prologis, Inc.		36,362
	144		Prudential Financial, Inc.		15,335
	171		Public Storage		34,523
	—	(h)	Quad/Graphics, Inc.		—	(h)
	39		Realty Income Corp.		1,951
	128		Regency Centers Corp.		7,534
	169		Republic Services, Inc.		10,901
	—	(h)	Sabine Oil & Gas Holdings, Inc. (a)		21
	257		Senior Housing Properties Trust		4,002
	137		Simon Property Group, Inc.		21,418
	311		STORE Capital Corp.		7,835
	138		Sunstone Hotel Investors, Inc.		2,147
	137		T. Rowe Price Group, Inc.		15,590
	452		Texas Instruments, Inc.		45,864
	21		Time Warner, Inc.		1,982
	158		Travelers Cos., Inc. (The)		20,778
	211		Union Pacific Corp.		28,202
	81		UnitedHealth Group, Inc.		19,067
	430		US Bancorp		21,718
	347		Verizon Communications, Inc.		17,120
	162		VICI Properties, Inc. (a) (bb)		2,948
	608		VICI Properties, Inc.		11,047
	261		Vistra Energy Corp. (a)		5,959
	569		Vornado Realty Trust		38,733
	355		Wells Fargo & Co.		18,439
	721		Xcel Energy, Inc.		33,763
					1,903,483
			Total Common Stocks (Cost $4,453,512)		5,178,936
PRINCIPAL AMOUNT
	Convertible Bonds — 1.4%
			China — 0.0% (g)
	HKD 10,200		Future Land Development Holdings Ltd., Reg. S, 2.25%, 02/10/2019		1,295
			Cyprus — 0.0% (g)
	GBP   2,000		Volcan Holdings plc, Reg. S, 4.13%, 04/11/2020		3,655

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 71

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		Germany — 0.1%
	EUR 3,800	Bayer Capital Corp. BV,
		Reg. S, 5.63%, 11/22/2019 (e)		4,945
	EUR 1,400	Rocket Internet SE, Reg. S, 3.00%, 07/22/2022		1,759
				6,704
		Hong Kong — 0.1%
	7,400	China Overseas Finance Investment Cayman V Ltd., Reg. S, Zero Coupon, 01/05/2023		7,794
	1,531	PB Issuer No. 4 Ltd., Reg. S, 3.25%, 07/03/2021		1,547
				9,341
		Malaysia — 0.0% (g)
	2,558	Cahaya Capital Ltd., Reg. S, Zero Coupon, 09/18/2021		2,593
		Mexico — 0.0% (g)
	EUR 5,500	America Movil BV, Reg. S, 5.50%, 09/17/2018		5,255
		Monaco — 0.0% (g)
	2,948	Scorpio Tankers, Inc., 2.38%, 07/01/2019 (e)		2,830
		Norway — 0.0% (g)
	2,600	Telenor East Holding II A/S, Reg. S, 0.25%, 09/20/2019		2,518
		Russia — 0.0% (g)
	1,368	Yandex NV, 1.13%, 12/15/2018		1,353
		Singapore — 0.1%
	2,600	BW Group Ltd., Reg. S, 1.75%, 09/10/2019		2,463
		CapitaLand Ltd.,
	SGD 7,000	Reg. S, 1.85%, 06/19/2020		5,154
	SGD 5,000	Reg. S, 2.95%, 06/20/2022		3,766
				11,383
		South Africa — 0.1%
	GBP 4,200	Brait SE, Reg. S, 2.75%, 09/18/2020		5,292
	GBP 2,000	Remgro Jersey GBP Ltd., Reg. S, 2.63%, 03/22/2021		2,697
				7,989
		United Arab Emirates — 0.1%
		Aabar Investments PJSC,
	EUR 5,000	Reg. S, 0.50%, 03/27/2020		5,601
	EUR 3,200	Reg. S, 1.00%, 03/27/2022		3,439
	4,800	DP World Ltd., Reg. S, 1.75%, 06/19/2024		5,042
				14,082

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United Kingdom — 0.1%
	GBP 2,800	Intu Jersey 2 Ltd., Reg. S, 2.88%, 11/01/2022		3,610
	GBP 2,800	Vodafone Group plc, Reg. S, 2.00%, 02/25/2019		4,211
				7,821
		United States — 0.8%
	3,819	Ares Capital Corp., 3.75%, 02/01/2022		3,908
	1,246	BlackRock Capital Investment Corp., 5.00%, 06/15/2022		1,276
	2,888	Chesapeake Energy Corp., 5.50%, 09/15/2026		2,523
		Colony NorthStar, Inc.,
	1,455	3.88%, 01/15/2021		1,364
	3,721	5.00%, 04/15/2023		3,447
		DISH Network Corp.,
	6,148	2.38%, 03/15/2024		5,305
	2,415	3.38%, 08/15/2026		2,192
	2,652	Electronics For Imaging, Inc., 0.75%, 09/01/2019		2,557
	7,445	Ensco Jersey Finance Ltd., 3.00%, 01/31/2024		6,312
	2,328	Extra Space Storage LP, 3.13%, 10/01/2035 (e)		2,593
	6,958	FireEye, Inc., Series B, 1.63%, 06/01/2035		6,507
	3,031	Hercules Capital, Inc., 4.38%, 02/01/2022		3,080
	1,293	Intercept Pharmaceuticals, Inc., 3.25%, 07/01/2023		1,059
		Liberty Interactive LLC,
	320	3.75%, 02/15/2030		213
	6,966	4.00%, 11/15/2029		4,667
	4,269	Macquarie Infrastructure Corp., 2.00%, 10/01/2023		3,827
	6,547	Nabors Industries, Inc., 0.75%, 01/15/2024		5,115
	69	Nebraska Book Holdings, Inc., 2.02%, 04/01/2026 (d) (e) (bb)		—
	3,884	NRG Yield, Inc., 3.25%, 06/01/2020 (e)		3,852
	561	Nuance Communications, Inc., 1.00%, 12/15/2035		523
	2,848	Pandora Media, Inc., 1.75%, 12/01/2020		2,620
	1,680	RWT Holdings, Inc., 5.63%, 11/15/2019		1,688
		Spirit Realty Capital, Inc.,
	1,350	2.88%, 05/15/2019		1,343
	3,821	3.75%, 05/15/2021		3,837
	2,540	Starwood Property Trust, Inc., 4.38%, 04/01/2023		2,543

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		United States — continued
		SunPower Corp.,
	6	0.75%, 06/01/2018		6
	3,183	0.88%, 06/01/2021		2,585
		TCP Capital Corp.,
	1,131	4.63%, 03/01/2022		1,137
	1,736	5.25%, 12/15/2019		1,791
	959	TPG Specialty Lending, Inc., 4.50%, 08/01/2022		974
		Twitter, Inc.,
	4,089	0.25%, 09/15/2019		3,914
	4,079	1.00%, 09/15/2021		3,827
	4,544	Veeco Instruments, Inc., 2.70%, 01/15/2023		4,028
		VEREIT, Inc.,
	379	3.00%, 08/01/2018		379
	5,102	3.75%, 12/15/2020		5,121
	4,015	Weatherford International Ltd., 5.88%, 07/01/2021		3,815
	5,573	Whiting Petroleum Corp., 1.25%, 04/01/2020		5,308
				105,236
		Total Convertible Bonds (Cost $184,269)		182,055
SHARES
	Convertible Preferred Stocks — 0.5%
		China — 0.0% (g)
	27	Mandatory Exchangeable Trust, 5.75%, 06/03/2019 ($100 par value) (e)		5,463
		Israel — 0.0% (g)
	3	Teva Pharmaceutical Industries Ltd., 7.00%, 12/15/2018($1000 par value)		926
		United States — 0.5%
	7	Bank of America Corp., Series L, 7.25% ($1000 par value)		8,895
	100	Becton Dickinson and Co., Series A, 6.13%, 05/01/2020 ($100 par value)		6,019
	34	Belden, Inc., 6.75%, 07/15/2019		2,981
	12	Bunge Ltd., 4.88% ($100 par value)		1,264
	5	Crown Castle International Corp., Series A, 6.88%, 08/01/2020 ($1000 par value)		4,732
	97	Dominion Energy, Inc., Series A, 6.75%, 08/15/2019 ($50 par value)		4,470
	73	DTE Energy Co., 6.50%, 10/01/2019 ($50 par value)		3,855

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	28	Hess Corp., 8.00%, 02/01/2019 ($50 par value)		1,814
	126	Kinder Morgan, Inc., Series A, 9.75%, 10/26/2018 ($49 par value)		3,906
	103	NextEra Energy, Inc., 6.12%, 09/01/2019 ($25 par value)		5,966
	51	Stanley Black & Decker, Inc., 5.38%, 05/15/2020 ($100 par value)		5,487
	22	Stericycle, Inc., 5.25%, 09/15/2018 ($100 par value)		995
	7	Wells Fargo & Co., Series L, 7.50% ($1000 par value)		8,756
	46	Welltower, Inc., Series I, 6.50% ($50 par value)		2,589
				61,729
		Total Convertible Preferred Stocks (Cost $68,469)		68,118
PRINCIPAL AMOUNT
	Corporate Bonds — 35.3%
		Argentina — 0.1%
	1,290	Pampa Energia SA, 7.38%, 07/21/2023 (e)		1,342
		YPF SA,
	2,800	Reg. S, 8.50%, 03/23/2021		3,034
	3,450	Reg. S, 8.75%, 04/04/2024		3,775
				8,151
		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)		13,255
	1,720	BHP Billiton Finance USA Ltd., (USD Swap Semi 5 Year + 5.09%), 6.75%, 10/19/2075 (e) (aa)		1,918
		FMG Resources August 2006 Pty. Ltd.,
	1,725	4.75%, 05/15/2022 (e)		1,710
	1,389	5.13%, 05/15/2024 (e)		1,372
	518	9.75%, 03/01/2022 (e)		570
		Nufarm Australia Ltd.,
	1,197	5.75%, 04/30/2026 (e)		1,194
	1,215	6.38%, 10/15/2019 (e)		1,235
				21,254
		Azerbaijan — 0.1%
	2,550	Southern Gas Corridor CJSC, Reg. S, 6.88%, 03/24/2026		2,786

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 73

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Azerbaijan — continued
		State Oil Co. of the Azerbaijan Republic,
	6,850	Reg. S, 4.75%, 03/13/2023		6,824
	5,500	Reg. S, 6.95%, 03/18/2030		5,902
				15,512
		Brazil — 0.4%
	1,954	Banco Daycoval SA, Reg. S, 5.75%, 03/19/2019		1,974
	2,100	Cemig Geracao e Transmissao SA, Reg. S, 9.25%, 12/05/2024		2,265
	2,750	GTL Trade Finance, Inc.,Reg. S, 5.89%, 04/29/2024		2,884
		JBS USA LUX SA,
	4,689	5.75%, 06/15/2025 (e)		4,406
	4,448	5.88%, 07/15/2024 (e)		4,303
	3,302	6.75%, 02/15/2028 (e)		3,158
	6,065	7.25%, 06/01/2021 (e)		6,118
	2,177	JSL Europe SA, Reg. S, 7.75%, 07/26/2024		2,188
		Petrobras Global Finance BV,
	4,100	6.25%, 03/17/2024		4,291
	3,850	6.85%, 06/05/2115		3,556
	5,790	7.38%, 01/17/2027		6,195
	1,587	8.38%, 05/23/2021		1,787
	2,000	Suzano Austria GmbH,
		Reg. S, 5.75%, 07/14/2026		2,100
	3,590	Votorantim Cimentos SA,
		Reg. S, 7.25%, 04/05/2041		3,898
	1,130	Vrio Finco 1 LLC, 6.25%, 04/04/2023 (e)		1,139
				50,262
		Canada — 1.6%
	4,604	1011778 BC ULC, 4.25%, 05/15/2024 (e)		4,380
	3,804	Athabasca Oil Corp., 9.88%, 02/24/2022 (e)		3,832
	2,332	ATS Automation Tooling Systems, Inc., 6.50%, 06/15/2023 (e)		2,440
		Baytex Energy Corp.,
	200	5.13%, 06/01/2021 (e)		189
	364	5.63%, 06/01/2024 (e)		324
		Bombardier, Inc.,
	1,868	6.00%, 10/15/2022 (e)		1,859
	3,228	6.13%, 01/15/2023 (e)		3,248
	1,540	7.50%, 12/01/2024 (e)		1,621
	6,598	7.50%, 03/15/2025 (e)		6,862
	188	7.75%, 03/15/2020 (e)		201
	5,208	8.75%, 12/01/2021 (e)		5,795

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — continued
		Cascades, Inc.,
	346	5.50%, 07/15/2022 (e)		347
	298	5.75%, 07/15/2023 (e)		296
		Concordia International Corp.,
	4,231	7.00%, 04/15/2023 (d) (e) (bb)		254
	3,244	9.00%, 04/01/2022 (e)		2,952
	20,130	Emera, Inc., Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 06/15/2076 (aa)		21,781
		Enbridge, Inc.,
	13,030	(ICE LIBOR USD 3 Month + 3.42%), 5.50%, 07/15/2077 (aa)		12,118
	4,165	Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 01/15/2077 (aa)		4,045
	10,035	(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 03/01/2078 (aa)		9,766
	12,170	Garda World Security Corp., 8.75%, 05/15/2025 (e)		12,714
	2,450	Gateway Casinos & Entertainment Ltd., 8.25%, 03/01/2024 (e)		2,600
	1,100	Hudbay Minerals, Inc., 7.25%, 01/15/2023 (e)		1,147
	1,171	Jupiter Resources, Inc., 8.50%, 10/01/2022 (e)		509
	1,380	Kronos Acquisition Holdings, Inc., 9.00%, 08/15/2023 (e)		1,318
		Mattamy Group Corp.,
	350	6.50%, 10/01/2025 (e)		349
	1,330	6.88%, 12/15/2023 (e)		1,367
		MEG Energy Corp.,
	12,540	6.38%, 01/30/2023 (e)		11,286
	6,336	6.50%, 01/15/2025 (e)		6,328
	2,427	7.00%, 03/31/2024 (e)		2,172
		NOVA Chemicals Corp.,
	4,655	4.88%, 06/01/2024 (e)		4,515
	2,646	5.00%, 05/01/2025 (e)		2,547
	2,995	5.25%, 06/01/2027 (e)		2,883
		Open Text Corp.,
	1,957	5.63%, 01/15/2023 (e)		2,028
	1,065	5.88%, 06/01/2026 (e)		1,105
		Precision Drilling Corp.,
	311	5.25%, 11/15/2024		293
	4,521	7.13%, 01/15/2026 (e)		4,566
	1,540	7.75%, 12/15/2023		1,604
	8,863	Quebecor Media, Inc., 5.75%, 01/15/2023		9,085

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada — continued
	1,435	Seven Generations Energy Ltd., 5.38%, 09/30/2025 (e)		1,395
		Teck Resources Ltd.,
	1,635	4.75%, 01/15/2022		1,658
	1,455	5.40%, 02/01/2043		1,393
	1,875	6.00%, 08/15/2040		1,955
	2,070	6.13%, 10/01/2035		2,199
	1,383	8.50%, 06/01/2024 (e)		1,544
		Transcanada Trust,
	13,375	(ICE LIBOR USD 3 Month + 3.21%), 5.30%, 03/15/2077 (aa)		13,028
	9,855	(ICE LIBOR USD 3 Month + 3.53%), 5.62%, 05/20/2075 (aa)		10,077
	9,359	Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 08/15/2076 (aa)		9,640
	1,098	Trinidad Drilling Ltd., 6.63%, 02/15/2025 (e)		1,053
		Videotron Ltd.,
	2,315	5.13%, 04/15/2027 (e)		2,269
	6,818	5.38%, 06/15/2024 (e)		7,005
				203,942
		Cayman Islands — 0.0% (g)
	1,025	Telford Offshore Ltd., Series B, 13.00% (PIK), 02/12/2024 (v) (bb)		769
		Chile — 0.1%
	2,450	Empresa Electrica Angamos SA,
		Reg. S, 4.88%, 05/25/2029		2,373
	3,850	VTR Finance BV,
		Reg. S, 6.88%, 01/15/2024		3,966
				6,339
		Colombia — 0.1%
		Ecopetrol SA,
	4,350	5.38%, 06/26/2026		4,480
	3,162	7.38%, 09/18/2043		3,619
				8,099
		Croatia — 0.0% (g)
	1,340	Hrvatska Elektroprivreda, 5.88%, 10/23/2022 (e)		1,427
		Finland — 0.0% (g)
		Nokia OYJ,
	335	3.38%, 06/12/2022		323
	925	4.38%, 06/12/2027		858
	1,452	6.63%, 05/15/2039		1,514
				2,695

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		France — 0.6%
		Altice France SA,
	18,441	6.00%, 05/15/2022 (e)		18,232
	3,730	6.25%, 05/15/2024 (e)		3,553
	3,201	7.38%, 05/01/2026 (e)		3,105
		Credit Agricole SA,
	10,535	(USD Swap Semi 5 Year + 4.70%), 6.63%, 09/23/2019 (e) (x) (y) (aa)		10,787
	6,835	(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (e) (x) (y) (aa)		7,766
		Societe Generale SA,
	9,980	(USD Swap Semi 5 Year + 3.93%), 6.75%, 04/06/2028 (e) (x) (y) (aa)		9,905
	12,990	(USD Swap Semi 5 Year + 6.24%), 7.38%, 09/13/2021 (e) (x) (y) (aa)		13,769
	4,730	(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 09/29/2025 (e) (x) (y) (aa)		5,239
				72,356
		Germany — 0.1%
	2	Fresenius Medical Care US Finance II, Inc., 5.88%, 01/31/2022 (e)		2
	810	Fresenius Medical Care US Finance, Inc., 5.75%, 02/15/2021 (e)		853
	4,015	IHO Verwaltungs GmbH, 4.50% (cash), 09/15/2023 (e) (v)		3,945
	3,388	Unitymedia GmbH, 6.13%, 01/15/2025 (e)		3,561
	2,771	ZF North America Capital, Inc., 4.50%, 04/29/2022 (e)		2,828
				11,189
		Ghana — 0.0% (g)
	4,010	Tullow Oil plc, 7.00%, 03/01/2025 (e)		4,065
		Guatemala — 0.0% (g)
	3,420	Comunicaciones Celulares SA,
		Reg. S, 6.88%, 02/06/2024		3,553
	1,847	Energuate Trust, Reg. S, 5.88%, 05/03/2027		1,812
				5,365
		Hungary — 0.0% (g)
	2,420	MFB Magyar Fejlesztesi Bank Zrt., 6.25%, 10/21/2020 (e)		2,574
	2,250	MOL Group Finance SA, Reg. S, 6.25%, 09/26/2019		2,337
				4,911
		India — 0.0% (g)
	1,748	Axis Bank Ltd., Reg. S, 3.25%, 05/21/2020		1,729

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		India — continued
	2,830	Reliance Holding USA, Inc.,
		Reg. S, 5.40%, 02/14/2022		2,954
				4,683
		Indonesia — 0.2%
		Minejesa Capital BV,
	4,134	4.63%, 08/10/2030 (e)		3,933
		Pertamina Persero PT,
	4,900	Reg. S, 4.30%, 05/20/2023		4,902
	4,540	Reg. S, 5.25%, 05/23/2021		4,710
	5,650	Reg. S, 6.00%, 05/03/2042		5,904
	4,590	Reg. S, 6.45%, 05/30/2044		5,066
	1,500	Reg. S, 6.50%, 05/27/2041		1,655
				26,170
		Ireland — 0.3%
	7,730	AerCap Global Aviation Trust, (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 06/15/2045 (e) (aa)		8,194
		Ardagh Packaging Finance plc,
	2,000	4.63%, 05/15/2023 (e)		2,002
	8,060	6.00%, 02/15/2025 (e)		8,151
	6,675	7.25%, 05/15/2024 (e)		7,059
	1,226	Avolon Holdings Funding Ltd., 5.50%, 01/15/2023 (e)		1,223
	608	Fly Leasing Ltd., 5.25%, 10/15/2024		588
	1,080	James Hardie International Finance DAC, 4.75%, 01/15/2025 (e)		1,050
		Park Aerospace Holdings Ltd.,
	1,224	4.50%, 03/15/2023 (e)		1,172
	1,402	5.25%, 08/15/2022 (e)		1,393
	3,512	5.50%, 02/15/2024 (e)		3,411
				34,243
		Israel — 0.0% (g)
	2,310	Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 03/01/2028 (e)		2,279
		Italy — 0.2%
	8,600	Enel SpA, (USD Swap Semi 5 Year + 5.88%), 8.75%, 09/24/2073 (e) (aa)		10,170
		Telecom Italia Capital SA,
	1,985	6.00%, 09/30/2034		2,055
	3,457	6.38%, 11/15/2033		3,757
	810	7.20%, 07/18/2036		929
	388	7.72%, 06/04/2038		468
	6,990	Wind Tre SpA, 5.00%, 01/20/2026 (e)		5,867
				23,246

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Jamaica — 0.0% (g)
	4,548	Digicel Group Ltd.,
		Reg. S, 7.13%, 04/01/2022		3,707
		Japan — 0.0% (g)
	2,049	SoftBank Group Corp., 4.50%, 04/15/2020 (e)		2,103
		Kazakhstan — 0.3%
	4,045	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.95%, 07/10/2042		4,425
	3,276	Kazakhstan Temir Zholy National Co. JSC, 4.85%, 11/17/2027 (e)		3,251
		KazMunayGas National Co. JSC,
	1,800	4.75%, 04/24/2025 (e)		1,796
	2,250	5.38%, 04/24/2030 (e)		2,244
	2,450	Reg. S, 3.88%, 04/19/2022		2,420
	1,750	Reg. S, 4.40%, 04/30/2023		1,739
	6,348	Reg. S, 6.38%, 04/09/2021		6,792
	1,100	Reg. S, 9.13%, 07/02/2018		1,108
	7,250	KazMunayGas National Co. PJSC, Reg. S, 4.75%, 04/19/2027		7,114
	2,350	Tengizchevroil Finance Co. International Ltd., Reg. S, 4.00%, 08/15/2026		2,215
				33,104
		Luxembourg — 0.8%
		Altice Financing SA,
	7,767	6.63%, 02/15/2023 (e)		7,767
	6,985	7.50%, 05/15/2026 (e)		6,863
		Altice Luxembourg SA,
	1,865	7.63%, 02/15/2025 (e)		1,681
	14,098	7.75%, 05/15/2022 (e)		13,463
		ArcelorMittal,
	508	5.75%, 03/01/2021		532
	2,998	6.13%, 06/01/2025		3,245
	1,508	6.50%, 02/25/2022		1,625
	927	7.00%, 03/01/2041		1,066
	2,770	7.25%, 10/15/2039		3,283
	9,470	INEOS Group Holdings SA, 5.63%, 08/01/2024 (e)		9,564
	946	Intelsat Connect Finance SA, 12.50%, 04/01/2022 (e)		828
		Intelsat Jackson Holdings SA,
	7,984	5.50%, 08/01/2023		6,697
	25,762	7.25%, 10/15/2020		25,150
	11,120	7.50%, 04/01/2021		10,522

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Luxembourg — continued
	5,390	8.00%, 02/15/2024 (e)		5,687
	1,585	9.75%, 07/15/2025 (e)		1,553
				99,526
		Mexico — 0.6%
		Alfa SAB de CV,
	3,262	6.88%, 03/25/2044 (e)		3,325
	2,700	Reg. S, 5.25%, 03/25/2024		2,764
	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)		585
	2,600	BBVA Bancomer SA, Reg. S, 6.75%, 09/30/2022		2,818
	995	CEMEX Finance LLC, 6.00%, 04/01/2024 (e)		1,023
		Cemex SAB de CV,
	3,400	5.70%, 01/11/2025 (e)		3,438
	8,730	6.13%, 05/05/2025 (e)		9,036
	6,575	7.75%, 04/16/2026 (e)		7,209
	3,500	Grupo KUO SAB de CV,
		5.75%, 07/07/2027 (e)		3,404
	269	Mexico City Airport Trust, 5.50%, 07/31/2047 (e)		239
		Petroleos Mexicanos,
	2,620	5.35%, 02/12/2028 (e)		2,494
	8,350	5.38%, 03/13/2022		8,630
	5,499	5.63%, 01/23/2046		4,645
	500	6.35%, 02/12/2048 (e)		459
	5,650	6.38%, 02/04/2021		5,950
	1,500	6.38%, 01/23/2045		1,390
	4,890	6.50%, 03/13/2027		5,064
	6,350	6.63%, 06/15/2035		6,277
	4,540	6.75%, 09/21/2047		4,372
				73,122
		Morocco — 0.1%
		OCP SA,
	4,030	Reg. S, 5.63%, 04/25/2024		4,141
	2,971	Reg. S, 6.88%, 04/25/2044		3,201
				7,342
		Netherlands — 0.3%
		Constellium NV,
	505	5.75%, 05/15/2024 (e)		496
	875	5.88%, 02/15/2026 (e)		862
	2,540	6.63%, 03/01/2025 (e)		2,575
	2,500	GTH Finance BV, Reg. S, 7.25%, 04/26/2023		2,628

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Netherlands — continued
	5,458	ING Groep NV, Reg. S, (USD Swap Semi 5 Year + 5.12%), 6.87%, 04/16/2022 (x) (y) (aa)		5,760
		NXP BV,
	1,170	4.13%, 06/01/2021 (e)		1,173
	2,665	4.63%, 06/15/2022 (e)		2,685
	2,780	4.63%, 06/01/2023 (e)		2,798
	840	UPC Holding BV, 5.50%, 01/15/2028 (e)		783
	9,420	UPCB Finance IV Ltd., 5.38%, 01/15/2025 (e)		9,208
	2,190	Ziggo Bond Finance BV, 5.88%, 01/15/2025 (e)		2,070
	2,594	Ziggo Secured Finance BV, 5.50%, 01/15/2027 (e)		2,445
				33,483
		Norway — 0.0% (g)
	1,214	Aker BP ASA, 5.88%, 03/31/2025 (e)		1,260
		Peru — 0.1%
	1,800	BBVA Banco Continental SA, Reg. S, 5.00%, 08/26/2022		1,874
	1,124	Consorcio Transmantaro SA, Reg. S, 4.38%, 05/07/2023		1,121
	2,850	Nexa Resources SA, Reg. S, 5.38%, 05/04/2027		2,854
	3,100	Petroleos del Peru SA, 5.63%, 06/19/2047 (e)		3,015
	3,180	Southern Copper Corp.,
		5.88%, 04/23/2045		3,554
				12,418
		Qatar — 0.0% (g)
		ABQ Finance Ltd.,
	2,570	Reg. S, 3.50%, 02/22/2022		2,477
	1,550	Reg. S, 3.63%, 04/13/2021		1,525
	927	Ras Laffan Liquefied Natural Gas Co. Ltd. II, Reg. S, 5.30%, 09/30/2020		945
				4,947
		Russia — 0.0% (g)
	1,100	Gazprom OAO, Reg. S, 9.25%, 04/23/2019		1,151
	900	Novolipetsk Steel, Reg. S, 4.50%, 06/15/2023		874
	550	Russian Agricultural Bank OJSC Via RSHB Capital SA, Reg. S, 7.75%, 05/29/2018		551
	2,899	VTB Bank OJSC Via VTB Capital SA, Reg. S, 6.95%, 10/17/2022		2,979
				5,555

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 77

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		South Korea — 0.1%
	2,350	Heungkuk Life Insurance Co. Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/09/2047 (aa)		2,192
	3,805	MagnaChip Semiconductor Corp., 6.63%, 07/15/2021		3,662
				5,854
		Spain — 0.1%
		Banco Bilbao Vizcaya Argentaria SA,
	6,000	(USD Swap Semi 5 Year + 3.87%), 6.13%, 11/16/2027 (x) (y) (aa)		5,799
	EUR 1,000	Reg. S, (EUR Swap Annual 5 Year + 6.60%), 6.75%, 02/18/2020 (x) (y) (aa)		1,303
	EUR 1,800	Reg. S, (EUR Swap Annual 5 Year + 6.16%), 7.00%, 02/19/2019 (x) (y) (aa)		2,260
	2,000	Reg. S, (USD Swap Semi 5 Year + 8.26%), 9.00%, 05/09/2018 (x) (y) (aa)		2,002
				11,364
		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)		5,050
	5,000	Svenska Handelsbanken AB, Reg. S, (USD Swap Semi 5 Year + 3.34%), 5.25%, 03/01/2021 (x) (y) (aa)		5,000
	5,000	Swedbank AB, Reg. S, (USD Swap Semi 5 Year + 3.77%), 5.50%, 03/17/2020 (x) (y) (aa)		5,044
				15,094
		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)		8,587
	4,646	(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (e) (x) (y) (aa)		5,035
		UBS Group AG,
	5,215	Reg. S, (USD ICE Swap Rate 5 Year + 5.50%), 6.87%, 03/22/2021 (x) (y) (aa)		5,476
	5,000	Reg. S, (USD Swap Semi 5 Year + 4.59%), 6.87%, 08/07/2025 (x) (y) (aa)		5,263
	5,000	Reg. S, (USD Swap Semi 5 Year + 4.87%), 7.00%, 02/19/2025 (x) (y) (aa)		5,349
	2,000	Reg. S, (USD Swap Semi 5 Year + 5.46%), 7.13%, 02/19/2020 (x) (y) (aa)		2,081
				31,791

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Trinidad and Tobago — 0.0% (g)
	1,965	Petroleum Co. of Trinidad & Tobago Ltd.,
		Reg. S, 9.75%, 08/14/2019		2,068
		Tunisia — 0.0% (g)
	1,750	Republic of Banque Centrale de Tunisie, Reg. S, 5.75%, 01/30/2025		1,619
		Turkey — 0.1%
	3,500	KOC Holding A/S, Reg. S, 5.25%, 03/15/2023		3,517
	2,350	QNB Finansbank A/S, Reg. S, 4.88%, 05/19/2022		2,247
		Turkiye Is Bankasi,
	500	Reg. S, 5.00%, 04/30/2020		497
	1,750	Reg. S, 6.00%, 10/24/2022		1,704
		Turkiye Is Bankasi A/S,
	2,300	Reg. S, 5.00%, 04/30/2020		2,285
	1,800	Reg. S, 6.00%, 10/24/2022		1,753
	3,050	Turkiye Sise ve Cam Fabrikalari A/S, Reg. S, 4.25%, 05/09/2020		3,039
	1,700	Turkiye Vakiflar Bankasi TAO, Reg. S, 6.00%, 11/01/2022		1,645
				16,687
		United Arab Emirates — 0.0% (g)
		DAE Funding LLC,
	1,205	4.50%, 08/01/2022 (e)		1,156
	1,284	5.00%, 08/01/2024 (e)		1,234
	3,145	Shelf Drilling Holdings Ltd., 8.25%, 02/15/2025 (e)		3,192
				5,582
		United Kingdom — 1.0%
	3,075	Afren plc, Reg. S, 6.63%, 12/09/2020 (d)		3
	3,560	Ashtead Capital, Inc., 5.63%, 10/01/2024 (e)		3,667
		Barclays plc,
	588	4.38%, 09/11/2024		574
	1,277	4.84%, 05/09/2028		1,239
	2,555	5.20%, 05/12/2026		2,554
	GBP 6,299	Reg. S, (GBP Swap 5 Year + 6.46%), 7.25%, 03/15/2023 (x) (y) (aa)		9,387
	5,397	Reg. S, (USD Swap Semi 5 Year + 6.77%), 7.88%, 03/15/2022 (x) (y) (aa)		5,757
	8,944	Fiat Chrysler Automobiles NV, 5.25%, 04/15/2023		9,291
		HSBC Holdings plc,
	5,725	(USD ICE Swap Rate 5 Year + 3.45%), 6.25%, 03/23/2023 (x) (y) (aa)		5,818

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United Kingdom — continued
	4,840	(USD ICE Swap Rate 5 Year + 3.71%), 6.38%, 09/17/2024 (x) (y) (aa)		4,954
	6,000	(USD ICE Swap Rate 5 Year + 4.37%), 6.38%, 03/30/2025 (x) (y) (aa)		6,180
	8,180	(USD ICE Swap Rate 5 Year + 3.61%), 6.50%, 03/23/2028 (x) (y) (aa)		8,313
	6,852	(USD ICE Swap Rate 5 Year + 5.51%), 6.87%, 06/01/2021 (x) (y) (aa)		7,263
	1,345	Inmarsat Finance plc, 6.50%, 10/01/2024 (e)		1,318
	2,140	Jaguar Land Rover Automotive plc, 4.50%, 10/01/2027 (e)		1,926
		KCA Deutag UK Finance plc,
	2,208	7.25%, 05/15/2021 (e)		2,147
	397	9.63%, 04/01/2023 (e)		409
	2,560	9.88%, 04/01/2022 (e)		2,691
	12,498	Lloyds Banking Group plc, (USD Swap Semi 5 Year + 4.76%), 7.50%, 06/27/2024 (x) (y) (aa)		13,485
	GBP   3,809	Nationwide Building Society, Reg. S, (GBP Swap 5 Year + 4.88%), 6.88%, 06/20/2019 (x) (y) (aa)		5,471
		Noble Holding International Ltd.,
	169	5.25%, 03/15/2042		112
	1,121	6.20%, 08/01/2040		790
	1,314	7.75%, 01/15/2024		1,232
	1,881	7.88%, 02/01/2026 (e)		1,895
	164	8.95%, 04/01/2045		141
		Royal Bank of Scotland Group plc,
	3,900	5.13%, 05/28/2024		3,959
	1,194	6.00%, 12/19/2023		1,268
	14,167	6.13%, 12/15/2022		15,017
	5,487	TI Group Automotive Systems LLC, 8.75%, 07/15/2023 (e)		5,761
	2,548	Virgin Media Finance plc, 6.38%, 04/15/2023 (e)		2,567
		Virgin Media Secured Finance plc,
	975	5.25%, 01/15/2026 (e)		929
	1,300	5.50%, 01/15/2025 (e)		1,264
	4,060	5.50%, 08/15/2026 (e)		3,908
				131,290
		United States — 27.4%
		Acadia Healthcare Co., Inc.,
	170	5.13%, 07/01/2022		170
	700	5.63%, 02/15/2023		707

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	528	6.13%, 03/15/2021		535
	3,004	6.50%, 03/01/2024		3,109
	4,980	ACCO Brands Corp., 5.25%, 12/15/2024 (e)		4,980
	2,229	ACE Cash Express, Inc., 12.00%, 12/15/2022 (e)		2,474
	3,420	ACI Worldwide, Inc., 6.38%, 08/15/2020 (e)		3,458
	4,300	Adient Global Holdings Ltd., 4.88%, 08/15/2026 (e)		4,021
		ADT Corp. (The),
	2,335	3.50%, 07/15/2022		2,182
	9,735	4.13%, 06/15/2023		9,126
		AECOM,
	2,414	5.13%, 03/15/2027		2,320
	8,422	5.88%, 10/15/2024		8,770
		AES Corp.,
	2,770	4.00%, 03/15/2021		2,785
	1,800	5.50%, 04/15/2025		1,840
	1,500	6.00%, 05/15/2026		1,568
	3,731	Ahern Rentals, Inc., 7.38%, 05/15/2023 (e)		3,600
	4,805	Air Medical Group Holdings, Inc., 6.38%, 05/15/2023 (e)		4,601
		AK Steel Corp.,
	1,878	7.00%, 03/15/2027		1,822
	1,159	7.50%, 07/15/2023		1,217
		Albertsons Cos. LLC,
	3,284	5.75%, 03/15/2025		2,861
	13,900	6.63%, 06/15/2024		12,962
		Alcoa Nederland Holding BV,
	8,006	6.75%, 09/30/2024 (e)		8,587
	900	7.00%, 09/30/2026 (e)		981
		Aleris International, Inc.,
	1,035	7.88%, 11/01/2020		1,019
	1,505	9.50%, 04/01/2021 (e)		1,569
		Alliance Data Systems Corp.,
	3,639	5.38%, 08/01/2022 (e)		3,657
	1,505	5.88%, 11/01/2021 (e)		1,532
		Allison Transmission, Inc.,
	4,349	4.75%, 10/01/2027 (e)		4,094
	3,135	5.00%, 10/01/2024 (e)		3,079
	19,105	Allstate Corp. (The), Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 08/15/2053 (aa)		19,726
		Ally Financial, Inc.,
	9,918	4.13%, 02/13/2022		9,856
	17,476	4.63%, 05/19/2022		17,585

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 79

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	6,190	4.63%, 03/30/2025		6,136
	2,855	5.75%, 11/20/2025		2,944
	3,175	8.00%, 11/01/2031		3,859
	1,740	Alta Mesa Holdings LP, 7.88%, 12/15/2024		1,801
		Altice US Finance I Corp.,
	3,800	5.38%, 07/15/2023 (e)		3,805
	3,893	5.50%, 05/15/2026 (e)		3,774
		AMC Entertainment Holdings, Inc.,
	6,010	5.75%, 06/15/2025		5,829
	1,190	5.88%, 02/15/2022		1,205
	1,375	5.88%, 11/15/2026		1,339
	1,079	6.13%, 05/15/2027		1,044
		AMC Networks, Inc.,
	2,100	4.75%, 12/15/2022		2,111
	1,011	4.75%, 08/01/2025		955
	7,665	5.00%, 04/01/2024		7,493
		American Axle & Manufacturing, Inc.,
	6,537	6.25%, 04/01/2025		6,535
	3,314	6.25%, 03/15/2026		3,281
	7,091	6.50%, 04/01/2027		7,053
	1,900	6.63%, 10/15/2022		1,964
	3,450	7.75%, 11/15/2019		3,640
	13,270	American Express Co., Series C, (ICE LIBOR USD 3 Month + 3.29%), 4.90%, 03/15/2020 (x) (y) (aa)		13,303
	9,300	American International Group, Inc., Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 04/01/2048 (aa)		9,347
	4,615	American Woodmark Corp., 4.88%, 03/15/2026 (e)		4,453
		AmeriGas Partners LP,
	5,753	5.50%, 05/20/2025		5,652
	1,309	5.75%, 05/20/2027		1,260
	2,599	5.88%, 08/20/2026		2,580
		Amkor Technology, Inc.,
	8,949	6.38%, 10/01/2022		9,184
	2,278	6.63%, 06/01/2021		2,284
	1,817	AMN Healthcare, Inc., 5.13%, 10/01/2024 (e)		1,797
		Andeavor Logistics LP,
	894	6.25%, 10/15/2022		933
	1,540	6.38%, 05/01/2024		1,640
	3,646	Anixter, Inc., 5.50%, 03/01/2023		3,783
	2,380	Antero Midstream Partners LP, 5.38%, 09/15/2024		2,368

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Antero Resources Corp.,
	5,432	5.13%, 12/01/2022		5,459
	4,205	5.63%, 06/01/2023		4,295
	281	Apergy Corp., 6.38%, 05/01/2026 (e)		285
	6,003	Aramark Services, Inc., 5.00%, 02/01/2028 (e)		5,840
	930	Archrock Partners LP, 6.00%, 10/01/2022		930
		Arconic, Inc.,
	9,295	5.13%, 10/01/2024		9,403
	1,582	5.87%, 02/23/2022		1,647
	5,472	Ashland LLC, 4.75%, 08/15/2022		5,520
	2,385	Avantor, Inc., 6.00%, 10/01/2024 (e)		2,397
	5,950	Avaya, Inc., 7.00%, 04/01/2019 (d) (bb)		1
		Avis Budget Car Rental LLC,
	1,195	5.25%, 03/15/2025 (e)		1,150
	4,620	5.50%, 04/01/2023		4,574
	7,460	6.38%, 04/01/2024 (e)		7,553
	1,855	Axalta Coating Systems LLC, 4.88%, 08/15/2024 (e)		1,869
	1,764	B&G Foods, Inc., 5.25%, 04/01/2025		1,614
		Ball Corp.,
	630	4.88%, 03/15/2026		628
	1,962	5.25%, 07/01/2025		2,021
		Bank of America Corp.,
	3,946	Series K, (ICE LIBOR USD 3 Month + 3.63%), 5.99%, 07/30/2018 (x) (y) (aa)		3,966
	18,095	Series V, (ICE LIBOR USD 3 Month + 3.39%), 5.13%, 06/17/2019 (x) (y) (aa)		18,323
	11,220	Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 09/05/2024 (x) (y) (aa)		11,697
	13,130	Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (x) (y) (aa)		13,918
	11,168	Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 03/17/2025 (x) (y) (aa)		11,573
	15,695	Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 03/15/2028 (x) (y) (aa)		15,675
		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)		9,274

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	9,200	Series E, (ICE LIBOR USD 3 Month + 3.42%), 4.95%, 06/20/2020 (x) (y) (aa)		9,384
	10,966	Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 09/20/2026 (x) (y) (aa)		10,555
		Berry Global, Inc.,
	1,285	4.50%, 02/15/2026 (e)		1,227
	1,875	5.13%, 07/15/2023		1,887
	500	6.00%, 10/15/2022		521
	835	Big River Steel LLC, 7.25%, 09/01/2025 (e)		871
	2,138	Blue Cube Spinco, Inc., 10.00%, 10/15/2025		2,501
	8,565	Blue Racer Midstream LLC, 6.13%, 11/15/2022 (e)		8,779
	495	Boise Cascade Co., 5.63%, 09/01/2024 (e)		501
	1,723	Booz Allen Hamilton, Inc., 5.13%, 05/01/2025 (e)		1,701
		Boyd Gaming Corp.,
	2,905	6.38%, 04/01/2026		3,041
	6,100	6.88%, 05/15/2023		6,405
	2,846	Boyne USA, Inc., 7.25%, 05/01/2025 (e)		2,939
	1,840	Brink’s Co. (The), 4.63%, 10/15/2027 (e)		1,693
		Bristow Group, Inc.,
	1,206	6.25%, 10/15/2022		995
	1,214	8.75%, 03/01/2023 (e)		1,253
	9,085	Buckeye Partners LP, (ICE LIBOR USD 3 Month + 4.02%), 6.38%, 01/22/2078 (aa)		8,836
	5,215	BWAY Holding Co., 5.50%, 04/15/2024 (e)		5,250
		Cablevision Systems Corp.,
	1,050	5.88%, 09/15/2022		1,034
	5,217	8.00%, 04/15/2020		5,530
	1,259	Caleres, Inc., 6.25%, 08/15/2023		1,303
	1,534	California Resources Corp., 8.00%, 12/15/2022 (e)		1,319
		Calpine Corp.,
	4,605	5.25%, 06/01/2026 (e)		4,407
	1,500	5.50%, 02/01/2024		1,376
	1,140	5.75%, 01/15/2025		1,043
	2,000	5.88%, 01/15/2024 (e)		2,015
	2,868	Camelot Finance SA, 7.88%, 10/15/2024 (e)		2,990
	8,570	Capital One Financial Corp., Series E, (ICE LIBOR USD 3 Month + 3.80%), 5.55%, 06/01/2020 (x) (y) (aa)		8,827
	4,412	Carrizo Oil & Gas, Inc., 6.25%, 04/15/2023		4,531
	676	Catalent Pharma Solutions, Inc., 4.88%, 01/15/2026 (e)		658

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,357	CB Escrow Corp., 8.00%, 10/15/2025 (e)		1,289
	1,340	CBS Radio, Inc., 7.25%, 11/01/2024 (e)		1,360
	662	CCM Merger, Inc., 6.00%, 03/15/2022 (e)		674
		CCO Holdings LLC,
	9,663	5.00%, 02/01/2028 (e)		8,923
	15,462	5.13%, 05/01/2027 (e)		14,487
	3,185	5.38%, 05/01/2025 (e)		3,131
	8,070	5.50%, 05/01/2026 (e)		7,858
	1,005	5.75%, 01/15/2024		1,014
	11,741	5.75%, 02/15/2026 (e)		11,653
	30,222	5.88%, 04/01/2024 (e)		30,676
	875	CDK Global, Inc., 4.88%, 06/01/2027		840
		CDW LLC,
	2,242	5.00%, 09/01/2023		2,287
	4,835	5.00%, 09/01/2025		4,822
	635	5.50%, 12/01/2024		659
	665	Cedar Fair LP, 5.38%, 06/01/2024		673
		Centene Corp.,
	100	4.75%, 05/15/2022		101
	2,850	4.75%, 01/15/2025		2,770
	2,570	5.63%, 02/15/2021		2,646
	3,455	6.13%, 02/15/2024		3,620
		Central Garden & Pet Co.,
	2,110	5.13%, 02/01/2028		1,999
	3,150	6.13%, 11/15/2023		3,284
		CenturyLink, Inc.,
	780	Series S, 6.45%, 06/15/2021		797
	7,856	Series T, 5.80%, 03/15/2022		7,817
	7,294	Series W, 6.75%, 12/01/2023		7,239
	606	Series Y, 7.50%, 04/01/2024		618
	2,260	Cequel Communications Holdings I LLC, 7.50%, 04/01/2028 (e)		2,291
		CF Industries, Inc.,
	881	4.50%, 12/01/2026 (e)		881
	3,310	5.15%, 03/15/2034		3,025
	10,605	Charles Schwab Corp. (The), Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/01/2027 (x) (y) (aa)		10,327
		Chemours Co. (The),
	4,450	6.63%, 05/15/2023		4,678
	1,665	7.00%, 05/15/2025		1,792
		Cheniere Corpus Christi Holdings LLC,
	2,195	5.13%, 06/30/2027		2,140
	7,060	5.88%, 03/31/2025		7,279
	492	7.00%, 06/30/2024		537

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 81

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,153	Cheniere Energy Partners LP, 5.25%, 10/01/2025 (e)		1,127
		Chesapeake Energy Corp.,
	226	5.75%, 03/15/2023		208
	4,342	8.00%, 12/15/2022 (e)		4,603
	1,835	8.00%, 01/15/2025 (e)		1,779
	7,153	8.00%, 06/15/2027 (e)		6,885
	789	(ICE LIBOR USD 3 Month + 3.25%), 5.60%, 04/15/2019 (aa)		787
	3,114	Cincinnati Bell, Inc., 7.00%, 07/15/2024 (e)		2,857
	5,499	Cinemark USA, Inc., 4.88%, 06/01/2023		5,437
		CIT Group, Inc.,
	4,041	5.00%, 08/15/2022		4,132
	1,225	5.00%, 08/01/2023		1,243
	1,302	5.25%, 03/07/2025		1,330
	680	6.13%, 03/09/2028		703
	1,815	CITGO Petroleum Corp., 6.25%, 08/15/2022 (e)		1,815
		Citigroup, Inc.,
	14,725	Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 05/15/2023 (x) (y) (aa)		14,523
	10,670	Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 05/15/2024 (x) (y) (aa)		10,907
	8,740	Series N, (ICE LIBOR USD 3 Month + 4.09%), 5.80%, 11/15/2019 (x) (y) (aa)		9,013
	4,785	Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 03/27/2020 (x) (y) (aa)		4,917
	10,235	(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 01/30/2023 (x) (y) (aa)		10,477
	11,785	Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 05/15/2025 (x) (y) (aa)		11,932
	1,670	Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (x) (y) (aa)		1,745
	5,475	Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 08/15/2026 (x) (y) (aa)		5,687
		Claire’s Stores, Inc.,
	1,150	6.13%, 03/15/2020 (d) (e)		655
	6,088	9.00%, 03/15/2019 (d) (e)		3,592
	1,490	Clean Harbors, Inc., 5.13%, 06/01/2021		1,499
		Clear Channel Worldwide Holdings, Inc.,
	1,675	Series A, 6.50%, 11/15/2022		1,709

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	115	Series A, 7.63%, 03/15/2020		115
	31,795	Series B, 6.50%, 11/15/2022		32,550
	17,307	Series B, 7.63%, 03/15/2020		17,350
		Clearwater Paper Corp.,
	2,125	4.50%, 02/01/2023		1,992
	900	5.38%, 02/01/2025 (e)		799
	768	Cleveland-Cliffs, Inc., 5.75%, 03/01/2025		741
	4,235	CNG Holdings, Inc., 9.38%, 05/15/2020 (e)		4,193
	3,065	CNO Financial Group, Inc., 5.25%, 05/30/2025		3,088
	667	CNX Midstream Partners LP, 6.50%, 03/15/2026 (e)		652
	119	Coeur Mining, Inc., 5.88%, 06/01/2024		117
	2,669	Cogent Communications Finance, Inc., 5.63%, 04/15/2021 (e)		2,682
	5,075	Cogent Communications Group, Inc., 5.38%, 03/01/2022 (e)		5,196
		Commercial Metals Co.,
	952	4.88%, 05/15/2023		938
	1,230	5.38%, 07/15/2027		1,199
		CommScope Technologies LLC,
	1,505	5.00%, 03/15/2027 (e)		1,441
	10,882	6.00%, 06/15/2025 (e)		11,209
		CommScope, Inc.,
	2,355	5.00%, 06/15/2021 (e)		2,373
	2,578	5.50%, 06/15/2024 (e)		2,623
		Community Health Systems, Inc.,
	2,435	5.13%, 08/01/2021		2,240
	3,855	6.25%, 03/31/2023		3,506
	3,017	6.88%, 02/01/2022		1,652
	2,575	7.13%, 07/15/2020		2,047
		Continental Resources, Inc.,
	1,072	3.80%, 06/01/2024		1,045
	3,350	4.38%, 01/15/2028 (e)		3,291
	7,557	4.50%, 04/15/2023		7,651
	1,740	4.90%, 06/01/2044		1,697
	858	5.00%, 09/15/2022		871
	4,090	Cooper-Standard Automotive, Inc., 5.63%, 11/15/2026 (e)		4,059
		CoreCivic, Inc.,
	4,230	4.63%, 05/01/2023		4,188
	430	5.00%, 10/15/2022		434
	873	Cornerstone Chemical Co., 6.75%, 08/15/2024 (e)		864
	5,145	Coty, Inc., 6.50%, 04/15/2026 (e)		5,004

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Covanta Holding Corp.,
	240	5.88%, 03/01/2024		236
	379	5.88%, 07/01/2025		369
	2,075	Covey Park Energy LLC, 7.50%, 05/15/2025 (e)		2,085
		Crestwood Midstream Partners LP,
	2,091	5.75%, 04/01/2025		2,070
	3,444	6.25%, 04/01/2023		3,509
		Crown Americas LLC,
	815	4.25%, 09/30/2026		754
	1,281	4.75%, 02/01/2026 (e)		1,236
		CSC Holdings LLC,
	2,249	5.25%, 06/01/2024		2,114
	1,600	5.38%, 02/01/2028 (e)		1,496
	1,745	5.50%, 04/15/2027 (e)		1,675
	1,400	6.63%, 10/15/2025 (e)		1,444
	2,089	6.75%, 11/15/2021		2,198
	657	8.63%, 02/15/2019		684
	7,952	10.13%, 01/15/2023 (e)		8,817
	1,747	10.88%, 10/15/2025 (e)		2,048
		CSI Compressco LP,
	1,341	7.25%, 08/15/2022		1,267
	815	7.50%, 04/01/2025 (e)		819
	640	Cumberland Farms, Inc., 6.75%, 05/01/2025 (e)		664
	1,753	CURO Financial Technologies Corp.,
		12.00%, 03/01/2022 (e)		1,922
	6,818	CVR Partners LP, 9.25%, 06/15/2023 (e)		7,014
		CyrusOne LP,
	1,408	5.00%, 03/15/2024		1,412
	1,239	5.38%, 03/15/2027		1,239
		Dana Financing Luxembourg SARL,
	1,375	5.75%, 04/15/2025 (e)		1,396
	1,990	6.50%, 06/01/2026 (e)		2,064
		Dana, Inc.,
	1,250	5.50%, 12/15/2024		1,272
	6,125	6.00%, 09/15/2023		6,339
		DaVita, Inc.,
	5,940	5.00%, 05/01/2025		5,629
	3,502	5.13%, 07/15/2024		3,393
	1,275	5.75%, 08/15/2022		1,306
		DCP Midstream Operating LP,
	4,028	3.88%, 03/15/2023		3,887
	702	4.95%, 04/01/2022		712
	1,825	6.75%, 09/15/2037 (e)		1,978

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,558	Dean Foods Co., 6.50%, 03/15/2023 (e)		2,452
	3,653	Delek Logistics Partners LP, 6.75%, 05/15/2025 (e)		3,626
		Dell International LLC,
	7,581	5.45%, 06/15/2023 (e)		7,972
	1,420	5.88%, 06/15/2021 (e)		1,461
	5,931	6.02%, 06/15/2026 (e)		6,281
	1,465	7.13%, 06/15/2024 (e)		1,560
	5,710	Delphi Technologies plc, 5.00%, 10/01/2025 (e)		5,492
		Denbury Resources, Inc.,
	582	9.00%, 05/15/2021 (e)		608
	2,114	9.25%, 03/31/2022 (e)		2,199
	1,186	Diamond Offshore Drilling, Inc., 7.88%, 08/15/2025		1,217
		Diamondback Energy, Inc.,
	38	4.75%, 11/01/2024		38
	640	5.38%, 05/31/2025 (e)		648
	4,400	Diebold Nixdorf, Inc., 8.50%, 04/15/2024		4,565
	11,644	Discover Financial Services, Series C, (ICE LIBOR USD 3 Month + 3.08%), 5.50%, 10/30/2027 (x) (y) (aa)		11,411
		DISH DBS Corp.,
	15,094	5.00%, 03/15/2023		13,019
	10,821	5.88%, 07/15/2022		9,928
	20,006	5.88%, 11/15/2024		17,105
	9,887	6.75%, 06/01/2021		9,862
	8,989	7.75%, 07/01/2026		8,152
	6,585	DJO Finance LLC, 8.13%, 06/15/2021 (e)		6,593
	2,774	Dole Food Co., Inc., 7.25%, 06/15/2025 (e)		2,795
	2,748	Dollar Tree, Inc., 5.75%, 03/01/2023		2,867
	17,485	Dominion Energy, Inc., (ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/01/2054 (aa)		18,477
	3,364	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/2023 (e)		3,473
		Eldorado Resorts, Inc.,
	4,011	6.00%, 04/01/2025		3,976
	560	7.00%, 08/01/2023		591
	15,876	Embarq Corp., 8.00%, 06/01/2036		15,080
		EMC Corp.,
	1,129	2.65%, 06/01/2020		1,100
	133	3.38%, 06/01/2023		124
	1,825	EMI Music Publishing Group North America Holdings, Inc., 7.63%, 06/15/2024 (e)		1,975

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 83

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Encompass Health Corp.,
	3,470	5.75%, 11/01/2024		3,531
	3,650	5.75%, 09/15/2025		3,732
		Endo Dac,
	930	5.88%, 10/15/2024 (e)		875
	11,800	6.00%, 07/15/2023 (e)		8,585
	1,770	6.00%, 02/01/2025 (e)		1,243
		Endo Finance LLC,
	3,282	5.75%, 01/15/2022 (e)		2,691
	46	7.25%, 01/15/2022 (e)		39
	6,565	Energizer Holdings, Inc., 5.50%, 06/15/2025 (e)		6,516
		Energy Transfer Equity LP,
	1,558	4.25%, 03/15/2023		1,504
	4,397	5.88%, 01/15/2024		4,490
		Energy Transfer Partners LP,
	13,370	Series A, (ICE LIBOR USD 3 Month + 4.03%), 6.25%, 02/15/2023 (x) (y) (aa)		12,739
	9,235	Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.62%, 02/15/2028 (x) (y) (aa)		8,733
	8,060	EnLink Midstream Partners LP, Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (x) (y) (aa)		7,556
		Ensco plc,
	546	4.50%, 10/01/2024		444
	2,778	5.20%, 03/15/2025		2,285
	136	5.75%, 10/01/2044		94
	739	7.75%, 02/01/2026		695
	6,646	Entegris, Inc., 4.63%, 02/10/2026 (e)		6,413
		Enterprise Products Operating LLC,
	10,945	Series D, (ICE LIBOR USD 3 Month + 2.99%), 4.88%, 08/16/2077 (aa)		10,671
	11,815	Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 08/16/2077 (aa)		11,390
		Envision Healthcare Corp.,
	3,316	5.13%, 07/01/2022 (e)		3,274
	2,303	5.63%, 07/15/2022		2,309
	1,650	6.25%, 12/01/2024 (e)		1,716
		EP Energy LLC,
	4,877	8.00%, 11/29/2024 (e)		5,048
	5,640	8.00%, 02/15/2025 (e)		3,976
	701	9.38%, 05/01/2020		666
	5,965	9.38%, 05/01/2024 (e)		4,563

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Equinix, Inc.,
	3,098	5.38%, 01/01/2022		3,195
	950	5.38%, 04/01/2023		976
	3,911	5.75%, 01/01/2025		4,058
	6,328	5.88%, 01/15/2026		6,549
	6,032	ESH Hospitality, Inc., 5.25%, 05/01/2025 (e)		5,896
	720	EW Scripps Co. (The), 5.13%, 05/15/2025 (e)		670
	4,270	Exela Intermediate LLC, 10.00%, 07/15/2023 (e)		4,275
	1,261	Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/2025 (e)		1,254
	17,625	Fifth Third Bancorp, (ICE LIBOR USD 3 Month + 3.03%), 5.10%, 06/30/2023 (x) (y) (aa)		17,339
		First Data Corp.,
	4,520	5.00%, 01/15/2024 (e)		4,554
	17,493	5.38%, 08/15/2023 (e)		17,839
	22,483	5.75%, 01/15/2024 (e)		22,795
	3,478	7.00%, 12/01/2023 (e)		3,639
	542	FirstCash, Inc., 5.38%, 06/01/2024 (e)		550
	681	Flex Acquisition Co., Inc., 6.88%, 01/15/2025 (e)		684
		Freeport-McMoRan, Inc.,
	1,530	3.55%, 03/01/2022		1,480
	8,430	3.88%, 03/15/2023		8,082
	1,714	4.00%, 11/14/2021		1,706
	6,535	4.55%, 11/14/2024		6,306
	375	5.40%, 11/14/2034		346
	2,310	5.45%, 03/15/2043		2,102
		Frontier Communications Corp.,
	7,180	6.88%, 01/15/2025		4,398
	4,030	8.50%, 04/01/2026 (e)		3,919
	1,998	10.50%, 09/15/2022		1,756
	11,938	11.00%, 09/15/2025		9,163
	2,236	FXI Holdings, Inc., 7.88%, 11/01/2024 (e)		2,208
	1,880	Gartner, Inc., 5.13%, 04/01/2025 (e)		1,884
	2,452	Gates Global LLC, 6.00%, 07/15/2022 (e)		2,483
		GCI, Inc.,
	4,460	6.75%, 06/01/2021		4,505
	3,390	6.88%, 04/15/2025		3,551
	2,905	GCP Applied Technologies, Inc., 5.50%, 04/15/2026 (e)		2,890
	5,695	General Cable Corp., 5.75%, 10/01/2022		5,847
	44,203	General Electric Co., Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 01/21/2021 (x) (y) (aa)		43,761

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	13,675	General Motors Financial Co., Inc., Series A, (ICE LIBOR USD 3 Month + 3.60%), 5.75%, 09/30/2027 (x) (y) (aa)		13,461
		Genesis Energy LP,
	1,553	5.63%, 06/15/2024		1,479
	1,359	6.00%, 05/15/2023		1,328
	175	6.25%, 05/15/2026		167
	780	6.75%, 08/01/2022		792
	3,640	Genesys Telecommunications Laboratories, Inc., 10.00%, 11/30/2024 (e)		4,022
		GenOn Energy, Inc.,
	975	9.50%, 10/15/2018 (d)		794
	3,355	9.88%, 10/15/2020 (d)		2,743
		GEO Group, Inc. (The),
	8,165	5.88%, 01/15/2022		8,379
	2,215	6.00%, 04/15/2026		2,183
		Global Partners LP,
	1,085	6.25%, 07/15/2022		1,085
	1,995	7.00%, 06/15/2023 (bb)		2,015
	2,370	GLP Capital LP, 5.38%, 11/01/2023		2,450
	5,204	Golden Nugget, Inc., 6.75%, 10/15/2024 (e)		5,282
		Goldman Sachs Group, Inc. (The),
	13,070	Series L, (ICE LIBOR USD 3 Month + 3.88%), 5.70%, 05/10/2019 (x) (y) (aa)		13,364
	14,640	Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 05/10/2020 (x) (y) (aa)		14,987
	12,090	Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (x) (y) (aa)		11,969
	22,110	Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (x) (y) (aa)		21,235
	850	Goodman Networks, Inc., 8.00%, 05/11/2022 (bb)		595
		Goodyear Tire & Rubber Co. (The),
	5,526	4.88%, 03/15/2027		5,174
	5,160	5.00%, 05/31/2026		4,915
		Gray Television, Inc.,
	2,285	5.13%, 10/15/2024 (e)		2,179
	1,445	5.88%, 07/15/2026 (e)		1,391
	1,735	Great Lakes Dredge & Dock Corp., 8.00%, 05/15/2022		1,770
	1,310	Group 1 Automotive, Inc., 5.25%, 12/15/2023 (e)		1,294

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			United States — continued
			Gulfport Energy Corp.,
	5,563		6.00%, 10/15/2024		5,285
	880		6.38%, 05/15/2025		844
	488		6.38%, 01/15/2026		469
	745		6.63%, 05/01/2023		749
	1,858		H&E Equipment Services, Inc., 5.63%, 09/01/2025		1,867
	2,865		Halcon Resources Corp., 6.75%, 02/15/2025		2,861
	2,525		Hanesbrands, Inc., 4.88%, 05/15/2026 (e)		2,437
	3,046		Hardwoods Acquisition, Inc., 7.50%, 08/01/2021 (e)		2,787
	1,466		Harland Clarke Holdings Corp., 8.38%, 08/15/2022 (e)		1,499
	3,847		HCA Healthcare, Inc., 6.25%, 02/15/2021		4,044
			HCA, Inc.,
	2,318		3.75%, 03/15/2019		2,324
	1,410		4.25%, 10/15/2019		1,421
	1,976		5.00%, 03/15/2024		1,998
	1,145		5.25%, 04/15/2025		1,159
	400		5.25%, 06/15/2026		402
	41,781		5.38%, 02/01/2025		41,572
	3,230		5.50%, 06/15/2047		3,052
	4,959		5.88%, 03/15/2022		5,226
	3,655		5.88%, 05/01/2023		3,810
	13,470		5.88%, 02/15/2026		13,638
	16,768		7.50%, 02/15/2022		18,445
	1,620		HD Supply, Inc., 5.75%, 04/15/2024 (e)		1,701
	2,986		Hecla Mining Co., 6.88%, 05/01/2021		3,023
			Herc Rentals, Inc.,
	3,088		7.50%, 06/01/2022 (e)		3,273
	3,815		7.75%, 06/01/2024 (e)		4,116
			Hertz Corp. (The),
	12,095		5.50%, 10/15/2024 (e)		10,130
	1,371		6.25%, 10/15/2022		1,288
	870		7.38%, 01/15/2021		861
	5,140		7.63%, 06/01/2022 (e)		5,230
	1,315		Hess Infrastructure Partners LP, 5.63%, 02/15/2026 (e)		1,328
	8,404		Hexion, Inc., 6.63%, 04/15/2020		7,889
	3,634		Hilcorp Energy I LP, 5.00%, 12/01/2024 (e)		3,534
	865		Hillman Group, Inc. (The), 6.38%, 07/15/2022 (e)		837
			Hill-Rom Holdings, Inc.,
	685	��	5.00%, 02/15/2025 (e)		680
	6,428		5.75%, 09/01/2023 (e)		6,637

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 85

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Hilton Domestic Operating Co., Inc.,
	1,282	4.25%, 09/01/2024		1,231
	4,955	5.13%, 05/01/2026 (e)		4,955
	1,455	Hilton Grand Vacations Borrower LLC, 6.13%, 12/01/2024		1,539
		Hilton Worldwide Finance LLC,
	3,813	4.63%, 04/01/2025		3,698
	1,834	4.88%, 04/01/2027		1,779
	1,825	Holly Energy Partners LP, 6.00%, 08/01/2024 (e)		1,830
		Hologic, Inc.,
	6,471	4.38%, 10/15/2025 (e)		6,228
	523	4.63%, 02/01/2028 (e)		500
	1,550	HRG Group, Inc., 7.75%, 01/15/2022		1,597
		Hughes Satellite Systems Corp.,
	6,595	5.25%, 08/01/2026		6,447
	810	6.50%, 06/15/2019		834
	2,225	6.63%, 08/01/2026		2,208
	4,315	Huntington Bancshares, Inc., Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 04/15/2023 (x) (y) (aa)		4,312
		Huntsman International LLC,
	560	4.88%, 11/15/2020		570
	9,478	5.13%, 11/15/2022		9,832
		Icahn Enterprises LP,
	3,774	5.88%, 02/01/2022		3,807
	1,705	6.25%, 02/01/2022		1,739
	2,715	6.38%, 12/15/2025		2,725
	800	6.75%, 02/01/2024		820
		iHeartCommunications, Inc.,
	2,116	9.00%, 12/15/2019 (d)		1,693
	2,067	9.00%, 03/01/2021 (d)		1,648
		IHS Markit Ltd.,
	1,022	4.00%, 03/01/2026 (e)		979
	900	4.75%, 02/15/2025 (e)		905
	7,148	ILFC E-Capital Trust I, (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.64%, 12/21/2065 (e) (aa)		6,880
	2,205	ILFC E-Capital Trust II, (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 4.89%, 12/21/2065 (e) (aa)		2,122
	8,769	Infor Software Parent LLC, 7.13% (cash), 05/01/2021 (e) (v)		8,835
		Infor US, Inc.,
	1,248	5.75%, 08/15/2020 (e)		1,271
	17,265	6.50%, 05/15/2022		17,524

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	5,823	Informatica LLC, 7.13%, 07/15/2023 (e)		5,823
	1,241	Ingevity Corp., 4.50%, 02/01/2026 (e)		1,196
		International Game Technology plc,
	1,875	6.25%, 02/15/2022 (e)		1,967
	9,870	6.50%, 02/15/2025 (e)		10,524
	4,020	Interval Acquisition Corp., 5.63%, 04/15/2023		4,191
		IQVIA, Inc.,
	1,255	4.88%, 05/15/2023 (e)		1,270
	5,110	5.00%, 10/15/2026 (e)		5,040
	937	IRB Holding Corp., 6.75%, 02/15/2026 (e)		904
		Iron Mountain, Inc.,
	1,207	4.88%, 09/15/2027 (e)		1,136
	1,557	5.25%, 03/15/2028 (e)		1,466
	3,526	5.75%, 08/15/2024		3,482
	1,250	6.00%, 08/15/2023		1,287
	1,431	Itron, Inc., 5.00%, 01/15/2026 (e)		1,398
	8,535	Jack Ohio Finance LLC, 6.75%, 11/15/2021 (e)		8,812
	1,315	Jagged Peak Energy LLC, 5.88%, 05/01/2026 (e)		1,320
	174	JB Poindexter & Co., Inc., 7.13%, 04/15/2026 (e)		177
	887	JC Penney Corp., Inc., 8.63%, 03/15/2025 (e)		822
		Jeld-Wen, Inc.,
	1,735	4.63%, 12/15/2025 (e)		1,665
	750	4.88%, 12/15/2027 (e)		707
	993	Kaiser Aluminum Corp., 5.88%, 05/15/2024		1,023
	1,232	Kennedy-Wilson, Inc., 5.88%, 04/01/2024 (e)		1,214
	9,075	KeyCorp, Series D, (ICE LIBOR USD 3 Month + 3.61%), 5.00%, 09/15/2026 (x) (y) (aa)		8,871
	2,892	KFC Holding Co., 4.75%, 06/01/2027 (e)		2,780
	7,460	Kindred Healthcare, Inc., 8.75%, 01/15/2023		7,992
	3,075	Kinetic Concepts, Inc., 7.88%, 02/15/2021 (e)		3,187
	6,400	KLX, Inc., 5.88%, 12/01/2022 (e)		6,680
	1,160	Koppers, Inc., 6.00%, 02/15/2025 (e)		1,180
	1,600	Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/2025 (e)		1,650
		L Brands, Inc.,
	1,625	5.25%, 02/01/2028		1,521
	4,550	6.75%, 07/01/2036		4,254
	1,606	6.88%, 11/01/2035		1,518

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Ladder Capital Finance Holdings LLLP,
	1,514	5.25%, 03/15/2022 (e)		1,514
	757	5.25%, 10/01/2025 (e)		721
		Lamar Media Corp.,
	363	5.00%, 05/01/2023		367
	1,208	5.38%, 01/15/2024		1,235
	690	5.75%, 02/01/2026		711
		Lennar Corp.,
	1,455	4.50%, 04/30/2024		1,418
	85	4.75%, 11/15/2022		85
	4,855	4.75%, 11/29/2027 (e)		4,576
	1,210	5.25%, 06/01/2026 (e)		1,189
	600	5.38%, 10/01/2022 (e)		621
	2,247	5.88%, 11/15/2024 (e)		2,320
	295	8.38%, 01/15/2021 (e)		327
		Level 3 Financing, Inc.,
	5,636	5.13%, 05/01/2023		5,580
	1,943	5.25%, 03/15/2026		1,879
	4,086	5.38%, 01/15/2024		4,045
	7,675	5.38%, 05/01/2025		7,558
	561	5.63%, 02/01/2023		568
	1,000	Level 3 Parent LLC, 5.75%, 12/01/2022		1,008
	75	Levi Strauss & Co., 5.00%, 05/01/2025		75
	870	Liberty Interactive LLC, 8.25%, 02/01/2030		935
	2,538	Liberty Mutual Group, Inc., 7.80%, 03/15/2037 (e)		3,071
	1,387	LIN Television Corp., 5.88%, 11/15/2022		1,425
		Live Nation Entertainment, Inc.,
	2,395	4.88%, 11/01/2024 (e)		2,344
	547	5.63%, 03/15/2026 (e)		546
	2,469	LPL Holdings, Inc., 5.75%, 09/15/2025 (e)		2,395
	2,429	LSB Industries, Inc., 9.63%, 05/01/2023 (e)		2,447
	5,407	LTF Merger Sub, Inc., 8.50%, 06/15/2023 (e)		5,664
		Mallinckrodt International Finance SA,
	539	4.75%, 04/15/2023		384
	6,105	5.50%, 04/15/2025 (e)		4,590
	2,585	5.63%, 10/15/2023 (e)		2,023
	1,610	5.75%, 08/01/2022 (e)		1,348
	3,266	Martin Midstream Partners LP, 7.25%, 02/15/2021		3,274
	3,357	MasTec, Inc., 4.88%, 03/15/2023		3,333
		Match Group, Inc.,
	312	5.00%, 12/15/2027 (e)		306
	890	6.38%, 06/01/2024		939

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Mattel, Inc.,
	1,000	3.15%, 03/15/2023		852
	6,825	6.75%, 12/31/2025 (e)		6,645
	2,185	Meredith Corp., 6.88%, 02/01/2026 (e)		2,212
		MetLife, Inc.,
	12,815	6.40%, 12/15/2036		13,968
	17,944	Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 06/15/2020 (x) (y) (aa)		18,339
	8,575	Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 03/15/2028 (x) (y) (aa)		8,766
		MGM Growth Properties Operating Partnership LP,
	995	4.50%, 09/01/2026		939
	555	4.50%, 01/15/2028		511
	2,685	5.63%, 05/01/2024		2,739
		MGM Resorts International,
	375	4.63%, 09/01/2026		355
	14,645	6.00%, 03/15/2023		15,304
	2,630	6.63%, 12/15/2021		2,814
	15,259	7.75%, 03/15/2022		16,918
		Micron Technology, Inc.,
	7,546	5.25%, 01/15/2024 (e)		7,851
	470	5.50%, 02/01/2025		489
	5,428	Microsemi Corp., 9.13%, 04/15/2023 (e)		5,984
	2,770	Midcontinent Communications, 6.88%, 08/15/2023 (e)		2,909
	1,350	Momentive Performance Materials USA LLC, 8.88%, 10/15/2020 (d) (bb)		—	(h)
		Morgan Stanley,
	14,650	Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.45%, 07/15/2019 (x) (y) (aa)		14,877
	19,284	Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 07/15/2020 (x) (y) (aa)		19,766
		Motors Liquidation Co.,
	10	6.75%, 05/01/2028 (d) (aa) (bb)		—	(h)
	11	7.75%, 03/15/2036 (d) (bb)		—	(h)
	115	8.38%, 07/15/2033 (d) (bb)		—	(h)
	5,316	MPH Acquisition Holdings LLC, 7.13%, 06/01/2024 (e)		5,411
	1,900	MPLX LP, 5.50%, 02/15/2023		1,945
	1,939	MSCI, Inc., 5.25%, 11/15/2024 (e)		1,978
		Nabors Industries, Inc.,
	174	5.10%, 09/15/2023		165
	1,732	5.50%, 01/15/2023		1,697

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 87

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	3,410	5.75%, 02/01/2025 (e)		3,231
	2,473	National Rural Utilities Cooperative Finance Corp., (ICE LIBOR USD 3 Month + 3.63%), 5.25%, 04/20/2046 (aa)		2,578
		Nationstar Mortgage LLC,
	1,372	6.50%, 07/01/2021		1,389
	2,678	6.50%, 06/01/2022		2,752
	2,489	Navistar International Corp., 6.63%, 11/01/2025 (e)		2,582
		Neiman Marcus Group Ltd. LLC,
	5,712	8.00%, 10/15/2021 (e)		3,884
	5,404	8.75% (cash), 10/15/2021 (e) (v)		3,652
		Netflix, Inc.,
	4,006	4.38%, 11/15/2026		3,756
	4,685	4.88%, 04/15/2028 (e)		4,427
	200	5.88%, 02/15/2025		205
	5,375	5.88%, 11/15/2028 (e)		5,362
		New Albertsons LP,
	455	6.63%, 06/01/2028		349
	692	7.45%, 08/01/2029		561
	1,390	7.75%, 06/15/2026		1,220
	2,280	8.00%, 05/01/2031		1,898
	2,042	8.70%, 05/01/2030		1,797
	2,535	New Home Co., Inc. (The), 7.25%, 04/01/2022		2,598
		Newfield Exploration Co.,
	1,515	5.38%, 01/01/2026		1,567
	2,010	5.63%, 07/01/2024		2,131
	210	5.75%, 01/30/2022		220
	2,614	Nexstar Broadcasting, Inc., 6.13%, 02/15/2022 (e)		2,689
		NextEra Energy Operating Partners LP,
	897	4.25%, 09/15/2024 (e)		866
	986	4.50%, 09/15/2027 (e)		919
	445	NGL Energy Partners LP, 5.13%, 07/15/2019		445
		NGPL PipeCo LLC,
	505	4.38%, 08/15/2022 (e)		503
	1,109	4.88%, 08/15/2027 (e)		1,078
	2,288	Nielsen Co. Luxembourg SARL (The), 5.50%, 10/01/2021 (e)		2,322
	7,664	Nielsen Finance LLC, 5.00%, 04/15/2022 (e)		7,722
	9,480	Northern Trust Corp., Series D, (ICE LIBOR USD 3 Month + 3.20%), 4.60%, 10/01/2026 (x) (y) (aa)		9,243

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	831	Northwest Acquisitions ULC, 7.13%, 11/01/2022 (e)		846
		Novelis Corp.,
	5,350	5.88%, 09/30/2026 (e)		5,310
	4,710	6.25%, 08/15/2024 (e)		4,798
		NRG Energy, Inc.,
	1,323	5.75%, 01/15/2028 (e)		1,310
	2,000	6.25%, 05/01/2024		2,068
	5,313	6.63%, 01/15/2027		5,472
	2,465	NRG Yield Operating LLC, 5.00%, 09/15/2026		2,397
		Nuance Communications, Inc.,
	1,229	5.38%, 08/15/2020 (e)		1,235
	2,258	5.63%, 12/15/2026		2,255
	2,240	NuStar Logistics LP, 5.63%, 04/28/2027		2,122
	1,145	NVA Holdings, Inc., 6.88%, 04/01/2026 (e)		1,154
	730	NWH Escrow Corp., 7.50%, 08/01/2021 (e) (bb)		668
		Oasis Petroleum, Inc.,
	1,840	6.25%, 05/01/2026 (e) (w)		1,840
	8,338	6.50%, 11/01/2021		8,546
	1,622	6.88%, 03/15/2022		1,671
	935	6.88%, 01/15/2023		960
	998	OI European Group BV, 4.00%, 03/15/2023 (e)		948
		Oshkosh Corp.,
	1,300	5.38%, 03/01/2022		1,336
	4,609	5.38%, 03/01/2025		4,759
		Outfront Media Capital LLC,
	748	5.25%, 02/15/2022		759
	1,650	5.63%, 02/15/2024		1,666
	750	5.88%, 03/15/2025		769
		Owens-Brockway Glass Container, Inc.,
	810	5.00%, 01/15/2022 (e)		822
	545	5.38%, 01/15/2025 (e)		544
	584	5.88%, 08/15/2023 (e)		597
	1,084	6.38%, 08/15/2025 (e)		1,135
	444	Parker Drilling Co., 6.75%, 07/15/2022		335
		Parsley Energy LLC,
	2,310	5.25%, 08/15/2025 (e)		2,304
	1,728	5.38%, 01/15/2025 (e)		1,732
	1,165	5.63%, 10/15/2027 (e)		1,180
	1,940	Party City Holdings, Inc., 6.13%, 08/15/2023 (e)		1,964

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		PBF Holding Co. LLC,
	1,431	7.00%, 11/15/2023		1,478
	2,675	7.25%, 06/15/2025		2,775
	1,089	PBF Logistics LP, 6.88%, 05/15/2023		1,100
		Peabody Energy Corp.,
	627	6.00%, 03/31/2022 (e)		644
	485	6.38%, 03/31/2025 (e)		506
		Penn Virginia Corp. Escrow,
	500	7.25%, 04/15/2019 (d) (bb)		1
	1,100	8.50%, 05/01/2020 (d) (bb)		1
	2,399	Penske Automotive Group, Inc., 5.50%, 05/15/2026		2,327
		PetSmart, Inc.,
	3,904	5.88%, 06/01/2025 (e)		2,811
	11,357	7.13%, 03/15/2023 (e)		6,615
	4,523	8.88%, 06/01/2025 (e)		2,612
		Pilgrim’s Pride Corp.,
	3,129	5.75%, 03/15/2025 (e)		3,058
	2,116	5.88%, 09/30/2027 (e)		2,021
	18,005	Plains All American Pipeline LP, Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (x) (y) (aa)		17,487
	5,146	Plantronics, Inc., 5.50%, 05/31/2023 (e)		5,146
		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)		9,160
	10,675	Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/01/2026 (x) (y) (aa)		10,541
	2,520	Polaris Intermediate Corp., 8.50% (cash), 12/01/2022 (e) (v)		2,558
		Post Holdings, Inc.,
	2,728	5.00%, 08/15/2026 (e)		2,557
	5,169	5.50%, 03/01/2025 (e)		5,079
	1,470	5.63%, 01/15/2028 (e)		1,404
	2,730	5.75%, 03/01/2027 (e)		2,665
	1,218	PQ Corp., 5.75%, 12/15/2025 (e)		1,206
	1,600	Prestige Brands, Inc., 6.38%, 03/01/2024 (e)		1,608
	7,895	Prime Security Services Borrower LLC, 9.25%, 05/15/2023 (e)		8,477
	5,720	Progressive Corp. (The), Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.37%, 03/15/2023 (x) (y) (aa)		5,749

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Prudential Financial, Inc.,
	5,905	(ICE LIBOR USD 3 Month + 3.04%), 5.20%, 03/15/2044 (aa)		5,934
	5,006	(ICE LIBOR USD 3 Month + 3.03%), 5.38%, 05/15/2045 (aa)		5,056
	23,245	(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 06/15/2043 (aa)		24,262
	15,685	(ICE LIBOR USD 3 Month + 4.18%), 5.87%, 09/15/2042 (aa)		16,685
		QEP Resources, Inc.,
	1,072	5.25%, 05/01/2023		1,045
	1,995	5.38%, 10/01/2022		1,995
	1,010	6.88%, 03/01/2021		1,086
	1,660	Qorvo, Inc., 6.75%, 12/01/2023		1,764
	1,000	Quad/Graphics, Inc., 7.00%, 05/01/2022		1,025
		Quicken Loans, Inc.,
	2,070	5.25%, 01/15/2028 (e)		1,889
	4,479	5.75%, 05/01/2025 (e)		4,389
	1,115	Qwest Capital Funding, Inc., 7.75%, 02/15/2031		1,023
	580	Qwest Corp., 7.25%, 09/15/2025		623
	8,672	Rackspace Hosting, Inc., 8.63%, 11/15/2024 (e)		8,791
		Radian Group, Inc.,
	1,645	4.50%, 10/01/2024		1,571
	588	7.00%, 03/15/2021		629
	3,985	Rain CII Carbon LLC, 7.25%, 04/01/2025 (e)		4,105
		Range Resources Corp.,
	4,950	4.88%, 05/15/2025		4,582
	96	5.00%, 08/15/2022		94
	1,851	RBS Global, Inc., 4.88%, 12/15/2025 (e)		1,786
	1,271	Revlon Consumer Products Corp., 6.25%, 08/01/2024		763
		Reynolds Group Issuer, Inc.,
	1,000	5.13%, 07/15/2023 (e)		1,004
	9,425	5.75%, 10/15/2020		9,492
	1,646	6.87%, 02/15/2021		1,669
	1,745	7.00%, 07/15/2024 (e)		1,817
		RHP Hotel Properties LP,
	2,950	5.00%, 04/15/2021		2,969
	4,653	5.00%, 04/15/2023		4,682
	5,450	Rite Aid Corp., 6.13%, 04/01/2023 (e)		5,552
	910	Riverbed Technology, Inc., 8.88%, 03/01/2023 (e)		842
	684	Rowan Cos., Inc., 7.38%, 06/15/2025		662

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 89

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	58	RR Donnelley & Sons Co., 7.00%, 02/15/2022		60
		RSP Permian, Inc.,
	1,135	5.25%, 01/15/2025		1,172
	2,420	6.63%, 10/01/2022		2,522
		Sabre GLBL, Inc.,
	2,542	5.25%, 11/15/2023 (e)		2,564
	8,087	5.38%, 04/15/2023 (e)		8,166
		Sally Holdings LLC,
	75	5.50%, 11/01/2023		75
	325	5.63%, 12/01/2025		318
		Sanchez Energy Corp.,
	1,942	6.13%, 01/15/2023		1,403
	684	7.25%, 02/15/2023 (e)		691
	2,352	7.75%, 06/15/2021		2,181
		SBA Communications Corp.,
	314	4.00%, 10/01/2022 (e)		299
	2,791	4.88%, 07/15/2022		2,798
	5,685	4.88%, 09/01/2024		5,465
		Scientific Games International, Inc.,
	3,432	5.00%, 10/15/2025 (e)		3,315
	3,325	10.00%, 12/01/2022		3,583
		Scotts Miracle-Gro Co. (The),
	2,652	5.25%, 12/15/2026		2,592
	8,568	6.00%, 10/15/2023		8,963
		Sealed Air Corp.,
	1,400	4.88%, 12/01/2022 (e)		1,421
	1,750	5.13%, 12/01/2024 (e)		1,776
	1,233	5.25%, 04/01/2023 (e)		1,264
		SemGroup Corp.,
	1,146	5.63%, 07/15/2022		1,109
	2,625	5.63%, 11/15/2023		2,474
	1,509	7.25%, 03/15/2026		1,498
	4,756	Seminole Hard Rock Entertainment, Inc., 5.88%, 05/15/2021 (e)		4,756
		Sensata Technologies BV,
	5,001	4.88%, 10/15/2023 (e)		5,020
	470	5.00%, 10/01/2025 (e)		469
	2,339	5.63%, 11/01/2024 (e)		2,409
	8,376	Sensata Technologies UK Financing Co. plc, 6.25%, 02/15/2026 (e)		8,708
		Service Corp. International,
	2,865	5.38%, 01/15/2022		2,917
	6,495	5.38%, 05/15/2024		6,647
	2,735	7.50%, 04/01/2027		3,118
	1,240	8.00%, 11/15/2021		1,395

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Sinclair Television Group, Inc.,
	2,835	5.13%, 02/15/2027 (e)		2,629
	6,195	5.38%, 04/01/2021		6,257
	2,277	5.63%, 08/01/2024 (e)		2,254
	3,230	6.13%, 10/01/2022		3,318
		Sirius XM Radio, Inc.,
	2,336	4.63%, 05/15/2023 (e)		2,307
	3,314	5.00%, 08/01/2027 (e)		3,158
	9,460	5.38%, 04/15/2025 (e)		9,413
	2,855	5.38%, 07/15/2026 (e)		2,798
	9,016	6.00%, 07/15/2024 (e)		9,263
	3,595	Six Flags Entertainment Corp., 4.88%, 07/31/2024 (e)		3,505
		SM Energy Co.,
	4,738	5.00%, 01/15/2024		4,513
	2,535	5.63%, 06/01/2025		2,459
	1,248	6.50%, 11/15/2021		1,267
	2,915	Solera LLC, 10.50%, 03/01/2024 (e)		3,243
	671	Sonic Automotive, Inc., 6.13%, 03/15/2027		644
	1,945	Sotera Health Holdings LLC, 6.50%, 05/15/2023 (e)		1,945
	2,680	Sotheby’s, 4.88%, 12/15/2025 (e)		2,580
		Southwestern Energy Co.,
	1,510	4.10%, 03/15/2022		1,464
	5,843	6.45%, 01/23/2025		5,710
	1,165	7.50%, 04/01/2026		1,197
	1,165	7.75%, 10/01/2027		1,200
		Spectrum Brands, Inc.,
	1,935	5.75%, 07/15/2025		1,933
	2,159	6.13%, 12/15/2024		2,192
	3,202	6.63%, 11/15/2022		3,314
	1,075	Speedway Motorsports, Inc., 5.13%, 02/01/2023		1,067
		Springleaf Finance Corp.,
	4,267	5.63%, 03/15/2023		4,224
	1,830	6.13%, 05/15/2022		1,873
	860	6.88%, 03/15/2025		869
	2,264	7.75%, 10/01/2021		2,465
	16,577	Sprint Capital Corp., 8.75%, 03/15/2032		19,022
		Sprint Communications, Inc.,
	5,328	6.00%, 11/15/2022		5,441
	3,148	7.00%, 03/01/2020 (e)		3,322
	305	11.50%, 11/15/2021		364
		Sprint Corp.,
	2,829	7.13%, 06/15/2024		2,913
	3,678	7.25%, 09/15/2021		3,899

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	30,586	7.63%, 02/15/2025		32,192
	7,540	7.63%, 03/01/2026		7,936
	29,621	7.88%, 09/15/2023		31,768
		SPX FLOW, Inc.,
	1,370	5.63%, 08/15/2024 (e)		1,387
	2,175	5.88%, 08/15/2026 (e)		2,219
		Standard Industries, Inc.,
	9,098	4.75%, 01/15/2028 (e)		8,484
	610	5.00%, 02/15/2027 (e)		583
	2,650	6.00%, 10/15/2025 (e)		2,749
	13,120	Staples, Inc., 8.50%, 09/15/2025 (e)		12,267
	1,650	State Street Corp., Series F, (ICE LIBOR USD 3 Month + 3.60%), 5.25%, 09/15/2020 (x) (y) (aa)		1,695
	2,600	Station Casinos LLC, 5.00%, 10/01/2025 (e)		2,490
		Steel Dynamics, Inc.,
	2,560	4.13%, 09/15/2025		2,443
	1,085	5.00%, 12/15/2026		1,074
	625	5.25%, 04/15/2023		635
	650	5.50%, 10/01/2024		668
	195	Stone Energy Corp., 7.50%, 05/31/2022		199
		Summit Materials LLC,
	880	5.13%, 06/01/2025 (e)		853
	5,180	6.13%, 07/15/2023		5,271
		Summit Midstream Holdings LLC,
	1,559	5.50%, 08/15/2022		1,512
	4,125	5.75%, 04/15/2025		3,935
		Sunoco LP,
	2,130	4.88%, 01/15/2023 (e)		2,097
	1,966	5.50%, 02/15/2026 (e)		1,897
	423	5.88%, 03/15/2028 (e)		411
		SunTrust Banks, Inc.,
	8,540	(ICE LIBOR USD 3 Month + 3.86%), 5.63%, 12/15/2019 (x) (y) (aa)		8,725
	8,680	Series G, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 06/15/2022 (x) (y) (aa)		8,561
	10,625	Series H, (ICE LIBOR USD 3 Month + 2.79%), 5.13%, 12/15/2027 (x) (y) (aa)		10,173
		SUPERVALU, Inc.,
	5,257	6.75%, 06/01/2021		5,257
	9,575	7.75%, 11/15/2022		9,539
	2,330	Symantec Corp., 5.00%, 04/15/2025 (e)		2,339
	3,456	Talen Energy Supply LLC, 6.50%, 06/01/2025		2,523

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Tallgrass Energy Partners LP,
	2,150	5.50%, 09/15/2024 (e)		2,182
	3,810	5.50%, 01/15/2028 (e)		3,801
		Targa Resources Partners LP,
	2,483	4.25%, 11/15/2023		2,346
	2,955	5.00%, 01/15/2028 (e)		2,733
	4,484	5.13%, 02/01/2025		4,350
	3,123	5.88%, 04/15/2026 (e)		3,107
	7,570	6.75%, 03/15/2024		7,911
	5,536	Team Health Holdings, Inc., 6.38%, 02/01/2025 (e)		4,816
		TEGNA, Inc.,
	1,415	4.88%, 09/15/2021 (e)		1,433
	2,210	5.50%, 09/15/2024 (e)		2,248
	5,470	6.38%, 10/15/2023		5,648
		Teleflex, Inc.,
	368	4.88%, 06/01/2026		363
	875	5.25%, 06/15/2024		888
		Tempur Sealy International, Inc.,
	9,282	5.50%, 06/15/2026		8,795
	3,421	5.63%, 10/15/2023		3,438
		Tenet Healthcare Corp.,
	2,284	4.38%, 10/01/2021		2,250
	8,381	4.50%, 04/01/2021		8,308
	5,013	4.63%, 07/15/2024 (e)		4,850
	1,220	4.75%, 06/01/2020		1,226
	4,486	5.13%, 05/01/2025 (e)		4,374
	995	5.50%, 03/01/2019		1,009
	1,329	6.00%, 10/01/2020		1,376
	1,070	6.75%, 02/01/2020		1,102
	12,239	6.75%, 06/15/2023		12,032
	1,085	7.00%, 08/01/2025 (e)		1,066
	4,545	7.50%, 01/01/2022 (e)		4,789
	12,520	8.13%, 04/01/2022		13,036
	1,723	Tennant Co., 5.63%, 05/01/2025		1,756
	3,205	Tenneco, Inc., 5.00%, 07/15/2026		2,997
	5,968	Terex Corp., 5.63%, 02/01/2025 (e)		5,938
	1,712	Terraform Global Operating LLC, 6.13%, 03/01/2026 (e)		1,733
		TerraForm Power Operating LLC,
	1,869	4.25%, 01/31/2023 (e)		1,785
	2,354	5.00%, 01/31/2028 (e)		2,204
	945	SUB, 6.63%, 06/15/2025 (e)		1,009
	2,523	Tesla, Inc., 5.30%, 08/15/2025 (e)		2,233
	29,250	Texas Competitive Electric Holdings Co. LLC, 8.50%, 05/01/2020 (d) (bb)		293

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 91

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		T-Mobile USA, Inc.,
	1,188	4.50%, 02/01/2026		1,144
	1,188	4.75%, 02/01/2028		1,143
	1,704	5.13%, 04/15/2025		1,717
	1,598	6.00%, 03/01/2023		1,656
	5,377	6.38%, 03/01/2025		5,646
	2,440	6.50%, 01/15/2024		2,556
	17,335	6.50%, 01/15/2026		18,418
		Toll Brothers Finance Corp.,
	1,820	4.35%, 02/15/2028		1,684
	345	4.88%, 11/15/2025		342
	935	5.63%, 01/15/2024		983
		TransDigm, Inc.,
	2,325	6.00%, 07/15/2022		2,357
	1,134	6.38%, 06/15/2026		1,140
	3,677	6.50%, 07/15/2024		3,739
	3,785	6.50%, 05/15/2025		3,851
	1,007	TransMontaigne Partners LP, 6.13%, 02/15/2026		1,002
	2,153	Transocean Proteus Ltd., 6.25%, 12/01/2024 (e)		2,212
		Transocean, Inc.,
	358	5.80%, 10/15/2022		351
	4,802	6.80%, 03/15/2038		4,034
	4,784	7.50%, 01/15/2026 (e)		4,832
	1,767	7.50%, 04/15/2031		1,634
	3,668	9.00%, 07/15/2023 (e)		3,957
	2,077	9.35%, 12/15/2041		2,077
	1,735	Travelport Corporate Finance plc, 6.00%, 03/15/2026 (e)		1,774
	3,815	TreeHouse Foods, Inc., 6.00%, 02/15/2024 (e)		3,796
	3,320	TriMas Corp., 4.88%, 10/15/2025 (e)		3,196
	3,594	Trinseo Materials Operating SCA, 5.38%, 09/01/2025 (e)		3,540
		Triumph Group, Inc.,
	3,425	4.88%, 04/01/2021		3,323
	1,686	5.25%, 06/01/2022		1,631
	1,965	7.75%, 08/15/2025		2,014
	869	Tronox Finance plc, 5.75%, 10/01/2025 (e)		845
	1,650	Tronox, Inc., 6.50%, 04/15/2026 (e)		1,642
	4,198	Tutor Perini Corp., 6.88%, 05/01/2025 (e)		4,302
		Ultra Resources, Inc.,
	8,395	6.88%, 04/15/2022 (e)		6,170
	2,660	7.13%, 04/15/2025 (e)		1,774

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,327	Unit Corp., 6.63%, 05/15/2021		3,327
		United Continental Holdings, Inc.,
	1,680	4.25%, 10/01/2022		1,636
	3,281	5.00%, 02/01/2024		3,257
		United Rentals North America, Inc.,
	1,920	4.63%, 10/15/2025		1,862
	7,133	4.88%, 01/15/2028		6,759
	3,281	5.50%, 07/15/2025		3,355
	7,425	5.50%, 05/15/2027		7,407
	6,320	5.75%, 11/15/2024		6,541
	1,845	5.88%, 09/15/2026		1,923
	1,545	United States Cellular Corp., 6.70%, 12/15/2033		1,626
		United States Steel Corp.,
	2,663	6.25%, 03/15/2026		2,643
	423	6.88%, 08/15/2025		432
		Uniti Group LP,
	3,990	6.00%, 04/15/2023 (e)		3,891
	1,210	7.13%, 12/15/2024 (e)		1,116
	5,500	8.25%, 10/15/2023		5,266
	1,103	Univar USA, Inc., 6.75%, 07/15/2023 (e)		1,136
		Univision Communications, Inc.,
	2,000	5.13%, 05/15/2023 (e)		1,900
	1,758	5.13%, 02/15/2025 (e)		1,623
	433	6.75%, 09/15/2022 (e)		444
	2,500	US Concrete, Inc., 6.38%, 06/01/2024		2,588
	745	USA Compression Partners LP, 6.88%, 04/01/2026 (e)		760
	520	USG Corp., 4.88%, 06/01/2027 (e)		520
	952	USIS Merger Sub, Inc., 6.88%, 05/01/2025 (e)		959
		Valeant Pharmaceuticals International,
	7,342	6.75%, 08/15/2021 (e)		7,388
	8,149	7.25%, 07/15/2022 (e)		8,219
		Valeant Pharmaceuticals International, Inc.,
	383	5.50%, 03/01/2023 (e)		346
	5,705	5.50%, 11/01/2025 (e)		5,676
	37,477	5.88%, 05/15/2023 (e)		34,268
	5,523	6.13%, 04/15/2025 (e)		4,982
	1,266	6.50%, 03/15/2022 (e)		1,314
	5,817	7.00%, 03/15/2024 (e)		6,135
	10,268	7.50%, 07/15/2021 (e)		10,435
	6,782	9.00%, 12/15/2025 (e)		6,867
	2,656	9.25%, 04/01/2026 (e)		2,709
	608	Valvoline, Inc., 4.38%, 08/15/2025		584

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	2,370	Vantiv LLC, 4.38%, 11/15/2025 (e)		2,263
	3,090	Venator Finance SARL, 5.75%, 07/15/2025 (e)		3,075
	1,525	Versum Materials, Inc., 5.50%, 09/30/2024 (e)		1,559
	8,436	Vertiv Group Corp., 9.25%, 10/15/2024 (e)		8,520
		Viacom, Inc.,
	834	4.38%, 03/15/2043		737
	6,822	(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 02/28/2057 (aa)		6,890
	5,555	(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 02/28/2057 (aa)		5,633
	835	ViaSat, Inc., 5.63%, 09/15/2025 (e)		797
	6,153	VICI Properties 1 LLC, 8.00%, 10/15/2023		6,846
	7,330	Vista Outdoor, Inc., 5.88%, 10/01/2023		6,835
		Vistra Energy Corp.,
	6,393	5.88%, 06/01/2023		6,545
	1,300	7.38%, 11/01/2022		1,370
	3,515	7.63%, 11/01/2024		3,778
	3,650	8.00%, 01/15/2025 (e)		3,956
	1,717	8.13%, 01/30/2026 (e)		1,884
	1,847	VOC Escrow Ltd., 5.00%, 02/15/2028 (e)		1,787
	13,110	Voya Financial, Inc., (ICE LIBOR USD 3 Month + 3.58%), 5.65%, 05/15/2053 (aa)		13,359
	3,130	Wabash National Corp., 5.50%, 10/01/2025 (e)		3,052
	12	Weatherford International LLC, 6.80%, 06/15/2037		9
		Weatherford International Ltd.,
	1,144	4.50%, 04/15/2022		1,012
	2,242	5.95%, 04/15/2042		1,626
	2,292	6.50%, 08/01/2036		1,742
	537	6.75%, 09/15/2040		411
	1,110	7.00%, 03/15/2038		871
	152	7.75%, 06/15/2021		150
	1,355	9.88%, 02/15/2024		1,311
	2,435	Welbilt, Inc., 9.50%, 02/15/2024		2,703
	2,495	WellCare Health Plans, Inc., 5.25%, 04/01/2025		2,508
		Wells Fargo & Co.,
	12,655	Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 06/15/2024 (x) (y) (aa)		12,876
	15,275	Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.88%, 06/15/2025 (x) (y) (aa)		15,810

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	398	West Street Merger Sub, Inc., 6.38%, 09/01/2025 (e)		391
	7,544	Western Digital Corp., 4.75%, 02/15/2026		7,436
		Whiting Petroleum Corp.,
	4,312	5.75%, 03/15/2021		4,414
	3,699	6.25%, 04/01/2023		3,805
	2,422	6.63%, 01/15/2026 (e)		2,483
	4,385	WildHorse Resource Development Corp., 6.88%, 02/01/2025 (e)		4,451
		Williams Cos., Inc. (The),
	2,210	3.70%, 01/15/2023		2,137
	50	4.55%, 06/24/2024		50
	1,790	5.75%, 06/24/2044		1,866
	1,144	7.75%, 06/15/2031		1,390
	162	Series A, 7.50%, 01/15/2031		196
		Windstream Services LLC,
	1,058	6.38%, 08/01/2023 (e)		603
	23,615	8.75%, 12/15/2024 (e)		14,110
		WMG Acquisition Corp.,
	930	4.88%, 11/01/2024 (e)		912
	2,420	5.00%, 08/01/2023 (e)		2,420
	1,418	5.50%, 04/15/2026 (e)		1,425
	3,823	5.63%, 04/15/2022 (e)		3,909
		WPX Energy, Inc.,
	2,524	6.00%, 01/15/2022		2,631
	1,259	8.25%, 08/01/2023		1,429
	665	Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/2026 (e)		672
		Wyndham Worldwide Corp.,
	532	4.15%, 04/01/2024		528
	710	4.50%, 04/01/2027		702
	319	5.10%, 10/01/2025		330
	9,290	Wynn Las Vegas LLC, 5.50%, 03/01/2025 (e)		9,247
		XPO Logistics, Inc.,
	2,130	6.13%, 09/01/2023 (e)		2,204
	7,905	6.50%, 06/15/2022 (e)		8,162
		Zayo Group LLC,
	2,925	5.75%, 01/15/2027 (e)		2,903
	6,695	6.00%, 04/01/2023		6,887
	5,438	6.38%, 05/15/2025		5,630
				3,501,018
		Total Corporate Bonds (Cost $4,520,009)		4,505,891

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 93

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — 4.5%
		Angola — 0.1%
		Republic of Angola,
	3,075	Reg. S, 7.00%, 08/17/2019		3,130
	4,400	Reg. S, 9.50%, 11/12/2025		4,945
				8,075
		Argentina — 0.3%
		Provincia de Buenos Aires,
	4,500	7.88%, 06/15/2027 (e)		4,545
	4,910	Reg. S, 9.95%, 06/09/2021		5,426
	2,359	Reg. S, 10.88%, 01/26/2021		2,571
	4,150	Provincia de Cordoba, Reg. S, 7.45%, 09/01/2024		4,274
	1,000	Provincia de Mendoza Argentina, Reg. S, 8.38%, 05/19/2024		1,050
		Republic of Argentina,
	6,740	4.63%, 01/11/2023		6,447
	3,300	6.88%, 04/22/2021		3,458
	2,960	6.88%, 01/11/2048		2,627
	2,847	7.13%, 06/28/2117 (e)		2,522
	2,890	7.50%, 04/22/2026		3,017
	3,365	8.28%, 12/31/2033		3,584
	2,450	Reg. S 7.13%, 06/28/2117		2,171
				41,692
		Armenia — 0.0% (g)
		Republic of Armenia,
	430	Reg. S, 6.00%, 09/30/2020		438
	1,600	Reg. S, 7.15%, 03/26/2025		1,710
				2,148
		Aruba — 0.0% (g)
	1,620	Government of Aruba, 4.63%, 09/14/2023 (e)		1,674
		Azerbaijan — 0.0% (g)
	4,800	Republic of Azerbaijan, Reg. S, 3.50%, 09/01/2032		3,948
		Bahrain — 0.1%
		Kingdom of Bahrain,
	850	6.13%, 08/01/2023 (e)		847
	4,750	Reg. S, 6.13%, 08/01/2023		4,732
	4,300	Reg. S, 7.00%, 10/12/2028		4,101
				9,680
		Belarus — 0.1%
		Republic of Belarus,
	2,150	6.20%, 02/28/2030 (e)		2,072
	4,910	6.88%, 02/28/2023 (e)		5,137

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Belarus — continued
	2,521	7.63%, 06/29/2027 (e)		2,710
	2,950	Reg. S, 7.63%, 06/29/2027		3,171
				13,090
		Brazil — 0.1%
		Federative Republic of Brazil,
	2,490	4.25%, 01/07/2025		2,455
	1,580	4.88%, 01/22/2021		1,631
	3,930	6.00%, 04/07/2026		4,241
	4,305	8.25%, 01/20/2034		5,334
				13,661
		Cameroon — 0.0% (g)
	600	Republic of Cameroon, Reg. S, 9.50%, 11/19/2025		689
		Colombia — 0.1%
		Republic of Colombia,
	7,620	3.88%, 04/25/2027		7,363
	2,450	4.00%, 02/26/2024		2,447
	2,150	6.13%, 01/18/2041		2,424
	2,400	7.38%, 09/18/2037		3,036
				15,270
		Costa Rica — 0.1%
	2,920	Instituto Costarricense de Electricidad, Reg. S, 6.95%, 11/10/2021		3,099
		Republic of Costa Rica,
	2,700	Reg. S, 4.25%, 01/26/2023		2,579
	3,150	Reg. S, 4.38%, 04/30/2025		2,933
	3,800	Reg. S, 7.16%, 03/12/2045		3,843
	1,930	Reg. S, 10.00%, 08/01/2020		2,142
				14,596
		Croatia — 0.1%
		Republic of Croatia,
	1,150	Reg. S, 5.50%, 04/04/2023		1,219
	3,410	Reg. S, 6.00%, 01/26/2024		3,713
	1,700	Reg. S, 6.63%, 07/14/2020		1,810
	1,590	Reg. S, 6.75%, 11/05/2019		1,668
				8,410
		Dominican Republic — 0.2%
		Government of Dominican Republic,
	890	6.88%, 01/29/2026 (e)		961
	905	7.45%, 04/30/2044 (e)		991
	2,200	Reg. S, 5.50%, 01/27/2025		2,208
	4,600	Reg. S 6.88%, 01/29/2026		4,968

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Dominican Republic — continued
	4,620	Reg. S, 7.45%, 04/30/2044		5,059
	5,360	Reg. S, 7.50%, 05/06/2021		5,662
				19,849
		Ecuador — 0.1%
		Republic of Ecuador,
	5,330	8.75%, 06/02/2023 (e)		5,210
	6,450	Reg. S, 10.50%, 03/24/2020		6,627
	4,950	Reg. S, 10.75%, 03/28/2022		5,198
				17,035
		Egypt — 0.2%
		Republic of Egypt,
	1,610	6.13%, 01/31/2022 (e)		1652
	4,050	Reg. S, 5.88%, 06/11/2025		3,969
	3,800	Reg. S, 6.13%, 01/31/2022 (e)		3,900
	3,900	Reg. S, 7.50%, 01/31/2027		4,110
	5,294	Reg. S, 8.50%, 01/31/2047		5,664
				19,295
		El Salvador — 0.2%
		Republic of El Salvador,
	2,750	Reg. S, 5.88%, 01/30/2025		2,691
	2,100	Reg. S, 6.38%, 01/18/2027		2,074
	6,600	Reg. S, 7.38%, 12/01/2019		6,831
	3,730	Reg. S, 7.63%, 02/01/2041		3,879
	650	Reg. S, 7.65%, 06/15/2035		677
	4,810	Reg. S, 7.75%, 01/24/2023		5,171
				21,323
		Ethiopia — 0.0% (g)
	4,707	Republic of Ethiopia, Reg. S, 6.63%, 12/11/2024		4,748
		Gabon — 0.1%
		Republic of Gabonese,
	5,060	Reg. S, 6.38%, 12/12/2024		4,921
	2,600	Reg. S, 6.95%, 06/16/2025		2,584
				7,505
		Ghana — 0.1%
		Republic of Ghana,
	2,100	Reg. S, 7.88%, 08/07/2023		2,276
	4,055	Reg. S, 10.75%, 10/14/2030		5,236
				7,512
		Honduras — 0.0% (g)
		Republic of Honduras,
	2,050	Reg. S, 7.50%, 03/15/2024		2,222

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Honduras — continued
	2,730	Reg. S, 8.75%, 12/16/2020		2,979
				5,201
		Hungary — 0.1%
		Republic of Hungary,
	4,150	5.38%, 02/21/2023		4,441
	1,200	5.38%, 03/25/2024		1,288
	2,634	5.75%, 11/22/2023		2,871
	1,122	7.63%, 03/29/2041		1,578
				10,178
		Indonesia — 0.1%
		Republic of Indonesia,
	2,700	Reg. S, 4.13%, 01/15/2025		2,687
	3,000	Reg. S, 4.35%, 01/08/2027		3,000
	650	Reg. S, 6.75%, 01/15/2044		804
				6,491
		Iraq — 0.1%
		Republic of Iraq,
	4,605	Reg. S, 5.80%, 01/15/2028		4,329
	2,350	Reg. S, 6.75%, 03/09/2023		2,341
				6,670
		Ivory Coast — 0.0% (g)
		Republic of Cote d’Ivoire,
	400	Reg. S, 6.38%, 03/03/2028		402
	5,906	Reg. S, SUB, 5.75%, 12/31/2032		5,655
				6,057
		Jamaica — 0.0% (g)
		Government of Jamaica,
	420	7.88%, 07/28/2045		489
	4,743	8.00%, 03/15/2039		5,550
				6,039
		Jordan — 0.1%
		Kingdom of Jordan,
	2,450	Reg. S, 5.75%, 01/31/2027		2,321
	5,120	Reg. S, 6.13%, 01/29/2026		5,005
				7,326
		Kenya — 0.1%
		Republic of Kenya,
	270	7.25%, 02/28/2028 (e)		278
	360	8.25%, 02/28/2048 (e)		371
	1,800	Reg. S, 5.88%, 06/24/2019		1,824
	6,720	Reg. S, 6.88%, 06/24/2024		6,947
				9,420

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 95

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Lebanon — 0.3%
		Republic of Lebanon,
	3,350	6.25%, 05/27/2022		3,206
	6,000	6.38%, 03/09/2020		5,985
	2,970	Reg. S, 5.15%, 06/12/2018		2,964
	1,500	Reg. S, 5.15%, 11/12/2018		1,496
	8,112	Reg. S, 5.45%, 11/28/2019		7,980
	4,180	Reg. S, 6.00%, 05/20/2019		4,170
	1,095	Reg. S, 6.60%, 11/27/2026		987
	1,086	Reg. S, 6.65%, 02/26/2030		943
	10,980	Reg. S, 8.25%, 04/12/2021		11,213
				38,944
		Mexico — 0.0% (g)
		United Mexican States,
	2,550	4.60%, 01/23/2046		2,330
	2,800	5.55%, 01/21/2045		2,937
				5,267
		Mongolia — 0.1%
		Mongolia Government Bond,
	3,020	5.63%, 05/01/2023 (e)		2,933
	2,200	Reg. S, 10.88%, 04/06/2021		2,511
	903	Reg. S, 5.13%, 12/05/2022		868
	1,634	Reg. S, 8.75%, 03/09/2024		1,810
				8,122
		Morocco — 0.0% (g)
		Kingdom of Morocco,
	3,000	Reg. S, 4.25%, 12/11/2022		3,007
	1,360	Reg. S, 5.50%, 12/11/2042		1,413
				4,420
		Nigeria — 0.1%
		Republic of Nigeria,
	1,990	6.50%, 11/28/2027 (e)		2,005
	1,350	7.63%, 11/28/2047 (e)		1,358
	1,320	7.70%, 02/23/2038 (e)		1,357
	3,150	Reg. S, 6.38%, 07/12/2023		3,272
	4,500	Reg. S, 6.75%, 01/28/2021		4,725
	1,200	Reg. S, 7.88%, 02/16/2032		1,289
				14,006
		Oman — 0.2%
		Oman Government Bond,
	3,000	5.63%, 01/17/2028 (e)		2,865
	4,750	6.75%, 01/17/2048 (e)		4,477
	4,500	Reg. S, 4.13%, 01/17/2023		4,281
	3,150	Reg. S, 4.75%, 06/15/2026		2,937

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oman — continued
	3,850	Reg. S, 5.38%, 03/08/2027		3,667
	5,220	Reg. S, 6.50%, 03/08/2047		4,842
				23,069
		Pakistan — 0.1%
		Republic of Pakistan,
	1,150	Reg. S, 6.75%, 12/03/2019		1,171
	5,450	Reg. S, 7.25%, 04/15/2019		5,555
	2,120	Reg. S, 8.25%, 04/15/2024		2,204
				8,930
		Panama — 0.1%
		Republic of Panama,
	1,400	3.75%, 03/16/2025		1,387
	2,150	4.30%, 04/29/2053		2,013
	3,700	4.50%, 05/15/2047		3,626
	1,910	6.70%, 01/26/2036		2,359
	680	8.88%, 09/30/2027		925
				10,310
		Paraguay — 0.0% (g)
	1,580	Republic of Paraguay,
		Reg. S, 6.10%, 08/11/2044		1,667
	3,700	Republic of Uruguay,
		Reg. S, 4.70%, 03/27/2027		3,663
				5,330
		Peru — 0.1%
		Republic of Peru,
	3,000	5.63%, 11/18/2050		3,506
	1,570	7.35%, 07/21/2025		1,927
	PEN 9,250	Reg. S, 6.35%, 08/12/2028		3,092
				8,525
		Philippines — 0.0% (g)
		Republic of the Philippines,
	1,860	10.63%, 03/16/2025		2,650
		Qatar — 0.0% (g)
		State of Qatar,
	1,120	3.88%, 04/23/2023 (e)		1,115
	1,860	5.10%, 04/23/2048 (e)		1,844
				2,959
		Romania — 0.0% (g)
	2,780	Republic of Romania,
		Reg. S, 6.13%, 01/22/2044		3,225

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Russia — 0.1%
		Russian Federation,
	1,400	Reg. S, 4.50%, 04/04/2022		1,421
	6,000	Reg. S, 5.88%, 09/16/2043		6,495
	2,490	Reg. S, 12.75%, 06/24/2028		4,018
				11,934
		Senegal — 0.0% (g)
	1,160	Republic of Senegal, 6.75%, 03/13/2048 (e)		1,096
		Serbia — 0.1%
		Republic of Serbia,
	2,950	Reg. S, 4.88%, 02/25/2020		3,002
	2,170	Reg. S, 5.88%, 12/03/2018		2,199
	6,140	Reg. S, 7.25%, 09/28/2021		6,777
				11,978
		Slovenia — 0.0% (g)
	2,241	Republic of Slovenia, 5.25%, 02/18/2024 (e)		2,462
		South Africa — 0.2%
		Republic of South Africa,
	7,510	4.88%, 04/14/2026		7,369
	3,950	5.88%, 05/30/2022		4,207
	5,444	5.88%, 09/16/2025		5,703
	6,200	6.25%, 03/08/2041		6,448
				23,727
		Sri Lanka — 0.1%
		Republic of Sri Lanka,
	6,300	Reg. S, 5.88%, 07/25/2022		6,347
	4,240	Reg. S, 6.25%, 10/04/2020		4,372
	4,000	Reg. S, 6.25%, 07/27/2021		4,115
				14,834
		Tajikistan — 0.0% (g)
	1,450	Republic of Tajikistan International Bond, Reg. S, 7.13%, 09/14/2027		1,341
		Turkey — 0.2%
		Republic of Turkey,
	1,500	5.13%, 03/25/2022		1,515
	1,600	5.75%, 03/22/2024		1,622
	5,950	6.00%, 03/25/2027		5,980
	6,370	6.00%, 01/14/2041		5,853
	3,300	6.25%, 09/26/2022		3,465
	4,200	6.63%, 02/17/2045		4,100
	8,240	7.38%, 02/05/2025		9,043
				31,578

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Ukraine — 0.2%
		Republic of Ukraine,
	5,300	Reg. S, 7.75%, 09/01/2020		5,506
	6,860	Reg. S, 7.75%, 09/01/2021		7,083
	7,040	Reg. S, 7.75%, 09/01/2022		7,181
	3,610	Reg. S, 7.75%, 09/01/2023		3,639
	4,600	Reg. S, 7.75%, 09/01/2024		4,586
	1,445	Ukreximbank Via Biz Finance plc, Reg. S, 9.63%, 04/27/2022		1,494
				29,489
		Uruguay — 0.1%
		Republic of Uruguay,
	2,570	4.38%, 10/27/2027		2,583
	1,850	4.98%, 04/20/2055		1,762
	5,530	5.10%, 06/18/2050		5,433
	1,680	7.63%, 03/21/2036		2,178
				11,956
		Zambia — 0.1%
		Republic of Zambia,
	1,500	Reg. S, 5.38%, 09/20/2022		1,376
	1,550	Reg. S, 8.50%, 04/14/2024		1,564
	5,170	Reg. S, 8.97%, 07/30/2027		5,183
				8,123
		Total Foreign Government Securities (Cost $584,382)		571,857
	Loan Assignments — 0.6% (cc)
		Canada — 0.0% (g)
	962	Concordia Healthcare Corp., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 6.15%, 10/21/2021 (aa)		870
	633	MacDonald, Dettwiler and Associates Ltd., Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 4.66%, 10/04/2024 (aa)		634
	460	MEG Energy Corp., 1st Lien Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 5.81%, 12/31/2023 (aa)		462
				1,966
		United States — 0.6%
	1,636	Avaya, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 6.65%, 12/15/2024 (aa)		1,653
	10,270	California Resources Corp., 1st Lien Second Out Term Loan, (ICE LIBOR USD 1 Month + 10.38%), 12.27%, 12/31/2021 (aa)		11,529

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 97

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	6,826	California Resources Corp., Senior Secured First Out, (ICE LIBOR USD 1 Month + 4.75%), 6.65%, 12/31/2022 (aa) ^		6,964
	8,610	Chesapeake Energy Corp., 1st Lien Last Out, (ICE LIBOR USD 3 Month + 7.50%), 9.44%, 08/23/2021 (aa) ^		9,105
	1,421	Cincinnati Bell, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.25%), 5.57%, 10/02/2024 (aa)		1,436
	1,464	Consolidated Communications, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.91%, 10/05/2023 (aa)		1,454
	1,453	Cortes NP Acquisition Corporation, Term B Loan, (ICE LIBOR USD 1 Month + 4.00%), 5.89%, 11/30/2023 (aa)		1,450
	176	FGI Operating Co. LLC, DIP term Loan, (ICE LIBOR USD 3 Month + 6.75%), 8.00%, 06/28/2018 (aa) (bb) ^		176
	792	FGI Operating Co. LLC, Term B Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.90%, 04/19/2019 (aa)		184
	2,062	First Data Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 4.15%, 04/26/2024 (aa)		2,069
	899	Genesys Telecom Holdings, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 3.50%), 5.80%, 12/01/2023 (aa)		904
	1,048	Golden Nugget, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 4.65%, 10/04/2023 (aa)		1,057
	5,407	iHeartCommunications, Inc., Term Loan D, (ICE LIBOR USD 3 Month + 6.75%), 9.05%, 01/30/2019 (aa)		4,297
	1,873	iHeartCommunications, Inc., Tranche E Term Loan, (ICE LIBOR USD 3 Month + 7.50%), 9.80%, 07/30/2019 (aa)		1,485
	372	Infor US, Inc., Tranche B-6 Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 4.65%, 02/01/2022 (aa)		374
	875	JC Penney Corp., Term Loan B, (ICE LIBOR USD 3 Month + 4.25%), 6.23%, 06/23/2023 (aa) ^		851
	4,134	Moran Foods LLC, Term Loan B, (ICE LIBOR USD 1 Month + 6.00%), 7.90%, 12/05/2023 (aa)		3,574
	572	MTL Publishing LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 4.14%, 08/20/2023 (aa)		574

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	630	ON Semiconductor Corp., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.00%), 3.90%, 03/31/2023 (aa)		633
	901	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 4.65%, 03/11/2022 (aa)		905
	1,099	PetSmart, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.89%, 03/11/2022 (aa)		862
	1,289	Quest Software Us Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 5.50%), 7.86%, 10/31/2022 (aa)		1,295
	1,578	Revlon Consumer Products Corp., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.40%, 09/07/2023 (aa)		1,214
	2,375	Securus Technologies Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.50%), 6.40%, 11/01/2024 (aa)		2,405
	511	Securus Technologies Holdings, Inc., 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 8.25%), 10.15%, 11/01/2025 (aa)		516
	1,000	Steinway Musical Instruments, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 3.75%), 5.54%, 02/14/2025 (aa) ^		1,005
	677	Supervalu, Inc., Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.40%, 06/08/2024 (aa)		677
	1,128	Supervalu, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.40%, 06/08/2024 (aa)		1,128
	2,653	Syniverse Holdings Inc., Ist Lien, (ICE LIBOR USD 1 Month + 5.00%), 6.90%, 03/09/2023 (aa)		2,680
	838	The Go Daddy Group, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 4.15%, 02/15/2024 (aa)		841
	6,650	Titan Acquisition Ltd., 1st Lien Term Loan B, (ICE LIBOR USD 2 Month + 3.00%), 5.06%, 03/28/2025 (aa) ^		6,655
	240	Tribune Media Co., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.90%, 12/27/2020 (aa)		240
	5,194	Ultra Resources, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.90%, 04/12/2024 (aa)		4,856
	754	Vertis, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 8.75%), 12.00%, 03/21/2018 (d) (aa) (bb)		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	2,108	Viskase Cos., Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 5.55%, 01/30/2021 (aa)		2,071
				77,119
		Total Loan Assignments (Cost $81,575)		79,085
	Mortgage-Backed Securities — 4.2%
		FHLMC Gold Pools, 30 Year, Single Family,
	3,127	3.00%, 04/01/2047		3,016
	127,671	3.50%, 08/01/2046 - 03/01/2048		127,072
	17,423	4.00%, 08/01/2046 - 08/01/2047		17,864
		FNMA, 20 Year, Single Family,
	25,015	3.50%, 02/01/2038 - 04/01/2038		25,187
	5,424	4.00%, 11/01/2037		5,600
		FNMA, 30 Year, Single Family,
	116,344	3.00%, 07/01/2046 - 03/01/2047		112,316
	214,865	3.50%, 04/01/2047 - 03/01/2048		214,228
	16,382	4.00%, 12/01/2044 - 01/01/2048		16,785
		FNMA, Other,
	2,730	2.87%, 02/01/2032		2,540
	4,820	3.06%, 08/01/2032		4,542
	6,650	3.08%, 12/01/2029		6,373
	4,010	3.24%, 01/01/2033		3,823
		Total Mortgage-Backed Securities (Cost $543,226)		539,346
SHARES
	Preferred Stocks — 0.7%
		Bermuda — 0.0% (g)
	3	XLIT Ltd., Series D, (ICE LIBOR USD 3 Month + 3.12%), 5.47%, 06/01/2018 ($1,000 par value) (aa) @		3,358
		United States — 0.7%
	508	BB&T Corp., Series F, 5.20%, 08/01/2018 ($25 par value) @		12,762
	52	BB&T Corp., Series G, 5.20%, 06/01/2018 ($25 par value) @		1,298
	156	Capital One Financial Corp., Series D, 6.70%, 12/01/2019 ($25 par value) @		4,108
	213	Dominion Energy, Inc., Series A, 5.25%, 07/30/2076 ($25 par value)		5,184
	12	GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 7.62%, 02/15/2040 ($25 par value) (aa)		319

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) @		6,669
	64		Goodman Private Preferred Shares (bb)		212
	310		Morgan Stanley, Series I, (ICE LIBOR USD 3 Month + 3.71%), 6.38%, 10/15/2024 ($25 par value) (aa) @		8,289
	508		Morgan Stanley, Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 04/15/2027 ($25 par value) (aa) @		13,025
	139		SCE Trust II, 5.10%, 06/01/2018 ($25 par value) @		3,223
	281		Southern Co. (The), 5.25%, 10/01/2076 ($25 par value)		6,837
	301		State Street Corp., Series D, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 03/15/2024 ($25 par value) (aa) @		7,949
	315		State Street Corp., Series E, 6.00%, 12/15/2019 ($25 par value) @		8,206
	128		State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 03/15/2026 ($25 par value) (aa) @		3,284
	269		Wells Fargo & Co., Series Y, 5.63%, 06/15/2022 ($25 par value) @		6,666
					88,031
			Total Preferred Stocks (Cost $87,721)		91,389
PRINCIPAL AMOUNT
	Supranational — 0.0% (g)
	1,750		African Export-Import Bank (The), Reg. S, 4.13%, 06/20/2024 (Cost $1,706)		1,687
NUMBER OF RIGHTS
	Rights — 0.0% (g)
			United States — 0.0%
	483		Vistra Energy Corp., expiring 12/31/2049 (a) (bb) (Cost $—)		322
NUMBER OF WARRANTS
	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)		—

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 99

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NUMBER of WARRANTS			SECURITY DESCRIPTION	VALUE
	Warrants — continued
			United States — continued
	—	(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)		1
	1		expiring 04/13/2026 (Strike Price $1.00) (a)		9
			Total Warrants (Cost $9)		10
PRINCIPAL AMOUNT
	U.S. Treasury Obligation — 0.2%
	19,578		U.S. Treasury Notes, 1.13%, 01/31/2019 (k) (Cost $19,471)		19,422
	Short-Term Investments — 2.3%
			Time Deposit — 0.1%
	12,700		Credit Agricole Corporate and Investment Bank, 1.65%, 05/01/2018 (n) (Cost $12,700)		12,700
SHARES
			Investment Companies — 2.2%
	250,188		JPMorgan U.S. Government Money Market Fund, IM Class Shares, 1.63% (b) (l)		250,188
	31,596		JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l)		31,596
			Total Investment Companies (Cost $281,784)		281,784
			Total Short-Term Investments (Cost $294,484)		294,484
			Total Investments — 98.9% (Cost $11,922,250)		12,644,100
			Other Assets in Excess of Liabilities — 1.1%		138,351
			NET ASSETS — 100.0%	$	12,782,451

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2018

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

INDUSTRY	PERCENTAGE
Banks		8.9	%
Oil, Gas & Consumable Fuels		8.4
Equity Real Estate Investment Trusts (REITs)		6.4
Foreign Government Securities		4.5
Insurance		4.4
Mortgage-Backed Securities		4.3
Asset-Backed Securities		4.2
Pharmaceuticals		3.9
Collateralized Mortgage Obligations		3.6
Diversified Telecommunication Services		3.6
Media		3.2
Capital Markets		3.2
Wireless Telecommunication Services		2.3
Semiconductors & Semiconductor Equipment		2.2
Health Care Providers & Services		2.0
Electric Utilities		1.8
Metals & Mining		1.7
Hotels, Restaurants & Leisure		1.5
IT Services		1.5
Chemicals		1.4
Auto Components		1.3
Tobacco		1.2
Beverages		1.1
Food & Staples Retailing		1.0
Software		1.0
Others (each less than 1.0%)		19.1
Short-Term Investments		2.3

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN FUNDS APRIL 30, 2018

Futures contracts outstanding as of April 30, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		131			06/2018		EUR		5,480			318
FTSE 100 Index		55			06/2018		GBP		5,639			376
												694
Short Contracts
Foreign Exchange GBP/USD		(4,847	)		06/2018		USD		(417,327	)		4,329
												4,329
												5,023

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 101

J.P. Morgan Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

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
EAFE	—  Europe, Australasia and Far East
EGP	—  Egyptian Pound
ETF	—  Exchange Traded Fund
EUR	—  Euro
FHLMC	—  Federal Home Loan Mortgage Corp.
FNMA	—  Federal National Mortgage Association
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
GDR	—  Global Depositary Receipt
GMAC	—  General Motors Acceptance Corp.
GNMA	—  Government National Mortgage Association
HKD	—  Hong Kong Dollar
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 April 30, 2018. The rate may be subject to a cap and floor.
IO	—  Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
INR	—  Indian Rupee
JPY	—  Japanese Yen
KZT	—  Kazakhstan Tenge
LIBOR	—  London Interbank Offered Rate
MSCI	—  Morgan Stanley Capital International
MXN	—  Mexican Peso
MYR	—  Malaysian Ringgit
PEN	—  Peruvian Nuevo Sol
PHP	—  Philippine Peso
PJSC	—  Public Joint Stock Company
PLN	—  Polish Zloty
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.
REMIC	—  Real Estate Mortgage Investment Conduit
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 April 30, 2018.
THB	—  Thai Baht
TOPIX	—  Tokyo Stock Price Index
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. Security has not paid its last interest payment and/or interest is not being accrued.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%.
(h)	—  Amount rounds to less than 500.
(j)	—  All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is $28,737,000 and $0, 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 April 30, 2018.
(n)	—  The rate shown is the effective yield as of April 30, 2018.
(v)	—  Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(w)	—  All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)	—  Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of April 30, 2018.
(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 April 30, 2018.
(aa)	���  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2018.
(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 April 30, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
@	—  The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of April 30, 2018.
**	—  Non-Deliverable Forward. See Note 2.E.(3). in the Notes to Financial Statements.
(1)	—  Notional value represents market value as of April 30, 2018 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 FINANCIAL STATEMENTS.

102 J.P. MORGAN FUNDS APRIL 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2018 J.P. MORGAN FUNDS 103

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Global Allocation  Fund			JPMorgan Income Builder Fund
ASSETS:
Investments in non-affiliates, at value	$	2,994,109		$	12,362,316
Investments in affiliates, at value		255,583			281,784
Options purchased, at value		11,983			—
Restricted cash for OTC derivatives		—	(a)		—
Cash		10,514			45,500
Foreign currency, at value		10,207			12,064
Deposits at broker for futures contracts		19,460			896
Deposits at broker for securities sold short		64,408			—
Receivables:
Due from custodian		3,700			—
Investment securities sold		41,673			15,162
Fund shares sold		90,466			9,407
Interest and dividends from non-affiliates		12,448			101,007
Dividends from affiliates		277			322
Tax reclaims		1,163			6,838
Variation margin on futures contracts		—			5,753
Variation margin on centrally cleared swaps		—	(a)		—
Unrealized appreciation on forward foreign currency exchange contracts		14,780			—
Outstanding OTC swap contracts, at value		1,783			—
Prepaid expenses and other assets		142			—
Total Assets		3,532,696			12,841,049
LIABILITIES:
Payables:
Due to custodian		546			—
Securities sold short, at value		66,751			—
Dividend expense to non-affiliates on securities sold short		20			—
Investment securities purchased		79,046			29,601
Investment securities purchased — delayed delivery securities		2,000			4,840
Fund shares redeemed		1,988			13,570
Variation margin on futures contracts		5,135			—
Unrealized depreciation on forward foreign currency exchange contracts		3,167			—
Outstanding options written, at fair value		201			—
Accrued liabilities:
Investment advisory fees		1,439			4,272
Administration fees		134			585
Distribution fees		387			3,524
Service fees		307			382
Custodian and accounting fees		44			217
Collateral management fees		3			—
Trustees’ and Chief Compliance Officer’s fees		1			17
Deferred foreign capital gains tax		1			902
Other		133			688
Total Liabilities		161,303			58,598
Net Assets	$	3,371,393		$	12,782,451

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN FUNDS APRIL 30, 2018

	JPMorgan Global Allocation  Fund			JPMorgan Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	3,165,028		$	12,138,539
Accumulated undistributed (distributions in excess of) net investment income		1,194			(5,495	)
Accumulated net realized gains (losses)		27,235			(76,865	)
Net unrealized appreciation (depreciation)		177,936			726,272
Total Net Assets	$	3,371,393		$	12,782,451
Net Assets:
Class A	$	381,528		$	3,632,132
Class C		507,422			4,471,345
Class I		2,074,310			4,678,400
Class R2		3,680			—
Class R6		404,432			553
Class T		21			21
Total	$	3,371,393		$	12,782,451
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		20,579			345,732
Class C		27,733			426,772
Class I		111,354			444,703
Class R2		199			—
Class R6		21,719			53
Class T		1			2
Net Asset Value (a):
Class A — Redemption price per share	$	18.54		$	10.51
Class C — Offering price per share (b)		18.30			10.48
Class I — Offering and redemption price per share		18.63			10.52
Class R2 — Offering and redemption price per share		18.47			—
Class R6 — Offering and redemption price per share		18.62			10.52
Class T — Offering and redemption price per share		18.52			10.51
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)]		19.41			11.01
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)]	$	18.99		$	10.78
Cost of investments in non-affiliates	$	2,791,910		$	11,640,466
Cost of investments in affiliates		255,583			281,784
Cost of options purchased		23,511			—
Cost of foreign currency		10,242			11,803
Proceeds from securities sold short		68,401			—
Premiums received from options written		146			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 105

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Global Allocation  Fund			JPMorgan Income Builder Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	17,399		$	192,933
Interest income from affiliates		2			28
Dividend income from non-affiliates		17,946			108,700
Dividend income from affiliates		1,225			1,685
Interest income from non-affiliates on securities sold short		190			—
Foreign taxes withheld		(1,364	)		(6,717	)
Total investment income		35,398			296,629
EXPENSES:
Investment advisory fees		8,341			28,867
Administration fees		1,128			5,207
Distribution fees:
Class A		441			4,617
Class C		1,708			17,071
Class R2		9			—
Class T		—	(a)		—	(a)
Service fees:
Class A		441			4,617
Class C		570			5,690
Class I		2,251			5,730
Class R2		4			—
Class T		—	(a)		—	(a)
Custodian and accounting fees		236			870
Interest expense to affiliates		13			2
Professional fees		78			145
Collateral management fees		9			—
Trustees’ and Chief Compliance Officer’s fees		18			22
Printing and mailing costs		69			468
Registration and filing fees		105			181
Transfer agency fees (See Note 2.I.)		35			162
Other		59			95
Dividend expense to non-affiliates on securities sold short		391			—
Total expenses		15,906			73,744
Less fees waived		(2,759	)		(17,818	)
Less earnings credits		—			—	(a)
Less expense reimbursements		—			(137	)
Net expenses		13,147			55,789
Net investment income (loss)		22,251			240,840
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		13,536	(b)		286,200	(c)
Options purchased		6,420			—
Futures contracts		30,498			8,543
Securities sold short		1,056			—
Foreign currency transactions		357			401
Forward foreign currency exchange contracts		(6,851	)		—
Options written		185			—
Swaps		(212	)		—
Net realized gain (loss)		44,989			295,144
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,179	)(d)		(417,097	)(e)
Options purchased		(22,073	)		—
Futures contracts		(14,785	)		(11,044	)
Securities sold short		673			—
Foreign currency translations		(235	)		192
Forward foreign currency exchange contracts		1,215			—
Options written		(77	)		—
Swaps		1,563			—
Change in net unrealized appreciation/depreciation		(35,898	)		(427,949	)
Net realized/unrealized gains (losses)		9,091			(132,805	)
Change in net assets resulting from operations	$	31,342		$	108,035

(a) Amount rounds to less than 500.

(b) Net of foreign capital gains tax of approximately $—(a) for Global Allocation Fund.

(c) Net of foreign capital gains tax of approximately $(72,000) for Income Builder Fund.

(d) Net of change in foreign capital gains tax of approximately $(1,000) for Global Allocation Fund.

(e) Net of change in foreign capital gains tax of approximately $(772,000) for Income Builder Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN FUNDS APRIL 30, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	22,251		$	33,634		$	240,840		$	476,970
Net realized gain (loss)		44,989			39,238			295,144			135,510
Change in net unrealized appreciation/depreciation		(35,898	)		180,456			(427,949	)		661,971
Change in net assets resulting from operations		31,342			253,328			108,035			1,274,451
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,355	)		(5,118	)		(71,979	)		(149,575	)
From net realized gains		(5,191	)		—			—			—
Class C
From net investment income		(1,941	)		(5,591	)		(77,526	)		(168,512	)
From net realized gains		(6,707	)		—			—			—
Class I
From net investment income		(12,912	)		(19,280	)		(93,382	)		(158,509	)
From net realized gains		(24,719	)		—			—			—
Class R2
From net investment income		(22	)		(17	)		—			—
From net realized gains		(53	)		—			—			—
Class R6 (a)
From net investment income		(1,292	)		—			(7	)		—
From net realized gains		(2,264	)		—			—			—
Class T (b)
From net investment income		—	(c)		—	(c)		—	(c)		—	(c)
From net realized gains		—	(c)		—			—			—
Total distributions to shareholders		(57,456	)		(30,006	)		(242,894	)		(476,596	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,071,122			672,281			127,574			(166,713	)
NET ASSETS:
Change in net assets		1,045,008			895,603			(7,285	)		631,142
Beginning of period		2,326,385			1,430,782			12,789,736			12,158,594
End of period	$	3,371,393		$	2,326,385		$	12,782,451		$	12,789,736
Accumulated undistributed (distributions in excess of) net investment income	$	1,194		$	(2,535	)	$	(5,495	)	$	(3,441	)

(a) Commencement of offering of class of shares effective November 1, 2017.

(b) Commencement of offering of class of shares effective June 6, 2017.

(c) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 107

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	106,423		$	129,930		$	321,866		$	852,334
Distributions reinvested		7,217			4,965			69,663			143,621
Cost of shares redeemed		(34,645	)		(154,312	)		(453,497	)		(1,497,215	)
Change in net assets resulting from Class A capital transactions	$	78,995		$	(19,417	)	$	(61,968	)	$	(501,260	)
Class C
Proceeds from shares issued	$	134,387		$	135,092		$	293,780		$	590,089
Distributions reinvested		7,513			4,726			69,193			147,508
Cost of shares redeemed		(37,529	)		(138,369	)		(454,460	)		(1,406,579	)
Change in net assets resulting from Class C capital transactions	$	104,371		$	1,449		$	(91,487	)	$	(668,982	)
Class I
Proceeds from shares issued	$	749,784		$	858,489		$	708,068		$	1,822,163
Distributions reinvested		31,422			15,322			80,177			125,226
Cost of shares redeemed		(303,110	)		(185,095	)		(507,793	)		(943,880	)
Change in net assets resulting from Class I capital transactions	$	478,096		$	688,716		$	280,452		$	1,003,509
Class R2
Proceeds from shares issued	$	1,577		$	1,824		$	—		$	—
Distributions reinvested		73			17			—			—
Cost of shares redeemed		(387	)		(328	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	1,263		$	1,513		$	—		$	—
Class R6 (a)
Proceeds from shares issued	$	408,991		$	—		$	593		$	—
Distributions reinvested		3,479			—			7			—
Cost of shares redeemed		(4,073	)		—			(23	)		—
Change in net assets resulting from Class R6 capital transactions	$	408,397		$	—		$	577		$	—
Class T (b)
Proceeds from shares issued	$	—		$	20		$	—		$	20
Distributions reinvested		—	(c)		—	(c)		—	(c)		—	(c)
Change in net assets resulting from Class T capital transactions	$	—	(c)	$	20		$	—	(c)	$	20
Total change in net assets resulting from capital transactions	$	1,071,122		$	672,281		$	127,574		$	(166,713	)

(a) Commencement of offering of class of shares effective November 1, 2017.

(b) Commencement of offering of class of shares effective June 6, 2017.

(c) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN FUNDS APRIL 30, 2018

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		5,639			7,353			30,144			82,663
Reinvested		388			295			6,551			14,009
Redeemed		(1,839	)		(8,958	)		(42,454	)		(146,422	)
Change in Class A Shares		4,188			(1,310	)		(5,759	)		(49,750	)
Class C
Issued		7,210			7,783			27,579			57,603
Reinvested		409			284			6,527			14,422
Redeemed		(2,017	)		(8,015	)		(42,736	)		(137,312	)
Change in Class C Shares		5,602			52			(8,630	)		(65,287	)
Class I
Issued		39,527			48,350			66,165			177,387
Reinvested		1,682			898			7,528			12,162
Redeemed		(16,006	)		(10,666	)		(47,476	)		(92,124	)
Change in Class I Shares		25,203			38,582			26,217			97,425
Class R2
Issued		85			103			—			—
Reinvested		4			1			—			—
Redeemed		(21	)		(19	)		—			—
Change in Class R2 Shares		68			85			—			—
Class R6 (a)
Issued		21,748			—			54			—
Reinvested		186			—			1			—
Redeemed		(215	)		—			(2	)		—
Change in Class R6 Shares		21,719			—			53			—
Class T (b)
Issued		—			1			—			2
Reinvested		—	(c)		—	(c)		—	(c)		—	(c)
Change in Class T Shares		—	(c)		1			—	(c)		2

(a) Commencement of offering of class of shares effective November 1, 2017.

(b) Commencement of offering of class of shares effective June 6, 2017.

(c) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 109

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
JPMorgan Global Allocation Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	18.63	$	0.14	$	0.19		$	0.33	$	(0.13	)	$	(0.29	)	$	(0.42	)
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
Six Months Ended April 30, 2018 (Unaudited)		18.39		0.09		0.19			0.28		(0.08	)		(0.29	)		(0.37	)
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
Six Months Ended April 30, 2018 (Unaudited)		18.71		0.16		0.20			0.36		(0.15	)		(0.29	)		(0.44	)
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
Six Months Ended April 30, 2018 (Unaudited)		18.57		0.11		0.20			0.31		(0.12	)		(0.29	)		(0.41	)
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 R6
November 1, 2017 (j) through April 30, 2018 (Unaudited)		18.74		0.19		0.15			0.34		(0.17	)		(0.29	)		(0.46	)
Class T
Six Months Ended April 30, 2018 (Unaudited)		18.60		0.14		0.19			0.33		(0.12	)		(0.29	)		(0.41	)
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 1.23% for the six months ended April 30, 2018, 1.02% and 1.27% for the year ended October 31, 2017, Class C are 1.52% and 1.73% for the six months ended April 30, 2018, 1.52% and 1.77% for the year ended October 31, 2017, Class I are 0.77% and 0.97% for the six months ended April 30, 2018, 0.77% and 1.00% for the year ended October 31, 2017, Class R2 are 1.31% and 1.49% for the six months ended April 30, 2018, 1.27% and 1.60% for the year ended October 31, 2017, Class R6 are 0.64% and 0.73% for the six months ended April 30, 2018 and Class T are 1.02% and 1.27% for the six months ended April 30, 2018 and 1.02% and 1.28% for the year ended October 31, 2017, respectively.

(i) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of 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.

110 J.P. MORGAN FUNDS APRIL 30, 2018

		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)
$	18.54		1.78	%	$	381,528		1.05	%(h)		1.47	%		1.26	%(h)		50	%		60	%
	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			—
	18.30		1.55			507,422		1.55	(h)		0.98			1.76	(h)		50			60
	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			—
	18.63		1.93			2,074,310		0.80	(h)		1.74			1.00	(h)		50			60
	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			—
	18.47		1.69			3,680		1.34	(h)		1.18			1.52	(h)		50			60
	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			—
	18.62		1.81			404,432		0.67	(h)		2.03			0.76	(h)		50			60
	18.52		1.78			21		1.05	(h)		1.45			1.30	(h)		50			60
	18.60		4.64			21		1.04	(h)		1.37			1.30	(h)		83			95

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan Income Builder Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	10.62	$	0.20	(e)	$	(0.10	)	$	0.10		$	(0.21	)	$	—		$	—		$	(0.21	)
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
Six Months Ended April 30, 2018 (Unaudited)		10.59		0.18	(e)		(0.11	)		0.07			(0.18	)		—			—			(0.18	)
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
Six Months Ended April 30, 2018 (Unaudited)		10.63		0.21	(e)		(0.11	)		0.10			(0.21	)		—			—			(0.21	)
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 R6
November 1, 2017(g) through April 30, 2018 (Unaudited)		10.64		0.24	(e)		(0.14	)		0.10			(0.22	)		—			—			(0.22	)
Class T
Six Months Ended April 30, 2018 (Unaudited)		10.62		0.21	(e)		(0.12	)		0.09			(0.20	)		—			—			(0.20	)
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.

112 J.P. MORGAN FUNDS APRIL 30, 2018

		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)
$	10.51		0.91	%	$	3,632,132		0.75	%		3.87	%		1.06	%		32	%
	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
	10.48		0.66			4,471,345		1.25			3.37			1.56			32
	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
	10.52		0.98			4,678,400		0.60			4.04			0.81			32
	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
	10.52		0.93			553		0.49			4.66			0.56			32
	10.51		0.88			21		0.75			3.88			1.10			32
	10.62		3.48			21		0.75			3.62			1.09			52

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited)

1. Organization

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

The following are 2 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan Global Allocation Fund	Class A, Class C, Class I, Class R2, Class R6* and Class T	Diversified
JPMorgan Income Builder Fund	Class A, Class C, Class I, Class R6* and Class T	Diversified

* Class R6 commenced operations on November 1, 2017.

The investment objective of JPMorgan Global Allocation Fund (“Global Allocation Fund”) is to seek to maximize long-term total return.

The investment objective of JPMorgan Income Builder Fund (“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, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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 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.

114 J.P. MORGAN FUNDS APRIL 30, 2018

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

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Funds at April 30, 2018.

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
Argentina	$	1,672	$	—	$	—	$	1,672
Australia		—		37,336		—		37,336
Austria		—		6,597		—		6,597
Belgium		—		10,261		—		10,261
Brazil		15,914		—		—		15,914
Canada		8,251		—		—		8,251
Chile		2,267		—		—		2,267
China		14,375		26,574		—		40,949
Denmark		—		13,050		—		13,050
Finland		—		21,938		—		21,938
France		—		134,658		—		134,658
Germany		—		95,280		—		95,280
Hong Kong		—		27,865		—		27,865
India		23,538		1,436		—		24,974
Indonesia		—		6,769		—		6,769
Ireland		5,024		—		—		5,024
Israel		1,285		—		—		1,285
Italy		—		29,624		—		29,624
Japan		—		189,228		—		189,228
Luxembourg		—		4,224		—		4,224
Macau		—		2,834		—		2,834
Malaysia		—		1,340		—		1,340
Mexico		5,482		—		—		5,482
Netherlands		—		63,222		—		63,222
Norway		—		1,969		—		1,969
Peru		2,725		—		—		2,725

APRIL 30, 2018 J.P. MORGAN FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

Global Allocation Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Russia	$	—	$	5,542	$	—		$	5,542
Singapore		—		9,922		—			9,922
South Africa		589		14,917		—			15,506
South Korea		—		2,572		7,728			10,300
Spain		—		31,805		—			31,805
Sweden		—		10,349		—			10,349
Switzerland		—		92,085		—			92,085
Taiwan		10,393		5,111		—			15,504
Thailand		1,440		1,862		—			3,302
Turkey		—		566		—			566
United Kingdom		—		116,350		—			116,350
United States		731,861		6,935		—	(a)		738,796
Total Common Stocks		824,816		972,221		7,728			1,804,765
Preferred Stocks
Bermuda		—		85		—			85
United States		17		—		10			27
Total Preferred Stocks		17		85		10			112
Debt Securities
Asset-Backed Securities
United States		—		6,471		28,390			34,861
Collateralized Mortgage Obligations
United States		—		347,710		1,391			349,101
Commercial Mortgage-Backed Securities
United States		—		4,868		1,017			5,885
Convertible Bonds
United States		—		103		—			103
Corporate Bonds
Argentina		—		2,903		—			2,903
Australia		—		605		—			605
Azerbaijan		—		1,744		—			1,744
Bahrain		—		292		—			292
Brazil		—		6,120		—			6,120
Canada		—		10,972		25			10,997
Chile		—		1,295		—			1,295
China		—		6,068		—			6,068
Colombia		—		954		—			954
Congo, Democratic Republic of the		—		251		—			251
Costa Rica		—		206		—			206
Ecuador		—		606		—			606
Finland		—		646		—			646
France		—		2,349		—			2,349
Germany		—		8,809		—			8,809
Ghana		—		645		—			645
Guatemala		—		208		—			208
Hong Kong		—		802		—			802
Hungary		—		213		—			213
India		—		823		—			823
Indonesia		—		2,171		—			2,171
Ireland		—		1,832		—			1,832
Israel		—		809		—			809
Italy		—		1,207		—			1,207
Jamaica		—		522		—			522
Japan		—		205		—			205

116 J.P. MORGAN FUNDS APRIL 30, 2018

Global Allocation Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Jordan	$	—		$	367	$	—	$	367
Kazakhstan		—			5,399		—		5,399
Luxembourg		—			5,125		—		5,125
Mauritius		—			484		—		484
Mexico		—			12,114		—		12,114
Morocco		—			215		—		215
Netherlands		—			7,178		—		7,178
Nigeria		—			581		—		581
Norway		—			373		—		373
Panama		—			191		—		191
Peru		—			1,357		—		1,357
Qatar		—			1,905		—		1,905
Russia		—			1,577		—		1,577
Singapore		—			292		—		292
South Africa		—			1,689		—		1,689
South Korea		—			849		—		849
Trinidad and Tobago		—			684		—		684
Turkey		—			2,831		—		2,831
Ukraine		—			982		—		982
United Arab Emirates		—			1,788		—		1,788
United Kingdom		—			6,660		—		6,660
United States		—			188,791		250		189,041
Venezuela, Bolivarian Republic of		—			482		—		482
Total Corporate Bonds		—			295,171		275		295,446
Loan Assignments
Canada		—			133		—		133
United States		—			9,041		19		9,060
Total Loan Assignments		—			9,174		19		9,193
Foreign Government Securities		—			375,302		802		376,104
Mortgage-Backed Securities		—			13,594		—		13,594
Supranational		—			4,130		—		4,130
U.S. Treasury Obligations		—			90,374		—		90,374
Options Purchased
Call Options Purchased		8,232			3,563		—		11,795
Put Options Purchased		—			188		—		188
Total Options Purchased		8,232			3,751		—		11,983
Rights
United States		—			—		14		14
Short-Term Investments
Foreign Government Treasury
Bills		—			10,427		—		10,427
Investment Companies		255,583			—		—		255,583
Total Short-Term Investments		255,583			10,427		—		266,010
Total Investments in Securities	$	1,088,648		$	2,133,381	$	39,646	$	3,261,675
Liabilities
Common Stocks
United States	$	(66,751	)	$	—	$	—	$	(66,751	)
Total Liabilities in Securities Sold Short	$	(66,751	)	$	—	$	—	$	(66,751	)

APRIL 30, 2018 J.P. MORGAN FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

Global Allocation Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange
Contracts	$	—		$	14,780		$	—	$	14,780
Futures Contracts		295			2,753			—		3,048
Swaps		—			1,457			13		1,470
Total Appreciation in Other Financial Instruments	$	295		$	18,990		$	13	$	19,298
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(3,167	)	$	—	$	(3,167	)
Futures Contracts		(18,362	)		(12,217	)		—		(30,579	)
Options Written
Call Options Written		—			(48	)		—		(48	)
Put Options Written		—			(153	)		—		(153	)
Total Depreciation in Other Financial Instruments	$	(18,362	)	$	(15,585	)	$	—	$	(33,947	)

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	$	—	$	82,306	$	—	$	82,306
Austria		—		5,378		—		5,378
Belgium		—		19,499		—		19,499
Brazil		91,279		—		—		91,279
Canada		45,581		—		—		45,581
Cayman Islands		—		—		86		86
Chile		18,956		—		—		18,956
China		—		187,726		—		187,726
Colombia		897		4,319		—		5,216
Czech Republic		—		24,603		—		24,603
Denmark		—		23,151		—		23,151
Finland		—		76,783		—		76,783
France		—		376,761		—		376,761
Germany		—		215,646		—		215,646
Hong Kong		—		63,311		—		63,311
Hungary		—		24,816		—		24,816
India		18,827		33,846		—		52,673
Indonesia		—		19,570		—		19,570
Ireland		4,136		6,345		—		10,481
Italy		—		88,536		—		88,536
Japan		—		105,395		—		105,395
Macau		—		17,759		—		17,759
Mexico		49,046		—		—		49,046
Netherlands		—		175,989		—		175,989
New Zealand		—		—		1,173		1,173
Norway		—		62,818		—		62,818
Portugal		—		4,010		—		4,010
Russia		42,454		32,815		—		75,269
Singapore		—		30,482		—		30,482
South Africa		34,555		41,098		—		75,653
South Korea		9,328		27,356		21,623		58,307
Spain		—		109,377		—		109,377
Sweden		—		77,862		—		77,862

118 J.P. MORGAN FUNDS APRIL 30, 2018

Income Builder Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Switzerland	$	—	$	225,242	$	—		$	225,242
Taiwan		47,372		110,169		—			157,541
Thailand		24,996		14,116		—			39,112
Turkey		—		15,194		—			15,194
United Arab Emirates		4,372		16,434		—			20,806
United Kingdom		5,679		536,381		—			542,060
United States		1,900,514		21		2,948			1,903,483
Total Common Stocks		2,297,992		2,855,114		25,830			5,178,936
Convertible Preferred Stocks
China		—		5,463		—			5,463
Israel		926		—		—			926
United States		61,729		—		—			61,729
Total Convertible Preferred Stocks		62,655		5,463		—			68,118
Preferred Stocks
Bermuda		—		3,358		—			3,358
United States		87,819		—		212			88,031
Total Preferred Stocks		87,819		3,358		212			91,389
Debt Securities
Asset-Backed Securities
United States		—		104,777		433,557			538,334
Collateralized Mortgage Obligations
Cayman Islands		—		1,195		—			1,195
United States		—		455,715		2,979			458,694
Total Collateralized Mortgage Obligations		—		456,910		2,979			459,889
Commercial Mortgage-Backed Securities
United States		—		60,580		52,695			113,275
Convertible Bonds
China		—		1,295		—			1,295
Cyprus		—		3,655		—			3,655
Germany		—		6,704		—			6,704
Hong Kong		—		9,341		—			9,341
Malaysia		—		2,593		—			2,593
Mexico		—		5,255		—			5,255
Monaco		—		2,830		—			2,830
Norway		—		2,518		—			2,518
Russia		—		1,353		—			1,353
Singapore		—		11,383		—			11,383
South Africa		—		7,989		—			7,989
United Arab Emirates		—		14,082		—			14,082
United Kingdom		—		7,821		—			7,821
United States		—		105,236		—	(a)		105,236
Total Convertible Bonds		—		182,055		—			182,055
Corporate Bonds
Argentina		—		8,151		—			8,151
Australia		—		21,254		—			21,254
Azerbaijan		—		15,512		—			15,512
Brazil		—		50,262		—			50,262
Canada		—		203,688		254			203,942
Cayman Islands		—		—		769			769
Chile		—		6,339		—			6,339
Colombia		—		8,099		—			8,099
Croatia		—		1,427		—			1,427

APRIL 30, 2018 J.P. MORGAN FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

Income Builder Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Finland	$	—	$	2,695	$	—		$	2,695
France		—		72,356		—			72,356
Germany		—		11,189		—			11,189
Ghana		—		4,065		—			4,065
Guatemala		—		5,365		—			5,365
Hungary		—		4,911		—			4,911
India		—		4,683		—			4,683
Indonesia		—		26,170		—			26,170
Ireland		—		34,243		—			34,243
Israel		—		2,279		—			2,279
Italy		—		23,246		—			23,246
Jamaica		—		3,707		—			3,707
Japan		—		2,103		—			2,103
Kazakhstan		—		33,104		—			33,104
Luxembourg		—		99,526		—			99,526
Mexico		—		73,122		—			73,122
Morocco		—		7,342		—			7,342
Netherlands		—		33,483		—			33,483
Norway		—		1,260		—			1,260
Peru		—		12,418		—			12,418
Qatar		—		4,947		—			4,947
Russia		—		5,555		—			5,555
South Korea		—		5,854		—			5,854
Spain		—		11,364		—			11,364
Sweden		—		15,094		—			15,094
Switzerland		—		31,791		—			31,791
Trinidad and Tobago		—		2,068		—			2,068
Tunisia		—		1,619		—			1,619
Turkey		—		16,687		—			16,687
United Arab Emirates		—		5,582		—			5,582
United Kingdom		—		131,290		—			131,290
United States		—		3,497,444		3,574			3,501,018
Total Corporate Bonds		—		4,501,294		4,597			4,505,891
Loan Assignments Canada		—		1,966		—			1,966
United States		—		76,943		176			77,119
Total Loan Assignments		—		78,909		176			79,085
Foreign Government Securities		—		571,857		—			571,857
Mortgage-Backed Securities		—		539,346		—			539,346
U.S. Treasury Obligations		—		19,422		—			19,422
Supranational		—		1,687		—			1,687
Rights
United States		—		—		322			322
Warrants
United States		—		10		—	(a)		10
Short-Term Investments
Investment Companies		281,784		—		—			281,784
Time Deposit		—		12,700		—			12,700
Total Short-Term Investments		281,784		12,700		—			294,484
Total Investments in Securities	$	2,730,250	$	9,393,482	$	520,368		$	12,644,100
Appreciation in Other Financial Instruments
Futures Contracts	$	4,329	$	694	$	—		$	5,023

(a) Value is zero.

120 J.P. MORGAN FUNDS APRIL 30, 2018

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

For Global Allocation Fund and Income Builder Fund, transfers from level 1 to level 2 in the amounts of approximately $17,406,000 and $234,271,000, respectively, are due to the non-application of the fair value factors to certain securities during the six months ended April 30, 2018.

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

Global Allocation Fund	Balance as of October 31, 2017			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of April 30, 2018
Asset-Backed Securities — United States	$	34,178		$	12		$	(30	)	$	48		$	—		$	(4,043	)	$	—	$	(1,775	)	$	28,390
Collateralized Mortgage Obligations — United States		1,489			—			6			4			—			(108	)		—		—			1,391
Commercial Mortgage-Backed Securities — United States		1,024			—			(7	)		—	(b)		—			—			—		—			1,017
Common Stocks — South Korea		—			15			104			—			2,182			(201	)		5,628		—			7,728
Common Stocks — United States		—	(a)		—			—			—			—			—			—		—			—	(a)
Corporate Bonds — Canada		—			—			(333	)		13			345			—			—		—			25
Corporate Bonds — United States		596			—	(b)		2			—	(b)		—	(b)		(1	)		—		(347	)		250
Foreign Government Securities		698			65			(32	)		8			809			(746	)		—		—			802
Loan Assignments — United States		—			—			—			—			19			—			—		—			19
Preferred Stocks — United States		10			—			—	(b)		—			—			—			—		—			10
Rights — United States		18			—			(4	)		—			—			—			—		—			14
Total	$	38,013		$	92		$	(294	)	$	73		$	3,355		$	(5,099	)	$	5,628	$	(2,122	)	$	39,646
Income Builder Fund	Balance as of October 31, 2017			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of April 30, 2018
Investments in Securities
Asset-Backed Securities — United States	$	504,465		$	1,389		$	(4,727	)	$	737		$	27,180		$	(87,439	)	$	23,233	$	(31,281	)	$	433,557
Collateralized Mortgage Obligations — United States		3,346			—			195			(446	)		—			(116	)		—		—			2,979
Commercial Mortgage-Backed Securities — United States		43,653			—			411			—	(b)		15,676			(7,045	)		—		—			52,695
Common Stocks — Cayman Islands		—			—			86			—			—			—			—		—			86
Common Stocks — New Zealand		1,230			—			(57	)		—			—			—			—		—			1,173
Common Stocks — South Korea		—			263			(248	)		—			2,179			(3,299	)		22,728		—			21,623
Common Stocks — United States		—	(b)		—			2,160			—			788			—			—		—			2,948
Convertible Bonds — United States		—	(a)		—			—			—			—			—			—		—			—	(a)
Corporate Bonds — Canada		—	(a)		1			(3,246	)		132			3,369			(2	)		—		—			254
Corporate Bonds — Cayman Islands		—			—			(79	)		5			843			—			—		—			769
Corporate Bonds — United States		6,749			46			59			20			5			(461	)		—		(2,844	)		3,574
Loan Assignments — United States		—	(b)		—			—	(b)		—			176			—	(b)		—		—			176
Preferred Stocks — United States		3,235			—			(2,235	)		—			—			(788	)		—		—			212
Rights — United States		447			—			(125	)		—			—			—			—		—			322
Warrants — United States		—	(a)		—			—			—			—			—			—		—			—	(a)
Total	$	563,125		$	1,699		$	(7,806	)	$	448		$	50,216		$	(99,150	)	$	45,961	$	(34,125	)	$	520,368

(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.

APRIL 30, 2018 J.P. MORGAN FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

For Global Allocation Fund and Income Builder Fund, there were no significant transfers among any other levels during the six months ended April 30, 2018.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2018, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Global Allocation Fund	$	(254	)
Income Builder Fund		(3,728	)

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 April 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	28,387	Discounted Cash Flow	Constant Prepayment Rate		1.00% - 20.00% (7.72%)
				Constant Default Rate		0.00% - 7.29% (3.40%)
				Yield (Discount Rate of Cash Flows)		3.23% - 8.02% (4.53%)
Asset-Backed Securities		28,387
		1,017	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		(0.26%) ((0.26%))
Commercial Mortgage Backed Securities		1,017
		1,391	Discounted Cash Flow	Constant Prepayment Rate		1.00% -17.71% (12.00%)
				Constant Default Rate		1.89% - 2.80% (2.39%)
				Yield (Discount Rate of Cash Flows)		5.55% - 6.05% (5.90%)
Collateralized Mortgage Obligation		1,391
		2	Pending Distribution	Expected Distribution Amount		$0.05 ($0.05)
Rights		2
Total	$	30,797

# The table above does not include level 3 investments that are valued by brokers and pricing services. At April 30, 2018, the value of these investments was approximately $8,849,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

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.

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at April 30, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	—	(a)	Market Comparable Companies	EBITDA Multiple (b)		6.5x (6.5x)
					Liquidity Discount		30.00% (30.00%)
Common Stocks		—
		212		Market Comparable Companies	EBITDA Multiple (b)		6.5x (6.5x)
					Liquidity Discount		30.00% (30.00%)
Preferred Stocks		212
		—	(c)	Enterprise Value	Expected Recovery		0.00% (0.00%)
Convertible Bonds		—

122 J.P. MORGAN FUNDS APRIL 30, 2018

	Fair Value at April 30, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	3,532		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		0.00% - 18.99% (9.00%)
		1		Pending Distribution	Discount for potential outcome (d)		100.00% (100.00%)
Corporate Bonds		3,533
		433,555		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (9.49%)
					Constant Default Rate		0.00% - 11.25% (2.97%)
					Yield (Discount Rate of Cash Flows)		2.08% - 10.90% (4.18%)
Asset-Backed Securities		433,555
		1,419		Discounted Cash Flow	Constant Prepayment Rate		7.00% - 16.00% (10.28%)
					Constant Default Rate		2.04% - 5.93% (3.70%)
					Yield (Discount Rate of Cash Flows)		4.85% - 22.88% (8.36%)
Collateralized Mortgage Obligations		1,419
		49,695		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		(54.37%) - 199.00% (5.77%)
Commercial Mortgage-Backed Securities		49,695
		—	(c)	Terms of Exchange Offer	Expected Recovery		0.00% (0.00%)
		—	(c)	Intrinsic Value	Strike Price		$14.88 - $33.61 ($24.25)
Warrants		—
		176		Pending Distribution	Expected Recovery		0.00% -100.00% (100.00%)
Loan Assignments		176
Total	$	488,590

# The table above does not include level 3 investments that are valued by brokers and pricing services. At April 30, 2018, the value of these investments was approximately $31,778,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are 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, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

As of April 30, 2018, 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 tables below. Included in the purchases and sales amounts in the tables below are exchanges between

APRIL 30, 2018 J.P. MORGAN FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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. Amounts in the tables below are in thousands.

Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2018		Shares at April 30, 2018		Dividend Income		Capital Gain Distributions
Global Allocation Fund
JPMorgan U.S. Government Money Market Fund, IM Class Shares (b)(l)	$	—	$	182,630	$	1,773	$	—	$	—	$	180,857	$	180,857	$	30	$	—
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares (b)(l)		240,842		1,132,185		1,298,301		—		—		74,726		74,726		1,195		—
Total	$	240,842	$	1,314,815	$	1,300,074	$	—	$	—	$	255,583			$	1,225	$	—
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2018		Shares at April 30, 2018		Dividend Income		Capital Gain Distributions
Income Builder Fund
JPMorgan U.S. Government Money Market Fund, IM Class Shares (b)(l)	$	—		250,188	$	—	$	—	$	—	$	250,188	$	250,188	$	43	$	—
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares (b)(l)		239,514		1,112,637		1,320,555		—		—		31,596		31,596		1,642		—
Total	$	239,514	$	1,362,825	$	1,320,555	$	—	$	—	$	281,784			$	1,685	$	—

(b) Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(l) The rate shown is the current yield as of April 30, 2018.

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 strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing 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.

124 J.P. MORGAN FUNDS APRIL 30, 2018

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes 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 options purchased. 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 on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and records a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will 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

APRIL 30, 2018 J.P. MORGAN FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

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

(3). Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with some or all of their portfolio investments and 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 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’ 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.

126 J.P. MORGAN FUNDS APRIL 30, 2018

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 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 tables present the value of derivatives held as of April 30, 2018, 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:		OTC Swaps		Options (a)			Futures Contracts (b)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,783	$	11,307		$	2,753		$	—		$	15,843
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		—		—			295			—			295
Foreign exchange contracts	Receivables		—		676			—			14,780			15,456
Total		$	1,783	$	11,983		$	3,048		$	14,780		$	31,594
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	—		$	(23,272	)	$	—		$	(23,272	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—		—			(839	)		—			(839	)
Foreign exchange contracts	Payables		—		(201	)		(6,468	)		(3,167	)		(9,836	)
Total		$	—	$	(201	)	$	(30,579	)	$	(3,167	)	$	(33,947	)

(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.

APRIL 30, 2018 J.P. MORGAN FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

Income Builder Fund

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	694
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		4,329
Total		$	5,023

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

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2018, 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	$	6,678		$	28,107	$	—		$	(221	)	$	34,564
Foreign exchange contracts		(73	)		1,811		(6,851	)		—			(5,113	)
Interest rate contracts		—			580		—			98			678
Credit contracts		—			—		—			(89	)		(89	)
Total	$	6,605		$	30,498	$	(6,851)		$	(212	)	$	30,040

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	$	(22,481	)	$	(13,997	)	$	—	$	1,513	$	(34,965	)
Foreign exchange contracts		331			201			1,215		—		1,747
Interest rate contracts		—			(989	)		—		—		(989	)
Credit contracts		—			—			—		50		50
Total	$	(22,150	)	$	(14,785	)	$	1,215	$	1,563	$	(34,157	)

Income Builder Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,623)
Foreign exchange contracts		(20,240	)
Interest rate contracts		30,406
Total	$	8,543

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	586
Foreign exchange contracts		(3,980	)
Interest rate contracts		(7,650	)
Total	$	(11,044	)

128 J.P. MORGAN FUNDS APRIL 30, 2018

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts, forward foreign currency exchange contracts, options and swaps activity during the six months ended April 30, 2018. 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	$	140,131		$	9,742
Ending Notional Balance Short		365,835			—
Ending Notional Balance Long		215,494			11,119
Ending Notional Balance Short		501,964			—
Foreign Exchange
Average Notional Balance Long		191,573			—
Average Notional Balance Short		—			523,125
Ending Notional Balance Long		242,730			—
Ending Notional Balance Short		—			417,327
Interest Rate
Average Notional Balance Long		65,147
Average Notional Balance Short		77,311			865,782	(a)
Ending Notional Balance Long		150,308			—
Ending Notional Balance Short		193,725			—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		154,365			—
Average Settlement Value Sold		498,710			—
Ending Settlement Value Purchased		130,536			—
Ending Settlement Value Sold		558,188			—
Exchange-Traded Options:
Average Number of Contracts Purchased		69,110			—
Average Number of Contracts Written		78	(b)		—
Ending Number of Contracts Purchased		42,650			—
Swaptions & OTC Options:
Average Notional Balance Purchased		29,864			—
Average Notional Balance Written		11,150			—
Ending Notional Balance Purchased		58,251			—
Ending Notional Balance Written		27,372			—
Interest Rate-Related SWAPs
Average Notional Balance — Pays Fixed rate		9,388	(a)		—
Average Notional Balance — Receives Fixed rate		20,254	(a)		—
Credit Default Swaps:
Average Notional Balance — Buy Protection		6,520	(c)		—
Total Return Basket Swaps:
Average Notional Balance Long		28,243			—
Ending Notional Balance Long		34,736			—

(a) For the period November 1, 2017 through March 31, 2018.

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

(c) For the period November 1, 2017 through February 28, 2018.

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 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. (“JPMCB”), an affiliate of the Fund.

APRIL 30, 2018 J.P. MORGAN FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

F. Short Sales — Global Allocation Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

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

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

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms. The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates. As of April 30, 2018, 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. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the six months ended April 30, 2018 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R2			Class R6			Class T			Total
Global Allocation Fund
Transfer agency fees	$	11	$	13	$	11	$	—	(a)	$	—	(a)	$	—	(a)	$	35
Income Builder Fund
Transfer agency fees		61		75		26		n/a			—			—	(a)		162

(a) Amount rounds to less than 500.

130 J.P. MORGAN FUNDS APRIL 30, 2018

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2018, 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. The Funds are subject to a tax imposed on short-term and long-term capital gains on securities of issuers domiciled in India. Prior to April 1, 2018, the Funds were only 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, 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, if any, are generally declared and paid monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The reclassifications for the Funds relate primarily to 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.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2018, 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.G.

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 and Class R6 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 T
Global Allocation Fund		0.25	%		0.75	%		0.50	%		0.25	%
Income Builder Fund		0.25			0.75			n/a			0.25

APRIL 30, 2018 J.P. MORGAN FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2018, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Global Allocation Fund	$	145	$	2
Income Builder Fund		407		1

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service 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

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.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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were 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 R6			Class T
Global Allocation Fund		1.03	%		1.53	%		0.78	%		1.40	%*		0.65	%		1.03	%
Income Builder Fund		0.75			1.25			0.60			n/a			0.52			0.75

* Effective March 1, 2018, the contractual expense limitation increased 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.

The expense limitation agreements were in effect for the six months ended April 30, 2018 and are in place until at least February 28, 2019.

For the six months ended April 30, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Global Allocation Fund	$	581	$	387	$	1,598	$	2,566	$	—
Income Builder Fund		2,269		1,512		13,771		17,552		137

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 Fund’s investment in such affiliated money market fund.

132 J.P. MORGAN FUNDS APRIL 30, 2018

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2018 were as follows (amounts in thousands):

Global Allocation Fund	$	193
Income Builder Fund		266

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 Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

During the six months ended April 30, 2018, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended April 30, 2018, the Funds did not incur brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended April 30, 2018, 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	$	1,898,741	$	1,159,907	$	123,574	$	86,039	$	264,568	$	222,106
Income Builder Fund		4,009,702		3,913,495		17,804		35,363		—		—

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Allocation Fund*	$	3,002,457	$	279,534	$	101,717	$	177,817
Income Builder Fund		11,922,250		969,795		242,922		726,873

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

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 beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including

APRIL 30, 2018 J.P. MORGAN FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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 six months ended April 30, 2018.

The Trust, along with certain other trusts (“Borrowers”), has 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 six months ended April 30, 2018.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2018, 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		—		—			2		24.2	%
Income Builder Fund		1		15.6	%		2		26.5

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 period. 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.

134 J.P. MORGAN FUNDS APRIL 30, 2018

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. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

APRIL 30, 2018 J.P. MORGAN FUNDS 135

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2017, and continued to hold your shares at the end of the reporting period, April 30, 2018.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During the Period		Annualized Expense Ratio
Global Allocation Fund
Class A
Actual*	$	1,000.00	$	1,017.80	$	5.25		1.05	%
Hypothetical*		1,000.00		1,019.59		5.26		1.05
Class C
Actual*		1,000.00		1,015.50		7.75		1.55
Hypothetical*		1,000.00		1,017.11		7.75		1.55
Class I
Actual*		1,000.00		1,019.30		4.01		0.80
Hypothetical*		1,000.00		1,020.83		4.01		0.80
Class R2
Actual*		1,000.00		1,016.90		6.68		1.34
Hypothetical*		1,000.00		1,018.10		6.69		1.34
Class R6
Actual**		1,000.00		1,018.10		3.32		0.67
Hypothetical*		1,000.00		1,021.41		3.35		0.67
Class T
Actual*		1,000.00		1,017.80		5.24		1.05
Hypothetical*		1,000.00		1,019.53		5.24		1.05
Income Builder Fund
Class A
Actual*		1,000.00		1,009.10		3.74		0.75
Hypothetical*		1,000.00		1,021.08		3.76		0.75
Class C
Actual*		1,000.00		1,006.60		6.22		1.25
Hypothetical*		1,000.00		1,018.60		6.26		1.25
Class I
Actual*		1,000.00		1,009.80		2.99		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R6
Actual**		1,000.00		1,009.30		2.43		0.49
Hypothetical*		1,000.00		1,022.36		2.46		0.49
Class T
Actual*		1,000.00		1,008.80		3.74		0.75
Hypothetical*		1,000.00		1,021.08		3.76		0.75

* 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 181/365 (to reflect the actual period). Commencement of operations was November 1, 2017.

136 J.P. MORGAN FUNDS APRIL 30, 2018

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 prospectuses 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., 2018.  All rights reserved. April 2018 SAN-IB-GAL-418

Semi-Annual Report

J.P. Morgan Funds

April 30, 2018 (Unaudited)

JPMorgan Emerging Markets Strategic Debt Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	18
Financial Highlights	26
Notes to Financial Statements	28
Schedule of Shareholder Expenses	40

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 prospectuses 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

June 8, 2018 (Unaudited)

Dear Shareholder,

While the global economy largely continued its steady-growth trajectory throughout the six months ended April 30, 2018, investor concerns about rising interest rates and geo-political events fueled the return of volatility to financial markets and ended a 15-month string of rising equity prices in the U.S.

  “This world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.”— George C.W. Gatch

Favorable central bank policies, corporate earnings growth and consumer confidence remained supportive of global growth throughout the reporting period, though economic data in the European Union (the “EU”) softened somewhat in early 2018. Global petroleum prices generally rose during the reporting period as record output from U.S. shale operations was outweighed by expectations of rising global demand and extended output cuts from the Organization of Petroleum Exporting Nations.

The U.S. Federal Reserve (the “Fed”) raised interest rates in December 2017 and again in March 2018 in response to a tightening labor market and early signs of price inflation. The unemployment rate dropped to 3.9% in April – a level not seen in 18 years – after sitting at 4.1% from October 2017 to March 2018. Gross domestic product (GDP) in the U.S. rose by 2.9% in the fourth quarter of 2017 and an estimated 2.2% in the first quarter of 2018.

Meanwhile, U.S. tax cut legislation enacted in December 2017, appeared to provide support for both equity prices and corporate earnings, which reached record highs in the first quarter of 2017. Of the 279 companies reporting U.S. first quarter earnings by the end of the reporting period, 78% had surpassed analysts’ aggregate estimates.

In early February, a spike in 10-year U.S. Treasury bond yields triggered a rapid sell-off in U.S. financial markets that spread to global markets. Yields on 10-year Treasury bonds are generally considered a bellwether for broader market trends, and the increase in yields was a technical signal that raised investor concerns about inflation and rising U.S. interest rates.

While financial markets rebounded somewhat, the sell-off led to a record spike in market volatility just three months after the CBOE Volatility Index, which looks at Standard & Poor’s 500 Index futures to gauge near-term volatility, had dropped to the lowest level since it was created.

Throughout the latter half of the reporting period, U.S. financial markets were also buffeted by the potential for a U.S.-China trade war after President Trump threatened to raise import tariffs. However, background political uncertainty in Washington, D.C. appeared to have little direct impact on domestic financial markets.

Meanwhile, the European Central Bank (ECB) in January reduced its monthly asset purchases by half, though it declined to raise benchmark interest rates during the reporting period. In November, the Bank of England raised interest rates for the first time in a decade as the domestic economy continued to expand and uncertainty over Britain’s planned exit from the EU receded somewhat. In Germany, Chancellor Angela Merkel successfully formed a governing coalition in late February, removing further uncertainty among investors. Across the 19-nation Eurozone, unemployment fell to 8.5% and GDP grew 2.5% in the first quarter of 2018.

In China, government efforts to curb financial speculation appeared to hold down financial market volatility even as the nation’s economy continued to grow. Estimated GDP growth for China was 6.8% in the first quarter of 2018 and 6.9% for the final quarter of 2017. Emerging market nations largely continued to benefit from robust growth in China, rising commodity prices and global demand for goods. However, rising borrowing costs have put pressure on emerging markets in select nations that depend most on external financing, particularly Argentina, Turkey and Brazil.

Against a generally positive environment for global economic growth, a few distinct concerns have emerged in 2018. U.S. threats of protectionist trade policies and changes in U.S. foreign policy, particularly toward Iran, have led to political strains with long-time U.S. allies and trading partners. Rising interest rates globally have put pressure on the currencies of several emerging market nations. The world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.

We believe investors who maintain a long-term outlook and a properly diversified portfolio should continue to benefit from the global economic expansion in 2018. 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

APRIL 30, 2018 J.P. MORGAN FUNDS 1

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(1.68)%
J.P. Morgan Emerging Markets Bond Index Global Diversified		(2.41)%
JPMorgan Emerging Markets Strategic Debt Composite Benchmark		0.41%
Net Assets as of 4/30/2018 (In Thousands)	$	901,510
Duration as of 4/30/2018		4.9 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 negative absolute performance and outperformed the J.P. Morgan Emerging Markets Bond Index Global Diversified (the “Index”) for the six months ended April 30, 2018.

Relative to the Index, the Fund’s overweight allocation to local currency bonds in higher yielding markets, including Hungary, South Africa and Indonesia contributed to performance.

The Fund’s overweight positions in Ukraine, Chile and Brazil were the leading contributors to relative performance. Bonds in Ukraine rose amid improved gross domestic product data, progress in banking sector reforms and investor expectations for reforms to pension and land policies. Chile bonds benefitted from the country’s strong fiscal position, improved investor sentiment following elections in late 2017 and a rebound in global copper prices. In Brazil, the Fund benefitted from its allocation to utilities.

The Fund’s underweight positions in Poland, Russia and Mexico detracted from performance relative to the Index as bonds in those countries provided high yields and were less sensitive to interest rates movements elsewhere.

In terms of absolute performance, the Fund’s allocation to Latin America, particularly Ecuador and El Salvador, was a leading contributor to performance during the reporting period. Recent elections in El Salvador raised investor expectations for fiscal reforms in that country. Rising global oil prices during the reporting period provided support for bonds in Ecuador, an oil exporting nation.

The Fund’s allocation to Venezuela was the largest detractor from absolute performance, amid worsening economic conditions and increased civil unrest. The Fund’s allocation to Turkey also hurt absolute performance amid investor concerns about political events and fiscal policy. The Fund’s allocation to Argentina also detracted from performance as the country’s reliance on external financing left it vulnerable to rising borrowing costs.

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 was overweight in the currencies of China, Indonesia and the Czech Republic and underweight in the currencies of the Philippines, India and Poland. In terms of sovereign debt, the Fund was overweight in Turkey, Argentina and Russia and was underweight in the Philippines, China and Poland.

2 J.P. MORGAN FUNDS APRIL 30, 2018

PORTFOLIO COMPOSITION BY SECURITY TYPE***
Foreign Government Securities	63.1	%
Corporate Bonds	28.4
Options Purchased	0.4
Short-Term Investments	8.1

PORTFOLIO COMPOSITION BY COUNTRY***
Turkey	6.5	%
Indonesia	5.9
Argentina	5.7
Kazakhstan	4.1
Lebanon	3.9
South Africa	3.9
Russia	3.9
Mexico	3.8
Brazil	3.7
Ukraine	2.5
El Salvador	2.4
Belarus	2.2
Egypt	2.0
Peru	1.8
Qatar	1.8
Sri Lanka	1.7
Nigeria	1.6
China	1.6
Oman	1.6
Colombia	1.6
Hungary	1.6
Serbia	1.5
Malaysia	1.5
Kenya	1.3
Bahrain	1.3
Ecuador	1.3
Chile	1.3
Mongolia	1.3
Azerbaijan	1.1
Uruguay	1.1
Angola	1.0
Iraq	1.0
Others (each less than 1.0%)	14.4
Short-Term Investments	8.1

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

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

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

APRIL 30, 2018 J.P. MORGAN FUNDS 3

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		June 29, 2012
With Sales Charge**				(5.45	)%		(2.67	)%		(5.19	)%		(3.15	)%
Without Sales Charge				(1.81	)		1.11			(4.47	)		(2.51	)
CLASS C SHARES		June 29, 2012
With CDSC***				(3.12	)		(0.52	)		(4.95	)		(3.01	)
Without CDSC				(2.12	)		0.48			(4.95	)		(3.01	)
CLASS I SHARES		June 29, 2012		(1.68	)		1.33			(4.24	)		(2.28	)
CLASS R2 SHARES		June 29, 2012		(1.96	)		0.72			(4.72	)		(2.77	)
CLASS R5 SHARES		June 29, 2012		(1.58	)		1.51			(4.04	)		(2.08	)
CLASS R6 SHARES		June 29, 2012		(1.67	)		1.56			(4.00	)		(2.04	)

* Not annualized.

** Sales Charge for Class A Shares is 3.75%.

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

LIFE OF FUND PERFORMANCE (6/29/12 TO 4/30/18)

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, Emerging Markets Strategic Debt Composite Benchmark and the Lipper Emerging Markets Local Currency Debt Funds Index from June 29, 2012 to April 30, 2018. 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 performance of the Lipper Emerging Markets Local Currency Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The J.P. Morgan 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. The Lipper Emerging Markets Local Currency Debt Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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

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

4 J.P. MORGAN FUNDS APRIL 30, 2018

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 27.2%
		Argentina — 1.7%
	1,620	Arcor SAIC, Reg. S, 6.00%, 07/06/2023		1,677
	359	Banco Macro SA, Reg. S, (USD Swap Semi 5 Year + 5.46%), 6.75%, 11/04/2026 (aa)		358
	430	Generacion Mediterranea SA, 9.63%, 07/27/2023 (e)		465
		Pampa Energia SA,
	620	Reg. S, 7.38%, 07/21/2023		645
	870	Reg. S, 7.50%, 01/24/2027 (e)		881
	2,080	Tecpetrol SA, 4.88%, 12/12/2022 (e)		2,012
		YPF SA,
	540	6.95%, 07/21/2027 (e)		527
	1,750	7.00%, 12/15/2047 (e)		1,561
	4,200	Reg. S, 8.50%, 03/23/2021		4,551
	2,050	Reg. S, 8.75%, 04/04/2024		2,243
				14,920
		Azerbaijan — 0.9%
		State Oil Co. of the Azerbaijan Republic,
	467	Reg. S, 4.75%, 03/13/2023		465
	7,470	Reg. S, 6.95%, 03/18/2030		8,016
				8,481
		Bahrain — 0.2%
	1,650	Batelco International Finance No. 1 Ltd., Reg. S, 4.25%, 05/01/2020		1,607
		Brazil — 2.9%
	2,170	Banco do Brasil SA, Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.40%), 6.25%, 04/15/2024 (x) (y) (aa)		1,923
	2,970	Cemig Geracao e Transmissao SA, 9.25%, 12/05/2024 (e)		3,204
	610	CSN Resources SA, Reg. S, 6.50%, 07/21/2020		592
		Itau Unibanco Holding SA,
	2,809	(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.98%), 6.13%, 12/12/2022 (e) (x) (y) (aa)		2,745
	990	(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 6.50%, 03/19/2023 (e) (x) (y) (aa)		971
	2,791	JSL Europe SA, 7.75%, 07/26/2024 (e)		2,805
	1,770	Light Servicos de Eletricidade SA, 7.25%, 05/03/2023 (e)		1,785
		Petrobras Global Finance BV,
	2,650	6.25%, 03/17/2024		2,773
	1,193	8.38%, 05/23/2021		1,343
	3,750	8.75%, 05/23/2026		4,406
	560	Suzano Austria GmbH, 7.00%, 03/16/2047 (e)		623

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Brazil — continued
	750	Votorantim Cimentos SA, Reg. S, 7.25%, 04/05/2041		814
		Vrio Finco 1 LLC,
	410	6.25%, 04/04/2023 (e)		413
	1,900	6.88%, 04/04/2028 (e)		1,898
				26,295
		Canada — 0.1%
	1,100	Gran Tierra Energy International Holdings Ltd., 6.25%, 02/15/2025 (e)		1,048
		Chile — 0.6%
	1,500	Corp. Nacional del Cobre de Chile, Reg. S, 4.50%, 09/16/2025		1,536
	1,110	Empresa Electrica Angamos SA, Reg. S, 4.88%, 05/25/2029		1,075
	600	Empresa Nacional del Petroleo, Reg. S, 3.75%, 08/05/2026		569
	1,510	Geopark Ltd., 6.50%, 09/21/2024 (e)		1,503
	660	VTR Finance BV, Reg. S, 6.88%, 01/15/2024		680
				5,363
		China — 1.5%
	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)		450
	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)		461
	521	CDBL Funding 2, Reg. S, 3.00%, 08/01/2022		498
	1,040	China Minmetals Corp., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.72%), 3.75%, 11/13/2022 (x) (y) (aa)		982
	4,990	Fortune Star BVI Ltd., Reg. S, 5.25%, 03/23/2022		4,734
	200	GOME Retail Holdings Ltd., Reg. S, 5.00%, 03/10/2020		196
	200	Guangxi Communications Investment Group Co. Ltd., Reg. S, 3.00%, 11/04/2019		196
	1,370	Hongkong International Qingdao Co. Ltd., Reg. S, 4.25%, 12/04/2022		1,332
	200	Huarong Finance II Co. Ltd., Reg. S, 2.75%, 06/03/2019		198
	1,270	Rock International Investment, Inc., Reg. S, 6.63%, 03/27/2020		1,126
	800	Sinopec Group Overseas Development Ltd., Reg. S, 4.10%, 04/28/2045		739
	1,000	Three Gorges Finance I Cayman Islands Ltd., Reg. S, 3.70%, 06/10/2025		979
	450	Times China Holdings Ltd., Reg. S, 6.25%, 01/23/2020		450

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 5

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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		876
	640	Vanke Real Estate Hong Kong Co. Ltd., Reg. S, 3.95%, 12/23/2019		642
				13,859
		Colombia — 0.6%
	910	Banco GNB Sudameris SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.56%), 6.50%, 04/03/2027 (aa) (e)		917
		Ecopetrol SA,
	2,340	5.38%, 06/26/2026		2,410
	2,000	5.88%, 09/18/2023		2,128
				5,455
		Congo, Democratic Republic of the — 0.2%
	1,389	HTA Group Ltd., 9.13%, 03/08/2022 (e)		1,455
		Costa Rica — 0.1%
	1,000	Banco Nacional de Costa Rica, Reg. S, 5.88%, 04/25/2021		1,030
		Ecuador — 0.2%
		Petroamazonas EP,
	310	4.63%, 02/16/2020 (e)		294
	1,980	4.63%, 11/06/2020 (e)		1,831
				2,125
		Guatemala — 0.1%
	670	Comunicaciones Celulares SA, Reg. S, 6.88%, 02/06/2024		696
		Hong Kong — 0.5%
	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)		1,033
	600	King Power Capital Ltd., Reg. S, 5.63%, 11/03/2024		639
	1,030	Wing Lung Bank Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.75%), 3.75%, 11/22/2027 (aa)		990
	1,950	WTT Investment Ltd., 5.50%, 11/21/2022 (e)		1,884
				4,546
		Hungary — 0.1%
	600	MFB Magyar Fejlesztesi Bank Zrt.,
		Reg. S, 6.25%, 10/21/2020		638

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		India — 0.6%
	929	Azure Power Energy Ltd., 5.50%, 11/03/2022 (e)		909
	1,200	Greenko Dutch BV, 5.25%, 07/24/2024 (e)		1,148
	900	IDBI Bank Ltd., Reg. S, 3.75%, 01/25/2019		899
	1,480	JSW Steel Ltd., Reg. S, 5.25%, 04/13/2022		1,467
	890	UPL Corp. Ltd., 3.25%, 10/13/2021 (e)		863
				5,286
		Indonesia — 1.2%
	410	Listrindo Capital BV, Reg. S, 4.95%, 09/14/2026		383
	1,358	Medco Platinum Road Pte. Ltd., 6.75%, 01/30/2025 (e)		1,295
		Minejesa Capital BV,
	1,711	4.63%, 08/10/2030 (e)		1,628
	1,900	5.63%, 08/10/2037 (e)		1,833
		Pertamina Persero PT,
	2,100	Reg. S, 6.45%, 05/30/2044		2,318
	1,200	Reg. S, 6.50%, 05/27/2041		1,324
	1,100	Perusahaan Listrik Negara PT, Reg. S, 4.13%, 05/15/2027		1,034
	1,180	Theta Capital Pte. Ltd., Reg. S, 7.00%, 04/11/2022		1,109
				10,924
		Israel — 0.4%
		Teva Pharmaceutical Finance Netherlands III BV,
	1,430	3.15%, 10/01/2026		1,141
	2,740	6.75%, 03/01/2028 (e)		2,703
				3,844
		Jamaica — 0.3%
		Digicel Group Ltd.,
	1,620	Reg. S, 7.13%, 04/01/2022		1,320
	1,030	Reg. S, 8.25%, 09/30/2020		925
				2,245
		Kazakhstan — 3.0%
	6,930	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.95%, 07/10/2042		7,582
	2,910	Kazakhstan Temir Zholy National Co. JSC, 4.85%, 11/17/2027 (e)		2,888
		KazMunayGas National Co. JSC,
	3,000	5.38%, 04/24/2030 (e)		2,992
	6,800	Reg. S, 3.88%, 04/19/2022		6,715
	600	Reg. S, 5.75%, 04/19/2047		574
	450	Reg. S, 6.38%, 04/09/2021		482
	1,700	6.38%, 10/24/2048 (e)		1,736
	2,200	Reg. S, 7.00%, 05/05/2020		2,349

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Kazakhstan — continued
	1,000	KazMunayGas National Co. PJSC, Reg. S, 4.75%, 04/19/2027		981
	960	Nostrum Oil & Gas Finance BV, 8.00%, 07/25/2022 (e)		979
				27,278
		Kuwait — 0.1%
	439	Kuwait Projects Co. SPC Ltd., Reg. S, 4.50%, 02/23/2027		423
		Mauritius — 0.3%
	2,481	Liquid Telecommunications Financing plc, 8.50%, 07/13/2022 (e)		2,611
		Mexico — 3.1%
	724	Banco Mercantil del Norte SA,
		Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 07/06/2022 (x) (y) (aa)		727
	755	(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.35%), 7.63%, 01/10/2028 (e) (x) (y) (aa)		776
		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)		488
	500	Reg. S, 4.38%, 10/14/2025		496
	1,610	BBVA Bancomer SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 01/18/2033 (aa) (e)		1,517
	3,240	Cometa Energia SA de CV, 6.38%, 04/24/2035 (e)		3,163
	2,070	Grupo Bimbo SAB de CV, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.28%), 5.95%, 04/17/2023 (e) (x) (y) (aa)		2,074
	1,210	Grupo KUO SAB de CV, 5.75%, 07/07/2027 (e)		1,177
	1,830	Nemak SAB de CV, 4.75%, 01/23/2025 (e)		1,784
		Petroleos Mexicanos,
	700	4.88%, 01/24/2022		712
	6,300	5.38%, 03/13/2022		6,511
	1,550	5.50%, 01/21/2021		1,605
	1,349	(ICE LIBOR USD 3 Month + 3.65%), 5.72%, 03/11/2022 (aa)		1,469
	5,143	6.75%, 09/21/2047		4,953
	780	Reg. S, 6.35%, 02/12/2048		715
				28,167
		Morocco — 0.1%
	900	OCP SA, Reg. S, 6.88%, 04/25/2044		970

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Nigeria — 0.4%
	1,653	Fidelity Bank plc, 10.50%, 10/16/2022 (e)		1,681
	1,720	IHS Netherlands Holdco BV, Reg. S, 9.50%, 10/27/2021		1,772
				3,453
		Norway — 0.1%
	500	DNO ASA, Reg. S, 8.75%, 06/18/2020 (e)		515
		Panama — 0.1%
	874	Banistmo SA, 3.65%, 09/19/2022 (e)		834
		Peru — 0.6%
	800	Corp. Financiera de Desarrollo SA, Reg. S, 4.75%, 02/08/2022		815
	1,000	Fondo MIVIVIENDA SA, Reg. S, 3.50%, 01/31/2023		975
	1,238	Inkia Energy Ltd., 5.88%, 11/09/2027 (e)		1,182
	660	Nexa Resources SA, 5.38%, 05/04/2027 (e)		661
		Petroleos del Peru SA,
	730	4.75%, 06/19/2032 (e)		692
	800	5.63%, 06/19/2047 (e)		778
	460	Union Andina de Cementos SAA, Reg. S, 5.88%, 10/30/2021		472
				5,575
		Qatar — 1.3%
		ABQ Finance Ltd.,
	5,770	Reg. S, 3.50%, 02/22/2022		5,561
	760	Reg. S, 3.63%, 04/13/2021		748
	1,650	Ooredoo Tamweel Ltd., Reg. S, 3.04%, 12/03/2018		1,650
	3,228	Ras Laffan Liquefied Natural Gas Co. Ltd. II,
		Reg. S, 5.30%, 09/30/2020		3,293
				11,252
		Russia — 1.1%
	1,910	Credit Bank of Moscow, Reg. S, (USD Swap Semi 5 Year + 5.42%), 7.50%, 10/05/2027 (aa)		1,646
	1,500	GTLK Europe DAC, Reg. S, 5.13%, 05/31/2024		1,427
	1,400	Russian Agricultural Bank OJSC, Reg. S, 8.50%, 10/16/2023		1,500
	1,600	Sberbank of Russia, Reg. S, 6.13%, 02/07/2022		1,666
	400	Sberbank of Russia Via SB Capital SA, Reg. S, 6.13%, 02/07/2022		416
	1,900	Vnesheconombank, Reg. S, 6.03%, 07/05/2022		1,966
	1,594	VTB Bank OJSC Via VTB Capital SA, Reg. S, 6.95%, 10/17/2022		1,638
				10,259

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 7

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		South Africa — 0.8%
		Eskom Holdings SOC Ltd.,
	1,300	Reg. S, 5.75%, 01/26/2021		1,298
	1,100	Reg. S, 6.75%, 08/06/2023		1,111
	1,400	Reg. S, 7.13%, 02/11/2025		1,428
		Stillwater Mining Co.,
	2,596	6.13%, 06/27/2022 (e)		2,599
	713	7.13%, 06/27/2025 (e)		722
	400	Transnet SOC Ltd., Reg. S, 4.00%, 07/26/2022		388
				7,546
		South Korea — 0.5%
	4,080	Heungkuk Life Insurance Co. Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/09/2047 (aa)		3,805
	1,060	Woori Bank, Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 5.25%, 05/16/2022 (x) (y) (aa)		1,037
				4,842
		Sri Lanka — 0.0% (g)
	400	National Savings Bank, Reg. S, 8.88%, 09/18/2018		406
		Trinidad and Tobago — 0.3%
	2,900	Petroleum Co. of Trinidad & Tobago Ltd., Reg. S, 9.75%, 08/14/2019		3,052
		Tunisia — 0.1%
	707	Republic of Banque Centrale de Tunisie,
		Reg. S, 5.75%, 01/30/2025		654
		Turkey — 1.8%
	2,700	Akbank Turk A/S, (USD Swap Semi 5 Year + 4.03%), 6.80%, 04/27/2028 (aa) (e)		2,656
	978	Petkim Petrokimya Holding A/S, 5.88%, 01/26/2023 (e)		934
	1,650	QNB Finansbank A/S, Reg. S, 4.88%, 05/19/2022		1,578
	1,502	Ronesans Gayrimenkul Yatirim A/S, 7.25%, 04/26/2023 (e)		1,470
	752	TC Ziraat Bankasi A/S, 5.13%, 09/29/2023 (e)		719
	1,610	Turkiye Garanti Bankasi A/S, Reg. S, (USD Swap Semi 5 Year + 4.22%), 6.13%, 05/24/2027 (aa)		1,556
		Turkiye Is Bankasi A/S,
	670	Reg. S, 6.00%, 10/24/2022		652
	1,570	6.13%, 04/25/2024 (e)		1,523
	3,200	Turkiye Sise ve Cam Fabrikalari A/S,
		Reg. S, 4.25%, 05/09/2020		3,188
	1,634	Yapi ve Kredi Bankasi A/S, 6.10%, 03/16/2023 (e)		1,603
				15,879

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Ukraine — 0.5%
		State Savings Bank of Ukraine,
	3,650	Reg. S, SUB, 9.38%, 03/10/2023		3,768
	900	Reg. S, SUB, 9.63%, 03/20/2025		934
				4,702
		United Arab Emirates — 0.5%
	2,751	EA Partners I BV, Reg. S, 6.88%, 09/28/2020		2,019
	1,076	EA Partners II BV, Reg. S, 6.75%, 06/01/2021		764
	2,000	ICD Sukuk Co. Ltd., Reg. S, 3.51%, 05/21/2020		1,977
				4,760
		Venezuela, Bolivarian Republic of — 0.3%
		Petroleos de Venezuela SA,
	2,930	Reg. S, 5.38%, 04/12/2027 (d)		766
	200	Reg. S, 5.50%, 04/12/2037 (d)		53
	2,330	Reg. S, 6.00%, 11/15/2026 (d)		585
	635	Reg. S, 8.50%, 10/27/2020 (d)		551
	490	Reg. S, 9.00%, 11/17/2021 (d)		145
	630	Reg. S, 9.75%, 05/17/2035 (d)		177
	620	Reg. S, 12.75%, 02/17/2022 (d)		191
				2,468
		Total Corporate Bonds (Cost $252,374)		245,463
	Foreign Government Securities — 60.4%
		Angola — 1.0%
		Republic of Angola,
	4,613	Reg. S, 7.00%, 08/17/2019		4,695
	3,700	Reg. S, 9.50%, 11/12/2025		4,158
				8,853
		Argentina — 3.8%
	ARS 64,000	Bonos de la Nacion Argentina con Ajuste por CER, 4.00%, 03/06/2020		3,257
		Provincia de Buenos Aires,
	1,899	7.88%, 06/15/2027 (e)		1,918
	4,050	Reg. S, 9.95%, 06/09/2021		4,475
		Provincia de Cordoba,
	670	7.13%, 08/01/2027 (e)		646
	2,700	7.45%, 09/01/2024 (e)		2,781
	500	Reg. S, 7.13%, 06/10/2021		524
	1400	Reg. S, 7.45%, 09/01/2024		1,442
	700	Provincia de Mendoza Argentina, Reg. S, 8.38%, 05/19/2024		735

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Argentina — continued
		Republic of Argentina,
	1,000	4.63%, 01/11/2023		957
	10,250	6.88%, 04/22/2021		10,742
	475	6.88%, 01/11/2048		422
	650	7.63%, 04/22/2046		627
	2,383	8.28%, 12/31/2033		2,538
	ARS1,900	15.50%, 10/17/2026		86
	ARS 11,258	18.20%, 10/03/2021		523
	2,386	Reg. S, 7.13%, 06/28/2117		2,114
	8,625	VAR, 0.00%, 12/15/2035 (aa)		720
				34,507
		Armenia — 0.3%
		Republic of Armenia,
	200	Reg. S, 6.00%, 09/30/2020		204
	2,500	Reg. S, 7.15%, 03/26/2025		2,672
				2,876
		Azerbaijan — 0.1%
	1,033	Republic of Azerbaijan,
		Reg. S, 4.75%, 03/18/2024		1,029
		Bahrain — 1.1%
		Kingdom of Bahrain,
	1,500	Reg. S, 5.50%, 03/31/2020		1,498
	846	Reg. S, 5.88%, 01/26/2021		850
	7,400	Reg. S, 6.13%, 07/05/2022		7,419
				9,767
		Belarus — 2.1%
		Republic of Belarus,
	3,711	6.20%, 02/28/2030 (e)		3,576
	1,430	6.88%, 02/28/2023		1,496
	4,710	7.63%, 06/29/2027 (e)		5,063
	3,640	Reg. S, 6.88%, 02/28/2023 (e)		3,808
	4,479	Reg. S, 7.63%, 06/29/2027		4,815
				18,758
		Bermuda — 0.2%
	1,300	Republic of Bermuda,
		Reg. S, 4.85%, 02/06/2024		1,357
		Brazil — 0.7%
		Federative Republic of Brazil,
	4,250	6.00%, 04/07/2026		4,586
	1,120	8.25%, 01/20/2034		1,387
				5,973

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Chile — 0.6%
	CLP    130	BONOS TESORERIA GENL, 2.00%, 03/01/2035		5,588
		Colombia — 0.9%
		Republic of Colombia,
	2,100	3.88%, 04/25/2027		2,029
	1,100	4.50%, 01/28/2026		1,121
	3,600	5.00%, 06/15/2045		3,551
	1,200	7.38%, 09/18/2037		1,518
				8,219
		Costa Rica — 0.4%
	1,100	Instituto Costarricense de Electricidad, Reg. S, 6.38%, 05/15/2043		947
		Republic of Costa Rica,
	500	Reg. S, 4.25%, 01/26/2023		478
	1,616	Reg. S, 4.38%, 04/30/2025		1,505
	1,000	Reg. S, 7.00%, 04/04/2044		995
				3,925
		Croatia — 0.7%
		Republic of Croatia,
	1,391	Reg. S, 6.00%, 01/26/2024		1,514
	1,600	Reg. S, 6.38%, 03/24/2021		1,714
	787	Reg. S, 6.63%, 07/14/2020		838
	1,900	Reg. S, 6.75%, 11/05/2019		1,993
				6,059
		Dominican Republic — 0.9%
		Government of Dominican Republic,
	450	6.50%, 02/15/2048 (e)		447
	1,200	Reg. S, 5.88%, 04/18/2024		1,240
	4,800	Reg. S, 6.88%, 01/29/2026		5,184
	1,000	Reg. S, 7.45%, 04/30/2044		1,095
				7,966
		Ecuador — 1.0%
		Republic of Ecuador,
	1,570	8.75%, 06/02/2023		1,535
	2,200	8.88%, 10/23/2027 (e)		2,062
	600	Reg. S, 7.95%, 06/20/2024		561
	1,100	Reg. S, 8.75%, 06/02/2023 (e)		1,075
	2,500	Reg. S, 10.50%, 03/24/2020		2,569
	1,200	Reg. S, 10.75%, 03/28/2022		1,260
				9,062

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 9

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Egypt — 2.0%
		Republic of Egypt,
	EUR 1,680	4.75%, 04/16/2026 (e)		2,019
	EUR 1,630	5.63%, 04/16/2030 (e)		1,937
	4,350	Reg. S, 5.75%, 04/29/2020		4,448
	3,000	Reg. S, 5.88%, 06/11/2025		2,940
	2,750	Reg. S, 6.13%, 01/31/2022		2,822
	2,200	Reg. S, 7.50%, 01/31/2027		2,318
	1,060	Reg. S, 8.50%, 01/31/2047		1,134
				17,618
		El Salvador — 2.3%
		Republic of El Salvador,
	2,940	Reg. S, 5.88%, 01/30/2025		2,878
	866	Reg. S, 6.38%, 01/18/2027		855
	4,378	Reg. S, 7.38%, 12/01/2019		4,531
	3,527	Reg. S, 7.63%, 02/01/2041		3,668
	6,075	Reg. S, 7.65%, 06/15/2035		6,326
	1,470	Reg. S, 7.75%, 01/24/2023		1,580
	1,158	Reg. S, 8.25%, 04/10/2032		1,277
				21,115
		Ethiopia — 0.2%
	1,500	Republic of Ethiopia, Reg. S, 6.63%, 12/11/2024		1,513
		Gabon — 0.4%
		Republic of Gabonese,
	1,951	Reg. S, 6.38%, 12/12/2024		1,897
	1,941	Reg. S, 6.95%, 06/16/2025		1,929
				3,826
		Ghana — 0.2%
		Republic of Ghana,
	2,000	Reg. S, 8.13%, 01/18/2026		2,133
		Honduras — 0.1%
		Republic of Honduras,
	1,000	Reg. S, 8.75%, 12/16/2020		1,091
		Hungary — 1.4%
		Republic of Hungary,
	1,600	5.38%, 02/21/2023		1,712
	2,500	5.38%, 03/25/2024		2,684
	4,324	5.75%, 11/22/2023		4,713
	3,600	6.38%, 03/29/2021		3,875
				12,984

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Indonesia — 4.4%
		Republic of Indonesia,
	IDR 35,025,000	6.13%, 05/15/2028		2,372
	IDR 62,512,000	7.00%, 05/15/2022		4,573
	IDR 25,500,000	7.00%, 05/15/2027		1,844
	IDR 58,500,000	7.50%, 08/15/2032		4,276
	IDR 37,000,000	7.50%, 05/15/2038		2,673
	IDR 13,583,000	8.25%, 07/15/2021		1,027
	IDR 86,089,000	8.25%, 05/15/2036		6,673
	IDR   1,302,000	8.38%, 03/15/2024		101
	IDR 60,511,000	9.00%, 03/15/2029		4,976
	1,400	Reg. S, 4.13%, 01/15/2025		1,393
	2,300	Reg. S, 4.35%, 01/08/2027		2,300
	1,000	Reg. S, 5.88%, 01/15/2024		1,086
	300	Reg. S, 5.95%, 01/08/2046		340
	1,600	Reg. S, 6.63%, 02/17/2037		1,904
	3,300	Reg. S, 6.75%, 01/15/2044		4,084
				39,622
		Iraq — 1.0%
		Republic of Iraq,
	5,387	Reg. S, 5.80%, 01/15/2028		5,064
	3,620	Reg. S, 6.75%, 03/09/2023		3,606
				8,670
		Ivory Coast — 0.7%
		Republic of Cote d’Ivoire,
	EUR 3,430	5.25%, 03/22/2030 (e)		4,194
	EUR 470	6.63%, 03/22/2048 (e)		572
	400	Reg. S, 5.38%, 07/23/2024		392
	1,323	Reg. S, SUB, 5.75%, 12/31/2032		1,267
				6,425
		Jamaica — 0.5%
		Government of Jamaica,
	1,400	6.75%, 04/28/2028		1,540
	335	8.00%, 06/24/2019		343
	2,011	8.00%, 03/15/2039		2,353
				4,236
		Kazakhstan — 0.9%
		Republic of Kazakhstan,
	KZT 1,416,000	Zero Coupon, 03/15/2019 (e) (bb)		4,015
	752	Reg. S, 3.88%, 10/14/2024		754
	1,100	Reg. S, 4.88%, 10/14/2044		1,078
	1,500	Reg. S, 5.13%, 07/21/2025		1,596
	600	Reg. S, 6.50%, 07/21/2045		713
				8,156

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Kenya — 1.3%
		Republic of Kenya,
	540	7.25%, 02/28/2028 (e)		556
	1,020	8.25%, 02/28/2048 (e)		1,051
	3,130	Reg. S, 5.88%, 06/24/2019		3,173
	6,500	Reg. S, 6.88%, 06/24/2024		6,719
				11,499
		Lebanon — 3.8%
		Republic of Lebanon,
	1,570	6.15%, 06/19/2020		1,552
	3,250	6.25%, 05/27/2022		3,110
	8,404	6.38%, 03/09/2020		8,383
	825	Reg. S, 5.15%, 06/12/2018		823
	2,400	Reg. S, 5.15%, 11/12/2018		2,394
	4,365	Reg. S, 5.45%, 11/28/2019		4,294
	1,200	Reg. S, 5.80%, 04/14/2020		1,177
	2,640	Reg. S, 6.00%, 05/20/2019		2,633
	2,800	Reg. S, 6.10%, 10/04/2022		2,667
	1,220	Reg. S, 6.20%, 02/26/2025		1,118
	2,229	Reg. S, 6.60%, 11/27/2026		2,009
	3,806	Reg. S, 8.25%, 04/12/2021		3,887
				34,047
		Macedonia, the Former Yugoslav Republic of — 0.1%
	EUR 632	Former Yugoslav Republic of Macedonia, 2.75%, 01/18/2025 (e)		756
		Malaysia — 1.4%
	1,000	1MDB Global Investments Ltd., Reg. S, 4.40%, 03/09/2023		949
		Malaysia Government Bond,
	MYR 30,500	3.44%, 02/15/2021		7,700
	MYR 15,950	3.49%, 03/31/2020		4,048
				12,697
		Mexico — 0.5%
		United Mexican States,
	1,300	4.15%, 03/28/2027		1,279
	1,000	4.60%, 01/23/2046		914
	1,570	5.55%, 01/21/2045		1,647
	400	5.75%, 10/12/2110		392
				4,232
		Mongolia — 1.2%
		Mongolia Government Bond,
	1,800	5.63%, 05/01/2023 (e)		1,748
	200	8.75%, 03/09/2024 (e)		222
	2,659	8.75%, 03/09/2024		2,945
	3,915	Reg. S, 5.13%, 12/05/2022		3,763
	1,900	Reg. S, 10.88%, 04/06/2021		2,168
				10,846

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Montenegro — 0.2%
	EUR 1,750	Republic of Montenegro, 3.38%, 04/21/2025 (e)		2,097
		Morocco — 0.7%
	6,140	Kingdom of Morocco, Reg. S, 5.50%, 12/11/2042		6,378
		Nigeria — 1.2%
		Republic of Nigeria,
	850	6.50%, 11/28/2027 (e)		856
	5,240	7.63%, 11/28/2047 (e)		5,273
	1,482	7.70%, 02/23/2038 (e)		1,524
	1,400	Reg. S, 6.50%, 11/28/2027		1,411
	800	Reg. S, 6.75%, 01/28/2021		840
	500	Reg. S, 7.70%, 02/23/2038		514
				10,418
		Oman — 1.5%
		Oman Government Bond,
	5,090	6.75%, 01/17/2048 (e)		4,797
	1,000	Reg. S, 4.13%, 01/17/2023		951
	2,300	Reg. S, 4.75%, 06/15/2026		2,145
	1,100	Reg. S, 5.38%, 03/08/2027		1,048
	5,149	Reg. S, 6.50%, 03/08/2047		4,776
				13,717
		Pakistan — 0.6%
	5,060	Republic of Pakistan, Reg. S, 7.25%, 04/15/2019		5,157
		Panama — 0.6%
		Republic of Panama,
	700	4.50%, 05/15/2047		686
	2,000	6.70%, 01/26/2036		2,470
	1,400	9.38%, 04/01/2029		1,988
				5,144
		Paraguay — 0.4%
		Republic of Paraguay,
	1,100	Reg. S, 5.00%, 04/15/2026		1,117
	1,697	Reg. S, 6.10%, 08/11/2044		1,790
	800	Republic of Uruguay, 5.60%, 03/13/2048 (e)		796
				3,703
		Peru — 1.1%
		Republic of Peru,
	PEN 16,631	6.35%, 08/12/2028		5,559
	1,300	8.75%, 11/21/2033		1,911
	PEN 7,723	Reg. S, 6.15%, 08/12/2032 (e)		2,483
				9,953

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 11

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Qatar — 0.5%
	4,190	State of Qatar, 5.10%, 04/23/2048 (e)		4,153
		Romania — 0.4%
		Republic of Romania,
	2,750	Reg. S, 4.38%, 08/22/2023		2,791
	800	Reg. S, 4.88%, 01/22/2024		830
				3,621
		Russia — 2.6%
		Russian Federation,
	RUB 576,900	7.70%, 03/23/2033		9,367
	RUB 518,860	7.75%, 09/16/2026		8,542
	1,800	Reg. S, 4.88%, 09/16/2023		1,859
	3,200	Reg. S, 5.88%, 09/16/2043		3,464
				23,232
		Senegal — 0.2%
		Republic of Senegal,
	923	6.75%, 03/13/2048 (e)		872
	910	Reg. S, 6.25%, 05/23/2033		878
				1,750
		Serbia — 1.4%
		Republic of Serbia,
	6,675	Reg. S, 4.88%, 02/25/2020		6,792
	5,580	Reg. S, 7.25%, 09/28/2021		6,159
				12,951
		South Africa — 2.9%
		Republic of South Africa,
	1,200	4.30%, 10/12/2028		1,099
	600	5.00%, 10/12/2046		529
	900	5.38%, 07/24/2044		837
	1,000	5.50%, 03/09/2020		1,034
	600	5.88%, 05/30/2022		639
	1,400	5.88%, 09/16/2025		1,466
	800	6.25%, 03/08/2041		832
	ZAR 127,400	6.50%, 02/28/2041		7,741
	ZAR 155,033	8.75%, 02/28/2048		12,052
				26,229
		Sri Lanka — 1.5%
		Republic of Sri Lanka,
	4,580	5.75%, 04/18/2023 (e)		4,554
	600	6.20%, 05/11/2027 (e)		579
	4,200	Reg. S, 6.25%, 10/04/2020		4,330
	2,200	Reg. S, 6.25%, 07/27/2021		2,263
	300	Reg. S, 6.83%, 07/18/2026		304
	1,800	Reg. S, 6.85%, 11/03/2025		1,838
				13,868

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Tajikistan — 0.0% (g)
	320	Republic of Tajikistan International Bond, 7.13%, 09/14/2027 (e)		296
		Turkey — 4.5%
	700	Export Credit Bank of Turkey, Reg. S, 5.38%, 10/24/2023		683
		Republic of Turkey,
	4,900	4.88%, 04/16/2043		3,908
	2,100	6.00%, 03/25/2027		2,110
	1,700	6.00%, 01/14/2041		1,562
	1,000	6.25%, 09/26/2022		1,050
	3,200	6.63%, 02/17/2045		3,124
	1,700	7.38%, 02/05/2025		1,866
	TRY 96,200	9.40%, 07/08/2020		21,693
	TRY 19,300	11.00%, 02/24/2027		4,426
				40,422
		Ukraine — 1.9%
		Republic of Ukraine,
	6,432	Reg. S, 7.75%, 09/01/2020		6,683
	2,276	Reg. S, 7.75%, 09/01/2021		2,350
	1,200	Reg. S, 7.75%, 09/01/2024		1,197
	729	Reg. S, 7.75%, 09/01/2025		723
	700	Reg. S, 7.75%, 09/01/2027		686
	4,924	Ukreximbank Via Biz Finance plc, Reg. S, 9.63%, 04/27/2022		5,090
				16,729
		Uruguay — 1.0%
		Republic of Uruguay,
	1,900	4.38%, 10/27/2027		1,910
	1,910	4.98%, 04/20/2055		1,819
	2,800	5.10%, 06/18/2050		2,751
	2,200	7.88%, 01/15/2033		2,874
				9,354
		Venezuela, Bolivarian Republic of — 0.4%
		Republic of Venezuela,
	310	Reg. S, 6.00%, 12/09/2020 (d)		87
	1,030	Reg. S, 7.65%, 04/21/2025 (d)		286
	521	Reg. S, 7.75%, 10/13/2019 (d)		151
	2,800	Reg. S, 8.25%, 10/13/2024 (d)		791
	4,930	Reg. S, 9.00%, 05/07/2023 (d)		1,405
	2,730	Reg. S, 9.25%, 05/07/2028 (d)		771
	170	Reg. S, 11.75%, 10/21/2026 (d)		52
	620	Reg. S, 12.75%, 08/23/2022 (d)		194
				3,737

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Vietnam — 0.1%
	1,100	Republic of Vietnam, Reg. S, 4.80%, 11/19/2024		1,119
		Zambia — 0.5%
		Republic of Zambia,
	3,450	Reg. S, 5.38%, 09/20/2022		3,165
	1,600	Reg. S, 8.97%, 07/30/2027		1,604
				4,769
		Total Foreign Government Securities (Cost $560,963)		544,202
	Options Purchased — 0.4%
		Call Options — 0.3%
		United States — 0.3%
	44,451	Foreign Exchange CNH/USD, 07/27/2018 at USD 6.50, Vanilla, European Style (a) Notional Amount: USD 44,451 Counterparty: Goldman Sachs International		128
	40,778	Foreign Exchange INR/USD, 07/03/2018 at USD 67.60, Vanilla, European Style (a) Notional Amount : USD 40,778 Counterparty: Merrill Lynch International		245
	40,342	Foreign Exchange PLN/USD, 06/20/2018 at USD 3.58, Vanilla, European Style (a) Notional Amount: USD 40,342 Counterparty: Goldman Sachs International		230
	39,677	Foreign Exchange RUB/USD, 06/01/2018 at USD 60.31, Vanilla, European Style (a) Notional Amount: USD 39,677 Counterparty: Citibank, NA		1,876
		Total Call Options Purchased		2,479
		Put Options — 0.1%
		Australia — 0.1%
	50,422	Foreign Exchange JPY/AUD, 05/01/2018 at USD 83.55, Vanilla, European Style (a) Notional Amount: USD 50,422 Counterparty: Goldman Sachs International		593

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Australia — continued
	50,570	Foreign Exchange USD/AUD, 05/11/2018 at USD 0.75, Vanilla, European Style (a) Notional Amount: USD 50,570 Counterparty: Merrill Lynch International		207
				800
		European Union — 0.0% (g)
	36,557	Foreign Exchange USD/EUR, 06/29/2018 at USD 1.19, Vanilla, European Style (a) Notional Amount: USD 36,557 Counterparty: Citibank, NA		188
		Total Put Options Purchased		988
		Total Options Purchased (Cost $1,512)		3,467
	Short-Term Investments — 7.7%
		Foreign Government Treasury Bill — 0.4%
	NGN 1,342,000	Nigerian Treasury Bills, 18.99%, 06/14/2018 (n) (Cost $3,645)		3,669
SHARES
		Investment Company — 7.3%
	66,203	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.84% (b) (l) (Cost $66,200)		66,210
		Total Short-Term Investments (Cost $69,845)		69,879
		Total Investments — 95.7% (Cost $884,694)		863,011
		Other Assets in Excess of Liabilities — 4.3%		38,499
		NET ASSETS — 100.0%	$	901,510

Percentages indicated are based on net assets.

Futures contracts outstanding as of April 30, 2018:
DESCRIPTION		NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
	Short Contracts
	Euro-Bund	(53)		06/2018		EUR		(10,160	)		(66	)
	Euro-Schatz	(339)		06/2018		EUR		(45,815	)		(52	)
	U.S. Treasury 10 Year Note	(118)		06/2018		USD		(14,106	)		(18	)
											(136	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 13

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

Forward foreign currency exchange contracts outstanding as of April 30, 2018:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
IDR	7,424,840	USD	532	Standard Chartered Bank**		5/18/2018		1
TRY	15,615	USD	3,748	HSBC Bank, NA		5/18/2018		76
USD	545	AUD	719	Merrill Lynch International		5/18/2018		3
USD	3,970	AUD	5,119	State Street Corp.		5/18/2018		116
USD	4,350	COP	12,012,278	Credit Suisse International**		5/18/2018		74
USD	4,007	EUR	3,256	Credit Suisse International		5/18/2018		70
USD	4,120	EUR	3,325	Goldman Sachs International		5/18/2018		100
USD	3,957	INR	258,996	Goldman Sachs International**		5/18/2018		68
USD	4,785	INR	317,311	Standard Chartered Bank**		5/18/2018		21
RUB	528,763	USD	8,210	Citibank, NA**		6/4/2018		151
RUB	522,072	USD	8,210	Credit Suisse International**		6/4/2018		46
CNH	100,742	USD	15,806	Deutsche Bank AG**		6/19/2018		102
COP	17,039,976	USD	5,975	Citibank, NA**		6/19/2018		87
COP	17,076,550	USD	5,975	Credit Suisse International**		6/19/2018		100
EGP	145,181	USD	7,953	Citibank, NA**		6/19/2018		202
TRY	5,831	USD	1,391	BNP Paribas		6/19/2018		22
USD	3,983	ARS	84,828	Deutsche Bank AG**		6/19/2018		18
USD	20,227	BRL	66,876	Goldman Sachs International**		6/19/2018		1,228
USD	14,518	CLP	8,762,489	Credit Suisse International**		6/19/2018		234
USD	8,012	CLP	4,798,598	Goldman Sachs International**		6/19/2018		190
USD	11,843	EUR	9,503	Royal Bank of Canada		6/19/2018		324
USD	7,915	EUR	6,330	State Street Corp.		6/19/2018		242
USD	20,006	JPY	2,117,746	HSBC Bank, NA		6/19/2018		569
USD	9,250	MXN	174,048	Goldman Sachs International		6/19/2018		15
USD	2,700	MXN	50,481	HSBC Bank, NA		6/19/2018		22
USD	7,908	MYR	31,063	Standard Chartered Bank**		6/19/2018		4
USD	15,711	PLN	53,416	HSBC Bank, NA		6/19/2018		481
USD	13,835	RUB	795,036	Goldman Sachs International**		6/19/2018		1,284
USD	5,019	RUB	291,393	Merrill Lynch International**		6/19/2018		419
USD	4,044	SGD	5,321	State Street Corp.		6/19/2018		27
USD	12,107	THB	380,528	Goldman Sachs International		6/19/2018		33
USD	3,716	TRY	14,609	BNP Paribas		6/19/2018		174
USD	12,563	TRY	51,395	HSBC Bank, NA		6/19/2018		102
USD	14,918	ZAR	179,479	Goldman Sachs International		6/19/2018		614
USD	7,772	ZAR	94,291	Standard Chartered Bank		6/19/2018		256
USD	2,449	ZAR	29,525	State Street Corp.		6/19/2018		96
USD	1,354	IDR	18,785,964	Deutsche Bank AG**		6/20/2018		12
USD	3,799	IDR	53,060,607	Merrill Lynch International**		6/20/2018		9
USD	8,536	EUR	6,896	Australia & New Zealand Banking Group Ltd.		7/19/2018		156
USD	4,087	EUR	3,292	State Street Corp.		7/19/2018		86
Total unrealized appreciation								7,834
CLP	2,595,896	USD	4,350	Credit Suisse International**		5/18/2018		(118	)
CNH	3,811	USD	607	Citibank, NA**		5/18/2018		(4	)
CNH	25,901	USD	4,103	Goldman Sachs International**		5/18/2018		(7	)
CNH	24,794	USD	3,941	State Street Corp.**		5/18/2018		(20	)
CZK	84,308	USD	4,126	State Street Corp.		5/18/2018		(145	)
EUR	3,256	USD	4,043	Citibank, NA		5/18/2018		(106	)
IDR	54,170,756	USD	3,927	Merrill Lynch International**		5/18/2018		(42	)
MXN	80,003	USD	4,344	Goldman Sachs International		5/18/2018		(78	)
THB	126,243	USD	4,042	Merrill Lynch International		5/18/2018		(40	)
TWD	137,735	USD	4,704	Citibank, NA**		5/18/2018		(47	)
TWD	117,372	USD	4,027	Goldman Sachs International**		5/18/2018		(58	)
USD	4,263	MXN	80,003	Credit Suisse International		5/18/2018		(4	)
USD	4,250	PHP	221,894	Citibank, NA**		5/18/2018		(42	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2018

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	520	PHP	27,186		Deutsche Bank AG**		5/18/2018		(5	)
USD	3,895	PHP	203,157		Merrill Lynch International**		5/18/2018		(34	)
USD	3,723	TRY	15,615		Goldman Sachs International		5/18/2018		(101	)
USD	2,047	TRY	8,404		HSBC Bank, NA		5/18/2018		(11	)
BRL	29,958	USD	9,018		Credit Suisse International**		6/19/2018		(507	)
BRL	36,917	USD	11,259		Goldman Sachs International**		6/19/2018		(771	)
CLP	4,798,598	USD	7,930		Credit Suisse International**		6/19/2018		(108	)
CNH	51,054	USD	8,125		HSBC Bank, NA**		6/19/2018		(63	)
CNH	11,481	USD	1,826		Societe Generale**		6/19/2018		(13	)
CZK	155,662	USD	7,556		Deutsche Bank AG		6/19/2018		(192	)
CZK	3,869	USD	189		HSBC Bank, NA		6/19/2018		(6	)
EUR	15,833	USD	19,613		Standard Chartered Bank		6/19/2018		(421	)
INR	382,883	USD	5,805		Merrill Lynch International**		6/19/2018		(79	)
JPY	1,267,216	USD	12,153		Credit Suisse International		6/19/2018		(522	)
JPY	850,530	USD	8,098		Royal Bank of Canada		6/19/2018		(292	)
MXN	373,198	USD	20,114		Goldman Sachs International		6/19/2018		(313	)
PLN	53,416	USD	15,653		Royal Bank of Canada		6/19/2018		(423	)
RUB	267,865	USD	4,248		Citibank, NA**		6/19/2018		(20	)
RUB	89,508	USD	1,416		Credit Suisse International**		6/19/2018		(3	)
RUB	91,667	USD	1,478		Goldman Sachs International**		6/19/2018		(31	)
SGD	5,321	USD	4,070		Credit Suisse International		6/19/2018		(53	)
THB	380,528	USD	12,195	��	Barclays Bank plc		6/19/2018		(121	)
TRY	5,320	USD	1,300		Deutsche Bank AG		6/19/2018		(10	)
TRY	17,469	USD	4,263		Goldman Sachs International		6/19/2018		(28	)
USD	16,892	CNH	107,018		HSBC Bank, NA**		6/19/2018		(7	)
USD	11,910	COP	34,116,526		Credit Suisse International**		6/19/2018		(228	)
USD	3,915	EGP	69,962		Citibank, NA**		6/19/2018		(15	)
USD	5,706	INR	382,883		Citibank, NA**		6/19/2018		(19	)
USD	7,886	MXN	148,669		Credit Suisse International		6/19/2018		(3	)
USD	17,780	TRY	74,046		HSBC Bank, NA		6/19/2018		(172	)
ZAR	110,900	USD	8,890		Citibank, NA		6/19/2018		(51	)
ZAR	50,738	USD	4,183		National Australia Bank Ltd.		6/19/2018		(139	)
IDR	45,463,319	USD	3,274		Deutsche Bank AG**		6/20/2018		(26	)
USD	1,653	IDR	23,355,590		Goldman Sachs International**		6/20/2018		(15	)
USD	12,909	IDR	182,016,369		Standard Chartered Bank**		6/20/2018		(93	)
KZT	1,630,310	USD	4,888		Citibank, NA**		10/24/2018		(50	)
Total unrealized depreciation									(5,656	)
Net unrealized appreciation									2,178

Written Call Options Contracts as of April 30, 2018:

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

Foreign Exchange INR/USD

Exchange Traded

40,778

USD 40,778

INR 67.60

7/3/2018

(245

)

(245

)

Written Put Options Contracts as of April 30, 2018:

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

Foreign Exchange JPY/AUD

Exchange Traded

25,211

USD 25,211

JPY 83.55

5/1/2018

(297

)

Foreign Exchange JPY/AUD

Exchange Traded

25,211

USD 25,211

JPY 83.55

5/1/2018

(296

)

Foreign Exchange USD/AUD

Exchange Traded

50,570

USD 50,570

USD 0.75

5/11/2018

(207

)

(800

)

Total Written Options Contracts (Premiums Received $762)

(1,045

)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 15

JPMorgan Emerging Markets Strategic Debt Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

ARS	—  Argentine Peso
AUD	—  Australian Dollar
BRL	—  Brazilian Real
CLP	—  Chilean Peso
CNH	—  China Renminbi
COP	—  Colombian Peso
CZK	—  Czech Republic Koruna
EGP	—  Egyptian Pound
EUR	—  Euro
ICE	—  Intercontinental Exchange
IDR	—  Indonesian Rupiah
INR	—  Indian Rupee
JPY	—  Japanese Yen
KZT	—  Kazakhstan Tenge
LIBOR	—  London Interbank Offered Rate
MXN	—  Mexican Peso
MYR	—  Malaysian Ringgit
NGN	—  Nigerian Naira
PEN	—  Peru Nuevo Sol
PHP	—  Philippine Peso
PLN	—  Polish Zloty
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.
RUB	—  Russian Ruble
SGD	—  Singapore Dollar
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of April 30, 2018.
TRY	—  Turkish Lira
TWD	—  Taiwan Dollar

USD	—  United States Dollar
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of April 30, 2018.
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 of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%.
(l)	—  The rate shown is the current yield as of April 30, 2018.
(n)	—  The rate shown is the effective yield as of April 30, 2018.
(x)	—  Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of April 30, 2018.
(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 April 30, 2018.
(bb)	—  Security has been valued using significant unobservable inputs.
**	—  Non-Deliverable Forward. See Note 2.c.3 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2018 J.P. MORGAN FUNDS 17

STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Emerging Markets Strategic Debt Fund
ASSETS:
Investments in non-affiliates, at value	$	793,334
Investments in affiliates, at value		66,210
Options purchased, at value		3,467
Cash		2,694
Foreign currency, at value		3,356
Deposits at broker for futures contracts		355
Receivables:
Due from custodian		2,715
Investment securities sold		6,607
Fund shares sold		18,163
Interest and dividends from non-affiliates		11,073
Dividends from affiliates		81
Tax reclaims		17
Unrealized appreciation on forward foreign currency exchange contracts		7,834
Total Assets		915,906
LIABILITIES:
Payables:
Investment securities purchased		6,515
Fund shares redeemed		109
Variation margin on futures contracts		104
Unrealized depreciation on forward foreign currency exchange contracts		5,656
Outstanding options written, at fair value		1,045
Accrued liabilities:
Investment advisory fees		436
Administration fees		28
Distribution fees		21
Service fees		24
Custodian and accounting fees		52
Collateral management fees		5
Trustees’ and Chief Compliance Officer’s fees		11
Deferred foreign capital gains tax		43
Other		347
Total Liabilities		14,396
Net Assets	$	901,510

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2018

	JPMorgan Emerging Markets Strategic Debt Fund
NET ASSETS:
Paid-in-Capital	$	944,938
Accumulated undistributed (distributions in excess of) net investment income		2,342
Accumulated net realized gains (losses)		(25,683	)
Net unrealized appreciation (depreciation)		(20,087	)
Total Net Assets	$	901,510
Net Assets:
Class A	$	124,666
Class C		100
Class I		22,521
Class R2		27
Class R5		21
Class R6		754,175
Total	$	901,510
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		15,592
Class C		13
Class I		2,795
Class R2		3
Class R5		2
Class R6		92,725
Net Asset Value (a):
Class A — Redemption price per share	$	8.00
Class C — Offering price per share (b)		7.85
Class I — Offering and redemption price per share		8.06
Class R2 — Offering and redemption price per share		7.92
Class R5 — Offering and redemption price per share		8.12
Class R6 — Offering and redemption price per share		8.13
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	8.31
Cost of investments in non-affiliates	$	816,982
Cost of investments in affiliates		66,200
Cost of options purchased		1,512
Cost of foreign currency		3,415
Premiums received from options written		762

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 19

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	20,841
Interest income from affiliates		4
Dividend income from non-affiliates		24
Dividend income from affiliates		235
Foreign taxes withheld		(139	)
Total investment income		20,965
EXPENSES:
Investment advisory fees		2,630
Administration fees		305
Distribution fees:
Class A		101
Class C		1
Class R2		—	(a)
Service fees:
Class A		101
Class C		—	(a)
Class I		16
Class R2		—	(a)
Class R5		—	(a)
Custodian and accounting fees		74
Interest expense to affiliates		3
Professional fees		19
Collateral management fees		14
Trustees’ and Chief Compliance Officer’s fees		6
Printing and mailing costs		7
Registration and filing fees		22
Transfer agency fees (See Note 2.F.)		5
Other		7
Total expenses		3,311
Less fees waived		(489	)
Less expense reimbursements		(2	)
Net expenses		2,820
Net investment income (loss)		18,145

(a) Amount rounds to less than $500.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2018

	JPMorgan Emerging Markets Strategic Debt Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$	(4,489	)(a)
Investments in affiliates		(196	)
Options purchased		(1,129	)
Futures contracts		(192	)
Foreign currency transactions		(931	)
Forward foreign currency exchange contracts		(2,970	)
Options written		594
Swaps		679
Net realized gain (loss)		(8,634	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(30,241	)(b)
Investments in affiliates		10
Options purchased		2,157
Futures contracts		(184	)
Foreign currency translations		(95	)
Forward foreign currency exchange contracts		2,710
Options written		(332	)
Swaps		106
Change in net unrealized appreciation/depreciation		(25,869	)
Net realized/unrealized gains (losses)		(34,503	)
Change in net assets resulting from operations	$	(16,358	)

(a) Net of foreign capital gains tax of approximately $(8,000).

(b) Net of change in foreign capital gains tax of approximately $(13,000).

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 21

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	18,145		$	15,091
Net realized gain (loss)		(8,634	)		(2,292	)
Change in net unrealized appreciation/depreciation		(25,869	)		7,153
Change in net assets resulting from operations		(16,358	)		19,952
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,737	)		(1,069	)
Class C
From net investment income		(4	)		(4	)
Class I
From net investment income		(298	)		(333	)
Class R2
From net investment income		—	(a)		—	(a)
Class R5
From net investment income		(1	)		(1	)
Class R6
From net investment income		(14,420	)		(12,532	)
Total distributions to shareholders		(16,460	)		(13,939	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		273,315			573,874
NET ASSETS:
Change in net assets		240,497			579,887
Beginning of period		661,013			81,126
End of period	$	901,510		$	661,013
Accumulated undistributed (distributions in excess of) net investment income	$	2,342		$	657

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2018

	JPMorgan Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	63,340		$	79,092
Distributions reinvested		1,737			1,069
Cost of shares redeemed		(12,362	)		(5,873	)
Change in net assets resulting from Class A capital transactions	$	52,715		$	74,288
Class C
Proceeds from shares issued	$	—	(a)	$	273
Distributions reinvested		4			4
Cost of shares redeemed		(197	)		(26	)
Change in net assets resulting from Class C capital transactions	$	(193	)	$	251
Class I
Proceeds from shares issued	$	22,152		$	12,733
Distributions reinvested		298			333
Cost of shares redeemed		(11,569	)		(4,790	)
Change in net assets resulting from Class I capital transactions	$	10,881		$	8,276
Class R2
Proceeds from shares issued	$	7		$	—	(a)
Distributions reinvested		—	(a)		—	(a)
Cost of shares redeemed		—	(a)		—	(a)
Change in net assets resulting from Class R2 capital transactions	$	7		$	—	(a)
Class R5
Proceeds from shares issued	$	—		$	—	(a)
Distributions reinvested		1			1
Cost of shares redeemed		—			—	(a)
Change in net assets resulting from Class R5 capital transactions	$	1		$	1
Class R6
Proceeds from shares issued	$	202,997		$	504,216
Distributions reinvested		14,420			12,532
Cost of shares redeemed		(7,513	)		(25,690	)
Change in net assets resulting from Class R6 capital transactions	$	209,904		$	491,058
Total change in net assets resulting from capital transactions	$	273,315		$	573,874

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 23

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		7,767			9,574
Reinvested		213			129
Redeemed		(1,506	)		(712	)
Change in Class A Shares		6,474			8,991
Class C
Issued		—	(a)		33
Reinvested		—	(a)		—	(a)
Redeemed		(24	)		(3	)
Change in Class C Shares		(24	)		30
Class I
Issued		2,683			1,537
Reinvested		36			40
Redeemed		(1,383	)		(569	)
Change in Class I Shares		1,336			1,008
Class R2
Issued		1			—
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		—
Change in Class R2 Shares		1			—	(a)
Class R5
Reinvested		—	(a)		—	(a)
Change in Class R5 Shares		—	(a)		—	(a)
Class R6
Issued		24,066			60,334
Reinvested		1,731			1,492
Redeemed		(889	)		(3,178	)
Change in Class R6 Shares		24,908			58,648

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2018 J.P. MORGAN 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 investment income			Net realized gain			Return of capital			Total distributions
JPMorgan Emerging Markets Strategic Debt Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	8.31	$	0.18		$	(0.33	)	$	(0.15	)	$	(0.16	)	$	—		$	—		$	(0.16	)
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			0.62			—			—			—			—
Year Ended October 31, 2015		9.30		0.31	(f)		(2.05	)		(1.74	)		—			—			—	(g)		—	(g)
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
Six Months Ended April 30, 2018 (Unaudited)		8.15		0.16			(0.33	)		(0.17	)		(0.13	)		—			—			(0.13	)
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			0.58			—			—			—			—
Year Ended October 31, 2015		9.23		0.28	(f)		(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
Six Months Ended April 30, 2018 (Unaudited)		8.37		0.19			(0.33	)		(0.14	)		(0.17	)		—			—			(0.17	)
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			0.64			—			—			—			—
Year Ended October 31, 2015		9.33		0.34	(f)		(2.05	)		(1.71	)		—	(g)		—			(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
Six Months Ended April 30, 2018 (Unaudited)		8.23		0.17			(0.33	)		(0.16	)		(0.15	)		—			—			(0.15	)
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			0.60			—			—			—			—
Year Ended October 31, 2015		9.27		0.30	(f)		(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
Six Months Ended April 30, 2018 (Unaudited)		8.43		0.20			(0.33	)		(0.13	)		(0.18	)		—			—			(0.18	)
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			0.67			—			—			—			—
Year Ended October 31, 2015		9.36		0.37	(f)		(2.08	)		(1.71	)		—	(g)		—			(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
Six Months Ended April 30, 2018 (Unaudited)		8.45		0.20			(0.34	)		(0.14	)		(0.18	)		—			—			(0.18	)
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			0.67			—			—			—			—
Year Ended October 31, 2015		9.37		0.36	(f)		(2.07	)		(1.71	)		—	(g)		—			(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) 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) 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) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended October 31, 2013.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS APRIL 30, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	8.00		(1.81	)%	$	124,666		1.19	%		4.38	%		1.33	%		75	%
	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	(f)		1.91			134
	9.30		(4.02	)		25,334		1.21			4.06			1.41			145
	9.69		(4.26	)		170		1.21	(h)		3.33	(h)		1.59	(h)		221
	7.85		(2.12	)		100		1.69			3.87			1.85			75
	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	(f)		2.24			134
	9.23		(4.55	)		54		1.71			3.48			2.04			145
	9.67		(4.75	)		49		1.72	(h)		2.72	(h)		2.31	(h)		221
	8.06		(1.68	)		22,521		0.94			4.60			1.08			75
	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	(f)		1.21			134
	9.33		(3.81	)		135,397		0.96			4.21			1.30			145
	9.70		(4.03	)		141,078		0.97	(h)		3.63	(h)		1.46	(h)		221
	7.92		(1.96	)		27		1.44			4.13			1.80			75
	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	(f)		2.00			134
	9.27		(4.24	)		47		1.46			3.71			1.80			145
	9.68		(4.53	)		49		1.47	(h)		2.97	(h)		2.06	(h)		221
	8.12		(1.58	)		21		0.75			4.81			1.20			75
	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	(f)		1.29			134
	9.36		(3.60	)		48		0.76			4.41			1.10			145
	9.71		(3.82	)		50		0.77	(h)		3.67	(h)		1.36	(h)		221
	8.13		(1.67	)		754,175		0.69			4.89			0.82			75
	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	(f)		0.97			134
	9.37		(3.60	)		153,222		0.71			4.51			0.93			145
	9.72		(3.70	)		9,086		0.71	(h)		3.75	(h)		1.11	(h)		221

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited)

1. Organization

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

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan Emerging Markets Strategic Debt Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	Non-Diversified

The investment objective of the Fund is to seek to provide total return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class 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, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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.

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.

28 J.P. MORGAN FUNDS APRIL 30, 2018

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 Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds
Argentina	$	—	$	14,920	$	—	$	14,920
Azerbaijan		—		8,481		—		8,481
Bahrain		—		1,607		—		1,607
Brazil		—		26,295		—		26,295
Canada		—		1,048		—		1,048
Chile		—		5,363		—		5,363
China		—		13,859		—		13,859
Colombia		—		5,455		—		5,455
Congo, Democratic Republic of the		—		1,455		—		1,455
Costa Rica		—		1,030		—		1,030
Ecuador		—		2,125		—		2,125
Guatemala		—		696		—		696
Hong Kong		—		4,546		—		4,546
Hungary		—		638		—		638
India		—		5,286		—		5,286
Indonesia		—		10,924		—		10,924
Israel		—		3,844		—		3,844
Jamaica		—		2,245		—		2,245
Kazakhstan		—		27,278		—		27,278
Kuwait		—		423		—		423
Mauritius		—		2,611		—		2,611
Mexico		—		28,167		—		28,167
Morocco		—		970		—		970
Nigeria		—		3,453		—		3,453
Norway		—		515		—		515
Panama		—		834		—		834
Peru		—		5,575		—		5,575
Qatar		—		11,252		—		11,252
Russia		—		10,259		—		10,259
South Africa		—		7,546		—		7,546
South Korea		—		4,842		—		4,842
Sri Lanka		—		406		—		406
Trinidad and Tobago		—		3,052		—		3,052
Tunisia		—		654		—		654
Turkey		—		15,879		—		15,879
Ukraine		—		4,702		—		4,702
United Arab Emirates		—		4,760		—		4,760
Venezuela, Bolivarian Republic of		—		2,468		—		2,468
Total Corporate Bonds		—		245,463		—		245,463

APRIL 30, 2018 J.P. MORGAN FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Foreign Government Securities		—		$	540,187		$	4,015		$	544,202
Options Purchased
Call Options Purchased		—			2,479			—			2,479
Put Options Purchased		—			988			—			988
Total Options Purchased		—			3,467			—			3,467
Short-Term Investments
Foreign Government Treasury Bill		—			3,669			—			3,669
Investment Company	$	66,210			—			—			66,210
Total Short-Term Investments		66,210			3,669			—			69,879
Total Investments in Securities	$	66,210		$	792,786		$	4,015	*	$	863,011
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	7,834		$	—		$	7,834
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(5,656	)	$	—		$	(5,656	)
Futures Contracts		(136	)		—			—			(136	)
Options Written
Call Options Written		—			(245	)		—			(245	)
Put Options Written		—			(800	)		—			(800	)
Total Options Written		—			(1,045	)		—			(1,045	)
Total Depreciation in Other Financial Instruments	$	(136	)	$	(6,701	)	$	—		$	(6,837	)

* Level 3 securities are valued by brokers and pricing services. At April 30, 2018, the value of these securities was approximately $4,015,000. 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 six months ended April 30, 2018.

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, 2017		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of April 30, 2018
Investments in Securities
Foreign Government Securities	$	4,485	$	441	$	(209	)	$	40	$	4,050	$	(4,792	)	$	—	$	—	$	4,015

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $(209,000).

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, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Fund.

As of April 30, 2018, 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.

30 J.P. MORGAN FUNDS APRIL 30, 2018

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed its value, as recorded on the Statement of Assets and Liabilities.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent 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 a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a 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 options purchased. 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 on options purchased on the Statement of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and records a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will 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 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 option 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 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.

APRIL 30, 2018 J.P. MORGAN FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (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 SOI 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 delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The

32 J.P. MORGAN FUNDS APRIL 30, 2018

notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

(5). Summary of Derivatives Information — The following table presents the value of derivatives held as of April 30, 2018, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Options			Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Foreign exchange contracts	Receivables	$	3,467		$	—		$	7,834		$	11,301
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	—		$	(136	)	$	—		$	(136	)
Foreign exchange contracts	Payables		(1,045	)		—			(5,656	)		(6,701	)
Total		$	(1,045	)	$	(136	)	$	(5,656	)	$	(6,837	)

(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.

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of April 30, 2018 (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 & New Zealand Banking Group Limited	$	156	$	—		$	—	$	156
BNP Paribas		196		—			—		196
Citibank, N.A.		2,504		(354	)		—		2,150
Credit Suisse International		524		(524	)		—		—
Deutsche Bank AG		132		(132	)		—		—
Goldman Sachs International		4,483		(1,402	)		—		3,081
HSBC Bank, N.A.		1,250		(259	)		—		991
Merrill Lynch International		883		(195	)		—		688
Royal Bank of Canada		324		(324	)		—		—
Standard Chartered Bank		282		(282	)		—		—
State Street Corp.		567		(165	)		—		402
	$	11,301	$	(3,637	)	$	—	$	7,664
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)
Barclays Bank plc	$	121	$	—		$	—	$	121
Citibank, N.A.		354		(354	)		—		—
Credit Suisse International		1,546		(524	)		—		1,022
Deutsche Bank AG		233		(132	)		—		101
Goldman Sachs International		1,402		(1,402	)		—		—
HSBC Bank, N.A.		259		(259	)		—		—

APRIL 30, 2018 J.P. MORGAN FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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)
Merrill Lynch International	$	195	$	(195	)	$	—	$	—
National Australia Bank		139		—			—		139
Royal Bank of Canada		715		(324	)		—		391
Societe Generale		13		—			—		13
Standard Chartered Bank		514		(282	)		—		232
State Street Corp.		165		(165	)		—		—
	$	5,656	$	(3,637	)	$	—	$	2,019

(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 six months ended April 30, 2018, 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	$	—		$	(192	)	$	—		$	1,245		$	1,053
Foreign exchange contracts		(535	)		—			(2,970	)		—			(3,505	)
Credit contracts		—			—			—			(566	)		(566	)
Total	$	(535	)	$	(192	)	$	(2,970	)	$	679		$	(3,018	)
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	$	—		$	(184	)	$	—		$	(185	)	$	(369	)
Foreign exchange contracts		1,825			—			2,710			—			4,535
Credit contracts		—			—			—			291			291
Total	$	1,825		$	(184	)	$	2,710		$	106		$	4,457

The Fund’s derivatives contracts held at April 30, 2018 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The table below discloses the volume of the Fund’s forward foreign currency exchange contracts, options and swaps activity during the six months ended April 30, 2018 (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	$	46,851	(a)
Average Notional Balance Short		100,270	(b)
Ending Notional Balance Short		70,081
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	270,440
Average Settlement Value Sold		253,002
Ending Settlement Value Purchased		277,558
Ending Settlement Value Sold		339,355

34 J.P. MORGAN FUNDS APRIL 30, 2018

OTC Options:
Average Notional Balance Purchased	$	163,353
Average Notional Balance Written		59,735
Ending Notional Balance Purchased		302,797
Ending Notional Balance Written		141,770
Credit Default Swaps
Average Notional Balance — Buy Protection	$	37,300	(c)
Interest Rate-Related Swaps
Average Notional Balance — Pays Fixed Rate	$	51,130	(a)
Average Notional Balance — Receives Fixed Rate		113,656	(a)

(a) For the period November 1, 2017 through March 31, 2018.

(b) For the period November 1, 2017 through April 30, 2018.

(c) For the period November 1, 2017 through February 28, 2018.

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.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Fund for the six months ended April 30, 2018 are as follows (amounts in thousands):

	Class A		Class C			Class I			Class R2			Class R5			Class R6		Total
Transfer agency fees	$	3	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	2	$	5

(a) Amount rounds to less than 500.

G. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of April 30, 2018, no

APRIL 30, 2018 J.P. MORGAN FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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 remains subject to examination by the Internal Revenue Service.

H. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon 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, if any, 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 the Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.70% of the Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2018, 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.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Fund, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class I, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A	Class C			Class R2
0.25%		0.75	%		0.50	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2018, 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. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service 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	%

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.

36 J.P. MORGAN FUNDS APRIL 30, 2018

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 six months ended April 30, 2018 and are in place until at least February 28, 2019.

For the six months ended April 30, 2018, 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
$	270	$	180	$	3	$	453	$	2

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 six months ended April 30, 2018 was approximately $36,000.

G. Collateral Management Fees — JPMCB provides derivatives collateral management services for the Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral management fees on the Statement of Operations.

H. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

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

During the six months ended April 30, 2018, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Fund may use related party broker-dealers. For the six months ended April 30, 2018, 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.

APRIL 30, 2018 J.P. MORGAN FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

4. Investment Transactions

During the six months ended April 30, 2018, 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)
$718,152	$	523,150

During the six months ended April 30, 2018, 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 April 30, 2018 were as follows (amounts in thousands):

Aggregate Cost	Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$883,932	$	12,152	$	32,076	$	(19,924	)

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 during the six months ended April 30, 2018.

The Trust, along with certain other trusts (“Borrowers”), has 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 six months ended April 30, 2018.

38 J.P. MORGAN FUNDS APRIL 30, 2018

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of April 30, 2018, the Fund had a non-affiliated omnibus account, which represented 10.5% of the Fund’s net assets.

As of April 30, 2018, 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
	60.5	%

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 period. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of April 30, 2018, 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 Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Fund 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. New Accounting Pronouncements

In March 2017, the Financial Accounting Standards Boards (“FASB”) issued Accounting Standards Updated (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium to be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

APRIL 30, 2018 J.P. MORGAN FUNDS 39

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2017, and continued to hold your shares at the end of the reporting period, April 30, 2018.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Markets Strategic Debt Fund
Class A
Actual	$	1,000.00	$	981.90	$	5.85		1.19	%
Hypothetical		1,000.00		1,018.89		5.96		1.19
Class C
Actual		1,000.00		978.80		8.29		1.69
Hypothetical		1,000.00		1,016.41		8.45		1.69
Class I
Actual		1,000.00		983.20		4.62		0.94
Hypothetical		1,000.00		1,020.13		4.71		0.94
Class R2
Actual		1,000.00		980.40		7.07		1.44
Hypothetical		1,000.00		1,017.65		7.20		1.44
Class R5
Actual		1,000.00		984.20		3.69		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
Class R6
Actual		1,000.00		983.30		3.39		0.69
Hypothetical		1,000.00		1,021.37		3.46		0.69

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

40 J.P. MORGAN FUNDS APRIL 30, 2018

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 prospectuses 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., 2018.  All rights reserved. April 2018. SAN-EMSD-418

Semi-Annual Report

J.P. Morgan Funds

April 30, 2018 (Unaudited)

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
Schedule of Shareholder Expenses	26

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 prospectuses 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

June 8, 2018 (Unaudited)

Dear Shareholder,

While the global economy largely continued its steady-growth trajectory throughout the six months ended April 30, 2018, investor concerns about rising interest rates and geo-political events fueled the return of volatility to financial markets and ended a 15-month string of rising equity prices in the U.S.

  “This world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.”— George C.W. Gatch

Favorable central bank policies, corporate earnings growth and consumer confidence remained supportive of global growth throughout the reporting period, though economic data in the European Union (the “EU”) softened somewhat in early 2018. Global petroleum prices generally rose during the reporting period as record output from U.S. shale operations was outweighed by expectations of rising global demand and extended output cuts from the Organization of Petroleum Exporting Nations.

The U.S. Federal Reserve (the “Fed”) raised interest rates in December 2017 and again in March 2018 in response to a tightening labor market and early signs of price inflation. The unemployment rate dropped to 3.9% in April – a level not seen in 18 years – after sitting at 4.1% from October 2017 to March 2018. Gross domestic product (GDP) in the U.S. rose by 2.9% in the fourth quarter of 2017 and an estimated 2.2% in the first quarter of 2018.

Meanwhile, U.S. tax cut legislation enacted in December 2017, appeared to provide support for both equity prices and corporate earnings, which reached record highs in the first quarter of 2017. Of the 279 companies reporting U.S. first quarter earnings by the end of the reporting period, 78% had surpassed analysts’ aggregate estimates.

In early February, a spike in 10-year U.S. Treasury bond yields triggered a rapid sell-off in U.S. financial markets that spread to global markets. Yields on 10-year Treasury bonds are generally considered a bellwether for broader market trends, and the increase in yields was a technical signal that raised investor concerns about inflation and rising U.S. interest rates.

While financial markets rebounded somewhat, the sell-off led to a record spike in market volatility just three months after the CBOE Volatility Index, which looks at Standard & Poor’s 500 Index futures to gauge near-term volatility, had dropped to the lowest level since it was created.

Throughout the latter half of the reporting period, U.S. financial markets were also buffeted by the potential for a U.S.-China trade war after President Trump threatened to raise import tariffs. However, background political uncertainty in Washington, D.C. appeared to have little direct impact on domestic financial markets.

Meanwhile, the European Central Bank (ECB) in January reduced its monthly asset purchases by half, though it declined to raise benchmark interest rates during the reporting period. In November, the Bank of England raised interest rates for the first time in a decade as the domestic economy continued to expand and uncertainty over Britain’s planned exit from the EU receded somewhat. In Germany, Chancellor Angela Merkel successfully formed a governing coalition in late February, removing further uncertainty among investors. Across the 19-nation Eurozone, unemployment fell to 8.5% and GDP grew 2.5% in the first quarter of 2018.

In China, government efforts to curb financial speculation appeared to hold down financial market volatility even as the nation’s economy continued to grow. Estimated GDP growth for China was 6.8% in the first quarter of 2018 and 6.9% for the final quarter of 2017. Emerging market nations largely continued to benefit from robust growth in China, rising commodity prices and global demand for goods. However, rising borrowing costs have put pressure on emerging markets in select nations that depend most on external financing, particularly Argentina, Turkey and Brazil.

Against a generally positive environment for global economic growth, a few distinct concerns have emerged in 2018. U.S. threats of protectionist trade policies and changes in U.S. foreign policy, particularly toward Iran, have led to political strains with long-time U.S. allies and trading partners. Rising interest rates globally have put pressure on the currencies of several emerging market nations. The world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.

We believe investors who maintain a long-term outlook and a properly diversified portfolio should continue to benefit from the global economic expansion in 2018. 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

APRIL 30, 2018 J.P. MORGAN FUNDS 1

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

Reporting Period Return:
Fund (Class I Shares)*		3.46%
Bloomberg Commodity Index Total Return		4.74%
Net Assets as of 4/30/2018 (In Thousands)	$	191,482,953

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 six month reporting period higher. Prices for petroleum products ended the period significantly higher amid strong global economic growth, which elevated investor expectations for demand. Supply side catalysts also supported petroleum prices, particularly severe production declines in Venezuela and U.S. efforts to reinstate sanctions that could limit oil exports from Iran. While demand for natural gas remained robust, prices ended the reporting period lower as investors had priced in record high levels of natural gas production in the U.S.

Prices for precious metals, including gold, were roughly flat over the reporting period. Gold prices rose periodically due to increased investor uncertainty over U.S. trade policy and certain geopolitical events. However, tightening monetary policy in the U.S. prevented gold prices from holding gains.

Agricultural commodity prices were mixed during the reporting period, with grains ending higher but soft commodities and livestock finishing lower. Investor concerns about a U.S.-China trade war hurt agricultural commodities and induced market volatility, notably in the soybean and pork markets. Grain prices were supported by loss of production during the South American growing season. Argentina suffered its worst drought in decades, which reduced the country’s soybean production by 40%. Brazil’s corn crop was expected to suffer significant weather-related losses as well.

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 six months ended April 30, 2018. During the six month period, the Fund used swaps contracts to obtain exposure to different parts of the futures curve, which measures the price of contracts of different maturities for a specific commodity.

The Fund’s tactical trading in petroleum detracted from performance relative to the Benchmark, as U.S. inventories of crude oil remained lower than expected and geopolitical tensions led to market price volatility. The Fund’s short bias in its aluminum positions also detracted from relative performance as U.S. trade sanctions on a Russian business owner halted supply from one of the world’s largest aluminum producers.

The Fund’s deferred positioning in live cattle made a positive contribution to performance relative to the Benchmark during the reporting period. U.S. cattle production remained high and investor fears of trade barriers helped the market price in a looser inventory environment.

HOW WAS THE FUND POSITIONED?

During the six month reporting period, the Fund invested in a wholly owned subsidiary that invested in commodity-linked derivative instruments and provided exposure to the investment returns of the commodities markets without investing directly in physical commodities. The Fund also invested in a portfolio of high-quality, fixed income securities, such as commercial 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 APRIL 30, 2018

CASH INVESTMENTS***
Commercial Paper	70.6	%
Certificates of Deposit	10.4
Investment Companies	19.0
PORTFOLIO COMPOSITION BY COUNTRY***
United States	68.2	%
France	5.6
United Kingdom	3.9
Canada	3.7
Australia	3.7
Switzerland	3.0
China	2.4
Chile	2.1
Ireland	1.6
United Arab Emirates	1.5
Cayman Islands	1.4
Singapore	1.3
Japan	1.2
Others (each less than 1.0%)	0.4

COMMODITY MATURITY***
0 - 3 Months	78.1	%
3 - 6 Months	5.5
> 6 Months	16.4
COMMODITY-LINKED INVESTMENTS****
Energy	35.7	%
Brent Crude	8.3
Heating Oil	3.7
Natural Gas	11.8
Unleaded Gas	4.3
WTI Crude Oil	7.6
Agricultural	31.2
Coffee	2.3
Corn	6.8
Cotton	1.5
Kansas Wheat	1.6
Soybean Meal	3.6
Soybean Oil	2.5
Soybeans	6.2
Sugar	2.9
Wheat	3.8
Industrial Metals	15.3
Aluminum	3.7
Copper	6.7
Nickel	2.5
Zinc	2.4
Precious Metals	15.1
Gold	11.7
Silver	3.4
Livestock	6.2
Lean Hogs	2.2
Live Cattle	4.0

FIXED INCOME MATURITY***
< One Month	66.7	%
1 - 3 Months	21.3
3 - 6 Months	10.4
> 6 Months	1.6

COMMODITY ALLOCATION	Index			Fund****
Energy		31.9	%		35.7	%
Agricultural		30.8			31.2
Industrial Metals		16.7			15.3
Precious Metals		14.9			15.1
Livestock		5.7			6.2

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

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

*** Percentages indicated are based on total investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

**** Exposures are calculated as the notional value, adjusted for net unrealized appreciation/depreciation, of the Fund’s derivative positions as a percentage of net assets.

APRIL 30, 2018 J.P. MORGAN FUNDS 3

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		December 17, 2012
With Sales Charge**				(2.02	)%		0.11	%		(9.19	)%		(9.62	)%
Without Sales Charge				3.37			5.63			(8.21	)		(8.71	)
CLASS C SHARES		December 17, 2012
With CDSC***				2.11			4.04			(8.67	)		(9.15	)
Without CDSC				3.11			5.04			(8.67	)		(9.15	)
CLASS I SHARES		December 17, 2012		3.46			5.80			(7.98	)		(8.48	)
CLASS R6 SHARES		December 17, 2012		3.62			5.96			(7.84	)		(8.34	)

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (12/17/12 TO 4/30/2018)

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

The Fund commenced operations on December 17, 2012.

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of the JPMorgan Commodities Strategy Fund, the Bloomberg Commodity Index Total Return and the Lipper Commodities General Funds Average from December 17, 2012 to April 30, 2018. The performance of the Lipper Commodities General Funds Average reflects an initial investment at the end of the month closest to the Fund’s inception. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Commodity Index Total Return does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the

benchmark, if applicable. The performance of the Lipper Commodities General Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Commodity Index Total Return is composed of futures contracts on 22 physical commodities. Investors cannot invest directly in an index. The Lipper Commodities General Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper Inc.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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

4 J.P. MORGAN FUNDS APRIL 30, 2018

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — 98.7%
		Certificates of Deposit — 10.3%
	4,000,000	Banco Del Estado De Chile, (Chile), 1.86%, 05/18/2018		4,000,122
	1,762,000	BNP Paribas SA, (France), (ICE LIBOR USD 1 Month + 0.20%), 2.10%, 07/23/2018 (aa)		1,762,171
	2,000,000	China Construction Bank Corp., (China), 2.60%, 07/03/2018		2,001,167
	2,919,000	Credit Industriel et Commercial, (France), (ICE LIBOR USD 1 Month + 0.18%), 2.08%, 07/30/2018 (aa)		2,918,959
	2,500,000	Industrial & Commercial Bank of China Ltd., (China), 2.48%, 07/17/2018		2,500,269
	3,000,000	Natixis SA, (France), 1.61%, 08/09/2018		2,993,808
	3,500,000	Wells Fargo Bank NA, (ICE LIBOR USD 1 Month + 0.19%), 2.09%, 06/01/2018 (aa)		3,500,711
		Total Certificates of Deposit (Cost $19,674,131)		19,677,207
		Commercial Paper — 69.7% (n)
	4,360,000	3M Co., 1.80%, 05/16/2018		4,356,526
	2,600,000	Alpine S Ltd., (Cayman Islands), 2.25%, 06/12/2018 (e)		2,593,708
		American Honda Finance Corp.,
	1,550,000	1.90%, 05/04/2018		1,549,700
	930,000	2.13%, 07/09/2018		926,425
	2,000,000	2.21%, 07/18/2018		1,991,178
	700,000	Antalis SA, (Jersey), 2.41%, 07/10/2018		697,000
	4,500,000	Apple, Inc., 1.89%, 06/19/2018 (e)		4,488,356
	4,460,000	Automatic Data Processing, Inc., 0.00%, 05/03/2018		4,459,576
	5,961,000	Cedar Springs Public Schools, 1.75%, 05/01/2018		5,960,705
	2,000,000	Charta LLC, 2.33%, 07/06/2018		1,991,994
	5,800,000	Chevron Corp., 1.82%, 05/04/2018		5,798,868
	4,380,000	Coca-Cola Co. (The), 1.86%, 06/04/2018		4,372,024
	2,630,000	Commonwealth Bank of Australia, (Australia), (ICE LIBOR USD 1 Month + 0.18%), 2.11%, 08/17/2018 (aa)		2,629,382
	1,490,000	DCAT LLC, 1.90%, 05/17/2018		1,488,693
	4,530,000	Exxon Mobil Corp., 1.77%, 05/18/2018		4,525,975
	2,800,000	First Abu Dhabi Bank PJSC, (United Arab Emirates), 1.96%, 05/14/2018		2,798,003
	2,920,000	General Electric Co., 1.87%, 05/11/2018		2,918,461
	4,400,000	Gotham Funding Corp., 2.04%, 06/04/2018		4,391,680
	2,970,000	Honeywell International, Inc., 1.79%, 05/14/2018		2,967,916

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Commercial Paper — continued
		IBM Credit LLC,
	1,750,000	1.98%, 05/30/2018		1,747,288
	1,170,000	1.98%, 06/07/2018		1,167,677
	2,910,000	Lexington Parker Capital Co. LLC, 1.90%, 05/01/2018		2,909,863
	5,000,000	Liberty Street Funding LLC, 2.21%, 06/11/2018		4,988,380
	4,000,000	LMA-Americas LLC, 1.96%, 05/15/2018		3,996,933
	4,060,000	MetLife Short Term Funding LLC, 1.93%, 05/01/2018		4,059,813
	5,700,000	Nestle Finance International Ltd., (Switzerland), 1.81%, 05/07/2018		5,698,127
	4,000,000	Ontario Teachers’ Finance Trust, (Canada), 2.08%, 09/07/2018 (e)		3,966,056
		PACCAR Financial Corp.,
	2,260,000	1.85%, 05/21/2018		2,257,564
	2,200,000	1.88%, 05/04/2018		2,199,572
	2,120,000	Pfizer, Inc., 1.83%, 05/01/2018		2,119,900
	3,065,000	Regency Markets No. 1 LLC, (Ireland), 1.95%, 05/14/2018		3,062,818
		Ridgefield Funding Co. LLC,
	2,000,000	1.87%, 05/10/2018 (e)		1,999,013
	1,100,000	1.96%, 05/15/2018 (e)		1,099,156
	2,940,000	Sanofi, (France), 1.85%, 05/07/2018		2,939,005
	1,000,000	Sumitomo Mitsui Banking Corp., (Japan), 2.16%, 06/07/2018		997,979
	3,000,000	Suncorp-Metway Ltd., (Australia), 2.57%, 10/17/2018		2,964,059
		Toronto-Dominion Bank (The),
	1,300,000	(ICE LIBOR USD 1 Month + 0.19%), 1.53%, 10/03/2018 (aa)		1,299,132
	1,800,000	(ICE LIBOR USD 1 Month + 0.20%), 2.13%, 08/21/2018 (aa)		1,799,579
	3,100,000	Toyota Motor Credit Corp., (ICE LIBOR USD 1 Month + 0.34%), 2.27%, 01/11/2019 (aa)		3,099,613
	1,300,000	Toyota Motor Finance Netherlands BV, (Japan), (ICE LIBOR USD 1 Month + 0.20%), 2.13%, 05/24/2018 (aa)		1,300,240
	7,300,000	Unilever Capital Corp., (United Kingdom), 1.66%, 05/01/2018		7,299,651
	2,500,000	United Overseas Bank Ltd., (Singapore), 2.03%, 06/11/2018		2,494,114
	5,700,000	Walmart, Inc., 1.86%, 05/16/2018		5,695,356
	1,400,000	Westpac Banking Corp., (Australia), (ICE LIBOR USD 1 Month + 0.18%), 2.11%, 08/16/2018 (aa)		1,399,733
		Total Commercial Paper (Cost $133,473,745)		133,466,791

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 5

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — continued
		Investment Companies — 18.7%
	6,255,891	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.84% (b) (l) †		6,256,517
	29,623,087	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l)		29,623,087
		Total Investment Companies (Cost $35,879,604)		35,879,604
		Total Short-Term Investments (Cost $189,027,480)		189,023,602
		Total Investments — 98.7% (Cost $189,027,480)		189,023,602
		Other Assets in Excess of Liabilities — 1.3%		2,459,351
		NET ASSETS — 100.0%	$	191,482,953

Percentages indicated are based on net assets.

Futures contracts outstanding as of April 30, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Brent Crude Oil		210		05/2018		USD		15,684,900			1,828,686
WTI Crude Oil		210		05/2018		USD		14,399,700			2,709,702
100 oz Gold		8		06/2018		USD		1,055,360			(19,771	)
Bloomberg Commodity Index		216		06/2018		USD		1,933,200			31,720
RBOB Gasoline		14		06/2018		USD		1,250,558			29,497
Silver		1		07/2018		USD		82,005			(3,848	)
Copper		23		09/2018		USD		1,779,050			(46,885	)
LME Aluminum Base Metal		19		09/2018		USD		1,067,563			(119,045	)
Sugar No. 11		55		09/2018		USD		738,584			(88,970	)
Lean Hogs		160		10/2018		USD		4,129,600			(44,402	)
Natural Gas		30		12/2018		USD		911,100			(12,510	)
Natural Gas		1,081		12/2018		USD		32,829,970			(550,711	)
											3,713,463
Short Contracts
NY Harbor ULSD		(9)		06/2018		USD		(810,167	)		(18,348	)
Soybean		(5)		07/2018		USD		(262,125	)		6,173
Live Cattle		(6)		08/2018		USD		(250,860	)		2,122
KC HRW Wheat		(5)		09/2018		USD		(138,812	)		(4,865	)
LME Aluminum Base Metal		(27)		09/2018		USD		(1,517,063	)		(113,144	)
Natural Gas		(406)		09/2018		USD		(11,368,000	)		149,160
Soybean Oil		(12)		12/2018		USD		(226,440	)		8,533
											29,631
											3,743,094

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS APRIL 30, 2018

Over the Counter (“OTC”) Return swap contracts on Commodities and Commodities Indices outstanding as of April 30, 2018:

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

1,491,732

CBOT Corn July 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

06/27/2018

USD 12,621,844

301,456

CBOT HRW Wheat September 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

08/29/2018

USD   3,075,531

116,417

CBOT Soybeans July 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

06/27/2018

USD   5,863,125

322,076

CBOT Soybeans July 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

06/27/2018

USD 11,987,313

70,231

CBOT Soybean Meal July 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

06/27/2018

USD   6,614,125

276,560

CBOT Wheat July 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

06/27/2018

USD   6,875,750

270,453

CME Live Cattle August 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

08/2/2018

USD   7,904,950

38,756

COMEX Gold June 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

05/29/2018

USD 18,181,895

154,757

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.

06/5/2018

USD   6,130,000

731,652

3,774,090

BBG Industrial Metals Index

0.03% and decreases in total return of the reference entity

Increases in total return of the reference entity

At termination

Goldman Sachs International

05/10/2018

USD   3,100,000

(31,860

)

BBG Industrial Metals Index

0.10% and decreases in total return of the reference entity

Increases in total return of the reference entity

At termination

Goldman Sachs International

06/20/2018

USD 33,000,000

(2,285,733

)

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.

06/20/2018

USD   8,900,000

(486,365

)

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.

06/20/2018

USD   3,900,000

(356,445

)

CBOT Soybean November 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

10/29/2018

USD   5,857,225

(303,810

)

CBOT Soybean Oil December 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

11/28/2018

USD   5,210,430

(207,467

)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 7

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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) ($)

COMEX Gold June 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

05/29/2018

USD   2,779,455

(9,122

)

COMEX Silver July 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

06/27/2018

USD   6,653,985

(256,838

)

(3,937,640

)

(163,550

)

Summary of total swap contracts outstanding as of April 30, 2018:
	Net Upfront Payments (Receipts) ($)		VALUE ($)
Assets
OTC Return swap contracts on Commodities and Commodities Indices outstanding		—		3,774,090
Total OTC swap contracts outstanding		—		3,774,090
Liabilities
OTC Return swap contracts on Commodities and Commodities Indices outstanding		—		(3,937,640	)
Total OTC swap contracts outstanding		—		(3,937,640	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS APRIL 30, 2018

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

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
ULSD	—  Ultra Low Sulfur Diesel
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 of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(l)	—  The rate shown is the current yield as of April 30, 2018.
(n)	—  The rate shown is the effective yield as of April 30, 2018.
(aa)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2018.
†	—  The value of investments restricted as collateral for swaps to the broker is $6,249,171.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 9

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited)

	JPMorgan Commodities Strategy Fund
ASSETS:
Investments in non-affiliates, at value	$	153,143,998
Investments in affiliates, at value		29,630,433
Investments in affiliates — restricted, at value		6,249,171
Restricted cash for OTC derivatives		2,363,329
Cash		2,095,036
Deposits at broker for futures contracts		2,435,000
Receivables:
Fund shares sold		97,983
Interest from non-affiliates		51,447
Dividends from affiliates		34,959
Variation margin on futures contracts		203,091
Outstanding OTC swap contracts, at value (net upfront payments of $0)		3,774,090
Total Assets		200,078,537
LIABILITIES:
Payables:
Investment securities purchased		4,459,586
Outstanding OTC swap contracts, at value (net upfront receipts of $0)		3,937,640
Accrued liabilities:
Investment advisory fees		57,428
Administration fees		3,440
Distribution fees		535
Service fees		705
Custodian and accounting fees		24,564
Collateral management fees		3,705
Other		107,981
Total Liabilities		8,595,584
Net Assets	$	191,482,953

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2018

	JPMorgan Commodities Strategy Fund
NET ASSETS:
Paid-in-Capital	$	183,899,275
Accumulated undistributed (distributions in excess of) net investment income		577,348
Accumulated net realized gains (losses)		3,430,664
Net unrealized appreciation (depreciation)		3,575,666
Total Net Assets	$	191,482,953
Net Assets:
Class A	$	2,023,854
Class C		306,077
Class I		4,240,735
Class R6		184,912,287
Total	$	191,482,953
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		220,078
Class C		34,170
Class I		455,308
Class R6		19,716,059
Net Asset Value (a):
Class A — Redemption price per share	$	9.20
Class C — Offering price per share (b)		8.96
Class I — Offering and redemption price per share		9.31
Class R6 — Offering and redemption price per share		9.38
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	9.71
Cost of investments in non-affiliates	$	153,147,876
Cost of investments in affiliates		29,630,433
Cost of investments in affiliates — restricted		6,249,171

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

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 11

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

	JPMorgan Commodities Strategy Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1,119,442
Interest income from affiliates		7,762
Dividend income from affiliates		156,177
Total investment income		1,283,381
EXPENSES:
Investment advisory fees		922,098
Administration fees		91,749
Distribution fees:
Class A		1,847
Class C		1,201
Service fees:
Class A		1,847
Class C		401
Class I		4,080
Custodian and accounting fees		35,146
Collateral management fees		10,939
Interest expense to affiliates		403
Professional fees		62,963
Trustees’ and Chief Compliance Officer’s fees		27,394
Printing and mailing costs		9,625
Registration and filing fees		23,787
Transfer agency fees (See Note 2.D)		1,780
Other		5,526
Total expenses		1,200,786
Less fees waived		(730,570	)
Net expenses		470,216
Net investment income (loss)		813,165
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		51
Investments in affiliates		(1	)
Options purchased		(96,510	)
Futures contracts		594,831
Swaps		4,663,370
Net realized gain (loss)		5,161,741
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(6,366	)
Investments in affiliates		(1	)
Futures contracts		1,989,344
Swaps		(1,853,898	)
Change in net unrealized appreciation/depreciation		129,079
Net realized/unrealized gains (losses)		5,290,820
Change in net assets resulting from operations	$	6,103,985

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2018

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Commodities Strategy Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	813,165		$	(40,600	)
Net realized gain (loss)		5,161,741			(4,085,969	)
Change in net unrealized appreciation/depreciation		129,079			5,565,759
Change in net assets resulting from operations		6,103,985			1,439,190
DISTRIBUTIONS TO SHAREHOLDERS:
Class I
From net investment income		(2,922	)		—
Class R6
From net investment income		(307,605	)		—
Total distributions to shareholders		(310,527	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		15,187,448			84,593,830
NET ASSETS:
Change in net assets		20,980,906			86,033,020
Beginning of period		170,502,047			84,469,027
End of period	$	191,482,953		$	170,502,047
Accumulated undistributed (distributions in excess of) net investment income	$	577,348		$	74,710

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 13

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Commodities Strategy Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,027,738		$	523,744
Cost of shares redeemed		(298,140	)		(455,798	)
Change in net assets resulting from Class A capital transactions	$	729,598		$	67,946
Class C
Proceeds from shares issued	$	82,843		$	214,430
Cost of shares redeemed		(142,651	)		(163,200	)
Change in net assets resulting from Class C capital transactions	$	(59,808	)	$	51,230
Class I
Proceeds from shares issued	$	2,199,536		$	1,911,822
Distributions reinvested		2,922			—
Cost of shares redeemed		(455,974	)		(450,569	)
Change in net assets resulting from Class I capital transactions	$	1,746,484		$	1,461,253
Class R6
Proceeds from shares issued	$	29,239,887		$	99,190,693
Distributions reinvested		307,605			—
Cost of shares redeemed		(16,776,318	)		(16,177,292	)
Change in net assets resulting from Class R6 capital transactions	$	12,771,174		$	83,013,401
Total change in net assets resulting from capital transactions	$	15,187,448		$	84,593,830
SHARE TRANSACTIONS:
Class A
Issued		112,747			59,284
Redeemed		(32,909	)		(52,284	)
Change in Class A Shares		79,838			7,000
Class C
Issued		9,343			24,914
Redeemed		(16,020	)		(19,095	)
Change in Class C Shares		(6,677	)		5,819
Class I
Issued		235,455			211,690
Reinvested		329			—
Redeemed		(48,462	)		(49,275	)
Change in Class I Shares		187,322			162,415
Class R6
Issued		3,156,484			10,903,155
Reinvested		34,369			—
Redeemed		(1,824,603	)		(1,754,004	)
Change in Class R6 Shares		1,366,250			9,149,151

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2018 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
JPMorgan Commodities Strategy Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	8.90	$	0.02		$	0.28		$	0.30		$	—
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
Six Months Ended April 30, 2018 (Unaudited)		8.68		—	(h)		0.28			0.28			—
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
Six Months Ended April 30, 2018 (Unaudited)		9.01		0.04			0.27			0.31			(0.01	)
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
Six Months Ended April 30, 2018 (Unaudited)		9.07		0.04			0.29			0.33			(0.02	)
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.

(i) Amount rounds to less than 0.005%.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2018

		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) (e)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	9.20		3.37	%	$	2,023,854		0.91	%		0.54	%		1.90	%		0	%
	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
	8.96		3.23			306,077		1.41			0.00	(i)		2.38			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
	9.31		3.46			4,240,735		0.67			0.80			1.61			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
	9.38		3.62			184,912,287		0.51			0.92			1.33			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.

APRIL 30, 2018 J.P. MORGAN FUNDS 17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited)

1. Organization

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

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/ Non-Diversified
JPMorgan Commodities Strategy Fund	Class A, Class C, Class I and Class R6	Non-diversified

The investment objective of the Fund is to seek total return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class 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, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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 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.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist or is limited, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values (“NAV”) per share as of the report date.

18 J.P. MORGAN FUNDS APRIL 30, 2018

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)	$	35,879,604		$	153,143,998		$	—	$	189,023,602
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	4,765,593		$	—		$	—	$	4,765,593
Swaps (a)		—			3,774,090			—		3,774,090
Total Appreciation in Other Financial Instruments	$	4,765,593		$	3,774,090		$	—	$	8,539,683
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(1,022,499	)	$	—		$	—	$	(1,022,499	)
Swaps (a)		—			(3,937,640	)		—		(3,937,640	)
Total Depreciation in Other Financial Instruments	$	(1,022,499	)	$	(3,937,640	)	$	—	$	(4,960,139	)

(a) Portfolio holdings designated as level 1 and level 2 are disclosed individually on the CSOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash, options purchased and futures contracts. Please refer to the CSOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the six months ended April 30, 2018.

B. Derivatives — The Fund used instruments including futures and swaps 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 may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

APRIL 30, 2018 J.P. MORGAN FUNDS 19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes B(1) — B(3) below describe the various derivatives used by the Fund. These derivatives expose the Fund to commodity risk.

(1). Futures Contracts — The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Consolidated Statement of Operations (“CSOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the 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 each futures transaction; 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 options purchased. 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 on options purchased 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 will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

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

The Fund may be required to post or receive collateral for over the counter options.

(3). Return Swaps on Commodities and Commodity Indices — The Fund used return swaps on physical commodities, commodities futures and commodity futures indices to obtain long and short exposure to commodities markets. The value of a swap agreement is recorded at the beginning of the measurement period. Swaps on commodity futures and commodity indices values are based on the values of underlying commodity spot prices or futures contracts, using the last sale or closing price from the principal exchange on which the contract is traded. Under some circumstances, commodity futures exchanges may establish daily limits on the amount that the price of a commodity futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions. Change in swap values is recorded as Change in net unrealized appreciation/ depreciation — swaps on the CSOP. Realized gain or loss is recorded upon termination of a swap and is based on the difference between the contract price and market price of the underlying instrument or when an offsetting position is entered into. Return swaps on commodity indices are subject to monthly resets. Realized gain or loss is recorded on reset date of the swap and is based on the difference between contract and market price of underlying instrument.

Upon entering into a swap, the Fund may be required to post an initial collateral amount (referred to as “Independent Amount”), as defined in the swap agreement. Independent Amounts are posted to segregated accounts at the Fund’s custodian. The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund (See Note 3.G) and is reported on the CSAL as Investments in affiliates — restricted. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.F).

20 J.P. MORGAN FUNDS APRIL 30, 2018

The Fund’s swap contracts at net value and collateral posted or received by counterparty as of April 30, 2018 is as follows:

Counterparty		Value of derivative contracts		Collateral amount
Goldman Sachs International	Collateral Posted	$	2,317,593	$	2,363,329
Macquarie Bank Ltd.			2,154,043		6,249,171

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and (iv) documentation risk relating to disagreement over contract terms. Investing in certain derivatives, including return swaps, also results in a form of leverage and, as such, the Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL.

The Fund’s activities in return swaps are concentrated with one counterparty. Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

The Fund’s swap contracts are subject to master netting arrangements.

(4). Summary of Derivatives Information — The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of April 30, 2018:

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.	$	3,774,090	$	(1,620,047	)	$	—		$	2,154,043
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)
Goldman Sachs International	$	2,317,593	$	—		$	(2,317,593	)(b)	$	—
Macquarie Bank Ltd.		1,620,047		(1,620,047	)		—			—
	$	3,937,640	$	(1,620,047	)	$	(2,317,593	)	$	—

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on

the CSAL.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.B.(3) for actual swap collateral

received or posted.

Derivatives Volume — The table below discloses the volume of the Fund’s futures contracts, options and swap activity during the six months ended April 30, 2018.

Futures Contracts — Commodities:
Average Notional Balance Long	$	68,013,357
Average Notional Balance Short		15,983,173
Ending Notional Balance Long		75,861,590
Ending Notional Balance Short		14,573,467
Exchange-Traded Options:
Average Number of Contracts Purchased		439
Return Swaps on Commodities:
Average Notional Balance Long	$	83,837,449
Ending Notional Balance Long		93,625,628
Return Swaps on Commodity Indices:
Average Notional Balance Long	$	55,671,714
Average Notional Balance Short		6,250,000	(a)
Ending Notional Balance Long		58,320,000
Ending Notional Balance Short		3,100,000

(a) For the period February 1, 2018 through April 30, 2018.

The Fund’s derivatives contracts held at April 30, 2018 are not accounted for as hedging instruments under GAAP.

APRIL 30, 2018 J.P. MORGAN FUNDS 21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Fund for the six months ended April 30, 2018 are as follows:

	Class A		Class C		Class I		Class R6		Total
Transfer agency fees	$	519	$	67	$	550	$	644	$	1,780

E. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of April 30, 2018, 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.

F. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and the Subsidiary and for such services is paid a fee. The fee for services to the Fund is accrued daily and paid monthly at an annual rate of 0.85% of the Fund’s average daily net assets. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.85% of the Subsidiary’s average daily net assets.

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

B. Administration Fees — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund and the Subsidiary. In consideration of these services for the Fund, the Administrator receives a fee accrued daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2018, the effective annualized rate was 0.10% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.10% of the average daily net assets of the Subsidiary.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), 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 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.

22 J.P. MORGAN FUNDS APRIL 30, 2018

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2018, JPMDS retained the following (amounts in thousands):

Front-End Sales Charge		CDSC
$	113	$	—

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, except for Class R6 Shares which do not charge a service 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. Interest income earned on cash balances at the custodian, if any, included in Interest income from affiliates on the CSOP. Prior to March 1, 2018, payments to the custodian were 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 the Fund to the extent that 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
	0.95	%		1.45	%		0.70	%		0.55	%

The contractual expense limitation agreement was in effect for the six months ended April 30, 2018, and is in place until at least October 31, 2019.

For the six months ended April 30, 2018, 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
$	630,484	$	72,141	$	3,648	$	706,273

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 six months ended April 30, 2018 were $24,297.

H. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the CSOP.

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

APRIL 30, 2018 J.P. MORGAN FUNDS 23

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

The Fund may use related party broker-dealers. For the six months ended April 30, 2018, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended April 30, 2018, there were no purchases or sales.

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 April 30, 2018 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	189,027,480	$	8,546,511	$	4,970,845	$	3,575,666

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.

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 six months ended April 30, 2018.

The Trust, along with certain other trusts (“Borrowers”), has 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 six months ended April 30, 2018.

24 J.P. MORGAN FUNDS APRIL 30, 2018

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of April 30, 2018, 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
	10.2	%		77.0	%

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

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap contracts.

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

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

Derivatives, including commodity-linked notes, swap agreements, commodity options, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk and to the credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given that the Federal Reserve has recently raised interest rates and may continue to do so, the Fund may face a heightened level of interest rate risk. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

8. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium to be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

APRIL 30, 2018 J.P. MORGAN FUNDS 25

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2017, and continued to hold your shares at the end of the reporting period, April 30, 2018.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
Commodities Strategy Fund
Class A
Actual	$	1,000.00	$	1,033.70	$	4.59		0.91	%
Hypothetical		1,000.00		1,020.28		4.56		0.91
Class C
Actual		1,000.00		1,032.30		7.10		1.41
Hypothetical		1,000.00		1,017.80		7.05		1.41
Class I
Actual		1,000.00		1,034.60		3.38		0.67
Hypothetical		1,000.00		1,021.47		3.36		0.67
Class R6
Actual		1,000.00		1,036.20		2.57		0.51
Hypothetical		1,000.00		1,022.27		2.56		0.51

* 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).

26 J.P. MORGAN FUNDS APRIL 30, 2018

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 prospectuses 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., 2018.  All rights reserved. April 2018. SAN-CSTRAT-418

Semi-Annual Report

J.P. Morgan Funds

April 30, 2018 (Unaudited)

JPMorgan Systematic Alpha Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	74
Consolidated Financial Highlights	80
Notes to Consolidated Financial Statements	82
Schedule of Shareholder Expenses	94

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 prospectuses 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

June 8, 2018 (Unaudited)

Dear Shareholder,

While the global economy largely continued its steady-growth trajectory throughout the six months ended April 30, 2018, investor concerns about rising interest rates and geo-political events fueled the return of volatility to financial markets and ended a 15-month string of rising equity prices in the U.S.

  “This world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.”— George C.W. Gatch

Favorable central bank policies, corporate earnings growth and consumer confidence remained supportive of global growth throughout the reporting period, though economic data in the European Union (the “EU”) softened somewhat in early 2018. Global petroleum prices generally rose during the reporting period as record output from U.S. shale operations was outweighed by expectations of rising global demand and extended output cuts from the Organization of Petroleum Exporting Nations.

The U.S. Federal Reserve (the “Fed”) raised interest rates in December 2017 and again in March 2018 in response to a tightening labor market and early signs of price inflation. The unemployment rate dropped to 3.9% in April – a level not seen in 18 years – after sitting at 4.1% from October 2017 to March 2018. Gross domestic product (GDP) in the U.S. rose by 2.9% in the fourth quarter of 2017 and an estimated 2.2% in the first quarter of 2018.

Meanwhile, U.S. tax cut legislation enacted in December 2017, appeared to provide support for both equity prices and corporate earnings, which reached record highs in the first quarter of 2017. Of the 279 companies reporting U.S. first quarter earnings by the end of the reporting period, 78% had surpassed analysts’ aggregate estimates.

In early February, a spike in 10-year U.S. Treasury bond yields triggered a rapid sell-off in U.S. financial markets that spread to global markets. Yields on 10-year Treasury bonds are generally considered a bellwether for broader market trends, and the increase in yields was a technical signal that raised investor concerns about inflation and rising U.S. interest rates.

While financial markets rebounded somewhat, the sell-off led to a record spike in market volatility just three months after the CBOE Volatility Index, which looks at Standard & Poor’s 500 Index futures to gauge near-term volatility, had dropped to the lowest level since it was created.

Throughout the latter half of the reporting period, U.S. financial markets were also buffeted by the potential for a U.S.-China trade war after President Trump threatened to raise import tariffs. However, background political uncertainty in Washington, D.C. appeared to have little direct impact on domestic financial markets.

Meanwhile, the European Central Bank (ECB) in January reduced its monthly asset purchases by half, though it declined to raise benchmark interest rates during the reporting period. In November, the Bank of England raised interest rates for the first time in a decade as the domestic economy continued to expand and uncertainty over Britain’s planned exit from the EU receded somewhat. In Germany, Chancellor Angela Merkel successfully formed a governing coalition in late February, removing further uncertainty among investors. Across the 19-nation Eurozone, unemployment fell to 8.5% and GDP grew 2.5% in the first quarter of 2018.

In China, government efforts to curb financial speculation appeared to hold down financial market volatility even as the nation’s economy continued to grow. Estimated GDP growth for China was 6.8% in the first quarter of 2018 and 6.9% for the final quarter of 2017. Emerging market nations largely continued to benefit from robust growth in China, rising commodity prices and global demand for goods. However, rising borrowing costs have put pressure on emerging markets in select nations that depend most on external financing, particularly Argentina, Turkey and Brazil.

Against a generally positive environment for global economic growth, a few distinct concerns have emerged in 2018. U.S. threats of protectionist trade policies and changes in U.S. foreign policy, particularly toward Iran, have led to political strains with long-time U.S. allies and trading partners. Rising interest rates globally have put pressure on the currencies of several emerging market nations. The world’s leading central banks have moved incrementally away from accommodative monetary policies this year and we expect investor focus on those institutions will intensify.

We believe investors who maintain a long-term outlook and a properly diversified portfolio should continue to benefit from the global economic expansion in 2018. 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

APRIL 30, 2018 J.P. MORGAN FUNDS 1

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(3.77)%
ICE BofAML 3-Month US Treasury Bill Index (formerly BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.68%
Net Assets as of 4/30/2018	$	465,957,239

INVESTMENT OBJECTIVE**

The JPMorgan Systematic Alpha Fund (the “Fund”) seeks to provide total return.

HOW DID THE MARKET PERFORM?

Global financial markets generally provided positive returns for the reporting period, but gains were tempered by increased market volatility, rising bond yields in the U.S. and moderating economic growth in the early part of 2018. While economists had generally forecast continued growth in the global economy, concerns over inflationary pressure, signs of slowing growth in Europe and a potential trade war between the U.S. and China all led to investor uncertainty in the latter half of the reporting period.

Notably, global petroleum prices rose significantly during the reporting period. Global economic growth drove increased demand for oil, while on the supply side, the Organization of Petroleum Exporting Countries and Russia agreed in December 2017 to extend production curbs through 2018. Severe reductions in output from Venezuela and threatened U.S. sanctions against Iran also provided support for global energy prices.

Throughout the final months of 2017 and into January 2018, U.S. equity prices reached new highs and financial market volatility remained at historically low levels. Then in early February 2018, the Standard & Poor’s 500 Index (the “S&P 500”) fell more than 10% intraday and the CBOE Volatility Index, which measures options on the S&P 500 to gauge near-term market volatility, spiked a record 115.6%. The sell-off came after fifteen consecutive months of stock market gains and was largely triggered by a spike in yields on 10-year U.S. Treasury bonds, which signaled to investors that rising borrowing costs and accelerating inflation could lead to weakness in asset prices. Overall, bond prices in the U.S. declined amid investor expectations for rising interest rates.

In Europe and Japan, equity prices generally ended higher for the reporting period, supported by central bank policies, corporate earnings and continued improvements in leading economic indicators. However, increased market volatility in 2018 erased much of the stock market gains made in late 2017.

Equity prices in emerging markets also rose amid corporate profit growth, rising commodities prices and a positive global economic outlook. China’s efforts to curb financial market speculation appeared to provide some stability to asset prices.

Notably, prices for emerging market debt slumped after rising through most of 2016 and 2017. A potential U.S.-China trade war, widening conflict in Syria and political uncertainty ahead of elections in Brazil and Mexico contributed to investor concerns about emerging market currencies and local-currency denominated bonds.

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

The Fund (Class I Shares) underperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Benchmark”) for the six months ended April 30, 2018. 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 negative performance, with losses from its equity market neutral and macro strategies partially offset by gains from the Fund’s convertible bond arbitrage strategy.

The Fund’s equity market neutral strategy was the leading detractor from absolute performance. From a return perspective, the value factor was the worst performing factor over the period. The momentum and size factors also had negative returns.

The Fund’s event-driven strategy was flat over the reporting period. The merger arbitrage sub-strategy was the leading detractor within the event-driven strategy, amid increased financial market volatility and investor concerns over regulatory uncertainty surrounding corporate mergers and acquisitions during the first quarter of 2018. The share repurchase sub-strategy made a positive contribution to absolute performance, partially offsetting losses from the merger arbitrage sub-strategy.

The Fund’s macro investment strategies generated negative returns, with losses across relative value fixed income, foreign exchange, commodity-based and time series-momentum factors.

The Fund’s convertible bond arbitrage strategy made a positive contribution to absolute performance over the reporting period.

2 J.P. MORGAN FUNDS APRIL 30, 2018

HOW WAS THE FUND POSITIONED?

During the six month reporting period, the Fund’s risk was diversified across its investment strategies. Risk within the event-driven strategy remained below the historical average, reflecting below-average activity levels, but increased over the reporting period. In the equity market neutral strategy, aggregate risk was at the lower end of the typical range for much of the period but increased in the first quarter of 2018. The macro strategy was near long-term target risk levels, but also increased aggregate risk during the reporting period.

RISK ALLOCATION AS OF APRIL 30, 2018
Asset Class / Strategy	% of Risk Allocation***
Convertible Arbitrage (1)		4.2	%
Equity Market Neutral (2)		42.0
Event Driven (3)		26.8
Macro Based (4)		27.0

TOP TEN HOLDINGS OF THE PORTFOLIO (a)
	1.	Monsanto Co.	1.6	%
	2.	Validus Holdings Ltd.	1.5
	3.	NXP Semiconductors NV (Netherlands)	1.4
	4.	Rockwell Collins, Inc.	1.4
	5.	Blackhawk Network Holdings, Inc.	1.3
	6.	WGL Holdings, Inc.	0.8
	7.	Innogy SE, Reg. S (Germany)	0.8
	8.	General Cable Corp.	0.7
	9.	AmTrust Financial Services, Inc.	0.6
	10.	FTI Consulting, Inc.	0.5

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

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

*** Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of April 30, 2018 and are not representative of the targeted equal risk allocation across asset classes over the long-term. Holdings and allocations may vary over time.

(1) Convertible Arbitrage strategies seek to profit from the complexity of the pricing of convertible bonds (which contain elements of both a fixed income security and an equity option).

(2) Equity Market Neutral strategies involve simultaneous investing in equities (i.e. investing long) that the Adviser expects to increase in value and selling equities (i.e. selling short) that the Adviser expects to decrease in value.

(3) Event Driven strategies (e.g. merger arbitrage) seek to profit from investing in securities of companies on the basis that a specific event or catalyst will affect future pricing.

(4) Macro Based Strategies aim to exploit macro economic imbalances across the globe through a broad range of asset classes including, but not limited to fixed income, currency and commodities.

(a) Percentages indicated are based upon total market value of investments as of April 30, 2018. The Fund’s portfolio composition is subject to change.

APRIL 30, 2018 J.P. MORGAN FUNDS 3

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		February 12, 2013
With Sales Charge**				(8.29	)%		(9.56	)%		(0.31	)%		0.38	%
Without Sales Charge				(3.94	)		(5.27	)		0.61			1.27
CLASS C SHARES		February 12, 2013
With CDSC***				(5.16	)		(6.76	)		0.12			0.77
Without CDSC				(4.16	)		(5.76	)		0.12			0.77
CLASS I SHARES		February 12, 2013		(3.77	)		(5.00	)		0.86			1.52
CLASS R6 SHARES		February 12, 2013		(3.66	)		(4.79	)		1.08			1.73

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (2/12/13 TO 4/30/18)

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 of the JPMorgan Systematic Alpha Fund and the ICE BofAML 3-Month US Treasury Bill Index from February 12, 2013 to April 30, 2018. 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 ICE BofAML 3-Month US 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 ICE BofAML 3-Month US 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 have a $1,000,000 minimum initial investment.

From the inception of the Fund through July 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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

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

4 J.P. MORGAN FUNDS APRIL 30, 2018

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 35.2%
		Consumer Discretionary — 4.8%
		Auto Components — 0.4%
	13,766	BorgWarner, Inc.		673,708
	31,295	Gentex Corp.		711,648
	898	Lear Corp.		167,899
	3,708	Linamar Corp., (Canada)		207,789
				1,761,044
		Diversified Consumer Services — 0.2%
	27,535	H&R Block, Inc.		761,343
		Hotels, Restaurants & Leisure — 1.4%
	29,400	Brinker International, Inc.		1,281,546
	3,900	Churchill Downs, Inc.		1,070,940
	4,400	Domino’s Pizza, Inc.		1,063,612
	62,600	La Quinta Holdings, Inc. (a)		1,223,204
	14,677	Wyndham Worldwide Corp.		1,676,260
				6,315,562
		Household Durables — 0.7%
	37,259	Beazer Homes USA, Inc. (a)		546,962
	7,145	MDC Holdings, Inc.		207,277
	35,300	PulteGroup, Inc.		1,071,708
	28,892	Taylor Morrison Home Corp., Class A (a)		686,474
	14,813	Toll Brothers, Inc.		624,516
				3,136,937
		Media — 0.4%
	11,127	John Wiley & Sons, Inc., Class A		733,825
	9,492	Omnicom Group, Inc.		699,181
	18,717	Sinclair Broadcast Group, Inc., Class A		530,627
				1,963,633
		Multiline Retail — 0.1%
	3,545	Big Lots, Inc.		150,485
	7,497	Target Corp.		544,282
				694,767
		Specialty Retail — 1.3%
	40,020	American Eagle Outfitters, Inc.		827,614
	3,520	Best Buy Co., Inc.		269,385
	77,429	Chico’s FAS, Inc.		768,870
	1,482	Children’s Place, Inc. (The)		189,029
	20,568	Conn’s, Inc. (a)		524,484
	22,153	Dick’s Sporting Goods, Inc.		733,043
	20,900	Foot Locker, Inc.		900,372
	13,500	Murphy USA, Inc. (a)		844,695
	117,252	Rent-A-Center, Inc.		1,185,418
				6,242,910

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.3%
	6,179	Ralph Lauren Corp.		678,763
	21,839	Wolverine World Wide, Inc.		654,297
				1,333,060
		Total Consumer Discretionary		22,209,256
		Consumer Staples — 2.2%
		Beverages — 0.1%
	6,047	PepsiCo, Inc.		610,384
		Food & Staples Retailing — 0.9%
	14,600	Matsumotokiyoshi Holdings Co. Ltd., (Japan)		650,373
	221,374	Metcash Ltd., (Australia)		597,513
	15,048	United Natural Foods, Inc. (a)		677,461
	23,832	Walgreens Boots Alliance, Inc.		1,583,636
	6,823	Walmart, Inc.		603,563
				4,112,546
		Food Products — 0.6%
	19,398	Conagra Brands, Inc.		719,084
	38,240	Flowers Foods, Inc.		864,606
	5,218	Ingredion, Inc.		631,848
	5,556	Sanderson Farms, Inc.		617,605
				2,833,143
		Household Products — 0.1%
	8,378	Procter & Gamble Co. (The)		606,065
		Personal Products — 0.5%
	11,600	Herbalife Nutrition Ltd. (a)		1,226,468
	10,013	Nu Skin Enterprises, Inc., Class A		712,425
	1,149	USANA Health Sciences, Inc. (a)		121,277
				2,060,170
		Total Consumer Staples		10,222,308
		Energy — 1.6%
		Energy Equipment & Services — 0.6%
	19,434	National Oilwell Varco, Inc.		751,513
	29,201	RPC, Inc.		525,910
	7,300	Tidewater, Inc. (a)		250,098
	65,033	Transocean Ltd. (a)		804,458
	27,670	Unit Corp. (a)		627,555
				2,959,534
		Oil, Gas & Consumable Fuels — 1.0%
	3,300	Energen Corp. (a)		215,952
	15,957	HollyFrontier Corp.		968,430
	22,374	PBF Energy, Inc., Class A		857,595
	6,800	Peabody Energy Corp.		250,580

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 5

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	7,407	Phillips 66		824,473
	46,482	Ship Finance International Ltd., (Norway)		662,369
	41,900	Showa Shell Sekiyu KK, (Japan)		591,653
	2,819	Valero Energy Corp.		312,712
				4,683,764
		Total Energy		7,643,298
		Financials — 3.9%
		Banks — 0.7%
	31,500	BancorpSouth Bank		1,041,075
	13,200	Customers Bancorp, Inc. (a)		380,424
	29,300	Fifth Third Bancorp		971,881
	8,555	Toronto-Dominion Bank (The), (Canada)		480,471
	8,600	Union Bankshares Corp.		325,166
				3,199,017
		Capital Markets — 0.4%
	17,994	Artisan Partners Asset Management, Inc., Class A		578,507
	48,494	BGC Partners, Inc., Class A		647,880
	32,202	Waddell & Reed Financial, Inc., Class A		651,769
				1,878,156
		Insurance — 2.7%
	16,238	Aflac, Inc.		739,966
	203,003	AmTrust Financial Services, Inc.		2,616,709
	11,815	First American Financial Corp.		603,865
	33,674	Old Republic International Corp.		686,949
	5,848	Prudential Financial, Inc.		621,759
	13,936	Unum Group		674,224
	95,863	Validus Holdings Ltd.		6,496,635
				12,440,107
		Thrifts & Mortgage Finance — 0.1%
	19,506	Flagstar Bancorp, Inc. (a)		673,932
		Total Financials		18,191,212
		Health Care — 3.7%
		Health Care Equipment & Supplies — 1.2%
	3,020	Cooper Cos., Inc. (The)		690,704
	7,097	Danaher Corp.		711,971
	15,370	Halyard Health, Inc. (a)		728,077
	31,800	Natus Medical, Inc. (a)		1,050,990
	63,872	NxStage Medical, Inc. (a)		1,700,273
	8,033	STERIS plc		759,279
				5,641,294

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — 1.3%
	6,261	Aetna, Inc.		1,121,032
	440	Chemed Corp.		135,617
	13,695	Encompass Health Corp.		832,930
	5,374	Express Scripts Holding Co. (a)		406,812
	1,341	Humana, Inc.		394,495
	183,097	Kindred Healthcare, Inc. (a)		1,629,563
	4,700	MEDNAX, Inc. (a)		215,777
	2,677	Quest Diagnostics, Inc.		270,912
	759	UnitedHealth Group, Inc.		179,428
	3,375	WellCare Health Plans, Inc. (a)		692,415
				5,878,981
		Life Sciences Tools & Services — 0.6%
	10,685	Agilent Technologies, Inc.		702,432
	13,047	Cambrex Corp. (a)		690,839
	6,186	ICON plc (a)		727,659
	3,377	Waters Corp. (a)		636,260
				2,757,190
		Pharmaceuticals — 0.6%
	88,407	Akorn, Inc. (a)		1,275,713
	1,437	Johnson & Johnson		181,766
	20,325	Mallinckrodt plc (a)		264,225
	20,455	Pfizer, Inc.		748,858
	4,425	STADA Arzneimittel AG, (Germany)		448,010
				2,918,572
		Total Health Care		17,196,037
		Industrials — 6.6%
		Aerospace & Defense — 1.6%
	8,903	HEICO Corp.		782,129
	47,084	Rockwell Collins, Inc.		6,240,513
	7,282	Spirit AeroSystems Holdings, Inc., Class A		585,254
				7,607,896
		Airlines — 0.1%
	107,017	Qantas Airways Ltd., (Australia)		462,825
		Building Products — 0.1%
	10,562	Fortune Brands Home & Security, Inc.		577,636
	1,810	Owens Corning		118,537
				696,173
		Commercial Services & Supplies — 0.5%
	19,287	Brady Corp., Class A		702,047
	4,038	Deluxe Corp.		276,764
	17,917	Herman Miller, Inc.		550,052

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Commercial Services & Supplies — continued
	32,960	Quad/Graphics, Inc.		814,442
				2,343,305
		Construction & Engineering — 0.3%
	51,130	Chicago Bridge & Iron Co. NV		772,063
	76,600	Penta-Ocean Construction Co. Ltd., (Japan)		603,671
				1,375,734
		Electrical Equipment — 1.2%
	9,430	AMETEK, Inc.		658,214
	8,535	Eaton Corp. plc		640,381
	10,629	EnerSys		728,724
	101,009	General Cable Corp.		2,994,917
	9,232	Regal Beloit Corp.		657,319
				5,679,555
		Industrial Conglomerates — 0.1%
	2,840	3M Co.		552,068
		Machinery — 1.8%
	42,184	Allison Transmission Holdings, Inc.		1,644,754
	3,525	Barnes Group, Inc.		195,743
	7,804	Crane Co.		652,726
	4,172	Cummins, Inc.		666,936
	13,600	Dover Corp.		1,260,720
	14,047	Greenbrier Cos., Inc. (The)		615,961
	6,248	Hillenbrand, Inc.		289,595
	8,256	Ingersoll-Rand plc		692,596
	16,100	Pentair plc, (United Kingdom)		1,083,208
	23,500	Terex Corp.		858,220
	17,395	Wabash National Corp.		348,944
				8,309,403
		Professional Services — 0.5%
	36,901	FTI Consulting, Inc. (a)		2,155,018
		Trading Companies & Distributors — 0.4%
	9,822	Applied Industrial Technologies, Inc.		628,117
	27,600	HD Supply Holdings, Inc. (a)		1,068,396
				1,696,513
		Total Industrials		30,878,490
		Information Technology — 5.9%
		Communications Equipment — 0.1%
	8,554	Cisco Systems, Inc.		378,857
		Electronic Equipment, Instruments & Components — 0.7%
	10,226	Dolby Laboratories, Inc., Class A		611,719
	23,726	Jabil, Inc.		631,112

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — continued
	9,760	Methode Electronics, Inc.		389,424
	11,375	Orbotech Ltd., (Israel) (a)		664,527
	6,534	TE Connectivity Ltd.		599,495
	32,589	Vishay Intertechnology, Inc.		575,196
				3,471,473
		Internet Software & Services — 0.1%
	622	Alphabet, Inc., Class A (a)		633,557
		IT Services — 2.1%
	5,622	Amdocs Ltd.		378,080
	129,485	Blackhawk Network Holdings, Inc. (a)		5,813,877
	29,073	Convergys Corp.		679,145
	12,500	DXC Technology Co.		1,288,250
	7,140	Fidelity National Information Services, Inc.		678,086
	5,838	Visa, Inc., Class A		740,725
	22,719	Western Union Co. (The)		448,700
				10,026,863
		Semiconductors & Semiconductor Equipment — 2.1%
	11,268	Applied Materials, Inc.		559,682
	6,083	Cabot Microelectronics Corp.		617,120
	21,456	Entegris, Inc.		690,883
	3,139	Lam Research Corp.		580,903
	60,644	NXP Semiconductors NV, (Netherlands) (a)		6,361,556
	10,528	Teradyne, Inc.		342,686
	9,100	Ulvac, Inc., (Japan)		486,797
				9,639,627
		Software — 0.6%
	34,800	Nexon Co. Ltd., (Japan) (a)		506,388
	9,061	Oracle Corp.		413,816
	14,491	Progress Software Corp.		535,153
	7,927	Synopsys, Inc. (a)		677,838
	4,667	VMware, Inc., Class A (a)		621,924
				2,755,119
		Technology Hardware, Storage & Peripherals — 0.2%
	656	Apple, Inc.		108,410
	28,061	HP, Inc.		603,031
				711,441
		Total Information Technology		27,616,937
		Materials — 4.1%
		Chemicals — 2.3%
	7,224	Eastman Chemical Co.		737,426
	20,810	Huntsman Corp.		619,514

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 7

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Chemicals — continued
	1,193	LyondellBasell Industries NV, Class A		126,136
	22,000	Mitsubishi Gas Chemical Co., Inc., (Japan)		515,580
	57,330	Monsanto Co.		7,187,462
	102,500	Platform Specialty Products Corp. (a)		1,032,175
	21,000	Tosoh Corp., (Japan)		371,455
	2,486	Trinseo SA		181,354
				10,771,102
		Containers & Packaging — 0.7%
	6,332	Avery Dennison Corp.		663,657
	13,081	Greif, Inc., Class A		765,500
	6,262	Packaging Corp. of America		724,451
	23,900	Sealed Air Corp.		1,048,015
				3,201,623
		Metals & Mining — 1.0%
	52,802	BlueScope Steel Ltd., (Australia)		648,908
	102,515	Fortescue Metals Group Ltd., (Australia)		347,820
	6,436	Kaiser Aluminum Corp.		634,203
	143,089	Regis Resources Ltd., (Australia)		504,939
	44,200	Sandstorm Gold Ltd., (Canada) (a)		204,485
	20,510	Schnitzer Steel Industries, Inc., Class A		604,019
	15,421	Steel Dynamics, Inc.		691,015
	70,278	Westgold Resources Ltd., (Australia) (a)		77,789
	15,978	Worthington Industries, Inc.		711,500
				4,424,678
		Paper & Forest Products — 0.1%
	24,208	Louisiana-Pacific Corp.		685,813
		Total Materials		19,083,216
		Real Estate — 0.3%
		Real Estate Management & Development — 0.3%
	5,300	CBRE Group, Inc., Class A (a)		240,143
	29,571	First Capital Realty, Inc., (Canada)		462,238
	24,600	Nomura Real Estate Holdings, Inc., (Japan)		608,762
		Total Real Estate		1,311,143
		Telecommunication Services — 0.1%
		Wireless Telecommunication Services — 0.1%
	19,700	NTT DOCOMO, Inc., (Japan)		508,930
		Utilities — 2.0%
		Gas Utilities — 0.7%
	40,511	WGL Holdings, Inc.		3,447,486

SHARES		SECURITY DESCRIPTION	VALUE($)
		Independent Power and Renewable Electricity Producers — 0.2%
	38,390	NRG Yield, Inc., Class C		683,342
		Multi-Utilities — 1.1%
	34,452	Avista Corp.		1,786,681
	76,091	Innogy SE, (Germany), Reg. S (e)		3,343,452
				5,130,133
		Total Utilities		9,260,961
		Total Common Stocks (Cost $154,360,079)		164,121,788
	Convertible Preferred Stocks — 0.7%
		Energy — 0.1%
		Oil, Gas & Consumable Fuels — 0.1%
	6,000	Hess Corp., 8.00%, 02/01/2019 ($50 par value)		390,120
	7,550	Kinder Morgan, Inc., Series A, 9.75%, 10/26/2018 ($49 par value)		234,805
		Total Energy		624,925
		Financials — 0.2%
		Banks — 0.2%
	263	Bank of America Corp., Series L, 7.25% ($1,000 par value)		334,799
	263	Wells Fargo & Co., Series L, 7.50% ($1,000 par value)		336,801
		Total Financials		671,600
		Health Care — 0.1%
		Health Care Equipment & Supplies — 0.1%
	6,000	Becton Dickinson and Co., Series A, 6.13%, 05/01/2020 ($50 par value)		362,100
		Industrials — 0.1%
		Commercial Services & Supplies — 0.0% (g)
	5,300	Stericycle, Inc., 5.25%, 09/15/2018 ($100 par value)		240,726
		Machinery — 0.1%
	3,300	Stanley Black & Decker, Inc., 5.38%, 05/15/2020 ($100 par value)		354,750
		Total Industrials		595,476
		Real Estate — 0.0% (g)
		Equity Real Estate Investment Trusts (REITs) — 0.0% (g)
	3,500	Welltower, Inc., Series I, 6.50% ($50 par value)		195,930

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS APRIL 30, 2018

SHARES		SECURITY DESCRIPTION	VALUE($)
	Convertible Preferred Stocks — continued
		Utilities — 0.2%
		Electric Utilities — 0.1%
	5,000	NextEra Energy, Inc., 6.37%, 09/01/2018 ($50 par value)		366,750
		Multi-Utilities — 0.1%
	6,000	Dominion Energy, Inc., Series A, 6.75%, 08/15/2019 ($50 par value)		275,640
	6,000	DTE Energy Co., 6.50%, 10/01/2019 ($50 par value)		314,940
				590,580
		Total Utilities		957,330
		Total Convertible Preferred Stocks (Cost $3,474,269)		3,407,361
PRINCIPAL AMOUNT
	Convertible Bonds — 3.9%
		Consumer Discretionary — 0.2%
		Internet & Direct Marketing Retail — 0.2%
	109,000	Priceline Group, Inc. (The), 0.35%, 06/15/2020		182,241
	469,000	Shutterfly, Inc., 0.25%, 05/15/2018		589,053
	395,000	Vipshop Holdings Ltd., (China), 1.50%, 03/15/2019		411,495
		Total Consumer Discretionary		1,182,789
		Energy — 0.2%
		Oil, Gas & Consumable Fuels — 0.2%
	478,000	Cheniere Energy, Inc., 4.25%, 03/15/2045		372,763
	350,000	Oasis Petroleum, Inc., 2.63%, 09/15/2023		412,195
		Total Energy		784,958
		Financials — 0.2%
		Capital Markets — 0.1%
	518,000	Prospect Capital Corp., 4.75%, 04/15/2020		520,579
		Mortgage Real Estate Investment Trusts (REITs) — 0.1%
	283,000	Starwood Property Trust, Inc., 4.00%, 01/15/2019		302,868
		Total Financials		823,447
		Health Care — 1.1%
		Biotechnology — 0.5%
	573,000	Acorda Therapeutics, Inc., 1.75%, 06/15/2021		519,133
	343,000	AMAG Pharmaceuticals, Inc., 3.25%, 06/01/2022		359,721
		BioMarin Pharmaceutical, Inc.,
	303,000	0.75%, 10/15/2018		311,323
	273,000	1.50%, 10/15/2020		306,427

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
	441,000	Intercept Pharmaceuticals, Inc., 3.25%, 07/01/2023		361,141
	485,000	Ionis Pharmaceuticals, Inc., 1.00%, 11/15/2021		483,846
				2,341,591
		Health Care Equipment & Supplies — 0.1%
	269,000	NuVasive, Inc., 2.25%, 03/15/2021		296,068
		Health Care Providers & Services — 0.3%
	97,000	Anthem, Inc., 2.75%, 10/15/2042		313,856
	477,000	Brookdale Senior Living, Inc., 2.75%, 06/15/2018		475,808
	199,000	Molina Healthcare, Inc., 1.13%, 01/15/2020		414,542
				1,204,206
		Health Care Technology — 0.1%
		Allscripts Healthcare Solutions, Inc.,
	268,000	1.25%, 07/01/2020		265,989
	166,000	1.25%, 07/01/2020		164,754
				430,743
		Life Sciences Tools & Services — 0.0% (g)
	137,000	Illumina, Inc., 0.50%, 06/15/2021		171,055
		Pharmaceuticals — 0.1%
	103,000	Impax Laboratories, Inc., 2.00%, 06/15/2022		102,897
	180,000	Impax Laboratories, Inc., 2.00%, 06/15/2022 (bb)		—
	581,000	Jazz Investments I Ltd., 1.88%, 08/15/2021		606,088
				708,985
		Total Health Care		5,152,648
		Industrials — 0.1%
		Machinery — 0.1%
	339,000	Trinity Industries, Inc., 3.88%, 06/01/2036		449,005
		Information Technology — 1.8%
		Communications Equipment — 0.2%
	341,000	InterDigital, Inc., 1.50%, 03/01/2020		397,947
	261,000	Palo Alto Networks, Inc., Zero Coupon, 07/01/2019		456,973
				854,920
		Internet Software & Services — 0.2%
	471,000	Akamai Technologies, Inc., Zero Coupon, 02/15/2019		480,648
	422,000	j2 Global, Inc., 3.25%, 06/15/2029		538,744
				1,019,392

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 9

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		IT Services — 0.1%
	303,000	Euronet Worldwide, Inc., 1.50%, 10/01/2044		358,719
		Semiconductors & Semiconductor Equipment — 0.8%
	323,000	Integrated Device Technology, Inc., 0.88%, 11/15/2022		348,614
	154,000	Intel Corp., 3.25%, 08/01/2039		382,559
	311,000	Microchip Technology, Inc., 1.63%, 02/15/2025		505,902
	688,000	Micron Technology, Inc., Series G, 3.00%, 11/15/2043		1,089,150
	74,000	Novellus Systems, Inc., 2.63%, 05/15/2041		408,650
	458,000	NXP Semiconductors NV, (Netherlands), 1.00%, 12/01/2019		541,070
	320,000	Veeco Instruments, Inc., 2.70%, 01/15/2023		283,691
				3,559,636
		Software — 0.4%
	322,000	Citrix Systems, Inc., 0.50%, 04/15/2019		462,228
	348,000	Red Hat, Inc., 0.25%, 10/01/2019		770,605
	397,000	Verint Systems, Inc., 1.50%, 06/01/2021		384,454
	265,000	Workday, Inc., 0.75%, 07/15/2018		395,247
				2,012,534
		Technology Hardware, Storage & Peripherals — 0.1%
	394,000	Electronics For Imaging, Inc., 0.75%, 09/01/2019		379,846
		Total Information Technology		8,185,047
		Materials — 0.1%
		Metals & Mining — 0.1%
	321,000	Royal Gold, Inc., 2.88%, 06/15/2019		342,667
		Real Estate — 0.1%
		Equity Real Estate Investment Trusts (REITs) — 0.1%
		Spirit Realty Capital, Inc.,
	203,000	2.88%, 05/15/2019		201,973
	224,000	3.75%, 05/15/2021		224,952
		Total Real Estate		426,925
		Utilities — 0.1%
		Independent Power and Renewable Electricity Producers — 0.1%
	557,000	NRG Yield, Inc., 3.50%, 02/01/2019 (e)		555,259
		Total Convertible Bonds (Cost $15,813,686)		17,902,745

NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE($)
	Rights — 0.0%
		Health Care — 0.0%
		Biotechnology — 0.0%
	2,982	Chelsea Therapeutics, Inc., CVR (Denmark) (a) (bb) (Cost $—)		—
SHARES
	Short-Term Investments — 55.4%
		Investment Company — 55.4%
	258,040,313	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (l) (Cost $258,040,313)		258,040,313
		Total Investments — 95.2% (Cost $431,688,347)		443,472,207
		Other Assets in Excess of Liabilities — 4.8%		22,485,032
		NET ASSETS — 100.0%	$	465,957,239

Percentages indicated are based on net assets.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2018

Futures contracts outstanding as of April 30, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Feeder Cattle		77			05/2018		USD		5,396,738			373,573
Hang Seng Index		5			05/2018		HKD		971,039			6,098
LME Aluminum Base Metal		69			05/2018		USD		3,904,538			287,644
LME Nickel Base Metal		43			05/2018		USD		3,509,058			42,788
LME Zinc Base Metal		102			05/2018		USD		7,978,313			(325,013	)
WTI Crude Oil		116			05/2018		USD		7,954,120			705,512
100 oz Gold		16			06/2018		USD		2,110,720			(31,403	)
Australia 10 Year Bond		523			06/2018		AUD		50,356,772			211,817
Euro-Schatz		21			06/2018		EUR		2,838,120			1,628
FTSE/MIB Index		9			06/2018		EUR		1,279,654			75,055
Live Cattle		139			06/2018		USD		5,899,160			(483,490	)
LME Aluminum Base Metal		39			06/2018		USD		2,208,375			137,456
LME Nickel Base Metal		22			06/2018		USD		1,797,972			49,445
LME Zinc Base Metal		51			06/2018		USD		3,989,475			(180,141	)
SPI 200 Index		2			06/2018		AUD		223,745			(1,149	)
U.S. Treasury 10 Year Note		886			06/2018		USD		105,918,531			(233,497	)
WTI Crude Oil		33			06/2018		USD		2,259,840			207,662
Cocoa		155			07/2018		USD		4,378,750			461,203
Corn		29			07/2018		USD		581,087			19,077
Cotton No. 2		77			07/2018		USD		3,227,840			97,463
LME Aluminum Base Metal		14			07/2018		USD		791,525			93,495
Soybean		40			07/2018		USD		2,097,000			35,170
Wheat		3			07/2018		USD		76,575			5,991
Live Cattle		72			08/2018		USD		3,010,320			(210,922	)
												1,345,462
Short Contracts
CAC 40 10 Euro Index		(11	)		05/2018		EUR		(725,488	)		(21,322	)
IBEX 35 Index		(20	)		05/2018		EUR		(2,401,028	)		(48,769	)
LME Aluminum Base Metal		(69	)		05/2018		USD		(3,904,538	)		(488,175	)
LME Nickel Base Metal		(14	)		05/2018		USD		(1,142,484	)		(42,210	)
Natural Gas		(187	)		05/2018		USD		(5,166,810	)		4,490
Australia 3 Year Bond		(118	)		06/2018		AUD		(9,853,026	)		(3,673	)
Canada 10 Year Bond		(11	)		06/2018		CAD		(1,126,173	)		9,901
DAX Index		(3	)		06/2018		EUR		(1,138,390	)		(31,172	)
EURO STOXX 50 Index		(37	)		06/2018		EUR		(1,547,784	)		(68,552	)
Euro-Bobl		(69	)		06/2018		EUR		(10,915,496	)		(41,256	)
Euro-Bund		(29	)		06/2018		EUR		(5,559,138	)		(29,293	)
Euro-Buxl		(1	)		06/2018		EUR		(197,491	)		802
FTSE 100 Index		(18	)		06/2018		GBP		(1,845,369	)		(67,421	)
Japan 10 Year Bond		(66	)		06/2018		JPY		(90,946,213	)		46,959
Lean Hogs		(212	)		06/2018		USD		(6,164,960	)		457,665
LME Aluminum Base Metal		(39	)		06/2018		USD		(2,208,375	)		(255,036	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 11

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
LME Zinc Base Metal		(6	)		06/2018		USD		(469,350	)		15,655
Long Gilt		(178	)		06/2018		GBP		(29,960,131	)		(408,403	)
Natural Gas		(66	)		06/2018		USD		(1,848,000	)		25,270
S&P 500 E-Mini Index		(644	)		06/2018		USD		(85,233,400	)		2,978,140
Sugar No. 11		(293	)		06/2018		USD		(3,855,880	)		393,504
TOPIX Index		(1	)		06/2018		JPY		(162,163	)		(1,265	)
U.S. Treasury 2 Year Note		(250	)		06/2018		USD		(53,011,719	)		91,222
U.S. Treasury 5 Year Note		(153	)		06/2018		USD		(17,363,109	)		61,280
U.S. Treasury Long Bond		(27	)		06/2018		USD		(3,874,500	)		17,814
Coffee ‘C’		(113	)		07/2018		USD		(5,203,650	)		(167,215	)
Copper		(1	)		07/2018		USD		(76,850	)		2,422
Corn		(376	)		07/2018		USD		(7,534,100	)		(217,484	)
LME Aluminum Base Metal		(8	)		07/2018		USD		(452,300	)		(5,050	)
Silver		(61	)		07/2018		USD		(5,002,305	)		31,623
Wheat		(200	)		07/2018		USD		(5,105,000	)		(440,027	)
Feeder Cattle		(18	)		08/2018		USD		(1,315,800	)		9,247
Sugar No. 11		(191	)		09/2018		USD		(2,564,901	)		179,084
Wheat		(129	)		09/2018		USD		(3,394,313	)		(262,468	)
												1,726,287
												3,071,749

Forward foreign currency exchange contracts outstanding as of April 30, 2018:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
EUR	721,200	GBP	631,286	Standard Chartered Bank		05/25/2018		2,382
TRY	12,671,156	USD	3,062,076	HSBC Bank, NA		05/25/2018		33,473
USD	14,022,998	AUD	18,046,037	HSBC Bank, NA		05/25/2018		436,510
USD	13,435,117	CAD	16,924,869	State Street Corp.		05/25/2018		246,963
USD	38,188,428	CHF	36,556,018	State Street Corp.		05/25/2018		1,225,400
USD	25,068,150	EUR	20,212,900	State Street Corp.		05/25/2018		616,684
USD	3,434,369	HUF	860,431,737	Merrill Lynch International		05/25/2018		117,636
USD	3,316,732	ILS	11,607,693	BNP Paribas		05/25/2018		86,769
USD	6,587,874	JPY	704,977,587	HSBC Bank, NA		05/25/2018		128,938
USD	5,294,266	NZD	7,210,323	Australia & New Zealand Banking Group Ltd.		05/25/2018		221,590
USD	35,229,140	SEK	296,163,032	Citibank, NA		05/25/2018		1,346,824
USD	3,262,866	THB	101,645,449	Australia & New Zealand Banking Group Ltd.		05/25/2018		40,098
USD	3,313,724	TWD	97,382,715	Merrill Lynch International**		05/25/2018		19,236
Total unrealized appreciation								4,522,503
AUD	3,139,367	USD	2,449,306	Goldman Sachs International		05/25/2018		(85,741	)
CAD	764,660	USD	602,966	Merrill Lynch International		05/25/2018		(7,130	)
GBP	8,491,563	USD	12,164,741	Merrill Lynch International		05/25/2018		(461,507	)
INR	217,279,710	USD	3,306,344	Merrill Lynch International**		05/25/2018		(47,453	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2018

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
JPY	144,302,342	USD	1,352,220	BNP Paribas		05/25/2018		(30,137	)
JPY	2,600,715,959	USD	24,303,167	HSBC Bank, NA		05/25/2018		(475,663	)
MXN	62,964,433	USD	3,465,119	HSBC Bank, NA		05/25/2018		(111,227	)
NOK	329,769,993	USD	42,510,895	State Street Corp.		05/25/2018		(1,370,687	)
RUB	187,064,612	USD	3,003,216	Goldman Sachs International**		05/25/2018		(41,333	)
USD	937,799	CHF	928,233	State Street Corp.		05/25/2018		(769	)
USD	3,223,450	KRW	3,457,246,319	Merrill Lynch International**		05/25/2018		(5,864	)
ZAR	39,255,696	USD	3,240,915	Merrill Lynch International		05/25/2018		(102,001	)
Total unrealized depreciation								(2,739,512	)
Net unrealized appreciation								1,782,991

Over the Counter (“OTC”) Total return swap contracts outstanding as of April 30, 2018:

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 (bb)

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

OTC Total Return Basket Swaps Outstanding at April 30, 2018
COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	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	$	98,767	$	27,155	$	—	$	27,155

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Carnival plc		3,098		201,356		(166	)		0.0	(g)
SSP Group plc		93,119		833,282		(2,819	)		0.0	(g)
TUI AG		36,767		831,447		(1,458	)		0.0	(g)
William Hill plc		40,526		163,002		(357	)		0.0	(g)
		173,510		2,029,087		(4,800	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 13

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Household Durables
Berkeley Group Holdings plc		5,470		306,232		(411	)		0.0	(g)
Bovis Homes Group plc		51,008		867,880		278			0.0	(g)
Persimmon plc		19,096		713,339		(419	)		0.0	(g)
Redrow plc		74,633		643,121		(1,618	)		0.0	(g)
Taylor Wimpey plc		272,986		718,919		(1,715	)		0.0	(g)
		423,193		3,249,491		(3,885	)		0.0	(g)
Specialty Retail
WH Smith plc		26,337		705,916		(1,480	)		0.0	(g)
Total Consumer Discretionary		623,040		5,984,494		(10,165	)		0.0	(g)
Consumer Staples
Food & Staples Retailing
Wm Morrison Supermarkets plc		33,794		112,709		(392	)		0.0	(g)
Energy
Energy Equipment & Services
Petrofac Ltd.		97,318		807,609		(1,080	)		0.0	(g)
Oil, Gas & Consumable Fuels
BP plc		121,577		903,070		2,592			0.0	(g)
Total Energy		218,895		1,710,679		1,512			0.0	(g)
Financials
Capital Markets
3i Group plc		26,298		339,459		(1,442	)		0.0	(g)
Health Care
Health Care Equipment & Supplies
Smith & Nephew plc		46,226		885,276		(3,129	)		0.0	(g)
Industrials
Airlines
International Consolidated Airlines Group SA		11,353		98,138		(360	)		0.0	(g)
Wizz Air Holdings plc (a)		18,215		799,832		(1,114	)		0.0	(g)
Total Industrials		29,568		897,970		(1,474	)		0.0	(g)
Information Technology
Electronic Equipment, Instruments & Components
Electrocomponents plc		25,938		216,840		(627	)		0.0	(g)
Internet Software & Services
Moneysupermarket.com Group plc		117,860		485,459		(828	)		0.0	(g)
Total Information Technology		143,798		702,299		(1,455	)		0.0	(g)
Materials
Chemicals
Victrex plc		23,188		834,897		(2,122	)		0.0	(g)
Containers & Packaging
DS Smith plc		111,008		795,208		(3,149	)		0.0	(g)
Metals & Mining
Centamin plc		123,689		267,272		354			0.0	(g)
Rio Tinto plc		14,797		806,524		2,684			0.0	(g)
		138,486		1,073,796		3,038			0.0	(g)
Total Materials		272,682		2,703,901		(2,233	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Telecommunication Services
Diversified Telecommunication Services
BT Group plc		211,220			724,979			(388	)		0.0	(g)
Wireless Telecommunication Services
Vodafone Group plc		291,775			851,462			1,493			0.0	(g)
Total Telecommunication Services		502,995			1,576,441			1,105			0.0	(g)
Utilities
Multi-Utilities
Centrica plc		409,035			866,076			—			0.0	(g)
Total Long Positions of Total Return Basket Swap		2,306,331			15,779,304			(17,673	)		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Compass Group plc		(44,868	)		(962,544	)		1,065			0.0	(g)
Domino’s Pizza Group plc		(194,132	)		(967,656	)		3,305			0.0	(g)
Merlin Entertainments plc		(139,403	)		(705,201	)		667			0.0	(g)
Whitbread plc		(10,848	)		(638,266	)		1,077			0.0	(g)
		(389,251	)		(3,273,667	)		6,114			0.0	(g)
Internet & Direct Marketing Retail
Ocado Group plc (a)		(62,889	)		(464,857	)		1,286			0.0	(g)
Media
ITV plc		(411,608	)		(856,299	)		3,042			0.0	(g)
WPP plc		(51,464	)		(883,129	)		731			0.0	(g)
		(463,072	)		(1,739,428	)		3,773			0.0	(g)
Multiline Retail
B&M European Value Retail SA		(81,235	)		(452,694	)		579			0.0	(g)
Total Consumer Discretionary		(996,447	)		(5,930,646	)		11,752			0.0	(g)
Financials
Banks
Standard Chartered plc		(54,168	)		(568,983	)		2,993			0.0	(g)
Capital Markets
St James’s Place plc		(26,805	)		(417,549	)		1,847			0.0	(g)
Total Financials		(80,973	)		(986,532	)		4,840			0.0	(g)
Health Care
Pharmaceuticals
Hikma Pharmaceuticals plc		(54,457	)		(960,211	)		5,414			0.0	(g)
Industrials
Aerospace & Defense
Cobham plc (a)		(482,115	)		(761,441	)		2,510			0.0	(g)
Construction & Engineering
Balfour Beatty plc		(231,793	)		(936,074	)		2,746			0.0	(g)
Electrical Equipment
Melrose Industries plc		(228,355	)		(716,041	)		737			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 15

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Industrial Conglomerates
DCC plc		(9,326	)		(895,154	)		3,584		0.0	(g)
Machinery
Weir Group plc (The)		(33,153	)		(970,118	)		4,790		0.0	(g)
Trading Companies & Distributors
Bunzl plc		(32,019	)		(928,442	)		2,099		0.0	(g)
Total Industrials		(1,016,761	)		(5,207,270	)		16,466		0.0	(g)
Materials
Chemicals
Johnson Matthey plc		(19,789	)		(894,352	)		3,049		0.0	(g)
Metals & Mining
Fresnillo plc		(32,736	)		(574,583	)		30		0.0	(g)
Total Materials		(52,525	)		(1,468,935	)		3,079		0.0	(g)
Real Estate
Real Estate Management & Development
Capital & Counties Properties plc		(140,702	)		(556,869	)		1,580		0.0	(g)
Utilities
Water Utilities
Pennon Group plc		(60,000	)		(570,074	)		1,697		0.0	(g)
Total Short Positions of Total Return Basket Swap		(2,401,865	)		(15,680,537	)		44,828		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(95,534	)		98,767			27,155		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 NA	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 — 02/28/2019	$	11,952,902	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
BorgWarner, Inc.		3,238		158,468		—		0.0	(g)
Automobiles
Thor Industries, Inc.		7,436		789,257		—		0.0	(g)
Diversified Consumer Services
H&R Block, Inc.		2,392		66,139		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
Royal Caribbean Cruises Ltd.		6,708		725,739		—		0.0	(g)
Wyndham Worldwide Corp.		1,264		144,361		—		0.0	(g)
		7,972		870,100		—		0.0	(g)
Household Durables
Beazer Homes USA, Inc. (a)		14,057		206,357		—		0.0	(g)
MDC Holdings, Inc.		8,745		253,692		—		0.0	(g)
Taylor Morrison Home Corp. (a)		7,162		170,169		—		0.0	(g)
Toll Brothers, Inc.		2,201		92,794		—		0.0	(g)
		32,165		723,012		—		0.0	(g)
Media
John Wiley & Sons, Inc.		2,033		134,076		—		0.0	(g)
Omnicom Group, Inc.		2,256		166,177		—		0.0	(g)
Sinclair Broadcast Group, Inc.		6,383		180,958		—		0.0	(g)
		10,672		481,211		—		0.0	(g)
Multiline Retail
Big Lots, Inc.		7,435		315,616		—		0.0	(g)
Kohl’s Corp.		12,811		795,819		—		0.0	(g)
Target Corp.		2,349		170,537		—		0.0	(g)
		22,595		1,281,972		—		0.0	(g)
Specialty Retail
Best Buy Co., Inc.		2,226		170,356		—		0.0	(g)
Children’s Place, Inc. (The)		1,375		175,381		—		0.0	(g)
Conn’s, Inc. (a)		4,664		118,932		—		0.0	(g)
Gap, Inc. (The)		25,217		737,345		—		0.0	(g)
		33,482		1,202,014		—		0.0	(g)
Textiles, Apparel & Luxury Goods
Deckers Outdoor Corp. (a)		9,046		843,630		—		0.0	(g)
Michael Kors Holdings Ltd. (a)		12,958		886,586		—		0.0	(g)
Ralph Lauren Corp.		1,721		189,052		—		0.0	(g)
Wolverine World Wide, Inc.		6,641		198,964		—		0.0	(g)
		30,366		2,118,232		—		0.0	(g)
Total Consumer Discretionary		150,318		7,690,405		—		0.0	(g)
Consumer Staples
Beverages
PepsiCo, Inc.		1,436		144,950		—		0.0	(g)
Food & Staples Retailing
United Natural Foods, Inc. (a)		4,216		189,804		—		0.0	(g)
Walgreens Boots Alliance, Inc.		2,747		182,538		—		0.0	(g)
Walmart, Inc.		2,696		238,488		—		0.0	(g)
		9,659		610,830		—		0.0	(g)
Food Products
Conagra Brands, Inc.		3,623		134,305		—		0.0	(g)
Ingredion, Inc.		1,131		136,953		—		0.0	(g)
JM Smucker Co. (The)		6,504		741,976		—		0.0	(g)
Sanderson Farms, Inc.		1,333		148,176		—		0.0	(g)
Tyson Foods, Inc.		11,166		782,737		—		0.0	(g)
		23,757		1,944,147		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 17

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Household Products
Procter & Gamble Co. (The)		2,116		153,071		—		0.0	(g)
Total Consumer Staples		36,968		2,852,998		—		0.0	(g)
Energy
Energy Equipment & Services
National Oilwell Varco, Inc.		2,493		96,404		—		0.0	(g)
RPC, Inc.		17,129		308,493		—		0.0	(g)
Transocean Ltd. (a)		24,859		307,506		—		0.0	(g)
Unit Corp. (a)		15,181		344,305		—		0.0	(g)
		59,662		1,056,708		—		0.0	(g)
Oil, Gas & Consumable Fuels
Chevron Corp.		7,402		926,064		—		0.0	(g)
ConocoPhillips		15,730		1,030,315		—		0.0	(g)
Delek US Holdings, Inc.		23,281		1,102,821		—		0.0	(g)
Murphy Oil Corp.		33,919		1,021,301		—		0.0	(g)
Occidental Petroleum Corp.		12,523		967,527		—		0.0	(g)
PBF Energy, Inc.		4,205		161,178		—		0.0	(g)
Phillips 66		1,445		160,843		—		0.0	(g)
Ship Finance International Ltd.		11,006		156,836		—		0.0	(g)
Valero Energy Corp.		941		104,385		—		0.0	(g)
		110,452		5,631,270		—		0.0	(g)
Total Energy		170,114		6,687,978		—		0.0	(g)
Financials
Capital Markets
Artisan Partners Asset Management, Inc.		7,068		227,236		—		0.0	(g)
BGC Partners, Inc.		7,339		98,049		—		0.0	(g)
Waddell & Reed Financial, Inc.		10,043		203,270		—		0.0	(g)
		24,450		528,555		—		0.0	(g)
Consumer Finance
Ally Financial, Inc.		29,777		777,180		—		0.0	(g)
Insurance
Aflac, Inc.		3,172		144,548		—		0.0	(g)
American Equity Investment Life Holding Co.		26,844		810,689		—		0.0	(g)
First American Financial Corp.		1,611		82,338		—		0.0	(g)
Old Republic International Corp.		7,029		143,392		—		0.0	(g)
Prudential Financial, Inc.		1,995		212,108		—		0.0	(g)
Reinsurance Group of America, Inc.		5,106		762,836		—		0.0	(g)
Unum Group		3,030		146,591		—		0.0	(g)
		48,787		2,302,502		—		0.0	(g)
Thrifts & Mortgage Finance
Flagstar Bancorp, Inc. (a)		3,435		118,679		—		0.0	(g)
Total Financials		106,449		3,726,916		—		0.0	(g)
Health Care
Health Care Equipment & Supplies
Analogic Corp.		8,922		741,418		—		0.0	(g)
Baxter International, Inc.		12,322		856,379		—		0.0	(g)
Becton Dickinson and Co.		3,768		873,686		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Health Care — continued
Cooper Cos., Inc. (The)		793		181,367		—		0.0	(g)
Danaher Corp.		1,156		115,970		—		0.0	(g)
Halyard Health, Inc. (a)		3,464		164,090		—		0.0	(g)
		30,425		2,932,910		—		0.0	(g)
Health Care Providers & Services
Humana, Inc.		573		168,565		—		0.0	(g)
Quest Diagnostics, Inc.		1,529		154,735		—		0.0	(g)
WellCare Health Plans, Inc. (a)		991		203,314		—		0.0	(g)
		3,093		526,614		—		0.0	(g)
Life Sciences Tools & Services
Agilent Technologies, Inc.		2,208		145,154		—		0.0	(g)
Cambrex Corp. (a)		2,315		122,579		—		0.0	(g)
Charles River Laboratories International, Inc. (a)		7,519		783,405		—		0.0	(g)
ICON plc (a)		899		105,749		—		0.0	(g)
Thermo Fisher Scientific, Inc.		3,971		835,300		—		0.0	(g)
Waters Corp. (a)		651		122,655		—		0.0	(g)
		17,563		2,114,842		—		0.0	(g)
Pharmaceuticals
Bristol-Myers Squibb Co.		13,614		709,698		—		0.0	(g)
Corcept Therapeutics, Inc. (a)		51,760		863,357		—		0.0	(g)
Johnson & Johnson		1,212		153,306		—		0.0	(g)
Mallinckrodt plc (a)		24,403		317,239		—		0.0	(g)
Perrigo Co. plc		9,926		775,618		—		0.0	(g)
		100,915		2,819,218		—		0.0	(g)
Total Health Care		151,996		8,393,584		—		0.0	(g)
Industrials
Aerospace & Defense
Spirit AeroSystems Holdings, Inc.		2,246		180,511		—		0.0	(g)
Air Freight & Logistics
Forward Air Corp.		15,411		832,040		—		0.0	(g)
Building Products
Fortune Brands Home & Security, Inc.		2,962		161,992		—		0.0	(g)
Owens Corning		2,004		131,242		—		0.0	(g)
		4,966		293,234		—		0.0	(g)
Commercial Services & Supplies
Brady Corp.		3,354		122,086		—		0.0	(g)
Herman Miller, Inc.		8,141		249,929		—		0.0	(g)
		11,495		372,015		—		0.0	(g)
Construction & Engineering
EMCOR Group, Inc.		10,744		790,651		—		0.0	(g)
Electrical Equipment
AMETEK, Inc.		1,696		118,381		—		0.0	(g)
Eaton Corp. plc		1,813		136,029		—		0.0	(g)
Generac Holdings, Inc. (a)		18,398		828,094		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 19

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Electrical Equipment — continued
Regal Beloit Corp.		2,458		175,010		—		0.0	(g)
Sensata Technologies Holding plc (a)		14,927		757,097		—		0.0	(g)
		39,292		2,014,611		—		0.0	(g)
Industrial Conglomerates
3M Co.		718		139,572		—		0.0	(g)
Machinery
Allison Transmission Holdings, Inc.		5,050		196,900		—		0.0	(g)
Barnes Group, Inc.		2,417		134,216		—		0.0	(g)
Caterpillar, Inc.		5,521		797,012		—		0.0	(g)
Crane Co.		1,363		114,001		—		0.0	(g)
Cummins, Inc.		1,101		176,006		—		0.0	(g)
Greenbrier Cos., Inc. (The)		2,615		114,668		—		0.0	(g)
IDEX Corp.		5,902		788,861		—		0.0	(g)
Ingersoll-Rand plc		1,632		136,908		—		0.0	(g)
Wabash National Corp.		6,941		139,236		—		0.0	(g)
Watts Water Technologies, Inc.		10,877		810,337		—		0.0	(g)
Xylem, Inc.		10,965		799,349		—		0.0	(g)
		54,384		4,207,494		—		0.0	(g)
Trading Companies & Distributors
Applied Industrial Technologies, Inc.		1,652		105,645		—		0.0	(g)
Beacon Roofing Supply, Inc. (a)		15,485		757,991		—		0.0	(g)
		17,137		863,636		—		0.0	(g)
Total Industrials		156,393		9,693,764		—		0.0	(g)
Information Technology
Communications Equipment
Motorola Solutions, Inc.		6,369		699,507		—		0.0	(g)
Electronic Equipment, Instruments & Components
CDW Corp.		9,113		649,666		—		0.0	(g)
FLIR Systems, Inc.		13,268		710,501		—		0.0	(g)
		22,381		1,360,167		—		0.0	(g)
Internet Software & Services
Cars.com, Inc. (a)		23,965		682,523		—		0.0	(g)
LogMeIn, Inc.		5,451		600,700		—		0.0	(g)
Match Group, Inc. (a)		15,207		716,554		—		0.0	(g)
VeriSign, Inc. (a)		5,669		665,654		—		0.0	(g)
		50,292		2,665,431		—		0.0	(g)
IT Services
Accenture plc		4,219		637,913		—		0.0	(g)
Automatic Data Processing, Inc.		5,759		680,023		—		0.0	(g)
Cognizant Technology Solutions Corp.		8,103		662,987		—		0.0	(g)
CSG Systems International, Inc.		14,483		619,728		—		0.0	(g)
ManTech International Corp.		11,666		689,344		—		0.0	(g)
MAXIMUS, Inc.		9,925		671,228		—		0.0	(g)
Teradata Corp. (a)		16,112		659,303		—		0.0	(g)
Total System Services, Inc.		7,540		633,812		—		0.0	(g)
		77,807		5,254,338		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Semiconductors & Semiconductor Equipment
MKS Instruments, Inc.		5,998		614,195		—		0.0	(g)
SolarEdge Technologies, Inc. (a)		12,722		669,813		—		0.0	(g)
Texas Instruments, Inc.		6,649		674,408		—		0.0	(g)
		25,369		1,958,416		—		0.0	(g)
Software
Blackbaud, Inc.		6,129		643,300		—		0.0	(g)
Cadence Design Systems, Inc. (a)		17,077		684,105		—		0.0	(g)
Fair Isaac Corp. (a)		3,783		655,140		—		0.0	(g)
Intuit, Inc.		3,934		726,964		—		0.0	(g)
Microsoft Corp.		7,101		664,086		—		0.0	(g)
Progress Software Corp.		3,126		115,443		—		0.0	(g)
VMware, Inc. (a)		727		96,880		—		0.0	(g)
		41,877		3,585,918		—		0.0	(g)
Technology Hardware, Storage & Peripherals
Apple, Inc.		617		101,965		—		0.0	(g)
Total Information Technology		224,712		15,625,742		—		0.0	(g)
Materials
Chemicals
CF Industries Holdings, Inc.		20,663		801,724		—		0.0	(g)
Huntsman Corp.		5,685		169,242		—		0.0	(g)
Kraton Corp. (a)		18,491		844,484		—		0.0	(g)
LyondellBasell Industries NV		1,611		170,331		—		0.0	(g)
Trinseo SA		1,742		127,079		—		0.0	(g)
Westlake Chemical Corp.		7,233		773,714		—		0.0	(g)
		55,425		2,886,574		—		0.0	(g)
Containers & Packaging
Avery Dennison Corp.		1,663		174,299		—		0.0	(g)
Greif, Inc.		2,707		158,414		—		0.0	(g)
Packaging Corp. of America		1,217		140,795		—		0.0	(g)
		5,587		473,508		—		0.0	(g)
Metals & Mining
Freeport-McMoRan, Inc.		47,495		722,399		—		0.0	(g)
Kaiser Aluminum Corp.		1,662		163,773		—		0.0	(g)
Schnitzer Steel Industries, Inc.		4,091		120,480		—		0.0	(g)
Steel Dynamics, Inc.		3,166		141,868		—		0.0	(g)
Worthington Industries, Inc.		4,407		196,244		—		0.0	(g)
		60,821		1,344,764		—		0.0	(g)
Paper & Forest Products
Domtar Corp.		18,452		810,043		—		0.0	(g)
Louisiana-Pacific Corp.		5,869		166,269		—		0.0	(g)
		24,321		976,312		—		0.0	(g)
Total Materials		146,154		5,681,158		—		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Vonage Holdings Corp. (a)		77,306		864,281		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 21

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Utilities
Electric Utilities
Exelon Corp.		22,413			889,348			—		0.0	(g)
IDACORP, Inc.		10,238			952,134			—		0.0	(g)
		32,651			1,841,482			—		0.0	(g)
Independent Power and Renewable Electricity Producers
NRG Energy, Inc.		28,192			873,952			—		0.0	(g)
NRG Yield, Inc.		11,847			210,877			—		0.0	(g)
		40,039			1,084,829			—		0.0	(g)
Total Utilities		72,690			2,926,311			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		1,293,100			64,143,137			—		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Auto Components
Visteon Corp. (a)		(3,666	)		(456,197	)		—		0.0	(g)
Hotels, Restaurants & Leisure
Chipotle Mexican Grill, Inc. (a)		(868	)		(367,450	)		—		0.0	(g)
MGM Resorts International		(14,629	)		(459,643	)		—		0.0	(g)
Shake Shack, Inc. (a)		(3,134	)		(149,210	)		—		0.0	(g)
		(18,631	)		(976,303	)		—		0.0	(g)
Household Durables
iRobot Corp. (a)		(12,965	)		(756,637	)		—		0.0	(g)
Internet & Direct Marketing Retail
Groupon, Inc. (a)		(142,407	)		(660,768	)		—		0.0	(g)
Netflix, Inc. (a)		(2,337	)		(730,219	)		—		0.0	(g)
Wayfair, Inc. (a)		(8,217	)		(511,919	)		—		0.0	(g)
		(152,961	)		(1,902,906	)		—		0.0	(g)
Leisure Products
Mattel, Inc.		(69,899	)		(1,034,505	)		—		0.0	(g)
Media
Liberty Broadband Corp. (a)		(4,778	)		(338,712	)		—		0.0	(g)
Specialty Retail
CarMax, Inc. (a)		(7,159	)		(447,438	)		—		0.0	(g)
Textiles, Apparel & Luxury Goods
NIKE, Inc.		(9,345	)		(639,105	)		—		0.0	(g)
Total Consumer Discretionary		(279,404	)		(6,551,803	)		—		0.0	(g)
Consumer Staples
Beverages
Coca-Cola Bottling Co. Consolidated		(2,343	)		(394,538	)		—		0.0	(g)
Food & Staples Retailing
Casey’s General Stores, Inc.		(4,177	)		(403,498	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Personal Products
Coty, Inc.		(29,339	)		(509,032	)		—		0.0	(g)
elf Beauty, Inc. (a)		(20,838	)		(378,626	)		—		0.0	(g)
		(50,177	)		(887,658	)		—		0.0	(g)
Total Consumer Staples		(56,697	)		(1,685,694	)		—		0.0	(g)
Energy
Energy Equipment & Services
Weatherford International plc (a)		(246,760	)		(727,942	)		—		0.0	(g)
Oil, Gas & Consumable Fuels
Carrizo Oil & Gas, Inc. (a)		(27,300	)		(547,911	)		—		0.0	(g)
Chesapeake Energy Corp. (a)		(245,886	)		(730,281	)		—		0.0	(g)
Extraction Oil & Gas, Inc. (a)		(45,242	)		(638,817	)		—		0.0	(g)
Hess Corp.		(11,086	)		(631,791	)		—		0.0	(g)
Matador Resources Co. (a)		(17,599	)		(576,191	)		—		0.0	(g)
Oasis Petroleum, Inc. (a)		(55,118	)		(607,952	)		—		0.0	(g)
Parsley Energy, Inc. (a)		(17,437	)		(523,633	)		—		0.0	(g)
QEP Resources, Inc. (a)		(53,964	)		(657,282	)		—		0.0	(g)
Range Resources Corp.		(32,620	)		(451,787	)		—		0.0	(g)
SM Energy Co.		(14,984	)		(358,867	)		—		0.0	(g)
WPX Energy, Inc. (a)		(14,740	)		(251,907	)		—		0.0	(g)
		(535,976	)		(5,976,419	)		—		0.0	(g)
Total Energy		(782,736	)		(6,704,361	)		—		0.0	(g)
Financials
Consumer Finance
LendingClub Corp. (a)		(25,464	)		(68,498	)		—		0.0	(g)
PRA Group, Inc. (a)		(16,045	)		(571,202	)		—		0.0	(g)
		(41,509	)		(639,700	)		—		0.0	(g)
Insurance
Markel Corp. (a)		(432	)		(488,177	)		—		0.0	(g)
RLI Corp.		(7,988	)		(505,481	)		—		0.0	(g)
		(8,420	)		(993,658	)		—		0.0	(g)
Total Financials		(49,929	)		(1,633,358	)		—		0.0	(g)
Health Care
Health Care Equipment & Supplies
DexCom, Inc. (a)		(7,005	)		(512,626	)		—		0.0	(g)
Glaukos Corp. (a)		(28,100	)		(946,408	)		—		0.0	(g)
Nevro Corp. (a)		(5,764	)		(515,071	)		—		0.0	(g)
Penumbra, Inc. (a)		(6,778	)		(842,844	)		—		0.0	(g)
		(47,647	)		(2,816,949	)		—		0.0	(g)
Health Care Providers & Services
Tenet Healthcare Corp. (a)		(40,433	)		(967,966	)		—		0.0	(g)
Health Care Technology
Evolent Health, Inc. (a)		(54,740	)		(903,210	)		—		0.0	(g)
Teladoc, Inc. (a)		(22,564	)		(970,252	)		—		0.0	(g)
		(77,304	)		(1,873,462	)		—		0.0	(g)
Pharmaceuticals
Aerie Pharmaceuticals, Inc. (a)		(12,942	)		(662,630	)		—		0.0	(g)
Intra-Cellular Therapies, Inc. (a)		(27,871	)		(485,513	)		—		0.0	(g)
Medicines Co. (The) (a)		(11,298	)		(339,957	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 23

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Pharmaceuticals — continued
Nektar Therapeutics (a)		(7,827	)		(654,807	)		—		0.0	(g)
Pacira Pharmaceuticals, Inc. (a)		(3,591	)		(118,862	)		—		0.0	(g)
Theravance Biopharma, Inc. (a)		(38,021	)		(915,165	)		—		0.0	(g)
		(101,550	)		(3,176,934	)		—		0.0	(g)
Total Health Care		(266,934	)		(8,835,311	)		—		0.0	(g)
Industrials
Aerospace & Defense
Axon Enterprise, Inc. (a)		(21,873	)		(918,229	)		—		0.0	(g)
Cubic Corp.		(8,815	)		(544,326	)		—		0.0	(g)
Mercury Systems, Inc. (a)		(8,756	)		(280,892	)		—		0.0	(g)
TransDigm Group, Inc.		(1,968	)		(630,882	)		—		0.0	(g)
		(41,412	)		(2,374,329	)		—		0.0	(g)
Airlines
Spirit Airlines, Inc. (a)		(4,554	)		(162,669	)		—		0.0	(g)
Commercial Services & Supplies
Clean Harbors, Inc. (a)		(9,361	)		(428,734	)		—		0.0	(g)
Covanta Holding Corp.		(2,360	)		(35,164	)		—		0.0	(g)
Healthcare Services Group, Inc.		(9,639	)		(372,355	)		—		0.0	(g)
		(21,360	)		(836,253	)		—		0.0	(g)
Construction & Engineering
Dycom Industries, Inc. (a)		(6,371	)		(661,692	)		—		0.0	(g)
Machinery
CIRCOR International, Inc.		(9,675	)		(409,930	)		—		0.0	(g)
EnPro Industries, Inc.		(5,677	)		(426,627	)		—		0.0	(g)
Flowserve Corp.		(2,406	)		(106,850	)		—		0.0	(g)
REV Group, Inc.		(16,221	)		(292,789	)		—		0.0	(g)
		(33,979	)		(1,236,196	)		—		0.0	(g)
Marine
Matson, Inc.		(16,177	)		(472,854	)		—		0.0	(g)
Road & Rail
AMERCO		(1,373	)		(463,415	)		—		0.0	(g)
Avis Budget Group, Inc. (a)		(15,338	)		(757,851	)		—		0.0	(g)
Hertz Global Holdings, Inc. (a)		(31,821	)		(696,880	)		—		0.0	(g)
		(48,532	)		(1,918,146	)		—		0.0	(g)
Trading Companies & Distributors
Herc Holdings, Inc. (a)		(9,252	)		(487,118	)		—		0.0	(g)
SiteOne Landscape Supply, Inc. (a)		(7,458	)		(510,873	)		—		0.0	(g)
		(16,710	)		(997,991	)		—		0.0	(g)
Transportation Infrastructure
Macquarie Infrastructure Corp.		(6,669	)		(252,755	)		—		0.0	(g)
Total Industrials		(195,764	)		(8,912,885	)		—		0.0	(g)
Information Technology
Communications Equipment
Infinera Corp. (a)		(51,166	)		(599,666	)		—		0.0	(g)
Lumentum Holdings, Inc. (a)		(10,514	)		(530,431	)		—		0.0	(g)
ViaSat, Inc. (a)		(6,255	)		(400,195	)		—		0.0	(g)
		(67,935	)		(1,530,292	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Electronic Equipment, Instruments & Components
Fitbit, Inc. (a)		(74,928	)		(415,850	)		—		0.0	(g)
Internet Software & Services
2U, Inc. (a)		(173	)		(13,925	)		—		0.0	(g)
Benefitfocus, Inc. (a)		(25,146	)		(759,409	)		—		0.0	(g)
Box, Inc. (a)		(24,336	)		(556,321	)		—		0.0	(g)
Cloudera, Inc. (a)		(40,476	)		(576,783	)		—		0.0	(g)
Cornerstone OnDemand, Inc. (a)		(11,459	)		(505,686	)		—		0.0	(g)
Coupa Software, Inc. (a)		(14,594	)		(676,724	)		—		0.0	(g)
GTT Communications, Inc. (a)		(12,571	)		(604,037	)		—		0.0	(g)
MINDBODY, Inc. (a)		(18,076	)		(716,713	)		—		0.0	(g)
Nutanix, Inc. (a)		(14,861	)		(751,818	)		—		0.0	(g)
Pandora Media, Inc. (a)		(138,015	)		(774,264	)		—		0.0	(g)
Q2 Holdings, Inc. (a)		(12,118	)		(596,812	)		—		0.0	(g)
Twilio, Inc. (a)		(17,870	)		(754,293	)		—		0.0	(g)
		(329,695	)		(7,286,785	)		—		0.0	(g)
IT Services
InterXion Holding NV (a)		(1,247	)		(81,080	)		—		0.0	(g)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc. (a)		(5,589	)		(60,808	)		—		0.0	(g)
MACOM Technology Solutions Holdings, Inc. (a)		(9,520	)		(158,222	)		—		0.0	(g)
		(15,109	)		(219,030	)		—		0.0	(g)
Software
Blackline, Inc. (a)		(5,357	)		(221,780	)		—		0.0	(g)
FireEye, Inc. (a)		(15,557	)		(280,804	)		—		0.0	(g)
Snap, Inc. (a)		(39,459	)		(565,447	)		—		0.0	(g)
Splunk, Inc. (a)		(1,749	)		(179,535	)		—		0.0	(g)
Zendesk, Inc. (a)		(3,940	)		(192,075	)		—		0.0	(g)
		(66,062	)		(1,439,641	)		—		0.0	(g)
Technology Hardware, Storage & Peripherals
Cray, Inc. (a)		(23,922	)		(570,540	)		—		0.0	(g)
Diebold Nixdorf, Inc.		(8,249	)		(126,622	)		—		0.0	(g)
		(32,171	)		(697,162	)		—		0.0	(g)
Total Information Technology		(587,147	)		(11,669,840	)		—		0.0	(g)
Materials
Chemicals
GCP Applied Technologies, Inc. (a)		(14,698	)		(421,098	)		—		0.0	(g)
RPM International, Inc.		(10,059	)		(485,850	)		—		0.0	(g)
		(24,757	)		(906,948	)		—		0.0	(g)
Construction Materials
Martin Marietta Materials, Inc.		(2,247	)		(437,648	)		—		0.0	(g)
Vulcan Materials Co.		(4,378	)		(488,979	)		—		0.0	(g)
		(6,625	)		(926,627	)		—		0.0	(g)
Metals & Mining
AK Steel Holding Corp. (a)		(159,139	)		(730,448	)		—		0.0	(g)
Coeur Mining, Inc. (a)		(52,478	)		(397,258	)		—		0.0	(g)
Compass Minerals International, Inc.		(9,974	)		(671,250	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 25

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Metals & Mining — continued
Constellium NV (a)		(19,158	)		(217,443	)		—		0.0	(g)
Hecla Mining Co.		(6,117	)		(23,428	)		—		0.0	(g)
		(246,866	)		(2,039,827	)		—		0.0	(g)
Total Materials		(278,248	)		(3,873,402	)		—		0.0	(g)
Utilities
Electric Utilities
Southern Co. (The)		(9,997	)		(461,062	)		—		0.0	(g)
Multi-Utilities
Dominion Energy, Inc.		(179	)		(11,914	)		—		0.0	(g)
NiSource, Inc.		(18,351	)		(447,581	)		—		0.0	(g)
		(18,530	)		(459,495	)		—		0.0	(g)
Water Utilities
American Water Works Co., Inc.		(5,602	)		(485,021	)		—		0.0	(g)
Aqua America, Inc.		(13,515	)		(475,052	)		—		0.0	(g)
California Water Service Group		(11,431	)		(442,951	)		—		0.0	(g)
		(30,548	)		(1,403,024	)		—		0.0	(g)
Total Utilities		(59,075	)		(2,323,581	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(2,555,934	)		(52,190,235	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,262,834	)		11,952,902			—		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 NA	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	$	(11,387,857	)	$	—	$	—	$	—

REFERENCE ENTITY

SHARES

NOTIONAL VALUE($)  (1)

NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)

PERCENTAGE OF NET ASSETS(%)

Long Positions

Common Stocks

Financials

Thrifts & Mortgage Finance

Genworth MI Canada, Inc.

16,538

534,543

—

0.0

(g)

��

Short Positions

Common Stocks

Consumer Discretionary

Media

Cineplex, Inc.

(32,269

)

(754,229

)

—

0.0

(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Energy
Oil, Gas & Consumable Fuels
Keyera Corp.		(34,395	)		(926,076	)		—		0.0	(g)
MEG Energy Corp. (a)		(158,604	)		(820,227	)		—		0.0	(g)
Seven Generations Energy Ltd. (a)		(58,849	)		(839,685	)		—		0.0	(g)
TransCanada Corp. (a)		(22,258	)		(943,748	)		—		0.0	(g)
Total Energy		(274,106	)		(3,529,736	)		—		0.0	(g)
Industrials
Aerospace & Defense
Bombardier, Inc. (a)		(85,841	)		(265,422	)		—		0.0	(g)
Commercial Services & Supplies
Ritchie Bros Auctioneers, Inc.		(26,457	)		(864,625	)		—		0.0	(g)
Construction & Engineering
SNC-Lavalin Group, Inc.		(18,589	)		(814,965	)		—		0.0	(g)
Total Industrials		(130,887	)		(1,945,012	)		—		0.0	(g)
Materials
Containers & Packaging
CCL Industries, Inc.		(15,749	)		(763,930	)		—		0.0	(g)
Metals & Mining
Agnico Eagle Mines Ltd. (a)		(22,072	)		(928,814	)		—		0.0	(g)
Eldorado Gold Corp. (a)		(998,613	)		(948,875	)		—		0.0	(g)
Endeavour Mining Corp. (a)		(6,477	)		(110,527	)		—		0.0	(g)
First Quantum Minerals Ltd.		(37,279	)		(537,140	)		—		0.0	(g)
Franco-Nevada Corp.		(8,431	)		(598,007	)		—		0.0	(g)
Goldcorp, Inc.		(67,643	)		(897,727	)		—		0.0	(g)
Ivanhoe Mines Ltd. (a)		(440,130	)		(908,403	)		—		0.0	(g)
		(1,580,645	)		(4,929,493	)		—		0.0	(g)
Total Materials		(1,596,394	)		(5,693,423	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(2,033,656	)		(11,922,400	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(2,017,118	)		(11,387,857	)		—		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 NA	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 (2.00)% to 0.35%), which is denominated in JPY based on the local currencies of the positions within the swaps.		10/29/2018	$	(39,225,292	)	$	113,487	$	—	$	113,487

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 27

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
TS Tech Co. Ltd.		14,100			570,480			(4,122	)		0.0	(g)
Health Care
Pharmaceuticals
Kaken Pharmaceutical Co. Ltd.		10,300			609,095			(1,443	)		0.0	(g)
Industrials
Trading Companies & Distributors
Sumitomo Corp.		34,100			612,114			(2,229	)		0.0	(g)
Materials
Chemicals
Mitsui Chemicals, Inc.		16,100			461,526			(915	)		0.0	(g)
Utilities
Electric Utilities
Kansai Electric Power Co., Inc. (The)		34,800			486,914			(134	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		109,400			2,740,129			(8,843	)		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(22,100	)		(806,514	)		3,132			0.0	(g)
Kyoritsu Maintenance Co. Ltd.		(17,300	)		(814,784	)		3,374			0.0	(g)
		(39,400	)		(1,621,298	)		6,506			0.0	(g)
Leisure Products
Sankyo Co. Ltd.		(23,700	)		(830,855	)		2,721			0.0	(g)
Shimano, Inc.		(6,400	)		(851,000	)		226			0.0	(g)
		(30,100	)		(1,681,855	)		2,947			0.0	(g)
Multiline Retail
Don Quijote Holdings Co. Ltd.		(16,200	)		(872,163	)		2,151			0.0	(g)
Isetan Mitsukoshi Holdings Ltd.		(35,700	)		(397,170	)		585			0.0	(g)
Marui Group Co. Ltd.		(40,200	)		(834,337	)		2,244			0.0	(g)
		(92,100	)		(2,103,670	)		4,980			0.0	(g)
Total Consumer Discretionary		(161,600	)		(5,406,823	)		14,433			0.0	(g)
Consumer Staples
Food & Staples Retailing
Aeon Co. Ltd.		(46,300	)		(925,179	)		1,287			0.0	(g)
Sugi Holdings Co. Ltd.		(16,900	)		(983,902	)		2,395			0.0	(g)
Tsuruha Holdings, Inc.		(6,500	)		(933,010	)		2,272			0.0	(g)
		(69,700	)		(2,842,091	)		5,954			0.0	(g)
Food Products
Ezaki Glico Co. Ltd.		(15,900	)		(856,500	)		3,077			0.0	(g)
Kewpie Corp.		(26,000	)		(605,839	)		876			0.0	(g)
MEIJI Holdings Co. Ltd.		(11,900	)		(954,385	)		1,359			0.0	(g)
Nissin Foods Holdings Co. Ltd.		(13,200	)		(971,971	)		37			0.0	(g)
Yamazaki Baking Co. Ltd.		(39,600	)		(867,134	)		1,515			0.0	(g)
		(106,600	)		(4,255,829	)		6,864			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Household Products
Lion Corp.		(43,000	)		(926,281	)		2,790		0.0	(g)
Total Consumer Staples		(219,300	)		(8,024,201	)		15,608		0.0	(g)
Financials
Banks
Shinsei Bank Ltd.		(55,000	)		(856,327	)		2,985		0.0	(g)
Suruga Bank Ltd.		(66,100	)		(895,420	)		4,294		0.0	(g)
		(121,100	)		(1,751,747	)		7,279		0.0	(g)
Consumer Finance
Acom Co. Ltd.		(106,000	)		(479,876	)		1,061		0.0	(g)
Aiful Corp. (a)		(85,500	)		(289,119	)		260		0.0	(g)
		(191,500	)		(768,995	)		1,321		0.0	(g)
Insurance
Sony Financial Holdings, Inc.		(43,100	)		(786,311	)		1,806		0.0	(g)
T&D Holdings, Inc.		(55,900	)		(949,405	)		1,182		0.0	(g)
		(99,000	)		(1,735,716	)		2,988		0.0	(g)
Total Financials		(411,600	)		(4,256,458	)		11,588		0.0	(g)
Health Care
Pharmaceuticals
Otsuka Holdings Co. Ltd.		(18,300	)		(956,773	)		2,755		0.0	(g)
Santen Pharmaceutical Co. Ltd.		(54,100	)		(908,573	)		4,476		0.0	(g)
Total Health Care		(72,400	)		(1,865,346	)		7,231		0.0	(g)
Industrials
Air Freight & Logistics
Yamato Holdings Co. Ltd.		(17,000	)		(437,075	)		1,065		0.0	(g)
Construction & Engineering
JGC Corp.		(36,900	)		(904,380	)		1,918		0.0	(g)
Industrial Conglomerates
Keihan Holdings Co. Ltd.		(28,400	)		(916,993	)		2,656		0.0	(g)
Seibu Holdings, Inc.		(54,100	)		(912,141	)		2,887		0.0	(g)
		(82,500	)		(1,829,134	)		5,543		0.0	(g)
Machinery
FANUC Corp.		(3,600	)		(771,158	)		4,692		0.0	(g)
Road & Rail
Keio Corp.		(14,500	)		(661,932	)		2,585		0.0	(g)
Kintetsu Group Holdings Co. Ltd.		(22,900	)		(930,459	)		2,760		0.0	(g)
Odakyu Electric Railway Co. Ltd.		(25,900	)		(557,455	)		1,911		0.0	(g)
		(63,300	)		(2,149,846	)		7,256		0.0	(g)
Trading Companies & Distributors
MonotaRO Co. Ltd.		(20,700	)		(721,522	)		2,751		0.0	(g)
Transportation Infrastructure
Mitsubishi Logistics Corp.		(17,000	)		(392,107	)		1,636		0.0	(g)
Total Industrials		(241,000	)		(7,205,222	)		24,861		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 29

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Information Technology
Electronic Equipment, Instruments & Components
Alps Electric Co. Ltd.		(30,900	)		(682,468	)		3,821			0.0	(g)
Hirose Electric Co. Ltd.		(5,400	)		(759,906	)		1,785			0.0	(g)
Murata Manufacturing Co. Ltd.		(5,800	)		(732,229	)		2,586			0.0	(g)
		(42,100	)		(2,174,603	)		8,192			0.0	(g)
Internet Software & Services
GMO internet, Inc.		(14,100	)		(258,371	)		1,522			0.0	(g)
Yahoo Japan Corp.		(159,500	)		(655,494	)		1,064			0.0	(g)
		(173,600	)		(913,865	)		2,586			0.0	(g)
Semiconductors & Semiconductor Equipment
Advantest Corp.		(37,500	)		(891,949	)		6,788			0.0	(g)
Renesas Electronics Corp. (a)		(65,700	)		(685,362	)		4,572			0.0	(g)
		(103,200	)		(1,577,311	)		11,360			0.0	(g)
Technology Hardware, Storage & Peripherals
Ricoh Co. Ltd.		(66,300	)		(647,836	)		1,700			0.0	(g)
Total Information Technology		(385,200	)		(5,313,615	)		23,838			0.0	(g)
Materials
Chemicals
Kansai Paint Co. Ltd.		(40,200	)		(903,284	)		2,798			0.0	(g)
Nippon Paint Holdings Co. Ltd.		(24,500	)		(1,000,072	)		3,953			0.0	(g)
Nippon Shokubai Co. Ltd.		(14,100	)		(958,096	)		1,509			0.0	(g)
Taiyo Nippon Sanso Corp.		(63,400	)		(939,952	)		1,305			0.0	(g)
Tokuyama Corp.		(29,000	)		(863,776	)		2,351			0.0	(g)
Toray Industries, Inc.		(89,600	)		(836,378	)		1,266			0.0	(g)
		(260,800	)		(5,501,558	)		13,182			0.0	(g)
Metals & Mining
Kobe Steel Ltd.		(29,300	)		(301,396	)		2,003			0.0	(g)
Mitsui Mining & Smelting Co. Ltd.		(22,300	)		(942,643	)		6,922			0.0	(g)
UACJ Corp.		(15,300	)		(398,731	)		4			0.0	(g)
		(66,900	)		(1,642,770	)		8,929			0.0	(g)
Total Materials		(327,700	)		(7,144,328	)		22,111			0.0	(g)
Real Estate
Real Estate Management & Development
Mitsubishi Estate Co. Ltd.		(51,400	)		(939,209	)		2,325			0.0	(g)
Utilities
Electric Utilities
Chugoku Electric Power Co., Inc. (The)		(38,500	)		(481,653	)		830			0.0	(g)
Hokkaido Electric Power Co., Inc.		(71,700	)		(475,822	)		341			0.0	(g)
Hokuriku Electric Power Co. (a)		(5,800	)		(59,186	)		76			0.0	(g)
		(116,000	)		(1,016,661	)		1,247			0.0	(g)
Gas Utilities
Toho Gas Co. Ltd.		(26,100	)		(793,558	)		(912	)		0.0	(g)
Total Utilities		(142,100	)		(1,810,219	)		335			0.0	(g)
Total Short Positions of Total Return Basket Swap		(2,012,300	)		(41,965,421	)		122,330			0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,902,900	)		(39,225,292	)		113,487			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS APRIL 30, 2018

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	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	$	852,323	$	(16,264	)	$	—	$	(16,264	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Flight Centre Travel Group Ltd.		19,515			817,516			(3,759	)		0.0	(g)
Consumer Staples
Food & Staples Retailing
Metcash Ltd.		89,081			240,439			(993	)		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Beach Energy Ltd.		809,871			955,163			(8,180	)		0.0	(g)
Caltex Australia Ltd.		28,717			667,808			(2,832	)		0.0	(g)
Oil Search Ltd.		135,888			799,439			(2,619	)		0.0	(g)
Woodside Petroleum Ltd.		32,185			779,955			(750	)		0.0	(g)
Total Energy		1,006,661			3,202,365			(14,381	)		0.0	(g)
Industrials
Airlines
Qantas Airways Ltd.		64,934			280,825			(1,244	)		0.0	(g)
Information Technology
IT Services
Computershare Ltd.		48,779			620,544			(3,751	)		0.0	(g)
Materials
Metals & Mining
Alumina Ltd.		467,076			919,380			(8,944	)		0.0	(g)
BlueScope Steel Ltd.		22,586			277,570			(3,164	)		0.0	(g)
Fortescue Metals Group Ltd.		79,374			269,305			(3,185	)		0.0	(g)
OZ Minerals Ltd.		67,201			463,752			(4,226	)		0.0	(g)
Regis Resources Ltd.		59,791			210,993			(1,471	)		0.0	(g)
Total Materials		696,028			2,141,000			(20,990	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		1,924,998			7,302,689			(45,118	)		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Distributors
Bapcor Ltd.		(216,626	)		(955,751	)		6,461			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 31

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(2,544	)		(80,536	)		230			0.0	(g)
Star Entertainment Grp Ltd. (The)		(155,692	)		(616,117	)		2,766			0.0	(g)
Tabcorp Holdings Ltd.		(240,715	)		(791,554	)		2,199			0.0	(g)
		(398,951	)		(1,488,207	)		5,195			0.0	(g)
Total Consumer Discretionary		(615,577	)		(2,443,958	)		11,656			0.0	(g)
Financials
Diversified Financial Services
AMP Ltd.		(122,970	)		(372,251	)		1,764			0.0	(g)
Health Care
Pharmaceuticals
Mayne Pharma Group Ltd. (a)		(145,565	)		(74,208	)		313			0.0	(g)
Industrials
Commercial Services & Supplies
Brambles Ltd.		(68,352	)		(505,749	)		2,150			0.0	(g)
Materials
Chemicals
Nufarm Ltd.		(143,137	)		(978,378	)		4,399			0.0	(g)
Containers & Packaging
Amcor Ltd.		(85,639	)		(882,508	)		2,711			0.0	(g)
Metals & Mining
Independence Group NL		(64,671	)		(248,792	)		2,922			0.0	(g)
Total Materials		(293,447	)		(2,109,678	)		10,032			0.0	(g)
Utilities
Electric Utilities
AusNet Services		(731,686	)		(944,522	)		2,939			0.0	(g)
Total Short Positions of Total Return Basket Swap		(1,977,597	)		(6,450,366	)		28,854			0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(52,599	)		852,323			(16,264	)		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 NA	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	$	(79,195	)	$	9,105	$	—	$	9,105

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Staples
Food Products
Barry Callebaut AG (Registered)		421		755,812		(3,347	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Financials
Insurance
Zurich Insurance Group AG (a)		2,573			821,908			(2,699	)		0.0	(g)
Health Care
Pharmaceuticals
Novartis AG (Registered)		9,034			695,386			(3,815	)		0.0	(g)
Roche Holding AG		1,015			231,145			(943	)		0.0	(g)
Total Health Care		10,049			926,531			(4,758	)		0.0	(g)
Industrials
Machinery
Georg Fischer AG (Registered)		204			253,584			(1,262	)		0.0	(g)
Real Estate
Real Estate Management & Development
Swiss Prime Site AG (Registered) (a)		8,465			793,119			(1,702	)		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Sunrise Communications Group AG (a)		9,421			738,469			(3,994	)		0.0	(g)
Swisscom AG (Registered)		1,565			750,625			(2,660	)		0.0	(g)
Total Telecommunication Services		10,986			1,489,094			(6,654	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		32,698			5,040,048			(20,422	)		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Specialty Retail
Dufry AG (Registered) (a)		(1,537	)		(217,390	)		1,062			0.0	(g)
Health Care
Pharmaceuticals
Vifor Pharma AG		(6,182	)		(975,589	)		5,359			0.0	(g)
Industrials
Machinery
Sulzer AG (Registered)		(6,626	)		(762,313	)		5,929			0.0	(g)
Professional Services
DKSH Holding AG		(10,270	)		(823,659	)		3,330			0.0	(g)
Total Industrials		(16,896	)		(1,585,972	)		9,259			0.0	(g)
Information Technology
Semiconductors & Semiconductor Equipmentams AG (a)		(7,195	)		(593,422	)		4,685			0.0	(g)
Materials
Chemicals
Clariant AG (Registered) (a)		(35,431	)		(817,936	)		4,736			0.0	(g)
EMS-Chemie Holding AG (Registered)		(1,504	)		(928,934	)		4,426			0.0	(g)
Total Materials		(36,935	)		(1,746,870	)		9,162			0.0	(g)
Total Short Positions of Total Return Basket Swap		(68,745	)		(5,119,243	)		29,527			0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(36,047	)		(79,195	)		9,105			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 33

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)  (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	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	$	(25,702,030	)	$	63,347	$	—	$	63,347

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Automobiles
Peugeot SA		4,758			117,159			(169	)		0.0	(g)
Materials
Chemicals
Covestro AG		5,699			517,839			(2,174	)		0.0	(g)
Utilities
Electric Utilities
Enel SpA		79,276			502,905			(1,420	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		89,733			1,137,903			(3,763	)		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Auto Components
Brembo SpA		(55,059	)		(811,160	)		3,333			0.0	(g)
Nokian Renkaat OYJ		(21,114	)		(844,810	)		2,974			0.0	(g)
		(76,173	)		(1,655,970	)		6,307			0.0	(g)
Hotels, Restaurants & Leisure
Accor SA		(8,826	)		(498,862	)		691			0.0	(g)
Melia Hotels International SA		(65,023	)		(966,783	)		2,175			0.0	(g)
		(73,849	)		(1,465,645	)		2,866			0.0	(g)
Household Durables
Neinor Homes SA (a)		(11,488	)		(222,398	)		401			0.0	(g)
Internet & Direct Marketing Retail
Zalando SE (a)		(5,323	)		(273,904	)		895			0.0	(g)
Media
Altice NV (a)		(31,907	)		(305,383	)		476			0.0	(g)
JCDecaux SA		(23,675	)		(848,420	)		(1,586	)		0.0	(g)
Telenet Group Holding NV (a)		(12,867	)		(751,944	)		2,590			0.0	(g)
		(68,449	)		(1,905,747	)		1,480			0.0	(g)
Total Consumer Discretionary		(235,282	)		(5,523,664	)		11,949			0.0	(g)
Consumer Staples
Beverages
Remy Cointreau SA		(6,127	)		(844,137	)		85			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Food & Staples Retailing
Carrefour SA		(40,737	)		(835,818	)		2,202			0.0	(g)
Total Consumer Staples		(46,864	)		(1,679,955	)		2,287			0.0	(g)
Financials
Capital Markets
Deutsche Bank AG (Registered)		(65,482	)		(895,227	)		3,551			0.0	(g)
Diversified Financial Services
Wendel SA		(3,796	)		(573,321	)		602			0.0	(g)
Total Financials		(69,278	)		(1,468,548	)		4,153			0.0	(g)
Health Care
Life Sciences Tools & Services
Eurofins Scientific SE		(1,809	)		(975,770	)		2,471			0.0	(g)
MorphoSys AG (a)		(2,622	)		(270,808	)		1,496			0.0	(g)
Total Health Care		(4,431	)		(1,246,578	)		3,967			0.0	(g)
Industrials
Construction & Engineering
Boskalis Westminster		(31,804	)		(942,171	)		1,477			0.0	(g)
Electrical Equipment
Nexans SA		(15,745	)		(830,574	)		2,034			0.0	(g)
OSRAM Licht AG		(13,002	)		(747,497	)		2,550			0.0	(g)
		(28,747	)		(1,578,071	)		4,584			0.0	(g)
Industrial Conglomerates
Siemens AG (Registered)		(6,722	)		(853,660	)		3,872			0.0	(g)
Machinery
Alstom SA		(10,209	)		(464,800	)		103			0.0	(g)
GEA Group AG		(18,482	)		(721,595	)		1,759			0.0	(g)
KION Group AG		(9,981	)		(831,963	)		3,313			0.0	(g)
Metso OYJ		(26,752	)		(950,776	)		5,150			0.0	(g)
		(65,424	)		(2,969,134	)		10,325			0.0	(g)
Professional Services
Bureau Veritas SA		(32,491	)		(849,569	)		(107	)		0.0	(g)
Trading Companies & Distributors
Brenntag AG		(5,147	)		(294,779	)		582			0.0	(g)
Transportation Infrastructure
Aeroports de Paris		(3,887	)		(855,619	)		556			0.0	(g)
Getlink		(19,218	)		(271,297	)		—			0.0	(g)
		(23,105	)		(1,126,916	)		556			0.0	(g)
Total Industrials		(193,440	)		(8,614,300	)		21,289			0.0	(g)
Information Technology
Communications Equipment
Nokia OYJ		(118,462	)		(710,798	)		1,329			0.0	(g)
Internet Software & Services
Delivery Hero AG (a)		(17,520	)		(834,577	)		3,246			0.0	(g)
Semiconductors & Semiconductor Equipment
SOITEC (a)		(1,382	)		(112,380	)		271			0.0	(g)
Total Information Technology		(137,364	)		(1,657,755	)		4,846			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 35

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Materials
Chemicals
LANXESS AG		(12,205	)		(904,078	)		3,240		0.0	(g)
OCI NV (a)		(6,484	)		(153,875	)		456		0.0	(g)
Symrise AG		(11,630	)		(940,074	)		2,304		0.0	(g)
		(30,319	)		(1,998,027	)		6,000		0.0	(g)
Construction Materials
Buzzi Unicem SpA		(33,408	)		(843,506	)		2,094		0.0	(g)
Containers & Packaging
Huhtamaki OYJ		(19,494	)		(792,916	)		3,710		0.0	(g)
Metals & Mining
thyssenkrupp AG		(19,296	)		(501,903	)		1,417		0.0	(g)
Total Materials		(102,517	)		(4,136,352	)		13,221		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Cellnex Telecom SA		(34,255	)		(918,693	)		1,294		0.0	(g)
Iliad SA		(3,430	)		(687,041	)		335		0.0	(g)
Total Telecommunication Services		(37,685	)		(1,605,734	)		1,629		0.0	(g)
Utilities
Multi-Utilities
RWE AG		(37,949	)		(907,047	)		3,769		0.0	(g)
Total Short Positions of Total Return Basket Swap		(864,810	)		(26,839,933	)		67,110		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(775,077	)		(25,702,030	)		63,347		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 NA	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	$	6,254,276	$	42,130	$	—	$	42,130

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Media
Sky plc		344,420		6,534,872		906			0.0	(g)
UBM plc		220,852		2,940,319		(2,856	)		0.0	(g)
		565,272		9,475,191		(1,950	)		0.0	(g)
Total Consumer Discretionary		565,272		9,475,191		(1,950	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Financials
Capital Markets
Sole Realisation Co. plc (a)		5,123			4,937			4,936		0.0	(g)
Health Care
Biotechnology
Shire plc		31,880			1,697,608			852		0.0	(g)
Total Long Positions of Total Return Basket Swap		602,275			11,177,736			3,838		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Media
Informa plc		(236,790	)		(2,404,082	)		4,976		0.0	(g)
Industrials
Electrical Equipment
Melrose Industries plc		(803,463	)		(2,519,378	)		33,316		0.0	(g)
Total Short Positions of Total Return Basket Swap		(1,040,253	)		(4,923,460	)		38,292		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(437,978	)		6,254,276			42,130		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 NA	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	$	6,837,721	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Media
Time Warner, Inc.		46,015		4,362,222		—		0.0	(g)
Financials
Insurance
Stewart Information Services Corp.		700		29,197		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 37

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Materials
Paper & Forest Products
KapStone Paper and Packaging Corp.		151,989			5,231,461			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		198,704			9,622,880			—		0.0	(g)
Short Positions
Common Stocks
Materials
Containers & Packaging
International Paper Co.		(12,501	)		(644,552	)		—		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
AT&T, Inc.		(65,462	)		(2,140,607	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(77,963	)		(2,785,159	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		120,741			6,837,721			—		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 NA	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	$	524,458	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Staples
Food & Staples Retailing
Jean Coutu Group PJC, Inc. (The)		36,518			699,387			—		0.0	(g)
Short Positions
Common Stocks
Consumer Staples
Food & Staples Retailing
Metro, Inc.		(5,513	)		(174,929	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		31,005			524,458			—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS APRIL 30, 2018

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			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 or receives the net of one month BBR on long positions, which is denominated in AUD based on the local currencies of the positions within the swaps.		10/29/2018	$	2,131,598	$	(5,308	)	$	—	$	(5,308	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Health Care
Biotechnology
Sirtex Medical Ltd.		62,150		1,299,799		(1,888	)		0.0	(g)
Health Care Providers & Services
Healthscope Ltd.		456,547		831,799		(3,420	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		518,697		2,131,598		(5,308	)	��	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 NA	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, plus or minus a specified spread (rates range from (0.35)% to 0.00%), which is denominated in JPY based on the local currencies of the positions within the swaps.		05/27/2019	$	(1,115,916	)	$	4,249	$	—	$	4,249

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions
Common Stocks
Health Care
Pharmaceuticals
Takeda Pharmaceutical Co. Ltd.		(26,500	)		(1,115,916	)		4,249		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 NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month STIBOR on long positions and short positions respectively, which is denominated in SEK based on the local currencies of the positions within the swaps.		07/31/2019	$	170,476	$	(142	)	$	—	$	(142	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 39

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Telecommunication Services
Diversified Telecommunication Services
Com Hem Holding AB		42,540			736,769			(2,622	)		0.0	(g)
Short Positions
Common Stocks
Telecommunication Services
Wireless Telecommunication Services
Tele2 AB		(43,689	)		(566,293	)		2,480			0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,149	)		170,476			(142	)		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 NA	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month EURIBOR on long positions, which is denominated in EUR based on the local currencies of the positions within the swaps.		04/30/2019	$	1,777,632	$	(3,031	)	$	—	$	(3,031	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Materials
Containers & Packaging
Smurfit Kappa Group plc		41,701		1,777,632		(3,031	)		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 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.		03/12/2021	$	9,033,740	$	(19,054	)	$	—	$	(19,054	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Media
Sky plc		176,594		3,350,616		464			0.0	(g)
Financials
Banks
BGEO Group plc		5,547		265,168		(584	)		0.0	(g)
Capital Markets
NEX Group plc		187,926		2,550,166		(5,965	)		0.0	(g)
Insurance
Old Mutual plc		422,890		1,456,886		(7,911	)		0.0	(g)
Prudential plc		54,869		1,410,904		(5,058	)		0.0	(g)
		477,759		2,867,790		(12,969	)		0.0	(g)
Total Financials		671,232		5,683,124		(19,518	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		847,826		9,033,740		(19,054	)		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 on 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.		03/12/2021	$	108,229,846	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
Autoliv, Inc.		10,100		1,353,905		—		0.0	(g)
Automobiles
Fiat Chrysler Automobiles NV (a)		66,600		1,453,878		—		0.0	(g)
Distributors
Genuine Parts Co.		16,300		1,439,616		—		0.0	(g)
Diversified Consumer Services
Capella Education Co.		11,598		1,064,117		—		0.0	(g)
ServiceMaster Global Holdings, Inc. (a)		27,300		1,381,380		—		0.0	(g)
		38,898		2,445,497		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 41

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
Dunkin’ Brands Group, Inc.		16,400		999,744		—		0.0	(g)
ILG, Inc.		51,129		1,745,033		—		0.0	(g)
Pinnacle Entertainment, Inc. (a)		78,337		2,516,184		—		0.0	(g)
Sonic Corp.		53,900		1,396,549		—		0.0	(g)
Wynn Resorts Ltd.		1,700		316,523		—		0.0	(g)
		201,466		6,974,033		—		0.0	(g)
Household Durables
Toll Brothers, Inc.		22,300		940,168		—		0.0	(g)
Leisure Products
Brunswick Corp.		24,000		1,437,120		—		0.0	(g)
Media
CBS Corp. (Non-Voting)		18,600		915,120		—		0.0	(g)
Time Warner, Inc.		9,567		906,952		—		0.0	(g)
		28,167		1,822,072		—		0.0	(g)
Specialty Retail
Asbury Automotive Group, Inc. (a)		4,900		328,545		—		0.0	(g)
AutoNation, Inc. (a)		19,900		919,181		—		0.0	(g)
Sleep Number Corp. (a)		29,600		838,864		—		0.0	(g)
		54,400		2,086,590		—		0.0	(g)
Total Consumer Discretionary		462,231		19,952,879		—		0.0	(g)
Consumer Staples
Food Products
Pinnacle Foods, Inc.		5,500		332,200		—		0.0	(g)
Personal Products
Edgewell Personal Care Co. (a)		20,000		881,000		—		0.0	(g)
Total Consumer Staples		25,500		1,213,200		—		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Andeavor		43,200		5,975,424		—		0.0	(g)
Antero Resources Corp. (a)		17,800		338,200		—		0.0	(g)
Arch Coal, Inc.		10,200		824,466		—		0.0	(g)
EQT Corp.		29,500		1,480,605		—		0.0	(g)
Peabody Energy Corp.		8,100		298,485		—		0.0	(g)
Phillips 66		10,900		1,213,279		—		0.0	(g)
RSP Permian, Inc. (a)		152,746		7,577,729		—		0.0	(g)
Total Energy		272,446		17,708,188		—		0.0	(g)
Financials
Banks
Citigroup, Inc.		13,200		901,164		—		0.0	(g)
Regions Financial Corp.		51,300		959,310		—		0.0	(g)
		64,500		1,860,474		—		0.0	(g)
Capital Markets
BGC Partners, Inc.		107,800		1,440,208		—		0.0	(g)
Financial Engines, Inc.		76,268		3,405,366		—		0.0	(g)
Greenhill & Co., Inc.		48,500		984,550		—		0.0	(g)
Legg Mason, Inc.		25,100		996,470		—		0.0	(g)
		257,668		6,826,594		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Insurance
AmTrust Financial Services, Inc.		84,954		1,095,057		—		0.0	(g)
Infinity Property & Casualty Corp.		7,727		1,019,964		—		0.0	(g)
Validus Holdings Ltd.		9,535		646,187		—		0.0	(g)
XL Group Ltd.		128,122		7,122,302		—		0.0	(g)
		230,338		9,883,510		—		0.0	(g)
Total Financials		552,506		18,570,578		—		0.0	(g)
Health Care
Biotechnology
Avexis, Inc. (a)		34,221		7,277,438		—		0.0	(g)
Spark Therapeutics, Inc. (a)		4,100		312,912		—		0.0	(g)
		38,321		7,590,350		—		0.0	(g)
Health Care Providers & Services
Aetna, Inc.		26,038		4,662,104		—		0.0	(g)
Express Scripts Holding Co. (a)		75,777		5,736,319		—		0.0	(g)
Henry Schein, Inc. (a)		21,500		1,634,000		—		0.0	(g)
		123,315		12,032,423		—		0.0	(g)
Life Sciences Tools & Services
Medpace Holdings, Inc. (a)		31,400		1,161,486		—		0.0	(g)
Pharmaceuticals
Akorn, Inc. (a)		17,293		249,538		—		0.0	(g)
Innoviva, Inc. (a)		64,700		938,150		—		0.0	(g)
		81,993		1,187,688		—		0.0	(g)
Total Health Care		275,029		21,971,947		—		0.0	(g)
Industrials
Aerospace & Defense
Rockwell Collins, Inc.		5,866		777,480		—		0.0	(g)
Airlines
United Continental Holdings, Inc. (a)		14,800		999,592		—		0.0	(g)
Building Products
Apogee Enterprises, Inc. (a)		8,100		332,991		—		0.0	(g)
NCI Building Systems, Inc. (a)		61,300		1,072,750		—		0.0	(g)
USG Corp. (a)		44,773		1,801,218		—		0.0	(g)
		114,173		3,206,959		—		0.0	(g)
Commercial Services & Supplies
KAR Auction Services, Inc.		15,400		800,646		—		0.0	(g)
Construction & Engineering
Chicago Bridge & Iron Co. NV		199,117		3,006,667		—		0.0	(g)
Machinery
Trinity Industries, Inc.		41,700		1,328,979		—		0.0	(g)
Total Industrials		391,056		10,120,323		—		0.0	(g)
Information Technology
Communications Equipment
Juniper Networks, Inc.		38,500		946,715		—		0.0	(g)
Mitel Networks Corp. (a)		176,373		1,968,323		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 43

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Communications Equipment — continued
NETGEAR, Inc. (a)		25,600		1,415,680		—		0.0	(g)
Oclaro, Inc. (a)		424,173		3,359,450		—		0.0	(g)
		664,646		7,690,168		—		0.0	(g)
Electronic Equipment, Instruments & Components
Orbotech Ltd. (a)		53,057		3,099,590		—		0.0	(g)
Sanmina Corp. (a)		36,300		1,070,850		—		0.0	(g)
VeriFone Systems, Inc. (a)		286,715		6,597,312		—		0.0	(g)
		376,072		10,767,752		—		0.0	(g)
Internet Software & Services
eBay, Inc. (a)		23,300		882,604		—		0.0	(g)
MuleSoft, Inc. (a)		164,320		7,325,386		—		0.0	(g)
Web.com Group, Inc. (a)		55,700		1,036,020		—		0.0	(g)
		243,320		9,244,010		—		0.0	(g)
IT Services
Travelport Worldwide Ltd.		20,200		346,228		—		0.0	(g)
Semiconductors & Semiconductor Equipment
Cavium, Inc. (a)		81,710		6,129,067		—		0.0	(g)
Microsemi Corp. (a)		106,910		6,916,008		—		0.0	(g)
Nanometrics, Inc. (a)		38,200		948,124		—		0.0	(g)
		226,820		13,993,199		—		0.0	(g)
Software
Avaya Holdings Corp. (a)		15,800		361,662		—		0.0	(g)
Citrix Systems, Inc. (a)		10,900		1,121,719		—		0.0	(g)
CommVault Systems, Inc. (a)		4,700		328,765		—		0.0	(g)
VMware, Inc. (a)		7,800		1,039,428		—		0.0	(g)
		39,200		2,851,574		—		0.0	(g)
Technology Hardware, Storage & Peripherals
Stratasys Ltd. (a)		63,300		1,213,461		—		0.0	(g)
Xerox Corp.		11,100		349,095		—		0.0	(g)
		74,400		1,562,556		—		0.0	(g)
Total Information Technology		1,644,658		46,455,487		—		0.0	(g)
Materials
Chemicals
Monsanto Co.		2,052		257,259		—		0.0	(g)
Utilities
Gas Utilities
WGL Holdings, Inc.		7,735		658,249		—		0.0	(g)
Multi-Utilities
SCANA Corp.		136,528		5,020,135		—		0.0	(g)
Vectren Corp.		98,180		6,899,109		—		0.0	(g)
		234,708		11,919,244		—		0.0	(g)
Total Utilities		242,443		12,577,493		—		0.0	(g)
Total Long Positions of Total Return Basket Swap		3,867,921		148,827,354		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions
Common Stocks
Consumer Discretionary
Diversified Consumer Services
Strayer Education, Inc.		(10,047	)		(1,055,638	)		—		0.0	(g)
Hotels, Restaurants & Leisure
Marriott Vacations Worldwide Corp.		(8,300	)		(1,017,663	)		—		0.0	(g)
Penn National Gaming, Inc. (a)		(32,572	)		(987,257	)		—		0.0	(g)
		(40,872	)		(2,004,920	)		—		0.0	(g)
Total Consumer Discretionary		(50,919	)		(3,060,558	)		—		0.0	(g)
Consumer Staples
Food & Staples Retailing
CVS Health Corp.		(29,352	)		(2,049,650	)		—		0.0	(g)
Energy
Energy Equipment & Services
McDermott International, Inc. (a)		(612,473	)		(4,042,322	)		—		0.0	(g)
Oil, Gas & Consumable Fuels
Concho Resources, Inc. (a)		(48,389	)		(7,607,235	)		—		0.0	(g)
Marathon Petroleum Corp.		(68,200	)		(5,108,862	)		—		0.0	(g)
		(116,589	)		(12,716,097	)		—		0.0	(g)
Total Energy		(729,062	)		(16,758,419	)		—		0.0	(g)
Financials
Capital Markets
CME Group, Inc.		(8,260	)		(1,302,437	)		—		0.0	(g)
Insurance
Kemper Corp.		(9,194	)		(620,595	)		—		0.0	(g)
Total Financials		(17,454	)		(1,923,032	)		—		0.0	(g)
Health Care
Health Care Providers & Services
Cigna Corp.		(20,429	)		(3,510,111	)		—		0.0	(g)
Information Technology
Communications Equipment
Lumentum Holdings, Inc. (a)		(16,193	)		(816,937	)		—		0.0	(g)
Semiconductors & Semiconductor Equipment
KLA-Tencor Corp.		(15,947	)		(1,622,448	)		—		0.0	(g)
Marvell Technology Group Ltd.		(175,998	)		(3,530,520	)		—		0.0	(g)
		(191,945	)		(5,152,968	)		—		0.0	(g)
Software
salesforce.com, Inc. (a)		(11,566	)		(1,399,370	)		—		0.0	(g)
Total Information Technology		(219,704	)		(7,369,275	)		—		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
AT&T, Inc.		(13,610	)		(445,047	)		—		0.0	(g)
Utilities
Multi-Utilities
Dominion Energy, Inc.		(82,353	)		(5,481,416	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(1,162,883	)		(40,597,508	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		2,705,038			108,229,846			—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 45

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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 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.		03/12/2021	$	1,175,911	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Industrials
Construction & Engineering
Aecon Group, Inc.		83,646		1,175,911		—		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 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.		03/12/2021	$	22,503,719	$	(8,159	)	$	—	$	(8,159	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
CIE Automotive SA		13,853		517,851		(1,413	)		0.0	(g)
Internet & Direct Marketing Retail
Yoox Net-A-Porter Group SpA (a)		126,244		5,776,238		(178	)		0.0	(g)
Textiles, Apparel & Luxury Goods
Kering SA		2,993		1,731,440		(2,001	)		0.0	(g)
Total Consumer Discretionary		143,090		8,025,529		(3,592	)		0.0	(g)
Health Care
Biotechnology
Ablynx NV (a)		21,060		1,135,267		(3,580	)		0.0	(g)
Pharmaceuticals
STADA Arzneimittel AG		7,111		719,955		—			0.0	(g)
Total Health Care		28,171		1,855,222		(3,580	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Industrials
Transportation Infrastructure
Abertis Infraestructuras SA		254,503		5,611,001		(987	)		0.0	(g)
Information Technology
Software
Gemalto NV		116,410		7,011,967		—			0.0	(g)
Total Long Positions of Total Return Basket Swap		542,174		22,503,719		(8,159	)		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 CIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in DKK based on the local currencies of the positions within the swaps.		09/25/2020	$	4,120,491	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Telecommunication Services
Diversified Telecommunication Services
TDC A/S (a)		506,015		4,120,491		—		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 BBSW on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in AUD based on the local currencies of the positions within the swaps.		03/12/2021	$	5,555,743	$	(24,426	)	$	—	$	(24,426	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 47

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Mantra Group Ltd.		252,833		750,814		(1,049	)		0.0	(g)
Consumer Staples
Food & Staples Retailing
Wesfarmers Ltd.		44,185		1,453,668		(2,327	)		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Santos Ltd. (a)		381,886		1,758,896		(6,371	)		0.0	(g)
Materials
Metals & Mining
South32 Ltd.		573,821		1,592,365		(14,679	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		1,252,725		5,555,743		(24,426	)		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 STIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in SEK based on the local currencies of the positions within the swaps.		07/10/2018	$	1,234,939	$	(5,984	)	$	—	$	(5,984	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Industrials
Machinery
Atlas Copco AB		31,579		1,234,939		(5,984	)		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.	05/25/2018 – 03/12/2021	$	1,350,042	$	1,716	$	—	$	1,716

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Carnival plc		9,992		649,434		(537	)		0.0	(g)
William Hill plc		128,442		516,615		(1,131	)		0.0	(g)
		138,434		1,166,049		(1,668	)		0.0	(g)
Household Durables
Berkeley Group Holdings plc		10,374		580,778		(780	)		0.0	(g)
Persimmon plc		2,850		106,463		(63	)		0.0	(g)
Redrow plc		17,327		149,309		(376	)		0.0	(g)
Taylor Wimpey plc		49,895		131,400		(314	)		0.0	(g)
		80,446		967,950		(1,533	)		0.0	(g)
Specialty Retail
WH Smith plc		3,502		93,865		(197	)		0.0	(g)
Total Consumer Discretionary		222,382		2,227,864		(3,398	)		0.0	(g)
Consumer Staples
Food & Staples Retailing
Wm Morrison Supermarkets plc		211,503		705,398		(2,452	)		0.0	(g)
Energy
Energy Equipment & Services
Petrofac Ltd.		30,905		256,470		(343	)		0.0	(g)
Financials
Capital Markets
3i Group plc		42,737		551,656		(2,344	)		0.0	(g)
Industrials
Airlines
International Consolidated Airlines Group SA		75,041		648,671		(2,382	)		0.0	(g)
Information Technology
Electronic Equipment, Instruments & Components
Electrocomponents plc		57,402		479,877		(1,387	)		0.0	(g)
Internet Software & Services
Moneysupermarket.com Group plc		39,327		161,986		(276	)		0.0	(g)
Total Information Technology		96,729		641,863		(1,663	)		0.0	(g)
Materials
Metals & Mining
Centamin plc		283,658		612,939		811			0.0	(g)
Rio Tinto plc		1,605		87,482		291			0.0	(g)
Total Materials		285,263		700,421		1,102			0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
BT Group plc		40,589		139,315		(75	)		0.0	(g)
Utilities
Multi-Utilities
Centrica plc		16,836		35,648		—			0.0	(g)
Total Long Positions of Total Return Basket Swap		1,021,985		5,907,306		(11,555	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 49

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Merlin Entertainments plc		(52,711	)		(266,650	)		252		0.0	(g)
Whitbread plc		(7,190	)		(423,040	)		714		0.0	(g)
		(59,901	)		(689,690	)		966		0.0	(g)
Internet & Direct Marketing Retail
Ocado Group plc (a)		(63,965	)		(472,810	)		1,308		0.0	(g)
Media
Cineworld Group plc (a)		(267,423	)		(954,703	)		3,989		0.0	(g)
Multiline Retail
B&M European Value Retail SA		(86,622	)		(482,713	)		617		0.0	(g)
Total Consumer Discretionary		(477,911	)		(2,599,916	)		6,880		0.0	(g)
Financials
Banks
Standard Chartered plc		(38,141	)		(400,634	)		2,107		0.0	(g)
Capital Markets
St James’s Place plc		(28,023	)		(436,522	)		1,931		0.0	(g)
Total Financials		(66,164	)		(837,156	)		4,038		0.0	(g)
Health Care
Pharmaceuticals
Hikma Pharmaceuticals plc		(1,637	)		(28,864	)		163		0.0	(g)
Materials
Metals & Mining
Fresnillo plc		(19,643	)		(344,774	)		18		0.0	(g)
Real Estate
Real Estate Management & Development
Capital & Counties Properties plc		(91,516	)		(362,201	)		1,028		0.0	(g)
Utilities
Water Utilities
Pennon Group plc		(40,453	)		(384,353	)		1,144		0.0	(g)
Total Short Positions of Total Return Basket Swap		(697,324	)		(4,557,264	)		13,271		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		324,661			1,350,042			1,716		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 USD based on the local currencies of the positions within the swaps.		03/12/2021	$	(77,129,550	)	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
Lear Corp.		3,217		601,482		—		0.0	(g)
Hotels, Restaurants & Leisure
Wyndham Worldwide Corp.		1,611		183,992		—		0.0	(g)
Household Durables
MDC Holdings, Inc.		14,339		415,974		—		0.0	(g)
Multiline Retail
Big Lots, Inc.		8,163		346,519		—		0.0	(g)
Target Corp.		2,104		152,750		—		0.0	(g)
		10,267		499,269		—		0.0	(g)
Specialty Retail
Best Buy Co., Inc.		6,024		461,017		—		0.0	(g)
Children’s Place, Inc. (The)		3,200		408,160		—		0.0	(g)
		9,224		869,177		—		0.0	(g)
Total Consumer Discretionary		38,658		2,569,894		—		0.0	(g)
Consumer Staples
Personal Products
USANA Health Sciences, Inc. (a)		8,486		895,697		—		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Valero Energy Corp.		4,635		514,161		—		0.0	(g)
Health Care
Health Care Providers & Services
Aetna, Inc.		3,090		553,265		—		0.0	(g)
Chemed Corp.		2,280		702,742		—		0.0	(g)
Express Scripts Holding Co. (a)		3,630		274,791		—		0.0	(g)
Humana, Inc.		1,201		353,310		—		0.0	(g)
Quest Diagnostics, Inc.		4,273		432,428		—		0.0	(g)
UnitedHealth Group, Inc.		2,461		581,780		—		0.0	(g)
		16,935		2,898,316		—		0.0	(g)
Pharmaceuticals
Johnson & Johnson		3,749		474,211		—		0.0	(g)
Mallinckrodt plc (a)		12,793		166,309		—		0.0	(g)
		16,542		640,520		—		0.0	(g)
Total Health Care		33,477		3,538,836		—		0.0	(g)
Industrials
Building Products
Owens Corning		6,448		422,280		—		0.0	(g)
Commercial Services & Supplies
Deluxe Corp.		6,506		445,921		—		0.0	(g)
Machinery
Barnes Group, Inc.		7,852		436,022		—		0.0	(g)
Hillenbrand, Inc.		9,965		461,878		—		0.0	(g)
Wabash National Corp.		14,299		286,838		—		0.0	(g)
		32,116		1,184,738		—		0.0	(g)
Total Industrials		45,070		2,052,939		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 51

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Information Technology
Communications Equipment
Cisco Systems, Inc.		8,828			390,992			—		0.0	(g)
Electronic Equipment, Instruments & Components
Methode Electronics, Inc.		7,803			311,340			—		0.0	(g)
IT Services
Amdocs Ltd.		5,631			378,685			—		0.0	(g)
Convergys Corp.		3,186			74,425			—		0.0	(g)
Mastercard, Inc.		3,753			669,047			—		0.0	(g)
Western Union Co. (The)		12,314			243,202			—		0.0	(g)
		24,884			1,365,359			—		0.0	(g)
Semiconductors & Semiconductor Equipment
First Solar, Inc. (a)		9,937			704,633			—		0.0	(g)
Teradyne, Inc.		3,395			110,507			—		0.0	(g)
		13,332			815,140			—		0.0	(g)
Software
Oracle Corp.		4,954			226,249			—		0.0	(g)
Technology Hardware, Storage & Peripherals
Apple, Inc.		2,516			415,794			—		0.0	(g)
Total Information Technology		62,317			3,524,874			—		0.0	(g)
Materials
Chemicals
LyondellBasell Industries NV		4,849			512,685			—		0.0	(g)
Trinseo SA		6,176			450,539			—		0.0	(g)
Total Materials		11,025			963,224			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		203,668			14,059,625			—		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Auto Components
Cooper Tire & Rubber Co.		(26,886	)		(657,363	)		—		0.0	(g)
Visteon Corp. (a)		(3,511	)		(436,909	)		—		0.0	(g)
		(30,397	)		(1,094,272	)		—		0.0	(g)
Hotels, Restaurants & Leisure
Caesars Entertainment Corp. (a)		(82,484	)		(936,193	)		—		0.0	(g)
Chipotle Mexican Grill, Inc. (a)		(1,839	)		(778,504	)		—		0.0	(g)
MGM Resorts International		(9,689	)		(304,428	)		—		0.0	(g)
Papa John’s International, Inc.		(14,454	)		(896,148	)		—		0.0	(g)
Shake Shack, Inc. (a)		(17,806	)		(847,744	)		—		0.0	(g)
Wendy’s Co. (The)		(50,243	)		(841,068	)		—		0.0	(g)
		(176,515	)		(4,604,085	)		—		0.0	(g)
Internet & Direct Marketing Retail
Groupon, Inc. (a)		(46,667	)		(216,535	)		—		0.0	(g)
Netflix, Inc. (a)		(444	)		(138,732	)		—		0.0	(g)
Wayfair, Inc. (a)		(5,421	)		(337,728	)		—		0.0	(g)
		(52,532	)		(692,995	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Leisure Products
Vista Outdoor, Inc. (a)		(54,535	)		(913,461	)		—		0.0	(g)
Media
Cinemark Holdings, Inc.		(20,967	)		(821,277	)		—		0.0	(g)
DISH Network Corp. (a)		(20,883	)		(700,625	)		—		0.0	(g)
Liberty Broadband Corp. (a)		(5,062	)		(358,845	)		—		0.0	(g)
		(46,912	)		(1,880,747	)		—		0.0	(g)
Specialty Retail
CarMax, Inc. (a)		(7,238	)		(452,375	)		—		0.0	(g)
National Vision Holdings, Inc. (a)		(28,233	)		(939,594	)		—		0.0	(g)
Ulta Beauty, Inc. (a)		(4,252	)		(1,066,869	)		—		0.0	(g)
		(39,723	)		(2,458,838	)		—		0.0	(g)
Textiles, Apparel & Luxury Goods
NIKE, Inc.		(4,150	)		(283,819	)		—		0.0	(g)
Total Consumer Discretionary		(404,764	)		(11,928,217	)		—		0.0	(g)
Consumer Staples
Beverages
Coca-Cola Bottling Co. Consolidated		(2,284	)		(384,603	)		—		0.0	(g)
Food & Staples Retailing
Casey’s General Stores, Inc.		(3,771	)		(364,279	)		—		0.0	(g)
PriceSmart, Inc.		(10,883	)		(953,351	)		—		0.0	(g)
		(14,654	)		(1,317,630	)		—		0.0	(g)
Food Products
Bunge Ltd.		(11,349	)		(819,738	)		—		0.0	(g)
Kraft Heinz Co. (The)		(13,130	)		(740,269	)		—		0.0	(g)
		(24,479	)		(1,560,007	)		—		0.0	(g)
Household Products
HRG Group, Inc. (a)		(55,948	)		(628,856	)		—		0.0	(g)
Personal Products
Coty, Inc.		(15,900	)		(275,865	)		—		0.0	(g)
Total Consumer Staples		(113,265	)		(4,166,961	)		—		0.0	(g)
Energy
Energy Equipment & Services
Baker Hughes a GE Co.		(29,438	)		(1,063,006	)		—		0.0	(g)
Forum Energy Technologies, Inc. (a)		(73,639	)		(927,851	)		—		0.0	(g)
Nabors Industries Ltd.		(126,368	)		(961,660	)		—		0.0	(g)
Weatherford International plc (a)		(141,550	)		(417,573	)		—		0.0	(g)
		(370,995	)		(3,370,090	)		—		0.0	(g)
Oil, Gas & Consumable Fuels
Carrizo Oil & Gas, Inc. (a)		(33,343	)		(669,194	)		—		0.0	(g)
Cheniere Energy, Inc. (a)		(16,408	)		(954,289	)		—		0.0	(g)
Chesapeake Energy Corp. (a)		(43,673	)		(129,709	)		—		0.0	(g)
Extraction Oil & Gas, Inc. (a)		(36,769	)		(519,178	)		—		0.0	(g)
Hess Corp.		(7,777	)		(443,211	)		—		0.0	(g)
Matador Resources Co. (a)		(13,404	)		(438,847	)		—		0.0	(g)
Oasis Petroleum, Inc. (a)		(53,377	)		(588,748	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 53

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Parsley Energy, Inc. (a)		(14,676	)		(440,720	)		—		0.0	(g)
QEP Resources, Inc. (a)		(44,846	)		(546,224	)		—		0.0	(g)
Range Resources Corp.		(31,166	)		(431,649	)		—		0.0	(g)
SM Energy Co.		(34,561	)		(827,736	)		—		0.0	(g)
Targa Resources Corp.		(19,489	)		(915,398	)		—		0.0	(g)
WPX Energy, Inc. (a)		(47,411	)		(810,254	)		—		0.0	(g)
		(396,900	)		(7,715,157	)		—		0.0	(g)
Total Energy		(767,895	)		(11,085,247	)		—		0.0	(g)
Financials
Banks
Bank of the Ozarks, Inc. (a)		(19,108	)		(894,254	)		—		0.0	(g)
First Republic Bank		(8,962	)		(832,301	)		—		0.0	(g)
Home BancShares, Inc.		(40,225	)		(934,829	)		—		0.0	(g)
Signature Bank (a)		(6,642	)		(844,530	)		—		0.0	(g)
UMB Financial Corp.		(12,689	)		(971,724	)		—		0.0	(g)
		(87,626	)		(4,477,638	)		—		0.0	(g)
Capital Markets
Charles Schwab Corp. (The)		(17,799	)		(991,048	)		—		0.0	(g)
Consumer Finance
LendingClub Corp. (a)		(244,102	)		(656,634	)		—		0.0	(g)
PRA Group, Inc. (a)		(5,009	)		(178,320	)		—		0.0	(g)
SLM Corp. (a)		(80,190	)		(920,581	)		—		0.0	(g)
		(329,301	)		(1,755,535	)		—		0.0	(g)
Insurance
Markel Corp. (a)		(367	)		(414,725	)		—		0.0	(g)
RLI Corp.		(6,681	)		(422,774	)		—		0.0	(g)
		(7,048	)		(837,499	)		—		0.0	(g)
Total Financials		(441,774	)		(8,061,720	)		—		0.0	(g)
Health Care
Health Care Equipment & Supplies
DexCom, Inc. (a)		(5,986	)		(438,055	)		—		0.0	(g)
Hologic, Inc. (a)		(22,666	)		(879,214	)		—		0.0	(g)
Insulet Corp. (a)		(9,850	)		(847,100	)		—		0.0	(g)
iRhythm Technologies, Inc. (a)		(13,119	)		(762,870	)		—		0.0	(g)
Nevro Corp. (a)		(3,500	)		(312,760	)		—		0.0	(g)
Penumbra, Inc. (a)		(757	)		(94,133	)		—		0.0	(g)
Wright Medical Group NV (a)		(42,595	)		(835,288	)		—		0.0	(g)
		(98,473	)		(4,169,420	)		—		0.0	(g)
Pharmaceuticals
Aerie Pharmaceuticals, Inc. (a)		(5,012	)		(256,614	)		—		0.0	(g)
Intra-Cellular Therapies, Inc. (a)		(14,675	)		(255,639	)		—		0.0	(g)
Medicines Co. (The) (a)		(17,792	)		(535,361	)		—		0.0	(g)
Nektar Therapeutics (a)		(1,810	)		(151,425	)		—		0.0	(g)
Pacira Pharmaceuticals, Inc. (a)		(23,822	)		(788,508	)		—		0.0	(g)
		(63,111	)		(1,987,547	)		—		0.0	(g)
Total Health Care		(161,584	)		(6,156,967	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Industrials
Aerospace & Defense
Arconic, Inc.		(35,540	)		(632,967	)		—		0.0	(g)
Cubic Corp.		(5,728	)		(353,704	)		—		0.0	(g)
Kratos Defense & Security Solutions, Inc. (a)		(88,236	)		(883,242	)		—		0.0	(g)
Mercury Systems, Inc. (a)		(8,016	)		(257,153	)		—		0.0	(g)
TransDigm Group, Inc.		(1,102	)		(353,268	)		—		0.0	(g)
		(138,622	)		(2,480,334	)		—		0.0	(g)
Airlines
Spirit Airlines, Inc. (a)		(19,933	)		(712,007	)		—		0.0	(g)
Commercial Services & Supplies
ABM Industries, Inc.		(23,692	)		(737,532	)		—		0.0	(g)
Clean Harbors, Inc. (a)		(7,563	)		(346,385	)		—		0.0	(g)
Covanta Holding Corp.		(60,798	)		(905,890	)		—		0.0	(g)
Healthcare Services Group, Inc.		(9,236	)		(356,787	)		—		0.0	(g)
		(101,289	)		(2,346,594	)		—		0.0	(g)
Construction & Engineering
Dycom Industries, Inc. (a)		(1,659	)		(172,304	)		—		0.0	(g)
Industrial Conglomerates
General Electric Co.		(60,454	)		(850,588	)		—		0.0	(g)
Machinery
CIRCOR International, Inc.		(9,784	)		(414,548	)		—		0.0	(g)
EnPro Industries, Inc.		(6,250	)		(469,688	)		—		0.0	(g)
Flowserve Corp.		(17,311	)		(768,782	)		—		0.0	(g)
Gardner Denver Holdings, Inc. (a)		(30,224	)		(955,985	)		—		0.0	(g)
John Bean Technologies Corp.		(7,671	)		(826,550	)		—		0.0	(g)
Mueller Water Products, Inc.		(77,800	)		(761,662	)		—		0.0	(g)
REV Group, Inc.		(28,903	)		(521,699	)		—		0.0	(g)
Wabtec Corp.		(11,469	)		(1,018,562	)		—		0.0	(g)
		(189,412	)		(5,737,476	)		—		0.0	(g)
Marine
Matson, Inc.		(13,786	)		(402,965	)		—		0.0	(g)
Road & Rail
AMERCO		(1,289	)		(435,063	)		—		0.0	(g)
Avis Budget Group, Inc. (a)		(1,776	)		(87,752	)		—		0.0	(g)
Hertz Global Holdings, Inc. (a)		(11,946	)		(261,626	)		—		0.0	(g)
		(15,011	)		(784,441	)		—		0.0	(g)
Trading Companies & Distributors
Herc Holdings, Inc. (a)		(5,023	)		(264,469	)		—		0.0	(g)
MRC Global, Inc. (a)		(50,084	)		(938,073	)		—		0.0	(g)
NOW, Inc. (a)		(84,982	)		(1,030,832	)		—		0.0	(g)
SiteOne Landscape Supply, Inc. (a)		(2,986	)		(204,541	)		—		0.0	(g)
		(143,075	)		(2,437,915	)		—		0.0	(g)
Transportation Infrastructure
Macquarie Infrastructure Corp.		(15,165	)		(574,754	)		—		0.0	(g)
Total Industrials		(698,406	)		(16,499,378	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 55

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Information Technology
Communications Equipment
Ciena Corp. (a)		(26,584	)		(684,538	)		—		0.0	(g)
Infinera Corp. (a)		(12,694	)		(148,774	)		—		0.0	(g)
ViaSat, Inc. (a)		(3,514	)		(224,826	)		—		0.0	(g)
		(42,792	)		(1,058,138	)		—		0.0	(g)
Electronic Equipment, Instruments & Components
Fabrinet (a)		(21,388	)		(603,355	)		—		0.0	(g)
Fitbit, Inc. (a)		(62,867	)		(348,912	)		—		0.0	(g)
II-VI, Inc. (a)		(18,099	)		(689,572	)		—		0.0	(g)
		(102,354	)		(1,641,839	)		—		0.0	(g)
Internet Software & Services
2U, Inc. (a)		(7,626	)		(613,817	)		—		0.0	(g)
Benefitfocus, Inc. (a)		(6,816	)		(205,843	)		—		0.0	(g)
Box, Inc. (a)		(9,515	)		(217,513	)		—		0.0	(g)
Cloudera, Inc. (a)		(13,832	)		(197,106	)		—		0.0	(g)
Cornerstone OnDemand, Inc. (a)		(6,705	)		(295,892	)		—		0.0	(g)
Pandora Media, Inc. (a)		(26,645	)		(149,478	)		—		0.0	(g)
Q2 Holdings, Inc. (a)		(2,778	)		(136,817	)		—		0.0	(g)
TrueCar, Inc. (a)		(78,782	)		(779,942	)		—		0.0	(g)
Wix.com Ltd. (a)		(8,525	)		(701,181	)		—		0.0	(g)
		(161,224	)		(3,297,589	)		—		0.0	(g)
IT Services
Gartner, Inc. (a)		(5,789	)		(702,148	)		—		0.0	(g)
InterXion Holding NV (a)		(11,360	)		(738,627	)		—		0.0	(g)
		(17,149	)		(1,440,775	)		—		0.0	(g)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc. (a)		(67,816	)		(737,838	)		—		0.0	(g)
MACOM Technology Solutions Holdings, Inc. (a)		(31,078	)		(516,516	)		—		0.0	(g)
MaxLinear, Inc. (a)		(28,789	)		(642,858	)		—		0.0	(g)
Power Integrations, Inc. (a)		(10,901	)		(739,088	)		—		0.0	(g)
SMART Global Holdings, Inc. (a)		(18,343	)		(718,128	)		—		0.0	(g)
Veeco Instruments, Inc. (a)		(42,589	)		(658,000	)		—		0.0	(g)
		(199,516	)		(4,012,428	)		—		0.0	(g)
Software
Autodesk, Inc. (a)		(6,421	)		(808,404	)		—		0.0	(g)
Blackline, Inc. (a)		(13,517	)		(559,604	)		—		0.0	(g)
FireEye, Inc. (a)		(23,461	)		(423,471	)		—		0.0	(g)
Snap, Inc. (a)		(11,564	)		(165,712	)		—		0.0	(g)
Splunk, Inc. (a)		(4,838	)		(496,621	)		—		0.0	(g)
Symantec Corp.		(25,361	)		(704,782	)		—		0.0	(g)
Zendesk, Inc. (a)		(11,135	)		(542,831	)		—		0.0	(g)
		(96,297	)		(3,701,425	)		—		0.0	(g)
Technology Hardware, Storage & Peripherals
Cray, Inc. (a)		(12,279	)		(292,854	)		—		0.0	(g)
Diebold Nixdorf, Inc.		(40,736	)		(625,298	)		—		0.0	(g)
		(53,015	)		(918,152	)		—		0.0	(g)
Total Information Technology		(672,347	)		(16,070,346	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Materials
Chemicals
Albemarle Corp.		(9,707	)		(941,191	)		—		0.0	(g)
Ashland Global Holdings, Inc.		(13,170	)		(871,591	)		—		0.0	(g)
GCP Applied Technologies, Inc. (a)		(13,579	)		(389,038	)		—		0.0	(g)
International Flavors & Fragrances, Inc.		(6,722	)		(949,550	)		—		0.0	(g)
NewMarket Corp.		(2,035	)		(772,384	)		—		0.0	(g)
RPM International, Inc.		(6,987	)		(337,472	)		—		0.0	(g)
Valvoline, Inc.		(41,527	)		(842,168	)		—		0.0	(g)
		(93,727	)		(5,103,394	)		—		0.0	(g)
Construction Materials
Martin Marietta Materials, Inc.		(1,994	)		(388,371	)		—		0.0	(g)
Summit Materials, Inc. (a)		(31,145	)		(876,420	)		—		0.0	(g)
Vulcan Materials Co.		(2,958	)		(330,379	)		—		0.0	(g)
		(36,097	)		(1,595,170	)		—		0.0	(g)
Metals & Mining
AK Steel Holding Corp. (a)		(44,363	)		(203,626	)		—		0.0	(g)
Coeur Mining, Inc. (a)		(58,284	)		(441,210	)		—		0.0	(g)
Compass Minerals International, Inc.		(4,017	)		(270,344	)		—		0.0	(g)
Constellium NV (a)		(64,815	)		(735,650	)		—		0.0	(g)
Hecla Mining Co.		(246,945	)		(945,799	)		—		0.0	(g)
		(418,424	)		(2,596,629	)		—		0.0	(g)
Total Materials		(548,248	)		(9,295,193	)		—		0.0	(g)
Real Estate
Real Estate Management & Development
Kennedy-Wilson Holdings, Inc.		(51,667	)		(979,090	)		—		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Zayo Group Holdings, Inc. (a)		(22,439	)		(814,536	)		—		0.0	(g)
Utilities
Electric Utilities
Southern Co. (The)		(10,829	)		(499,433	)		—		0.0	(g)
Gas Utilities
ONE Gas, Inc.		(13,675	)		(953,421	)		—		0.0	(g)
South Jersey Industries, Inc.		(32,472	)		(1,003,385	)		—		0.0	(g)
		(46,147	)		(1,956,806	)		—		0.0	(g)
Multi-Utilities
Dominion Energy, Inc.		(13,658	)		(909,076	)		—		0.0	(g)
NiSource, Inc.		(20,031	)		(488,556	)		—		0.0	(g)
Sempra Energy		(7,607	)		(850,463	)		—		0.0	(g)
		(41,296	)		(2,248,095	)		—		0.0	(g)
Water Utilities
American Water Works Co., Inc.		(5,803	)		(502,424	)		—		0.0	(g)
Aqua America, Inc.		(12,714	)		(446,897	)		—		0.0	(g)
California Water Service Group		(12,332	)		(477,865	)		—		0.0	(g)
		(30,849	)		(1,427,186	)		—		0.0	(g)
Total Utilities		(129,121	)		(6,131,520	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(4,011,510	)		(91,189,175	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(3,807,842	)		(77,129,550	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 57

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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 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.		03/12/2021	$	16,540,990	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
Linamar Corp.		9,983		559,427		—		0.0	(g)
Magna International, Inc.		16,027		946,554		—		0.0	(g)
		26,010		1,505,981		—		0.0	(g)
Textiles, Apparel & Luxury Goods
Gildan Activewear, Inc.		28,854		840,484		—		0.0	(g)
Total Consumer Discretionary		54,864		2,346,465		—		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Enerplus Corp.		77,136		895,149		—		0.0	(g)
Husky Energy, Inc.		59,103		826,738		—		0.0	(g)
Imperial Oil Ltd.		31,040		965,324		—		0.0	(g)
Inter Pipeline Ltd.		48,447		873,514		—		0.0	(g)
Parex Resources, Inc. (a)		59,802		1,028,877		—		0.0	(g)
Suncor Energy, Inc.		25,813		987,124		—		0.0	(g)
Total Energy		301,341		5,576,726		—		0.0	(g)
Financials
Banks
Canadian Imperial Bank of Commerce		9,208		802,002		—		0.0	(g)
Laurentian Bank of Canada		21,956		843,218		—		0.0	(g)
National Bank of Canada		18,163		862,635		—		0.0	(g)
Toronto-Dominion Bank (The)		6,487		364,327		—		0.0	(g)
		55,814		2,872,182		—		0.0	(g)
Capital Markets
CI Financial Corp.		37,639		792,091		—		0.0	(g)
Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		10,314		333,370		—		0.0	(g)
Total Financials		103,767		3,997,643		—		0.0	(g)
Information Technology
IT Services
CGI Group, Inc. (a)		11,351		657,747		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Software
Constellation Software, Inc.		982			701,828			—		0.0	(g)
Total Information Technology		12,333			1,359,575			—		0.0	(g)
Materials
Chemicals
Methanex Corp.		13,316			802,621			—		0.0	(g)
Metals & Mining
Hudbay Minerals, Inc.		121,853			851,296			—		0.0	(g)
Teck Resources Ltd. (a)		31,899			800,736			—		0.0	(g)
		153,752			1,652,032			—		0.0	(g)
Paper & Forest Products
Canfor Corp. (a)		34,165			784,708			—		0.0	(g)
Norbord, Inc.		24,937			1,029,760			—		0.0	(g)
West Fraser Timber Co. Ltd.		12,671			858,286			—		0.0	(g)
		71,773			2,672,754			—		0.0	(g)
Total Materials		238,841			5,127,407			—		0.0	(g)
Real Estate
Real Estate Management & Development
First Capital Realty, Inc.		16,259			254,152			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		727,405			18,661,968			—		0.0	(g)
Short Positions
Common Stocks
Energy
Oil, Gas & Consumable Fuels
MEG Energy Corp. (a)		(68,001	)		(351,670	)		—		0.0	(g)
Seven Generations Energy Ltd. (a)		(22,400	)		(319,614	)		—		0.0	(g)
Total Energy		(90,401	)		(671,284	)		—		0.0	(g)
Industrials
Aerospace & Defense
Bombardier, Inc. (a)		(196,763	)		(608,395	)		—		0.0	(g)
Materials
Metals & Mining
Endeavour Mining Corp. (a)		(5,499	)		(93,838	)		—		0.0	(g)
First Quantum Minerals Ltd.		(28,685	)		(413,312	)		—		0.0	(g)
Franco-Nevada Corp.		(4,711	)		(334,149	)		—		0.0	(g)
Total Materials		(38,895	)		(841,299	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(326,059	)		(2,120,978	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		401,346			16,540,990			—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 59

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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 JPY based on the local currencies of the positions within the swaps.		03/12/2021	$	35,560,822	$	(141,687	)	$	—	$	(141,687	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
Aisin Seiki Co. Ltd.		15,500		839,711		(2,495	)		0.0	(g)
Bridgestone Corp.		19,400		810,970		(3,397	)		0.0	(g)
NHK Spring Co. Ltd.		83,500		922,729		43			0.0	(g)
Sumitomo Rubber Industries Ltd.		45,200		807,167		(1,984	)		0.0	(g)
TS Tech Co. Ltd.		4,300		173,976		(1,257	)		0.0	(g)
Unipres Corp.		36,800		866,484		(4,369	)		0.0	(g)
		204,700		4,421,037		(13,459	)		0.0	(g)
Automobiles
Yamaha Motor Co. Ltd.		23,600		754,597		(983	)		0.0	(g)
Household Durables
Haseko Corp.		58,100		913,891		(2,890	)		0.0	(g)
Nikon Corp.		43,000		748,221		(2,273	)		0.0	(g)
Sekisui Chemical Co. Ltd.		48,300		854,431		(2,704	)		0.0	(g)
		149,400		2,516,543		(7,867	)		0.0	(g)
Total Consumer Discretionary		377,700		7,692,177		(22,309	)		0.0	(g)
Consumer Staples
Beverages
Kirin Holdings Co. Ltd.		28,300		794,353		(1,164	)		0.0	(g)
Food & Staples Retailing
Matsumotokiyoshi Holdings Co. Ltd.		4,600		204,912		(640	)		0.0	(g)
Food Products
Prima Meat Packers Ltd.		154,000		939,576		(2,849	)		0.0	(g)
Personal Products
Pola Orbis Holdings, Inc.		19,900		868,229		(1,895	)		0.0	(g)
Total Consumer Staples		206,800		2,807,070		(6,548	)		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
JXTG Holdings, Inc.		143,300		934,139		(2,318	)		0.0	(g)
Showa Shell Sekiyu KK		22,100		312,065		(675	)		0.0	(g)
Total Energy		165,400		1,246,204		(2,993	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Financials
Diversified Financial Services
ORIX Corp.		48,500		850,634		(2,952	)		0.0	(g)
Health Care
Health Care Providers & Services
Suzuken Co. Ltd.		20,400		877,168		(1,756	)		0.0	(g)
Pharmaceuticals
Kaken Pharmaceutical Co. Ltd.		4,000		236,542		(560	)		0.0	(g)
Tsumura & Co.		23,200		841,562		(3,077	)		0.0	(g)
		27,200		1,078,104		(3,637	)		0.0	(g)
Total Health Care		47,600		1,955,272		(5,393	)		0.0	(g)
Industrials
Building Products
Nichias Corp.		66,000		835,985		(1,995	)		0.0	(g)
Construction & Engineering
Kajima Corp.		79,000		761,093		(1,302	)		0.0	(g)
Kinden Corp.		51,300		894,717		(1,578	)		0.0	(g)
Maeda Corp.		74,200		915,765		(1,893	)		0.0	(g)
Nishimatsu Construction Co. Ltd.		27,900		766,943		(2,527	)		0.0	(g)
Okumura Corp.		21,600		894,216		(1,833	)		0.0	(g)
Penta-Ocean Construction Co. Ltd.		25,200		198,597		(800	)		0.0	(g)
Toda Corp.		100,000		824,568		(2,362	)		0.0	(g)
		379,200		5,255,899		(12,295	)		0.0	(g)
Machinery
DMG Mori Co. Ltd.		46,700		872,573		(6,150	)		0.0	(g)
Fuji Corp/Aichi		43,400		778,916		(1,983	)		0.0	(g)
Kurita Water Industries Ltd.		27,000		874,362		(2,422	)		0.0	(g)
Sodick Co. Ltd. (a)		64,800		797,552		(5,038	)		0.0	(g)
Takeuchi Manufacturing Co. Ltd. (a)		38,400		877,023		(4,997	)		0.0	(g)
THK Co. Ltd.		22,900		798,138		(4,158	)		0.0	(g)
Tsugami Corp.		67,000		806,529		(4,923	)		0.0	(g)
		310,200		5,805,093		(29,671	)		0.0	(g)
Road & Rail
Sankyu, Inc.		18,200		884,547		(1,146	)		0.0	(g)
Seino Holdings Co. Ltd.		46,900		878,473		(2,297	)		0.0	(g)
		65,100		1,763,020		(3,443	)		0.0	(g)
Trading Companies & Distributors
ITOCHU Corp.		45,200		903,929		(3,213	)		0.0	(g)
Kanamoto Co. Ltd.		25,400		867,922		(4,535	)		0.0	(g)
Marubeni Corp.		120,000		901,147		(3,573	)		0.0	(g)
Sumitomo Corp.		16,000		287,209		(1,046	)		0.0	(g)
		206,600		2,960,207		(12,367	)		0.0	(g)
Total Industrials		1,027,100		16,620,204		(59,771	)		0.0	(g)
Information Technology
Electronic Equipment, Instruments & Components
Maruwa Co. Ltd.		9,400		774,756		(4,278	)		0.0	(g)
Omron Corp.		11,000		593,663		(4,032	)		0.0	(g)
		20,400		1,368,419		(8,310	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 61

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
IT Services
Itochu Techno-Solutions Corp.		32,000		661,503		(2,969	)		0.0	(g)
Semiconductors & Semiconductor Equipment
Sanken Electric Co. Ltd.		90,000		576,007		(3,576	)		0.0	(g)
SCREEN Holdings Co. Ltd.		7,900		646,179		(4,928	)		0.0	(g)
Ulvac, Inc.		2,400		128,386		(922	)		0.0	(g)
		100,300		1,350,572		(9,426	)		0.0	(g)
Software
GungHo Online Entertainment, Inc. (a)		192,700		581,220		(2,239	)		0.0	(g)
Nexon Co. Ltd. (a)		10,100		146,969		(207	)		0.0	(g)
		202,800		728,189		(2,446	)		0.0	(g)
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		30,200		647,777		(3,075	)		0.0	(g)
Canon, Inc.		18,800		646,705		(5,070	)		0.0	(g)
		49,000		1,294,482		(8,145	)		0.0	(g)
Total Information Technology		404,500		5,403,165		(31,296	)		0.0	(g)
Materials
Chemicals
Denka Co. Ltd.		23,500		836,631		(3,883	)		0.0	(g)
JSR Corp.		39,100		736,569		(2,011	)		0.0	(g)
Mitsubishi Chemical Holdings Corp.		86,400		817,310		(4,249	)		0.0	(g)
Mitsubishi Gas Chemical Co., Inc.		12,500		292,943		(1,376	)		0.0	(g)
Mitsui Chemicals, Inc.		8,500		243,663		(483	)		0.0	(g)
NOF Corp.		29,300		874,262		(824	)		0.0	(g)
Showa Denko KK		23,800		791,844		(3,884	)		0.0	(g)
Sumitomo Bakelite Co. Ltd.		99,000		892,955		(3,587	)		0.0	(g)
Tosoh Corp.		21,300		376,762		(1,619	)		0.0	(g)
Ube Industries Ltd.		29,800		907,833		(2,632	)		0.0	(g)
Zeon Corp.		51,900		670,252		(4,372	)		0.0	(g)
		425,100		7,441,024		(28,920	)		0.0	(g)
Construction Materials
Taiheiyo Cement Corp.		20,800		785,407		(3,250	)		0.0	(g)
Metals & Mining
Nippon Light Metal Holdings Co. Ltd.		317,100		847,616		(5,178	)		0.0	(g)
Paper & Forest Products
Oji Holdings Corp.		126,000		886,360		(1,126	)		0.0	(g)
Total Materials		889,000		9,960,407		(38,474	)		0.0	(g)
Real Estate
Real Estate Management & Development
Nomura Real Estate Holdings, Inc.		6,800		168,276		(791	)		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		17,800		844,702		(2,800	)		0.0	(g)
Wireless Telecommunication Services
NTT DOCOMO, Inc.		10,500		271,257		(1,040	)		0.0	(g)
Total Telecommunication Services		28,300		1,115,959		(3,840	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES				NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Utilities
Electric Utilities
Kansai Electric Power Co., Inc. (The)		27,300				381,975			(105	)		0.0	(g)
Tokyo Electric Power Co. Holdings, Inc. (a)		228,200				1,084,805			(2,756	)		0.0	(g)
Total Utilities		255,500				1,466,780			(2,861	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		3,457,200				49,286,148			(177,228	)		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Auto Components
Toyo Tire & Rubber Co. Ltd.		(53,800	)			(915,795	)		4,494			0.0	(g)
Hotels, Restaurants & Leisure
Kyoritsu Maintenance Co. Ltd.		(2,000	)			(94,195	)		390			0.0	(g)
Multiline Retail
Isetan Mitsukoshi Holdings Ltd.		(47,800	)			(531,785	)		784			0.0	(g)
Total Consumer Discretionary		(103,600	)			(1,541,775	)		5,668			0.0	(g)
Consumer Staples
Food & Staples Retailing
Cosmos Pharmaceutical Corp.		(4,500	)			(1,011,896	)		1,139			0.0	(g)
Food Products
Kewpie Corp.		(13,300	)			(309,910	)		448			0.0	(g)
Total Consumer Staples		(17,800	)			(1,321,806	)		1,587			0.0	(g)
Financials
Consumer Finance
Acom Co. Ltd.		(100,400	)			(454,524	)		1,005			0.0	(g)
Aiful Corp. (a)		(183,500	)			(620,508	)		559			0.0	(g)
Total Financials		(283,900	)			(1,075,032	)		1,564			0.0	(g)
Industrials
Air Freight & Logistics				��
Yamato Holdings Co. Ltd.		(14,400	)			(370,228	)		902			0.0	(g)
Commercial Services & Supplies
Park24 Co. Ltd.		(33,800	)			(957,461	)		1,009			0.0	(g)
Road & Rail
Keikyu Corp.		(50,400	)			(923,376	)		1,915			0.0	(g)
Keio Corp.		(5,800	)			(264,773	)		1,034			0.0	(g)
Kyushu Railway Co.		(28,500	)			(912,086	)		2,980			0.0	(g)
Odakyu Electric Railway Co. Ltd.		(18,000	)			(387,421	)		1,328			0.0	(g)
		(102,700	)			(2,487,656	)		7,257			0.0	(g)
Trading Companies & Distributors
MonotaRO Co. Ltd.		(6,800	)			(237,022	)		904			0.0	(g)
Transportation Infrastructure
Mitsubishi Logistics Corp.		(21,300	)			(491,287	)		2,050			0.0	(g)
Total Industrials		(179,000	)			(4,543,654	)		12,122			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 63

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Information Technology
Internet Software & Services
GMO internet, Inc.		(26,600	)		(487,424	)		2,871			0.0	(g)
Software
LINE Corp. (a)		(18,900	)		(683,505	)		7,178			0.0	(g)
Total Information Technology		(45,500	)		(1,170,929	)		10,049			0.0	(g)
Materials
Metals & Mining
Kobe Steel Ltd.		(58,300	)		(599,706	)		3,985			0.0	(g)
UACJ Corp.		(21,300	)		(555,096	)		6			0.0	(g)
Total Materials		(79,600	)		(1,154,802	)		3,991			0.0	(g)
Utilities
Electric Utilities
Chugoku Electric Power Co., Inc. (The)		(27,600	)		(345,289	)		595			0.0	(g)
Hokkaido Electric Power Co., Inc.		(75,600	)		(501,704	)		360			0.0	(g)
Hokuriku Electric Power Co. (a)		(106,600	)		(1,087,806	)		1,402			0.0	(g)
Kyushu Electric Power Co., Inc.		(79,300	)		(982,529	)		(1,797	)		0.0	(g)
Total Utilities		(289,100	)		(2,917,328	)		560			0.0	(g)
Total Short Positions of Total Return Basket Swap		(998,500	)		(13,725,326	)		35,541			0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		2,458,700			35,560,822			(141,687	)		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 postions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in AUD based on the local currencies of the positions within the swaps.		03/12/2021	$	(3,372,168	)	$	15,766	$	—	$	15,766

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Staples
Food & Staples Retailing
Metcash Ltd.		33,079		89,284		(369	)		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Caltex Australia Ltd.		5,952		138,412		(587	)		0.0	(g)
Woodside Petroleum Ltd.		4,906		118,890		(114	)		0.0	(g)
Total Energy		10,858		257,302		(701	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Materials
Metals & Mining
BlueScope Steel Ltd.		70			860			(10	)		0.0	(g)
Fortescue Metals Group Ltd.		41,194			139,766			(1,653	)		0.0	(g)
OZ Minerals Ltd.		55,659			384,101			(3,501	)		0.0	(g)
Regis Resources Ltd.		40,365			142,442			(993	)		0.0	(g)
Total Materials		137,288			667,169			(6,157	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		181,225			1,013,755			(7,227	)		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(23,514	)		(744,387	)		2,128			0.0	(g)
Star Entertainment Grp Ltd. (The)		(50,194	)		(198,632	)		892			0.0	(g)
Total Consumer Discretionary		(73,708	)		(943,019	)		3,020			0.0	(g)
Financials
Diversified Financial Services
AMP Ltd.		(124,161	)		(375,856	)		1,781			0.0	(g)
Health Care
Pharmaceuticals
Mayne Pharma Group Ltd. (a)		(641,865	)		(327,216	)		1,379			0.0	(g)
Industrials
Commercial Services & Supplies
Brambles Ltd.		(52,653	)		(389,589	)		1,656			0.0	(g)
Transportation Infrastructure
Qube Holdings Ltd.		(478,357	)		(824,443	)		3,858			0.0	(g)
Total Industrials		(531,010	)		(1,214,032	)		5,514			0.0	(g)
Materials
Chemicals
Orica Ltd.		(61,630	)		(918,232	)		4,163			0.0	(g)
Metals & Mining
Independence Group NL		(157,931	)		(607,568	)		7,136			0.0	(g)
Total Materials		(219,561	)		(1,525,800	)		11,299			0.0	(g)
Total Short Positions of Total Return Basket Swap		(1,590,305	)		(4,385,923	)		22,993			0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,409,080	)		(3,372,168	)		15,766			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 65

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (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 EUR based on the local currencies of the positions within the swaps.		03/12/2021	$	30,700,947	$	(88,077	)	$	—	$	(88,077	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
Cie Generale des Etablissements Michelin SCA		5,407		760,348		(664	)		0.0	(g)
Faurecia SA		10,238		836,024		(2,215	)		0.0	(g)
		15,645		1,596,372		(2,879	)		0.0	(g)
Automobiles
Peugeot SA		27,339		673,184		(973	)		0.0	(g)
Total Consumer Discretionary		42,984		2,269,556		(3,852	)		0.0	(g)
Energy
Energy Equipment & Services
SBM Offshore NV		52,245		876,631		(2,228	)		0.0	(g)
Oil, Gas & Consumable Fuels
Enagas SA		29,603		860,440		(2,530	)		0.0	(g)
Eni SpA		46,754		913,967		(688	)		0.0	(g)
Neste OYJ		12,373		1,041,888		(2,532	)		0.0	(g)
OMV AG		14,617		905,305		(3,747	)		0.0	(g)
Repsol SA		48,666		928,684		(2,805	)		0.0	(g)
Saras SpA		337,805		806,200		(692	)		0.0	(g)
TOTAL SA		14,634		919,773		(5,004	)		0.0	(g)
		504,452		6,376,257		(17,998	)		0.0	(g)
Total Energy		556,697		7,252,888		(20,226	)		0.0	(g)
Financials
Banks
ING Groep NV		38,709		652,267		(1,041	)		0.0	(g)
Insurance
Aegon NV		125,199		917,557		(3,494	)		0.0	(g)
Ageas		15,993		855,506		(2,963	)		0.0	(g)
Allianz SE (Registered)		3,703		875,848		(2,671	)		0.0	(g)
ASR Nederland NV		17,578		829,045		(2,212	)		0.0	(g)
AXA SA		29,988		857,616		(1,368	)		0.0	(g)
NN Group NV		18,809		901,416		(92	)		0.0	(g)
Societa Cattolica di Assicurazioni SC		81,989		872,929		(2,318	)		0.0	(g)
		293,259		6,109,917		(15,118	)		0.0	(g)
Total Financials		331,968		6,762,184		(16,159	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Health Care
Health Care Equipment & Supplies
Koninklijke Philips NV		21,341		903,284		(4,127	)		0.0	(g)
Health Care Providers & Services
Fresenius Medical Care AG & Co. KGaA		8,013		813,086		(2,449	)		0.0	(g)
Pharmaceuticals
Bayer AG (Registered)		6,996		836,159		(2,595	)		0.0	(g)
Merck KGaA		8,732		853,032		(3,414	)		0.0	(g)
UCB SA		10,405		783,643		(4,941	)		0.0	(g)
		26,133		2,472,834		(10,950	)		0.0	(g)
Total Health Care		55,487		4,189,204		(17,526	)		0.0	(g)
Industrials
Airlines
Deutsche Lufthansa AG (Registered)		26,932		782,785		(3,298	)		0.0	(g)
Construction & Engineering
Eiffage SA		6,650		791,561		(1,054	)		0.0	(g)
Maire Tecnimont SpA		154,417		784,826		(2,467	)		0.0	(g)
Vinci SA		8,373		837,164		(3,080	)		0.0	(g)
		169,440		2,413,551		(6,601	)		0.0	(g)
Electrical Equipment
Philips Lighting NV		19,522		593,701		(1,326	)		0.0	(g)
Industrial Conglomerates
Rheinmetall AG		5,954		778,077		(3,122	)		0.0	(g)
Machinery
Aalberts Industries NV		15,654		770,755		(1,275	)		0.0	(g)
Fincantieri SpA (a)		595,930		936,355		(4,221	)		0.0	(g)
Valmet OYJ		39,706		752,673		(3,002	)		0.0	(g)
		651,290		2,459,783		(8,498	)		0.0	(g)
Transportation Infrastructure
Aena SME SA		3,671		756,698		(1,805	)		0.0	(g)
Total Industrials		876,809		7,784,595		(24,650	)		0.0	(g)
Information Technology
IT Services
Amadeus IT Group SA		9,203		671,449		(3,143	)		0.0	(g)
Capgemini SE		5,193		714,380		(522	)		0.0	(g)
	��
		14,396		1,385,829		(3,665	)		0.0	(g)
Semiconductors & Semiconductor Equipment
ASM International NV		9,515		571,276		208			0.0	(g)
BE Semiconductor Industries NV		7,477		516,759		(1,067	)		0.0	(g)
Siltronic AG		3,944		631,540		(5,243	)		0.0	(g)
		20,936		1,719,575		(6,102	)		0.0	(g)
Software
Software AG		12,319		605,583		(2,267	)		0.0	(g)
Total Information Technology		47,651		3,710,987		(12,034	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 67

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Materials
Chemicals
Arkema SA		6,494			850,679			(195	)		0.0	(g)
Covestro AG		2,048			186,091			(781	)		0.0	(g)
		8,542			1,036,770			(976	)		0.0	(g)
Metals & Mining
Aurubis AG		10,023			895,699			(1,433	)		0.0	(g)
Paper & Forest Products
Stora Enso OYJ		46,173			910,744			(5,647	)		0.0	(g)
UPM-Kymmene OYJ		22,696			809,830			(3,630	)		0.0	(g)
		68,869			1,720,574			(9,277	)		0.0	(g)
Total Materials		87,434			3,653,043			(11,686	)		0.0	(g)
Real Estate
Real Estate Management & Development
LEG Immobilien AG		6,842			788,904			(485	)		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		51,332			898,496			(28	)		0.0	(g)
Utilities
Electric Utilities
Enel SpA		61,091			387,544			(1,094	)		0.0	(g)
Red Electrica Corp. SA		39,347			819,615			(1,452	)		0.0	(g)
Terna Rete Elettrica Nazionale SpA		132,860			797,416			(1,102	)		0.0	(g)
		233,298			2,004,575			(3,648	)		0.0	(g)
Multi-Utilities
A2A SpA		459,192			923,318			(1,344	)		0.0	(g)
Engie SA		51,742			907,632			(1,505	)		0.0	(g)
Iren SpA		262,180			796,555			(1,932	)		0.0	(g)
Veolia Environnement SA (a)		31,801			752,368			(2,441	)		0.0	(g)
		804,915			3,379,873			(7,222	)		0.0	(g)
Total Utilities		1,038,213			5,384,448			(10,870	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		3,095,417			42,694,305			(117,516	)		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Auto Components
Gestamp Automocion SA (a)		(105,263	)		(853,134	)		4,897			0.0	(g)
Hotels, Restaurants & Leisure
Accor SA		(8,356	)		(472,297	)		654			0.0	(g)
Paddy Power Betfair plc		(9,478	)		(937,970	)		—			0.0	(g)
		(17,834	)		(1,410,267	)		654			0.0	(g)
Household Durables
Neinor Homes SA (a)		(33,408	)		(646,750	)		1,167			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Internet & Direct Marketing Retail
Zalando SE (a)		(10,011	)		(515,133	)		1,684		0.0	(g)
Media
Altice NV (a)		(80,370	)		(769,223	)		1,198		0.0	(g)
Total Consumer Discretionary		(246,886	)		(4,194,507	)		9,600		0.0	(g)
Consumer Staples
Food Products
Glanbia plc		(48,153	)		(814,094	)		—		0.0	(g)
Financials
Banks
Banco Espirito Santo SA (Registered) (a)		(35,937	)		—			—		0.0	(g)
Diversified Financial Services
Wendel SA		(2,364	)		(357,042	)		375		0.0	(g)
Total Financials		(38,301	)		(357,042	)		375		0.0	(g)
Health Care
Life Sciences Tools & Services
MorphoSys AG (a)		(6,927	)		(715,441	)		3,953		0.0	(g)
Industrials
Commercial Services & Supplies
Bilfinger SE		(14,933	)		(710,700	)		3,410		0.0	(g)
Machinery
Alstom SA		(11,024	)		(501,906	)		112		0.0	(g)
GEA Group AG		(3,531	)		(137,861	)		336		0.0	(g)
		(14,555	)		(639,767	)		448		0.0	(g)
Trading Companies & Distributors
Brenntag AG		(8,564	)		(490,478	)		969		0.0	(g)
Transportation Infrastructure
Getlink		(37,649	)		(531,485	)		—		0.0	(g)
Total Industrials		(75,701	)		(2,372,430	)		4,827		0.0	(g)
Information Technology
Internet Software & Services
Rocket Internet SE (a)		(24,635	)		(718,772	)		3,539		0.0	(g)
Semiconductors & Semiconductor Equipment
SOITEC (a)		(8,736	)		(710,385	)		1,713		0.0	(g)
Total Information Technology		(33,371	)		(1,429,157	)		5,252		0.0	(g)
Materials
Chemicals
OCI NV (a)		(29,029	)		(688,902	)		2,040		0.0	(g)
Metals & Mining
Bekaert SA		(19,513	)		(819,637	)		2,272		0.0	(g)
thyssenkrupp AG		(13,601	)		(353,772	)		999		0.0	(g)
		(33,114	)		(1,173,409	)		3,271		0.0	(g)
Total Materials		(62,143	)		(1,862,311	)		5,311		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 69

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Telecommunication Services
Diversified Telecommunication Services
Iliad SA		(1,240	)		(248,376	)		121			0.0	(g)
Total Short Positions of Total Return Basket Swap		(512,722	)		(11,993,358	)		29,439			0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		2,582,695			30,700,947			(88,077	)		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 CHF based on the local currencies of the positions within the swaps.		03/12/2021	$	122,903	$	6,429	$	—	$	6,429

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Health Care
Pharmaceuticals
Novartis AG (Registered)		1,134		87,289		(479	)		0.0	(g)
Roche Holding AG		2,683		610,997		(2,493	)		0.0	(g)
Total Health Care		3,817		698,286		(2,972	)		0.0	(g)
Industrials
Machinery
Georg Fischer AG (Registered)		442		549,431		(2,734	)		0.0	(g)
Real Estate
Real Estate Management & Development
Swiss Prime Site AG (Registered) (a)		602		56,404		(121	)		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Sunrise Communications Group AG (a)		917		71,879		(389	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		5,778		1,376,000		(6,216	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS APRIL 30, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)  (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions
Common Stocks
Consumer Discretionary
Specialty Retail
Dufry AG (Registered) (a)		(3,320	)		(469,574	)		2,295		0.0	(g)
Information Technology
Semiconductors & Semiconductor Equipment
Meyer Burger Technology AG (a)		(631,403	)		(783,523	)		10,350		0.0	(g)
Total Short Positions of Total Return Basket Swap		(634,723	)		(1,253,097	)		12,645		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(628,945	)		122,903			6,429		0.0	(g)

The following reference rates, and their values as of period-end, are used for security descriptions:	VALUE
BA		1.64	%
BBR		1.90
BBSW		1.90
CDOR		1.64
CHF LIBOR		(0.79	)
CIBOR		(0.35	)
EURIBOR		(0.37	)
EUR LIBOR		(0.40	)
GBP LIBOR		0.51
JPY LIBOR		(0.05	)
STIBOR		(0.47	)
USD LIBOR		1.91

Summary of total swap contracts outstanding as of April 30, 2018:
	Net Upfront Payments (Receipts)($)		Value($)
Assets
OTC Total return swap contracts outstanding		—		2,379
Total return basket swaps contracts outstanding		—		283,384
Total OTC swap contracts outstanding		—		285,763
Liabilities
Total return basket swaps contracts outstanding		—		(312,132	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 71

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)

AUD	—  Australian Dollar
BA	—  Banker’s Acceptance Rate
BBR	—  Bank Bill Rate
BBSW	—  ASX Australia Bank Bill Swap Rate
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
DKK	—  Danish Krone
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
RUB	—  Russian Ruble

S&P	—  Standard & Poor’s
SEK	—  Swedish Krona
SPI	—  Australian Securities Exchange
STIBOR	—  Stockholm Interbank Offered Rate
THB	—  Thai Baht
TOPIX	—  Tokyo Stock Price Index
TRY	—  New Turkish Lira
TWD	—  Taiwan Dollar
USD	—  United States Dollar
WTI	—  West Texas Intermediate
ZAR	—  South African Rand
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%.
(l)	—  The rate shown is the current yield as of April 30, 2018.
(bb)	—  Security has been valued using significant unobservable inputs.
**	—  Non-deliverable forward.
(1)	—  Notional value represents market value as of April 30, 2018 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.

72 J.P. MORGAN FUNDS APRIL 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2018 J.P. MORGAN FUNDS 73

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited)

	JPMorgan Systematic Alpha Fund
ASSETS:
Investments in non-affiliates, at value	$	185,431,894
Investments in affiliates, at value		258,040,313
Restricted cash for OTC derivatives		1,910,598
Cash		3,788,979
Foreign currency, at value		3,789,725
Deposits at broker for futures contracts		14,228,000
Receivables:
Investment securities sold		773,894
Fund shares sold		87,536
Interest and dividends from non-affiliates		216,700
Dividends from affiliates		306,272
Tax reclaims		47,906
Unrealized appreciation on forward foreign currency exchange contracts		4,522,503
Outstanding OTC swap contracts, at value (net upfront payments of $0)		285,763
Due from counterparty for swap contracts		6,203
Total Assets		473,436,286
LIABILITIES:
Payables:
Fund shares redeemed		1,498,531
Variation margin on futures contracts		285,156
Unrealized depreciation on forward foreign currency exchange contracts		2,739,512
Outstanding OTC swap contracts, at value (net upfront receipts of $0)		312,132
Due to counterparty for swap contracts		2,168,163
Accrued liabilities:
Investment advisory fees		211,704
Administration fees		5,179
Distribution fees		4,980
Service fees		40,756
Custodian and accounting fees		82,786
Other		130,148
Total Liabilities		7,479,047
Net Assets	$	465,957,239

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS APRIL 30, 2018

	JPMorgan Systematic Alpha Fund
NET ASSETS:
Paid-in-Capital	$	480,149,299
Accumulated undistributed (distributions in excess of) net investment income		(9,062,591	)
Accumulated net realized gains (losses)		(21,710,290	)
Net unrealized appreciation (depreciation)		16,580,821
Total Net Assets	$	465,957,239
Net Assets:
Class A	$	17,523,399
Class C		123,853
Class I		179,871,990
Class R6		268,437,997
Total	$	465,957,239
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		1,218,877
Class C		8,809
Class I		12,141,389
Class R6		18,238,046
Net Asset Value (a):
Class A — Redemption price per share	$	14.38
Class C — Offering price per share (b)		14.06
Class I — Offering and redemption price per share		14.81
Class R6 — Offering and redemption price per share		14.72
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	15.06
Cost of investments in non-affiliates	$	173,648,034
Cost of investments in affiliates		258,040,313
Cost of foreign currency		3,817,744

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

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 75

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2018 (Unaudited)

	JPMorgan Systematic Alpha Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,245,377
Dividend income from affiliates		1,018,548
Interest income from non-affiliates		284,334
Interest income from affiliates		4,688
Foreign taxes withheld		(36,094	)
Total investment income		3,516,853
EXPENSES:
Investment advisory fees		1,994,426
Administration fees		221,780
Distribution fees:
Class A		42,166
Class C		500
Service fees:
Class A		42,166
Class C		167
Class I		195,875
Custodian and accounting fees		89,266
Interest expense to affiliates		3,046
Professional fees		87,962
Trustees’ and Chief Compliance Officer’s fees		28,130
Printing and mailing costs		16,804
Registration and filing fees		45,256
Transfer agency fees (See Note 2.F.)		2,362
Other		19,728
Total expenses		2,789,634
Less fees waived		(877,888	)
Less earnings credits		(526	)
Less expense reimbursements		(571	)
Net expenses		1,910,649
Net investment income (loss)		1,606,204
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		4,306,031
Futures contracts		(10,567,026	)
Foreign currency transactions		411,134
Forward foreign currency exchange contracts		(1,646,378	)
Swaps		(14,803,160	)
Net realized gain (loss)		(22,299,399	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(3,931,242	)
Futures contracts		4,370,887
Foreign currency translations		(152,968	)
Forward foreign currency exchange contracts		1,948,984
Swaps		8,769
Change in net unrealized appreciation/depreciation		2,244,430
Net realized/unrealized gains (losses)		(20,054,969	)
Change in net assets resulting from operations	$	(18,448,765	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

76 J.P. MORGAN FUNDS APRIL 30, 2018

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Systematic Alpha Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,606,204		$	2,447,148
Net realized gain (loss)		(22,299,399	)		(7,333,155	)
Change in net unrealized appreciation/depreciation		2,244,430			9,283,819
Change in net assets resulting from operations		(18,448,765	)		4,397,812
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net realized gains		—			(83,124	)
Class C
From net realized gains		—			(1,193	)
Class I
From net investment income		—			(33,272	)
From net realized gains		—			(83,117	)
Class R6
From net investment income		—			(598,010	)
From net realized gains		—			(482,836	)
Total distributions to shareholders		—			(1,281,552	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		11,307,063			134,120,198
NET ASSETS:
Change in net assets		(7,141,702	)		137,236,458
Beginning of period		473,098,941			335,862,483
End of period	$	465,957,239		$	473,098,941
Accumulated undistributed (distributions in excess of) net investment income	$	(9,062,591	)	$	(10,668,795	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2018 J.P. MORGAN FUNDS 77

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Systematic Alpha Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,640,773		$	32,952,328
Distributions reinvested		—			83,124
Cost of shares redeemed		(22,454,858	)		(38,464,433	)
Change in net assets resulting from Class A capital transactions	$	(18,814,085	)	$	(5,428,981	)
Class C
Proceeds from shares issued	$	28,108		$	311,362
Distributions reinvested		—			1,193
Cost of shares redeemed		(234,505	)		(748,831	)
Change in net assets resulting from Class C capital transactions	$	(206,397	)	$	(436,276	)
Class I
Proceeds from shares issued	$	55,986,280		$	154,782,803
Distributions reinvested		—			76,067
Cost of shares redeemed		(19,349,098	)		(38,672,056	)
Change in net assets resulting from Class I capital transactions	$	36,637,182		$	116,186,814
Class R6
Proceeds from shares issued	$	2,000,533		$	32,746,928
Distributions reinvested		—			1,080,846
Cost of shares redeemed		(8,310,170	)		(10,029,133	)
Change in net assets resulting from Class R6 capital transactions	$	(6,309,637	)	$	23,798,641
Total change in net assets resulting from capital transactions	$	11,307,063		$	134,120,198
SHARE TRANSACTIONS:
Class A
Issued		247,966			2,184,437
Reinvested		—			5,508
Redeemed		(1,555,938	)		(2,563,239	)
Change in Class A Shares		(1,307,972	)		(373,294	)
Class C
Issued		1,953			21,044
Reinvested		—			80
Redeemed		(16,055	)		(50,473	)
Change in Class C Shares		(14,102	)		(29,349	)
Class I
Issued		3,735,447			10,024,006
Reinvested		—			4,900
Redeemed		(1,284,408	)		(2,501,526	)
Change in Class I Shares		2,451,039			7,527,380
Class R6
Issued		131,702			2,134,447
Reinvested		—			70,226
Redeemed		(565,194	)		(655,828	)
Change in Class R6 Shares		(433,492	)		1,548,845

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

78 J.P. MORGAN FUNDS APRIL 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2018 J.P. MORGAN FUNDS 79

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
JPMorgan Systematic Alpha Fund
Class A
Six Months Ended April 30, 2018 (Unaudited)	$	14.98	$	0.02	(e)	$	(0.62	)	$	(0.60	)	$	—		$	—		$	—
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
Six Months Ended April 30, 2018 (Unaudited)		14.68		(0.02	)(e)		(0.60	)		(0.62	)		—			—			—
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
Six Months Ended April 30, 2018 (Unaudited)		15.41		0.04	(e)		(0.64	)		(0.60	)		—			—			—
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
Six Months Ended April 30, 2018 (Unaudited)		15.29		0.06	(e)		(0.63	)		(0.57	)		—			—			—
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.

80 J.P. MORGAN FUNDS APRIL 30, 2018

		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)
$	14.38		(4.01	)%	$	17,523,399		1.20	%		0.27	%		1.57	%		66	%
	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
	14.06		(4.22	)		123,853		1.70			(0.28	)		2.11			66
	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
	14.81		(3.89	)		179,871,990		0.94			0.58			1.32			66
	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
	14.72		(3.73	)		268,437,997		0.69			0.80			1.07			66
	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.

APRIL 30, 2018 J.P. MORGAN FUNDS 81

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited)

1. Organization

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

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan Systematic Alpha Fund	Class A, Class C, Class I and Class R6	Diversified

The investment objective of the Fund is to seek to provide total return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class 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, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. 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 prospectuses. 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.

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

82 J.P. MORGAN FUNDS APRIL 30, 2018

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	$	22,209,256	$	—	$	—	$	22,209,256
Consumer Staples		8,974,422		1,247,886		—		10,222,308
Energy		7,051,645		591,653		—		7,643,298
Financials		18,191,212		—		—		18,191,212
Health Care		17,196,037		—		—		17,196,037
Industrials		29,811,994		1,066,496		—		30,878,490
Information Technology		26,623,752		993,185		—		27,616,937
Materials		16,616,725		2,466,491		—		19,083,216
Real Estate		702,381		608,762		—		1,311,143
Telecommunication Services		—		508,930		—		508,930
Utilities		5,917,509		3,343,452		—		9,260,961
Total Common Stocks		153,294,933		10,826,855		—		164,121,788
Convertible Preferred Stocks
Energy		624,925		—		—		624,925
Financials		671,600		—		—		671,600
Health Care		362,100		—		—		362,100
Industrials		595,476		—		—		595,476
Real Estate		195,930		—		—		195,930
Utilities		957,330		—		—		957,330
Total Convertible Preferred Stocks		3,407,361		—		—		3,407,361

APRIL 30, 2018 J.P. MORGAN FUNDS 83

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Debt Securities
Convertible Bonds
Consumer Discretionary	$	—		$	1,182,789		$	—		$	1,182,789
Energy		—			784,958			—			784,958
Financials		—			823,447			—			823,447
Health Care		—			5,152,648			—	(a)		5,152,648
Industrials		—			449,005			—			449,005
Information Technology		—			8,185,047			—			8,185,047
Materials		—			342,667			—			342,667
Real Estate		—			426,925			—			426,925
Utilities		—			555,259			—			555,259
Total Convertible Bonds		—			17,902,745			—			17,902,745
Rights
Health Care		—			—			—	(a)		—	(a)
Short-Term Investments
Investment Companies		258,040,313			—			—			258,040,313
Total Investments in Securities	$	414,742,607		$	28,729,600		$	—		$	443,472,207
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	4,522,503		$	—		$	4,522,503
Futures Contracts		7,055,002			81,153			—			7,136,155
Swaps		—			283,384			2,379			285,763
Total Appreciation in Other Financial Instruments	$	7,055,002		$	4,887,040		$	2,379		$	11,944,421
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(2,739,512	)	$	—		$	(2,739,512	)
Futures Contracts		(3,824,756	)		(239,650	)		—			(4,064,406	)
Swaps		—			(312,132	)		—			(312,132	)
Total Depreciation in Other Financial Instruments	$	(3,824,756	)	$	(3,291,294	)	$	—		$	(7,116,050	)

(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 six months ended April 30, 2018.

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, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Fund.

As of April 30, 2018, 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 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

84 J.P. MORGAN FUNDS APRIL 30, 2018

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 a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a 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 will 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 on the Consolidated Statement of Operations (“CSOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the CSOP at the closing or expiration of the futures contract. 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 Fund 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

APRIL 30, 2018 J.P. MORGAN FUNDS 85

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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.

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.

86 J.P. MORGAN FUNDS APRIL 30, 2018

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of April 30, 2018, 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	$	441,423		$	—		$	—		$	441,423
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		3,059,293			—			285,763			3,345,056
Foreign exchange contracts	Receivables		—			4,522,503			—			4,522,503
Commodity contracts	Receivables, Net Assets — Unrealized Appreciation		3,635,439			—			—			3,635,439
Total		$	7,136,155		$	4,522,503		$	285,763		$	11,944,421
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(716,122	)	$	—		$	—		$	(716,122	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(239,650	)		—			(312,132	)		(551,782	)
Foreign exchange contracts	Payables		—			(2,739,512	)		—			(2,739,512	)
Commodity contracts	Payables, Net Assets — Unrealized Depreciation		(3,108,634	)		—			—			(3,108,634	)
Total		$	(4,064,406	)	$	(2,739,512	)	$	(312,132	)	$	(7,116,050	)

(a) This amount represents the cumulative appreciation/depreciation of futures contracts as reported on the CSOI. The CSAL only reflects the current day variation margin receivable/payable from/to brokers.

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of April 30, 2018:

Counterparty	Gross Amount of Derivative Assets Presented on the CSAL (a)		Derivatives Available for offset			Collateral Received		Net Amount Due From Counterparty (Not less than zero)
Australia and New Zealand Banking Group Limited	$	261,688	$	—		$	—	$	261,688
Bank of America, NA		259,473		(24,745	)		—		234,728
BNP Paribas		86,769		(30,137	)		—		56,632
Citibank, NA		1,346,824		—			—		1,346,824
HSBC Bank, NA		598,921		(586,890	)		—		12,031
Merrill Lynch International		136,872		(136,872	)		—		—
Standard Chartered Bank		2,382		—			—		2,382
State Street Corp.		2,089,047		(1,371,456	)		—		717,591
Union Bank of Switzerland AG		26,290		(26,290	)		—		—
	$	4,808,266	$	(2,176,390	)	$	—	$	2,631,876

Counterparty	Gross Amount of Derivative Liabilities Presented on the CSAL (a)		Derivatives Available for offset			Collateral Posted		Net Amount Due To Counterparty (Not less than zero)
Bank of America, NA	$	24,745	$	(24,745	)	$	—	$	—
BNP Paribas		30,137		(30,137	)		—		—
Goldman Sachs International		127,074		—			—		127,074
HSBC Bank, NA		586,890		(586,890	)		—		—
Merrill Lynch International		623,955		(136,872	)		—		487,083
State Street Corp.		1,371,456		(1,371,456	)		—		—
Union Bank of Switzerland AG		287,387		(26,290	)		—		261,097
	$	3,051,644	$	(2,176,390	)	$	—	$	875,254

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the CSAL.

APRIL 30, 2018 J.P. MORGAN FUNDS 87

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

The following table presents the effect of derivatives on the CSOP for the year months ended April 30, 2018, 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	$	(4,304,234	)	$	—		$	—		$	(4,304,234	)
Equity contracts		(7,308,304	)		—			(14,803,160	)		(22,111,464	)
Foreign exchange contracts		—			(1,646,378	)		—			(1,646,378	)
Commodity contracts		1,045,512			—			—			1,045,512
Total	$	(10,567,026	)	$	(1,646,378	)	$	(14,803,160	)	$	(27,016,564	)
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	$	477,728		$	—		$	—		$	477,728
Equity contracts		4,280,792			—			8,769			4,289,561
Foreign exchange contracts		—			1,948,984			—			1,948,984
Commodity contracts		(387,633	)		—			—			(387,633	)
Total	$	4,370,887		$	1,948,984		$	8,769		$	6,328,640

The Fund’s derivatives contracts held at April 30, 2018 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The table below discloses the volume of the Fund’s futures contracts, forward foreign currency exchange contracts and swaps activity during the six months ended April 30, 2018. 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	$	51,440,968
Average Notional Balance Short		46,400,182
Ending Notional Balance Long		61,171,406
Ending Notional Balance Short		55,409,616
Equity
Average Notional Balance Long	$	19,168,538
Average Notional Balance Short		73,099,780
Ending Notional Balance Long		2,474,438
Ending Notional Balance Short		93,053,622
Interest
Average Notional Balance Long	$	288,867,060
Average Notional Balance Short		310,453,375
Ending Notional Balance Long		159,113,423
Ending Notional Balance Short		222,806,996
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	71,457,758
Average Settlement Value Sold		110,139,477
Ending Settlement Value Purchased		100,331,016
Ending Settlement Value Sold		155,314,913
Total Return Swaps:
Average Notional Balance Long	$	48,548
Ending Notional Balance Long		48,548
Total Return Basket Swaps:
Average Notional Balance Long	$	289,095,553
Average Notional Balance Short		295,697,431
Ending Notional Balance Long		448,274,759
Ending Notional Balance Short		339,556,521

88 J.P. MORGAN FUNDS APRIL 30, 2018

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 period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the CSOP.

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

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Fund for the six months ended April 30, 2018 are as follows:

	Class A		Class C		Class I		Class R6		Total
Transfer agency fees	$	458	$	23	$	929	$	952	$	2,362

G. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of April 30, 2018, no liability for income tax is required in the Fund’s consolidated financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

For Federal income tax purposes, taxable income of the Fund and the Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of the Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

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

I. Distributions to Shareholders — Distributions from net investment income or net realized capital gains, if any, are generally declared and paid annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and the Subsidiary and for such services is paid a fee. The fee for services to the Fund is accrued daily and paid monthly at an annual rate of 0.75% of the Fund’s average daily net assets.

The Subsidiary has entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.75% of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by

APRIL 30, 2018 J.P. MORGAN FUNDS 89

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.

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

B. Administration Fees — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund and the Subsidiary. In consideration of these services for the Fund, the Administrator receives a fee accrued daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2018, the effective annualized rate was 0.09% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.09% of the average daily net assets of the Subsidiary.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“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 in accordance with Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to JPMDS, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2018, JPMDS did not retain any front-end sales charges or CDSC.

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, except for Class R6 Shares which do not charge a service 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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the CSOP. Prior to March 1, 2018, payments to the custodian were 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 that total annual operating expenses of the Fund, inclusive of the Subsidiary (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Class I			Class R6
	1.25	%		1.75	%		1.00	%		0.75	%

The expense limitation agreement was in effect for the six months ended April 30, 2018, and is in place until at least February 28, 2019.

90 J.P. MORGAN FUNDS APRIL 30, 2018

For the six months ended April 30, 2018, 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
$	539,489	$	190,389	$	1,159	$	731,037	$	571

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 six months ended April 30, 2018 was $146,851.

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 CSOP.

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

The Fund may use related party broker-dealers. For the six months ended April 30, 2018, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended April 30, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	175,972,275	$	255,814,729

During the six months ended April 30, 2018, 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 April 30, 2018 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	431,688,347	$	30,392,627	$	13,780,396	$	16,612,231

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 $526,804, which, if realized, is not deductible for income tax purposes.

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

APRIL 30, 2018 J.P. MORGAN FUNDS 91

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

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 six months ended April 30, 2018.

The Trust, along with certain other trusts (“Borrowers”), has 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 six months ended April 30, 2018.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of April 30, 2018, 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
	1		23.0	%

In addition, as of April 30, 2018, the J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate, 56.9% 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

92 J.P. MORGAN FUNDS APRIL 30, 2018

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. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

APRIL 30, 2018 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, November 1, 2017 and continued to hold your shares at the end of the reporting period, April 30, 2018.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
Systematic Alpha Fund
Class A
Actual	$	1,000.00	$	959.90	$	5.83		1.20	%
Hypothetical		1,000.00		1,018.84		6.01		1.20
Class C
Actual		1,000.00		957.80		8.25		1.70
Hypothetical		1,000.00		1,016.36		8.50		1.70
Class I
Actual		1,000.00		961.10		4.57		0.94
Hypothetical		1,000.00		1,020.13		4.71		0.94
Class R6
Actual		1,000.00		962.70		3.36		0.69
Hypothetical		1,000.00		1,021.37		3.46		0.69

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

94 J.P. MORGAN FUNDS APRIL 30, 2018

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 prospectuses 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., 2018.  All rights reserved. April 2018. SAN-SA-418

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 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. 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.

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.

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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(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.

(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
	June 29, 2018

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
	June 29, 2018

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	June 29, 2018