JPMorgan U.S. Value Fund NCSR Certified annual shareholder report (management investment company)

JPMorgan U.S. Value Fund (VGRIX) N-CSRCertified 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)

Noah D. Greenhill, Esq.

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 October 31, 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).

Annual Report

J.P. Morgan Specialty Funds

October 31, 2018

JPMorgan Opportunistic Equity Long/Short Fund

JPMorgan Research Market Neutral Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Fund, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

LOGO

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			18

Financial Highlights			24

Notes to Financial Statements			28

Report of Independent Registered Public Accounting Firm			38

Trustees			39

Officers			42

Schedule of Shareholder Expenses			43

Board Approval of Investment Advisory Agreements			44

Tax Letter			47

Privacy Policy — Located at the back of this Annual Report

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ 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

November 30, 2018 (Unaudited)

Dear Shareholders,

While the global economic expansion continued, it also became less balanced as European economies slowed and several large emerging market nations struggled with rising interest rates, global trade tensions and/or political uncertainty.

“Record high corporate earnings and continued low inflation provided support for U.S. equity prices, but global financial markets experienced increased volatility throughout 2018 as equity and bond prices slumped in both developed and emerging markets.”

U.S. growth largely outpaced other developed markets during the twelve months ended October 31, 2018 and the synchronized growth that characterized the global economy in 2017 had largely dissipated by the end of the period. Record high corporate earnings and continued low inflation provided support for U.S. equity prices, but global financial markets experienced increased volatility throughout 2018 as equity and bond prices slumped in both developed and emerging markets.

The current U.S. economic expansion became the second longest on record in May 2018 and in July 2018 entered its ninth year. Gross domestic product (GDP) in the U.S. rose an estimated 3.5% for the third quarter of 2018, following a strong showing of 4.2% growth in the second quarter. Already-low unemployment in the U.S. fell to 3.7% in the final two months of the reporting period — a level not seen since the late 1960s — and wage growth jumped 3.2% for production and nonsupervisory workers in October to its highest level since 2009. This helped drive U.S. consumer confidence to its highest levels in 18 years.

Against this backdrop, the U.S. Federal Reserve (the “Fed”) raised interest rates four times during the reporting period and indicated it would raise rates once more by the end of 2018. Importantly, inflation remained subdued throughout the reporting period, which allowed the Fed to provide investors with a relatively steady and predictable path toward higher interest rates.

Across Europe, economic growth slowed during the reporting period, pinched by trade tensions with the U.S. and political uncertainty within the European Union (EU). The 19-nation euro area’s GDP growth reached 2.7% in the fourth quarter of 2017, then slowed in subsequent quarters and fell to an estimated 1.6% in the third quarter of 2018. Unusually cold weather and labor unrest in France and Germany in early 2018 were initially blamed for slowing growth, but subsequent data pointed to a drop in export growth in the EU.

The impending U.K. “Brexit” from the EU — with or without a bilateral agreement — also weighed on investor and business

sentiment. While negotiations continued between the U.K. and the EU, disagreement over U.K. Prime Minister Theresa May’s draft agreement led to a rift within her Conservative Party subsequent to the end of the reporting period. The March 2018 election of a “euro-sceptic” populist government in Italy also added to uncertainty across Europe.

While rising global energy prices helped oil exporting nations, those emerging market nations that are most reliant on foreign debt financing were hurt by rising borrowing costs and a stronger U.S. dollar. Argentina, Brazil, Turkey, South Africa and Indonesia experienced weakness in their currencies as investors pulled capital out of those markets. While China’s economy continued to grow, policy curbs on domestic credit growth early in the reporting period and rising trade tariffs between China and the U.S. in the latter portion of the reporting period were believed to have weighed on China’s economy.

Overall, financial markets outside the U.S. suffered from increased volatility and capital outflows, particularly in the latter part of the reporting period. The MSCI Emerging Markets Index returned -12.2% and the MSCI EAFE Index of non-U.S. developed market equity returned -6.4%. The S&P 500 Index returned 7.35%. Bond markets also underperformed U.S. equity and the Bloomberg Barclays Emerging Markets Debt Index returned -3.39% and the Bloomberg Barclays U.S. Aggregate Index returned -2.05%.

In October 2018, the International Monetary Fund revised downward its forecast for global economic growth to 3.7% for both 2018 and 2019. The organization noted that as the global expansion has continued, the risks from rising trade barriers, higher borrowing costs, elevated petroleum prices and geo-political factors have increased while the potential for positive surprises has receded. Meanwhile, global unemployment continued to shrink through the end of October 2018 and corporate profits, particularly in the U.S., remained elevated.

We believe that among the best tools for navigating the current market environment are a well-diversified investment portfolio and a long term view. 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,

LOGO

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)

U.S. equity markets outperformed other developed market equity as well as emerging markets equity during the reporting period. Record corporate profits, low unemployment rates and high levels of both consumer and business confidence helped propel U.S. equity prices higher. Globally, bond markets largely underperformed equity markets.

After reaching record highs in the final months of 2017, the S&P 500 Index closed in record high territory 14 times in January 2018. However, a sharp sell-off in both equity and bond markets in early February 2018 spread to other markets and helped lift market volatility from historic lows. While global equity and bond prices rebounded somewhat in subsequent months, it wasn’t until August 2018 that the S&P 500 Index returned to record highs. U.S. equity market volatility remained elevated in September and October 2018.

Meanwhile, economic growth in the European Union (EU) decelerated during the reporting period amid weakness in European exports and consumer confidence. Geo-political events, including a newly elected populist government in Italy and continued uncertainty over the final terms of a so-called Brexit agreement also weighed down equity and bond prices across the EU. Investor fears that the U.K. would leave the EU without an exit agreement also weighed on equity prices in London. For the reporting period, the MSCI EAFE Index returned -6.39%.

In emerging markets, a slowdown in credit growth in China and investor concerns about global trade tensions hurt equity prices. A stronger U.S. dollar and rising U.S. interest rates put further pressure on emerging markets, particularly those nations most reliant on foreign lending. For the reporting period, the MSCI Emerging Markets Index returned -12.19%, while the Bloomberg Barclays Emerging Markets Debt Index returned -3.39%.

For the twelve months ended October 31, 2018, the S&P 500 Index returned 7.35%, while the ICE BofAML 3-Month US Treasury Bill Index returned 1.68%.



2	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.00%
Standard & Poor’s 500 Index		7.35%
ICE BofAML 3-Month US Treasury Bill Index (formerly BofA Merrill Lynch U.S. 3-Month Treasury Bill Index)		1.68%

Net Assets as of 10/31/2018 (In Thousands)	$	262,093

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the twelve months ended October 31, 2018.

The Fund’s long positions in the consumer discretionary and communication services sectors were leading detractors from performance relative to the Benchmark, while the Fund’s long positions and short positions within the health care sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight long position in Melco Resorts and Entertainment Ltd. and its underweight long positions in Apple Inc. and Amazon.com Inc. Shares of Melco Resorts and Entertainment, a casino operator based in Hong Kong, fell after the company reported lower-than-expected earnings and revenue for the second quarter of 2018. Shares of Apple, a maker of smartphones and related devices that was not held in the Fund, rose amid continued earnings and revenue growth during the reporting period. Shares of Amazon.com, an Internet retailer, rose amid continued growth in sales and earnings.

Leading individual contributors to absolute performance included the Fund’s long positions in Northrop Grumman Corp.

and Cigna Corp. and its short position in Harley-Davidson Inc. Shares of Northrop Grumman, an aerospace and defense company, rose after the company reported better-than-expected earnings in the third quarter of 2018 and raised its profit forecast. Shares of Cigna, a health insurance provider, rose amid earnings growth and news about the company’s planned acquisition of Express Scripts Holding Co. Shares of Harley-Davidson, a motorcycle manufacturer, fell amid rising trade tariffs and a shrinking U.S. market for motorcycles.

HOW WAS THE FUND POSITIONED?

During the twelve months ended October 31, 2018, the Fund invested an average of 107% 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 twelve month reporting period, the Fund’s average gross exposure was 107% and its average net exposure was 55%.

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

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



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	3

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Cigna Corp.	8.9	%
	2.	Thermo Fisher Scientific, Inc.	7.8
	3.	UnitedHealth Group, Inc.	7.1
	4.	Express Scripts Holding Co.	5.5
	5.	Berkshire Hathaway, Inc., Class A	4.3
	6.	NextEra Energy, Inc.	4.1
	7.	Johnson & Johnson	3.7
	8.	Verizon Communications, Inc.	3.7
	9.	Altice USA, Inc., Class A	3.2
	10.	Berkshire Hathaway, Inc., Class B	2.6


TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Colgate-Palmolive Co.	16.0	%
	2.	Illinois Tool Works, Inc.	15.8
	3.	Cummins, Inc.	10.4
	4.	Molson Coors Brewing Co., Class B	9.3
	5.	Schlumberger Ltd.	7.0
	6.	Sprint Corp.	6.5
	7.	Southern Co. (The)	6.0
	8.	Lam Research Corp.	6.0
	9.	Broadcom, Inc.	5.8
	10.	Kimberly-Clark Corp.	4.3


LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Health Care	33.0	%
Communication Services	11.6
Financials	6.9
Information Technology	4.5
Utilities	4.1
Industrials	1.0
Short-Term Investments	38.9


SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Materials	3.1	%
Communication Services	6.5
Energy	7.0
Utilities	10.2
Information Technology	14.4
Industrials	29.2
Consumer Staples	29.6

***

Percentages indicated are based on total long investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.

****

Percentages indicated are based on total short investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



4	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS A SHARES	August 29, 2014
With Sales Charge*			(3.62	)%		5.84	%
Without Sales Charge			1.74			7.22
CLASS C SHARES	August 29, 2014
With CDSC**			0.21			6.68
Without CDSC			1.21			6.68
CLASS I SHARES	August 29, 2014		2.00			7.48
CLASS R2 SHARES	August 29, 2014		1.48			6.95
CLASS R5 SHARES	August 29, 2014		2.21			7.70
CLASS R6 SHARES	August 29, 2014		2.26			7.75

Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (8/29/14 TO 10/31/18)

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 October 31, 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.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	5

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		0.39%
ICE BofAML 3-Month US Treasury Bill Index (formerly BofA Merrill Lynch U.S. 3-Month Treasury Bill Index)		1.68%

Net Assets as of 10/31/2018 (In Thousands)	$	185,205

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 (the “Benchmark”) for the twelve months ended October 31, 2018.

The Fund’s security selection in the retail and basic materials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the industrial cyclical and pharmaceutical/health care sectors was a leading contributor to relative performance.

Leading individual detractors from absolute performance included the Fund’s long position in Dollar Tree Inc. and its short positions in Boeing Co. and Chipotle Mexican Grill Inc. Shares of Dollar Tree, a discount variety store chain, fell after the company reported lower-than-expected first-quarter earnings and sales. Shares of Boeing, an aircraft manufacturer, rose after the company reported better-than-expected third-quarter earnings and raised its profit forecast amid strong demand. Shares of Chipotle Mexican Grill, a fast food chain, rose after the company reported sales growth for the third quarter.

Leading individual contributors to absolute performance included the Fund’s long positions in Union Pacific Corp. and

Norfolk Southern Corp. and its short position in General Electric Co. Shares of Union Pacific, a freight railroad operator, rose after the company unveiled share repurchase plan and news reports that the company would cut jobs to lower costs. Shares of Norfolk Southern, a freight railroad operator, rose after the company reported better-than-expected earnings for the third quarter. Shares of General Electric, an industrial conglomerate, fell after the company reported lower-than-expected results for several consecutive quarters and its credit rating was downgraded.

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



6	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018


TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Norfolk Southern Corp., (United States)	3.0	%
	2.	Alphabet, Inc., Class C, (United States)	2.9
	3.	Union Pacific Corp., (United States)	2.9
	4.	Microsoft Corp., (United States)	1.9
	5.	NVIDIA Corp., (United States)	1.9
	6.	Amazon.com, Inc., (United States)	1.7
	7.	NextEra Energy, Inc., (United States)	1.7
	8.	Cigna Corp., (United States)	1.7
	9.	UnitedHealth Group, Inc., (United States)	1.6
	10.	Mondelez International, Inc., Class A, (United States)	1.5


TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Southern Co. (The), (United States)	2.3	%
	2.	Schlumberger Ltd., (United States)	2.0
	3.	Chipotle Mexican Grill, Inc., (United States)	1.7
	4.	United Parcel Service, Inc., Class B, (United States)	1.6
	5.	Omnicom Group, Inc., (United States)	1.6
	6.	General Mills, Inc., (United States)	1.6
	7.	Heartland Express, Inc., (United States)	1.6
	8.	Exxon Mobil Corp., (United States)	1.6
	9.	Dominion Energy, Inc., (United States)	1.5
	10.	Canadian National Railway Co., (Canada)	1.5


LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	13.9	%
Industrials	12.1
Consumer Discretionary	11.4
Health Care	8.7
Financials	8.3
Communication Services	7.5
Energy	7.2
Utilities	6.5
Consumer Staples	5.9
Materials	3.0
Real Estate	2.7
Short-Term Investments	12.8


SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Industrials	14.7	%
Consumer Discretionary	12.5
Information Technology	12.2
Financials	10.4
Health Care	9.1
Energy	8.9
Communication Services	7.9
Utilities	7.8
Consumer Staples	7.7
Real Estate	4.8
Materials	4.0

***

Percentages indicated are based on total long investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.

****

Percentages indicated are based on total short investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	7

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 28, 2002
With Sales Charge*				(5.23	)%		(0.41	)%		0.35	%
Without Sales Charge				(0.01	)		0.67			0.89
CLASS C SHARES		November 2, 2009
With CDSC**				(1.53	)		0.15			0.38
Without CDSC				(0.53	)		0.15			0.38
CLASS I SHARES		November 2, 2009		0.20			0.92			1.17
CLASS L SHARES		December 31, 1998		0.39			1.11			1.36

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR FUND PERFORMANCE (10/31/08 TO 10/31/18)

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 similar to those shown because Class C Shares have similar expenses to Class B Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Research Market Neutral Fund, ICE BofAML 3-Month US Treasury Bill Index and Lipper Alternative Equity Market Neutral Funds Index from October 31, 2008 to October 31, 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.



8	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — 108.4%
Common Stocks — 66.2%
Diversified Financial Services — 7.5%
Berkshire Hathaway, Inc., Class A *		—	(a)		12,308
Berkshire Hathaway, Inc., Class B *		36			7,328

					19,636

Diversified Telecommunication Services — 4.0%
Verizon Communications, Inc. (b)		184			10,531

Electric Utilities — 4.4%
NextEra Energy, Inc. (b)		68			11,696

Health Care Providers & Services — 23.3%
Cigna Corp.		118			25,224
Express Scripts Holding Co. *		162			15,699
UnitedHealth Group, Inc. (b)		77			20,089

					61,012

Interactive Media & Services — 1.6%
Alphabet, Inc., Class A *		4			4,205

IT Services — 3.4%
Fiserv, Inc. * (b)		87			6,915
Mastercard, Inc., Class A (b)		3			641
PayPal Holdings, Inc. *		8			665
Visa, Inc., Class A (b)		5			659

					8,880

Life Sciences Tools & Services — 8.5%
Thermo Fisher Scientific, Inc. (b)		95			22,276

Media — 5.8%
Altice USA, Inc., Class A		550			8,977
Discovery, Inc., Class A *		191			6,187

					15,164

Pharmaceuticals — 4.0%
Johnson & Johnson (b)		75			10,562

Road & Rail — 1.0%
Union Pacific Corp. (b)		18			2,704

Software — 1.5%
Microsoft Corp. (b)		37			3,925

Wireless Telecommunication Services — 1.2%
T-Mobile US, Inc. *		45			3,070

Total Common Stocks (Cost $158,051)					173,661


INVESTMENTS	SHARES (000)			VALUE ($000)
Short-Term Investments — 42.2%
Investment Companies — 42.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (c) (d) (Cost $110,482)		110,482			110,482

Total Long Positions (Cost $268,533)					284,143

Short Positions — (17.0)%
Common Stocks — (17.0)%
Aerospace & Defense — (0.5)%
Raytheon Co.		(8	)		(1,320	)

Beverages — (1.6)%
Molson Coors Brewing Co., Class B		(65	)		(4,163	)

Chemicals — (0.5)%
Albemarle Corp.		(14	)		(1,384	)

Electric Utilities — (1.0)%
Southern Co. (The)		(60	)		(2,679	)

Energy Equipment & Services — (1.2)%
Schlumberger Ltd.		(60	)		(3,099	)

Household Products — (3.4)%
Colgate-Palmolive Co.		(119	)		(7,104	)
Kimberly-Clark Corp.		(18	)		(1,893	)

					(8,997	)

Machinery — (4.5)%
Cummins, Inc.		(34	)		(4,647	)
Illinois Tool Works, Inc.		(55	)		(7,037	)

					(11,684	)

Multi-Utilities — (0.7)%
Consolidated Edison, Inc.		(21	)		(1,610	)
Dominion Energy, Inc.		(4	)		(265	)

					(1,875	)

Semiconductors & Semiconductor Equipment — (2.5)%
Broadcom, Inc.		(12	)		(2,597	)
Lam Research Corp.		(19	)		(2,657	)
Micron Technology, Inc. *		(21	)		(793	)
Texas Instruments, Inc.		(4	)		(372	)

					(6,419	)

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	9

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Wireless Telecommunication Services — (1.1)%
Sprint Corp. *		(475	)		(2,910	)

Total Common Stocks (Proceeds $(46,461))					(44,530	)

Total Short Positions (Proceeds $(46,461))					(44,530	)

Total Investments — 91.4% (Cost $222,072)					239,613
Other Assets Less Liabilities — 8.6%					22,480

Net Assets — 100.0%					262,093

Percentages indicated are based on net assets.


(a)		Amount rounds to less than one thousand.
(b)		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 approximately $43,392,000 and $80,967,000, respectively.
(c)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of October 31, 2018.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 97.8%
Common Stocks — 85.3%
Aerospace & Defense — 2.0%
General Dynamics Corp.		15		2,577
Northrop Grumman Corp.		2		444
United Technologies Corp.		5		617

				3,638

Airlines — 0.3%
Delta Air Lines, Inc. (a)		12		642

Auto Components — 0.5%
Aptiv plc		6		427
BorgWarner, Inc.		11		451

				878

Banks — 3.3%
Bank of America Corp. (a)		56		1,540
Citigroup, Inc.		6		368
Comerica, Inc.		4		312
KeyCorp		59		1,068
Regions Financial Corp.		40		680
SunTrust Banks, Inc.		11		717
SVB Financial Group *		6		1,402

				6,087

Beverages — 0.7%
Coca-Cola Co. (The)		17		810
PepsiCo, Inc.		5		545

				1,355

Biotechnology — 0.9%
Alexion Pharmaceuticals, Inc. *		5		513
Biogen, Inc. *		1		310
Vertex Pharmaceuticals, Inc. *		5		912

				1,735

Capital Markets — 2.6%
Ameriprise Financial, Inc.		5		579
CME Group, Inc.		12		2,263
Morgan Stanley (a)		29		1,331
S&P Global, Inc.		3		553

				4,726

Chemicals — 1.7%
Celanese Corp.		11		1,040
DowDuPont, Inc. (a)		11		571
Eastman Chemical Co.		19		1,508

				3,119


INVESTMENTS	SHARES (000)			VALUE ($000)


Consumer Finance — 0.4%
American Express Co.		8			822

Containers & Packaging — 1.3%
Avery Dennison Corp.		12			1,058
Crown Holdings, Inc. *		13			551
Packaging Corp. of America		7			652
WestRock Co.		2			105

					2,366

Diversified Telecommunication Services — 0.6%
Verizon Communications, Inc.		19			1,084

Electric Utilities — 4.0%
Evergy, Inc.		26			1,460
Exelon Corp.		41			1,782
NextEra Energy, Inc. (a)		18			3,128
Xcel Energy, Inc. (a)		22			1,080

					7,450

Electrical Equipment — 0.2%
Eaton Corp. plc (a)		6			409

Electronic Equipment, Instruments & Components — 0.0% (b)
Resideo Technologies, Inc. *		—	(c)		—	(c)

Entertainment — 2.1%
Electronic Arts, Inc. *		18			1,679
Twenty-First Century Fox, Inc., Class A		35			1,576
Walt Disney Co. (The) (a)		6			711

					3,966

Equity Real Estate Investment Trusts (REITs) — 2.6%
AvalonBay Communities, Inc.		7			1,140
Brixmor Property Group, Inc.		19			305
Federal Realty Investment Trust		2			273
Host Hotels & Resorts, Inc.		14			274
Prologis, Inc.		20			1,282
Ventas, Inc.		19			1,088
Vornado Realty Trust (a)		8			549

					4,911

Food & Staples Retailing — 0.4%
Costco Wholesale Corp.		3			728

Food Products — 2.1%
Conagra Brands, Inc.		25			906
Mondelez International, Inc., Class A		65			2,710
Post Holdings, Inc. * (a)		2			209

					3,825

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	11

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Health Care Equipment & Supplies — 2.3%
Boston Scientific Corp. *		60			2,161
Medtronic plc		2			189
Zimmer Biomet Holdings, Inc.		17			1,877

					4,227

Health Care Providers & Services — 3.7%
Anthem, Inc.		3			945
Cigna Corp. (a)		14			3,045
UnitedHealth Group, Inc. (a)		11			2,848

					6,838

Hotels, Restaurants & Leisure — 1.8%
Hilton Worldwide Holdings, Inc.		18			1,278
Royal Caribbean Cruises Ltd.		6			677
Yum! Brands, Inc.		16			1,404

					3,359

Household Durables — 0.2%
MDC Holdings, Inc.		15			417

Household Products — 0.5%
Energizer Holdings, Inc.		14			851

Industrial Conglomerates — 0.9%
Honeywell International, Inc.		12			1,732

Insurance — 1.8%
Allstate Corp. (The)		15			1,409
Arthur J Gallagher & Co.		6			447
Axis Capital Holdings Ltd.		9			529
Principal Financial Group, Inc.		9			405
Willis Towers Watson plc		4			528

					3,318

Interactive Media & Services — 2.8%
Alphabet, Inc., Class C * (a)		5			5,247

Internet & Direct Marketing Retail — 2.6%
Amazon.com, Inc. *		2			3,162
Booking Holdings, Inc. *		—	(c)		690
Expedia Group, Inc.		7			913

					4,765

IT Services — 4.7%
Anaplan, Inc. *		36			828
Automatic Data Processing, Inc.		15			2,127
Fidelity National Information Services, Inc.		6			574
First Data Corp., Class A *		14			262
Fiserv, Inc. *		5			366


INVESTMENTS	SHARES (000)		VALUE ($000)


IT Services — continued
Mastercard, Inc., Class A		6		1,223
PayPal Holdings, Inc. *		3		255
Visa, Inc., Class A		8		1,094
WEX, Inc. * (a)		5		903
Worldpay, Inc. *		11		1,028

				8,660

Machinery — 1.5%
Ingersoll-Rand plc		18		1,775
Stanley Black & Decker, Inc. (a)		9		1,071

				2,846

Media — 1.0%
Charter Communications, Inc., Class A *		4		1,132
Discovery, Inc., Class A *		25		799

				1,931

Multiline Retail — 1.0%
Dollar General Corp.		5		559
Dollar Tree, Inc. *		16		1,354

				1,913

Multi-Utilities — 2.3%
Ameren Corp.		13		815
NiSource, Inc.		7		173
Public Service Enterprise Group, Inc.		22		1,166
Sempra Energy		12		1,371
WEC Energy Group, Inc.		12		817

				4,342

Oil, Gas & Consumable Fuels — 7.0%
Chevron Corp.		5		512
Cimarex Energy Co.		3		248
Concho Resources, Inc. *		3		440
Diamondback Energy, Inc.		11		1,277
EOG Resources, Inc.		23		2,399
Marathon Petroleum Corp.		30		2,143
Occidental Petroleum Corp. (a)		30		2,036
ONEOK, Inc.		13		854
Parsley Energy, Inc., Class A *		26		618
Pioneer Natural Resources Co. (a)		17		2,514

				13,041

Pharmaceuticals — 1.6%
Eli Lilly & Co.		6		664
Merck & Co., Inc.		8		607

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Pharmaceuticals — continued
Pfizer, Inc.		38		1,631

				2,902

Professional Services — 0.3%
TransUnion		7		490

Road & Rail — 6.6%
Canadian Pacific Railway Ltd. (Canada)		7		1,523
Norfolk Southern Corp. (a)		32		5,439
Union Pacific Corp. (a)		35		5,185

				12,147

Semiconductors & Semiconductor Equipment — 5.2%
Analog Devices, Inc.		15		1,215
Broadcom, Inc.		6		1,413
NVIDIA Corp.		16		3,354
NXP Semiconductors NV (Netherlands)		13		996
ON Semiconductor Corp. *		33		569
Texas Instruments, Inc. (a)		22		2,020

				9,567

Software — 3.8%
Adobe, Inc. *		3		628
Microsoft Corp. (a)		32		3,465
salesforce.com, Inc. *		17		2,367
ServiceNow, Inc. *		3		565

				7,025

Specialty Retail — 4.4%
Advance Auto Parts, Inc.		2		387
AutoZone, Inc. *		2		1,231
Best Buy Co., Inc.		6		439
Lowe’s Cos., Inc.		12		1,187
O’Reilly Automotive, Inc. *		7		2,239
Ross Stores, Inc.		19		1,883
TJX Cos., Inc. (The)		7		759

				8,125

Textiles, Apparel & Luxury Goods — 0.7%
PVH Corp.		10		1,249

Tobacco — 2.1%
Altria Group, Inc.		28		1,811
Philip Morris International, Inc.		24		2,130

				3,941


INVESTMENTS	SHARES (000)			VALUE ($000)


Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc. *		21			1,408

Total Common Stocks (Cost $131,855)					158,082

Short-Term Investments — 12.5%
Investment Companies — 12.4%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.25% (d) (e) (Cost $22,863)		22,862			22,866


	PRINCIPAL AMOUNT (000)
U.S. Treasury Obligations — 0.1%
U.S. Treasury Bills 2.00%, 1/31/2019 (f) (g) (Cost $232)		233			232

Total Short-Term Investments (Cost $23,095)					23,098

Total Long Positions (Cost $154,950)					181,180


	SHARES (000)
Short Positions — (84.8)%
Common Stocks — (84.8)%
Aerospace & Defense — (1.8)%
Boeing Co. (The)		(1	)		(446	)
Huntington Ingalls Industries, Inc.		(3	)		(565	)
Lockheed Martin Corp.		(4	)		(1,183	)
Raytheon Co.		(4	)		(707	)
Textron, Inc.		(9	)		(481	)

					(3,382	)

Air Freight & Logistics — (1.9)%
CH Robinson Worldwide, Inc.		(5	)		(485	)
Expeditors International of Washington, Inc.		(6	)		(412	)
United Parcel Service, Inc., Class B		(24	)		(2,555	)

					(3,452	)

Auto Components — (0.2)%
Autoliv, Inc. (Sweden)		(3	)		(273	)
Veoneer, Inc. (Sweden) *		(3	)		(110	)

					(383	)

Automobiles — (1.5)%
General Motors Co.		(34	)		(1,240	)
Harley-Davidson, Inc.		(11	)		(409	)
Tesla, Inc. *		(3	)		(1,119	)

					(2,768	)

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	13

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Banks — (3.5)%
Associated Banc-Corp.		(61	)		(1,405	)
BancorpSouth Bank		(31	)		(887	)
Bank of Hawaii Corp.		(15	)		(1,191	)
Commerce Bancshares, Inc.		(4	)		(223	)
First Hawaiian, Inc.		(35	)		(861	)
People’s United Financial, Inc.		(57	)		(896	)
PNC Financial Services Group, Inc. (The)		(8	)		(1,041	)

					(6,504	)

Beverages — (0.7)%
Brown-Forman Corp., Class B		(29	)		(1,356	)

Biotechnology — (2.0)%
AbbVie, Inc.		(24	)		(1,900	)
Amgen, Inc.		(10	)		(1,832	)

					(3,732	)

Building Products — (0.5)%
Johnson Controls International plc		(30	)		(949	)

Capital Markets — (2.9)%
FactSet Research Systems, Inc.		(3	)		(624	)
Federated Investors, Inc., Class B		(23	)		(579	)
Goldman Sachs Group, Inc. (The)		(2	)		(384	)
Invesco Ltd.		(51	)		(1,115	)
Legg Mason, Inc.		(19	)		(541	)
Moody’s Corp.		(1	)		(174	)
Nasdaq, Inc.		(4	)		(384	)
Northern Trust Corp.		(5	)		(505	)
State Street Corp.		(3	)		(223	)
Waddell & Reed Financial, Inc., Class A		(47	)		(897	)

					(5,426	)

Chemicals — (2.2)%
Albemarle Corp.		(18	)		(1,736	)
LyondellBasell Industries NV, Class A		(14	)		(1,293	)
PPG Industries, Inc.		(11	)		(1,106	)

					(4,135	)

Communications Equipment — (1.3)%
Cisco Systems, Inc.		(33	)		(1,526	)
Juniper Networks, Inc.		(33	)		(967	)

					(2,493	)

Consumer Finance — (0.5)%
Synchrony Financial		(33	)		(953	)


INVESTMENTS	SHARES (000)			VALUE ($000)


Diversified Telecommunication Services — (0.4)%
AT&T, Inc.		(24	)		(733	)

Electric Utilities — (3.8)%
Duke Energy Corp.		(25	)		(2,104	)
Pinnacle West Capital Corp.		(16	)		(1,304	)
Southern Co. (The)		(79	)		(3,562	)

					(6,970	)

Electrical Equipment — (0.5)%
Rockwell Automation, Inc.		(5	)		(835	)

Electronic Equipment, Instruments & Components — (0.4)%
Amphenol Corp., Class A		(9	)		(792	)

Energy Equipment & Services — (2.6)%
Halliburton Co.		(17	)		(590	)
Helmerich & Payne, Inc.		(17	)		(1,035	)
Schlumberger Ltd.		(61	)		(3,130	)

					(4,755	)

Entertainment — (0.8)%
Cinemark Holdings, Inc.		(20	)		(835	)
Viacom, Inc., Class A		—	(c)		(7	)
Viacom, Inc., Class B		(19	)		(613	)

					(1,455	)

Equity Real Estate Investment Trusts (REITs) — (4.0)%
Alexandria Real Estate Equities, Inc.		(4	)		(534	)
American Tower Corp.		(7	)		(1,070	)
Apple Hospitality REIT, Inc.		(26	)		(426	)
CBL & Associates Properties, Inc.		(30	)		(100	)
Crown Castle International Corp.		(9	)		(994	)
Extra Space Storage, Inc.		(2	)		(209	)
Macerich Co. (The)		(10	)		(529	)
Pennsylvania		(15	)		(133	)
Regency Centers Corp.		(4	)		(257	)
Simon Property Group, Inc.		(6	)		(1,148	)
SL Green Realty Corp.		(7	)		(618	)
Taubman Centers, Inc.		(3	)		(190	)
Washington Prime Group, Inc.		(31	)		(201	)
Welltower, Inc.		(16	)		(1,080	)

					(7,489	)

Food & Staples Retailing — (1.3)%
Kroger Co. (The)		(37	)		(1,110	)
Walgreens Boots Alliance, Inc.		(15	)		(1,217	)

					(2,327	)

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Food Products — (3.0)%
Campbell Soup Co.		(25	)		(945	)
General Mills, Inc.		(58	)		(2,522	)
Hershey Co. (The)		(19	)		(2,005	)

					(5,472	)

Gas Utilities — (0.6)%
National Fuel Gas Co.		(10	)		(527	)
UGI Corp.		(9	)		(498	)

					(1,025	)

Health Care Equipment & Supplies — (2.1)%
Abbott Laboratories		(9	)		(653	)
Baxter International, Inc.		(3	)		(190	)
Becton Dickinson and Co.		(2	)		(526	)
DENTSPLY SIRONA, Inc.		(11	)		(384	)
Edwards Lifesciences Corp. *		(2	)		(278	)
Stryker Corp.		(6	)		(946	)
Varian Medical Systems, Inc. *		(8	)		(980	)

					(3,957	)

Health Care Providers & Services — (2.3)%
Cardinal Health, Inc.		(44	)		(2,207	)
Henry Schein, Inc. *		(9	)		(783	)
Humana, Inc.		(1	)		(467	)
Patterson Cos., Inc.		(32	)		(729	)

					(4,186	)

Health Care Technology — (0.2)%
Cerner Corp. *		(6	)		(340	)

Hotels, Restaurants & Leisure — (2.5)%
Aramark		(13	)		(457	)
Bloomin’ Brands, Inc.		(13	)		(266	)
Brinker International, Inc.		(7	)		(313	)
Carnival Corp.		(6	)		(311	)
Chipotle Mexican Grill, Inc. *		(6	)		(2,676	)
McDonald’s Corp.		(3	)		(558	)

					(4,581	)

Household Durables — (0.3)%
Whirlpool Corp.		(5	)		(555	)

Household Products — (1.6)%
Church & Dwight Co., Inc.		(12	)		(683	)
Clorox Co. (The)		(8	)		(1,198	)
Procter & Gamble Co. (The)		(13	)		(1,112	)

					(2,993	)


INVESTMENTS	SHARES (000)			VALUE ($000)


Industrial Conglomerates — (1.7)%
3M Co.		(9	)		(1,636	)
General Electric Co.		(144	)		(1,458	)

					(3,094	)

Insurance — (1.8)%
Aflac, Inc.		(12	)		(495	)
Chubb Ltd.		(8	)		(1,028	)
RenaissanceRe Holdings Ltd. (Bermuda)		(1	)		(164	)
Torchmark Corp.		(6	)		(540	)
Travelers Cos., Inc. (The)		(4	)		(555	)
WR Berkley Corp.		(8	)		(601	)

					(3,383	)

Interactive Media & Services — (1.0)%
Facebook, Inc., Class A *		(9	)		(1,306	)
Snap, Inc., Class A *		(72	)		(479	)

					(1,785	)

Internet & Direct Marketing Retail — (0.9)%
eBay, Inc. *		(59	)		(1,719	)

IT Services — (1.3)%
Cognizant Technology Solutions Corp., Class A		(4	)		(272	)
International Business Machines Corp.		(6	)		(646	)
Paychex, Inc.		(22	)		(1,452	)

					(2,370	)

Leisure Products — (0.6)%
Mattel, Inc. *		(82	)		(1,118	)

Machinery — (0.4)%
Donaldson Co., Inc.		(15	)		(763	)

Media — (3.8)%
AMC Networks, Inc., Class A *		(30	)		(1,751	)
Entercom Communications Corp., Class A		(36	)		(234	)
Interpublic Group of Cos., Inc. (The)		(42	)		(970	)
News Corp., Class A		(125	)		(1,653	)
Omnicom Group, Inc.		(34	)		(2,524	)

					(7,132	)

Metals & Mining — (0.5)%
Compass Minerals International, Inc.		(18	)		(865	)

Multi-Utilities — (2.3)%
CenterPoint Energy, Inc.		(25	)		(676	)
Consolidated Edison, Inc.		(5	)		(370	)
Dominion Energy, Inc.		(34	)		(2,407	)
DTE Energy Co.		(8	)		(862	)

					(4,315	)

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	15

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — (5.0)%
Anadarko Petroleum Corp.		(4	)		(237	)
Apache Corp.		(32	)		(1,215	)
Continental Resources, Inc. *		(4	)		(227	)
Enbridge, Inc. (Canada)		(36	)		(1,126	)
Exxon Mobil Corp.		(31	)		(2,459	)
Hess Corp.		(37	)		(2,115	)
Murphy Oil Corp.		(18	)		(577	)
Range Resources Corp.		(77	)		(1,226	)

					(9,182	)

Paper & Forest Products — (0.7)%
Domtar Corp.		(29	)		(1,356	)

Pharmaceuticals — (1.1)%
Johnson & Johnson		(14	)		(2,020	)

Professional Services — (1.2)%
Nielsen Holdings plc		(38	)		(981	)
Robert Half International, Inc.		(20	)		(1,235	)

					(2,216	)

Road & Rail — (3.8)%
Canadian National Railway Co. (Canada)		(27	)		(2,319	)
Heartland Express, Inc.		(129	)		(2,510	)
Knight-Swift Transportation Holdings, Inc.		(10	)		(313	)
Ryder System, Inc.		(11	)		(628	)
Schneider National, Inc., Class B		(34	)		(733	)
Werner Enterprises, Inc.		(15	)		(495	)

					(6,998	)

Semiconductors & Semiconductor Equipment — (5.5)%
Applied Materials, Inc.		(34	)		(1,107	)
Intel Corp.		(48	)		(2,239	)
KLA-Tencor Corp.		(6	)		(580	)
Lam Research Corp.		(12	)		(1,654	)
Maxim Integrated Products, Inc.		(32	)		(1,623	)
Micron Technology, Inc. *		(45	)		(1,709	)
QUALCOMM, Inc.		(11	)		(709	)
Xilinx, Inc.		(7	)		(556	)

					(10,177	)

Software — (0.1)%
Citrix Systems, Inc. *		(3	)		(277	)

Specialty Retail — (2.4)%
Abercrombie & Fitch Co., Class A		(19	)		(374	)
American Eagle Outfitters, Inc.		(9	)		(204	)
Ascena Retail Group, Inc. *		(98	)		(376	)


INVESTMENTS	SHARES (000)			VALUE ($000)


Specialty Retail — continued
AutoNation, Inc. *		(6	)		(235	)
Bed Bath & Beyond, Inc.		(60	)		(829	)
Buckle, Inc. (The)		(5	)		(105	)
CarMax, Inc. *		(5	)		(307	)
DSW, Inc., Class A		(28	)		(737	)
Express, Inc. *		(42	)		(367	)
L Brands, Inc.		(5	)		(166	)
Williams-Sonoma, Inc.		(12	)		(720	)

					(4,420	)

Technology Hardware, Storage & Peripherals — (1.7)%
HP, Inc.		(23	)		(549	)
NetApp, Inc.		(11	)		(880	)
Seagate Technology plc		(29	)		(1,155	)
Western Digital Corp.		(12	)		(512	)

					(3,096	)

Textiles, Apparel & Luxury Goods — (2.2)%
Carter’s, Inc.		(5	)		(458	)
Hanesbrands, Inc.		(93	)		(1,603	)
NIKE, Inc., Class B		(10	)		(748	)
Under Armour, Inc., Class A *		(40	)		(892	)
Under Armour, Inc., Class C *		(17	)		(345	)

					(4,046	)

Trading Companies & Distributors — (0.7)%
Air Lease Corp.		(17	)		(664	)
GATX Corp.		(9	)		(658	)

					(1,322	)

Wireless Telecommunication Services — (0.7)%
Sprint Corp. *		(219	)		(1,341	)

Total Common Stocks (Proceeds $(171,281))					(156,993	)

Total Short Positions (Proceeds $(171,281))					(156,993	)

Total Investments — 13.0% (Cost $(16,331))					24,187
Other Assets Less Liabilities — 87.0%					161,018

Net Assets — 100.0%					185,205

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018


Abbreviations
REIT		Real Estate Investment Trust
(a)		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 approximately $33,612,000 and $163,657,000, respectively.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Amount rounds to less than one thousand.
(d)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of October 31, 2018.
(f)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(g)		The rate shown is the effective yield as of October 31, 2018.
*		Non-income producing security.

Futures contracts outstanding as of October 31, 2018 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

12/2018

USD

949


Abbreviations
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	17

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018

(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	$	173,661		$	158,314
Investments in affiliates, at value		110,482			22,866
Cash		—			—	(a)
Deposits at broker for securities sold short		80,967			163,657
Receivables:
Due from custodian		745			—
Investment securities sold		12,524			17,866
Fund shares sold		442			30
Dividends from non-affiliates		123			354
Dividends from affiliates		140			38
Variation margin on futures contracts		—			10

Total Assets		379,084			363,135


LIABILITIES:
Payables:
Securities sold short, at value		44,530			156,993
Dividend expense to non-affiliates on securities sold short		109			190
Investment securities purchased		71,409			19,992
Fund shares redeemed		465			522
Accrued liabilities:
Investment advisory fees		260			91
Administration fees		17			—
Distribution fees		15			7
Service fees		42			21
Custodian and accounting fees		6			6
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—
Other		138			108

Total Liabilities		116,991			177,930

Net Assets	$	262,093		$	185,205

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018


	JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	245,166		$	187,550
Total distributable earnings (loss) (a)		16,927			(2,345	)

Total Net Assets	$	262,093		$	185,205


Net Assets:
Class A	$	50,803		$	14,973
Class C		3,544			6,155
Class I		151,261			34,927
Class L		—			129,150
Class R2		24			—
Class R5		25			—
Class R6		56,436			—

Total	$	262,093		$	185,205


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		2,788			1,048
Class C		199			462
Class I		8,209			2,339
Class L		—			8,477
Class R2		1			—
Class R5		1			—
Class R6		3,029			—

Net Asset Value (b):
Class A — Redemption price per share	$	18.22		$	14.29
Class C — Offering price per share (c)		17.83			13.32
Class I — Offering and redemption price per share		18.43			14.93
Class L — Offering and redemption price per share		—			15.24
Class R2 — Offering and redemption price per share		18.03			—
Class R5 — Offering and redemption price per share		18.59			—
Class R6 — Offering and redemption price per share		18.63			—
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	19.23		$	15.08


Cost of investments in non-affiliates	$	158,051		$	132,087
Cost of investments in affiliates		110,482			22,863
Proceeds from securities sold short		46,461			171,281

(a)	Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	19

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2018

(Amounts in thousands)


	JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	4
Interest income from affiliates		—	(a)		—	(a)
Interest income from non-affiliates on securities sold short		806			2,480
Dividend income from non-affiliates		1,498			2,731
Dividend income from affiliates		654			441

Total investment income		2,958			5,656


EXPENSES:
Investment advisory fees		2,488			1,633
Administration fees		168			166
Distribution fees:
Class A		147			41
Class C		22			58
Class R2		—	(a)		—
Service fees:
Class A		147			41
Class C		7			19
Class I		313			102
Class L		—			139
Class R2		—	(a)		—
Class R5		—	(a)		—
Custodian and accounting fees		28			35
Interest expense to affiliates		10			5
Professional fees		99			82
Trustees’ and Chief Compliance Officer’s fees		25			25
Printing and mailing costs		33			31
Registration and filing fees		30			53
Transfer agency fees (See Note 2.H.)		7			13
Other		9			9
Dividend expense to non-affiliates on securities sold short		1,517			4,652

Total expenses		5,050			7,104

Less fees waived		(162	)		(578	)
Less expense reimbursements		—	(a)		—

Net expenses		4,888			6,526

Net investment income (loss)		(1,930	)		(870	)


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,281			28,299
Investments in affiliates		—			(4	)
Options purchased		(945	)		—
Futures contracts		(335	)		(331	)
Securities sold short		1,009			(19,202	)
Foreign currency transactions		—			—	(a)
Options written		123			—

Net realized gain (loss)		3,133			8,762

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,876			(21,895	)
Investments in affiliates		—			3
Options purchased		234			—
Futures contracts		—			43
Securities sold short		295			14,571
Foreign currency translations		—			—	(a)
Options written		(23	)		—

Change in net unrealized appreciation/depreciation		2,382			(7,278	)

Net realized/unrealized gains (losses)		5,515			1,484

Change in net assets resulting from operations	$	3,585		$	614

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)



	JPMorgan Opportunistic Equity Long/Short Fund						JPMorgan Research Market Neutral Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(1,930	)	$	(1,656	)	$	(870	)	$	(3,157	)
Net realized gain (loss)		3,133			19,475			8,762			45,237
Change in net unrealized appreciation/depreciation		2,382			5,857			(7,278	)		(25,539	)

Change in net assets resulting from operations		3,585			23,676			614			16,541


DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(640	)		(3,097	)		(490	)		—
Class C		(37	)		(187	)		(254	)		—
Class I		(1,327	)		(9,417	)		(1,120	)		—
Class L		—			—			(3,655	)		—
Class R2		—	(b)		(2	)		—			—
Class R5		—	(b)		(1	)		—			—
Class R6		(80	)		(544	)		—			—

Total distributions to shareholders		(2,084	)		(13,248	)		(5,519	)		—


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		99,171			(62,641	)		(29,421	)		(144,361	)
		��

NET ASSETS:
Change in net assets		100,672			(52,213	)		(34,326	)		(127,820	)
Beginning of period		161,421			213,634			219,531			347,351

End of period	$	262,093		$	161,421		$	185,205		$	219,531

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:


	JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
Class A
From net realized gains		(3,097	)		—
Class C
From net realized gains		(187	)		—
Class I
From net realized gains		(9,417	)		—
Class R2
From net realized gains		(2	)		—
Class R5
From net realized gains		(1	)		—
Class R6
From net realized gains		(544	)		—

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	21

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
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	27,343		$	21,397		$	4,543		$	2,593
Distributions reinvested		638			3,087			465			—
Cost of shares redeemed		(26,682	)		(21,283	)		(7,463	)		(11,262	)

Change in net assets resulting from Class A capital transactions	$	1,299		$	3,201		$	(2,455	)	$	(8,669	)

Class C
Proceeds from shares issued	$	1,606		$	407		$	797		$	409
Distributions reinvested		37			187			226			—
Cost of shares redeemed		(690	)		(1,426	)		(5,489	)		(5,187	)

Change in net assets resulting from Class C capital transactions	$	953		$	(832	)	$	(4,466	)	$	(4,778	)

Class I
Proceeds from shares issued	$	112,834		$	34,015		$	14,372		$	7,361
Distributions reinvested		1,327			9,182			1,064			—
Cost of shares redeemed		(67,068	)		(105,645	)		(23,736	)		(19,265	)

Change in net assets resulting from Class I capital transactions	$	47,093		$	(62,448	)	$	(8,300	)	$	(11,904	)

Class L
Proceeds from shares issued	$	—		$	—		$	6,739		$	11,368
Distributions reinvested		—			—			3,591			—
Cost of shares redeemed		—			—			(24,530	)		(130,378	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(14,200	)	$	(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	$	51,732		$	605		$	—		$	—
Distributions reinvested		80			544			—			—
Cost of shares redeemed		(1,986	)		(3,714	)		—			—

Change in net assets resulting from Class R6 capital transactions	$	49,826		$	(2,565	)	$	—		$	—

Total change in net assets resulting from capital transactions	$	99,171		$	(62,641	)	$	(29,421	)	$	(144,361	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018



	JPMorgan Opportunistic Equity Long/Short Fund						JPMorgan Research Market Neutral Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		1,489			1,199			316			180
Reinvested		36			178			33			—
Redeemed		(1,459	)		(1,184	)		(521	)		(795	)

Change in Class A Shares		66			193			(172	)		(615	)

Class C
Issued		90			24			59			30
Reinvested		2			11			17			—
Redeemed		(39	)		(82	)		(406	)		(387	)

Change in Class C Shares		53			(47	)		(330	)		(357	)

Class I
Issued		6,124			1,859			966			494
Reinvested		73			524			72			—
Redeemed		(3,627	)		(5,957	)		(1,590	)		(1,306	)

Change in Class I Shares		2,570			(3,574	)		(552	)		(812	)

Class L
Issued		—			—			441			761
Reinvested		—			—			240			—
Redeemed		—			—			(1,606	)		(8,719	)

Change in Class L Shares		—			—			(925	)		(7,958	)

Class R2
Reinvested		—	(a)		—	(a)		—			—

Change in Class R2 Shares		—	(a)		—	(a)		—			—

Class R5
Reinvested		—	(a)		—	(a)		—			—

Change in Class R5 Shares		—	(a)		—	(a)		—			—

Class R6
Issued		2,787			33			—			—
Reinvested		4			31			—			—
Redeemed		(106	)		(207	)		—			—

Change in Class R6 Shares		2,685			(143	)		—			—

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations			Net realized gain
JPMorgan Opportunistic Equity Long/Short Fund
Class A
Year Ended October 31, 2018	$	18.13	$	(0.21	)	$	0.53	$	0.32		$	(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
Year Ended October 31, 2018		17.83		(0.29	)		0.52		0.23			(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
Year Ended October 31, 2018		18.28		(0.16	)		0.54		0.38			(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
Year Ended October 31, 2018		17.98		(0.25	)		0.53		0.28			(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
Year Ended October 31, 2018		18.41		(0.13	)		0.54		0.41			(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
Year Ended October 31, 2018		18.44		(0.12	)		0.54		0.42			(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)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% or unless otherwise noted.

(f)

The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.82% and 1.90% for the year ended October 31, 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 2.40% for the year ended October 31, 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 1.65% for the year ended October 31, 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 2.27% for the year ended October 31, 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 1.39% and 1.62% for the year ended October 31, 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 1.32% and 1.38% for the year ended October 31, 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.

(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.



24	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 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 securities sold short) (c)


$	18.22		1.80	%	$	50,803		2.55	%		(1.11	)%		2.63	%		548	%		995	%
	18.13		13.58			49,338		2.42			(1.05	)		2.61			493			795
	17.12		(0.53	)		43,298		2.26			(0.96	)		2.53			463			749
	17.37		10.74			30,480		2.38	(g)		(1.70	)(g)		2.77	(g)		347			734
	15.75		5.00			52		2.65	(g)		(2.24	)(g)		12.33	(g)		94			178

	17.83		1.32			3,544		3.05			(1.61	)		3.13			548			995
	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

	18.43		2.12			151,261		2.30			(0.87	)		2.38			548			995
	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

	18.03		1.59			24		2.80			(1.36	)		3.00			548			995
	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

	18.59		2.27			25		2.12			(0.68	)		2.35			548			995
	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

	18.63		2.32			56,436		2.05			(0.66	)		2.11			548			995
	18.44		14.13			6,350		1.90			(0.56	)		2.06			493			795
	17.31		(0.06	)		8,432		1.75			(0.45	)		2.06			463			749
	17.48		11.37			21		2.04	(g)		(1.27	)(g)		3.96	(g)		347			734
	15.76		5.07			53		2.15	(g)		(1.74	)(g)		11.82	(g)		94			178

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	25

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Research Market Neutral Fund
Class A
Year Ended October 31, 2018	$	14.69	$	(0.11	)	$	0.10		$	(0.01	)	$	(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			—

Class C
Year Ended October 31, 2018		13.79		(0.17	)		0.09			(0.08	)		(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			—

Class I
Year Ended October 31, 2018		15.30		(0.07	)		0.09			0.02			(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			—

Class L
Year Ended October 31, 2018		15.58		(0.05	)		0.10			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			—

(a)	Calculated based upon average shares outstanding.

(b)

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

(d)

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (c)(d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (d)			Portfolio turnover rate (excluding securities sold short)			Portfolio turnover rate (including securities sold short)


$	14.29		(0.01	)%	$	14,973		3.50	%		(0.73	)%		3.83	%		131	%		252	%
	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


	13.32		(0.53	)		6,155		4.01			(1.26	)		4.30			131			252
	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


	14.93		0.20			34,927		3.24			(0.47	)		3.53			131			252
	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


	15.24		0.39			129,150		3.10			(0.33	)		3.38			131			252
	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

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018

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 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, thus, 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 their market value 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.

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



28	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 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)	$	284,143		$	—	$	—	$	284,143

Total Liabilities for Securities Sold Short (a)	$	(44,530	)	$	—	$	—	$	(44,530	)


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)	$	180,948		$	232	$	—	$	181,180

Total Liabilities for Securities Sold Short (a)	$	(156,993	)	$	—	$	—	$	(156,993	)

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	15		$	—	$	—	$	15

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

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

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



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

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

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

As of October 31, 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, which is considered restricted, 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 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.



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

The table below discloses the volume of the Fund’s futures contracts activity during the year ended October 31, 2018 (amounts in thousands):


	Research Market Neutral Fund
Futures Contracts:
Average Notional Balance Long	$	949	(a)
Average Notional Balance Short		1,897	(b)
Ending Notional Balance Long		949

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

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

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. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N. A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level a of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

The Funds did not lend out any securities during the period October 5, 2018 through October 31, 2018.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

F. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its 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 in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the tables below are in thousands.

Opportunistic Equity Long/Short Fund


	For the year ended October 31, 2018

Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a) (b)	$	9,415	$	589,682	$	488,615	$	—	$	—	$	110,482		110,482	$	654	$	—


Research Market Neutral Fund
	For the year ended October 31, 2018

Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.25% (a) (b)	$	—	$	216,303	$	193,436	$	(4	)	$	3	$	22,866		22,862	$	395	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		37,753		13,770		51,523		—			—		—		—		46		—

Total	$	37,753	$	230,073	$	244,959	$	(4	)	$	3	$	22,866			$	441	$	—

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of October 31, 2018.

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, 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.

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



32	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the year ended October 31, 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	$	1	$	—	(a)	$	6		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	7
Research Market Neutral Fund
Transfer agency fees		8		1			2	$	2		n/a			n/a			n/a			13

(a)	Amount rounds to less than one thousand.

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 (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 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. 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 following amounts were reclassified within the capital accounts (amounts in thousands):


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Opportunistic Equity Long/Short Fund	$	(114	)	$	677	$	(563	)
Research Market Neutral Fund		(2,675	)		2,636		39

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

3. Fees and Other Transactions with Affiliates

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


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

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2018 the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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 year ended October 31, 2018, JPMDS retained the following (amounts in thousands):


	Front-End Sales Charge			CDSC
Opportunistic Equity Long/Short Fund	$	5		$	—
Research Market Neutral Fund		—	(a)		—

(a)	Amount rounds to less than one thousand.

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.

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	%		1.45	%*		1.35	%
Research Market Neutral Fund		1.25			1.75			0.99			0.85	%		n/a			n/a			n/a

*	Effective July 1, 2018, the contractual expense limitation increased from 1.40% to 1.45% for Class R5 Shares of the Opportunistic Equity Long/Short Fund and will be in place until at least June 30, 2019.

Except as noted above, the expense limitation agreements were in effect for the year ended October 31, 2018 and are in place until at least February 28, 2019.



34	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018

For the year ended October 31, 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	$	50	$	33	$	5	$	88	$	—	(a)
Research Market Neutral Fund		341		166		15		522		—

(a)	Amount rounds to less than one thousand.

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 year ended October 31, 2018 were as follows (amounts in thousands):


Opportunistic Equity Long/Short Fund	$	74
Research Market Neutral Fund		56

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

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

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

During the year ended October 31, 2018, Research Market Neutral Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 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 year ended October 31, 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	$	909,481	$	881,493	$	720,888	$	715,298
Research Market Neutral Fund		231,470		260,352		190,648		213,993

During the year ended October 31, 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 October 31, 2018 were as follows (amounts in thousands):


	Aggregate Cost*			Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Opportunistic Equity Long/Short Fund	$	225,971		$	14,643	$	1,002	$	13,641
Research Market Neutral Fund		(9,738	)		43,650		9,710		33,940

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



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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

The tax character of distributions paid during the year ended October 31, 2018 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Opportunistic Equity Long/Short Fund	$	1,101	$	983	$	2,084
Research Market Neutral Fund		—		5,519		5,519

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

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

Ordinary
Income*

Net

Long-Term

Capital Gains

Total
Distributions
Paid

Opportunistic Equity Long/Short Fund

7,752

5,496

13,248

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

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

At October 31, 2018, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):


	Current Distributable Long-Term Capital Gain		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Opportunistic Equity Long/Short Fund	$	4,791	$	—		$	13,400
Research Market Neutral Fund		1,589		(35,983	)		32,650

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

As of October 31, 2018, the following Fund had post-enactment capital loss carryforwards as follows (amounts in thousands):


	Capital Loss Carryforward Character
	Short-Term			Long-Term
Research Market Neutral Fund	$	35,983	*	$	—

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

During the year ended October 31, 2018, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):


Research Market Neutral Fund		$	2,302

Net capital losses and other late year losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended October 31, 2018, the following Funds deferred to November 1, 2018 net capital losses and other late year loss of (amounts in thousands):


	Late Year Ordinary Loss Deferral
Opportunistic Equity Long/Short Fund	$	1,248
Research Market Neutral Fund		570

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).



36	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018

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 4, 2019.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 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 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended October 31, 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 brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of October 31, 2018, the Opportunistic Equity Long/Short Fund had eight omnibus accounts which collectively owned 50.4% of the Fund’s outstanding shares.

The J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate 55.6% of the net assets of the Research Market Neutral Fund.

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

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

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

As of October 31, 2018, the Funds pledged substantially all of their assets to Citigroup Global Markets, Inc. for securities sold short. For the Funds, deposits at broker for securities sold short, as noted on the Statements of Assets and Liabilities, are held at Citigroup Global Markets, Inc.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	37

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Opportunistic Equity Long/Short Fund and JPMorgan Research Market Neutral Fund (two of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2018 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 21, 2018

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



38	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018

TRUSTEES

(Unaudited)

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


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	136	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	136	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher* (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	136	Non-Executive Director, Legal & General Investment Management (Holdings) and Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	136	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).

Dennis P. Harrington** (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (serving in various roles 1984-2012).	136	None

Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	136	None



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	39

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner*** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	136	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	136	None

Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	136	None

Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	136	None

Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	136	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	136	Trustee, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	136	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



40	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018

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

(2)

A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (136 funds).

*	Ms. Gallagher became a Trustee effective November 1, 2018.

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

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

****

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

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



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	41

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016; Chief Financial Officer and Head of Valuation, Aberdeen Asset Management PLC (previously Artio Global Management) (2009 to September 2013).

Noah Greenhill (1969), Secretary (2018)		Managing Director and General Counsel, JPMorgan Asset Management (2015 – Present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Carmine Lekstutis (1980), Assistant Secretary (2011)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Gregory S. Samuels (1980), Assistant Secretary (2010)		Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Pamela L. Woodley (1971), Assistant Secretary (2012)		Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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



42	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2018, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2018		Ending Account Value October 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Opportunistic Equity Long/Short Fund
Class A
Actual	$	1,000.00	$	1,012.80	$	13.34		2.63	%
Hypothetical		1,000.00		1,011.95		13.34		2.63
Class C
Actual		1,000.00		1,010.80		15.81		3.12
Hypothetical		1,000.00		1,009.48		15.80		3.12
Class I
Actual		1,000.00		1,014.90		12.09		2.38
Hypothetical		1,000.00		1,013.21		12.08		2.38
Class R2
Actual		1,000.00		1,012.40		14.61		2.88
Hypothetical		1,000.00		1,010.69		14.60		2.88
Class R5
Actual		1,000.00		1,015.30		11.23		2.21
Hypothetical		1,000.00		1,014.06		11.22		2.21
Class R6
Actual		1,000.00		1,015.80		10.42		2.05
Hypothetical		1,000.00		1,014.87		10.41		2.05

JPMorgan Research Market Neutral Fund
Class A
Actual		1,000.00		1,004.20		18.34		3.63
Hypothetical		1,000.00		1,006.91		18.36		3.63
Class C
Actual		1,000.00		1,001.50		20.89		4.14
Hypothetical		1,000.00		1,004.34		20.92		4.14
Class I
Actual		1,000.00		1,005.40		17.03		3.37
Hypothetical		1,000.00		1,008.22		17.06		3.37
Class L
Actual		1,000.00		1,006.60		16.39		3.24
Hypothetical		1,000.00		1,008.87		16.41		3.24

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



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	43

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.

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

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

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

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



44	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018

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

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

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

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

Fall-Out Benefits

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

Economies of Scale

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

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

Independent Written Evaluation of the Funds’ Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Investment Performance

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

The Trustees noted that the Opportunistic Equity Long/Short Fund’s performance for Class A shares was in the first quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2017, and in the first and second quintiles based upon the Universe for the one- and three-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon both the Peer Group and Universe for both the one- and three-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that, based upon the Universe, the Research Market Neutral Fund’s performance for Class A shares was in the second, fourth and fourth quintiles for the one-, three- and five-year periods ended December 31, 2017, respectively, and for Class I shares performance was in the first, fourth and fourth quintiles for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these

discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Board’s equity committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

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

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

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



46	J.P. MORGAN SPECIALTY FUNDS	OCTOBER 31, 2018

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2018. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2018. The information necessary to complete your income tax returns for the calendar year ending December 31, 2018 will be provided under separate cover.

Dividends Received Deduction (DRD)

The Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2018:


	Dividends Received Deduction
JPMorgan Opportunistic Equity Long/Short Fund		93.90	%

Long Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2018 (amounts in thousands):


	Long Term Capital Gain
JPMorgan Opportunistic Equity Long/Short Fund	$	983
JPMorgan Research Market Neutral Fund	$	5,519

Qualified Dividend Income (QDI)

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2018 (amounts in thousands):


	Qualified Dividend Income
JPMorgan Opportunistic Equity Long/Short Fund	$	1,081



OCTOBER 31, 2018	J.P. MORGAN SPECIALTY FUNDS	47

LOGO

Rev. January 2011


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


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

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


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


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



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

LOGO


Page 2


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


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


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

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. 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.

LOGO

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. October 2018.		AN-SPEC-1018

Annual Report

J.P. Morgan International Equity Funds

October 31, 2018

JPMorgan Emerging Economies Fund

JPMorgan Emerging Markets Equity Fund

JPMorgan Europe Dynamic Fund

(formerly known as JPMorgan Intrepid European Fund)

JPMorgan Global Research Enhanced Index Fund

JPMorgan Global Unconstrained Equity Fund

JPMorgan International Advantage Fund

(formerly known as JPMorgan Intrepid International 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

LOGO

CONTENTS



CEO’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan Emerging Economies Fund			3

JPMorgan Emerging Markets Equity Fund			6

JPMorgan Europe Dynamic Fund (formerly known as JPMorgan Intrepid European Fund)			10

JPMorgan Global Research Enhanced Index Fund			13

JPMorgan Global Unconstrained Equity Fund			15

JPMorgan International Advantage Fund (formerly known as JPMorgan Intrepid International Fund)			17

JPMorgan International Equity Fund			19

JPMorgan International Equity Income Fund			21

JPMorgan International Research Enhanced Equity Fund			25

JPMorgan International Unconstrained Equity Fund			27

JPMorgan International Value Fund			30

Schedules of Portfolio Investments			33

Financial Statements			78

Financial Highlights			106

Notes to Financial Statements			128

Report of Independent Registered Public Accounting Firm			156

Trustees			157

Officers			160

Schedule of Shareholder Expenses			161

Board Approval of Investment Advisory Agreements			166

Tax Letter			172

Privacy Policy — Located at the back of this Annual Report

CEO’S LETTER

November 30, 2018 (Unaudited)

Dear Shareholders,

The impending U.K. “Brexit” from the EU — with or without a bilateral agreement — also weighed on investor and business

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)



2	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(17.19)%
MSCI Emerging Markets Index (net of foreign withholding taxes)		(12.52)%

Net Assets as of 10/31/2018 (In Thousands)	$	1,555,657

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 twelve months ended October 31, 2018.

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

Leading individual contributors to relative performance included the Fund’s overweight positions in Yageo Corp., Banco do Brasil SA and Banco Santander (Brasil) SA. Shares of Yageo, a Taiwan manufacturer of electronics components, rose amid a reduction in output from its competitors in China and Japan. Shares of Brazilian banks Banco do Brasil and Banco Santander rose amid a rally in Brazil’s financial markets following the election of right-wing politician Jair Bolsonaro to the nation’s presidency.

Leading individual detractors from relative performance included the Fund’s underweight positions in Petroleo Brasileiro SA and its overweight positions in Global Wafers Co. and

Sino-American Silicon Products Inc. Shares of Petroleo Brasileiro, Brazil’s state-controlled energy company, rose amid a rebound in global oil prices. Shares of Global Wafers, a Taiwan semiconductor maker, fell amid lower-than-expected demand for its products. Shares of Sino-American Silicon Products, a Taiwan maker of semiconductor components that was not held in the Benchmark, fell amid weak demand for semiconductors.

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 country positions relative to the Benchmark during the twelve months ended October 31, 2018, were in Russia and Turkey and its largest underweight country positions were in India and South Africa. 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 allocations were to the consumer discretionary and consumer staples sectors.

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



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	3

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	4.5	%
	2.	Samsung Electronics Co. Ltd. (South Korea)	3.4
	3.	Alibaba Group Holding Ltd., ADR (China)	2.9
	4.	China Construction Bank Corp., Class H (China)	2.4
	5.	Industrial & Commercial Bank of China Ltd., Class H (China)	2.2
	6.	Itau Unibanco Holding SA, ADR (Brazil)	1.9
	7.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	1.7
	8.	LUKOIL PJSC, ADR (Russia)	1.7
	9.	Baidu, Inc., ADR (China)	1.7
	10.	Banco do Brasil SA (Brazil)	1.4


PORTFOLIO COMPOSITION BY COUNTRY***
China	30.6	%
Taiwan	14.1
South Korea	13.9
Brazil	11.0
Russia	7.3
Thailand	4.3
India	3.7
South Africa	3.4
Turkey	1.7
Hungary	1.7
United States	1.1
Malaysia	1.0
Indonesia	1.0
Others (each less than 1.0%)	2.5
Short-Term Investments	2.7

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



4	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2008
With Sales Charge*			(21.77	)%		(2.33	)%		6.34	%
Without Sales Charge			(17.41	)		(1.26	)		6.92
CLASS C SHARES	February 28, 2008
With CDSC**			(18.80	)		(1.76	)		6.40
Without CDSC			(17.80	)		(1.76	)		6.40
CLASS I SHARES	February 28, 2008		(17.19	)		(1.03	)		7.19
CLASS R5 SHARES	February 28, 2008		(17.16	)		(0.85	)		7.39
CLASS R6 SHARES	September 1, 2015		(17.02	)		(0.80	)		7.42

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/08 TO 10/31/18)

LOGO

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 October 31, 2008 to October 31, 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.

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.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(13.13)%
MSCI Emerging Markets Index (net of foreign withholding taxes)		(12.52)%

Net Assets as of 10/31/2018 (In Thousands)	$	4,601,205

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 twelve months ended October 31, 2018.

By sector, the Fund’s underweight position and security selection in both the energy and materials sectors 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 Russia and Brazil was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in South Africa and its underweight position in South Korea were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Hangzhou Robam Appliances Co. and Kroton Educacional SA and its underweight position in Vale SA. Shares of Hangzhou Robam Appliances, a China-based kitchen appliance maker that was not held in the Benchmark, fell after the company reported a decline in earnings for the third quarter of 2018. Shares of Kroton Educacional, a Brazilian educational services provider, fell after the company reported lower-than-expected revenue and a decline in student enrollments. Shares of Vale, a Brazilian mining company that was not held in the Fund, rose amid an increase in iron ore prices at the end of the reporting period.

Leading individual contributors to relative performance included the Fund’s overweight overweight positions in 3B SA Brasil Bolsa Balcao, AIA Group Ltd and Tata Consultancy Services Ltd. Shares of 3B SA, a Brazilian financial exchange operator, rose amid a rally in Brazil’s financial markets on the election of right-wing politician Jair Bolsonaro to the nation’s presidency. Shares of AIA Group, a Hong Kong life insurer that was not held in the Benchmark, rose amid continued earnings growth during the reporting period. Shares of Tata Consultancy Services, a provider of information technology and outsourcing services based in India, rose on earnings growth during the reporting period.

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 overweight positions relative to the Benchmark were in the financials, consumer discretionary and consumer staples sectors and its largest relative underweight positions were in the energy, materials and telecommunication services sectors. The Fund’s largest overweight positions relative to the Benchmark were in India, China and Argentina and its largest relative underweight positions were in South Korea, Taiwan and Malaysia.

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



6	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alibaba Group Holding Ltd., ADR (China)	5.3	%
	2.	Tencent Holdings Ltd (China).	5.1
	3.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	4.9
	4.	AIA Group Ltd. (Hong Kong)	4.6
	5.	Samsung Electronics Co. Ltd. (South Korea)	4.5
	6.	Ping An Insurance Group Co. of China Ltd., Class H (China)	4.5
	7.	Housing Development Finance Corp. Ltd. (India)	4.2
	8.	Sberbank of Russia PJSC (Russia)	3.0
	9.	HDFC Bank Ltd. (India)	2.2
	10.	Itau Unibanco Holding SA, ADR (Brazil)	2.2


PORTFOLIO COMPOSITION BY COUNTRY***
China	26.5	%
India	16.6
Brazil	10.6
Taiwan	7.2
Hong Kong	6.4
South Korea	6.2
South Africa	5.8
Mexico	3.3
Russia	3.0
Indonesia	2.5
Argentina	2.1
United States	1.9
Peru	1.3
Macau	1.2
Others (each less than 1.0%)	4.1
Short-Term Investments	1.3

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	7

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			(17.99	)%		0.10	%		6.55	%
Without Sales Charge			(13.44	)		1.18			7.12
CLASS C SHARES	February 28, 2006
With CDSC**			(14.87	)		0.68			6.59
Without CDSC			(13.87	)		0.68			6.59
CLASS I SHARES	September 10, 2001		(13.20	)		1.44			7.39
CLASS L SHARES	November 15, 1993		(13.13	)		1.58			7.55
CLASS R2 SHARES	July 31, 2017		(13.69	)		1.04			7.05
CLASS R3 SHARES	July 31, 2017		(13.46	)		1.18			7.12
CLASS R4 SHARES	July 31, 2017		(13.25	)		1.43			7.38
CLASS R5 SHARES	September 9, 2016		(13.14	)		1.58			7.55
CLASS R6 SHARES	December 23, 2013		(13.05	)		1.67			7.60

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/08 TO 10/31/18)

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 October 31, 2008 to October 31, 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	OCTOBER 31, 2018

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.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	9

JPMorgan Europe Dynamic Fund

(formerly known as JPMorgan Intrepid European Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(13.72)%
MSCI Europe Index (net of foreign withholding taxes)		(8.34)%

Net Assets as of 10/31/2018 (In Thousands)	$	685,347

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2018.

The Fund’s security selection and overweight positions in both the consumer durables & apparel sector and the banks sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the both food, beverage & tobacco sector and the software & services sector was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Royal Dutch Shell PLC, and its overweight positions in Evotec AG and ING Groep NV. Shares of Royal Dutch Shell, a petroleum and natural gas producer that was not held in the Fund, rose amid rising global oil prices during the reporting period. Shares of Evotec, a German drug development company that was not held in the Benchmark, fell amid investor concerns about falling drug prices in the U.S. and concerns about the company’s relatively high debt level. Shares of

ING Groep, a Netherlands banking and insurance company, fell amid an investigation into the bank’s failure to identify money laundering activities and public outcry over an initial plan for a 50% increase in pay for Chief Executive Ralph Hamers.

Leading individual positive contributors to relative performance included the Fund’s overweight position in Wirecard AG and its underweight positions in British American Tobacco PLC and Anheuser-Busch InBev SA. Shares of Wirecard, a German provider of payment processing technology, rose amid the company’s forecast for earnings and revenue growth. Shares of British American Tobacco, a maker of tobacco products that was not held in the Fund, fell after the company forecast unfavorable currency exchange rates would hurt earnings. Shares of Anheuser-Bush InBev, a Belgium-based brewer that was not held in the Fund, fell after the company reported a decline in earnings and revenue for the third quarter of 2018, and reduced its dividend.

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.



10	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Roche Holding AG (Switzerland)	4.5	%
	2.	Novartis AG (Registered) (Switzerland)	4.0
	3.	Allianz SE (Registered) (Germany)	2.6
	4.	GlaxoSmithKline plc (United Kingdom)	2.5
	5.	Zurich Insurance Group AG (Switzerland)	2.3
	6.	Rio Tinto plc (Australia)	2.3
	7.	Repsol SA (Spain)	2.2
	8.	ING Groep NV (Netherlands)	2.0
	9.	Safran SA (France)	1.9
	10.	Eni SpA (Italy)	1.9


PORTFOLIO COMPOSITION BY COUNTRY***
France	17.2	%
Switzerland	17.0
United Kingdom	15.1
Netherlands	8.9
Germany	6.4
Sweden	5.6
Italy	4.7
Spain	4.3
Denmark	2.9
Finland	2.7
Australia	2.3
Belgium	1.6
Luxembourg	1.3
Jordan	1.2
United States	1.1
Others (each less than 1.0%)	0.9
Short-Term Investments	6.8

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

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	11

JPMorgan Europe Dynamic Fund

(formerly known as JPMorgan Intrepid European Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
With Sales Charge*			(18.25	)%		(0.97	)%		6.12	%
Without Sales Charge			(13.72	)		0.11			6.70
CLASS C SHARES	November 1, 1998
With CDSC**			(15.18	)		(0.39	)		6.16
Without CDSC			(14.18	)		(0.39	)		6.16
CLASS I SHARES	September 10, 2001		(13.53	)		0.40			6.98
CLASS L SHARES	September 10, 2001		(13.41	)		0.57			7.20
CLASS R6 SHARES	October 1, 2018		(13.41	)		0.57			7.20

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/08 TO 10/31/18)

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Europe Dynamic Fund, the MSCI Europe Index and the Lipper European Region Funds Index from October 31, 2008 to October 31, 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 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.

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.



12	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan Global Research Enhanced Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		0.09%
MSCI World Index (net of foreign withholding taxes)		1.16%

Net Assets as of 10/31/2018 (In Thousands)	$	5,846,976

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 twelve months ended October 31, 2018.

By sector, the Fund’s security selection in the insurance and basic industries sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology-software and transportation 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 the Asia Pacific, excluding 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)	2.9	%
	2.	Microsoft Corp. (United States)	2.3
	3.	Amazon.com, Inc. (United States)	1.9
	4.	Alphabet, Inc., Class C (United States)	1.1
	5.	UnitedHealth Group, Inc. (United States)	1.0
	6.	Bank of America Corp. (United States)	0.9
	7.	Johnson & Johnson (United States)	0.9
	8.	Pfizer, Inc. (United States)	0.9
	9.	Alphabet, Inc., Class A (United States)	0.8
	10.	Visa, Inc., Class A (United States)	0.8


PORTFOLIO COMPOSITION BY COUNTRY***
United States	62.6	%
Japan	8.1
United Kingdom	5.2
France	4.2
Canada	3.2
Germany	3.1
Switzerland	3.0
Australia	2.9
Netherlands	2.1
Hong Kong	1.2
Others (each less than 1.0%)	4.4

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

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	13

JPMorgan Global Research Enhanced Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES		February 28, 2013		0.09	%		6.83	%		8.78	%
CLASS R6 SHARES		November 1, 2017		0.16			6.85			8.79

LIFE OF FUND PERFORMANCE (2/28/13 TO 10/31/18)

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 October 31, 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 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.

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 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)



14	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan Global Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			(1.70)%
MSCI All Country World Index (net of foreign withholding taxes)			(0.52)%

Net Assets as of 10/31/2018 (In Thousands)			$3,969

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2018.

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

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

Leading individual detractors from the Fund’s relative performance included its overweight positions in Altice NV, Renesas Electronics Corp. and AMS AG. Shares of Altice, a Netherlands telecommunications and media company, fell amid aggressive competition in France, one of the company’s largest markets. Shares of Renesas Electronics, a Japanese semiconductor manufacturer, fell amid investor concerns about the company’s planned acquisition of Integrated Device Technology Inc. Shares of AMS, an Austrian semiconductor manufacturer, fell after disappointing sales at one of its largest customers hurt AMS’s full year outlook.

Leading individual contributors to the Fund’s relative performance included its overweight positions in 21^st Century Fox Inc., Amazon.com Inc. and Safran SA. Shares of 21^st Century Fox, a media company, rose on news that Walt Disney Co. was bidding for the company. Shares of Amazon.com, an online retailer, rose amid continued sales and earnings growth. Shares of Safran, a French aerospace and defense company, rose amid strong demand from the airline industry.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers and analyst team conducted bottom-up fundamental research to construct a global portfolio

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


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class C (United States)	5.0	%
	2.	Microsoft Corp. (United States)	3.9
	3.	Novartis AG (Registered) (Switzerland)	3.8
	4.	HDFC Bank Ltd., ADR (India)	3.8
	5.	Nestle SA (Registered) (Switzerland)	3.4
	6.	UnitedHealth Group, Inc. (United States)	3.4
	7.	Coca-Cola Co. (The) (United States)	3.3
	8.	Tencent Holdings Ltd. (China)	3.0
	9.	Exxon Mobil Corp. (United States)	2.9
	10.	Amazon.com, Inc. (United States)	2.9


PORTFOLIO COMPOSITION BY COUNTRY***
United States	55.6	%
Switzerland	7.2
China	5.1
Japan	5.0
France	4.3
United Kingdom	4.2
India	3.8
Austria	2.5
Canada	2.2
Indonesia	1.8
Hong Kong	1.8
Australia	1.8
Singapore	1.7
Spain	1.7
Germany	1.3

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

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	15

JPMorgan Global Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		November 30, 2011
With Sales Charge*				(7.18	)%		4.20	%		8.05	%
Without Sales Charge				(2.03	)		5.32			8.89
CLASS C SHARES		November 30, 2011
With CDSC**				(3.51	)		4.79			8.35
Without CDSC				(2.51	)		4.79			8.35
CLASS I SHARES		November 30, 2011		(1.70	)		5.66			9.23
CLASS R2 SHARES		November 30, 2011		(2.31	)		5.05			8.62
CLASS R5 SHARES		November 30, 2011		(1.59	)		5.79			9.38
CLASS R6 SHARES		November 30, 2011		(1.48	)		5.85			9.44

Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (11/30/11 TO 10/31/18)

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 October 31, 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 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 All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market perform-

ance 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.

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.



16	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan International Advantage Fund

(formerly known as JPMorgan Intrepid International Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			(10.69)%
MSCI EAFE Index (net of foreign withholding taxes)			(6.85)%

Net Assets as of 10/31/2018 (In Thousands)			$3,403,256

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2018.

The Fund’s underweight position in the materials sector and overweight position in the health care sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the information technology sector and its security selection and overweight position in the financials sector were leading contributors to relative performance.

The Fund targeted investments in companies that exhibited specific growth, value and quality characteristics during the period. Due to the relatively large number of securities held in the Fund during the reporting period, the impact of individual holdings on the Fund’s relative performance tended to be small.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers believe that attractively valued, high quality securities with positive momentum have the potential to outperform the market. During the reporting period, the Fund’s portfolio managers invested in securities that they believed were attractive based on their proprietary multifactor model.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Novartis AG (Registered) (Switzerland)	2.3	%
	2.	Roche Holding AG (Switzerland)	2.1
	3.	Royal Dutch Shell plc, Class B (Netherlands)	1.9
	4.	Allianz SE (Registered) (Germany)	1.5
	5.	GlaxoSmithKline plc (United Kingdom)	1.5
	6.	Toyota Motor Corp. (Japan)	1.5
	7.	Rio Tinto plc (Australia)	1.4
	8.	Novo Nordisk A/S, Class B (Denmark)	1.3
	9.	Macquarie Group Ltd. (Australia)	1.1
	10.	Eni SpA (Italy)	1.1


PORTFOLIO COMPOSITION BY COUNTRY***
Japan	24.1	%
United Kingdom	11.4
Switzerland	8.4
Australia	7.3
France	7.2
Netherlands	6.7
Germany	6.1
Sweden	3.2
Norway	3.2
Finland	2.8
Singapore	2.7
Spain	2.5
Denmark	2.4
Belgium	2.2
Italy	1.6
Hong Kong	1.5
Luxembourg	1.0
Others (each less than 1.0%)	4.1
Short-Term Investments	1.6

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

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	17

JPMorgan International Advantage Fund

(formerly known as JPMorgan Intrepid International Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge*			(15.37	)%		0.19	%		5.53	%
Without Sales Charge			(10.69	)		1.28			6.10
CLASS C SHARES	February 28, 2006
With CDSC**			(12.12	)		0.78			5.57
Without CDSC			(11.12	)		0.78			5.57
CLASS I SHARES	February 28, 2006		(10.43	)		1.59			6.40
CLASS R2 SHARES	November 3, 2008		(10.93	)		1.01			5.83
CLASS R6 SHARES	May 29, 2015		(10.26	)		1.78			6.63

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/08 TO 10/31/18)

Returns for Class R2 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns of 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 International Advantage Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from October 31, 2008 to October 31, 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 and carry a 5.25% sales charge.

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.



18	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			(11.20)%
MSCI EAFE Index (net of foreign withholding taxes)			(6.85)%

Net Assets as of 10/31/2018 (In Thousands)			$4,269,094

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 twelve months ended October 31, 2018.

By sector, the Fund’s security selection in the information technology and health care sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the materials sector was a positive contributor to relative performance.

By region, the Fund’s security selection in the U.K. and Japan was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the Asia-Pacific region, 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, Continental AG and Samsung Electronics Co. Shares of AMS, an Austrian maker of analog semiconductors and sensors that was not held in the Benchmark, fell after the company forecast lackluster results for the fourth quarter of 2018 and for the full year 2019. Shares of Continental, a German tire and auto parts manufacturer, fell after the company reduced its sales forecast for 2018, citing weaker demand for tires and higher costs of developing hybrid and electric vehicle systems. Shares of Samsung Electronics, a South Korean consumer electronics and semiconductors manufacturer that was not held in the Benchmark, fell amid narrower profit margins for smartphones and falling prices for semiconductors.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Linde AG, Safran AG and Novartis AG. Shares of Linde, a U.K. producer of industrial gases, rose ahead of its planned merger with Praxair Inc. Shares of Safran, a French aerospace and defense company, rose amid strong demand from the airline industry. Shares of Novartis, a Swiss drug maker, rose after the company raised is sales forecast for 2018.

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.	Nestle SA (Registered) (Switzerland)	3.5	%
	2.	Royal Dutch Shell plc, Class A (Netherlands)	3.4
	3.	Novartis AG (Registered) (Switzerland)	2.8
	4.	Unilever plc (United Kingdom)	2.3
	5.	Roche Holding AG (Switzerland)	2.2
	6.	AIA Group Ltd. (Hong Kong)	2.0
	7.	SAP SE (Germany)	2.0
	8.	GlaxoSmithKline plc (United Kingdom)	2.0
	9.	Diageo plc (United Kingdom)	1.9
	10.	ASML Holding NV (Netherlands)	1.8


PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	18.6	%
Japan	16.8
France	14.5
Switzerland	13.7
Germany	7.3
Netherlands	6.4
Hong Kong	2.9
China	2.2
Australia	1.7
South Korea	1.4
Denmark	1.3
Singapore	1.3
India	1.2
Sweden	1.2
Spain	1.1
United States	1.0
Others (each less than 1.0%)	3.5
Short-Term Investments	3.9

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

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	19

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge*			(16.09	)%		(0.14	)%		5.67	%
Without Sales Charge			(11.42	)		0.94			6.24
CLASS C SHARES	January 31, 2003
With CDSC**			(12.89	)		0.43			5.70
Without CDSC			(11.89	)		0.43			5.70
CLASS I SHARES	January 1, 1997		(11.20	)		1.19			6.51
CLASS R2 SHARES	November 3, 2008		(11.68	)		0.68			5.96
CLASS R5 SHARES	May 15, 2006		(11.16	)		1.36			6.70
CLASS R6 SHARES	November 30, 2010		(11.04	)		1.42			6.74

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/08 TO 10/31/18)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2008 to October 31, 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.

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.



20	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan International Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(5.98)%
MSCI EAFE Index (net of foreign withholding taxes)		(6.85)%

Net Assets as of 10/31/2018 (In Thousands)	$	141,451

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 twelve months ended October 31, 2018.

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

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

Leading individual contributors to relative performance included the Fund’s overweight positions in Mitsubishi Corp., Royal Ahold Delhaize NV and UPM-Kymmene Oyj. Shares of Mitsubishi, an industrial conglomerate based in Japan, rose amid growth in its Asian markets and the launch of a new model automobile in Europe and Japan. Shares of Royal Ahold Delhaize, a Netherlands supermarkets operator, rose as the company continued to post better-than-expected quarterly earnings and sales. Shares of UPM-Kymmene, a Finnish paper, pulp and lumber company, rose after the company posted

strong earnings growth and forecast further profit growth for the second half of 2018.

Leading individual detractors from relative performance included the Fund’s overweight positions in TransCanada Corp., Sanofi and British American Tobacco PLC. Shares of TransCanada, an operator of natural gas and petroleum pipelines that was not held in the Benchmark, fell amid legal challenges to its planned Keystone XL pipeline in the U.S. Shares of Sanofi, a French pharmaceuticals company, fell after the company reported lower-than-expected sales for the first and second quarters of 2018. Shares of British American Tobacco, a maker of tobacco products, fell amid overall weakness in U.K. equity.

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



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	21

JPMorgan International Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	3.4	%
	2.	Novartis AG (Registered) (Switzerland)	3.0
	3.	Novo Nordisk A/S, Class B (Denmark)	2.9
	4.	Unilever NV, CVA (United Kingdom)	2.7
	5.	Rio Tinto plc (Australia)	2.7
	6.	Roche Holding AG (Switzerland)	2.6
	7.	Imperial Brands plc (United Kingdom)	2.4
	8.	Vinci SA (France)	2.2
	9.	TOTAL SA (France)	2.2
	10.	Nestle SA (Registered) (Switzerland)	2.1


PORTFOLIO COMPOSITION BY COUNTRY***
Japan	17.6	%
United Kingdom	15.8
France	14.1
Switzerland	12.5
Netherlands	7.1
Australia	7.0
Germany	5.8
Denmark	2.9
Finland	2.3
United States	2.1
Taiwan	1.4
Italy	1.4
Spain	1.2
Singapore	1.2
Canada	1.2
Norway	1.2
Hong Kong	1.2
Sweden	1.0
Others (each less than 1.0%)	3.0

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



22	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2011
With Sales Charge*			(11.08	)%		0.96	%		3.13	%
Without Sales Charge			(6.18	)		2.05			3.86
CLASS C SHARES	February 28, 2011
With CDSC**			(7.68	)		1.53			3.33
Without CDSC			(6.68	)		1.53			3.33
CLASS I SHARES	February 28, 2011		(5.98	)		2.34			4.14
CLASS R2 SHARES	February 28, 2011		(6.53	)		1.76			3.58
CLASS R5 SHARES	February 28, 2011		(5.90	)		2.46			4.30
CLASS R6 SHARES	January 30, 2015		(5.80	)		2.50			4.32

Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/11 TO 10/31/18)

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.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Income Fund, the MSCI EAFE Index and the Lipper International Equity Income Funds Index from February 28, 2011 to October 31, 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 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 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.

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



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	23

JPMorgan International Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)

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)



24	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(8.42)%
MSCI EAFE Index (net of foreign withholding taxes)		(6.85)%

Net Assets as of 10/31/2018 (In Thousands)	$	4,700,618

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 twelve months ended October 31, 2018.

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

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

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

HOW WAS THE FUND POSITIONED?

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


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	2.3	%
	2.	Roche Holding AG (Switzerland)	2.1
	3.	TOTAL SA (France)	1.7
	4.	Royal Dutch Shell plc, Class B (Netherlands)	1.6
	5.	SAP SE (Germany)	1.6
	6.	Toyota Motor Corp. (Japan)	1.5
	7.	Sanofi (France)	1.4
	8.	British American Tobacco plc (United Kingdom)	1.4
	9.	Air Liquide SA (France)	1.4
	10.	Novartis AG (Registered) (Switzerland)	1.4


PORTFOLIO COMPOSITION BY COUNTRY***
Japan	23.8	%
United Kingdom	13.5
France	12.7
Switzerland	9.7
Germany	9.0
Australia	6.1
Netherlands	5.7
Spain	3.6
Hong Kong	2.7
Italy	2.1
Denmark	1.6
Finland	1.6
Sweden	1.3
Belgium	1.3
Singapore	1.0
Ireland	1.0
Others (each less than 1.0%)	2.1
Short-Term Investments	1.2

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

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	25

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
With Sales Charge*			(13.46	)%		0.59	%		5.47	%
Without Sales Charge			(8.66	)		1.67			6.04
CLASS I SHARES	October 28, 1992		(8.42	)		1.93			6.31
CLASS R6 SHARES	November 1, 2017		(8.31	)		1.95			6.32

*	Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (10/31/08 TO 10/31/18)

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Research Enhanced Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2008 to October 31, 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.

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.



26	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			(12.96)%
MSCI All Country World Index, Ex-U.S. (net of foreign withholding taxes)			(8.24)%

Net Assets as of 10/31/2018 (In Thousands)			$475,230

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 twelve months ended October 31, 2018.

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

Leading individual detractors from the Fund’s relative performance included its overweight positions in Altice NV, AMS AG and Bayer AG. Shares of Altice, a Netherlands telecommunications and media company, fell amid investor concerns about the company’s high debt level and profit weakness during the reporting period. Shares of AMS, an Austrian semiconductor manufacturer that was not held in the Benchmark, fell after the company forecast lackluster results for the fourth quarter of

2018 and for the full year 2019. Shares of Bayer, a health care products maker based in Germany, fell ahead of the company’s planned acquisition of Monsanto Co.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Ping An Insurance Co., Linde AG and Safran SA. Shares of Ping An Insurance, a Chinese financial services company, rose after the company reported increased earnings and revenue for the first half of 2018. Shares of Linde, a U.K. producer of industrial gases, rose ahead of its planned merger with Praxair Inc. Shares of Safran, a French aerospace and defense company, rose amid strong demand from the airline industry.

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



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	27

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	3.7	%
	2.	Ping An Insurance Group Co. of China Ltd., Class H (China)	3.6
	3.	HDFC Bank Ltd., ADR (India)	3.6
	4.	Unilever NV, CVA (United Kingdom)	3.5
	5.	Royal Dutch Shell plc, Class A (Netherlands)	3.5
	6.	AIA Group Ltd. (Hong Kong)	3.4
	7.	SAP SE (Germany)	3.1
	8.	Tencent Holdings Ltd. (China)	2.9
	9.	Novartis AG (Registered) (Switzerland)	2.7
	10.	Diageo plc (United Kingdom)	2.7


PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	21.4	%
Germany	11.5
Netherlands	9.7
Japan	8.7
China	7.5
Switzerland	7.5
France	6.0
Canada	6.0
Hong Kong	4.7
India	3.6
Australia	2.2
United States	2.2
Indonesia	2.0
Denmark	1.9
Brazil	1.6
Austria	1.6
South Korea	1.5
Short-Term Investments	0.4

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



28	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
With Sales Charge*			(17.70	)%		0.31	%		5.31	%
Without Sales Charge			(13.15	)		1.40			6.13
CLASS C SHARES	November 30, 2011
With CDSC**			(14.60	)		0.89			5.59
Without CDSC			(13.60	)		0.89			5.59
CLASS I SHARES	November 30, 2011		(12.96	)		1.71			6.43
CLASS R2 SHARES	November 30, 2011		(13.46	)		1.12			5.85
CLASS R5 SHARES	November 30, 2011		(12.84	)		1.83			6.59
CLASS R6 SHARES	November 30, 2011		(12.76	)		1.90			6.65

Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (11/30/11 TO 10/31/18)

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 October 31, 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.

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.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	29

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*			(10.57)%
MSCI EAFE Value Index (net of foreign withholding taxes)			(7.69)%

Net Assets as of 10/31/2018 (In Thousands)			$521,569

INVESTMENT OBJECTIVE**

Effective May 17, 2018, the JPMorgan International Value Fund’s (the “Fund”) objective was revised so that the Fund seeks to provide long-term capital appreciation. Prior to that date, the Fund sought 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 twelve months ended October 31, 2018.

By sector, the Fund’s security selection in the materials and insurance sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the banks and capital goods sectors was a leading contributor to relative performance.

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

Leading individual detractors from relative performance included the Fund’s overweight positions in Anheuser-Busch InBev SA/NV and Outokumpu Oyj, and its underweight position in BP PLC. Shares of Anheuser-Bush InBev, a Belgium-based brewer, fell after the company reported a decline in earnings and revenue for the third quarter of 2018, and reduced its dividend. Shares of Outokumpu, a Finnish stainless steel producer, fell amid weak earnings and investor concerns about potential U.S. trade tariffs. Shares of BP, a U.K. integrated oil and gas producer that was not held in the Fund, rose amid rising global petroleum prices during the reporting period.

Leading individual contributors to relative performance included the Fund’s overweight positions in DBS Group Holdings Ltd. and Deutsche Boerse AG, and its underweight position in Banco Santander SA. Shares of DBS Group Holdings, a Singapore financial services company, rose amid continued growth in loans and earnings during the reporting period. Shares of Deutsche Boerse, a German operator of financial market exchanges, rose amid continued growth in the company’s revenue and earnings during the reporting period. Shares of Banco Santander, a Spanish bank that was not held by the Fund, fell amid investor concern about its exposure both to the U.K.’s planned exit from the European Union and political uncertainty in Brazil during the reporting period.

HOW WAS THE FUND POSITIONED?

Following the May 17, 2018 change in investment objective and strategy, the Fund’s portfolio managers employed behavioral-based and quantitative screens in addition to conducting fundamental analysis to seek out companies that they believed had attractive valuations. As a result of this process, the Fund’s largest overweight sector positions relative to the Benchmark were in the materials and capital goods sectors, while the largest underweight sector positions were in the real estate and utilities sectors.

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



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


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	4.5	%
	2.	Novartis AG (Registered) (Switzerland)	3.3
	3.	TOTAL SA (France)	2.5
	4.	Toyota Motor Corp. (Japan)	2.4
	5.	BHP Billiton Ltd. (Australia)	2.1
	6.	Sanofi (France)	1.8
	7.	Allianz SE (Registered) (Germany)	1.7
	8.	GlaxoSmithKline plc (United Kingdom)	1.7
	9.	Mitsubishi UFJ Financial Group, Inc. (Japan)	1.4
	10.	Westpac Banking Corp. (Australia)	1.2


PORTFOLIO COMPOSITION BY COUNTRY***
Japan	26.3	%
United Kingdom	13.5
France	10.2
Switzerland	8.6
Netherlands	8.0
Australia	7.6
Germany	6.3
Norway	3.0
Sweden	3.0
Spain	2.6
Hong Kong	1.8
Italy	1.3
Austria	1.2
Singapore	1.0
Others (each less than 1.0%)	5.6

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	31

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			(15.55	)%		(1.98	)%		4.31	%
Without Sales Charge			(10.88	)		(0.92	)		4.87
CLASS C SHARES	July 11, 2006
With CDSC**			(12.37	)		(1.43	)		4.34
Without CDSC			(11.37	)		(1.43	)		4.34
CLASS I SHARES	September 10, 2001		(10.62	)		(0.64	)		5.15
CLASS L SHARES	November 4, 1993		(10.57	)		(0.53	)		5.29
CLASS R2 SHARES	November 3, 2008		(11.19	)		(1.18	)		4.60
CLASS R5 SHARES	September 9, 2016		(10.58	)		(0.53	)		5.30
CLASS R6 SHARES	November 30, 2010		(10.49	)		(0.39	)		5.40

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/08 TO 10/31/18)

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.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan International Value Fund, the MSCI EAFE Value Index and the Lipper International Large-Cap Value Funds Average from October 31, 2008 to October 31, 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.

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.



32	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.8%
Argentina — 0.2%
Banco Macro SA, ADR		54		2,429

Brazil — 11.1%
B3 SA — Brasil Bolsa Balcao *		1,411		10,122
Banco Bradesco SA, ADR *		1,299		11,913
Banco do Brasil SA *		1,971		22,592
Banco Santander Brasil SA		1,485		16,848
Cia Brasileira de Distribuicao (Preference) *		251		5,253
Estacio Participacoes SA		1,896		11,795
IRB Brasil Resseguros SA		505		9,734
Itau Unibanco Holding SA, ADR		2,231		29,382
Kroton Educacional SA		2,796		8,565
Metalurgica Gerdau SA (Preference)		4,007		8,474
MRV Engenharia e Participacoes SA		1,852		6,299
SLC Agricola SA		234		3,554
TIM Participacoes SA *		1,821		5,641
Vale SA, ADR		1,480		22,351

				172,523

Chile — 0.3%
Antofagasta plc		551		5,518

China — 30.7%
Alibaba Group Holding Ltd., ADR *		322		45,806
Anhui Conch Cement Co. Ltd., Class H		2,790		14,458
Anhui Jinhe Industrial Co. Ltd., Class A		525		1,114
Anhui Kouzi Distillery Co. Ltd., Class A		242		1,127
ANTA Sports Products Ltd.		1,259		5,198
Baidu, Inc., ADR *		140		26,662
Bank of Nanjing Co. Ltd., Class A		1,535		1,620
Baoshan Iron & Steel Co. Ltd., Class A		4,372		4,825
BOE Technology Group Co. Ltd., Class A		9,721		3,855
China Conch Venture Holdings Ltd.		2,476		6,967
China Construction Bank Corp., Class H		46,695		37,055
China Jushi Co. Ltd., Class A		1,183		1,609
China Maple Leaf Educational Systems Ltd.		5,786		2,511
China Merchants Bank Co. Ltd., Class H		5,777		22,306
China Railway Construction Corp. Ltd., Class H		6,361		8,079
China Railway Group Ltd., Class H		8,822		7,884
China Resources Cement Holdings Ltd.		7,810		6,933
China Shenhua Energy Co. Ltd., Class H		2,215		5,010
China Vanke Co. Ltd., Class H		5,158		15,928
Chongqing Department Store Co. Ltd., Class A		342		1,330
CNOOC Ltd.		10,291		17,525
Country Garden Holdings Co. Ltd.		8,891		9,568
Daqin Railway Co. Ltd., Class A		1,319		1,529
Geely Automobile Holdings Ltd.		3,424		6,598


INVESTMENTS	SHARES (000)		VALUE ($000)

China — continued
Grandblue Environment Co. Ltd., Class A		813		1,467
Gree Electric Appliances, Inc. of Zhuhai, Class A		268		1,474
Huayu Automotive Systems Co. Ltd., Class A		468		1,175
Industrial & Commercial Bank of China Ltd., Class H		51,458		34,910
Nexteer Automotive Group Ltd.		2,143		3,022
PetroChina Co. Ltd., Class H		20,874		15,009
Ping An Insurance Group Co. of China Ltd., Class H		2,059		19,461
Postal Savings Bank of China Co. Ltd., Class H (a)		20,675		12,370
Sany Heavy Industry Co. Ltd., Class A		1,312		1,490
Shanghai International Airport Co. Ltd., Class A		193		1,380
Shenzhen Expressway Co. Ltd., Class H		4,808		4,431
Shenzhen Fuanna Bedding and Furnishing Co. Ltd., Class A		1,030		1,096
Sinopec Shanghai Petrochemical Co. Ltd., Class A		6,489		4,926
Sinotruk Hong Kong Ltd.		2,011		2,907
Tencent Holdings Ltd.		2,063		70,677
Tianneng Power International Ltd.		2,470		1,982
Tingyi Cayman Islands Holding Corp.		3,082		4,567
Uni-President China Holdings Ltd.		7,099		6,906
Wangfujing Group Co. Ltd., Class A		584		1,186
Want Want China Holdings Ltd.		10,523		7,528
Weichai Power Co. Ltd., Class H		5,202		5,143
Weifu High-Technology Group Co. Ltd., Class A		523		1,339
Wuliangye Yibin Co. Ltd., Class A		166		1,150
XCMG Construction Machinery Co. Ltd., Class A		2,843		1,361
Yanzhou Coal Mining Co. Ltd., Class H		5,126		4,875
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H (a)		853		2,924
Zhongsheng Group Holdings Ltd.		1,634		2,986
Zijin Mining Group Co. Ltd., Class H		13,336		4,989

				478,228

Hungary — 1.7%
MOL Hungarian Oil & Gas plc		828		8,686
OTP Bank Nyrt		515		18,490

				27,176

India — 3.7%
Firstsource Solutions Ltd.		3,915		3,239
Graphite India Ltd.		464		5,979
HCL Technologies Ltd.		1,294		18,501
HEG Ltd.		59		3,407
Mindtree Ltd.		341		3,928
NIIT Technologies Ltd.		474		7,871
Oil & Natural Gas Corp. Ltd.		2,242		4,645

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	33

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
India — continued
Tech Mahindra Ltd.		560		5,641
WNS Holdings Ltd., ADR*		96		4,801

				58,012

Indonesia — 1.0%
Bank Rakyat Indonesia Persero Tbk. PT		54,553		11,322
Bukit Asam Tbk. PT		13,526		3,799

				15,121

Malaysia — 1.0%
AirAsia Group Bhd.		1,393		875
CIMB Group Holdings Bhd.		2,640		3,612
Tenaga Nasional Bhd.		3,287		11,556

				16,043

Mexico — 0.8%
Wal-Mart de Mexico SAB de CV		4,695		11,990

Poland — 0.8%
Polski Koncern Naftowy ORLEN SA		495		11,902

Russia — 7.3%
Alrosa PJSC		8,595		13,034
LUKOIL PJSC, ADR		360		26,829
Magnitogorsk Iron & Steel Works PJSC		8,711		6,333
MMC Norilsk Nickel PJSC, ADR		969		16,037
Novatek PJSC, GDR (a)		35		5,908
Novolipetsk Steel PJSC, GDR (a)		154		3,715
Ros Agro plc, GDR (a)		127		1,284
RusHydro PJSC		291,040		2,429
Sberbank of Russia PJSC, ADR		1,355		15,938
Sberbank of Russia PJSC, ADR		89		1,045
Severstal PJSC, GDR (a)		407		6,323
Surgutneftegas PJSC (Preference)		9,529		5,505
Tatneft PJSC, ADR		131		9,251
Tatneft PJSC, ADR		1		39

				113,670

South Africa — 3.5%
AngloGold Ashanti Ltd.		472		4,598
Astral Foods Ltd.		242		3,252
Nedbank Group Ltd.		790		13,357
Old Mutual Ltd.		4,230		6,377
Sasol Ltd.		613		20,035
SPAR Group Ltd. (The)		532		6,337

				53,956

South Korea — 14.0%
Daelim Industrial Co. Ltd.		49		3,297


INVESTMENTS	SHARES (000)		VALUE ($000)

South Korea — continued
Doosan Infracore Co. Ltd. *		593		4,030
GS Engineering & Construction Corp.		89		3,264
Hana Financial Group, Inc.		478		16,111
Hyundai Marine & Fire Insurance Co. Ltd.		135		4,978
Industrial Bank of Korea		991		12,941
KT&G Corp.		197		17,582
Kumho Petrochemical Co. Ltd.		59		4,477
LG Corp.		71		4,115
LG Display Co. Ltd.		277		4,035
LG Uplus Corp.		541		7,694
Orion Corp.		26		2,155
Samsung Electro-Mechanics Co. Ltd.		69		7,176
Samsung Electronics Co. Ltd.		1,408		52,696
Samsung SDI Co. Ltd.		40		8,373
Samsung SDS Co. Ltd.		45		7,670
Shinhan Financial Group Co. Ltd.		557		20,743
SK Holdings Co. Ltd.		55		12,739
SK Telecom Co. Ltd.		30		7,030
Woori Bank		1,218		16,880

				217,986

Taiwan — 14.2%
AU Optronics Corp.		19,315		7,546
Catcher Technology Co. Ltd.		1,700		17,189
Chailease Holding Co. Ltd.		1,583		4,540
Chilisin Electronics Corp. *		660		1,590
Chipbond Technology Corp.		3,141		5,785
CTBC Financial Holding Co. Ltd.		30,823		20,640
E.Sun Financial Holding Co. Ltd.		11,623		7,717
Far Eastern New Century Corp.		7,029		7,070
FLEXium Interconnect, Inc.		1,572		3,975
Fubon Financial Holding Co. Ltd.		11,137		17,473
Gigabyte Technology Co. Ltd.		2,770		3,642
Globalwafers Co. Ltd.		753		5,994
Largan Precision Co. Ltd.		35		3,824
Micro-Star International Co. Ltd.		1,667		3,714
Novatek Microelectronics Corp.		1,813		8,021
Powertech Technology, Inc.		2,899		6,359
President Chain Store Corp.		1,459		16,504
Silicon Motion Technology Corp., ADR		164		6,155
Sino-American Silicon Products, Inc. *		3,251		6,088
Taiwan Cement Corp.		4,207		4,729
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		710		27,034
Uni-President Enterprises Corp.		4,892		11,858
Walsin Lihwa Corp.		7,510		3,735

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Taiwan — continued
Yageo Corp.		309			3,171
Yuanta Financial Holding Co. Ltd.		22,109			10,752
Zhen Ding Technology Holding Ltd.		2,253			5,155

					220,260

Thailand — 4.3%
Indorama Ventures PCL		2,086			3,422
Kiatnakin Bank PCL		1,507			3,243
Krung Thai Bank PCL		15,368			9,330
Land & Houses PCL		14,748			4,598
PTT Exploration & Production PCL		1,880			7,875
PTT Global Chemical PCL		6,117			14,208
PTT PCL		12,069			18,212
Quality Houses PCL		34,646			3,286
Tisco Financial Group PCL		1,349			3,210

					67,384

Turkey — 1.8%
Eregli Demir ve Celik Fabrikalari TAS		3,715			6,029
Ford Otomotiv Sanayi A/S		290			3,117
Petkim Petrokimya Holding A/S		5,013			4,563
Tekfen Holding A/S		1,854			7,059
Turk Hava Yollari AO *		2,604			6,558

					27,326

United Kingdom — 0.3%
Mondi Ltd.		185			4,424

United States — 1.1%
Cognizant Technology Solutions Corp., Class A		251			17,329

Vietnam — 0.0% (b)
Hoa Phat Group JSC *		—	(c)		—	(c)

Total Common Stocks (Cost $1,522,094)					1,521,277


	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Russia — 0.0% (b)
RusHydro PJSC, expiring 12/28/2018 * (Cost $—)		10,583			—	(c)


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.7%
Investment Companies — 2.7%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (d) (e) (Cost $42,721)		42,721		42,721

Total Investments — 100.5% (Cost $1,564,815)				1,563,998
Liabilities in Excess of Other Assets — (0.5)%				(8,341	)

NET ASSETS — 100.0%				1,555,657

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2018

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


INDUSTRY	PERCENTAGE
Banks		23.4	%
Oil, Gas & Consumable Fuels		9.3
Metals & Mining		6.6
Interactive Media & Services		6.2
Technology Hardware, Storage & Peripherals		5.2
Semiconductors & Semiconductor Equipment		4.2
IT Services		3.9
Chemicals		3.4
Internet & Direct Marketing Retail		2.9
Electronic Equipment, Instruments & Components		2.9
Food Products		2.6
Insurance		2.6
Food & Staples Retailing		2.6
Real Estate Management & Development		2.1
Construction & Engineering		1.9
Construction Materials		1.8
Industrial Conglomerates		1.5
Diversified Consumer Services		1.5
Diversified Financial Services		1.4
Machinery		1.4
Capital Markets		1.3
Tobacco		1.1
Others (each less than 1.0%)		7.5
Short-Term Investments		2.7

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	35

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Abbreviations


ADR		American Depositary Receipt
GDR		Global Depositary Receipt
PJSC		Public Joint Stock Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to


		securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Amount rounds to less than one thousand.
(d)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of October 31, 2018.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.6%
Argentina — 2.1%
MercadoLibre, Inc.		298		96,847

Australia — 0.5%
Oil Search Ltd.		4,209		23,142

Brazil — 10.6%
Ambev SA, ADR		8,706		37,696
B3 SA — Brasil Bolsa Balcao *		14,236		102,100
Cielo SA		3,264		11,605
Itau Unibanco Holding SA, ADR		7,808		102,828
Itau Unibanco Holding SA (Preference)		1,076		14,209
Kroton Educacional SA		17,875		54,756
Lojas Renner SA *		6,708		67,921
Petrobras Distribuidora SA		4,749		30,512
Raia Drogasil SA *		1,867		31,579
Ultrapar Participacoes SA		2,252		26,627
WEG SA		1,671		8,087

				487,920

China — 26.6%
Alibaba Group Holding Ltd., ADR *		1,724		245,360
Baidu, Inc., ADR *		335		63,683
Fuyao Glass Industry Group Co. Ltd., Class A		15,800		49,311
Hangzhou Robam Appliances Co. Ltd., Class A		11,087		33,632
Han’s Laser Technology Industry Group Co. Ltd., Class A		9,407		42,604
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		18,349		58,440
JD.com, Inc., ADR *		1,814		42,660
Kweichow Moutai Co. Ltd., Class A		483		38,254
Meituan Dianping, Class B * (a)		1,773		11,461
Midea Group Co. Ltd., Class A		9,048		48,439
New Oriental Education & Technology Group, Inc., ADR *		801		46,863
Ping An Insurance Group Co. of China Ltd., Class H		21,889		206,935
Shenzhou International Group Holdings Ltd.		4,342		48,138
Tencent Holdings Ltd.		6,940		237,749
Yum China Holdings, Inc.		1,399		50,493

				1,224,022

Egypt — 0.9%
Commercial International Bank Egypt SAE (Registered), GDR (a)		9,723		42,249

Hong Kong — 6.4%
AIA Group Ltd.		27,876		212,056
Jardine Matheson Holdings Ltd.		516		29,778
Techtronic Industries Co. Ltd.		10,909		51,368

				293,202


INVESTMENTS	SHARES (000)		VALUE ($000)

India — 16.6%
Asian Paints Ltd.		1,884		31,355
HDFC Bank Ltd.		3,995		103,741
HDFC Bank Ltd., ADR		945		84,000
HDFC Standard Life Insurance Co. Ltd. (a)		10,111		50,953
Housing Development Finance Corp. Ltd.		8,168		195,410
IndusInd Bank Ltd.		3,316		63,924
ITC Ltd.		13,209		50,055
Kotak Mahindra Bank Ltd.		3,493		52,860
Tata Consultancy Services Ltd.		3,413		89,465
UltraTech Cement Ltd.		930		44,007

				765,770

Indonesia — 2.5%
Astra International Tbk. PT		73,185		38,069
Bank Central Asia Tbk. PT		36,491		56,818
Bank Rakyat Indonesia Persero Tbk. PT		104,467		21,682

				116,569

Macau — 1.2%
Sands China Ltd.		13,445		53,167

Mexico — 3.3%
Fomento Economico Mexicano SAB de CV, ADR		624		53,041
Grupo Financiero Banorte SAB de CV, Class O		11,813		64,995
Infraestructura Energetica Nova SAB de CV		8,923		34,980

				153,016

Panama — 0.7%
Copa Holdings SA, Class A		444		32,181

Peru — 1.3%
Credicorp Ltd.		272		61,297

Portugal — 0.8%
Jeronimo Martins SGPS SA		3,100		38,046

Russia — 3.1%
Sberbank of Russia PJSC		48,717		140,026

South Africa — 5.8%
Bid Corp. Ltd.		4,691		87,833
Bidvest Group Ltd. (The)		2,459		30,689
Capitec Bank Holdings Ltd.		467		31,365
FirstRand Ltd.		5,340		23,322
Mr Price Group Ltd.		1,834		28,709
Sanlam Ltd.		12,790		64,404

				266,322

South Korea — 6.3%
NAVER Corp.		409		41,193
NCSoft Corp.		97		36,518

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	37

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
South Korea — continued
Samsung Electronics Co. Ltd.		5,606		209,868

				287,579

Spain — 0.4%
Prosegur Cia de Seguridad SA		3,592		19,949

Taiwan — 7.2%
Largan Precision Co. Ltd.		369		40,318
President Chain Store Corp.		5,719		64,694
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		5,982		227,932

				332,944

Thailand — 0.6%
Kasikornbank PCL, NVDR		4,300		25,885

Turkey — 0.3%
Ford Otomotiv Sanayi A/S		1,070		11,491

United States — 1.4%
EPAM Systems, Inc.*		547		65,339

Total Common Stocks (Cost $3,989,311)				4,536,963


	NO. OF WARRANTS (000)
Warrants — 0.5%
United Kingdom — 0.0% (b)
HSBC Bank plc expiring 7/20/2020, price 1.00 *		54		710

United States — 0.5%
Almarai Co. expiring 7/11/2019, price 1.00 *		1,597		20,784
expiring 7/20/2020, price 1.00 *		90		1,174

				21,958

Total Warrants (Cost $30,996)				22,668


	SHARES (000)
Short-Term Investments — 1.3%
Investment Companies — 1.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (c) (d) (Cost $58,479)		58,479		58,479

Total Investments — 100.4% (Cost $4,078,786)				4,618,110
Liabilities in Excess of Other Assets — (0.4)%				(16,905	)

NET ASSETS — 100.0%				4,601,205

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2018

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


INDUSTRY	PERCENTAGE
Banks		18.8	%
Insurance		11.6
Internet & Direct Marketing Retail		8.6
Interactive Media & Services		7.4
Semiconductors & Semiconductor Equipment		4.9
Food & Staples Retailing		4.8
Technology Hardware, Storage & Peripherals		4.5
Thrifts & Mortgage Finance		4.2
IT Services		3.6
Household Durables		2.9
Beverages		2.8
Hotels, Restaurants & Leisure		2.2
Capital Markets		2.2
Diversified Consumer Services		2.2
Food Products		1.7
Multiline Retail		1.5
Industrial Conglomerates		1.3
Specialty Retail		1.3
Machinery		1.1
Tobacco		1.1
Oil, Gas & Consumable Fuels		1.1
Automobiles		1.1
Auto Components		1.1
Textiles, Apparel & Luxury Goods		1.0
Construction Materials		1.0
Others (each less than 1.0%)		4.7
Short-Term Investments		1.3

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

Abbreviations


ADR		American Depositary Receipt
GDR		Global Depositary Receipt
NVDR		Non-voting depository receipt
PJSC		Public Joint Stock Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to


		securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of October 31, 2018.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	39

JPMorgan Europe Dynamic Fund

(formerly known as JPMorgan Intrepid European Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 101.6%
Australia — 2.5%
Rio Tinto plc		348		16,888

Belgium — 1.7%
KBC Group NV		169		11,667

Denmark — 3.1%
Novo Nordisk A/S, Class B		312		13,460
Royal Unibrew A/S		113		8,002

				21,462

Finland — 2.9%
Neste OYJ		134		10,968
UPM-Kymmene OYJ		281		9,036

				20,004

France — 18.8%
Airbus SE		104		11,463
Capgemini SE		82		10,073
Dassault Systemes SE		46		5,704
Eiffage SA		88		8,626
Engie SA		881		11,706
Kering SA		29		12,747
Peugeot SA		530		12,609
Safran SA		112		14,511
Teleperformance		36		5,958
Thales SA		111		14,155
TOTAL SA		125		7,326
Vinci SA		157		13,999

				128,877

Germany — 7.0%
Allianz SE (Registered)		95		19,837
Bayer AG (Registered)		82		6,320
Deutsche Telekom AG (Registered)		761		12,478
Hannover Rueck SE		43		5,721
SAP SE		32		3,416

				47,772

Italy — 5.2%
Enel SpA		2,675		13,115
Eni SpA		800		14,207
Saipem SpA *		1,489		8,144

				35,466

Jordan — 1.3%
Hikma Pharmaceuticals plc		377		9,149

Luxembourg — 1.4%
ArcelorMittal		383		9,565


INVESTMENTS	SHARES (000)		VALUE ($000)

Netherlands — 9.7%
ABN AMRO Group NV, CVA (a)		498		12,207
Adyen NV * (a)		12		7,769
ASML Holding NV		71		12,292
ASR Nederland NV		260		11,813
ING Groep NV		1,258		14,887
NN Group NV		167		7,188

				66,156

Norway — 1.0%
Telenor ASA		368		6,743

Spain — 4.7%
ACS Actividades de Construccion y Servicios SA		301		11,260
Ence Energia y Celulosa SA		582		4,887
Repsol SA		911		16,271

				32,418

Sweden — 6.1%
Dometic Group AB (b)		194		1,354
Swedish Match AB		150		7,617
Swedish Orphan Biovitrum AB *		312		6,363
Tele2 AB, Class B		967		10,978
Telefonaktiebolaget LM Ericsson, Class B		674		5,869
Volvo AB, Class B		664		9,923

				42,104

Switzerland — 18.6%
Logitech International SA (Registered)		278		10,309
Nestle SA (Registered)		141		11,902
Novartis AG (Registered)		342		29,972
Partners Group Holding AG		8		5,685
Roche Holding AG		138		33,658
Sunrise Communications Group AG * (a)		114		10,018
Swatch Group AG (The)		27		8,958
Zurich Insurance Group AG *		54		16,918

				127,420

United Kingdom — 16.4%
Ashtead Group plc		287		7,080
BP plc		1,647		11,900
Centrica plc		6,644		12,480
Fevertree Drinks plc		185		6,565
Fiat Chrysler Automobiles NV *		301		4,576
GlaxoSmithKline plc		956		18,520
Next plc		129		8,601
Pearson plc		1,120		12,867
Persimmon plc		311		9,101
Rolls-Royce Holdings plc *		999		10,714

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
Taylor Wimpey plc		5,010		10,317

				112,721

United States — 1.2%
Burford Capital Ltd.		375		7,941

Total Common Stocks (Cost $734,469)				696,353

Preferred Stocks — 0.1%
United Kingdom — 0.1%
Rolls-Royce Holdings plc (Preference) * (Cost $58)		45,643		58

Short-Term Investments — 7.4%
Investment Companies — 7.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (c) (d) (Cost $51,037)		51,037		51,037

Total Investments — 109.1% (Cost $785,564)				747,448
Liabilities in Excess of Other Assets — (9.1%)				(62,101	)

NET ASSETS — 100.0%				685,347

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2018

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


INDUSTRY	PERCENTAGE
Pharmaceuticals		14.9	%
Insurance		8.2
Oil, Gas & Consumable Fuels		8.1
Aerospace & Defense		6.8
Banks		5.2
Construction & Engineering		4.5
Diversified Telecommunication Services		3.9
Metals & Mining		3.5
Multi-Utilities		3.2
Textiles, Apparel & Luxury Goods		2.9
Household Durables		2.6
IT Services		2.4
Automobiles		2.3
Beverages		2.0
Paper & Forest Products		1.9
Capital Markets		1.8
Electric Utilities		1.8
Media		1.7
Semiconductors & Semiconductor Equipment		1.6
Food Products		1.6
Wireless Telecommunication Services		1.5
Technology Hardware, Storage & Peripherals		1.4
Machinery		1.3
Software		1.2
Multiline Retail		1.2
Energy Equipment & Services		1.1
Tobacco		1.0
Others (each less than 1.0%)		3.6
Short-Term Investment		6.8

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	41

JPMorgan Europe Dynamic Fund

(formerly known as JPMorgan Intrepid European Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Abbreviations


CVA		Dutch Certification
OYJ		Public Limited Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.


(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(c)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of October 31, 2018.
*		Non-income producing security.

Futures contracts outstanding as of October 31, 2018 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

EURO STOXX 50 Index

487

12/2018

EUR

17,552

FTSE 100 Index

12/2018

GBP

8,785

145

201

Abbreviations


EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.3%
Argentina — 0.0% (a)
MercadoLibre, Inc.		7		2,268

Australia — 2.9%
AGL Energy Ltd.		84		1,075
Alumina Ltd.		871		1,581
Amcor Ltd.		245		2,307
AMP Ltd.		461		808
APA Group		237		1,612
Aristocrat Leisure Ltd.		57		1,076
ASX Ltd.		22		922
Aurizon Holdings Ltd.		522		1,555
Australia & New Zealand Banking Group Ltd.		510		9,387
Bendigo & Adelaide Bank Ltd.		86		622
BHP Billiton Ltd.		518		11,941
BHP Billiton plc		164		3,270
Boral Ltd.		216		861
Brambles Ltd.		248		1,870
Caltex Australia Ltd.		60		1,203
Challenger Ltd.		96		702
Coca-Cola Amatil Ltd.		186		1,307
Cochlear Ltd.		14		1,801
Commonwealth Bank of Australia		272		13,371
Computershare Ltd.		137		1,929
Crown Resorts Ltd.		10		90
CSL Ltd.		73		9,725
Dexus, REIT		176		1,275
Fortescue Metals Group Ltd.		165		469
Goodman Group, REIT		331		2,430
GPT Group (The), REIT		152		557
Incitec Pivot Ltd.		274		760
Insurance Australia Group Ltd.		291		1,407
LendLease Group		94		1,169
Macquarie Group Ltd.		56		4,634
Medibank Pvt Ltd.		444		879
Mirvac Group, REIT		1,066		1,640
National Australia Bank Ltd.		449		8,049
Newcrest Mining Ltd.		115		1,689
Oil Search Ltd.		263		1,446
Orica Ltd.		100		1,224
Origin Energy Ltd. *		245		1,272
QBE Insurance Group Ltd.		288		2,313
Ramsay Health Care Ltd.		30		1,188
REA Group Ltd.		19		970
Rio Tinto Ltd.		81		4,404
Rio Tinto plc		319		15,465
Santos Ltd.		289		1,355


INVESTMENTS	SHARES (000)		VALUE ($000)

Australia — continued
Scentre Group, REIT		1,106		3,116
SEEK Ltd.		6		79
Sonic Healthcare Ltd.		49		782
South32 Ltd.		1,059		2,730
Stockland, REIT		421		1,076
Suncorp Group Ltd.		277		2,757
Sydney Airport		280		1,279
Tabcorp Holdings Ltd.		397		1,302
Telstra Corp. Ltd.		702		1,536
TPG Telecom Ltd.		159		812
Transurban Group		401		3,226
Treasury Wine Estates Ltd.		100		1,077
Vicinity Centres, REIT		578		1,085
Wesfarmers Ltd.		174		5,778
Westpac Banking Corp.		523		9,940
Woodside Petroleum Ltd.		115		2,833
Woolworths Group Ltd.		242		4,878

				167,896

Austria — 0.2%
Erste Group Bank AG *		221		9,003

Belgium — 0.2%
Anheuser-Busch InBev SA/NV		79		5,854
KBC Group NV		118		8,155

				14,009

Canada — 3.1%
Agnico Eagle Mines Ltd.		36		1,273
Alimentation Couche-Tard, Inc., Class B		72		3,446
ARC Resources Ltd.		62		573
Bank of Montreal		107		8,022
Bank of Nova Scotia (The)		194		10,417
Barrick Gold Corp.		191		2,389
BCE, Inc.		26		1,024
Brookfield Asset Management, Inc., Class A		153		6,239
Canadian Imperial Bank of Commerce		68		5,859
Canadian National Railway Co.		130		11,112
Canadian Natural Resources Ltd.		187		5,134
Canadian Pacific Railway Ltd.		25		5,103
Canadian Tire Corp. Ltd., Class A		12		1,339
Cenovus Energy, Inc.		145		1,224
CGI Group, Inc., Class A *		38		2,342
Constellation Software, Inc.		3		2,244
Crescent Point Energy Corp.		91		432
Dollarama, Inc.		60		1,650
Enbridge, Inc.		134		4,186

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	43

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Canada — continued
Encana Corp.		146		1,493
Fairfax Financial Holdings Ltd.		4		1,859
Fortis, Inc.		48		1,579
Franco-Nevada Corp.		29		1,842
Gildan Activewear, Inc.		41		1,237
Goldcorp, Inc.		137		1,237
Great-West Lifeco, Inc.		53		1,223
Imperial Oil Ltd.		51		1,586
Intact Financial Corp.		22		1,772
Inter Pipeline Ltd.		61		988
Kinross Gold Corp. *		214		556
Loblaw Cos. Ltd.		39		1,938
Magna International, Inc.		68		3,351
Manulife Financial Corp.		336		5,298
Metro, Inc.		43		1,356
National Bank of Canada		57		2,583
Nutrien Ltd.		113		5,985
Open Text Corp.		44		1,468
Pembina Pipeline Corp.		65		2,089
Power Corp. of Canada		64		1,321
Power Financial Corp.		45		967
Restaurant Brands International, Inc.		37		2,053
Rogers Communications, Inc., Class B		62		3,186
Royal Bank of Canada		232		16,939
Saputo, Inc.		44		1,333
Shaw Communications, Inc., Class B		70		1,297
SNC-Lavalin Group, Inc.		27		956
Sun Life Financial, Inc.		105		3,852
Suncor Energy, Inc.		265		8,890
Teck Resources Ltd., Class B		92		1,900
Thomson Reuters Corp.		59		2,735
Toronto-Dominion Bank (The)		293		16,260
TransCanada Corp.		121		4,564
Wheaton Precious Metals Corp.		71		1,174

				180,875

China — 0.0% (a)
BOC Hong Kong Holdings Ltd.		723		2,707
Yangzijiang Shipbuilding Holdings Ltd.		412		369

				3,076

Denmark — 0.4%
Chr Hansen Holding A/S		64		6,451
Novo Nordisk A/S, Class B		399		17,210

				23,661


INVESTMENTS	SHARES (000)		VALUE ($000)

Finland — 0.3%
Elisa OYJ		118		4,694
Nordea Bank AB		862		7,493
UPM-Kymmene OYJ		233		7,495

				19,682

France — 4.2%
Accor SA		137		6,241
Air Liquide SA		96		11,565
Airbus SE		130		14,374
Alstom SA *		203		8,876
AXA SA		150		3,743
BioMerieux		40		3,084
BNP Paribas SA		274		14,263
Capgemini SE		73		8,873
Cie Generale des Etablissements Michelin SCA		52		5,293
Eutelsat Communications SA		251		5,089
Kering SA		13		5,663
Legrand SA		101		6,566
L’Oreal SA		27		6,164
LVMH Moet Hennessy Louis Vuitton SE		61		18,447
Natixis SA		1,240		7,242
Orange SA		860		13,429
Pernod Ricard SA		56		8,471
Renault SA		97		7,212
Sanofi		199		17,773
Schneider Electric SE		180		12,995
Thales SA		68		8,728
TOTAL SA		429		25,193
Unibail-Rodamco-Westfield, REIT		25		4,580
Unibail-Rodamco-Westfield, REIT, CHDI *		103		928
Vinci SA		169		15,042
Vivendi SA		136		3,271

				243,105

Germany — 3.1%
adidas AG		61		14,286
Allianz SE (Registered)		82		17,062
BASF SE		169		12,975
Bayer AG (Registered)		112		8,571
Bayerische Motoren Werke AG		33		2,856
Daimler AG (Registered)		127		7,502
Deutsche Post AG (Registered)		367		11,586
Deutsche Telekom AG (Registered)		741		12,151
Fresenius SE & Co. KGaA		54		3,428
Infineon Technologies AG		422		8,447
Merck KGaA		58		6,158

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Germany — continued
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		64		13,649
RWE AG		449		8,741
SAP SE		210		22,488
Siemens AG (Registered)		130		14,932
Volkswagen AG (Preference)		83		13,979

				178,811

Hong Kong — 1.2%
AIA Group Ltd.		1,940		14,759
ASM Pacific Technology Ltd.		67		584
Bank of East Asia Ltd. (The)		41		133
CK Asset Holdings Ltd.		342		2,228
CK Hutchison Holdings Ltd.		518		5,215
CK Infrastructure Holdings Ltd.		171		1,248
CLP Holdings Ltd.		356		3,989
Galaxy Entertainment Group Ltd.		433		2,351
Hang Lung Properties Ltd.		59		107
Hang Seng Bank Ltd.		162		3,794
Henderson Land Development Co. Ltd.		313		1,460
HKT Trust & HKT Ltd.		556		767
Hong Kong & China Gas Co. Ltd.		1,719		3,284
Hong Kong Exchanges & Clearing Ltd.		177		4,708
Hongkong Land Holdings Ltd.		188		1,113
Hutchison Port Holdings Trust		2,431		598
Jardine Matheson Holdings Ltd.		19		1,080
Kerry Properties Ltd.		265		834
Li & Fung Ltd.		1,756		349
Link REIT		291		2,582
MTR Corp. Ltd.		201		975
New World Development Co. Ltd.		614		781
NWS Holdings Ltd.		410		814
Power Assets Holdings Ltd.		216		1,442
Sino Land Co. Ltd.		908		1,426
Sun Hung Kai Properties Ltd.		282		3,658
Swire Pacific Ltd., Class A		158		1,641
Techtronic Industries Co. Ltd.		99		464
WH Group Ltd. (b)		1,040		730
Wharf Holdings Ltd. (The)		348		870
Wharf Real Estate Investment Co. Ltd.		282		1,752
Wheelock & Co. Ltd.		260		1,390
Yue Yuen Industrial Holdings Ltd.		249		684

				67,810

Ireland — 0.5%
CRH plc		355		10,591


INVESTMENTS	SHARES (000)			VALUE ($000)

Ireland — continued
James Hardie Industries plc, CHDI		104			1,386
Kerry Group plc, Class A		75			7,642
Kingspan Group plc		101			4,397
Ryanair Holdings plc, ADR *		71			5,915

					29,931

Israel — 0.1%
Teva Pharmaceutical Industries Ltd., ADR		155			3,092

Italy — 0.4%
Enel SpA		2,979			14,605
Intesa Sanpaolo SpA		832			1,842
UniCredit SpA		749			9,580

					26,027

Japan — 8.0%
AEON Financial Service Co. Ltd.		26			513
AGC, Inc.		61			1,995
Ajinomoto Co., Inc.		126			2,040
Alfresa Holdings Corp.		40			1,070
Amada Holdings Co. Ltd.		170			1,602
Asahi Group Holdings Ltd.		105			4,592
Asahi Kasei Corp.		135			1,615
Astellas Pharma, Inc.		191			2,946
Bandai Namco Holdings, Inc.		94			3,344
Bridgestone Corp.		141			5,437
Canon, Inc.		121			3,438
Central Japan Railway Co.		11			2,073
Chubu Electric Power Co., Inc.		155			2,241
Chugai Pharmaceutical Co. Ltd.		25			1,434
Coca-Cola Bottlers Japan Holdings, Inc.		21			550
Concordia Financial Group Ltd.		449			2,054
Dai Nippon Printing Co. Ltd.		29			644
Daicel Corp.		265			2,807
Dai-ichi Life Holdings, Inc.		145			2,725
Daiichi Sankyo Co. Ltd.		135			5,168
Daikin Industries Ltd.		55			6,410
Daito Trust Construction Co. Ltd.		13			1,753
Daiwa House Industry Co. Ltd.		141			4,242
Daiwa House REIT Investment Corp., REIT		—	(c)		607
Denso Corp.		37			1,641
East Japan Railway Co.		68			5,913
Eisai Co. Ltd.		16			1,349
Electric Power Development Co. Ltd.		117			3,188
FANUC Corp.		21			3,566
Fast Retailing Co. Ltd.		7			3,474
Fuji Electric Co. Ltd.		27			836



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	45

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Japan — continued
FUJIFILM Holdings Corp.		101			4,364
Fujitsu Ltd.		16			998
Hakuhodo DY Holdings, Inc.		47			776
Hankyu Hanshin Holdings, Inc.		22			720
Hino Motors Ltd.		142			1,356
Hisamitsu Pharmaceutical Co., Inc.		39			2,198
Hitachi High-Technologies Corp.		41			1,550
Hitachi Ltd.		195			5,952
Honda Motor Co. Ltd.		310			8,838
Hoya Corp.		31			1,731
Hulic Co. Ltd.		139			1,267
ITOCHU Corp.		316			5,855
J Front Retailing Co. Ltd.		176			2,308
Japan Airlines Co. Ltd.		83			2,946
Japan Exchange Group, Inc.		34			614
Japan Prime Realty Investment Corp., REIT		—	(c)		596
Japan Real Estate Investment Corp., REIT		—	(c)		1,125
Japan Retail Fund Investment Corp., REIT		1			1,055
Japan Tobacco, Inc.		155			3,993
JFE Holdings, Inc.		75			1,404
JTEKT Corp.		46			574
JXTG Holdings, Inc.		834			5,637
Kao Corp.		98			6,519
Kawasaki Heavy Industries Ltd.		91			2,152
KDDI Corp.		203			4,920
Keikyu Corp.		34			496
Keyence Corp.		17			8,305
Kintetsu Group Holdings Co. Ltd.		18			707
Kirin Holdings Co. Ltd.		108			2,575
Komatsu Ltd.		121			3,143
Kose Corp.		14			2,047
Kubota Corp.		37			579
Kyocera Corp.		30			1,624
Kyowa Hakko Kirin Co. Ltd.		131			2,543
M3, Inc.		119			1,921
Mabuchi Motor Co. Ltd.		57			2,038
Marui Group Co. Ltd.		149			3,202
Mazda Motor Corp.		173			1,845
Mebuki Financial Group, Inc.		580			1,766
MEIJI Holdings Co. Ltd.		29			1,911
Mitsubishi Corp.		280			7,889
Mitsubishi Electric Corp.		394			4,984
Mitsubishi Estate Co. Ltd.		284			4,534
Mitsubishi Tanabe Pharma Corp.		25			375
Mitsubishi UFJ Financial Group, Inc.		1,982			11,998


INVESTMENTS	SHARES (000)			VALUE ($000)

Japan — continued
Mitsubishi UFJ Lease & Finance Co. Ltd.		100			516
Mitsui & Co. Ltd.		276			4,617
Mitsui Chemicals, Inc.		105			2,343
Mitsui Fudosan Co. Ltd.		88			1,980
Mizuho Financial Group, Inc.		1,993			3,422
MS&AD Insurance Group Holdings, Inc.		32			973
Murata Manufacturing Co. Ltd.		24			3,673
Nexon Co. Ltd. *		133			1,515
NGK Spark Plug Co. Ltd.		90			1,813
NH Foods Ltd.		23			776
Nidec Corp.		43			5,497
Nintendo Co. Ltd.		20			6,369
Nippon Building Fund, Inc., REIT		—	(c)		1,246
Nippon Prologis REIT, Inc., REIT		—	(c)		517
Nippon Steel & Sumitomo Metal Corp.		157			2,898
Nippon Telegraph & Telephone Corp.		148			6,099
Nippon Yusen KK		101			1,622
Nissan Motor Co. Ltd.		403			3,667
Nitori Holdings Co. Ltd.		18			2,298
Nitto Denko Corp.		23			1,462
Nomura Holdings, Inc.		355			1,704
Nomura Real Estate Master Fund, Inc., REIT		—	(c)		584
Nomura Research Institute Ltd.		71			3,148
NSK Ltd.		101			994
NTT DOCOMO, Inc.		282			6,993
Obayashi Corp.		115			1,016
Obic Co. Ltd.		6			528
Olympus Corp.		87			2,890
Ono Pharmaceutical Co. Ltd.		127			2,878
Oriental Land Co. Ltd.		16			1,533
ORIX Corp.		319			5,189
Otsuka Corp.		68			2,246
Otsuka Holdings Co. Ltd.		107			5,094
Panasonic Corp.		468			5,024
Persol Holdings Co. Ltd.		132			2,500
Recruit Holdings Co. Ltd.		155			4,171
Renesas Electronics Corp. *		287			1,511
Resona Holdings, Inc.		223			1,175
Rohm Co. Ltd.		33			2,341
Ryohin Keikaku Co. Ltd.		5			1,427
Santen Pharmaceutical Co. Ltd.		52			767
Seibu Holdings, Inc.		160			2,910
Seiko Epson Corp.		81			1,311
Sekisui House Ltd.		108			1,579
Seven & i Holdings Co. Ltd.		160			6,941

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Japan — continued
Shimano, Inc.		9			1,256
Shimizu Corp.		276			2,240
Shin-Etsu Chemical Co. Ltd.		78			6,493
Shinsei Bank Ltd.		86			1,302
Shionogi & Co. Ltd.		10			646
Shiseido Co. Ltd.		37			2,353
Shizuoka Bank Ltd. (The)		134			1,168
SMC Corp.		12			3,825
SoftBank Group Corp.		113			8,966
Sompo Holdings, Inc.		53			2,169
Sony Corp.		206			11,126
Stanley Electric Co. Ltd.		23			683
Subaru Corp.		14			370
Sumitomo Chemical Co. Ltd.		383			1,921
Sumitomo Corp.		16			237
Sumitomo Electric Industries Ltd.		167			2,282
Sumitomo Metal Mining Co. Ltd.		71			2,223
Sumitomo Mitsui Financial Group, Inc.		243			9,461
Sumitomo Mitsui Trust Holdings, Inc.		90			3,580
Sumitomo Realty & Development Co. Ltd.		41			1,412
Sundrug Co. Ltd.		17			625
Suntory Beverage & Food Ltd.		36			1,463
Suzuken Co. Ltd.		11			542
Suzuki Motor Corp.		91			4,533
T&D Holdings, Inc.		176			2,805
Takeda Pharmaceutical Co. Ltd.		76			3,155
THK Co. Ltd.		59			1,299
Toho Gas Co. Ltd.		45			1,543
Tokio Marine Holdings, Inc.		148			6,968
Tokyo Electric Power Co. Holdings, Inc. *		185			947
Tokyo Electron Ltd.		20			2,753
Tokyo Gas Co. Ltd.		91			2,245
Tokyu Corp.		231			3,813
Tokyu Fudosan Holdings Corp.		343			1,931
Toppan Printing Co. Ltd.		57			811
Toray Industries, Inc.		453			3,210
Toshiba Corp. *		75			2,239
Toyota Industries Corp.		10			501
Toyota Motor Corp.		361			21,171
Toyota Tsusho Corp.		23			834
Unicharm Corp.		23			635
United Urban Investment Corp., REIT		—	(c)		701
Yahoo Japan Corp.		165			513
Yamato Holdings Co. Ltd.		107			2,912
Yaskawa Electric Corp.		21			616


INVESTMENTS	SHARES (000)		VALUE ($000)

Japan — continued
ZOZO, Inc.		19		458

				467,890

Luxembourg — 0.0% (a)
ArcelorMittal		97		2,419

Macau — 0.0% (a)
Sands China Ltd.		509		2,014
Wynn Macau Ltd.		316		659

				2,673

Netherlands — 2.1%
Akzo Nobel NV		107		8,962
ASML Holding NV		99		17,067
Heineken Holding NV		80		6,912
Heineken NV		89		8,046
ING Groep NV		570		6,747
Koninklijke Ahold Delhaize NV		414		9,470
Koninklijke Philips NV		165		6,158
NN Group NV		106		4,550
Royal Dutch Shell plc, Class A		901		28,707
Royal Dutch Shell plc, Class B		576		18,790
Wolters Kluwer NV		134		7,582

				122,991

New Zealand — 0.1%
Auckland International Airport Ltd.		268		1,224
Fletcher Building Ltd. *		239		947
Ryman Healthcare Ltd.		119		939
Spark New Zealand Ltd.		512		1,323

				4,433

Norway — 0.1%
Telenor ASA		374		6,856

Singapore — 0.4%
Ascendas, REIT		507		923
CapitaLand Ltd.		671		1,523
CapitaLand Mall Trust, REIT		379		577
ComfortDelGro Corp. Ltd.		390		635
DBS Group Holdings Ltd.		362		6,137
Genting Singapore Ltd.		771		491
Jardine Cycle & Carriage Ltd.		17		366
Keppel Corp. Ltd.		331		1,482
Oversea-Chinese Banking Corp. Ltd.		627		4,873
Singapore Exchange Ltd.		79		393
Singapore Press Holdings Ltd.		153		294
Singapore Telecommunications Ltd.		1,293		2,953



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	47

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Singapore — continued
United Overseas Bank Ltd.		201		3,547
Wilmar International Ltd.		601		1,372

				25,566

Spain — 0.9%
Amadeus IT Group SA		97		7,803
Banco Santander SA		2,342		11,145
Iberdrola SA		1,891		13,378
Industria de Diseno Textil SA		117		3,288
Red Electrica Corp. SA		328		6,800
Repsol SA		397		7,086
Telefonica SA		386		3,170

				52,670

Sweden — 0.4%
Autoliv, Inc.		6		465
Lundin Petroleum AB		195		5,918
Sandvik AB		489		7,737
Svenska Handelsbanken AB, Class A		118		1,278
Volvo AB, Class B		423		6,322

				21,720

Switzerland — 3.0%
ABB Ltd. (Registered)		372		7,478
Cie Financiere Richemont SA (Registered)		82		6,000
Credit Suisse Group AG (Registered) *		907		11,863
Glencore plc *		3,250		13,225
Lonza Group AG (Registered) *		29		9,172
Nestle SA (Registered)		446		37,631
Novartis AG (Registered)		428		37,502
Partners Group Holding AG		4		2,752
Roche Holding AG		133		32,402
UBS Group AG (Registered) *		382		5,346
Zurich Insurance Group AG *		36		11,269

				174,640

United Kingdom — 5.1%
3i Group plc		712		7,972
AstraZeneca plc		211		16,108
Aviva plc		792		4,328
Beazley plc		674		4,527
BP plc		2,740		19,794
British American Tobacco plc		217		9,414
Bunzl plc		237		6,998
Burberry Group plc		215		4,981
Compass Group plc		410		8,063
DCC plc		74		6,317


INVESTMENTS	SHARES (000)		VALUE ($000)

United Kingdom — continued
Diageo plc		494		17,077
GlaxoSmithKline plc		581		11,251
HSBC Holdings plc		3,384		27,851
Imperial Brands plc		404		13,676
InterContinental Hotels Group plc		95		4,997
Intertek Group plc		84		5,051
Johnson Matthey plc		116		4,385
Liberty Global plc, Class A *		12		297
Liberty Global plc, Class C *		61		1,522
Linde plc		53		8,765
Lloyds Banking Group plc		8,307		6,062
London Stock Exchange Group plc		172		9,484
National Grid plc		404		4,269
Prudential plc		735		14,710
Reckitt Benckiser Group plc		77		6,222
RELX plc		548		10,831
Standard Chartered plc		1,408		9,867
Taylor Wimpey plc		4,139		8,522
Tesco plc		3,629		9,882
Unilever NV, CVA		430		23,080
Unilever plc		143		7,577
Vodafone Group plc		2,881		5,418

				299,298

United States — 61.6%
3M Co.		13		2,496
Abbott Laboratories		93		6,433
AbbVie, Inc.		134		10,470
Accenture plc, Class A		128		20,100
Adobe, Inc. *		95		23,330
Advance Auto Parts, Inc.		23		3,711
Alexion Pharmaceuticals, Inc. *		82		9,164
Align Technology, Inc. *		11		2,424
Alleghany Corp.		1		721
Allegion plc		117		9,992
Allergan plc		76		12,068
Alliance Data Systems Corp.		31		6,338
Alnylam Pharmaceuticals, Inc. *		5		436
Alphabet, Inc., Class A *		45		48,781
Alphabet, Inc., Class C *		58		62,298
Altria Group, Inc.		223		14,472
Amazon.com, Inc. *		70		111,830
Ameren Corp.		180		11,627
American Express Co.		120		12,356
American Financial Group, Inc.		7		676

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
American International Group, Inc.		357		14,732
Amgen, Inc.		55		10,536
Analog Devices, Inc.		231		19,314
Antero Resources Corp. *		22		357
Anthem, Inc.		71		19,477
Apple, Inc.		762		166,701
Aptiv plc		88		6,734
Aramark		27		967
Arch Capital Group Ltd. *		23		656
Arista Networks, Inc. *		8		1,730
Arrow Electronics, Inc. *		14		953
AT&T, Inc.		517		15,876
Athene Holding Ltd., Class A *		14		631
Atmos Energy Corp.		8		724
Automatic Data Processing, Inc.		143		20,596
AutoZone, Inc. *		16		11,978
AvalonBay Communities, Inc., REIT		72		12,591
Avery Dennison Corp.		124		11,270
Axis Capital Holdings Ltd.		14		788
Ball Corp.		108		4,831
Bank of America Corp.		1,999		54,973
BB&T Corp.		161		7,924
Becton Dickinson and Co.		77		17,799
Berkshire Hathaway, Inc., Class B *		182		37,322
Best Buy Co., Inc.		216		15,127
Biogen, Inc. *		32		9,637
BioMarin Pharmaceutical, Inc. *		24		2,217
BlackRock, Inc.		41		17,033
Boeing Co. (The)		60		21,316
Booking Holdings, Inc. *		7		13,516
BorgWarner, Inc.		35		1,372
Boston Scientific Corp. *		696		25,156
Bristol-Myers Squibb Co.		225		11,390
Broadcom, Inc.		100		22,233
Broadridge Financial Solutions, Inc.		18		2,153
CA, Inc.		50		2,212
Camden Property Trust, REIT		11		1,036
Capital One Financial Corp.		242		21,648
Caterpillar, Inc.		156		18,955
CBRE Group, Inc., Class A *		23		912
CDK Global, Inc.		21		1,175
CDW Corp.		23		2,034
Celanese Corp.		131		12,657
Celgene Corp. *		128		9,173
Centene Corp. *		25		3,216


INVESTMENTS	SHARES (000)		VALUE ($000)

United States — continued
Charles Schwab Corp. (The)		181		8,368
Charter Communications, Inc., Class A *		78		24,868
Cheniere Energy, Inc. *		17		1,028
Chevron Corp.		287		32,057
Chubb Ltd.		71		8,903
Cigna Corp.		115		24,522
Cisco Systems, Inc.		354		16,175
Citigroup, Inc.		580		37,957
Citizens Financial Group, Inc.		284		10,625
CME Group, Inc.		90		16,407
Coca-Cola Co. (The)		852		40,773
Cognex Corp.		11		474
Colgate-Palmolive Co.		126		7,527
Comcast Corp., Class A		1,024		39,064
CommScope Holding Co., Inc. *		28		677
Concho Resources, Inc. *		113		15,766
Constellation Brands, Inc., Class A		19		3,752
Corning, Inc.		35		1,104
CoStar Group, Inc. *		2		875
Crown Holdings, Inc. *		21		896
Cummins, Inc.		85		11,668
CVS Health Corp.		258		18,698
Danaher Corp.		94		9,386
Deere & Co.		98		13,246
Dell Technologies, Inc., Class V *		23		2,083
Delta Air Lines, Inc.		222		12,137
Diamondback Energy, Inc.		143		16,100
Digital Realty Trust, Inc., REIT		45		4,635
Discovery, Inc., Class A *		47		1,516
DISH Network Corp., Class A *		197		6,054
Dollar General Corp.		133		14,780
Dollar Tree, Inc. *		33		2,795
DowDuPont, Inc.		546		29,461
Duke Realty Corp., REIT		60		1,655
E *TRADE Financial Corp.		38		1,886
East West Bancorp, Inc.		24		1,237
Eastman Chemical Co.		182		14,250
Eaton Corp. plc		290		20,813
Electronic Arts, Inc. *		135		12,317
Eli Lilly & Co.		213		23,144
Energizer Holdings, Inc.		106		6,254
EOG Resources, Inc.		242		25,456
Equinix, Inc., REIT		16		6,180
Equity Residential, REIT		124		8,073
Essex Property Trust, Inc., REIT		10		2,578



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	49

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Estee Lauder Cos., Inc. (The), Class A		96		13,200
Everest Re Group Ltd.		7		1,595
Exelon Corp.		437		19,142
Expedia Group, Inc.		102		12,780
Exxon Mobil Corp.		403		32,078
Facebook, Inc., Class A *		254		38,576
Fastenal Co.		69		3,548
Federal Realty Investment Trust, REIT		67		8,362
Ferguson plc		100		6,754
Fidelity National Financial, Inc.		18		594
Fidelity National Information Services, Inc.		108		11,256
First Data Corp., Class A *		203		3,800
FleetCor Technologies, Inc. *		8		1,526
Flex Ltd. *		40		313
Freeport-McMoRan, Inc.		214		2,490
General Dynamics Corp.		111		19,206
General Motors Co.		57		2,096
Gilead Sciences, Inc.		194		13,230
Goldman Sachs Group, Inc. (The)		50		11,306
Hartford Financial Services Group, Inc. (The)		257		11,686
HD Supply Holdings, Inc. *		18		674
Hewlett Packard Enterprise Co.		366		5,580
Hilton Worldwide Holdings, Inc.		192		13,654
HollyFrontier Corp.		27		1,830
Hologic, Inc. *		28		1,101
Home Depot, Inc. (The)		255		44,912
Honeywell International, Inc.		223		32,269
HP, Inc.		645		15,573
Huntington Bancshares, Inc.		575		8,243
IAC/InterActiveCorp *		6		1,132
IDEX Corp.		5		680
Illumina, Inc. *		21		6,547
Ingersoll-Rand plc		206		19,738
Ingredion, Inc.		10		999
Intel Corp.		337		15,799
Intercontinental Exchange, Inc.		86		6,617
International Business Machines Corp.		55		6,373
Intuit, Inc.		35		7,438
Intuitive Surgical, Inc. *		17		8,881
Invitation Homes, Inc., REIT		30		658
JM Smucker Co. (The)		17		1,804
Johnson & Johnson		365		51,090
Jones Lang LaSalle, Inc.		6		783
KeyCorp		643		11,682
Kimberly-Clark Corp.		18		1,915


INVESTMENTS	SHARES (000)			VALUE ($000)

United States — continued
Kraft Heinz Co. (The)		93			5,129
Las Vegas Sands Corp.		51			2,587
Lear Corp.		7			948
Leidos Holdings, Inc.		11			721
Lennar Corp., Class A		189			8,103
Lennox International, Inc.		5			1,114
Liberty Broadband Corp., Class C *		17			1,397
Liberty Media Corp.-Liberty Formula One, Class C *		10			338
Liberty Media Corp.-Liberty SiriusXM, Class A *		17			711
Liberty Property Trust, REIT		21			875
Lincoln National Corp.		199			11,965
Live Nation Entertainment, Inc. *		8			431
Lowe’s Cos., Inc.		147			14,013
Lululemon Athletica, Inc. *		9			1,261
ManpowerGroup, Inc.		11			849
Marathon Petroleum Corp.		331			23,297
Markel Corp. *		1			1,017
Marvell Technology Group Ltd.		63			1,040
Masco Corp.		289			8,672
Mastercard, Inc., Class A		175			34,557
Maxim Integrated Products, Inc.		41			2,043
McDonald’s Corp.		51			8,955
Medtronic plc		321			28,876
Merck & Co., Inc.		489			36,003
MetLife, Inc.		285			11,748
Microchip Technology, Inc.		174			11,446
Micron Technology, Inc. *		174			6,545
Microsoft Corp.		1,268			135,388
Molson Coors Brewing Co., Class B		133			8,539
Mondelez International, Inc., Class A		629			26,400
Morgan Stanley		534			24,388
Motorola Solutions, Inc.		10			1,186
National Retail Properties, Inc., REIT		21			983
Nektar Therapeutics *		26			1,011
Netflix, Inc. *		93			28,066
Newmont Mining Corp.		28			878
NextEra Energy, Inc.		171			29,495
NIKE, Inc., Class B		81			6,078
Norfolk Southern Corp.		148			24,836
Northrop Grumman Corp.		32			8,346
Nucor Corp.		49			2,915
NVIDIA Corp.		139			29,261
NVR, Inc. *		—	(c)		448
Occidental Petroleum Corp.		351			23,544
ONEOK, Inc.		136			8,895
Oracle Corp.		465			22,711

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
O’Reilly Automotive, Inc. *		64		20,384
Owens Corning		16		754
PACCAR, Inc.		175		10,030
Palo Alto Networks, Inc. *		12		2,154
Parker-Hannifin Corp.		21		3,154
Parsley Energy, Inc., Class A *		238		5,584
PayPal Holdings, Inc. *		330		27,755
PepsiCo, Inc.		268		30,163
Pfizer, Inc.		1,148		49,445
Philip Morris International, Inc.		331		29,132
Pioneer Natural Resources Co.		131		19,264
Principal Financial Group, Inc.		129		6,079
Procter & Gamble Co. (The)		175		15,558
Prologis, Inc., REIT		223		14,388
Prudential Financial, Inc.		139		13,033
Public Service Enterprise Group, Inc.		173		9,249
PVH Corp.		87		10,486
Qurate Retail, Inc. *		29		631
Raymond James Financial, Inc.		12		952
Regions Financial Corp.		324		5,490
Reinsurance Group of America, Inc.		10		1,388
Resideo Technologies, Inc. *		38		801
Robert Half International, Inc.		19		1,160
Ross Stores, Inc.		188		18,638
Royal Caribbean Cruises Ltd.		32		3,397
Sabre Corp.		24		581
salesforce.com, Inc. *		238		32,652
Sempra Energy		127		13,951
ServiceNow, Inc. *		26		4,751
Sherwin-Williams Co. (The)		11		4,261
Shire plc		79		4,758
Sirius XM Holdings, Inc.		276		1,659
Snap-on, Inc.		82		12,562
Spirit AeroSystems Holdings, Inc., Class A		8		702
Splunk, Inc. *		9		883
Square, Inc., Class A *		39		2,836
Stanley Black & Decker, Inc.		136		15,882
State Street Corp.		17		1,196
Steel Dynamics, Inc.		16		645
SunTrust Banks, Inc.		325		20,368
T. Rowe Price Group, Inc.		104		10,093
TD Ameritrade Holding Corp.		36		1,865
TE Connectivity Ltd.		120		9,029
Teleflex, Inc.		3		727
Tesla, Inc. *		16		5,525


INVESTMENTS	SHARES (000)		VALUE ($000)

United States — continued
Texas Instruments, Inc.		299		27,778
Thermo Fisher Scientific, Inc.		77		17,972
TJX Cos., Inc. (The)		99		10,879
T-Mobile US, Inc. *		220		15,088
Toll Brothers, Inc.		26		887
Trimble, Inc. *		17		646
Tyson Foods, Inc., Class A		47		2,804
UGI Corp.		14		760
Union Pacific Corp.		233		34,082
United Continental Holdings, Inc. *		9		751
United Rentals, Inc. *		12		1,432
United Technologies Corp.		184		22,909
UnitedHealth Group, Inc.		215		56,317
Universal Health Services, Inc., Class B		86		10,474
Unum Group		16		592
Vail Resorts, Inc.		3		789
Ventas, Inc., REIT		145		8,418
VEREIT, Inc., REIT		183		1,344
Verizon Communications, Inc.		618		35,307
Vertex Pharmaceuticals, Inc. *		82		13,938
Visa, Inc., Class A		327		45,099
VMware, Inc., Class A *		6		843
Vornado Realty Trust, REIT		107		7,301
Voya Financial, Inc.		29		1,269
Walmart, Inc.		64		6,457
Walt Disney Co. (The)		351		40,342
Waste Connections, Inc.		42		3,209
WEC Energy Group, Inc.		135		9,214
Wells Fargo & Co.		762		40,549
WestRock Co.		73		3,125
Weyerhaeuser Co., REIT		69		1,836
Workday, Inc., Class A *		62		8,209
Worldpay, Inc. *		46		4,264
Xcel Energy, Inc.		345		16,910
XPO Logistics, Inc. *		10		909
Yum! Brands, Inc.		168		15,181
Zimmer Biomet Holdings, Inc.		139		15,782
Zoetis, Inc.		30		2,664

				3,599,415

Total Common Stocks (Cost $4,557,709)				5,749,817



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	51

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	NO. OF RIGHTS (000)		VALUE ($000)
Rights — 0.0% (a)
Spain — 0.0% (a)
Banco Santander SA, expiring 11/16/2018 * (Cost $104)		2,666		104

Total Investments — 98.3% (Cost $4,557,813)				5,749,921
Other Assets Less Liabilities — 1.7%				97,055

NET ASSETS — 100.0%				5,846,976

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2018

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


INDUSTRY	PERCENTAGE
Banks		8.2	%
Pharmaceuticals		6.4
Oil, Gas & Consumable Fuels		6.2
Software		4.7
IT Services		3.7
Insurance		3.7
Technology Hardware, Storage & Peripherals		3.4
Semiconductors & Semiconductor Equipment		2.9
Capital Markets		2.9
Interactive Media & Services		2.6
Specialty Retail		2.6
Machinery		2.6
Chemicals		2.5
Internet & Direct Marketing Retail		2.5
Beverages		2.5
Health Care Providers & Services		2.4
Health Care Equipment & Supplies		2.3
Electric Utilities		1.9
Equity Real Estate Investment Trusts (REITs)		1.9
Diversified Telecommunication Services		1.8
Aerospace & Defense		1.7
Biotechnology		1.6
Entertainment		1.6
Road & Rail		1.6
Food Products		1.6
Media		1.5
Metals & Mining		1.4
Automobiles		1.4
Hotels, Restaurants & Leisure		1.3
Tobacco		1.2


INDUSTRY	PERCENTAGE
Industrial Conglomerates		1.2	%
Textiles, Apparel & Luxury Goods		1.2
Electrical Equipment		1.1
Personal Products		1.1
Multi-Utilities		1.0
Others (each less than 1.0%)		11.8

Abbreviations


ADR		American Depositary Receipt
CHDI		Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA		Dutch Certification
OYJ		Public Limited Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		Real Estate Investment Trust
SCA		Limited partnership with share capital

(a)		Amount rounds to less than 0.1% of net assets.
(b)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		Amount rounds to less than one thousand.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


Futures contracts outstanding as of October 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		321		12/2018		EUR		11,569		175
FTSE 100 Index		96		12/2018		GBP		8,695		169
S&P 500 E-Mini Index		394		12/2018		USD		53,391		(330	)
TOPIX Index		205		12/2018		JPY		29,750		914

										928

Abbreviations


EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
JPY		Japanese Yen
TOPIX		Tokyo Stock Price Index
USD		United States Dollar



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	53

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 97.3%
Australia — 1.7%
BHP Billiton plc		3			68

Austria — 2.4%
Erste Group Bank AG *		2			96

Canada — 2.2%
Toronto-Dominion Bank (The)		2			86

China — 5.0%
Ping An Insurance Group Co. of China Ltd., Class H		9			80
Tencent Holdings Ltd.		3			117

					197

France — 4.2%
Airbus SE		1			74
Safran SA		1			92

					166

Germany — 1.3%
Delivery Hero SE * (a)		1			50

Hong Kong — 1.7%
AIA Group Ltd.		9			68

India — 3.7%
HDFC Bank Ltd., ADR		2			146

Indonesia — 1.8%
Telekomunikasi Indonesia Persero Tbk. PT		282			71

Japan — 4.9%
Keyence Corp.		—	(b)		98
SMC Corp.		—	(b)		95

					193

Singapore — 1.7%
DBS Group Holdings Ltd.		4			66

Spain — 1.6%
Industria de Diseno Textil SA		2			65

Switzerland — 7.0%
Nestle SA (Registered)		2			133
Novartis AG (Registered)		2			147

					280

United Kingdom — 4.0%
GlaxoSmithKline plc		5			97
Linde plc		—	(b)		64

					161

United States — 54.1%
Activision Blizzard, Inc.		1			64
Alphabet, Inc., Class C *		—	(b)		192


INVESTMENTS	SHARES (000)			VALUE ($000)

United States — continued
Amazon.com, Inc. *		—	(b)		110
BioMarin Pharmaceutical, Inc. *		1			61
Coca-Cola Co. (The)		3			126
Cognizant Technology Solutions Corp., Class A		1			80
Comcast Corp., Class A		2			81
DowDuPont, Inc.		1			78
Exxon Mobil Corp.		1			114
First Republic Bank		1			102
Microsoft Corp.		1			150
NIKE, Inc., Class B		1			79
Northern Trust Corp.		1			82
NVIDIA Corp.		—	(b)		55
Parsley Energy, Inc., Class A *		2			50
Pioneer Natural Resources Co.		1			76
Raytheon Co.		—	(b)		82
ServiceNow, Inc. *		—	(b)		46
Stanley Black & Decker, Inc.		1			65
Twenty-First Century Fox, Inc., Class A		1			32
Union Pacific Corp.		—	(b)		60
UnitedHealth Group, Inc.		1			132
Universal Display Corp.		1			63
Visa, Inc., Class A		1			85
Willis Towers Watson plc		1			84

					2,149

Total Common Stocks (Cost $3,786)					3,862

Total Investments — 97.3% (Cost $3,786)					3,862
Other Assets Less Liabilities — 2.7%					107

NET ASSETS — 100.0%					3,969

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

Summary of Investments by Industry, October 31, 2018

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


INDUSTRY	PERCENTAGE
Banks		12.9	%
Interactive Media & Services		8.0
Aerospace & Defense		6.4
Pharmaceuticals		6.3
Oil, Gas & Consumable Fuels		6.2
Insurance		6.0
Software		5.1
IT Services		4.3
Machinery		4.2
Internet & Direct Marketing Retail		4.1
Chemicals		3.7
Food Products		3.4
Health Care Providers & Services		3.4
Beverages		3.3
Semiconductors & Semiconductor Equipment		3.1
Electronic Equipment, Instruments & Components		2.5
Entertainment		2.5
Capital Markets		2.1
Media		2.1
Textiles, Apparel & Luxury Goods		2.0
Diversified Telecommunication Services		1.8
Metals & Mining		1.8
Specialty Retail		1.7
Biotechnology		1.6
Road & Rail		1.5

Abbreviations


ADR		American Depositary Receipt

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		Amount rounds to less than one thousand.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	55

JPMorgan International Advantage Fund

(formerly known as JPMorgan Intrepid International Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.4%
Australia — 7.2%
Aristocrat Leisure Ltd.		920		17,336
BlueScope Steel Ltd.		2,106		21,589
CIMIC Group Ltd.		352		11,810
Computershare Ltd.		1,348		18,930
Macquarie Group Ltd.		436		36,379
Metcash Ltd.		3,184		6,223
Nine Entertainment Co. Holdings Ltd.		2,958		3,552
Qantas Airways Ltd.		5,455		21,176
Regis Resources Ltd.		1,969		5,907
Rio Tinto plc		953		46,274
South32 Ltd.		12,174		31,400
St Barbara Ltd.		1,789		5,280
Whitehaven Coal Ltd.		5,495		18,982

				244,838

Austria — 0.8%
OMV AG		413		22,942
Verbund AG		95		3,844

				26,786

Belgium — 2.2%
Ageas		586		29,335
KBC Group NV		298		20,568
UCB SA		309		25,940

				75,843

China — 0.6%
BOC Hong Kong Holdings Ltd.		5,880		22,011

Denmark — 2.4%
Dfds A/S		112		4,782
Jyske Bank A/S (Registered)		228		9,312
Novo Nordisk A/S, Class B		983		42,442
Royal Unibrew A/S		168		11,900
Topdanmark A/S		140		6,651
William Demant Holding A/S *		205		6,747

				81,834

Finland — 2.8%
Neste OYJ		410		33,683
Sampo OYJ, Class A		269		12,385
Stora Enso OYJ, Class R		1,095		16,455
UPM-Kymmene OYJ		977		31,422

				93,945

France — 7.1%
Arkema SA		107		11,195
Capgemini SE		269		32,902


INVESTMENTS	SHARES (000)		VALUE ($000)

France — continued
Cie Plastic Omnium SA		75		2,086
Dassault Aviation SA		7		11,567
Eiffage SA		212		20,695
Faurecia SA		177		8,594
Kering SA		78		34,649
L’Oreal SA		88		19,812
Peugeot SA		1,179		28,031
Sanofi		76		6,777
Sopra Steria Group		19		2,083
Thales SA		228		29,159
TOTAL SA		230		13,511
Vinci SA		225		20,017

				241,078

Germany — 6.0%
Aareal Bank AG		317		11,795
Allianz SE (Registered)		238		49,599
Aroundtown SA		1,003		8,310
CANCOM SE		216		8,805
Covestro AG (a)		351		22,629
Deutsche Lufthansa AG (Registered)		780		15,648
Evonik Industries AG		334		10,343
Gerresheimer AG		49		3,474
Hannover Rueck SE		17		2,307
HUGO BOSS AG		248		17,747
Jenoptik AG		191		5,775
RWE AG		1,203		23,402
Siltronic AG		175		16,006
Software AG		150		6,722
Stabilus SA		37		2,450

				205,012

Hong Kong — 1.5%
CLP Holdings Ltd.		2,522		28,255
Hang Seng Bank Ltd.		822		19,272
Kerry Properties Ltd.		883		2,778

				50,305

Ireland — 0.6%
AerCap Holdings NV *		444		22,217

Israel — 0.4%
Israel Discount Bank Ltd., Class A		2,157		7,047
Plus500 Ltd.		430		7,426

				14,473

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Italy — 1.6%
A2A SpA		8,198		13,210
Eni SpA		2,028		36,022
ERG SpA		258		4,820

				54,052

Japan — 23.9%
Alfresa Holdings Corp.		260		6,929
Asahi Kasei Corp.		905		10,862
Astellas Pharma, Inc.		1,518		23,449
Bridgestone Corp.		426		16,442
Brother Industries Ltd.		672		12,304
Capcom Co. Ltd.		559		11,652
Central Japan Railway Co.		116		22,261
Cosmo Energy Holdings Co. Ltd.		139		5,109
FCC Co. Ltd.		72		1,786
Fuji Electric Co. Ltd.		389		11,862
FUJIFILM Holdings Corp.		461		19,947
Fujitsu Ltd.		238		14,492
Haseko Corp.		644		8,154
Hitachi Ltd.		681		20,831
Idemitsu Kosan Co. Ltd.		310		14,039
ITOCHU Corp.		1,232		22,845
Japan Aviation Electronics Industry Ltd.		208		2,754
JXTG Holdings, Inc.		2,975		20,099
Kaken Pharmaceutical Co. Ltd.		53		2,637
Kansai Electric Power Co., Inc. (The)		1,076		16,463
KDDI Corp.		966		23,377
KH Neochem Co. Ltd.		162		4,587
Kirin Holdings Co. Ltd.		869		20,725
Koito Manufacturing Co. Ltd.		206		9,783
K’s Holdings Corp.		512		6,471
Kumagai Gumi Co. Ltd.		83		2,178
Kyowa Exeo Corp.		205		5,512
Marubeni Corp.		2,411		19,553
Medipal Holdings Corp.		170		3,639
Mitsubishi Chemical Holdings Corp.		1,274		9,931
Mitsubishi Corp.		659		18,553
Mitsubishi Gas Chemical Co., Inc.		346		5,805
Mitsubishi UFJ Financial Group, Inc.		4,201		25,425
Mitsubishi UFJ Lease & Finance Co. Ltd.		880		4,524
Mitsui & Co. Ltd.		1,191		19,897
Nihon Unisys Ltd.		172		3,778
Nippon Telegraph & Telephone Corp.		491		20,228
Nomura Real Estate Holdings, Inc.		384		7,208
NTT DOCOMO, Inc.		919		22,790


INVESTMENTS	SHARES (000)		VALUE ($000)

Japan — continued
Oji Holdings Corp.		1,752		12,441
Open House Co. Ltd.		181		7,138
ORIX Corp.		1,048		17,065
Sankyu, Inc.		101		4,770
SBI Holdings, Inc.		355		9,268
Shimizu Corp.		1,462		11,866
Ship Healthcare Holdings, Inc.		62		2,249
Showa Shell Sekiyu KK		819		15,632
SoftBank Group Corp.		38		3,007
Sojitz Corp.		1,950		6,558
Sompo Holdings, Inc.		386		15,917
Sony Corp.		612		33,092
Sumitomo Bakelite Co. Ltd.		104		3,755
Sumitomo Corp.		1,150		17,440
Sumitomo Dainippon Pharma Co. Ltd.		245		5,119
Sumitomo Mitsui Financial Group, Inc.		675		26,285
Suzuki Motor Corp.		81		4,054
Taisei Corp.		374		16,008
Tokai Carbon Co. Ltd.		829		12,978
Tokai Tokyo Financial Holdings, Inc.		492		2,538
Tokuyama Corp.		242		5,416
Tokyo Electron Ltd.		63		8,502
Tokyu Fudosan Holdings Corp.		621		3,499
Toyota Boshoku Corp.		255		4,259
Toyota Motor Corp.		841		49,243
TS Tech Co. Ltd.		201		5,796
Ube Industries Ltd.		50		1,091
Unicharm Corp.		200		5,437
V Technology Co. Ltd.		21		2,761

				812,065

Luxembourg — 1.0%
ArcelorMittal		980		24,462
SES SA, FDR		405		8,713

				33,175

Macau — 0.7%
Sands China Ltd.		5,858		23,167

Netherlands — 6.7%
ABN AMRO Group NV, CVA (a)		1,029		25,243
ASR Nederland NV		632		28,705
Euronext NV (a)		206		12,646
EXOR NV		266		15,016
Flow Traders (a)		122		3,884
Intertrust NV (a)		152		2,456
Koninklijke Ahold Delhaize NV		1,534		35,104

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	57

JPMorgan International Advantage Fund

(formerly known as JPMorgan Intrepid International Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Netherlands — continued
NN Group NV		197			8,459
Royal Dutch Shell plc, Class B		1,986			64,766
Wolters Kluwer NV		532			30,170

					226,449

Norway — 3.1%
Austevoll Seafood ASA		287			4,616
DNB ASA		752			13,593
Leroy Seafood Group ASA		835			7,701
Marine Harvest ASA		1,470			35,578
Salmar ASA		306			16,150
Telenor ASA		1,593			29,208

					106,846

Portugal — 0.4%
Galp Energia SGPS SA		838			14,563

Russia — 0.2%
Evraz plc		1,217			8,431

Singapore — 2.7%
DBS Group Holdings Ltd.		2,011			34,125
Oversea-Chinese Banking Corp. Ltd.		4,044			31,413
United Overseas Bank Ltd.		1,504			26,588

					92,126

South Africa — 0.2%
Anglo American plc		315			6,723

Spain — 2.5%
ACS Actividades de Construccion y Servicios SA		687			25,706
Amadeus IT Group SA		246			19,770
Cia de Distribucion Integral Logista Holdings SA		102			2,457
Endesa SA		1,267			26,491
Repsol SA		623			11,141

					85,565

Sweden — 3.2%
Fabege AB		1,036			13,230
Hemfosa Fastigheter AB		104			1,289
Nolato AB, Class B		57			2,642
Sandvik AB		1,794			28,354
Swedish Match AB		618			31,497
Tele2 AB, Class B		728			8,266
Volvo AB, Class B		1,477			22,065

			��		107,343

Switzerland — 8.3%
Adecco Group AG (Registered)		338			16,555
Galenica AG *(a)		81			4,354


INVESTMENTS	SHARES (000)		VALUE ($000)

Switzerland — continued
Georg Fischer AG (Registered)		11		10,253
Julius Baer Group Ltd. *		157		7,149
Logitech International SA (Registered)		495		18,336
Nestle SA (Registered)		415		35,015
Novartis AG (Registered)		884		77,454
Oriflame Holding AG		98		2,321
Partners Group Holding AG		39		27,568
Roche Holding AG		294		71,462
Sunrise Communications Group AG * (a)		94		8,246
Swatch Group AG (The)		16		5,258

				283,971

United Kingdom — 11.3%
3i Group plc		2,060		23,067
Ashtead Group plc		255		6,302
Barratt Developments plc		3,224		21,148
Berkeley Group Holdings plc		288		12,887
Bovis Homes Group plc		401		4,956
BP plc		577		4,167
Computacenter plc		180		2,529
Diageo plc		186		6,415
Fiat Chrysler Automobiles NV *		1,558		23,712
GlaxoSmithKline plc		2,547		49,339
Howden Joinery Group plc		1,384		8,289
HSBC Holdings plc		1,897		15,612
IG Group Holdings plc		590		4,559
Imperial Brands plc		318		10,756
International Consolidated Airlines Group SA		3,214		24,776
J D Wetherspoon plc		68		1,068
Legal & General Group plc		9,082		29,143
National Express Group plc		332		1,696
Next plc		397		26,372
Pearson plc		2,663		30,589
Persimmon plc		896		26,213
Redrow plc		2,216		14,964
Tesco plc		11,342		30,890
Unilever plc		107		5,646

				385,095

Total Common Stocks (Cost $3,384,062)				3,317,913

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.6%
Investment Companies — 1.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (b) (c) (Cost $52,914)		52,914		52,914

Total Investments — 99.0% (Cost $3,436,976)				3,370,827
Other Assets Less Liabilities — 1.0%				32,429

NET ASSETS — 100.0%				3,403,256

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2018

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


INDUSTRY	PERCENTAGE
Pharmaceuticals		9.2	%
Banks		8.2
Oil, Gas & Consumable Fuels		8.1
Insurance		5.4
Metals & Mining		4.4
Trading Companies & Distributors		4.2
Capital Markets		3.8
Household Durables		3.6
Construction & Engineering		3.4
Automobiles		3.1
IT Services		3.1
Food Products		2.9
Chemicals		2.9
Electric Utilities		2.2
Food & Staples Retailing		2.1
Machinery		1.9
Airlines		1.8
Paper & Forest Products		1.8
Diversified Telecommunication Services		1.7
Textiles, Apparel & Luxury Goods		1.7
Wireless Telecommunication Services		1.7
Technology Hardware, Storage & Peripherals		1.5
Professional Services		1.5
Auto Components		1.4
Diversified Financial Services		1.3
Real Estate Management & Development		1.3
Media		1.3
Tobacco		1.3
Hotels, Restaurants & Leisure		1.2
Aerospace & Defense		1.2


INDUSTRY	PERCENTAGE
Beverages		1.2	%
Multi-Utilities		1.1
Electronic Equipment, Instruments & Components		1.0
Others (each less than 1.0%)		5.9
Short-Term Investments		1.6

Abbreviations


CVA		Dutch Certification
FDR		Finnish Depository Receipt
OYJ		Public Limited Company

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of October 31, 2018.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	59

JPMorgan International Advantage Fund

(formerly known as JPMorgan Intrepid International Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


Futures contracts outstanding as of October 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		343		12/2018		EUR		12,362		(516	)
FTSE 100 Index		124		12/2018		GBP		11,230		(255	)
TOPIX Index		24		12/2018		JPY		3,483		(81	)

										(852	)

Abbreviations


EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
JPY		Japanese Yen
TOPIX		Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.0%
Australia — 1.7%
BHP Billiton Ltd.		1,798		41,488
BHP Billiton plc		1,643		32,785

				74,273

Austria — 0.8%
ams AG *		336		13,089
Erste Group Bank AG *		558		22,705

				35,794

Brazil — 0.9%
Itau Unibanco Holding SA, ADR		2,804		36,923

China — 2.2%
China Overseas Land & Investment Ltd.		9,352		29,401
Ping An Insurance Group Co. of China Ltd., Class H		4,638		43,843
Tencent Holdings Ltd.		549		18,805

				92,049

Denmark — 1.3%
Novo Nordisk A/S, Class B		1,310		56,579

France — 14.4%
Accor SA		1,022		46,693
Airbus SE		451		49,806
AXA SA		1,494		37,389
BNP Paribas SA		893		46,515
Capgemini SE		293		35,718
EssilorLuxottica SA		275		37,512
Imerys SA		339		20,923
LVMH Moet Hennessy Louis Vuitton SE		200		60,713
Orange SA		3,810		59,461
Pernod Ricard SA		314		47,841
Safran SA		456		58,986
Schneider Electric SE		545		39,428
TOTAL SA		1,286		75,442

				616,427

Germany — 7.3%
Allianz SE (Registered)		332		69,139
Bayer AG (Registered)		589		45,122
Continental AG		288		47,377
Deutsche Boerse AG		271		34,248
Fresenius Medical Care AG & Co. KGaA		406		31,846
SAP SE		785		84,021

				311,753

Hong Kong — 2.9%
AIA Group Ltd.		11,439		87,017
CK Asset Holdings Ltd.		5,953		38,737

				125,754


INVESTMENTS	SHARES (000)		VALUE ($000)

India — 1.2%
HDFC Bank Ltd., ADR		594		52,825

Japan — 16.8%
Asahi Group Holdings Ltd.		1,023		44,956
Daikin Industries Ltd.		421		48,764
FANUC Corp.		277		48,154
Honda Motor Co. Ltd.		2,187		62,438
Keyence Corp.		106		51,978
Komatsu Ltd.		1,775		46,236
Kubota Corp.		3,787		59,783
Makita Corp.		1,073		37,086
Mitsui Fudosan Co. Ltd.		1,704		38,387
Nidec Corp.		347		44,622
Nitto Denko Corp.		426		26,627
Shin-Etsu Chemical Co. Ltd.		580		48,423
SMC Corp.		140		44,559
Sumitomo Mitsui Financial Group, Inc.		1,946		75,756
Tokyo Electron Ltd.		302		40,781

				718,550

Macau — 0.7%
Sands China Ltd.		7,362		29,112

Netherlands — 6.4%
ASML Holding NV		457		78,650
ING Groep NV		4,328		51,204
Royal Dutch Shell plc, Class A		4,503		143,457

				273,311

Singapore — 1.2%
DBS Group Holdings Ltd.		3,144		53,342

South Africa — 0.3%
Naspers Ltd., Class N		62		10,880

South Korea — 1.4%
Samsung Electronics Co. Ltd., GDR (a)		59		55,568
Samsung Electronics Co. Ltd., GDR (b)		3		2,415

				57,983

Spain — 1.1%
Industria de Diseno Textil SA		1,658		46,732

Sweden — 1.2%
Atlas Copco AB, Class A *		1,343		33,205
Epiroc AB, Class A *		1,814		15,927

				49,132

Switzerland — 13.7%
ABB Ltd. (Registered)		1,735		34,908
Cie Financiere Richemont SA (Registered)		723		52,825

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	61

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Switzerland — continued
Glencore plc *		11,359		46,227
LafargeHolcim Ltd. (Registered) *		386		17,784
LafargeHolcim Ltd. (Registered) *		374		17,326
Nestle SA (Registered)		1,757		148,365
Novartis AG (Registered)		1,367		119,730
Roche Holding AG		383		93,214
UBS Group AG (Registered) *		3,857		53,907

				584,286

Taiwan — 0.9%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,045		39,802

United Kingdom — 18.6%
Aviva plc		8,285		45,278
British American Tobacco plc		1,269		55,017
Burberry Group plc		2,085		48,250
Diageo plc		2,283		78,935
GlaxoSmithKline plc		4,300		83,281
Linde plc		457		74,977
London Stock Exchange Group plc		584		32,187
Meggitt plc		3,878		26,237
Persimmon plc		843		24,665
Prudential plc		2,926		58,584
RELX plc		2,572		50,900
Standard Chartered plc		5,668		39,728
Unilever plc		1,885		99,838
Vodafone Group plc		20,074		37,750
WPP plc		3,272		37,029

				792,656

United States — 1.0%
Ferguson plc		604		40,690

Total Common Stocks (Cost $3,860,872)				4,098,853

Short-Term Investments — 3.9%
Investment Companies — 3.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (c) (d) (Cost $166,797)		166,797		166,797

Total Investments — 99.9% (Cost $4,027,669)				4,265,650
Other Assets Less Liabilities — 0.1%				3,444

NET ASSETS — 100.0%				4,269,094

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2018

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


INDUSTRY	PERCENTAGE
Pharmaceuticals		9.3	%
Banks		8.9
Insurance		8.0
Machinery		6.7
Oil, Gas & Consumable Fuels		5.1
Semiconductors & Semiconductor Equipment		4.0
Beverages		4.0
Textiles, Apparel & Luxury Goods		3.8
Chemicals		3.5
Food Products		3.5
Aerospace & Defense		3.2
Metals & Mining		2.8
Capital Markets		2.8
Electrical Equipment		2.8
Real Estate Management & Development		2.5
Personal Products		2.3
Software		2.0
Hotels, Restaurants & Leisure		1.8
Automobiles		1.5
Diversified Telecommunication Services		1.4
Technology Hardware, Storage & Peripherals		1.4
Construction Materials		1.3
Tobacco		1.3
Electronic Equipment, Instruments & Components		1.2
Professional Services		1.2
Building Products		1.1
Media		1.1
Auto Components		1.1
Specialty Retail		1.1
Trading Companies & Distributors		1.0
Others (each less than 1.0%)		4.4
Short-Term Investments		3.9

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

Abbreviations


ADR		American Depositary Receipt
GDR		Global Depositary Receipt

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under


		procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(c)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of October 31, 2018.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	63

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.3%
Australia — 6.9%
Australia & New Zealand Banking Group Ltd.		109		2,008
BHP Billiton plc		86		1,716
Goodman Group, REIT		122		894
Rio Tinto plc		77		3,723
Transurban Group		172		1,381

				9,722

Austria — 0.9%
Erste Group Bank AG *		33		1,331

Canada — 1.2%
TransCanada Corp.		44		1,650

China — 0.7%
China Construction Bank Corp., Class H		1,216		965

Denmark — 2.8%
Novo Nordisk A/S, Class B		92		3,980

Finland — 2.3%
Nordea Bank AB		267		2,317
UPM-Kymmene OYJ		27		872

				3,189

France — 13.8%
Accor SA		31		1,430
Airbus SE		22		2,411
BNP Paribas SA		39		2,035
Capgemini SE		9		1,102
Eutelsat Communications SA		27		549
LVMH Moet Hennessy Louis Vuitton SE		8		2,321
Orange SA		81		1,271
Renault SA		15		1,104
TOTAL SA		52		3,039
Unibail-Rodamco-Westfield, REIT		7		1,263
Vinci SA		34		3,070

				19,595

Germany — 5.7%
Allianz SE (Registered)		5		1,058
Daimler AG (Registered)		21		1,229
Deutsche Boerse AG		12		1,455
Deutsche Post AG (Registered)		49		1,562
Infineon Technologies AG		34		684
Volkswagen AG (Preference)		13		2,151

				8,139

Hong Kong — 1.1%
HKT Trust & HKT Ltd.		1,171		1,615


INVESTMENTS	SHARES (000)		VALUE ($000)

Italy — 1.3%
Enel SpA		389		1,908

Japan — 17.3%
Amada Holdings Co. Ltd.		148		1,397
Bandai Namco Holdings, Inc.		35		1,231
Bridgestone Corp.		46		1,778
Japan Airlines Co. Ltd.		45		1,593
JXTG Holdings, Inc.		250		1,686
Marui Group Co. Ltd.		56		1,204
Mitsubishi Corp.		95		2,677
Mitsui & Co. Ltd.		74		1,230
Nippon Telegraph & Telephone Corp.		31		1,270
Sumitomo Mitsui Financial Group, Inc.		64		2,480
Sumitomo Mitsui Trust Holdings, Inc.		31		1,236
Tokio Marine Holdings, Inc.		55		2,601
Toyota Motor Corp.		44		2,601
Trend Micro, Inc.		25		1,433

				24,417

Macau — 0.5%
Sands China Ltd.		166		658

Netherlands — 6.9%
ASML Holding NV		8		1,322
Koninklijke Ahold Delhaize NV		97		2,214
NN Group NV		38		1,617
Royal Dutch Shell plc, Class A		146		4,659

				9,812

Norway — 1.2%
Telenor ASA		89		1,635

Singapore — 1.2%
DBS Group Holdings Ltd.		98		1,656

South Korea — 0.9%
Samsung Electronics Co. Ltd.		34		1,288

Spain — 1.2%
Iberdrola SA		246		1,741

Sweden — 1.0%
Svenska Handelsbanken AB, Class A		135		1,463

Switzerland — 12.3%
Glencore plc *		640		2,606
Nestle SA (Registered)		34		2,862
Novartis AG (Registered)		48		4,233
Roche Holding AG		15		3,606

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Switzerland — continued
Swiss Re AG		27		2,456
Zurich Insurance Group AG *		5		1,596

				17,359

Taiwan — 1.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		51		1,938

United Kingdom — 15.6%
3i Group plc		100		1,114
AstraZeneca plc		22		1,645
Aviva plc		148		807
Diageo plc		69		2,393
GlaxoSmithKline plc		132		2,548
HSBC Holdings plc		301		2,476
Imperial Brands plc		98		3,329
Prudential plc		92		1,852
Taylor Wimpey plc		1,027		2,114
Unilever NV, CVA		70		3,759

				22,037

United States — 2.1%
Carnival plc		20		1,067
Ferguson plc		28		1,868

				2,935

Total Common Stocks (Cost $140,870)				139,033

Total Investments — 98.3% (Cost $140,870)				139,033
Other Assets Less Liabilities — 1.7%				2,418

NET ASSETS — 100.0%				141,451

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2018

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


INDUSTRY	PERCENTAGE
Banks		12.9	%
Pharmaceuticals		11.5
Insurance		8.6
Oil, Gas & Consumable Fuels		7.9
Metals & Mining		5.8
Automobiles		5.1
Diversified Telecommunication Services		4.2
Trading Companies & Distributors		4.2
Semiconductors & Semiconductor Equipment		2.8
Personal Products		2.7
Electric Utilities		2.6
Tobacco		2.4
Hotels, Restaurants & Leisure		2.3
Construction & Engineering		2.2
Food Products		2.1
Capital Markets		1.9
Aerospace & Defense		1.7
Beverages		1.7
Textiles, Apparel & Luxury Goods		1.7
Food & Staples Retailing		1.6
Equity Real Estate Investment Trusts (REITs)		1.6
Household Durables		1.5
Auto Components		1.3
Airlines		1.1
Air Freight & Logistics		1.1
Software		1.0
Machinery		1.0
Transportation Infrastructure		1.0
Others (each less than 1.0%)		4.5


Abbreviations

ADR		American Depositary Receipt
CVA		Dutch Certification
OYJ		Public Limited Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		Real Estate Investment Trust


*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	65

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


Forward foreign currency exchange contracts outstanding as of October 31, 2018 (amounts in thousands):
CURRENCY PURCHASED			CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
	JPY	210,482	USD	1,854	BNP Paribas		11/5/2018		12
	JPY	1,209,687	USD	10,694	Standard Chartered Bank		11/5/2018		29
	USD	578	AUD	810	Societe Generale		11/5/2018		5
	USD	1,811	CAD	2,354	Merrill Lynch International		11/5/2018		22
	USD	1,283	CHF	1,259	BNP Paribas		11/5/2018		33
	USD	2,341	CHF	2,280	TD Bank Financial Group		11/5/2018		77
	USD	1,081	DKK	6,964	Societe Generale		11/5/2018		23
	USD	2,120	EUR	1,825	Citibank, NA		11/5/2018		52
	USD	3,047	EUR	2,624	Goldman Sachs International		11/5/2018		74
	USD	3,208	EUR	2,766	TD Bank Financial Group		11/5/2018		75
	USD	2,248	GBP	1,722	Barclays Bank plc		11/5/2018		47
	USD	12,211	GBP	9,340	Royal Bank of Canada		11/5/2018		271
	USD	1,094	GBP	826	State Street Corp.		11/5/2018		38
	USD	461	GBP	351	TD Bank Financial Group		11/5/2018		12
	USD	516	JPY	58,034	Goldman Sachs International		11/5/2018		1
	USD	1,734	JPY	193,526	Royal Bank of Canada		11/5/2018		18
	USD	1,754	NOK	14,317	Merrill Lynch International		11/5/2018		55
	HKD	15,830	USD	2,020	HSBC Bank, NA		12/5/2018		1
	JPY	1,000,101	USD	8,860	Citibank, NA		12/5/2018		25
	USD	1,509	CAD	1,980	Barclays Bank plc		12/5/2018		4
	USD	1,884	CHF	1,890	TD Bank Financial Group		12/5/2018		2
	USD	1,061	DKK	6,964	TD Bank Financial Group		12/5/2018		1
	USD	632	EUR	556	Goldman Sachs International		12/5/2018		—	(a)
	USD	964	NOK	8,112	HSBC Bank, NA		12/5/2018		—	(a)

	Total unrealized appreciation								877

	AUD	8,202	USD	5,916	HSBC Bank, NA		11/5/2018		(107	)
	AUD	445	USD	320	Standard Chartered Bank		11/5/2018		(5	)
	CAD	375	AUD	406	Goldman Sachs International		11/5/2018		(3	)
	CHF	1,649	USD	1,678	State Street Corp.		11/5/2018		(40	)
	EUR	1,268	USD	1,467	Barclays Bank plc		11/5/2018		(31	)
	EUR	3,060	USD	3,541	National Australia Bank Ltd.		11/5/2018		(74	)
	EUR	263	USD	305	Societe Generale		11/5/2018		(7	)
	EUR	2,068	USD	2,400	Union Bank of Switzerland AG		11/5/2018		(57	)
	GBP	458	JPY	67,439	Merrill Lynch International		11/5/2018		(12	)
	GBP	811	USD	1,070	Citibank, NA		11/5/2018		(34	)
	GBP	2,397	USD	3,126	National Australia Bank Ltd.		11/5/2018		(61	)
	GBP	921	USD	1,204	Royal Bank of Canada		11/5/2018		(26	)
	HKD	15,830	USD	2,026	BNP Paribas		11/5/2018		(8	)
	JPY	117,582	USD	1,049	Barclays Bank plc		11/5/2018		(7	)
	NOK	6,205	USD	758	State Street Corp.		11/5/2018		(22	)
	USD	1,923	JPY	218,650	Deutsche Bank AG		11/5/2018		(15	)
	AUD	7,431	USD	5,268	Barclays Bank plc		12/5/2018		(3	)
	USD	9,756	GBP	7,651	Merrill Lynch International		12/5/2018		(39	)

	Total unrealized depreciation								(551	)

	Net unrealized appreciation								326

Abbreviations


AUD		Australian Dollar
CAD		Canadian Dollar
CHF		Swiss Franc
DKK		Danish Krone
EUR		Euro


GBP		British Pound
HKD		Hong Kong Dollar
JPY		Japanese Yen
NOK		Norwegian Krone
USD		United States Dollar

(a)		Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

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


INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — 98.1%
Australia — 6.0%
Australia & New Zealand Banking Group Ltd.		2,621		48,239
BHP Billiton Ltd.		2,683		61,903
Commonwealth Bank of Australia		163		8,012
CSL Ltd.		141		18,848
Dexus, REIT		3,421		24,721
Goodman Group, REIT		3,852		28,313
Macquarie Group Ltd.		45		3,771
National Australia Bank Ltd.		265		4,752
Rio Tinto Ltd.		782		42,572
Rio Tinto plc		187		9,065
Wesfarmers Ltd.		782		25,906
Westpac Banking Corp.		425		8,064

				284,166

Austria — 0.4%
Erste Group Bank AG *		445		18,105
IMMOFINANZ AG *		1		34

				18,139

Belgium — 1.2%
Anheuser-Busch InBev SA/NV		797		58,983

Denmark — 1.6%
Chr Hansen Holding A/S		220		22,191
Novo Nordisk A/S, Class B		1,274		55,029

				77,220

Finland — 1.6%
Cargotec OYJ, Class B		343		14,261
Nokia OYJ		3,506		19,802
Outokumpu OYJ		4,198		17,596
Wartsila OYJ Abp		1,283		21,833

				73,492

France — 12.7%
Air Liquide SA		538		65,019
Airbus SE		364		40,216
Alstom SA *		793		34,619
AXA SA		1,271		31,806
BNP Paribas SA		983		51,241
Capgemini SE		227		27,741
JCDecaux SA		718		23,559
Pernod Ricard SA		290		44,242
Renault SA		490		36,587
Sanofi		756		67,588
Schneider Electric SE		643		46,519
Sodexo SA		374		38,190


INVESTMENTS	SHARES (000)		VALUE (000)

France — continued
TOTAL SA		1,340		78,626
Vinci SA		104		9,247

				595,200

Germany — 9.0%
adidas AG		113		26,522
Allianz SE (Registered)		40		8,339
BASF SE		188		14,411
Bayer AG (Registered)		348		26,657
Brenntag AG		571		29,836
Daimler AG (Registered)		853		50,526
Deutsche Bank AG (Registered)		705		6,894
Deutsche Boerse AG		218		27,579
Deutsche Post AG (Registered)		797		25,170
Deutsche Telekom AG (Registered)		2,096		34,382
Henkel AG & Co. KGaA (Preference)		288		31,426
Infineon Technologies AG		1,047		20,969
RWE AG		883		17,170
SAP SE		683		73,153
Siemens AG (Registered)		246		28,301

				421,335

Hong Kong — 2.7%
AIA Group Ltd.		6,057		46,079
CK Asset Holdings Ltd.		2,796		18,193
CK Hutchison Holdings Ltd.		2,765		27,846
Hong Kong Exchanges & Clearing Ltd.		1,342		35,736
I-CABLE Communications Ltd. *		254		4

				127,858

Ireland — 1.0%
CRH plc		562		16,774
Ryanair Holdings plc, ADR *		375		31,028

				47,802

Israel — 0.2%
Teva Pharmaceutical Industries Ltd., ADR		601		12,001

Italy — 2.1%
Assicurazioni Generali SpA		1,882		30,373
Enel SpA		10,115		49,596
Telecom Italia SpA *		23,225		13,660
UniCredit SpA		278		3,555

				97,184

Japan — 23.7%
Asahi Group Holdings Ltd.		390		17,130
Bridgestone Corp.		1,087		41,895

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	67

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
Japan — continued
Central Japan Railway Co.		132		25,236
Daicel Corp.		2,555		27,034
Daikin Industries Ltd.		394		45,622
DMG Mori Co. Ltd.		1,837		26,507
Electric Power Development Co. Ltd.		316		8,601
Hitachi Ltd.		416		12,711
Honda Motor Co. Ltd.		1,552		44,314
Japan Airlines Co. Ltd.		623		22,104
Japan Tobacco, Inc.		1,060		27,240
Kao Corp.		558		37,093
Keyence Corp.		17		8,158
Kyowa Hakko Kirin Co. Ltd.		632		12,236
Kyushu Electric Power Co., Inc.		820		9,520
Mabuchi Motor Co. Ltd.		837		29,784
Marui Group Co. Ltd.		1,015		21,853
Mitsubishi Corp.		1,518		42,733
Mitsubishi UFJ Financial Group, Inc.		8,125		49,175
Mitsui Fudosan Co. Ltd.		643		14,480
NGK Spark Plug Co. Ltd.		1,026		20,769
Nintendo Co. Ltd.		82		25,632
Nippon Telegraph & Telephone Corp.		689		28,413
Nomura Research Institute Ltd.		433		19,196
Olympus Corp.		157		5,246
Otsuka Corp.		634		21,032
Otsuka Holdings Co. Ltd.		801		38,291
Panasonic Corp.		2,485		26,663
Renesas Electronics Corp. *		4,129		21,752
Seven & i Holdings Co. Ltd.		1,096		47,457
Sony Corp.		383		20,704
Sumitomo Electric Industries Ltd.		1,715		23,386
Sumitomo Mitsui Financial Group, Inc.		1,054		41,038
T&D Holdings, Inc.		2,038		32,585
Tokio Marine Holdings, Inc.		742		34,934
Tokyo Gas Co. Ltd.		526		12,928
Tokyu Corp.		2,047		33,822
Toray Industries, Inc.		3,723		26,410
Toyota Motor Corp.		1,173		68,734
West Japan Railway Co.		210		14,104
Yamato Holdings Co. Ltd.		996		27,234

				1,113,756

Luxembourg — 0.5%
ArcelorMittal		870		21,719

Malta — 0.0% (a)
BGP Holdings Beneficial * ‡		449		—	(b)


INVESTMENTS	SHARES (000)		VALUE (000)

Netherlands — 5.7%
Akzo Nobel NV		424		35,560
ASML Holding NV		218		37,608
Heineken NV		179		16,096
ING Groep NV		2,901		34,323
Koninklijke Philips NV		330		12,310
Royal Dutch Shell plc, Class A		1,767		56,286
Royal Dutch Shell plc, Class B		2,276		74,226

				266,409

Singapore — 1.0%
DBS Group Holdings Ltd.		2,344		39,777
United Overseas Bank Ltd.		471		8,328

				48,105

Spain — 3.5%
Banco Santander SA		4,635		22,052
Bankia SA		7,277		22,858
Iberdrola SA		8,556		60,539
Industria de Diseno Textil SA		1,526		43,020
Telefonica SA		2,155		17,674

				166,143

Sweden — 1.3%
Lundin Petroleum AB		738		22,450
Svenska Handelsbanken AB, Class A		3,722		40,463

				62,913

Switzerland — 9.6%
Cie Financiere Richemont SA (Registered)		487		35,577
Credit Suisse Group AG (Registered) *		2,545		33,278
LafargeHolcim Ltd. (Registered) *		803		37,179
Nestle SA (Registered)		1,292		109,071
Novartis AG (Registered)		724		63,401
Roche Holding AG		405		98,596
Swiss Re AG		363		32,710
UBS Group AG (Registered) *		1,877		26,233
Zurich Insurance Group AG *		48		14,959

				451,004

United Kingdom — 13.4%
3i Group plc		3,022		33,833
AstraZeneca plc		226		17,307
Aviva plc		4,638		25,345
Barratt Developments plc		2,867		18,803
BP plc		6,500		46,953
British American Tobacco plc		1,508		65,364
Burberry Group plc		1,114		25,769
Diageo plc		171		5,896
Dixons Carphone plc		7,467		16,143

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
United Kingdom — continued
GlaxoSmithKline plc		2,605		50,455
HSBC Holdings plc		5,101		41,980
InterContinental Hotels Group plc		457		23,969
ITV plc		14,145		26,851
Linde plc		37		6,067
Lloyds Banking Group plc		23,155		16,897
Prudential plc		2,395		47,958
Standard Chartered plc		5,502		38,561
Taylor Wimpey plc		7,553		15,551
Unilever NV, CVA		942		50,613
Vodafone Group plc		22,885		43,036
Whitbread plc		201		11,295

				628,646

United States — 0.9%
Ferguson plc		601		40,526

Total Common Stocks (Cost $4,871,588)				4,612,601


	NO. OF RIGHTS (000)
Rights — 0.0% (a)
Spain — 0.0% (a)
Banco Santander SA, expiring 11/6/2018 * (Cost $181)		4,635		180


	PRINCIPAL AMOUNT (000)
Corporate Bonds — 0.0% (a)
Brazil — 0.0% (a)
Vale SA
Series A6, 0.00%, ‡ (c) (d) (e) (Cost $—)	BRL	11		—	(b)


	SHARES (000)
Short-Term Investments — 1.2%
Investment Companies — 1.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (f) (g) (Cost $56,728)		56,728		56,728

Total Investments — 99.3% (Cost $4,928,497)				4,669,509
Other Assets Less Liabilities — 0.7%				31,109

NET ASSETS — 100.0%				4,700,618

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2018

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


INDUSTRY	PERCENTAGE
Banks		10.7	%
Pharmaceuticals		9.5
Insurance		6.5
Oil, Gas & Consumable Fuels		6.0
Automobiles		4.3
Chemicals		4.2
Capital Markets		3.6
Metals & Mining		3.3
Beverages		3.0
Electric Utilities		2.6
Trading Companies & Distributors		2.4
Food Products		2.3
Machinery		2.1
Diversified Telecommunication Services		2.0
Tobacco		2.0
Textiles, Apparel & Luxury Goods		1.9
Personal Products		1.9
Auto Components		1.8
Household Durables		1.7
Semiconductors & Semiconductor Equipment		1.7
Electrical Equipment		1.6
Hotels, Restaurants & Leisure		1.6
Food & Staples Retailing		1.6
Road & Rail		1.6
Software		1.6
IT Services		1.4
Specialty Retail		1.3
Industrial Conglomerates		1.2
Construction Materials		1.1
Airlines		1.1
Equity Real Estate Investment Trusts (REITs)		1.1
Air Freight & Logistics		1.1
Media		1.1
Building Products		1.0
Others (each less than 1.0%)		6.9
Short-Term Investments		1.2

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	69

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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

Abbreviations


ADR		American Depositary Receipt
BRL		Brazilian Real
CVA		Dutch Certification
OYJ		Public Limited Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		Real Estate Investment Trust

(a)		Amount rounds to less than 0.1% of net assets.
(b)		Amount rounds to less than one thousand.


(c)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2018.
(d)		Defaulted security.
(e)		Security is an interest bearing note with preferred security characteristics.
(f)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)		The rate shown is the current yield as of October 31, 2018.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.


Futures contracts outstanding as of October 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index	811	12/2018		EUR		29,229		(1,233	)
FTSE 100 Index	214	12/2018		GBP		19,382		(397	)
TOPIX Index	155	12/2018		JPY		22,494		(521	)

								(2,151	)

Abbreviations


EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
JPY		Japanese Yen
TOPIX		Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.0%
Australia — 2.2%
BHP Billiton plc		527		10,515

Austria — 1.6%
Erste Group Bank AG *		188		7,661

Brazil — 1.6%
Itau Unibanco Holding SA (Preference)		590		7,795

Canada — 6.0%
Alimentation Couche-Tard, Inc., Class B		238		11,386
Canadian National Railway Co.		116		9,881
Toronto-Dominion Bank (The)		131		7,241

				28,508

China — 7.6%
China Overseas Land & Investment Ltd.		1,576		4,954
Ping An Insurance Group Co. of China Ltd., Class H		1,827		17,268
Tencent Holdings Ltd.		403		13,810

				36,032

Denmark — 2.0%
Novo Nordisk A/S, Class B		215		9,280

France — 6.0%
Accor SA		152		6,958
Airbus SE		35		3,900
LVMH Moet Hennessy Louis Vuitton SE		37		11,263
Safran SA		50		6,405

				28,526

Germany — 11.5%
Bayer AG (Registered)		109		8,393
Continental AG		59		9,793
Delivery Hero SE * (a)		169		6,790
Deutsche Boerse AG		78		9,899
SAP SE		136		14,600
Zalando SE * (a)		135		5,223

				54,698

Hong Kong — 4.7%
AIA Group Ltd.		2,141		16,283
CK Asset Holdings Ltd.		910		5,919

				22,202

India — 3.6%
HDFC Bank Ltd., ADR		192		17,093

Indonesia — 2.1%
Bank Central Asia Tbk. PT		6,262		9,751


INVESTMENTS	SHARES (000)			VALUE ($000)

Japan — 8.7%
FANUC Corp.		48			8,264
Keyence Corp.		15			7,181
Komatsu Ltd.		281			7,316
Shin-Etsu Chemical Co. Ltd.		117			9,793
SMC Corp.		28			8,988

					41,542

Netherlands — 9.7%
ASML Holding NV		54			9,288
ING Groep NV		875			10,357
NN Group NV		233			10,004
Royal Dutch Shell plc, Class A		521			16,544

					46,193

South Korea — 1.5%
Samsung Electronics Co. Ltd., GDR (a)		7			6,864
Samsung Electronics Co. Ltd., GDR (b)		—	(c)		308

					7,172

Switzerland — 7.5%
Glencore plc *		1,245			5,065
Nestle SA (Registered)		211			17,816
Novartis AG (Registered)		147			12,845

					35,726

United Kingdom — 21.5%
AstraZeneca plc		95			7,286
Aviva plc		1,882			10,286
Burberry Group plc		381			8,818
Diageo plc		367			12,702
GlaxoSmithKline plc		629			12,188
Linde plc		57			9,334
RELX plc		503			9,950
Smith & Nephew plc		594			9,651
Unilever NV, CVA		311			16,702
WPP plc		445			5,035

					101,952

United States — 2.2%
Ferguson plc		153			10,348

Total Common Stocks (Cost $500,494)					474,994

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	71

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (d) (e) (Cost $1,995)		1,995		1,995

Total Investments — 100.4% (Cost $502,489)				476,989
Liabilities in Excess of Other Assets — (0.4%)				(1,759	)

NET ASSETS — 100.0%				475,230

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2018

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


INDUSTRY	PERCENTAGE
Banks		12.5	%
Insurance		11.3
Pharmaceuticals		10.5
Machinery		5.1
Textiles, Apparel & Luxury Goods		4.2
Chemicals		4.0
Food Products		3.7
Personal Products		3.5
Oil, Gas & Consumable Fuels		3.5
Metals & Mining		3.3
Software		3.1
Interactive Media & Services		2.9
Beverages		2.7
Internet & Direct Marketing Retail		2.5
Food & Staples Retailing		2.4
Real Estate Management & Development		2.3
Trading Companies & Distributors		2.2
Aerospace & Defense		2.2
Professional Services		2.1
Capital Markets		2.1
Road & Rail		2.1
Auto Components		2.0
Health Care Equipment & Supplies		2.0
Semiconductors & Semiconductor Equipment		1.9
Electronic Equipment, Instruments & Components		1.5
Technology Hardware, Storage & Peripherals		1.5
Hotels, Restaurants & Leisure		1.5
Media		1.0
Others (each less than 1.0%)		0.0
Short-Term Investments		0.4


Abbreviations

ADR		American Depositary Receipt
CVA		Dutch Certification
GDR		Global Depositary Receipt
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.


(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(c)		Amount rounds to less than one thousand.
(d)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of October 31, 2018.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%
Australia — 7.5%
Alumina Ltd.		567		1,029
Australia & New Zealand Banking Group Ltd.		301		5,537
BHP Billiton Ltd.		472		10,900
BlueScope Steel Ltd.		80		822
CSR Ltd.		293		736
JB Hi-Fi Ltd.		43		693
Metcash Ltd.		417		815
Nine Entertainment Co. Holdings Ltd.		604		726
Qantas Airways Ltd.		227		880
Rio Tinto plc		126		6,135
Sandfire Resources NL		165		783
South32 Ltd.		855		2,204
St Barbara Ltd.		303		896
Westpac Banking Corp.		325		6,170
Whitehaven Coal Ltd.		286		988

				39,314

Austria — 1.2%
AT&S Austria Technologie & Systemtechnik AG		38		900
Erste Group Bank AG *		32		1,315
EVN AG		37		652
OMV AG		30		1,686
Raiffeisen Bank International AG		35		949
Telekom Austria AG *		117		872

				6,374

Belgium — 0.5%
D’ieteren SA/NV		17		673
KBC Group NV		31		2,113

				2,786

Denmark — 0.6%
Matas A/S		117		1,125
Pandora A/S		14		866
Scandinavian Tobacco Group A/S, Class A (a)		63		961

				2,952

Finland — 0.6%
Cramo OYJ		44		842
Ramirent OYJ		76		551
Sanoma OYJ		98		1,108
Tokmanni Group Corp.		70		570

				3,071

France — 10.1%
ALD SA (a)		61		905
Arkema SA		8		856


INVESTMENTS	SHARES (000)		VALUE ($000)

France — continued
BNP Paribas SA		90		4,685
Casino Guichard Perrachon SA		22		957
Cie Generale des Etablissements Michelin SCA		12		1,259
Credit Agricole SA		168		2,148
Engie SA		235		3,125
Eramet		8		694
Eutelsat Communications SA		43		880
Groupe Crit		9		609
IPSOS		30		796
Kaufman & Broad SA		21		874
Natixis SA		190		1,108
Neopost SA		39		1,251
Orange SA		214		3,336
Peugeot SA		73		1,726
Publicis Groupe SA		15		879
Renault SA		15		1,142
Rexel SA		84		1,077
Rothschild & Co.		18		698
Sanofi		106		9,484
Societe BIC SA		12		1,149
TOTAL SA		218		12,814

				52,452

Georgia — 0.2%
TBC Bank Group plc		40		872

Germany — 6.2%
Allianz SE (Registered)		43		8,878
BASF SE		20		1,535
Covestro AG (a)		18		1,153
Deutsche Beteiligungs AG		20		834
Deutsche Lufthansa AG (Registered)		47		944
Deutsche Pfandbriefbank AG (a)		67		884
Deutsche Telekom AG (Registered)		349		5,723
Evonik Industries AG		39		1,206
Freenet AG		34		775
JOST Werke AG (a)		25		865
ProSiebenSat.1 Media SE		52		1,210
RWE AG		52		1,012
Schaeffler AG (Preference)		77		814
Siltronic AG		6		534
Takkt AG		55		941
Volkswagen AG (Preference)		25		4,166
Wuestenrot & Wuerttembergische AG		45		905

				32,379

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	73

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Ghana — 0.1%
Tullow Oil plc *		216		620

Hong Kong — 1.8%
Bank of East Asia Ltd. (The)		319		1,033
Hongkong Land Holdings Ltd.		261		1,548
Hysan Development Co. Ltd.		196		919
Kerry Properties Ltd.		267		841
NWS Holdings Ltd.		617		1,225
Sun Hung Kai Properties Ltd.		186		2,417
Wheelock & Co. Ltd.		220		1,176

				9,159

Ireland — 0.2%
Origin Enterprises plc		174		1,117

Isle of Man — 0.1%
Strix Group plc		180		342

Israel — 0.7%
Bank Leumi Le-Israel BM		175		1,089
Israel Discount Bank Ltd., Class A		377		1,232
Plus500 Ltd.		81		1,393

				3,714

Italy — 1.2%
ASTM SpA		39		768
Banca Farmafactoring SpA (a)		139		717
Cairo Communication SpA		217		687
Immobiliare Grande Distribuzione SIIQ SpA, REIT		99		699
Maire Tecnimont SpA		204		893
Mediobanca Banca di Credito Finanziario SpA		149		1,308
Rizzoli Corriere Della Sera Mediagroup SpA *		601		611
Unieuro SpA * (a)		61		739

				6,422

Japan — 25.9%
77 Bank Ltd. (The)		45		919
Asahi Kasei Corp.		68		816
Bridgestone Corp.		83		3,216
Brother Industries Ltd.		68		1,243
Concordia Financial Group Ltd.		277		1,268
Daicel Corp.		118		1,250
Dai-ichi Life Holdings, Inc.		156		2,935
Daiwa Securities Group, Inc.		254		1,456
DMG Mori Co. Ltd.		103		1,492
FUJIFILM Holdings Corp.		48		2,080
Fujitsu Ltd.		30		1,849
Fukuoka Financial Group, Inc.		54		1,322


INVESTMENTS	SHARES (000)		VALUE ($000)

Japan — continued
Gunma Bank Ltd. (The)		178		807
Hitachi Capital Corp.		33		812
Hitachi Ltd.		27		832
Honda Motor Co. Ltd.		190		5,415
Idemitsu Kosan Co. Ltd.		42		1,885
Isuzu Motors Ltd.		90		1,180
ITOCHU Corp.		193		3,581
Japan Airlines Co. Ltd.		31		1,100
JFE Holdings, Inc.		85		1,595
JXTG Holdings, Inc.		474		3,203
Kajima Corp.		101		1,301
Kansai Electric Power Co., Inc. (The)		139		2,129
KDDI Corp.		195		4,726
K’s Holdings Corp.		86		1,083
Kumagai Gumi Co. Ltd.		32		836
Maeda Corp.		90		1,020
Marubeni Corp.		285		2,311
Mitsubishi Chemical Holdings Corp.		216		1,686
Mitsubishi Corp.		167		4,709
Mitsubishi Gas Chemical Co., Inc.		51		861
Mitsubishi UFJ Financial Group, Inc.		1,222		7,397
Mitsubishi UFJ Lease & Finance Co. Ltd.		205		1,055
Mitsui & Co. Ltd.		223		3,719
Mizuho Financial Group, Inc.		2,688		4,617
Nippon Telegraph & Telephone Corp.		90		3,695
Nishi-Nippon Financial Holdings, Inc.		84		802
Nomura Real Estate Holdings, Inc.		47		885
NTT DOCOMO, Inc.		157		3,883
ORIX Corp.		186		3,032
Resona Holdings, Inc.		385		2,025
Shinsei Bank Ltd.		71		1,075
Shizuoka Bank Ltd. (The)		142		1,242
Sompo Holdings, Inc.		57		2,334
Sony Corp.		22		1,207
Subaru Corp.		57		1,548
Sumitomo Chemical Co. Ltd.		238		1,192
Sumitomo Corp.		168		2,548
Sumitomo Heavy Industries Ltd.		28		868
Sumitomo Mitsui Financial Group, Inc.		149		5,817
Sumitomo Mitsui Trust Holdings, Inc.		66		2,610
Taiheiyo Cement Corp.		41		1,198
Taisei Corp.		34		1,471
Teijin Ltd.		57		983
Tokuyama Corp.		27		613
Tokyo Tatemono Co. Ltd.		91		981

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
Tokyu Fudosan Holdings Corp.		165		929
Toyota Boshoku Corp.		52		859
Toyota Motor Corp.		210		12,273
Toyota Tsusho Corp.		49		1,768
TS Tech Co. Ltd.		23		668
Yokohama Rubber Co. Ltd. (The)		51		994

				135,206

Luxembourg — 0.8%
Aperam SA		22		756
ArcelorMittal		105		2,631
RTL Group SA		15		988

				4,375

Netherlands — 7.9%
ABN AMRO Group NV, CVA (a)		77		1,882
Aegon NV		325		1,993
ASR Nederland NV		23		1,057
Atrium European Real Estate Ltd. *		92		385
BinckBank NV		140		676
Flow Traders (a)		28		898
Heijmans NV, CVA *		80		861
ING Groep NV		410		4,850
Intertrust NV (a)		55		895
Koninklijke Volkerwessels NV		39		688
NIBC Holding NV (a)		89		812
NN Group NV		60		2,564
Royal Dutch Shell plc, Class A		722		22,992
Signify NV (a)		35		867

				41,420

New Zealand — 0.5%
Air New Zealand Ltd.		386		705
Spark New Zealand Ltd.		485		1,252
Z Energy Ltd.		207		825

				2,782

Norway — 3.0%
Austevoll Seafood ASA		88		1,415
BW Offshore Ltd. *		150		960
DNB ASA		149		2,699
Equinor ASA		137		3,544
Norwegian Finans Holding ASA *		99		881
Olav Thon Eiendomsselskap ASA		17		288
Scottish Salmon Co. Plc (The)		181		389
Selvaag Bolig ASA		106		473
SpareBank 1 Nord Norge		105		840


INVESTMENTS	SHARES (000)		VALUE ($000)

Norway — continued
SpareBank 1 SMN		107		1,094
SpareBank 1 SR-Bank ASA		74		826
Storebrand ASA		127		1,051
Telenor ASA		51		935

				15,395

Portugal — 0.1%
Semapa-Sociedade de Investimento e Gestao		36		682

Russia — 0.3%
Evraz plc		241		1,671

Singapore — 1.0%
DBS Group Holdings Ltd.		40		672
Oversea-Chinese Banking Corp. Ltd.		305		2,368
United Overseas Bank Ltd.		112		1,987

				5,027

South Africa — 0.7%
Anglo American plc		159		3,385

Spain — 2.6%
ACS Actividades de Construccion y Servicios SA		50		1,861
Atresmedia Corp. de Medios de Comunicacion SA		110		622
CaixaBank SA		315		1,276
eDreams ODIGEO SA *		227		925
Enagas SA		59		1,552
Repsol SA		169		3,028
Talgo SA * (a)		181		918
Telefonica SA		315		2,588
Unicaja Banco SA (a)		510		653

				13,423

Sweden — 2.9%
Betsson AB *		150		1,306
Boliden AB *		31		713
Granges AB		57		598
KappAhl AB		206		592
Mekonomen AB		107		1,252
Mycronic AB		99		1,248
Nobia AB		128		815
Skandinaviska Enskilda Banken AB, Class A		244		2,530
Svenska Handelsbanken AB, Class A		189		2,060
Swedbank AB, Class A		134		3,025
Tethys Oil AB		116		1,109

				15,248

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	75

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Switzerland — 8.5%
Adecco Group AG (Registered)		17			824
ALSO Holding AG (Registered) *		8			955
Credit Suisse Group AG (Registered) *		176			2,295
Ferrexpo plc		260			692
Glencore plc *		1,238			5,039
Novartis AG (Registered)		191			16,756
Orior AG		11			990
Resurs Holding AB (a)		167			1,105
Roche Holding AG		7			1,707
Swiss Re AG		34			3,085
UBS Group AG (Registered) *		407			5,693
Vetropack Holding AG		—	(b)		453
Zurich Insurance Group AG *		15			4,704

					44,298

United Kingdom — 13.4%
Babcock International Group plc		114			889
Barclays plc		1,148			2,529
Barratt Developments plc		292			1,917
Berkeley Group Holdings plc		31			1,401
Biffa plc (a)		288			865
Bovis Homes Group plc		63			781
British Land Co. plc (The), REIT		282			2,126
Centrica plc		977			1,835
Charter Court Financial Services Group plc (a)		262			973
Derwent London plc, REIT		43			1,604
Dialog Semiconductor plc *		45			1,188
Draper Esprit plc *		98			648
EI Group plc *		336			713
Fiat Chrysler Automobiles NV *		48			724
Forterra plc (a)		401			1,133
Genel Energy plc *		251			695
GlaxoSmithKline plc		453			8,774
Halfords Group plc		344			1,351
Imperial Brands plc		121			4,090
Inchcape plc		175			1,211
International Consolidated Airlines Group SA		144			1,114
International Personal Finance plc		298			680
ITV plc		1,148			2,180
J Sainsbury plc		325			1,290
JPJ Group plc *		156			1,222
Kier Group plc		62			694
Legal & General Group plc		969			3,110
Lloyds Banking Group plc		7,566			5,521
Mitchells & Butlers plc		214			709


INVESTMENTS	SHARES (000)		VALUE ($000)

United Kingdom — continued
Morgan Sindall Group plc		44		665
National Express Group plc		141		719
NatWest Markets plc		716		2,156
OneSavings Bank plc		315		1,499
Persimmon plc		50		1,476
Premier Foods plc *		1,552		756
Prudential plc		36		711
Rank Group plc		285		583
Royal Mail plc		212		975
Saga plc		503		765
St Modwen Properties plc		185		885
Staffline Group plc		60		907
Stagecoach Group plc		358		698
Taylor Wimpey plc		964		1,984
U & I Group plc		372		1,090
WPP plc		168		1,900

				69,736

United States — 0.1%
TI Fluid Systems plc (a)		259		684

Total Common Stocks (Cost $556,243)				514,906

Total Investments — 98.7% (Cost $556,243)				514,906
Other Assets Less Liabilities — 1.3%				6,663

NET ASSETS — 100.0%				521,569

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

Summary of Investments by Industry, October 31, 2018

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


INDUSTRY	PERCENTAGE
Banks		18.8	%
Oil, Gas & Consumable Fuels		10.7
Metals & Mining		7.9
Pharmaceuticals		7.1
Insurance		6.6
Automobiles		5.5
Trading Companies & Distributors		4.1
Diversified Telecommunication Services		3.6
Capital Markets		2.8
Real Estate Management & Development		2.5
Media		2.4
Chemicals		2.4
Household Durables		2.0
Construction & Engineering		2.0
Wireless Telecommunication Services		1.8
Auto Components		1.6
Specialty Retail		1.3
Diversified Financial Services		1.2
Multi-Utilities		1.2
Tobacco		1.0
Others (each less than 1.0%)		13.5


Abbreviations

CVA		Dutch Certification
OYJ		Public Limited Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		Real Estate Investment Trust
SCA		Limited partnership with share capital


(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		Amount rounds to less than one thousand.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	77

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018

(Amounts in thousands, except per share amounts)


	JPMorgan Emerging Economies Fund			JPMorgan Emerging Markets Equity Fund		JPMorgan Europe Dynamic Fund (formerly known as JPMorgan Intrepid European Fund)		JPMorgan Global Research Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	1,521,277		$	4,559,631	$	696,411	$	5,749,921
Investments in affiliates, at value		42,721			58,479		51,037		—
Cash		447			349		91		—
Foreign currency, at value		11,216			3,148		781		1,401
Deposits at broker for futures contracts		—			—		1,766		2,542
Receivables:
Due from custodian		—			—		363		—
Investment securities sold		2,473			4,044		10,498		204,513
Fund shares sold		5			4,224		455		103
Dividends from non-affiliates		1,377			2,757		757		9,449
Dividends from affiliates		85			136		47		42
Tax reclaims		10			9		3,800		8,291
Variation margin on futures contracts		—			—		292		798

Total Assets		1,579,611			4,632,777		766,298		5,977,060


LIABILITIES:
Payables:
Due to custodian		—			—		—		101,919
Investment securities purchased		359			2		12,867		—
Fund shares redeemed		22,407			24,824		67,256		26,601
Accrued liabilities:
Investment advisory fees		856			2,688		431		884
Administration fees		—			—		54		291
Distribution fees		4			111		49		—
Service fees		3			223		84		36
Custodian and accounting fees		170			346		49		118
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—		—		—	(a)
Deferred foreign capital gains tax		—			2,991		—		—
Audit fees		82			80		111		80
Printing and mailing cost		34			134		43		119
Other		39			173		7		36

Total Liabilities		23,954			31,572		80,951		130,084

Net Assets	$	1,555,657		$	4,601,205	$	685,347	$	5,846,976

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	JPMorgan Emerging Economies Fund			JPMorgan Emerging Markets Equity Fund			JPMorgan Europe Dynamic Fund (formerly known as JPMorgan Intrepid European Fund)			JPMorgan Global Research Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	1,590,907		$	4,158,817		$	766,506		$	4,207,120
Total distributable earnings (loss) (a)		(35,250	)		442,388			(81,159	)		1,639,856

Total Net Assets	$	1,555,657		$	4,601,205		$	685,347		$	5,846,976


Net Assets:
Class A	$	10,653		$	369,490		$	124,681		$	—
Class C		1,874			43,612			31,125			—
Class I		12,961			773,142			139,858			438,715
Class L		—			475,997			389,665			—
Class R2		—			95			—			—
Class R3		—			341			—			—
Class R4		—			26			—			—
Class R5		285			1,672			—			—
Class R6		1,529,884			2,936,830			18			5,408,261

Total	$	1,555,657		$	4,601,205		$	685,347		$	5,846,976

Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		892			15,498			5,419			—
Class C		158			1,890			1,526			—
Class I		1,070			31,626			5,956			19,959
Class L		—			19,324			16,444			—
Class R2		—			4			—			—
Class R3		—			14			—			—
Class R4		—			1			—			—
Class R5		23			68			—			—
Class R6		126,793			119,363			1			248,508

Net Asset Value (b):
Class A — Redemption price per share	$	11.95		$	23.84		$	23.01		$	—
Class C — Offering price per share (c)		11.84			23.08			20.39			—
Class I — Offering and redemption price per share		12.12			24.45			23.48			21.98
Class L — Offering and redemption price per share		—			24.63			23.70			—
Class R2 — Offering and redemption price per share		—			23.73			—			—
Class R3 — Offering and redemption price per share		—			23.78			—			—
Class R4 — Offering and redemption price per share		—			24.42			—			—
Class R5 — Offering and redemption price per share		12.24			24.60			—			—
Class R6 — Offering and redemption price per share		12.07			24.60			23.70			21.76
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)]	$	12.61		$	25.16		$	24.28		$	—


Cost of investments in non-affiliates	$	1,522,094		$	4,020,307		$	734,527		$	4,557,813
Cost of investments in affiliates		42,721			58,479			51,037			—
Cost of foreign currency		11,091			3,169			781			1,400

(a)	Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	79

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018 (continued)

(Amounts in thousands, except per share amounts)


		JPMorgan Global Unconstrained Equity Fund			JPMorgan International Advantage Fund (formerly known as JPMorgan Intrepid International Fund)		JPMorgan International Equity Fund		JPMorgan International Equity Income Fund
ASSETS:
Investments in non-affiliates, at value		$	3,862		$	3,317,913	$	4,098,853	$	139,033
Investments in affiliates, at value			—			52,914		166,797		—
Cash	��		—			36		136		6
Foreign currency, at value			3			901		16		96
Deposits at broker for futures contracts			—			1,992		—		—
Receivables:
Investment securities sold			163			13,435		—		1,270
Fund shares sold			—	(a)		35,531		46,522		144
Dividends from non-affiliates			2			12,442		9,582		505
Dividends from affiliates			—	(a)		130		258		1
Tax reclaims			15			8,449		8,496		505
Variation margin on futures contracts			—			422		—		—
Unrealized appreciation on forward foreign currency exchange contracts			—			—		—		877
Due from adviser			9			—		—		—
Other assets			12			—		—		—

Total Assets			4,066			3,444,165		4,330,660		142,437


LIABILITIES:
Payables:
Due to custodian			11			—		—		—
Investment securities purchased			—			38,708		58,309		33
Fund shares redeemed			—			376		1,137		211
Unrealized depreciation on forward foreign currency exchange contracts			—			—		—		551
Accrued liabilities:
Investment advisory fees			—			1,428		1,684		37
Administration fees			—			24		—		—
Distribution fees			1			50		66		24
Service fees			—	(a)		34		63		19
Custodian and accounting fees			7			103		110		12
Trustees’ and Chief Compliance Officer’s fees			—			—		—		—	(a)
Audit fees			76			79		81		78
Printing and mailing cost			1			44		53		7
Other			1			63		63		14

Total Liabilities			97			40,909		61,566		986

Net Assets		$	3,969		$	3,403,256	$	4,269,094	$	141,451

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	JPMorgan Global Unconstrained Equity Fund			JPMorgan International Advantage Fund (formerly known as JPMorgan Intrepid International Fund)			JPMorgan International Equity Fund			JPMorgan International Equity Income Fund
NET ASSETS:
Paid-in-Capital	$	3,902		$	3,431,825		$	3,902,425		$	139,877
Total distributable earnings (loss) (a)		67			(28,569	)		366,669			1,574

Total Net Assets	$	3,969		$	3,403,256		$	4,269,094		$	141,451


Net Assets:
Class A	$	1,385		$	156,382		$	240,394		$	68,420
Class C		567			1,652			18,899			12,371
Class I		1,852			60,739			179,831			47,701
Class R2		20			31,619			1,833			270
Class R5		20			—			19,516			177
Class R6		125			3,152,864			3,808,621			12,512

Total	$	3,969		$	3,403,256		$	4,269,094		$	141,451

Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		87			8,023			15,452			4,562
Class C		36			84			1,287			832
Class I		114			2,993			11,370			3,171
Class R2		2			1,646			119			18
Class R5		1			—			1,231			12
Class R6		8			157,629			240,097			832

Net Asset Value (b):
Class A — Redemption price per share	$	16.04		$	19.49		$	15.56		$	15.00
Class C — Offering price per share (c)		15.79			19.70			14.68			14.88
Class I — Offering and redemption price per share		16.21			20.30			15.82			15.04
Class R2 — Offering and redemption price per share		16.15			19.21			15.44			14.96
Class R5 — Offering and redemption price per share		16.17			—			15.85			15.06
Class R6 — Offering and redemption price per share		16.17			20.00			15.86			15.04
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	16.93		$	20.57		$	16.42		$	15.83


Cost of investments in non-affiliates	$	3,786		$	3,384,062		$	3,860,872		$	140,870
Cost of investments in affiliates		—			52,914			166,797			—
Cost of foreign currency		3			906			19			97

(a)	Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	81

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018 (continued)

(Amounts in thousands, except per share amounts)


	JPMorgan International Research Enhanced Equity Fund			JPMorgan International Unconstrained Equity Fund		JPMorgan International Value Fund
ASSETS:
Investments in non-affiliates, at value	$	4,612,781		$	474,994	$	514,906
Investments in affiliates, at value		56,728			1,995		—
Cash		204			50		—
Foreign currency, at value		2,107			37		35
Deposits at broker for futures contracts		4,067			—		—
Receivables:
Investment securities sold		—			4,922		7,964
Fund shares sold		222			764		399
Dividends from non-affiliates		13,466			866		2,405
Dividends from affiliates		158			9		2
Tax reclaims		11,480			308		2,948
Variation margin on futures contracts		1,255			—		—

Total Assets		4,702,468			483,945		528,659


LIABILITIES:
Payables:
Due to custodian		—			—		2
Interfund lending		—			—		4,539
Investment securities purchased		—			3,943		177
Fund shares redeemed		680			4,421		1,536
Accrued liabilities:
Investment advisory fees		533			156		134
Administration fees		159			—		—
Distribution fees		46			33		66
Service fees		16			44		60
Custodian and accounting fees		157			15		55
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—		—
Audit fees		78			74		77
Printing and mailing cost		98			8		251
Other		83			21		193

Total Liabilities		1,850			8,715		7,090

Net Assets	$	4,700,618		$	475,230	$	521,569

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	JPMorgan International Research Enhanced Equity Fund			JPMorgan International Unconstrained Equity Fund			JPMorgan International Value Fund
NET ASSETS:
Paid-in-Capital	$	4,884,154		$	520,290		$	546,757
Total distributable earnings (loss) (a)		(183,536	)		(45,060	)		(25,188	)

Total Net Assets	$	4,700,618		$	475,230		$	521,569


Net Assets:
Class A	$	203,437		$	84,325		$	242,231
Class C		—			22,532			14,055
Class I		152,610			189,061			66,291
Class L		—			—			73,651
Class R2		—			773			1,025
Class R5		—			3,341			70
Class R6		4,344,571			175,198			124,246

Total	$	4,700,618		$	475,230		$	521,569


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		12,117			4,622			19,472
Class C		—			1,253			1,169
Class I		8,974			10,227			5,197
Class L		—			—			5,800
Class R2		—			43			84
Class R5		—			181			5
Class R6		256,075			9,468			9,805

Net Asset Value (b):
Class A — Redemption price per share	$	16.79		$	18.24		$	12.44
Class C — Offering price per share (c)		—			17.98			12.02
Class I — Offering and redemption price per share		17.01			18.49			12.76
Class L — Offering and redemption price per share		—			—			12.70
Class R2 — Offering and redemption price per share		—			18.14			12.20
Class R5 — Offering and redemption price per share		—			18.49			12.65
Class R6 — Offering and redemption price per share		16.97			18.50			12.67
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)]	$	17.72		$	19.25		$	13.13


Cost of investments in non-affiliates	$	4,871,769		$	500,494		$	556,243
Cost of investments in affiliates		56,728			1,995			—
Cost of foreign currency		2,119			37			35

(a)	Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	83

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2018

(Amounts in thousands)


	JPMorgan Emerging Economies Fund			JPMorgan Emerging Markets Equity Fund			JPMorgan Europe Dynamic Fund (formerly known as JPMorgan Intrepid European Fund)			JPMorgan Global Research Enhanced Index Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	269		$	—	(a)	$	7		$	47
Interest income from affiliates		11			5			1			2
Dividend income from non-affiliates		70,455			94,798			26,355			194,237
Dividend income from affiliates		729			1,758			360			1,448
Non-cash dividend income from non-affiliates		4,108			—			2,563			—
Foreign taxes withheld		(6,005	)		(7,360	)		(3,661	)		(8,775	)

Total investment income		69,567			89,201			25,625			186,959


EXPENSES:
Investment advisory fees		17,228			42,392			5,983			16,232
Administration fees		1,644			4,045			747			6,583
Distribution fees:
Class A		360			1,251			398			—
Class C		20			405			309			—
Class R2		—			—	(a)		—			—
Class R3		—			1			—			—
Service fees:
Class A		360			1,251			398			—
Class C		7			135			103			—
Class I		144			2,054			452			3,793
Class L		—			513			539			—
Class R2		—			—	(a)		—			—
Class R3		—			1			—			—
Class R4		—			—	(a)		—			—
Class R5		—	(a)		2			—			—
Custodian and accounting fees		1,290			2,791			201			725
Interest expense to affiliates		33			—	(a)		5			112
Professional fees		129			140			132			198
Trustees’ and Chief Compliance Officer’s fees		33			43			28			56
Printing and mailing costs		58			382			51			331
Registration and filing fees		82			325			65			133
Transfer agency fees (See Note 2.J.)		32			153			23			68
Other		30			73			19			116

Total expenses		21,450			55,957			9,453			28,347

Less fees waived		(6,730	)	��	(11,841	)		(241	)		(6,800	)
Less expense reimbursements		(11	)		(26	)		—			—

Net expenses		14,709			44,090			9,212			21,547

Net investment income (loss)		54,858			45,111			16,413			165,412

REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,243	(b)		(14,650	)(c)		2,026			638,457
Investments in affiliates		—			—	(a)		—			36
Futures contracts		(2,733	)		—			131			4,001
Foreign currency transactions		(871	)		(681	)		(87	)		(1,026	)

Net realized gain (loss)		3,639			(15,331	)		2,070			641,468

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(407,869	)(d)		(763,460	)(e)		(138,376	)		(657,116	)
Futures contracts		(564	)		—			105			(2,585	)
Foreign currency translations		149			(34	)		(178	)		(79	)

Change in net unrealized appreciation/depreciation		(408,284	)		(763,494	)		(138,449	)		(659,780	)

Net realized/unrealized gains (losses)		(404,645	)		(778,825	)		(136,379	)		(18,312	)

Change in net assets resulting from operations	$	(349,787	)	$	(733,714	)	$	(119,966	)	$	147,100

(a)	Amount rounds to less than one thousand.

(b)	Net of foreign capital gains tax of approximately $(974,000) for JPMorgan Emerging Economies Fund.

(c)	Net of foreign capital gains tax of approximately $(189,000) for JPMorgan Emerging Markets Equity Fund.

(d)	Net of change in foreign capital gains tax of approximately $1,490,000 for JPMorgan Emerging Economies Fund.

(e)	Net of change in foreign capital gains tax of approximately $(2,802,000) for JPMorgan Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	JPMorgan Global Unconstrained Equity Fund			JPMorgan International Advantage Fund (formerly known as JPMorgan Intrepid International Fund)			JPMorgan International Equity Fund			JPMorgan International Equity Income Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	46		$	—	(a)	$	—	(a)
Interest income from affiliates		—	(a)		—	(a)		1			—	(a)
Dividend income from non-affiliates		83			120,810			137,340			8,476
Dividend income from affiliates		1			1,245			1,484			33
Foreign taxes withheld		(3	)		(11,114	)		(9,484	)		(731	)

Total investment income		81			110,987			129,341			7,778


EXPENSES:
Investment advisory fees		32			21,235			31,039			1,348
Administration fees		4			2,870			3,596			156
Distribution fees:
Class A		4			511			708			210
Class C		4			14			170			105
Class R2		—	(a)		126			11			2
Service fees:
Class A		4			511			708			210
Class C		1			5			57			35
Class I		6			142			442			199
Class R2		—	(a)		63			5			1
Class R5		—	(a)		—			22			—	(a)
Custodian and accounting fees		36			582			654			74
Interest expense to affiliates		—	(a)		18			13			6
Professional fees		79			163			153			74
Trustees’ and Chief Compliance Officer’s fees		24			38			41			25
Printing and mailing costs		—			82			90			24
Registration and filing fees		55			108			146			39
Transfer agency fees (See Note 2.J.)		2			96			80			24
Other		7			60			65			9

Total expenses		258			26,624			38,000			2,541

Less fees waived		(40	)		(6,020	)		(14,103	)		(905	)
Less expense reimbursements		(191	)		(30	)		(7	)		—	(a)

Net expenses		27			20,574			23,890			1,636

Net investment income (loss)		54			90,413			105,451			6,142


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(32	)		(31,425	)		93,152			14,735
Investments in affiliates		—			—			—			1
Futures contracts		—			(5,563	)		—			—
Foreign currency transactions		(2	)		(523	)		(1,329	)		(100	)
Forward foreign currency exchange contracts		—			—			—			(497	)

Net realized gain (loss)		(34	)		(37,511	)		91,823			14,139

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(135	)		(453,900	)		(737,881	)		(30,647	)
Futures contracts		—			(1,392	)		—			—
Foreign currency translations		—	(a)		(303	)		(282	)		(9	)
Forward foreign currency exchange contracts		—			—			—			654

Change in net unrealized appreciation/depreciation		(135	)		(455,595	)		(738,163	)		(30,002	)

Net realized/unrealized gains (losses)		(169	)		(493,106	)		(646,340	)		(15,863	)

Change in net assets resulting from operations	$	(115	)	$	(402,693	)	$	(540,889	)	$	(9,721	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	85

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2018 (continued)

(Amounts in thousands)


	JPMorgan International Research Enhanced Equity Fund			JPMorgan International Unconstrained Equity Fund			JPMorgan International Value Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	269		$	—	(a)	$	5
Interest income from affiliates		48			—	(a)		—	(a)
Dividend income from non-affiliates		182,619			15,013			27,839
Dividend income from affiliates		2,063			195			143
Foreign taxes withheld		(14,812	)		(924	)		(2,408	)

Total investment income		170,187			14,284			25,579


EXPENSES:
Investment advisory fees		10,939			3,617			4,294
Administration fees		4,436			419			581
Distribution fees:
Class A		661			226			774
Class C		—			188			136
Class R2		—			3			6
Service fees:
Class A		661			226			774
Class C		—			63			45
Class I		1,551			567			323
Class L		—			—			138
Class R2		—			1			3
Class R5		—			3			—	(a)
Custodian and accounting fees		906			142			180
Interest expense to affiliates		52			7			21
Professional fees		203			71			150
Trustees’ and Chief Compliance Officer’s fees		45			26			27
Printing and mailing costs		346			43			125
Registration and filing fees		162			153			87
Transfer agency fees (See Note 2.J.)		104			32			28
Other		107			16			22

Total expenses		20,173			5,803			7,714

Less fees waived		(5,190	)		(1,875	)		(1,805	)
Less expense reimbursements		—			(2	)		—	(a)

Net expenses		14,983			3,926			5,909

Net investment income (loss)		155,204			10,358			19,670


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(66,474	)		(26,102	)		32,541
Investments in affiliates		—	(a)		—			—
Futures contracts		35,043			76			(1,495	)
Foreign currency transactions		1,331			(13	)		(222	)
Forward foreign currency exchange contracts		—			—			(917	)

Net realized gain (loss)		(30,100	)		(26,039	)		29,907

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(577,525	)		(65,965	)		(113,631	)
Futures contracts		(10,776	)		—			—
Foreign currency translations		(492	)		(16	)		6
Forward foreign currency exchange contracts		—			—			(170	)

Change in net unrealized appreciation/depreciation		(588,793	)		(65,981	)		(113,795	)

Net realized/unrealized gains (losses)		(618,893	)		(92,020	)		(83,888	)

Change in net assets resulting from operations	$	(463,689	)	$	(81,662	)	$	(64,218	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Emerging Economies Fund						JPMorgan Emerging Markets Equity Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	54,858		$	41,242		$	45,111		$	27,237
Net realized gain (loss)		3,639			158,485			(15,331	)		(16,512	)
Change in net unrealized appreciation/depreciation		(408,284	)		303,356			(763,494	)		907,407

Change in net assets resulting from operations		(349,787	)		503,083			(733,714	)		918,132


DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(3,219	)		(1,900	)		(788	)		(1,930	)
Class C		(37	)		(14	)		(4	)		(12	)
Class I		(1,440	)		(709	)		(2,829	)		(1,895	)
Class L		—			—			(2,054	)		(3,193	)
Class R2 (b)		—			—			—	(c)		—
Class R3 (b)		—			—			—	(c)		—
Class R4 (b)		—			—			—	(c)		—
Class R5		(8	)		(23	)		(1	)		—	(c)
Class R6		(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		(88,320	)		(217,505	)		909,171			429,170


NET ASSETS:
Change in net assets		(482,038	)		257,983			153,317			1,323,310
Beginning of period		2,037,695			1,779,712			4,447,888			3,124,578

End of period	$	1,555,657		$	2,037,695		$	4,601,205		$	4,447,888

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior periods balances were as follows:


	JPMorgan Emerging Economies Fund			JPMorgan Emerging Markets Equity Fund
Class A
From net investment income		(1,900	)		(1,930	)
Class C
From net investment income		(14	)		(12	)
Class I
From net investment income		(709	)		(1,895	)
Class L
From net investment income		—			(3,193	)
Class R5
From net investment income		(23	)		—	(c)
Class R6
From net investment income		(24,949	)		(16,962	)

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

(c)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	87

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Europe Dynamic Fund (formerly known as JPMorgan Intrepid European Fund)						JPMorgan Global Research Enhanced Index Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,413		$	15,911		$	165,412		$	149,058
Net realized gain (loss)		2,070			82,878			641,468			148,203
Change in net unrealized appreciation/depreciation		(138,449	)		95,771			(659,780	)		1,306,055

Change in net assets resulting from operations		(119,966	)		194,560			147,100			1,603,316


DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A (b)		(2,283	)		(2,962	)		—			(1	)
Class C (b)		(435	)		(764	)		—			—	(c)
Class I		(2,988	)		(2,896	)		(14,541	)		(155,975	)
Class L		(9,949	)		(10,351	)		—			—
Class R2 (b)		—			—			—			—	(c)
Class R6 (d)(e)		—			—			(144,723	)		—

Total distributions to shareholders		(15,655	)		(16,973	)		(159,264	)		(155,976	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(156,528	)		17,522			(2,804,320	)		308,814


NET ASSETS:
Change in net assets		(292,149	)		195,109			(2,816,484	)		1,756,154
Beginning of period		977,496			782,387			8,663,460			6,907,306

End of period	$	685,347		$	977,496		$	5,846,976		$	8,663,460

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior periods balances were as follows:


	JPMorgan Europe Dynamic Fund			JPMorgan Global Research Enhanced Index Fund
Class A
From net investment income		(2,962	)		(1	)
Class C
From net investment income		(764	)		—	(c)
Class I
From net investment income		(2,896	)		(155,975	)
Class L
From net investment income		(10,351	)		—
Class R2
From net investment income		—			—	(c)

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

(c)	Amount rounds to less than one thousand.

(d)	Commencement of offering of class of shares effective October 1, 2018, for JPMorgan Europe Dynamic Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	JPMorgan Global Unconstrained Equity Fund						JPMorgan International Advantage Fund (formerly known as JPMorgan Intrepid International Fund)
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	54		$	23		$	90,413		$	60,855
Net realized gain (loss)		(34	)		185			(37,511	)		160,672
Change in net unrealized appreciation/depreciation		(135	)		212			(455,595	)		402,080

Change in net assets resulting from operations		(115	)		420			(402,693	)		623,607


DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(56	)		—			(4,177	)		(3,117	)
Class C		(23	)		—			(19	)		(28	)
Class I		(90	)		(3	)		(1,091	)		(1,014	)
Class R2		(1	)		—			(172	)		(9	)
Class R5		(1	)		—	(b)		—			—
Class R6		(6	)		—	(b)		(61,869	)		(66,113	)

Total distributions to shareholders		(177	)		(3	)		(67,328	)		(70,281	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		712			1,460			717,668			(92,031	)


NET ASSETS:
Change in net assets		420			1,877			247,647			461,295
Beginning of period		3,549			1,672			3,155,609			2,694,314

End of period	$	3,969		$	3,549		$	3,403,256		$	3,155,609

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior periods balances were as follows:


	JPMorgan Global Unconstrained Equity Fund			JPMorgan International Advantage Fund
Class A
From net investment income		—			(3,117	)
Class C
From net investment income		—			(28	)
Class I
From net investment income		(3	)		(1,014	)
Class R2
From net investment income		—			(9	)
Class R5
From net investment income		—	(b)		—
Class R6
From net investment income		—	(b)		(66,113	)

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan International Equity Fund						JPMorgan International Equity Income Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	105,451		$	66,082		$	6,142		$	4,955
Net realized gain (loss)		91,823			(9,296	)		14,139			(181	)
Change in net unrealized appreciation/depreciation		(738,163	)		803,981			(30,002	)		24,302

Change in net assets resulting from operations		(540,889	)		860,767			(9,721	)		29,076


DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(4,237	)		(611	)		(2,651	)		(2,272	)
Class C		(224	)		(22	)		(380	)		(346	)
Class I		(2,341	)		(394	)		(2,728	)		(2,676	)
Class R2		(26	)		(2	)		(8	)		(11	)
Class R5		(355	)		(165	)		(11	)		(47	)
Class R6		(59,589	)		(16,643	)		(515	)		(30	)

Total distributions to shareholders		(66,772	)		(17,837	)		(6,293	)		(5,382	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		869,664			(260,305	)		(42,991	)		42,607


NET ASSETS:
Change in net assets		262,003			582,625			(59,005	)		66,301
Beginning of period		4,007,091			3,424,466			200,456			134,155

End of period	$	4,269,094		$	4,007,091		$	141,451		$	200,456

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior periods balances were as follows:


	JPMorgan International Equity Fund			JPMorgan International Equity Income Fund
Class A
From net investment income		(611	)		(2,272	)
Class C
From net investment income		(22	)		(346	)
Class I
From net investment income		(394	)		(2,676	)
Class R2
From net investment income		(2	)		(11	)
Class R5
From net investment income		(165	)		(47	)
Class R6
From net investment income		(16,643	)		(30	)

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	JPMorgan International Research Enhanced Equity Fund						JPMorgan International Unconstrained Equity Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	155,204		$	44,850		$	10,358		$	2,308
Net realized gain (loss)		(30,100	)		35,372			(26,039	)		2,079
Change in net unrealized appreciation/depreciation		(588,793	)		305,035			(65,981	)		40,014

Change in net assets resulting from operations		(463,689	)		385,257			(81,662	)		44,401


DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(6,079	)		(1,511	)		(451	)		(259	)
Class C (b)		—			(227	)		(86	)		(67	)
Class I		(22,656	)		(32,213	)		(1,315	)		(257	)
Class R2 (b)		—			(254	)		(2	)		—	(c)
Class R5		—			—			(1	)		—	(c)
Class R6 (d)		(79,541	)		—			(1,288	)		(1,980	)

Total distributions to shareholders		(108,276	)		(34,205	)		(3,143	)		(2,563	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		233,881			3,352,439			202,406			206,016


NET ASSETS:
Change in net assets		(338,084	)		3,703,491			117,601			247,854
Beginning of period		5,038,702			1,335,211			357,629			109,775

End of period	$	4,700,618		$	5,038,702		$	475,230		$	357,629

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior periods balances were as follows:


	JPMorgan International Research Enhanced Equity Fund			JPMorgan International Unconstrained Equity Fund
Class A
From net investment income		(1,511	)		(259	)
Class C
From net investment income		(227	)		(67	)
Class I
From net investment income		(32,213	)		(257	)
Class R2
From net investment income		(254	)		—	(c)
Class R5
From net investment income		—			—	(c)
Class R6
From net investment income		—			(1,980	)

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

(c)	Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan International Value Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	19,670		$	17,446
Net realized gain (loss)		29,907			71,880
Change in net unrealized appreciation/depreciation		(113,795	)		107,859

Change in net assets resulting from operations		(64,218	)		197,185


DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(6,784	)		(18,922	)
Class C		(316	)		(1,312	)
Class I		(3,872	)		(8,933	)
Class L		(4,302	)		(30,468	)
Class R2		(27	)		(59	)
Class R5		(2	)		(1	)
Class R6		(2,922	)		(1,834	)

Total distributions to shareholders		(18,225	)		(61,529	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(189,775	)		(650,089	)


NET ASSETS:
Change in net assets		(272,218	)		(514,433	)
Beginning of period		793,787			1,308,220

End of period	$	521,569		$	793,787

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior periods balances were as follows:


	JPMorgan International Value Fund
Class A
From net investment income		(18,922	)
Class C
From net investment income		(1,312	)
Class I
From net investment income		(8,933	)
Class L
From net investment income		(30,468	)
Class R2
From net investment income		(59	)
Class R5
From net investment income		(1	)
Class R6
From net investment income		(1,834	)

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	JPMorgan Emerging Economies Fund						JPMorgan Emerging Markets Equity Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	47,288		$	52,611		$	170,141		$	183,624
Distributions reinvested		3,218			1,900			781			1,872
Cost of shares redeemed		(200,853	)		(60,941	)		(268,020	)		(181,184	)

Change in net assets resulting from Class A capital transactions	$	(150,347	)	$	(6,430	)	$	(97,098	)	$	4,312

Class C
Proceeds from shares issued	$	597		$	631		$	18,903		$	17,118
Distributions reinvested		37			14			4			12
Cost of shares redeemed		(1,042	)		(984	)		(15,849	)		(17,463	)

Change in net assets resulting from Class C capital transactions	$	(408	)	$	(339	)	$	3,058		$	(333	)

Class I
Proceeds from shares issued	$	31,661		$	17,416		$	573,932		$	331,493
Distributions reinvested		785			360			2,460			1,623
Cost of shares redeemed		(74,945	)		(22,430	)		(295,493	)		(109,592	)

Change in net assets resulting from Class I capital transactions	$	(42,499	)	$	(4,654	)	$	280,899		$	223,524

Class L
Proceeds from shares issued	$	—		$	—		$	284,033		$	402,572
Distributions reinvested		—			—			1,682			2,482
Cost of shares redeemed		—			—			(159,480	)		(496,701	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	126,235		$	(91,647	)

Class R2 (a)
Proceeds from shares issued	$	—		$	—		$	94		$	20
Distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		—			—			(5	)		—

Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	89		$	20

Class R3 (a)
Proceeds from shares issued	$	—		$	—		$	460		$	20
Distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		—			—			(40	)		—

Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	420		$	20

Class R4 (a)
Proceeds from shares issued	$	—		$	—		$	42		$	20
Distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		—			—			(30	)		—

Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	12		$	20

Class R5
Proceeds from shares issued	$	160		$	324		$	2,991		$	185
Distributions reinvested		8			23			1			—	(b)
Cost of shares redeemed		(234	)		(1,787	)		(1,077	)		—	(b)

Change in net assets resulting from Class R5 capital transactions	$	(66	)	$	(1,440	)	$	1,915		$	185

Class R6
Proceeds from shares issued	$	260,203		$	124,871		$	968,052		$	672,770
Distributions reinvested		39,227			24,949			16,155			16,658
Cost of shares redeemed		(194,430	)		(354,462	)		(390,566	)		(396,359	)

Change in net assets resulting from Class R6 capital transactions	$	105,000		$	(204,642	)	$	593,641		$	293,069

Total change in net assets resulting from capital transactions	$	(88,320	)	$	(217,505	)	$	909,171		$	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 one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Emerging Economies Fund						JPMorgan Emerging Markets Equity Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		3,245			4,043			5,977			7,615
Reinvested		220			173			28			93
Redeemed		(14,776	)		(4,857	)		(9,556	)		(7,550	)

Change in Class A Shares		(11,311	)		(641	)		(3,551	)		158

Class C
Issued		40			49			679			702
Reinvested		2			1			—	(a)		1
Redeemed		(75	)		(74	)		(598	)		(762	)

Change in Class C Shares		(33	)		(24	)		81			(59	)
									��
Class I
Issued		2,182			1,347			19,902			13,114
Reinvested		53			33			84			79
Redeemed		(5,448	)		(1,678	)		(10,613	)		(4,464	)

Change in Class I Shares		(3,213	)		(298	)		9,373			8,729

Class L
Issued		—			—			9,765			16,403
Reinvested		—			—			57			119
Redeemed		—			—			(5,623	)		(18,771	)

Change in Class L Shares		—			—			4,199			(2,249	)

Class R2 (b)
Issued		—			—			3			1
Reinvested		—			—			—	(a)		—
Redeemed		—			—			—	(a)		—

Change in Class R2 Shares		—			—			3			1

Class R3 (b)
Issued		—			—			15			1
Reinvested		—			—			—	(a)		—
Redeemed		—			—			(2	)		—

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		9			26			100			6
Reinvested		1			2			—	(a)		—	(a)
Redeemed		(15	)		(136	)		(39	)		—	(a)

Change in Class R5 Shares		(5	)		(108	)		61			6

Class R6
Issued		17,691			9,667			33,718			25,331
Reinvested		2,667			2,258			550			804
Redeemed		(13,961	)		(26,789	)		(13,768	)		(15,462	)

Change in Class R6 Shares		6,397			(14,864	)		20,500			10,673

(a)	Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	JPMorgan Europe Dynamic Fund (formerly known as JPMorgan Intrepid European Fund)						JPMorgan Global Research Enhanced Index Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A (a)
Proceeds from shares issued	$	26,652		$	39,901		$	—		$	—
Distributions reinvested		2,203			2,847			—			1
Cost of shares redeemed		(46,333	)		(72,459	)		—			(24	)

Change in net assets resulting from Class A capital transactions	$	(17,478	)	$	(29,711	)	$	—		$	(23	)

Class C (a)
Proceeds from shares issued	$	6,854		$	10,881		$	—		$	—
Distributions reinvested		395			683			—			—	(b)
Cost of shares redeemed		(16,722	)		(24,752	)		—			(23	)

Change in net assets resulting from Class C capital transactions	$	(9,473	)	$	(13,188	)	$	—		$	(23	)

Class I
Proceeds from shares issued	$	40,086		$	79,324		$	388,984		$	1,447,613
Distributions reinvested		2,739			1,243			14,320			19,299
Cost of shares redeemed		(63,918	)		(68,901	)		(8,753,055	)		(1,158,029	)

Change in net assets resulting from Class I capital transactions	$	(21,093	)	$	11,666		$	(8,349,751	)	$	308,883

Class L
Proceeds from shares issued	$	55,265		$	132,401		$	—		$	—
Distributions reinvested		8,412			9,412			—			—
Cost of shares redeemed		(172,181	)		(93,058	)		—			—

Change in net assets resulting from Class L capital transactions	$	(108,504	)	$	48,755		$	—		$	—

Class R2 (a)
Distributions reinvested	$	—		$	—		$	—		$	—	(b)
Cost of shares redeemed		—			—			—			(23	)

Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	—		$	(23	)

Class R6 (c) (d)
Proceeds from shares issued	$	20		$	—		$	9,245,823		$	—
Distributions reinvested		—			—			144,635			—
Cost of shares redeemed		—			—			(3,845,027	)		—

Change in net assets resulting from Class R6 capital transactions	$	20		$	—		$	5,545,431		$	—

Total change in net assets resulting from capital transactions	$	(156,528	)	$	17,522		$	(2,804,320	)	$	308,814

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

(b)	Amount rounds to less than one thousand.

(c)	Commencement of offering of class of shares effective October 1, 2018, for JPMorgan Europe Dynamic Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Europe Dynamic Fund (formerly known as JPMorgan Intrepid European Fund)						JPMorgan Global Research Enhanced Index Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A (a)
Issued		1,011			1,592			—			—
Reinvested		83			130			—			—	(b)
Redeemed		(1,777	)		(3,039	)		—			(1	)

Change in Class A Shares		(683	)		(1,317	)		—			(1	)

Class C (a)
Issued		288			489			—			—
Reinvested		17			35			—			—	(b)
Redeemed		(721	)		(1,152	)		—			(1	)

Change in Class C Shares		(416	)		(628	)		—			(1	)

Class I
Issued		1,455			3,145			17,041			71,810
Reinvested		102			56			633			1,023
Redeemed		(2,401	)		(2,885	)		(388,734	)		(57,817	)

Change in Class I Shares		(844	)		316			(371,060	)		15,016

Class L
Issued		2,041			5,289			—			—
Reinvested		310			421			—			—
Redeemed		(6,665	)		(3,725	)		—			—

Change in Class L Shares		(4,314	)		1,985			—			—

Class R2 (a)
Reinvested		—			—			—			—	(b)
Redeemed		—			—			—			(1	)

Change in Class R2 Shares		—			—			—			(1	)

Class R6 (c) (d)
Issued		1			—			411,331			—
Reinvested		—			—			6,466			—
Redeemed		—			—			(169,289	)		—

Change in Class R6 Shares		1			—			248,508			—

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

(b)	Amount rounds to less than one thousand.

(c)	Commencement of offering of class of shares effective October 1, 2018, for JPMorgan Europe Dynamic Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	JPMorgan Global Unconstrained Equity Fund						JPMorgan International Advantage Fund (formerly known as JPMorgan Intrepid International Fund)
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	943		$	1,003		$	51,817		$	90,711
Distributions reinvested		55			—			4,173			3,114
Cost of shares redeemed		(672	)		(379	)		(109,134	)		(62,079	)

Change in net assets resulting from Class A capital transactions	$	326		$	624		$	(53,144	)	$	31,746

Class C
Proceeds from shares issued	$	325		$	230		$	733		$	455
Distributions reinvested		23			—			19			26
Cost of shares redeemed		(118	)		(101	)		(631	)		(1,359	)

Change in net assets resulting from Class C capital transactions	$	230		$	129		$	121		$	(878	)

Class I
Proceeds from shares issued	$	1,312		$	1,004		$	29,375		$	39,085
Distributions reinvested		86			3			1,088			451
Cost of shares redeemed		(1,254	)		(396	)		(15,042	)		(11,981	)

Change in net assets resulting from Class I capital transactions	$	144		$	611		$	15,421		$	27,555

Class L (a)
Proceeds from shares issued	$	—		$	—		$	—		$	39
Cost of shares redeemed		—			—			—			(23,795	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	—		$	(23,756	)

Class R2
Proceeds from shares issued	$	—		$	—	(b)	$	36,008		$	8,299
Distributions reinvested		—			—			165			4
Cost of shares redeemed		—			—			(8,962	)		(321	)

Change in net assets resulting from Class R2 capital transactions	$	—		$	—	(b)	$	27,211		$	7,982

Class R5
Proceeds from shares issued	$	—		$	—	(b)	$	—		$	—

Change in net assets resulting from Class R5 capital transactions	$	—		$	—	(b)	$	—		$	—

Class R6
Proceeds from shares issued	$	8		$	96		$	857,123		$	257,105
Distributions reinvested		5			—			61,869			66,113
Cost of shares redeemed		(1	)		—	(b)		(190,933	)		(457,898	)

Change in net assets resulting from Class R6 capital transactions	$	12		$	96		$	728,059		$	(134,680	)

Total change in net assets resulting from capital transactions	$	712		$	1,460		$	717,668		$	(92,031	)

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

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Global Unconstrained Equity Fund						JPMorgan International Advantage Fund (formerly known as JPMorgan Intrepid International Fund)
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		56			61			2,376			4,549
Reinvested		3			—			191			171
Redeemed		(40	)		(23	)		(5,011	)		(3,165	)

Change in Class A Shares		19			38			(2,444	)		1,555

Class C
Issued		18			15			33			22
Reinvested		2			—			1			1
Redeemed		(7	)		(7	)		(29	)		(67	)

Change in Class C Shares		13			8			5			(44	)

Class I
Issued		76			59			1,323			1,985
Reinvested		5			—	(a)		48			24
Redeemed		(72	)		(24	)		(665	)		(574	)

Change in Class I Shares		9			35			706			1,435

Class L (b)
Issued		—			—			—			2
Redeemed		—			—			—			(1,238	)

Change in Class L Shares		—			—			—			(1,236	)

Class R2
Issued		—			—	(a)		1,658			386
Reinvested		—			—			7			—	(a)
Redeemed		—			—			(418	)		(15	)

Change in Class R2 Shares		—			—	(a)		1,247			371

Class R5
Issued		—			—	(a)		—			—

Change in Class R5 Shares		—			—	(a)		—			—

Class R6
Issued		1			6			37,675			13,047
Reinvested		—	(a)		—			2,771			3,555
Redeemed		—	(a)		—	(a)		(8,343	)		(22,597	)

Change in Class R6 Shares		1			6			32,103			(5,995	)

(a)	Amount rounds to less than one thousand.

(b)	Liquidated on December 8, 2016 for JPMorgan International Advantage Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	JPMorgan International Equity Fund						JPMorgan International Equity Income Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	100,845		$	115,322		$	22,501		$	39,144
Distributions reinvested		4,198			605			2,651			2,269
Cost of shares redeemed		(131,999	)		(86,838	)		(33,621	)		(33,881	)

Change in net assets resulting from Class A capital transactions	$	(26,956	)	$	29,089		$	(8,469	)	$	7,532

Class C
Proceeds from shares issued	$	5,285		$	6,163		$	2,751		$	5,012
Distributions reinvested		210			19			375			343
Cost of shares redeemed		(7,946	)		(9,245	)		(3,140	)		(5,201	)

Change in net assets resulting from Class C capital transactions	$	(2,451	)	$	(3,063	)	$	(14	)	$	154

Class I
Proceeds from shares issued	$	111,356		$	56,730		$	23,491		$	59,870
Distributions reinvested		2,206			320			2,693			2,443
Cost of shares redeemed		(47,783	)		(37,900	)		(59,282	)		(41,426	)

Change in net assets resulting from Class I capital transactions	$	65,779		$	19,150		$	(33,098	)	$	20,887

Class R2
Proceeds from shares issued	$	597		$	672		$	106		$	295
Distributions reinvested		12			1			8			11
Cost of shares redeemed		(597	)		(396	)		(143	)		(356	)

Change in net assets resulting from Class R2 capital transactions	$	12		$	277		$	(29	)	$	(50	)

Class R5
Proceeds from shares issued	$	547		$	1,663		$	46		$	997
Distributions reinvested		354			165			11			47
Cost of shares redeemed		(461	)		(43,919	)		(1,196	)		(635	)

Change in net assets resulting from Class R5 capital transactions	$	440		$	(42,091	)	$	(1,139	)	$	409

Class R6
Proceeds from shares issued	$	1,112,330		$	393,780		$	3,978		$	14,231
Distributions reinvested		59,589			16,643			515			30
Cost of shares redeemed		(339,079	)		(674,090	)		(4,735	)		(586	)

Change in net assets resulting from Class R6 capital transactions	$	832,840		$	(263,667	)	$	(242	)	$	13,675

Total change in net assets resulting from capital transactions	$	869,664		$	(260,305	)	$	(42,991	)	$	42,607

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan International Equity Fund						JPMorgan International Equity Income Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		5,747			7,301			1,348			2,566
Reinvested		235			42			161			148
Redeemed		(7,496	)		(5,607	)		(2,070	)		(2,230	)

Change in Class A Shares		(1,514	)		1,736			(561	)		484

Class C
Issued		309			405			168			329
Reinvested		12			1			23			22
Redeemed		(477	)		(610	)		(194	)		(338	)

Change in Class C Shares		(156	)		(204	)		(3	)		13

Class I
Issued		6,224			3,517			1,408			3,939
Reinvested		122			22			163			158
Redeemed		(2,700	)		(2,347	)		(3,629	)		(2,659	)

Change in Class I Shares		3,646			1,192			(2,058	)		1,438

Class R2
Issued		35			41			5			20
Reinvested		1			—	(a)		1			1
Redeemed		(35	)		(26	)		(8	)		(23	)

Change in Class R2 Shares		1			15			(2	)		(2	)

Class R5
Issued		30			111			3			66
Reinvested		19			11			1			3
Redeemed		(26	)		(2,981	)		(70	)		(40	)

Change in Class R5 Shares		23			(2,859	)		(66	)		29

Class R6
Issued		61,155			25,401			240			882
Reinvested		3,289			1,123			31			2
Redeemed		(18,321	)		(42,082	)		(288	)		(36	)

Change in Class R6 Shares		46,123			(15,558	)		(17	)		848

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	JPMorgan International Research Enhanced Equity Fund						JPMorgan International Unconstrained Equity Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	49,806		$	291,313		$	70,900		$	56,512
Distributions reinvested		6,000			1,449			450			256
Cost of shares redeemed		(125,460	)		(80,384	)		(40,013	)		(9,624	)

Change in net assets resulting from Class A capital transactions	$	(69,654	)	$	212,378		$	31,337		$	47,144

Class C (a)
Proceeds from shares issued	$	—		$	655		$	20,087		$	12,093
Distributions reinvested		—			221			85			66
Cost of shares redeemed		—			(16,621	)		(7,910	)		(3,674	)

Change in net assets resulting from Class C capital transactions	$	—		$	(15,745	)	$	12,262		$	8,485

Class I
Proceeds from shares issued	$	296,315		$	3,428,331		$	234,151		$	133,949
Distributions reinvested		22,644			31,067			1,282			199
Cost of shares redeemed		(4,846,022	)		(291,221	)		(139,690	)		(23,313	)

Change in net assets resulting from Class I capital transactions	$	(4,527,063	)	$	3,168,177		$	95,743		$	110,835

Class R2 (a)
Proceeds from shares issued	$	—		$	6,205		$	887		$	71
Distributions reinvested		—			189			2			—	(b)
Cost of shares redeemed		—			(18,765	)		(88	)		—	(b)

Change in net assets resulting from Class R2 capital transactions	$	—		$	(12,371	)	$	801		$	71

Class R5
Proceeds from shares issued	$	—		$	—		$	5,082		$	69
Distributions reinvested		—			—			1			—	(b)
Cost of shares redeemed		—			—			(952	)		(6	)

Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	4,131		$	63

Class R6 (c)
Proceeds from shares issued	$	6,049,894		$	—		$	67,300		$	38,555
Distributions reinvested		79,541			—			1,288			1,980
Cost of shares redeemed		(1,298,837	)		—			(10,456	)		(1,117	)

Change in net assets resulting from Class R6 capital transactions	$	4,830,598		$	—		$	58,132		$	39,418

Total change in net assets resulting from capital transactions	$	233,881		$	3,352,439		$	202,406		$	206,016

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

(b)	Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	101

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
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		2,675			15,780			3,352			2,894
Reinvested		321			93			21			15
Redeemed		(6,773	)		(4,458	)		(1,953	)		(521	)

Change in Class A Shares		(3,777	)		11,415			1,420			2,388

Class C (a)
Issued		—			40			952			610
Reinvested		—			15			4			4
Redeemed		—			(963	)		(398	)		(191	)

Change in Class C Shares		—			(908	)		558			423

Class I
Issued		15,589			186,476			10,891			6,707
Reinvested		1,199			1,983			60			12
Redeemed		(258,407	)		(17,061	)		(6,860	)		(1,152	)

Change in Class I Shares		(241,619	)		171,398			4,091			5,567

Class R2 (a)
Issued		—			382			42			4
Reinvested		—			12			—	(b)		—	(b)
Redeemed		—			(1,067	)		(4	)		—	(b)

Change in Class R2 Shares		—			(673	)		38			4

Class R5
Issued		—			—			223			3
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			(46	)		—	(b)

Change in Class R5 Shares		—			—			177			3

Class R6 (c)
Issued		321,785			—			3,197			2,008
Reinvested		4,222			—			61			117
Redeemed		(69,932	)		—			(513	)		(53	)

Change in Class R6 Shares		256,075			—			2,745			2,072

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

(b)	Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	JPMorgan International Value Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	59,408		$	82,228
Distributions reinvested		6,704			18,745
Cost of shares redeemed		(101,490	)		(406,516	)

Change in net assets resulting from Class A capital transactions	$	(35,378	)	$	(305,543	)

Class C
Proceeds from shares issued	$	2,122		$	2,914
Distributions reinvested		287			1,151
Cost of shares redeemed		(7,191	)		(10,863	)

Change in net assets resulting from Class C capital transactions	$	(4,782	)	$	(6,798	)

Class I
Proceeds from shares issued	$	38,003		$	29,799
Distributions reinvested		3,381			4,900
Cost of shares redeemed		(109,004	)		(69,741	)

Change in net assets resulting from Class I capital transactions	$	(67,620	)	$	(35,042	)

Class L
Proceeds from shares issued	$	6,316		$	193,382
Distributions reinvested		1,069			20,403
Cost of shares redeemed		(122,248	)		(590,617	)

Change in net assets resulting from Class L capital transactions	$	(114,863	)	$	(376,832	)

Class R2
Proceeds from shares issued	$	224		$	368
Distributions reinvested		9			24
Cost of shares redeemed		(420	)		(402	)

Change in net assets resulting from Class R2 capital transactions	$	(187	)	$	(10	)

Class R5
Proceeds from shares issued	$	16		$	36
Distributions reinvested		2			1
Cost of shares redeemed		—	(a)		(1	)

Change in net assets resulting from Class R5 capital transactions	$	18		$	36

Class R6
Proceeds from shares issued	$	59,355		$	106,682
Distributions reinvested		2,922			1,834
Cost of shares redeemed		(29,240	)		(34,416	)

Change in net assets resulting from Class R6 capital transactions	$	33,037		$	74,100

Total change in net assets resulting from capital transactions	$	(189,775	)	$	(650,089	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan International Value Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		4,254			6,323
Reinvested		472			1,558
Redeemed		(7,447	)		(32,574	)

Change in Class A Shares		(2,721	)		(24,693	)

Class C
Issued		155			229
Reinvested		21			99
Redeemed		(531	)		(863	)

Change in Class C Shares		(355	)		(535	)

Class I
Issued		2,606			2,244
Reinvested		233			399
Redeemed		(7,550	)		(5,291	)

Change in Class I Shares		(4,711	)		(2,648	)

Class L
Issued		432			14,882
Reinvested		74			1,668
Redeemed		(8,567	)		(44,537	)

Change in Class L Shares		(8,061	)		(27,987	)

Class R2
Issued		16			30
Reinvested		1			2
Redeemed		(31	)		(32	)

Change in Class R2 Shares		(14	)		—	(a)

Class R5
Issued		1			2
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		—	(a)

Change in Class R5 Shares		1			2

Class R6
Issued		4,227			7,566
Reinvested		203			150
Redeemed		(2,078	)		(2,501	)

Change in Class R6 Shares		2,352			5,215

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	105

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Emerging Economies Fund
Class A
Year Ended October 31, 2018	$	14.73	$	0.32		$	(2.84	)	$	(2.52	)	$	(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	)

Class C
Year Ended October 31, 2018		14.60		0.25			(2.82	)		(2.57	)		(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	)

Class I
Year Ended October 31, 2018		14.93		0.37			(2.88	)		(2.51	)		(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	)

Class R5
Year Ended October 31, 2018		15.07		0.38			(2.91	)		(2.53	)		(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	)

Class R6
Year Ended October 31, 2018		14.87		0.39			(2.86	)		(2.47	)		(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)

(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.



106	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 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)


$	11.95		(17.41	)%	$	10,653		1.14	%		2.22	%		1.52	%		82	%
	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


	11.84		(17.85	)		1,874		1.64			1.73			2.06			82
	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


	12.12		(17.19	)		12,961		0.89			2.50			1.27			82
	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


	12.24		(17.16	)		285		0.79			2.59			1.12			82
	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


	12.07		(17.02	)		1,529,884		0.69			2.75			1.01			82
	14.87		29.87			1,790,759		0.85			2.23			1.04			62
	11.64		6.16			1,573,822		0.94			1.99			1.09			72
	11.11		6.21			732,627		1.07			(0.92	)(f)		1.17			118

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	107

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Emerging Markets Equity Fund
Class A
Year Ended October 31, 2018	$	27.58	$	0.14		$	(3.84	)	$	(3.70	)	$	(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	)

Class C
Year Ended October 31, 2018		26.80		0.02			(3.74	)		(3.72	)		—	(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			—

Class I
Year Ended October 31, 2018		28.29		0.24			(3.96	)		(3.72	)		(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	)

Class L
Year Ended October 31, 2018		28.49		0.26			(3.99	)		(3.73	)		(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	)

Class R2
Year Ended October 31, 2018		27.57		0.07			(3.83	)		(3.76	)		(0.08	)
July 31, 2017 (h) through October 31, 2017		26.40		(0.01	)		1.18			1.17			—

Class R3
Year Ended October 31, 2018		27.59		0.22			(3.92	)		(3.70	)		(0.11	)
July 31, 2017 (h) through October 31, 2017		26.40		0.01			1.18			1.19			—

Class R4
Year Ended October 31, 2018		28.28		0.18			(3.91	)		(3.73	)		(0.13	)
July 31, 2017 (h) through October 31, 2017		27.05		0.02			1.21			1.23			—

Class R5
Year Ended October 31, 2018		28.47		0.39			(4.11	)		(3.72	)		(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
Year Ended October 31, 2018		28.46		0.29			(3.99	)		(3.70	)		(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)

(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.



108	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 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)


$	23.84		(13.44	)%	$	369,490		1.24	%		0.51	%		1.52	%		13	%
	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


	23.08		(13.87	)		43,612		1.74			0.06			2.02			13
	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


	24.45		(13.23	)		773,142		0.99			0.84			1.26			13
	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


	24.63		(13.16	)		475,997		0.89			0.91			1.11			13
	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		(13.69	)		95		1.54			0.26			2.04			13
	27.57		4.43			21		1.60			(0.17	)		1.80			22


	23.78		(13.49	)		341		1.29			0.81			1.59			13
	27.59		4.51			21		1.35			0.08			1.55			22


	24.42		(13.25	)		26		1.04			0.63			1.62			13
	28.28		4.55			21		1.10			0.33			1.30			22


	24.60		(13.14	)		1,672		0.89			1.37			1.11			13
	28.47		27.72			217		0.95			0.58			3.36			22
	22.49		0.40			20		0.90			0.28			1.08			23


	24.60		(13.08	)		2,936,830		0.79			1.00			1.01			13
	28.46		27.87			2,813,349		0.85			0.85			1.01			22
	22.46		12.83			1,980,671		0.94			0.96			1.08			23
	20.13		(16.54	)		1,128,390		1.10			0.99	(f)		1.16			35
	24.44		8.77			1,130,050		1.20			1.85	(f)		1.33			33

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	109

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Europe Dynamic Fund (formerly known as JPMorgan Intrepid European Fund)
Class A
Year Ended October 31, 2018	$	27.04	$	0.42	$	(4.08	)	$	(3.66	)	$	(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	)

Class C
Year Ended October 31, 2018		24.00		0.25		(3.62	)		(3.37	)		(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	)

Class I
Year Ended October 31, 2018		27.60		0.49		(4.17	)		(3.68	)		(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	)

Class L
Year Ended October 31, 2018		27.85		0.51		(4.18	)		(3.67	)		(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	)

Class R6
October 1, 2018 (f) through October 31, 2018		26.32		0.01		(2.63	)		(2.62	)		—

(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)

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

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


$	23.01		(13.72	)%	$	124,681		1.24	%		1.58	%		1.29	%		149	%
	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


	20.39		(14.18	)		31,125		1.74			1.08			1.79			149
	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


	23.48		(13.53	)		139,858		0.99			1.84			1.04			149
	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


	23.70		(13.41	)		389,665		0.88			1.88			0.89			149
	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


	23.70		(9.95	)		18		0.82			0.67			0.83			149

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Global Research Enhanced Index Fund
Class I
Year Ended October 31, 2018	$	22.16	$	0.43	$	(0.41	)	$	0.02	$	(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	)

Class R6
November 1, 2017 (f) through October 31, 2018		22.19		0.47		(0.45	)		0.02		(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)

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

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 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)


$	21.98		0.09	%	$	438,715		0.34	%		1.88	%		0.55	%		45	%
	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


	21.76		0.03			5,408,261		0.25			2.07			0.30			45

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	113

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan Global Unconstrained Equity Fund
Class A
Year Ended October 31, 2018	$	17.14	$	0.17	(c)	$	(0.49	)	$	(0.32	)	$	(0.13	)	$	(0.65	)	$	—		$	(0.78	)
Year Ended October 31, 2017		14.12		0.15	(c)		2.87			3.02			—			—			—			—
Year Ended October 31, 2016		16.12		0.27	(c)		(0.88	)		(0.61	)		(0.30	)		(0.27	)		(0.82	)		(1.39	)
Year Ended October 31, 2015		19.55		0.11	(c)		0.66			0.77			(0.31	)		(3.89	)		—			(4.20	)
Year Ended October 31, 2014		20.11		0.23			1.17			1.40			(0.17	)		(1.79	)		—			(1.96	)

Class C
Year Ended October 31, 2018		16.93		0.07	(c)		(0.46	)		(0.39	)		(0.10	)		(0.65	)		—			(0.75	)
Year Ended October 31, 2017		14.02		0.07	(c)		2.84			2.91			—			—			—			—
Year Ended October 31, 2016		16.01		0.11	(c)		(0.79	)		(0.68	)		(0.22	)		(0.27	)		(0.82	)		(1.31	)
Year Ended October 31, 2015		19.43		0.04	(c)		0.64			0.68			(0.21	)		(3.89	)		—			(4.10	)
Year Ended October 31, 2014		20.01		0.14			1.16			1.30			(0.09	)		(1.79	)		—			(1.88	)

Class I
Year Ended October 31, 2018		17.30		0.24	(c)		(0.50	)		(0.26	)		(0.18	)		(0.65	)		—			(0.83	)
Year Ended October 31, 2017		14.23		0.20	(c)		2.91			3.11			(0.04	)		—			—			(0.04	)
Year Ended October 31, 2016		16.18		0.26	(c)		(0.83	)		(0.57	)		(0.29	)		(0.27	)		(0.82	)		(1.38	)
Year Ended October 31, 2015		19.60		0.19	(c)		0.64			0.83			(0.36	)		(3.89	)		—			(4.25	)
Year Ended October 31, 2014		20.15		0.27			1.19			1.46			(0.22	)		(1.79	)		—			(2.01	)

Class R2
Year Ended October 31, 2018		17.24		0.12	(c)		(0.49	)		(0.37	)		(0.07	)		(0.65	)		—			(0.72	)
Year Ended October 31, 2017		14.24		0.11	(c)		2.89			3.00			—			—			—			—
Year Ended October 31, 2016		16.11		0.14	(c)		(0.79	)		(0.65	)		(0.13	)		(0.27	)		(0.82	)		(1.22	)
Year Ended October 31, 2015		19.49		0.08	(c)		0.65			0.73			(0.22	)		(3.89	)		—			(4.11	)
Year Ended October 31, 2014		20.06		0.18			1.17			1.35			(0.13	)		(1.79	)		—			(1.92	)

Class R5
Year Ended October 31, 2018		17.25		0.24	(c)		(0.48	)		(0.24	)		(0.19	)		(0.65	)		—			(0.84	)
Year Ended October 31, 2017		14.24		0.22	(c)		2.89			3.11			(0.10	)		—			—			(0.10	)
Year Ended October 31, 2016		16.21		0.24	(c)		(0.80	)		(0.56	)		(0.32	)		(0.27	)		(0.82	)		(1.41	)
Year Ended October 31, 2015		19.65		0.21	(c)		0.64			0.85			(0.40	)		(3.89	)		—			(4.29	)
Year Ended October 31, 2014		20.19		0.31			1.19			1.50			(0.25	)		(1.79	)		—			(2.04	)

Class R6
Year Ended October 31, 2018		17.24		0.25	(c)		(0.47	)		(0.22	)		(0.20	)		(0.65	)		—			(0.85	)
Year Ended October 31, 2017		14.23		0.23	(c)		2.88			3.11			(0.10	)		—			—			(0.10	)
Year Ended October 31, 2016		16.22		0.25	(c)		(0.80	)		(0.55	)		(0.35	)		(0.27	)		(0.82	)		(1.44	)
Year Ended October 31, 2015		19.66		0.21	(c)		0.66			0.87			(0.42	)		(3.89	)		—			(4.31	)
Year Ended October 31, 2014		20.20		0.32			1.19			1.51			(0.26	)		(1.79	)		—			(2.05	)

(a)

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

(c)	Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate


$	16.04		(2.03	)%	$	1,385		0.75	%		1.00	%		5.69	%		116	%
	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


	15.79		(2.51	)		567		1.25			0.43			6.25			116
	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


	16.21		(1.70	)		1,852		0.40			1.40			5.50			116
	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


	16.15		(2.31	)		20		1.00			0.66			6.30			116
	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


	16.17		(1.59	)		20		0.30			1.37			5.69			116
	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


	16.17		(1.48	)		125		0.25			1.43			5.51			116
	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

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	115

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Advantage Fund (formerly known as JPMorgan Intrepid International Fund)
Class A
Year Ended October 31, 2018	$	22.22	$	0.44		$	(2.77	)	$	(2.33	)	$	(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	)

Class C
Year Ended October 31, 2018		22.40		0.37			(2.83	)		(2.46	)		(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	)

Class I
Year Ended October 31, 2018		23.12		0.54			(2.90	)		(2.36	)		(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	)

Class R2
Year Ended October 31, 2018		22.01		0.52			(2.88	)		(2.36	)		(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	)

Class R6
Year Ended October 31, 2018		22.78		0.58			(2.87	)		(2.29	)		(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)

(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.



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


$	19.49		(10.69	)%	$	156,382		1.00	%		2.02	%		1.22	%		51	%
	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


	19.70		(11.08	)		1,652		1.50			1.69			1.74			51
	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


	20.30		(10.43	)		60,739		0.75			2.37			0.96			51
	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


	19.21		(10.93	)		31,619		1.30			2.45			1.69			51
	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


	20.00		(10.26	)		3,152,864		0.55			2.59			0.71			51
	22.78		23.59			2,859,645		0.71			2.12			0.71			82
	18.91		(2.59	)		2,487,086		0.71			2.65	(f)		0.72			38
	19.84		(5.88	)		1,854,941		0.73			1.47	(f)		0.74			33

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	117

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Equity Fund
Class A
Year Ended October 31, 2018	$	17.81	$	0.33		$	(2.33	)	$	(2.00	)	$	(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	(d)		(0.68	)		(0.31	)		(0.36	)

Class C
Year Ended October 31, 2018		16.83		0.25			(2.23	)		(1.98	)		(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	(d)		(0.64	)		(0.38	)		(0.30	)

Class I
Year Ended October 31, 2018		18.09		0.41			(2.40	)		(1.99	)		(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	(d)		(0.67	)		(0.28	)		(0.40	)

Class R2
Year Ended October 31, 2018		17.70		0.29			(2.33	)		(2.04	)		(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	(d)		(0.65	)		(0.35	)		(0.33	)

Class R5
Year Ended October 31, 2018		18.13		0.41			(2.40	)		(1.99	)		(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	(d)		(0.69	)		(0.25	)		(0.42	)

Class R6
Year Ended October 31, 2018		18.13		0.43			(2.39	)		(1.96	)		(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	(d)		(0.69	)		(0.24	)		(0.43	)

(a)	Calculated based upon average shares outstanding.

(b)

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

(d)

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

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate


$	15.56		(11.42	)%	$	240,394		0.95	%		1.88	%		1.32	%		33	%
	17.81		25.43			302,130		1.23			1.39			1.35			17
	14.24		(1.83	)		216,932		1.31			1.62			1.49			11
	14.75		(1.89	)		224,370		1.31			1.50			1.59			13
	15.25		(2.06	)		186,242		1.31			2.34	(d)		1.45			6


	14.68		(11.89	)		18,899		1.45			1.48			1.83			33
	16.83		24.79			24,281		1.74			0.83			1.88			17
	13.50		(2.31	)		22,235		1.81			0.97			2.06			11
	14.02		(2.36	)		28,313		1.81			1.02			2.05			13
	14.52		(2.59	)		26,299		1.81			1.73	(d)		1.95			6


	15.82		(11.20	)		179,831		0.70			2.30			1.06			33
	18.09		25.69			139,715		0.99			1.59			1.10			17
	14.45		(1.50	)		94,362		1.06			1.69			1.24			11
	14.95		(1.66	)		522,402		1.06			1.84			1.19			13
	15.45		(1.88	)		494,344		1.06			2.41	(d)		1.20			6


	15.44		(11.68	)		1,833		1.25			1.64			1.60			33
	17.70		25.12			2,096		1.49			1.07			1.71			17
	14.17		(2.08	)		1,461		1.56			1.28			1.95			11
	14.69		(2.14	)		1,203		1.56			1.28			1.92			13
	15.19		(2.33	)		1,405		1.56			1.92	(d)		1.70			6


	15.85		(11.16	)		19,516		0.60			2.31			0.91			33
	18.13		25.88			21,891		0.84			1.36			0.93			17
	14.47		(1.34	)		58,836		0.86			1.93			1.02			11
	14.97		(1.42	)		57,500		0.86			1.88			1.06			13
	15.46		(1.65	)		95,749		0.86			2.73	(d)		1.00			6


	15.86		(11.04	)		3,808,621		0.50			2.42			0.81			33
	18.13		26.04			3,516,978		0.74			1.84			0.81			17
	14.46		(1.36	)		3,030,640		0.81			2.05			0.91			11
	14.97		(1.37	)		2,088,835		0.80			2.03			0.91			13
	15.46		(1.60	)		1,681,788		0.81			2.81	(d)		0.95			6

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	119

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Equity Income Fund
Class A
Year Ended October 31, 2018	$	16.50	$	0.51		$	(1.49	)	$	(0.98	)	$	(0.52	)	$	—		$	(0.52	)
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	)

Class C
Year Ended October 31, 2018		16.38		0.42			(1.48	)		(1.06	)		(0.44	)		—			(0.44	)
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	)

Class I
Year Ended October 31, 2018		16.55		0.56			(1.51	)		(0.95	)		(0.56	)		—			(0.56	)
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	)

Class R2
Year Ended October 31, 2018		16.47		0.45			(1.49	)		(1.04	)		(0.47	)		—			(0.47	)
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	)

Class R5
Year Ended October 31, 2018		16.57		0.42			(1.35	)		(0.93	)		(0.58	)		—			(0.58	)
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	)

Class R6
Year Ended October 31, 2018		16.55		0.58			(1.50	)		(0.92	)		(0.59	)		—			(0.59	)
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)

(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.



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


$	15.00		(6.18	)%	$	68,420		0.95	%		3.09	%		1.42	%		92	%
	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


	14.88		(6.68	)		12,371		1.45			2.60			1.94			92
	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


	15.04		(5.98	)		47,701		0.70			3.35			1.18			92
	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


	14.96		(6.53	)		270		1.25			2.76			1.95			92
	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


	15.06		(5.89	)		177		0.60			2.52			1.06			92
	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


	15.04		(5.80	)		12,512		0.50			3.53			0.91			92
	16.55		18.81			14,055		0.74			0.99			1.22			64
	14.41		(3.09	)		21		0.75			3.48	(f)		3.06			162
	15.69		1.66			21		0.75			5.70	(f)		1.15			238

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Research Enhanced Equity Fund
Class A
Year Ended October 31, 2018	$	18.76	$	0.45		$	(2.04	)	$	(1.59	)	$	(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	)

Class I
Year Ended October 31, 2018		18.92		0.35			(1.91	)		(1.56	)		(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	)

Class R6
November 1, 2017 (h) through October 31, 2018		18.98		0.56			(2.16	)		(1.60	)		(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)

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

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

(g)	Amount rounds to less than 0.005%.

(h)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


$	16.79		(8.66	)%	$	203,437		0.60	%		2.40	%		0.84	%		42	%
	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


	17.01		(8.42	)		152,610		0.35			1.85			0.56			42
	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


	16.97		(8.60	)		4,344,571		0.25			3.00			0.32			42

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Unconstrained Equity Fund
Class A
Year Ended October 31, 2018	$	21.14	$	0.36	(c)	$	(3.13	)	$	(2.77	)	$	(0.13	)	$	—		$	(0.13	)
Year Ended October 31, 2017		17.24		0.16	(c)		4.09			4.25			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		17.61		0.22	(c)(d)		(0.55	)		(0.33	)		(0.04	)		—			(0.04	)
Year Ended October 31, 2015		18.59		0.09	(c)(d)		0.39			0.48			(0.17	)		(1.29	)		(1.46	)
Year Ended October 31, 2014		20.59		0.13	(e)		(0.65	)		(0.52	)		(0.17	)		(1.31	)		(1.48	)

Class C
Year Ended October 31, 2018		20.90		0.26	(c)		(3.09	)		(2.83	)		(0.09	)		—			(0.09	)
Year Ended October 31, 2017		17.04		0.05	(c)		4.06			4.11			(0.25	)		—			(0.25	)
Year Ended October 31, 2016		17.45		0.13	(c)(d)		(0.53	)		(0.40	)		(0.01	)		—			(0.01	)
Year Ended October 31, 2015		18.44		(0.02	)(c)(d)		0.39			0.37			(0.07	)		(1.29	)		(1.36	)
Year Ended October 31, 2014		20.47		0.09	(e)		(0.69	)		(0.60	)		(0.12	)		(1.31	)		(1.43	)

Class I
Year Ended October 31, 2018		21.41		0.44	(c)		(3.19	)		(2.75	)		(0.17	)		—			(0.17	)
Year Ended October 31, 2017		17.45		0.23	(c)		4.13			4.36			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		17.71		0.24	(c)(d)		(0.50	)		(0.26	)		—			—			—
Year Ended October 31, 2015		18.67		0.15	(c)(d)		0.38			0.53			(0.20	)		(1.29	)		(1.49	)
Year Ended October 31, 2014		20.64		0.21	(e)		(0.67	)		(0.46	)		(0.20	)		(1.31	)		(1.51	)

Class R2
Year Ended October 31, 2018		21.11		0.35	(c)		(3.17	)		(2.82	)		(0.15	)		—			(0.15	)
Year Ended October 31, 2017		17.21		0.06	(c)		4.14			4.20			(0.30	)		—			(0.30	)
Year Ended October 31, 2016		17.57		0.15	(c)(d)		(0.51	)		(0.36	)		—			—			—
Year Ended October 31, 2015		18.55		0.03	(c)(d)		0.39			0.42			(0.11	)		(1.29	)		(1.40	)
Year Ended October 31, 2014		20.53		0.12	(e)		(0.68	)		(0.56	)		(0.11	)		(1.31	)		(1.42	)

Class R5
Year Ended October 31, 2018		21.39		0.53	(c)		(3.25	)		(2.72	)		(0.18	)		—			(0.18	)
Year Ended October 31, 2017		17.44		0.20	(c)		4.17			4.37			(0.42	)		—			(0.42	)
Year Ended October 31, 2016		17.75		0.27	(c)(d)		(0.52	)		(0.25	)		(0.06	)		—			(0.06	)
Year Ended October 31, 2015		18.72		0.16	(c)(d)		0.39			0.55			(0.23	)		(1.29	)		(1.52	)
Year Ended October 31, 2014		20.69		0.24	(e)		(0.67	)		(0.43	)		(0.23	)		(1.31	)		(1.54	)

Class R6
Year Ended October 31, 2018		21.40		0.44	(c)		(3.16	)		(2.72	)		(0.18	)		—			(0.18	)
Year Ended October 31, 2017		17.45		0.26	(c)		4.12			4.38			(0.43	)		—			(0.43	)
Year Ended October 31, 2016		17.76		0.29	(c)(d)		(0.52	)		(0.23	)		(0.08	)		—			(0.08	)
Year Ended October 31, 2015		18.73		(0.01	)(c)(d)		0.57			0.56			(0.24	)		(1.29	)		(1.53	)
Year Ended October 31, 2014		20.70		0.25	(e)		(0.67	)		(0.42	)		(0.24	)		(1.31	)		(1.55	)

(a)

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

(c)	Calculated based upon average shares outstanding.

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

(e)

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

SEE NOTES TO FINANCIAL STATEMENTS.



124	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate


$	18.24		(13.20	)%	$	84,325		1.00	%		1.75	%		1.38	%		63	%
	21.14		25.16			67,684		1.24			0.83			1.46			38
	17.24		(1.86	)		14,034		1.24			1.28	(d)		1.61			51
	17.61		3.04			5,824		1.24			0.49	(d)		2.31			42
	18.59		(2.47	)		351		1.32			0.98	(e)		5.09			63


	17.98		(13.60	)		22,532		1.50			1.29			1.89			63
	20.90		24.51			14,534		1.74			0.27			2.00			38
	17.04		(2.28	)		4,626		1.74			0.75	(d)		2.14			51
	17.45		2.39			3,439		1.74			(0.12	)(d)		2.79			42
	18.44		(2.91	)		137		1.82			0.55	(e)		6.19			63


	18.49		(12.96	)		189,061		0.75			2.09			1.13			63
	21.41		25.60			131,356		0.89			1.14			1.19			38
	17.45		(1.47	)		9,929		0.89			1.41	(d)		1.35			51
	17.71		3.29			59,858		0.89			0.83	(d)		1.84			42
	18.67		(2.18	)		3,868		1.07			1.17	(e)		5.55			63


	18.14		(13.46	)		773		1.30			1.70			1.72			63
	21.11		24.85			97		1.49			0.31			2.79			38
	17.21		(2.05	)		20		1.49			0.87	(d)		4.37			51
	17.57		2.67			20		1.51			0.19	(d)		5.11			42
	18.55		(2.68	)		68		1.57			0.66	(e)		6.05			63


	18.49		(12.84	)		3,341		0.65			2.56			1.07			63
	21.39		25.67			90		0.79			1.01			2.44			38
	17.44		(1.38	)		20		0.80			1.57	(d)		3.59			51
	17.75		3.43			20		0.81			0.89	(d)		4.43			42
	18.72		(1.99	)		70		0.87			1.36	(e)		5.34			63


	18.50		(12.81	)		175,198		0.55			2.12			0.87			63
	21.40		25.72			143,868		0.74			1.37			0.95			38
	17.45		(1.29	)		81,146		0.74			1.70	(d)		1.02			51
	17.76		3.48			5,335		0.74			(0.05	)(d)		2.87			42
	18.73		(1.95	)		70		0.82			1.41	(e)		5.29			63

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	125

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Value Fund
Class A
Year Ended October 31, 2018	$	14.26	$	0.36		$	(1.87	)	$	(1.51	)	$	(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	)

Class C
Year Ended October 31, 2018		13.78		0.28			(1.82	)		(1.54	)		(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	)

Class I
Year Ended October 31, 2018		14.62		0.41			(1.92	)		(1.51	)		(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	)

Class L
Year Ended October 31, 2018		14.55		0.41			(1.90	)		(1.49	)		(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	)

Class R2
Year Ended October 31, 2018		14.01		0.31			(1.84	)		(1.53	)		(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	)

Class R5
Year Ended October 31, 2018		14.51		0.42			(1.91	)		(1.49	)		(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
Year Ended October 31, 2018		14.53		0.43			(1.91	)		(1.48	)		(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	)

(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)

(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.



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


$	12.44		(10.88	)%	$	242,231		1.00	%		2.59	%		1.27	%		90	%
	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


	12.02		(11.37	)		14,055		1.50			2.06			1.78			90
	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


	12.76		(10.62	)		66,291		0.75			2.84			1.02			90
	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


	12.70		(10.57	)		73,651		0.65			2.84			0.87			90
	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


	12.20		(11.19	)		1,025		1.30			2.27			1.59			90
	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


	12.65		(10.58	)		70		0.65			2.97			0.91			90
	14.51		23.81			62		0.93			1.69			4.00			31
	12.51		(0.32	)		20		0.79			1.52			0.79			61


	12.67		(10.49	)		124,246		0.55			3.06			0.77			90
	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

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	127

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018

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 11 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 Europe Dynamic Fund***	Class A, Class C, Class I, Class L 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 Advantage Fund****	Class A, Class C, Class I, Class R2 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

*	Class R6 commenced operations on October 1, 2018.

**	Class R6 commenced operations on November 1, 2017.

***	Effective July 31, 2018, JPMorgan Intrepid European Fund changed its name to JPMorgan Europe Dynamic Fund.

****	Effective July 31, 2018, JPMorgan Intrepid International Fund changed its name to JPMorgan International Advantage Fund.

As of December 1, 2016, Class L Shares of the JPMorgan Europe Dynamic Fund were publicly offered on a limited basis.

As of October 9, 2017, Class A Shares of the JPMorgan 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 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.

The investment objective of JPMorgan Europe Dynamic Fund (“Europe Dynamic Fund”) is to seek total return from long-term capital growth. Total return consists of capital growth and current income.

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”), JPMorgan International Unconstrained Equity Fund (“International Unconstrained Equity Fund”) and JPMorgan International Value Fund (“International Value Fund”) is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan International Advantage Fund (“International Advantage Fund”) is to seek to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.

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.

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.



128	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

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

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 Boards of Trustees (the “Boards”), 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 their market value 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 Boards.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards 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 Boards. 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 Boards.

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

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.

•



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	129

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (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
Chile	$	—	$	5,518		$	—	$	5,518
China		72,468		405,760			—		478,228
Hungary		—		27,176			—		27,176
India		4,801		53,211			—		58,012
Indonesia		—		15,121			—		15,121
Malaysia		—		16,043			—		16,043
Poland		—		11,902			—		11,902
Russia		2,368		111,302			—		113,670
South Africa		9,589		44,367			—		53,956
South Korea		—		217,986			—		217,986
Taiwan		33,189		187,071			—		220,260
Thailand		44,574		22,810			—		67,384
Turkey		—		27,326			—		27,326
United Kingdom		—		4,424			—		4,424
Vietnam		—		—	(a)		—		—	(a)
Other Common Stocks		204,271		—			—		204,271

Total Common Stocks		371,260		1,150,017			—		1,521,277

Rights
Other Rights		—		—	(a)		—		—	(a)
Short-Term Investments
Investment Companies		42,721		—			—		42,721

Total Investments in Securities	$	413,981	$	1,150,017		$	—	$	1,563,998

Emerging Markets Equity Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	23,142	$	—	$	23,142
China		460,520		763,502		—		1,224,022
Hong Kong		—		293,202		—		293,202
India		84,000		681,770		—		765,770
Indonesia		—		116,569		—		116,569
Macau		—		53,167		—		53,167
Portugal		—		38,046		—		38,046
Russia		—		140,026		—		140,026
South Africa		—		266,322		—		266,322
South Korea		—		287,579		—		287,579
Spain		—		19,949		—		19,949
Taiwan		227,932		105,012		—		332,944
Thailand		—		25,885		—		25,885
Turkey		—		11,491		—		11,491
Other Common Stocks		938,849		—		—		938,849

Total Common Stocks		1,711,301		2,825,662		—		4,536,963

Warrants
Other Warrants		—		22,668		—		22,668
Short-Term Investments
Investment Companies		58,479		—		—		58,479

Total Investments in Securities	$	1,769,780	$	2,848,330	$	—	$	4,618,110



130	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

Europe Dynamic Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	16,888	$	—	$	16,888
Belgium		—		11,667		—		11,667
Denmark		—		21,462		—		21,462
Finland		—		20,004		—		20,004
France		—		128,877		—		128,877
Germany		—		47,772		—		47,772
Italy		—		35,466		—		35,466
Jordan		—		9,149		—		9,149
Luxembourg		—		9,565		—		9,565
Netherlands		7,769		58,387		—		66,156
Norway		—		6,743		—		6,743
Spain		—		32,418		—		32,418
Sweden		6,363		35,741		—		42,104
Switzerland		—		127,420		—		127,420
United Kingdom		58		112,721		—		112,779
United States		—		7,941		—		7,941

Total Common Stocks		14,190		682,221		—		696,411

Short-Term Investments
Investment Companies		51,037		—		—		51,037

Total Investments in Securities	$	65,227	$	682,221	$	—	$	747,448

Appreciation in Other Financial Instruments
Futures Contracts	$	201	$	—	$	—	$	201



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	131

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Global Research Enhanced Index Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	1,407		$	166,489	$	—	$	167,896
Austria		—			9,003		—		9,003
Belgium		—			14,009		—		14,009
China		—			3,076		—		3,076
Denmark		—			23,661		—		23,661
Finland		—			19,682		—		19,682
France		—			243,105		—		243,105
Germany		—			178,811		—		178,811
Hong Kong		—			67,810		—		67,810
Ireland		17,954			11,977		—		29,931
Italy		—			26,027		—		26,027
Japan		—			467,890		—		467,890
Luxembourg		—			2,419		—		2,419
Macau		—			2,673		—		2,673
Netherlands		—			122,991		—		122,991
New Zealand		—			4,433		—		4,433
Norway		—			6,856		—		6,856
Singapore		—			25,566		—		25,566
Spain		—			52,670		—		52,670
Sweden		465			21,255		—		21,720
Switzerland		—			174,640		—		174,640
United Kingdom		10,584			288,714		—		299,298
United States		3,587,903			11,512		—		3,599,415
Other Common Stocks		186,235			—		—		186,235

Total Common Stocks		3,804,548			1,945,269		—		5,749,817

Rights
Spain		104			—		—		104

Total Investments in Securities	$	3,804,652		$	1,945,269	$	—	$	5,749,921

Appreciation in Other Financial Instruments
Futures Contracts	$	1,258		$	—	$	—	$	1,258

Depreciation in Other Financial Instruments
Futures Contracts	$	(330	)	$	—	$	—	$	(330	)



132	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 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
Australia	$	—		$	68	$	—	$	68
Austria		—			96		—		96
China		—			197		—		197
France		—			166		—		166
Germany		—			50		—		50
Hong Kong		—			68		—		68
Indonesia		—			71		—		71
Japan		—			193		—		193
Singapore		—			66		—		66
Spain		—			65		—		65
Switzerland		—			280		—		280
United Kingdom		64			97		—		161
Other Common Stocks		2,381			—		—		2,381

Total Investments in Securities	$	2,445		$	1,417	$	—	$	3,862


International Advantage Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	244,838	$	—	$	244,838
Austria		—			26,786		—		26,786
Belgium		—			75,843		—		75,843
China		—			22,011		—		22,011
Denmark		—			81,834		—		81,834
Finland		—			93,945		—		93,945
France		11,567			229,511		—		241,078
Germany		—			205,012		—		205,012
Hong Kong		—			50,305		—		50,305
Israel		—			14,473		—		14,473
Italy		—			54,052		—		54,052
Japan		—			812,065		—		812,065
Luxembourg		8,713			24,462		—		33,175
Macau		—			23,167		—		23,167
Netherlands		3,885			222,564		—		226,449
Norway		—			106,846		—		106,846
Portugal		—			14,563		—		14,563
Russia		—			8,431		—		8,431
Singapore		—			92,126		—		92,126
South Africa		—			6,723		—		6,723
Spain		—			85,565		—		85,565
Sweden		—			107,343		—		107,343
Switzerland		—			283,971		—		283,971
United Kingdom		8,157			376,938		—		385,095
Other Common Stocks		22,217			—		—		22,217

Total Common Stocks		54,539			3,263,374		—		3,317,913

Short-Term Investments
Investment Companies		52,914			—		—		52,914

Total Investments in Securities	$	107,453		$	3,263,374	$	—	$	3,370,827

Depreciation in Other Financial Instruments
Futures Contracts	$	(852	)	$	—	$	—	$	(852	)



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	133

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

International Equity Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	74,273	$	—	$	74,273
Austria		—		35,794		—		35,794
China		—		92,049		—		92,049
Denmark		—		56,579		—		56,579
France		—		616,427		—		616,427
Germany		—		311,753		—		311,753
Hong Kong		—		125,754		—		125,754
Japan		—		718,550		—		718,550
Macau		—		29,112		—		29,112
Netherlands		—		273,311		—		273,311
Singapore		—		53,342		—		53,342
South Africa		—		10,880		—		10,880
South Korea		—		57,983		—		57,983
Spain		—		46,732		—		46,732
Sweden		15,927		33,205		—		49,132
Switzerland		—		584,286		—		584,286
United Kingdom		125,877		666,779		—		792,656
United States		—		40,690		—		40,690
Other Common Stocks		129,550		—		—		129,550

Total Common Stocks		271,354		3,827,499		—		4,098,853

Short-Term Investments
Investment Companies		166,797		—		—		166,797

Total Investments in Securities	$	438,151	$	3,827,499	$	—	$	4,265,650



134	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

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	$	—	$	9,722		$	—	$	9,722
Austria		—		1,331			—		1,331
China		—		965			—		965
Denmark		—		3,980			—		3,980
Finland		—		3,189			—		3,189
France		—		19,595			—		19,595
Germany		—		8,139			—		8,139
Hong Kong		—		1,615			—		1,615
Italy		—		1,908			—		1,908
Japan		—		24,417			—		24,417
Macau		—		658			—		658
Netherlands		—		9,812			—		9,812
Norway		—		1,635			—		1,635
Singapore		—		1,656			—		1,656
South Korea		—		1,288			—		1,288
Spain		—		1,741			—		1,741
Sweden		—		1,463			—		1,463
Switzerland		—		17,359			—		17,359
United Kingdom		—		22,037			—		22,037
United States		—		2,935			—		2,935
Other Common Stocks		3,588		—			—		3,588

Total Investments in Securities	$	3,588	$	135,445		$	—	$	139,033

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	877		$	—	$	877

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(551	)	$	—	$	(551	)



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	135

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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	$	—		$	284,166	$	—		$	284,166
Austria		—			18,139		—			18,139
Belgium		—			58,983		—			58,983
Denmark		—			77,220		—			77,220
Finland		—			73,492		—			73,492
France		—			595,200		—			595,200
Germany		—			421,335		—			421,335
Hong Kong		—			127,858		—			127,858
Ireland		31,028			16,774		—			47,802
Italy		—			97,184		—			97,184
Japan		—			1,113,756		—			1,113,756
Luxembourg		—			21,719		—			21,719
Malta		—			—		—	(a)		—	(a)
Netherlands		—			266,409		—			266,409
Singapore		—			48,105		—			48,105
Spain		—			166,143		—			166,143
Sweden		—			62,913		—			62,913
Switzerland		—			451,004		—			451,004
United Kingdom		6,067			622,579		—			628,646
United States		—			40,526		—			40,526
Other Common Stocks		12,001			—		—			12,001

Total Common Stocks		49,096			4,563,505		—	(a)		4,612,601

Debt Securities
Corporate Bonds
Brazil		—			—		—	(a)		—	(a)
Rights
Spain		180			—		—			180
Short-Term Investments
Investment Companies		56,728			—		—			56,728

Total Investments in Securities	$	106,004		$	4,563,505	$	—	(a)	$	4,669,509

Depreciation in Other Financial Instruments
Futures Contracts	$	(2,151	)	$	—	$	—		$	(2,151	)



136	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

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	$	—	$	10,515	$	—	$	10,515
Austria		—		7,661		—		7,661
China		—		36,032		—		36,032
Denmark		—		9,280		—		9,280
France		—		28,526		—		28,526
Germany		—		54,698		—		54,698
Hong Kong		—		22,202		—		22,202
Indonesia		—		9,751		—		9,751
Japan		—		41,542		—		41,542
Netherlands		—		46,193		—		46,193
South Korea		—		7,172		—		7,172
Switzerland		—		35,726		—		35,726
United Kingdom		19,284		82,668		—		101,952
United States		—		10,348		—		10,348
Other Common Stocks		53,396		—		—		53,396

Total Common Stocks		72,680		402,314		—		474,994

Short-Term Investments
Investment Companies		1,995		—		—		1,995

Total Investments in Securities	$	74,675	$	402,314	$	—	$	476,989


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	$	—	$	39,314	$	—	$	39,314
Austria		1,524		4,850		—		6,374
Belgium		—		2,786		—		2,786
Finland		1,678		1,393		—		3,071
France		1,860		50,592		—		52,452
Germany		—		32,379		—		32,379
Ghana		—		620		—		620
Hong Kong		—		9,159		—		9,159
Isle of Man		—		342		—		342
Israel		—		3,714		—		3,714
Italy		699		5,723		—		6,422
Japan		—		135,206		—		135,206
Luxembourg		—		4,375		—		4,375
Netherlands		2,783		38,637		—		41,420
New Zealand		—		2,782		—		2,782
Norway		677		14,718		—		15,395
Russia		—		1,671		—		1,671
Singapore		—		5,027		—		5,027
South Africa		—		3,385		—		3,385
Spain		925		12,498		—		13,423
Sweden		592		14,656		—		15,248
Switzerland		990		43,308		—		44,298
United Kingdom		8,776		60,960		—		69,736
United States		—		684		—		684
Other Common Stocks		5,623		—		—		5,623

Total Investments in Securities	$	26,127	$	488,779	$	—	$	514,906

(a)	Amount rounds to less than one thousand.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	137

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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 October 31, 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. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N. A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs.

The Funds did not lend out any securities during the period October 5, 2018 through October 31, 2018.

D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its 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 in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

Emerging Economies Fund


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02%(a)(b)	$	84,272	$	825,959	$	867,510	$	—	$	—	$	42,721		42,721	$	729	$	—



138	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

Emerging Markets Equity Fund


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02%(a)(b)	$	128,728	$	1,230,329	$	1,300,578	$	—	(c)	$	—	$	58,479		58,479	$	1,758	$	—

Europe Dynamic Fund


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02%(a)(b)	$	27,134	$	614,202	$	590,299	$	—	$	—	$	51,037		51,037	$	360	$	—

Global Research Enhanced Index Fund


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)	$	105,120	$	1,843,475	$	1,948,631	$	36	$	—	$	—		—	$	1,448	$	—

Global Unconstrained Equity Fund


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)	$	—	$	993	$	993	$	—	$	—	$	—		—	$	1	$	—

International Advantage Fund


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02%(a)(b)	$	53,390	$	1,193,142	$	1,193,618	$	—	$	—	$	52,914		52,914	$	1,245	$	—



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	139

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

International Equity Fund


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02%(a)(b)	$	24,698	$	1,660,858	$	1,518,759	$	—		$	—	$	166,797		166,797	$	1,484	$	—


International Equity Income Fund
	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)	$	2,218	$	47,992	$	50,211	$	1		$	—	$	—		—	$	33	$	—


International Research Enhanced Equity Fund
	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02%(a)(b)	$	242,928	$	1,871,646	$	2,057,846	$	—	(c)	$	—	$	56,728		56,728	$	2,063	$	—


International Unconstrained Equity Fund
	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02%(a)(b)	$	14,714	$	278,993	$	291,712	$	—		$	—	$	1,995		1,995	$	195	$	—


International Value Fund
	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)	$	8,228	$	151,272	$	159,500	$	—		$	—	$	—		—	$	143	$	—

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of October 31, 2018.

(c)	Amount rounds to less than one thousand.



140	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

E. Futures Contracts — Emerging Economies Fund, Europe Dynamic Fund, Global Research Enhanced Index Fund, International Advantage Fund, International Research Enhanced Equity Fund, International Unconstrained Equity Fund and International Value Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index.

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, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

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

The table below discloses the volume of the Funds’ futures contracts activity during the year ended October 31, 2018, 2018 (amounts in thousands):


	Emerging Economies Fund		Europe Dynamic Fund		Global Research Enhanced Index Fund		International Advantage Fund		International Research Enhanced Equity Fund		International Unconstrained Equity Fund			International Value Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	10,717	$	8,917	$	70,851	$	56,335	$	131,761	$	14,019	(a)	$	5,488
Ending Notional Balance Long		—		26,337		103,405		27,075		71,105		—			—

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

F. 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 year ended October 31, 2018 (amounts in thousands):


	International Equity Income Fund		International Value Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	10,041	$	103,391	(a)
Average Settlement Value Sold		7,101		94,926	(a)
Ending Settlement Value Purchased		54,441		—
Ending Settlement Value Sold		53,216		—

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



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	141

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

G. Summary of Derivatives Information

The following tables present the value of derivatives held as of October 31, 2018, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Europe Dynamic Fund

(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.

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	$	1,258


Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(330	)

(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 Advantage Fund

(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 Equity Income Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$877


Gross Liabilities:
Foreign exchange contracts	Payables	$(551)

(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.



142	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

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 August 31, 2018 (amounts in thousands):

International Equity Income 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	$	51	$	(41	)	$	—	$	10
BNP Paribas		45		(8	)		—		37
Citibank, NA		77		(34	)		—		43
Goldman Sachs International		75		(3	)		—		72
HSBC Bank NA		1		(1	)		—		—
Merrill Lynch International		77		(51	)		—		26
Royal Bank of Canada		289		(26	)		—		263
Societe Generale		28		(7	)		—		21
Standard Chartered Bank		29		(5	)		—		24
State Street Corp.		38		(38	)		—		—
TD Bank Financial Group		167		—			—		167

	$	877	$	(214	)	$	—	$	663


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)
Barclays Bank plc	$	41	$	(41	)	$	—	$	—
BNP Paribas		8		(8	)		—		—
Citibank, NA		34		(34	)		—		—
Deutsche Bank AG		15		—			—		15
Goldman Sachs International		3		(3	)		—		—
HSBC Bank NA		107		(1	)		—		106
Merrill Lynch International		51		(51	)		—		—
National Australia Bank Ltd.		135		—			—		135
Royal Bank of Canada		26		(26	)		—		—
Societe Generale		7		(7	)		—		—
Standard Chartered Bank		5		(5	)		—		—
State Street Corp.		62		(38	)		—		24
Union Bank of Switzerland AG		57		—			—		57

	$	551	$	(214	)	$	—	$	337

(a)	For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

The following table presents the value of derivatives held as of October 31, 2018, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Research Enhanced Equity Fund

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



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	143

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against 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.

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 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	$	(2,733	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts		Futures Contracts
Equity contracts		$(564)

Europe Dynamic Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	131


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	105

Global Research Enhanced Index Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	4,001



Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(2,585	)

International Advantage Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(5,563	)



Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,392	)



144	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

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	$	(497	)


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		$654

International Research Enhanced Equity Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	35,043


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(10,776	)

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	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	(1,495	)	$	—		$	(1,495	)
Foreign exchange contracts		—			(917	)		(917	)

Total	$	(1,495	)	$	(917	)	$	(2,412	)


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	$	(170	)

The Funds’ derivatives contracts held at October 31, 2018 are not accounted for as hedging instruments under GAAP.

H. 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



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	145

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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.

I. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend. Certain Funds may receive other income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest income from non-affiliates on the Statement of Operations.

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the year ended October 31, 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	$	12	$	1		$	5		n/a		n/a			n/a			n/a		$	—	(a)	$	14		$	32
Emerging Markets Equity Fund
Transfer agency fees		54		8			47	$	18	$	—	(a)	$	—	(a)	$	—	(a)		—	(a)		26			153
Europe Dynamic Fund
Transfer agency fees		14		2			5		2		n/a			n/a			n/a			n/a			—			23
Global Research Enhanced Index Fund
Transfer agency fees		n/a		n/a			25		n/a		n/a			n/a			n/a			n/a			43			68
Global Unconstrained Equity Fund
Transfer agency fees		1		—	(a)		1		n/a		—	(a)		n/a			n/a			—	(a)		—	(a)		2
International Advantage Fund
Transfer agency fees		16		—	(a)		2		n/a		56			n/a			n/a			n/a			22			96
International Equity Fund
Transfer agency fees		41		5			6		n/a		1			n/a			n/a			—	(a)		27			80
International Equity Income Fund
Transfer agency fees		5		3			15		n/a		1			n/a			n/a			—	(a)		—	(a)		24
International Research Enhanced Equity Fund
Transfer agency fees		61		n/a			13		n/a		n/a			n/a			n/a			n/a			30			104
International Unconstrained Equity Fund
Transfer agency fees		7		5			16		n/a		1			n/a			n/a			3			—	(a)		32
International Value Fund
Transfer agency fees		20		2			3		2		1			n/a			n/a			—	(a)		—	(a)		28

(a)	Amount rounds to less than one thousand.

K. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 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.

L. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

M. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid annually, except for International Equity Income Fund, which are declared and generally 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



146	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

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

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


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Emerging Economies Fund	$	(4	)	$	(1,756	)	$	1,760
Emerging Markets Equity Fund		—			(869	)		869
Europe Dynamic Fund		—			(87	)		87
Global Research Enhanced Index Fund		144,326			2,148			(146,474	)
Global Unconstrained Equity Fund		—			13			(13	)
International Advantage Fund		—	(a)		(427	)		427
International Equity Fund		—			7,394			(7,394	)
International Equity Income Fund		—			366			(366	)
International Research Enhanced Equity Fund		—			2,588			(2,588	)
International Unconstrained Equity Fund		—	(a)		34			(34	)
International Value Fund		(41,204	)		950			40,254

(a)	Amount rounds to less than one thousand.

The reclassifications for the Funds relate primarily to foreign currency gains or losses, foreign cap gain taxes, tax equalization, expired capital loss carryforwards and investments in passive foreign investment companies (“PFICs”).

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets.

The annual rate for each Fund is as follows:


Emerging Economies Fund	0.85	%
Emerging Markets Equity Fund	0.85
Europe Dynamic Fund	0.65
Global Research Enhanced Index Fund	0.20
Global Unconstrained Equity Fund	0.70
International Advantage Fund	0.60
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

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2018, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	147

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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	%
Europe Dynamic Fund		0.25			0.75			n/a			n/a
Global Unconstrained Equity Fund		0.25			0.75			0.50			n/a
International Advantage 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


	Front-End Sales Charge		CDSC
Emerging Economies Fund	$	2	$	—
Emerging Markets Equity Fund		108		—	(a)
Europe Dynamic Fund		21		7
Global Unconstrained Equity Fund		1		—
International Advantage Fund		2		—
International Equity Fund		74		—	(a)
International Equity Income Fund		15		—	(a)
International Research Enhanced Equity Fund		2		—
International Unconstrained Equity Fund		79		—	(a)
International Value Fund		60		—

(a)	Amount rounds to less than one thousand.

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
Europe Dynamic Fund		0.25			0.25			0.25			0.10			n/a			n/a			n/a			n/a
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 Advantage Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			n/a
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

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

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



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

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

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

Europe Dynamic Fund

1.24

1.74

0.99

1.00

n/a

0.84

Global Research Enhanced Index Fund

n/a

0.34

n/a

0.25

Global Unconstrained Equity Fund

1.00

1.50

0.75

n/a

1.30

n/a

0.65

0.55

International Advantage Fund

1.00

1.50

0.75

n/a

1.30

n/a

0.55

International Equity Fund

0.95

1.45

0.70

n/a

1.25

n/a

0.60

0.50

International Equity Income Fund

0.95

1.45

0.70

n/a

1.25

n/a

0.60

0.50

International Research Enhanced Equity Fund

0.60

n/a

0.35

n/a

0.25

International Unconstrained Equity Fund

1.00

1.50

0.75

n/a

1.30

n/a

0.65

0.55

International Value Fund

1.00

1.50

0.75

0.95

1.30

n/a

0.65

0.55

*	The contractual expense percentages in the table above are in place until at least October 31, 2019.

**	The contractual expense percentage in the table above are in place until at least September 30, 2019.

Except as noted above, the expense limitation agreements were in effect for the year ended October 31, 2018 and are in place until February 28, 2019.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Emerging Economies Fund	$	4,867	$	1,644	$	120	$	6,631	$	11
Emerging Markets Equity Fund		6,743		4,045		796		11,584		26
Europe Dynamic Fund		—		—		191		191		—
Global Research Enhanced Index Fund		2,477		1,652		2,442		6,571		—
Global Unconstrained Equity Fund		18		4		4		26		191
International Advantage Fund		3,406		2,271		179		5,856		30
International Equity Fund		10,039		3,596		292		13,927		7
International Equity Income Fund		631		156		112		899		—	(a)
International Research Enhanced Equity Fund		2,089		1,388		1,396		4,873		—
International Unconstrained Equity Fund		1,227		419		201		1,847		2
International Value Fund		979		550		255		1,784		—	(a)

(a)	Amount rounds to less than one thousand.


	Voluntary Waivers
	Investment Advisory Fees
Global Unconstrained Equity Fund	$	14



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	149

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2018 were as follows (amounts in thousands):


Emerging Economies Fund	$	99
Emerging Markets Equity Fund		257
Europe Dynamic Fund		50
Global Research Enhanced Index Fund		229
Global Unconstrained Equity Fund		—	(a)
International Advantage Fund		164
International Equity Fund		176
International Equity Income Fund		6
International Research Enhanced Equity Fund		317
International Unconstrained Equity Fund		28
International Value Fund		21

(a)	Amount rounds to less than one thousand.

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 Boards 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 year ended October 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

4. Investment Transactions

During the year ended October 31, 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	$	1,598,617	$	1,628,667
Emerging Markets Equity Fund		1,615,815		612,616
Europe Dynamic Fund		1,322,771		1,436,092
Global Research Enhanced Index Fund		3,517,125		6,281,523
Global Unconstrained Equity Fund		5,635		5,099
International Advantage Fund		2,459,041		1,741,985
International Equity Fund		2,182,386		1,420,762
International Equity Income Fund		174,019		217,129
International Research Enhanced Equity Fund		2,781,360		2,177,156
International Unconstrained Equity Fund		536,459		310,323
International Value Fund		624,334		810,092

During the year ended October 31, 2018, there were no purchases or sales of U.S. Government securities.



150	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2018 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	1,573,223	$	139,514	$	148,739	$	(9,225	)
Emerging Markets Equity Fund		4,089,464		832,235		303,589		528,646
Europe Dynamic Fund		789,561		13,423		55,335		(41,912	)
Global Research Enhanced Index Fund		4,637,688		1,309,213		196,052		1,113,161
Global Unconstrained Equity Fund		3,805		250		193		57
International Advantage Fund		3,443,750		175,938		249,713		(73,775	)
International Equity Fund		4,042,969		512,180		289,499		222,681
International Equity Income Fund		141,808		7,363		9,812		(2,449	)
International Research Enhanced Equity Fund		4,984,986		196,565		514,193		(317,628	)
International Unconstrained Equity Fund		504,516		15,320		42,847		(27,527	)
International Value Fund		556,708		17,311		59,113		(41,802	)

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

The tax character of distributions paid during the year ended October 31, 2018 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Emerging Economies Fund	$	43,931	$	—	$	43,931
Emerging Markets Equity Fund		22,140		—		22,140
Europe Dynamic Fund		15,655		—		15,655
Global Research Enhanced Index Fund		159,264		—		159,264
Global Unconstrained Equity Fund		145		32		177
International Advantage Fund		67,328		—		67,328
International Equity Fund		66,772		—		66,772
International Equity Income Fund		6,293		—		6,293
International Research Enhanced Equity Fund		75,137		33,139		108,276
International Unconstrained Equity Fund		3,143		—		3,143
International Value Fund		18,225		—		18,225

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

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


	Ordinary Income*		Total Distributions Paid
Emerging Economies Fund	$	27,595	$	27,595
Emerging Markets Equity Fund		23,992		23,992
Europe Dynamic Fund		16,973		16,973
Global Research Enhanced Index Fund		155,976		155,976
Global Unconstrained Equity Fund		3		3
International Advantage Fund		70,281		70,281
International Equity Fund		17,837		17,837
International Equity Income Fund		5,382		5,382
International Research Enhanced Equity Fund		34,205		34,205
International Unconstrained Equity Fund		2,563		2,563
International Value Fund		61,529		61,529

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



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	151

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

At October 31, 2018, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	44,510	$	(70,668	)	$	(9,065	)
Emerging Markets Equity Fund		43,938		(127,296	)		525,804
Europe Dynamic Fund		16,329		(55,473	)		(41,987	)
Global Research Enhanced Index Fund		137,611		389,356			1,112,937
Global Unconstrained Equity Fund		61		(36	)		57
International Advantage Fund		83,610		(38,065	)		(74,080	)
International Equity Fund		99,862		44,426			222,476
International Equity Income Fund		246		3,801			(2,453	)
International Research Enhanced Equity Fund		146,053		(11,458	)		(318,084	)
International Unconstrained Equity Fund		9,816		(27,318	)		(27,542	)
International Value Fund		16,730		—			(41,861	)

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

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At October 31, 2018, the following Fund 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):


	2019		Total
Emerging Economies Fund	$	16,730	$	16,730

At October 31, 2018, 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	$	53,938		$	—
Emerging Markets Equity Fund		—			127,296
Europe Dynamic Fund		55,473			—
Global Unconstrained Equity Fund		36			—
International Advantage Fund		38,065			—
International Research Enhanced Equity Fund		11,458			—
International Unconstrained Equity Fund		27,318			—

During the year ended October 31, 2018, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):


	Capital Loss Utilized
	Short-Term		Long-Term
Emerging Economies Fund	$	9,653	$	—
Europe Dynamic Fund		—		5,930
Global Research Enhanced Index Fund		52,424		45,268
International Equity Fund		7,844		43,809
International Equity Income Fund		9,533		—
International Unconstrained Equity Fund		—		1,307
International Value Fund		24,514		—

During the year ended October 31, 2018, the following Fund had expired capital loss carryforwards as follows (amounts in thousands):


	2018
International Value Fund	$	41,204



152	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

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 4, 2019.

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 year ended October 31, 2018, were as follows (amounts in thousands, except number of days outstanding):


	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Economies Fund	$	69,674		2.63	%		6	$	30
Global Research Enhanced Index Fund		27,373		2.67			49		101
International Equity Fund		22,564		2.04			7		8
International Equity Income Fund		4,831		2.61			13		5
International Research Enhanced Equity Fund		55,539		2.65			5		20
International Unconstrained Equity Fund		11,564		2.63			7		6
International Value Fund		7,144		2.75			37		19

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 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended October 31, 2018.

7. Risks, Concentrations and Indemnifications

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.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	153

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

As of October 31, 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		13.0	%		79.2	%
Emerging Markets Equity Fund		—			34.5
Europe Dynamic Fund		39.5			—
International Advantage Fund		—			91.9
International Equity Fund		—			73.5
International Research Enhanced Equity Fund		14.8			65.9
International Unconstrained Equity Fund		24.3			—

As of October 31, 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		—		—	%		3		10.5	%
Europe Dynamic Fund		4		20.8			—		—
Global Research Enhanced Index Fund		2		89.3			—		—
Global Unconstrained Equity Fund		3		23.8			3		12.6
International Equity Income Fund		4		12.1			9		58.5
International Unconstrained Equity Fund		—		—			2		17.4
International Value Fund		—		—			7		63.8

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 October 31, 2018, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:


	Brazil			China			France			Germany			India
Emerging Economies Fund		11.0	%		30.6	%		—	%		—	%		—	%
Emerging Markets Equity Fund		10.6			26.5			—			—			16.6
Europe Dynamic Fund		—			—			17.2			—			—
International Equity Fund		—			—			14.5			—			—
International Equity Income Fund		—			—			14.1			—			—
International Research Enhanced Equity Fund		—			—			12.7			—			—
International Unconstrained Equity Fund		—			—			—			11.5			—
International Value Fund		—			—			10.2			—			—

	Japan			South Korea			Switzerland			Taiwan			United Kingdom
Emerging Economies Fund		—	%		13.9	%		—	%		14.1	%		—	%
Europe Dynamic Fund		—			—			17.0			—			15.1
International Advantage Fund		24.1			—			—			—			11.4
International Equity Fund		16.8			—			13.7			—			18.6
International Equity Income Fund		17.6			—			12.5			—			15.8
International Research Enhanced Equity Fund		23.8			—			—			—			13.5
International Unconstrained Equity Fund		—			—			—			—			21.4
International Value Fund		26.3			—			—			—			13.5

As of October 31, 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.



154	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	155

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Boards of Trustees of JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan Global Unconstrained Equity Fund, JPMorgan International Advantage Fund, JPMorgan International Equity Fund, JPMorgan International Equity Income Fund, JPMorgan International Research Enhanced Equity Fund, JPMorgan International Unconstrained Equity Fund and JPMorgan International Value Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund (formerly known as JPMorgan Intrepid European Fund), JPMorgan Global Research Enhanced Index Fund, JPMorgan Global Unconstrained Equity Fund, JPMorgan International Advantage Fund (formerly known as JPMorgan Intrepid International Fund), JPMorgan International Equity Fund, JPMorgan International Equity Income Fund, JPMorgan International Unconstrained Equity Fund and JPMorgan International Value Fund (ten of the funds constituting JPMorgan Trust I) and JPMorgan International Research Enhanced Equity Fund (one of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2018 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

New York, New York

December 21, 2018

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



156	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

TRUSTEES

(Unaudited)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	136	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	136	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher* (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	136	Non-Executive Director, Legal & General Investment Management (Holdings) and Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	136	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).

Dennis P. Harrington** (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (serving in various roles 1984-2012).	136	None

Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	136	None



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	157

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner*** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	136	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	136	None

Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	136	None

Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	136	None

Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	136	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	136	Trustee, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo**** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	136	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



158	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

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

(2)

A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes eleven registered investment companies (136 funds).

*	Ms. Gallagher became a Trustee effective November 1, 2018.

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

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

****

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



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	159

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trusts (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014–present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016; Chief Financial Officer and Head of Valuation, Aberdeen Asset Management PLC (previously Artio Global Management) (2009 to September 2013).

Noah Greenhill (1969), Secretary (2018)		Managing Director and General Counsel, JPMorgan Asset Management (2015–present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Carmine Lekstutis (1980), Assistant Secretary (2011)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Gregory S. Samuels (1980), Assistant Secretary (2010)		Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Pamela L. Woodley (1971), Assistant Secretary (2012)		Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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



160	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

Actual Expenses

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value May 1, 2018		Ending Account Value October 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Emerging Economies Fund
Class A
Actual*	$	1,000.00	$	814.00	$	5.21		1.14	%
Hypothetical*		1,000.00		1,019.46		5.80		1.14
Class C
Actual*		1,000.00		812.10		7.49		1.64
Hypothetical*		1,000.00		1,016.94		8.34		1.64
Class I
Actual*		1,000.00		815.10		4.07		0.89
Hypothetical*		1,000.00		1,020.72		4.53		0.89
Class R5
Actual*		1,000.00		815.50		3.62		0.79
Hypothetical*		1,000.00		1,021.22		4.02		0.79
Class R6
Actual*		1,000.00		816.10		3.16		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69

JPMorgan Emerging Markets Equity Fund
Class A
Actual*		1,000.00		841.50		5.76		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class C
Actual*		1,000.00		839.60		8.07		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class I
Actual*		1,000.00		842.80		4.60		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	161

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value May 1, 2018			Ending Account Value October 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Emerging Markets Equity Fund (continued)
Class L
Actual*	$	1,000.00		$	842.90	$	4.13		0.89	%
Hypothetical*		1,000.00			1,020.72		4.53		0.89
Class R2
Actual*		1,000.00	��		840.60		7.14		1.54
Hypothetical*		1,000.00			1,017.44		7.83		1.54
Class R3
Actual*		1,000.00			841.50		5.99		1.29
Hypothetical*		1,000.00			1,018.70		6.56		1.29
Class R4
Actual*		1,000.00			842.70		4.83		1.04
Hypothetical*		1,000.00			1,019.96		5.30		1.04
Class R5
Actual*		1,000.00			843.00		4.13		0.89
Hypothetical*		1,000.00			1,020.72		4.53		0.89
Class R6
Actual*		1,000.00			843.30		3.67		0.79
Hypothetical*		1,000.00			1,021.22		4.02		0.79

JPMorgan Europe Dynamic Fund (formerly known as JPMorgan Intrepid European Fund)
Class A
Actual*		1,000.00			871.60		5.85		1.24
Hypothetical*		1,000.00			1,018.95		6.31		1.24
Class C
Actual*		1,000.00			869.10		8.20		1.74
Hypothetical*		1,000.00			1,016.43		8.84		1.74
Class I
Actual*		1,000.00			872.50		4.67		0.99
Hypothetical*		1,000.00			1,020.21		5.04		0.99
Class L
Actual*		1,000.00			873.30		4.16		0.88
Hypothetical*		1,000.00			1,020.77		4.48		0.88
Class R6
Actual**		1,000.00			900.50		0.64		0.82
Hypothetical*		1,000.00			1,021.07		4.18		0.82

JPMorgan Global Research Enhanced Index Fund
Class I
Actual*		1,000.00			974.70		1.69		0.34
Hypothetical*		1,000.00			1,023.49		1.73		0.34
Class R6
Actual*		1,000.00			974.90		1.24		0.25
Hypothetical*		1,000.00			1,023.95		1.28		0.25

JPMorgan Global Unconstrained Equity Fund
Class A
Actual*		1,000.00			954.80		3.70		0.75
Hypothetical*		1,000.00			1,021.42		3.82		0.75
Class C
Actual*		1,000.00			952.40		6.15		1.25
Hypothetical*		1,000.00			1,018.90		6.36		1.25
Class I
Actual*		1,000.00			956.30		1.97		0.40
Hypothetical*		1,000.00			1,023.19		2.04		0.40



162	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	Beginning Account Value May 1, 2018		Ending Account Value October 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Global Unconstrained Equity Fund (continued)
Class R2
Actual*	$	1,000.00	$	953.40	$	4.97		1.01	%
Hypothetical*		1,000.00		1,020.11		5.14		1.01
Class R5
Actual*		1,000.00		956.80		1.48		0.30
Hypothetical*		1,000.00		1,023.69		1.53		0.30
Class R6
Actual*		1,000.00		957.40		1.23		0.25
Hypothetical*		1,000.00		1,023.95		1.28		0.25

JPMorgan International Advantage Fund (formerly known as JPMorgan Intrepid International Fund)
Class A
Actual		1,000.00		880.70		4.74		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Class C
Actual		1,000.00		878.70		7.10		1.50
Hypothetical		1,000.00		1,017.64		7.63		1.50
Class I
Actual		1,000.00		881.80		3.56		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R2
Actual		1,000.00		879.60		6.16		1.30
Hypothetical		1,000.00		1,018.65		6.61		1.30
Class R6
Actual		1,000.00		882.60		2.61		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55

JPMorgan International Equity Fund
Class A
Actual*		1,000.00		865.90		4.47		0.95
Hypothetical*		1,000.00		1,020.42		4.84		0.95
Class C
Actual*		1,000.00		863.50		6.81		1.45
Hypothetical*		1,000.00		1,017.90		7.38		1.45
Class I
Actual*		1,000.00		866.80		3.29		0.70
Hypothetical*		1,000.00		1,021.68		3.57		0.70
Class R2
Actual*		1,000.00		865.00		5.88		1.25
Hypothetical*		1,000.00		1,018.90		6.36		1.25
Class R5
Actual*		1,000.00		867.10		2.78		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
Class R6
Actual*		1,000.00		867.60		2.31		0.49
Hypothetical*		1,000.00		1,022.74		2.50		0.49

JPMorgan International Equity Income Fund
Class A
Actual*		1,000.00		905.80		4.56		0.95
Hypothetical*		1,000.00		1,020.42		4.84		0.95
Class C
Actual*		1,000.00		903.20		6.96		1.45
Hypothetical*		1,000.00		1,017.90		7.38		1.45



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	163

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value May 1, 2018		Ending Account Value October 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan International Equity Income Fund (continued)
Class I
Actual*	$	1,000.00	$	906.40	$	3.36		0.70	%
Hypothetical*		1,000.00		1,021.68		3.57		0.70
Class R2
Actual*		1,000.00		903.90		6.00		1.25
Hypothetical*		1,000.00		1,018.90		6.36		1.25
Class R5
Actual*		1,000.00		907.40		2.88		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class R6
Actual*		1,000.00		907.20		2.40		0.50
Hypothetical*		1,000.00		1,022.68		2.55		0.50

JPMorgan International Research Enhanced Equity Fund
Class A
Actual*		1,000.00		888.40		2.86		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class I
Actual*		1,000.00		889.60		1.67		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Class R6
Actual*		1,000.00		890.30		1.19		0.25
Hypothetical*		1,000.00		1,023.95		1.28		0.25

JPMorgan International Unconstrained Equity Fund
Class A
Actual*		1,000.00		863.20		4.70		1.00
Hypothetical*		1,000.00		1,020.16		5.09		1.00
Class C
Actual*		1,000.00		861.50		7.04		1.50
Hypothetical*		1,000.00		1,017.64		7.63		1.50
Class I
Actual*		1,000.00		864.80		3.53		0.75
Hypothetical*		1,000.00		1,021.42		3.82		0.75
Class R2
Actual*		1,000.00		862.20		6.10		1.30
Hypothetical*		1,000.00		1,018.65		6.61		1.30
Class R5
Actual*		1,000.00		865.20		3.06		0.65
Hypothetical*		1,000.00		1,021.93		3.31		0.65
Class R6
Actual*		1,000.00		865.30		2.59		0.55
Hypothetical*		1,000.00		1,022.43		2.80		0.55

JPMorgan International Value Fund
Class A
Actual*		1,000.00		865.10		4.70		1.00
Hypothetical*		1,000.00		1,020.16		5.09		1.00
Class C
Actual*		1,000.00		862.90		7.04		1.50
Hypothetical*		1,000.00		1,017.64		7.63		1.50
Class I
Actual*		1,000.00		866.80		3.53		0.75
Hypothetical*		1,000.00		1,021.42		3.82		0.75



164	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018


	Beginning Account Value May 1, 2018		Ending Account Value October 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan International Value Fund (continued)
Class L
Actual*	$	1,000.00	$	866.90	$	3.06		0.65	%
Hypothetical*		1,000.00		1,021.93		3.31		0.65
Class R2
Actual*		1,000.00		864.00		6.11		1.30
Hypothetical*		1,000.00		1,018.65		6.61		1.30
Class R5
Actual*		1,000.00		867.00		3.06		0.65
Hypothetical*		1,000.00		1,021.93		3.31		0.65
Class R6
Actual*		1,000.00		867.20		2.59		0.55
Hypothetical*		1,000.00		1,022.43		2.80		0.55

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

**	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 31/365 (to reflect the actual period). Commencement of operations was October 1, 2018.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	165

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

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

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser



166	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

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

Fall-Out Benefits

Economies of Scale

assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the International Equity Fund and International Research Enhanced Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Europe Dynamic Fund, Emerging Economies Fund, Emerging Markets Equity Fund, Global Research Enhanced Index Fund, Global Unconstrained Equity Fund, International Advantage Fund, International Equity Income Fund, International Unconstrained Equity Fund and International Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	167

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

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

The Trustees noted that the Emerging Economies Fund’s performance for Class A shares was in the third, third and fifth quintiles based upon the Peer Group, and in the third, third and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the fourth, fourth and fifth quintiles based upon the Peer Group, and in the third, third and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Emerging Markets Equity Fund’s performance for Class A shares was in the first, second and first quintiles based upon the Peer Group, and in the first, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, first and second quintiles based upon the Peer Group, and in the first, first and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Europe Dynamic Fund’s performance for Class A shares was in the third, third and first quintiles based upon the Peer Group, and in the fourth, fourth and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees noted that performance for Class I shares was in the third, fourth and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that based upon the Universe, the Global Research Enhanced Index Fund’s performance for Class I shares was in the fourth and second quintiles for the one- and three-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analyses and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the performance was satisfactory.

The Trustees noted that the Global Unconstrained Equity Fund’s performance for Class A shares was in the fifth and third quintiles based upon the Peer Group for the one- and three- year periods ended December 31, 2017, and in the fifth, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in fifth, fourth and third quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analyses and evaluation prepared by the independent consultant. Based upon these discussions and



168	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the equity committee at each of their regularly scheduled meetings over the course of the next year.

The Trustees noted that the International Advantage Fund’s performance for Class A shares was in the fourth, second and fourth quintiles based upon the Peer Group, and in the fifth, third and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the fifth and third quintiles for the one- and three-year periods ended December 31, 2017, based upon the Peer Group, and in the fifth, third and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the equity committee at each of their regularly scheduled meetings over the course of the next year.

The Trustees noted that the International Equity Fund’s performance for Class A shares was in the first, first and third quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for the Class I shares was in the first, first and third quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the International Equity Income Fund’s performance for Class A shares was in the third, first and first quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2017, respectively, and in the fourth, third and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2017, respectively, and in the fourth, third and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund

with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the International Research Enhanced Equity Fund’s performance for Class A shares was in the fourth, first and first quintiles based upon the Peer Group, and in the fourth, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees noted that performance for Class I shares was in the fourth, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that, based upon the Universe, the International Unconstrained Equity Fund’s performance for Class A shares was in the third, second and third quintiles, and in the third, first and second quintiles for Class I shares, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that, based upon the Universe, the International Value Fund’s performance for Class A shares was in the fourth, fourth and fifth quintiles, and in the fourth, third and fifth quintiles for Class I shares, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	169

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Emerging Economies Fund’s net advisory fee and actual total expenses for both Class A and Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, and noting a reduction in Fee Caps effective November 1, 2017, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Emerging Markets Equity Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, and noting a reduction in Fee Caps effective November 1, 2017, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Europe Dynamic Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that net advisory fee and actual total expenses for Class I shares were in the first quintile, based upon the Universe. After considering the factors identified above, and noting a reduction in Fee Caps effective November 1, 2017, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Global Research Enhanced Index Fund’s net advisory fee and actual total expenses for Class I shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Global Unconstrained Equity Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory and actual total expenses for Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, and noting a reduction in Fee Caps effective November 1, 2017, in light of the information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Advantage Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for the Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, and noting a reduction in Fee Caps effective November 1, 2017, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Equity Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon the Universe. After considering the factors identified above, and noting a reduction in Fee Caps effective November 1, 2017, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Equity Income Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, and noting a reduction in Fee Caps effective November 1, 2017, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Research Enhanced Equity Fund’s net advisory fee and actual total expenses for both Class A and Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.



170	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

The Trustees noted that the International Unconstrained Equity Fund’s net advisory fee and total actual expenses for Class A shares were in the first quintile based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, and noting a reduction in Fee Caps effective November 1, 2017, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Value Fund’s net advisory fee and total actual expenses for both Class A and Class I shares were in the first quintile based upon the Peer Group and Universe. After considering the factors identified above, including the reduction in Fee Caps effective November 1, 2017, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.



OCTOBER 31, 2018	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	171

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2018:


	Dividends Received Deduction
JPMorgan Emerging Economies Fund		0.41	%
JPMorgan Emerging Markets Equity Fund		1.62
JPMorgan Global Research Enhanced Index Fund		50.64
JPMorgan Global Unconstrained Equity Fund		16.75

Long Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2018 (amounts in

thousands):


	Long-Term Capital Gain Distribution
JPMorgan Global Research Enhanced Index Fund	$	144,326
JPMorgan Global Unconstrained Equity Fund		31
JPMorgan International Research Enhanced Equity Fund		33,138

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2018 (amounts in thousands):


	Qualified Dividend Income
JPMorgan Emerging Economies Fund	$	43,070
JPMorgan Emerging Markets Equity Fund		31,253
JPMorgan Europe Dynamic Fund		19,407
JPMorgan Global Research Enhanced Index Fund		159,264
JPMorgan Global Unconstrained Equity Fund		73
JPMorgan International Advantage Fund		78,775
JPMorgan International Equity Fund		76,875
JPMorgan International Equity Income Fund		7,073
JPMorgan International Research Enhanced Equity Fund		89,968
JPMorgan International Unconstrained Equity Fund		4,123
JPMorgan International Value Fund		20,666

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2018, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are

as follows or amounts as finally determined (amounts in thousands):


	Gross Income		Foreign Tax Pass Through
JPMorgan Emerging Economies Fund	$	75,367	$	6,723
JPMorgan Emerging Markets Equity Fund		96,045		9,113
JPMorgan Europe Dynamic Fund		29,013		3,753
JPMorgan International Advantage Fund		121,148		11,447
JPMorgan International Equity Fund		138,987		10,103
JPMorgan International Equity Income Fund		8,551		780
JPMorgan International Research Enhanced Equity Fund		183,138		14,641
JPMorgan International Unconstrained Equity Fund		15,146		980
JPMorgan International Value Fund		28,175		2,441



172	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	OCTOBER 31, 2018

LOGO

Rev. January 2011


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


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

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


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


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



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

LOGO


Page 2


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


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


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

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.

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.

LOGO


		^© JPMorgan Chase & Co., 2018. All rights reserved. October 2018.		AN-INTEQ-1018

Annual Report

J.P. Morgan Tax Aware Funds

October 31, 2018

JPMorgan Tax Aware Equity Fund

JPMorgan Tax Aware Real Return Fund

LOGO

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			25

Financial Highlights			32

Notes to Financial Statements			36

Report of Independent Registered Public Accounting Firm			46

Trustees			47

Officers			50

Schedule of Shareholder Expenses			51

Board Approval of Investment Advisory Agreements			52

Tax Letter			55

Privacy Policy — Located at the back of this Annual Report			56

CEO’S LETTER

November 30, 2018 (Unaudited)

Dear Shareholders,

The impending U.K. “Brexit” from the EU — with or without a bilateral agreement — also weighed on investor and business

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	1

J.P. Morgan Tax Aware Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)

U.S. equity markets outperformed other developed market equity as well as emerging markets equity during the reporting period. Record corporate profits, low unemployment rates and high levels of both consumer and business confidence helped propel U.S. equity prices higher. U.S. bond markets largely underperformed equity markets.

For the twelve months ended October 31, 2018, the S&P 500 Index returned 7.35% and the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned -0.53%.



2	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		5.26%
S&P 500 Index		7.35%

Net Assets as of 10/31/2018 (In Thousands)	$	1,401,882

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 twelve months ended October 31, 2018. The Fund’s security selection in the semiconductors & hardware sector and the retail sector was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the financial services and software & services sectors was a leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Broadcom Ltd., Stanley Back & Decker Inc. and Cabot Oil & Gas Corp. Shares of Broadcom, a semiconductor manufacturer, fell after the company unveiled plans to acquire CA Inc. for an estimated $18.9 billion. Shares of Stanley Black & Decker, a maker of tools and commercial security systems, fell after the company reported a drop in earnings for the third quarter of 2018 and lowered its full-year 2018 earnings forecast. Shares of Cabot Oil & Gas, a shale oil and natural gas producer, fell as natural gas supplies in the U.S. outpaced demand during the reporting period.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Amazon.com Inc. and Adobe Inc. and its underweight position in General Electric Co. Shares of Amazon.com, an online retailer, rose amid continued sales and earnings growth. Shares of Adobe, a digital market and media company, rose after the company reported better-than-expected earnings for the third quarter of 2018 and issued a strong forecast for the remainder of 2018 and into 2019. Shares of General Electric, an industrial conglomerate, fell after the company reported lower-than-expected results for several consecutive quarters and its credit rating was downgraded.

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.	Microsoft Corp.	4.8	%
	2.	UnitedHealth Group, Inc.	4.6
	3.	Apple, Inc.	4.5
	4.	Amazon.com, Inc.	4.0
	5.	Broadcom, Inc.	3.5
	6.	Bank of America Corp.	2.9
	7.	Honeywell International, Inc.	2.8
	8.	Alphabet, Inc., Class C	2.6
	9.	Alphabet, Inc., Class A	2.4
	10.	Mastercard, Inc., Class A	2.2


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	25.4	%
Health Care	16.6
Financials	14.8
Industrials	10.8
Communication Services	10.3
Consumer Discretionary	8.8
Energy	6.2
Consumer Staples	3.7
Utilities	1.7
Materials	1.3
Short-Term Investment	0.4

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

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018
		1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	March 22, 2011
With Sales Charge*			(0.68	)%		(2.37	)%		0.77	%		9.63	%		8.53	%		7.48	%		12.39	%		11.70	%		10.27	%
Without Sales Charge			4.83			3.05			4.10			10.82			9.70			8.46			13.00			12.31			10.82
CLASS C SHARES	March 22, 2011
With CDSC**			3.31			1.62			3.15			10.27			9.26			8.03			12.57			11.96			10.45
Without CDSC			4.31			2.62			3.74			10.27			9.26			8.03			12.57			11.96			10.45
CLASS I SHARES	January 30, 1997		5.26			3.37			4.42			11.30			10.09			8.83			13.37			12.61			11.13
CLASS R6 SHARES	October 1, 2018		5.29			3.40			4.43			11.31			10.09			8.84			13.37			12.61			11.13

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR FUND PERFORMANCE (10/31/08 TO 10/31/18)

Returns for Class A, Class C and Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class A, Class C and Class R6 Shares would have been different than those shown because Class A, Class C and 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 Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from October 31, 2008 to October 31, 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	OCTOBER 31, 2018



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(0.10)%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		(0.53)%
Composite Benchmark**		0.32%

Net Assets as of 10/31/2018 (In Thousands)	$	1,051,675

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 negative 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 twelve months ended October 31, 2018.

The Fund’s hedge against inflation, which was implemented through the use of swaps contracts, made a positive contribution to absolute performance. During the reporting period, the two-, five-, ten- and thirty-year Bloomberg Barclays inflation swap indexes returned 0.54%, 0.85%, 1.15% and 3.48%, respectively. Swaps contract returns were pulled higher by a 20% increase in global oil prices during the reporting period.

Relative to the Benchmark, the Fund’s underweight positions in the general obligation, transportation and education bond sectors contributed to performance as those sectors had negative returns for the reporting period. The Fund’s underweight positions in industrial development revenue/pollution control revenue bonds and housing bonds detracted from relative performance as those sectors had positive performance during the reporting period. The Fund’s overweight positions in bonds rated AAA and AA also detracted from relative performance as lower rated bonds generally outperformed higher rated bonds during the reporting period.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed a bottom-up, security-selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. The Fund maintained its 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 (“inflation swaps”) to purchase protection against inflation along the yield curve.

During the reporting period, the Fund’s portfolio managers increased the hedge ratio to cover 96% of the value of the Fund’s underlying assets from 94% at the start of the reporting period.

INVESTMENT APPROACH

The Fund uses inflation swaps in combination with tax exempt municipal bonds to seek to replicate a portfolio of inflation protected securities. The Fund is designed to protect the total return generated by its tax-exempt fixed income holdings from inflation risk. The inflation swaps used by the Fund are based on cumulative percentage movements in the Consumer Price Index for All Urban Consumers (“CPI-U”). The inflation swaps are structured so that one counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. The other counterparty (the Fund) pays a compounded fixed rate (zero coupon inflation-swap rate), which is based on the “breakeven inflation rate,” calculated as the yield difference between a nominal U.S. Treasury security and a U.S. Treasury Inflation Protected Security of equal maturity.

The Fund’s portfolio managers aim to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying bonds is used as the general basis for the Fund’s inflation swap positioning. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s portfolio managers believe that matching the duration of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.



6	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018


PORTFOLIO COMPOSITION****
Municipal Bonds	97.5	%
Short-Term Investments	2.5

The Fund’s Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index.

***

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

****

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	7

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018
		1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	August 31, 2005
With Sales Charge*			(4.11	)%		(4.22	)%		(1.54	)%		0.00	%**		(0.04	)%		0.56	%		2.26	%		2.23	%		2.32	%
Without Sales Charge			(0.36	)		(0.47	)		0.71			0.77			0.73			1.15			2.64			2.62			2.64
CLASS C SHARES	August 31, 2005
With CDSC***			(1.76	)		(1.85	)		(0.30	)		0.19			0.16			0.59			2.02			2.01			2.01
Without CDSC			(0.76	)		(0.85	)		0.29			0.19			0.16			0.59			2.02			2.01			2.01
CLASS I SHARES	August 31, 2005		(0.10	)		(0.23	)		0.96			1.02			0.97			1.40			2.91			2.88			2.90
CLASS R6 SHARES	August 16, 2013		0.00	**		(0.01	)		1.17			1.12			1.12			1.54			2.96			2.96			2.98

Sales Charge for Class A Shares is 3.75%.

Amount rounds to less than 0.005%.

***

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

TEN YEAR FUND PERFORMANCE (10/31/08 TO 10/31/18)

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Tax Aware Real Return Fund, the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index, the Tax Aware Real Return Composite Benchmark and the Lipper Intermediate Municipal Debt Funds Index October 31, 2008 to October 31, 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	OCTOBER 31, 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.

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.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)

Common Stocks — 99.5%
Aerospace & Defense — 2.3%
Boeing Co. (The)		36		12,650
General Dynamics Corp.		84		14,508
Northrop Grumman Corp.		19		5,005

				32,163

Auto Components — 0.6%
Aptiv plc		99		7,627

Banks — 7.5%
Bank of America Corp.		1,464		40,261
Citigroup, Inc.		457		29,943
First Republic Bank		60		5,490
Wells Fargo & Co.		552		29,365

				105,059

Beverages — 2.8%
Coca-Cola Co. (The)		254		12,142
Constellation Brands, Inc., Class A		45		9,033
PepsiCo, Inc.		160		17,992

				39,167

Biotechnology — 1.5%
Biogen, Inc.*		39		12,009
Vertex Pharmaceuticals, Inc.*		55		9,299

				21,308

Building Products — 0.5%
Allegion plc		87		7,441

Capital Markets — 4.6%
BlackRock, Inc.		24		9,674
Goldman Sachs Group, Inc. (The)		23		5,114
Intercontinental Exchange, Inc.		234		18,051
Morgan Stanley		527		24,071
S&P Global, Inc.		39		7,117

				64,027

Chemicals — 1.3%
DowDuPont, Inc.		330		17,816

Commercial Services & Supplies — 0.9%
Waste Connections, Inc.		158		12,047

Consumer Finance — 0.4%
Discover Financial Services		88		6,137

Diversified Financial Services — 1.1%
Berkshire Hathaway, Inc., Class B*		75		15,335

Electric Utilities — 1.1%
NextEra Energy, Inc.		90		15,511


INVESTMENTS	SHARES (000)			VALUE ($000)


Electronic Equipment, Instruments & Components — 0.0% (a)
Resideo Technologies, Inc.*		—	(b)		2

Entertainment — 2.3%
Netflix, Inc.*		30			8,905
Twenty-First Century Fox, Inc., Class B		158			7,152
Walt Disney Co. (The)		142			16,285

					32,342

Food Products — 0.9%
Mondelez International, Inc., Class A		310			13,012

Health Care Equipment & Supplies — 4.3%
Boston Scientific Corp.*		460			16,635
Danaher Corp.		113			11,262
Medtronic plc		162			14,560
Zimmer Biomet Holdings, Inc.		162			18,408

					60,865

Health Care Providers & Services — 4.7%
UnitedHealth Group, Inc.		249			65,162

Hotels, Restaurants & Leisure — 0.5%
Yum! Brands, Inc.		82			7,451

Industrial Conglomerates — 2.8%
Honeywell International, Inc.		268			38,862

Insurance — 1.2%
Chubb Ltd.		131			16,370

Interactive Media & Services — 6.0%
Alphabet, Inc., Class A*		31			33,787
Alphabet, Inc., Class C*		33			35,799
Facebook, Inc., Class A*		93			14,156

					83,742

Internet & Direct Marketing Retail — 4.0%
Amazon.com, Inc.*		35			56,506

IT Services — 8.3%
Accenture plc, Class A		37			5,846
Automatic Data Processing, Inc.		74			10,683
Fidelity National Information Services, Inc.		192			20,006
Mastercard, Inc., Class A		157			31,131
PayPal Holdings, Inc.*		124			10,418
Visa, Inc., Class A		119			16,460
WEX, Inc.*		68			11,965
Worldpay, Inc.*		108			9,957

					116,466

Life Sciences Tools & Services — 0.6%
Agilent Technologies, Inc.		124			8,001

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)

Common Stocks — continued
Machinery — 1.0%
Stanley Black & Decker, Inc.		119		13,901

Media — 2.0%
Charter Communications, Inc., Class A*		44		14,171
Comcast Corp., Class A		350		13,368

				27,539

Multi-Utilities — 0.6%
NiSource, Inc.		354		8,980

Oil, Gas & Consumable Fuels — 6.1%
Diamondback Energy, Inc.		52		5,798
EOG Resources, Inc.		205		21,643
Marathon Petroleum Corp.		262		18,492
Occidental Petroleum Corp.		282		18,911
Parsley Energy, Inc., Class A*		290		6,802
Pioneer Natural Resources Co.		98		14,477

				86,123

Pharmaceuticals — 5.5%
Allergan plc		31		4,962
Bristol-Myers Squibb Co.		247		12,490
Eli Lilly & Co.		137		14,821
Merck & Co., Inc.		193		14,221
Pfizer, Inc.		711		30,637

				77,131

Road & Rail — 3.4%
Norfolk Southern Corp.		134		22,456
Union Pacific Corp.		170		24,814

				47,270

Semiconductors & Semiconductor Equipment — 5.3%
Broadcom, Inc.		219		49,001
NVIDIA Corp.		66		13,857
Texas Instruments, Inc.		130		12,040

				74,898

Software — 7.2%
Adobe, Inc.*		89		21,833
Microsoft Corp.		630		67,249
salesforce.com, Inc.*		87		12,001

				101,083

Specialty Retail — 3.7%
AutoZone, Inc.*		10		7,167
Home Depot, Inc. (The)		151		26,599
Lowe’s Cos., Inc.		195		18,549

				52,315


INVESTMENTS	SHARES (000)		VALUE ($000)

Technology Hardware, Storage & Peripherals — 4.5%
Apple, Inc.		287		62,857

Total Common Stocks (Cost $746,330)				1,394,516

Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (c) (d) (Cost $6,144)		6,144		6,144

Total Investments — 99.9% (Cost $752,474)				1,400,660
Other Assets Less Liabilities — 0.1%				1,222

NET ASSETS — 100.0%				1,401,882

Percentages indicated are based on net assets.

(a)

Amount rounds to less than 0.1% of net assets.

(b)

Amount rounds to less than one thousand.

(c)

Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(d)

The rate shown is the current yield as of October 31, 2018.

Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	11

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	Principal Amount ($000)		Value ($000)
Municipal Bonds — 95.6% (a)
Alaska — 1.5%
Other Revenue — 1.5%
Borough of Matanuska-Susitna, Goose Creek Correctional Center Project Rev., 5.25%, 9/1/2029		13,490		15,337

Arizona — 3.2%
Other Revenue — 0.2%
Phoenix Civic Improvement Corp., Senior Lien
Series C, Rev., 5.00%, 7/1/2022		1,085		1,169
Series C, Rev., 5.00%, 7/1/2024		1,000		1,078

				2,247

Prerefunded — 3.0%
Arizona State Transportation Board Series A, Rev., GAN, 5.25%, 7/1/2020 (b)		26,840		28,206
Arizona State Transportation Board, Maricopa County Regional Area Road Rev., 5.00%, 7/1/2020 (b)		3,000		3,140

				31,346

Total Arizona				33,593

California — 17.6%
Certificate of Participation/Lease — 0.0% (c)
Los Angeles Unified School District, Headquarters Building Projects Series B, COP, 5.00%, 10/1/2031		80		87

Education — 0.6%
California Municipal Finance Authority, Lutheran University
Rev., 5.00%, 10/1/2029		225		259
Rev., 5.00%, 10/1/2030		225		256
Rev., 5.00%, 10/1/2031		225		255
California State University, Systemwide Series A, Rev., 5.00%, 11/1/2024		3,000		3,471
Golden West Schools Financing Authority, Placentia-Yorba Linda University Rev., AMBAC, 5.50%, 8/1/2020		2,475		2,628

				6,869

General Obligation — 5.8%
Center Unified School District, Election of 1991 Series D, GO, NATL, Zero Coupon, 8/1/2026		750		522
Contra Costa Community College District GO, 5.00%, 8/1/2021		2,115		2,290
GO, 5.00%, 8/1/2022		1,000		1,083
GO, 5.00%, 8/1/2024		1,000		1,083
Los Angeles Community College District, Election of 2008 Series G, GO, 4.00%, 8/1/2039		145		147


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

General Obligation — continued
Los Angeles Unified School District
Series D, GO, 5.25%, 7/1/2024		5,000		5,116
Series B, GO, 5.00%, 7/1/2026		10,010		11,825
Series C, GO, 5.00%, 7/1/2026		9,000		10,227
Murrieta Valley Unified School District
GO, AGM, 5.00%, 9/1/2022		550		608
GO, AGM, 5.00%, 9/1/2023		725		816
San Diego Unified School District, Election of 1998 Series F-1, GO, AGM, 5.25%, 7/1/2028		1,000		1,243
State Center Community College District GO, 5.00%, 8/1/2024		1,000		1,111
State of California, Various Purpose
GO, 5.00%, 4/1/2020		5,000		5,067
GO, 5.63%, 4/1/2026		5,000		5,079
GO, 5.00%, 8/1/2030		10,370		11,653
GO, 6.50%, 4/1/2033		3,010		3,068

				60,938

Hospital — 0.3%
California Health Facilities Financing Authority, Kaiser Permanente Subseries A-2, Rev., 4.00%, 11/1/2038		1,000		1,003
California Municipal Finance Authority, Community Medical Centers Series A, Rev., 5.00%, 2/1/2031		1,750		1,949

				2,952

Other Revenue — 0.6%
Golden State Tobacco Securitization Corp., Tobacco Settlement Series A, Rev., 5.00%, 6/1/2034		4,950		5,446
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2024		175		202
Series A, Rev., 5.00%, 7/1/2025		395		462
Series A, Rev., 5.00%, 7/1/2026		225		262

				6,372

Prerefunded — 2.0%
California State Department of Water Resources, Central Valley Project Water System Series AQ, Rev., 4.00%, 6/1/2023 (b)		250		271
California State Public Works Board, University of California Series H, Rev., 5.00%, 9/1/2023 (b)		8,700		9,846
City of Los Angeles, Department of Water & Power, Power System Series A, Rev., 5.00%, 1/1/2023 (b)		15		17

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Prerefunded — continued
University of California Series O, Rev., 5.75%, 5/15/2019 (b)		10,285		10,504

				20,638

Transportation — 0.8%
California Infrastructure & Economic Development Bank, Bay Area Toll Bridges, First Lien
Series A, Rev., AGM, 5.00%, 7/1/2022 (b)		340		376
Series A, Rev., FGIC, 5.00%, 7/1/2025 (b)		2,315		2,714
San Joaquin County Transportation Authority, Measure K
Rev., 5.00%, 3/1/2029		2,285		2,684
Rev., 5.00%, 3/1/2030		2,000		2,336

				8,110

Utility — 6.2%
City of Los Angeles, Department of Water & Power, Power System
Series A, Rev., 5.00%, 7/1/2023		2,500		2,795
Series B, Rev., 5.00%, 7/1/2028		25,385		28,594
Series B, Rev., 5.00%, 7/1/2029		8,580		9,960
Series B, Rev., 5.00%, 7/1/2031		2,100		2,349
Series A, Rev., 5.00%, 7/1/2032		2,550		2,919
Series B, Rev., 5.00%, 7/1/2032		1,925		2,146
Series D, Rev., 5.00%, 7/1/2032		3,300		3,691
Series A, Rev., 5.00%, 7/1/2033		5,000		5,701
Series A, Rev., 5.00%, 7/1/2034		710		807
Long Beach Bond Finance Authority, Natural Gas Series A, Rev., 5.25%, 11/15/2021		5,000		5,397
Sacramento Municipal Utility District Financing Authority, Cosumnes Project Rev., 5.00%, 7/1/2028		1,290		1,491

				65,850

Water & Sewer — 1.3%
City of Santa Rosa, Wastewater, Capital Appreciation Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023		4,750		4,221
Metropolitan Water District Southern Water Works
Series A, Rev., 5.00%, 10/1/2025		2,545		2,802
San Diego County Water Authority
Series 2013A, Rev., 5.00%, 5/1/2030		6,000		6,683

				13,706

Total California				185,522


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Colorado — 2.8%
Certificate of Participation/Lease — 0.4%
State of Colorado, Building Excellent Schools Today Series 2018-M, COP, 5.00%, 3/15/2029		3,150		3,665

General Obligation — 2.4%
Dawson Ridge Metropolitan District No.1 Series A, GO, Zero Coupon, 10/1/2022 (b)		4,250		3,860
Douglas County School District No. Re-1, Douglas & Elbert Counties
GO, 5.25%, 12/15/2023		6,950		7,926
GO, 5.25%, 12/15/2025		2,345		2,764
Jefferson County School District No. R-1 GO, 5.00%, 12/15/2022		10,000		11,051

				25,601

Total Colorado				29,266

Connecticut — 1.0%
General Obligation — 0.8%
City of Greenwich GO, 5.00%, 6/1/2020		200		201
State of Connecticut Series E, GO, 5.00%, 8/15/2030		8,200		8,757

				8,958

Water & Sewer — 0.2%
South Central Regional Water Authority, Water System Revenue
Series A, Rev., NATL, 5.25%, 8/1/2019		250		256
Series A, Rev., NATL, 5.25%, 8/1/2020		1,290		1,361

				1,617

Total Connecticut				10,575

Delaware — 1.0%
Education — 0.1%
University of Delaware
Series B, Rev., 5.00%, 11/1/2021		1,000		1,029

General Obligation — 0.9%
County of New Castle Series B, GO, 5.00%, 7/15/2021		20		21
State of Delaware
Series C, GO, 5.00%, 3/1/2021		1,000		1,065
Series A, GO, 5.00%, 2/1/2025		975		1,119
Series A, GO, 5.00%, 2/1/2027		2,255		2,650
Series A, GO, 5.00%, 2/1/2028		2,355		2,795

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Series A, GO, 5.00%, 2/1/2029		1,370		1,620

				9,270

Total Delaware				10,299

District of Columbia — 1.2%
General Obligation — 0.2%
District of Columbia
Series A, GO, 5.00%, 6/1/2029		290		335
Series A, GO, 5.00%, 6/1/2030		400		459
Series A, GO, 5.00%, 6/1/2031		600		685
Series A, GO, 5.00%, 6/1/2032		620		704

				2,183

Water & Sewer — 1.0%
District of Columbia Water & Sewer Authority, Sub Lien
Series C, Rev., 5.00%, 10/1/2025		5,000		5,497
Series C, Rev., 5.00%, 10/1/2029		5,000		5,494

				10,991

Total District of Columbia				13,174

Florida — 4.8%
General Obligation — 3.8%
Florida State Board of Education, Public Education Capital Outlay
Series A, GO, 5.00%, 6/1/2024		5,090		5,367
Series D, GO, 5.00%, 6/1/2025		32,375		34,657

				40,024

Utility — 0.4%
JEA Electric System Subseries III-B, Rev., 5.00%, 10/1/2033		4,000		4,386

Water & Sewer — 0.6%
Broward County, Florida Water and Sewer Utility Series 2015-B, Rev., 5.00%, 10/1/2030		5,000		5,635

Total Florida				50,045

Georgia — 2.3%
General Obligation — 0.5%
Georgia Polk School District
Series 2018, GO, 5.00%, 3/1/2024		175		197
Series 2018, GO, 5.00%, 3/1/2025		350		401
State of Georgia
Series B, GO, 5.00%, 7/1/2020		300		314
Series A, GO, 5.00%, 2/1/2025		130		149


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

General Obligation — continued
Series E, GO, 5.00%, 12/1/2025		3,960		4,592

				5,653

Transportation — 0.6%
City of Atlanta, Airport Series A, Rev., 5.00%, 1/1/2021		6,000		6,353

Water & Sewer — 1.2%
Cobb County, Water & Sewer Rev., 5.00%, 7/1/2022		6,895		7,033
Fulton County, Water & Sewerage Rev., 5.00%, 1/1/2023		5,000		5,272
Henry County Water & Sewerage Authority Rev., 5.00%, 2/1/2029		125		136

				12,441

Total Georgia				24,447

Hawaii — 0.7%
General Obligation — 0.7%
State of Hawaii
Series FT, GO, 5.00%, 1/1/2026		4,000		4,616
Series FG, GO, 5.00%, 10/1/2028		2,500		2,870

Total Hawaii				7,486

Idaho — 0.3%
General Obligation — 0.3%
Ada & Canyon Counties, Joint School District No. 2 GO, 5.00%, 8/15/2023		3,060		3,426

Illinois — 0.9%
General Obligation — 0.1%
Du Page & Will Counties Community School District No. 204 Indian Prairie, School Building Series A, GO, AGM-CR, FGIC, 6.25%, 12/30/2021		140		156
Village of Schaumburg Series A, GO, 4.00%, 12/1/2020		625		647

				803

Other Revenue — 0.0% (c)
City of Chicago, Motor Fuel Tax
Rev., 5.00%, 1/1/2020		75		76
Rev., 5.00%, 1/1/2021		200		206
Rev., 5.00%, 1/1/2022		105		109

				391

Transportation — 0.4%
Illinois State Toll Highway Authority Series A, Rev., 5.00%, 12/1/2022		3,000		3,297

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — continued
Regional Transportation Authority Series A, Rev., NATL, 6.00%, 7/1/2024		750		873

				4,170

Water & Sewer — 0.4%
City of Chicago, Water Revenue, Second Lien Project
Rev., 5.00%, 11/1/2021		1,000		1,066
Rev., 5.00%, 11/1/2022		400		433
Rev., 5.00%, 11/1/2029		1,000		1,084
Illinois Finance Authority, State Clean Water Initiative Revolving Fund Rev., 5.00%, 1/1/2025		985		1,117

				3,700

Total Illinois				9,064

Indiana — 1.8%
Other Revenue — 0.1%
Fort Wayne Redevelopment Authority, Lease Rental, Harrison Square Project
Rev., 5.00%, 2/1/2026		1,110		1,233

Prerefunded — 1.2%
Indiana Finance Authority, Revolving Fund Series A, Rev., 5.00%, 2/1/2022 (b)		9,870		10,729
Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project Series F, Rev., AGM, 5.00%, 1/1/2020 (b)		1,750		1,808

				12,537

Utility — 0.4%
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series D, Rev., 5.00%, 1/1/2026		4,050		4,480

Water & Sewer — 0.1%
City of Evansville, Waterworks District
Series B, Rev., 5.00%, 1/1/2022		325		350
Series B, Rev., 5.00%, 1/1/2023		375		404

				754

Total Indiana				19,004

Kentucky — 0.5%
Prerefunded — 0.5%
Kentucky Turnpike Authority, Revitalization Projects Series A, Rev., 5.00%, 7/1/2021 (b)		5,185		5,544


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Louisiana — 1.1%
Housing — 0.3%
Louisiana Public Facilities Authority, Multi-Family Housing, CR Series A, Rev., Zero Coupon, 2/1/2020 (b)		3,270		3,181

Other Revenue — 0.7%
Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project Rev., 5.00%, 10/1/2032		3,000		3,303
Louisiana Public Facilities Authority, CR Series B, Rev., Zero Coupon, 12/1/2019 (b)		4,375		4,277

				7,580

Utility — 0.1%
City of Alexandria, Utilities Series A, Rev., 5.00%, 5/1/2043		1,250		1,327

Total Louisiana				12,088

Maryland — 2.4%
General Obligation — 2.2%
Baltimore County, Consolidated Public Improvement GO, 5.00%, 3/1/2032		7,090		8,177
County of Anne Arundel, Consolidated Water and Sewer Series 2018, GO, 5.00%, 10/1/2029		1,450		1,692
County of Anne Arundel, Water & Sewer GO, 5.00%, 10/1/2027		2,075		2,417
State of Maryland, State and Local Facilities Loan Series A, GO, 5.00%, 3/15/2024		10,000		11,301

				23,587

Prerefunded — 0.2%
State of Maryland, State and Local Facilities Loan Series A, GO, 5.00%, 3/1/2023 (b)		1,690		1,872

Total Maryland				25,459

Massachusetts — 3.6%
General Obligation — 0.8%
Commonwealth of Massachusetts
Series C, GO, AGM, 5.50%, 12/1/2022		200		225
Series B, GO, 5.00%, 1/1/2027		3,000		3,497
Commonwealth of Massachusetts, Consolidated Loan of 2014 Series C, GO, 4.00%, 7/1/2031		5,000		5,162

				8,884

Other Revenue — 0.8%
Massachusetts School Building Authority, Dedicated Sales Tax Series B, Rev., 5.00%, 8/15/2030		7,420		8,108

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 1.1%
Massachusetts Bay Transportation Authority Series A, Rev., 5.25%, 7/1/2027		10,000		11,928

Water & Sewer — 0.9%
Massachusetts Clean Water Trust (The), Green Bond Series 20, Rev., 5.00%, 2/1/2036		8,280		9,231

Total Massachusetts				38,151

Michigan — 1.3%
Education — 0.3%
Eastern Michigan University, Board of Regents
Series A, Rev., 5.00%, 3/1/2026		750		846
Series A, Rev., 5.00%, 3/1/2027		750		850
Series A, Rev., 5.00%, 3/1/2033		1,000		1,098

				2,794

General Obligation — 0.2%
Huron Valley School District GO, Q-SBLF, 5.00%, 5/1/2024		2,000		2,129

Other Revenue — 0.1%
State of Michigan, Trunk Line Fund Rev., 5.00%, 11/15/2028 1,240				1,340

Prerefunded — 0.0% (c)
State of Michigan, Environmental Program Series A, GO, 6.00%, 5/1/2019 (b)		100		102

Water & Sewer — 0.7%
City of Grand Rapids, Sanitary Sewer System Series A, Rev., AGM-CR, BHAC-CR, FGIC, 5.50%, 1/1/2022		7,000		7,391

Total Michigan				13,756

Minnesota — 1.5%
General Obligation — 0.5%
County of Hennepin Series B, GO, 5.00%, 12/1/2027		2,135		2,494
Roseville Independent School District No 623, Minnesota School District, Credit Enhancement Program Series A, GO, 5.00%, 2/1/2028		2,265		2,618

				5,112

Other Revenue — 1.0%
State of Minnesota, General Fund Refunding Appropriation Series B, Rev., 5.00%, 3/1/2025		9,705		10,549


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Prerefunded — 0.0% (c)
St. Paul Minnesota, Housing & Redevelopment Authority Health Care Rev., 5.25%, 11/15/2020 (b)		195		207

Total Minnesota				15,868

Missouri — 0.7%
Other Revenue — 0.7%
Kansas City Industrial Development Authority, Downtown Redevelopment District Series A, Rev., 5.00%, 9/1/2021		6,620		7,091

Prerefunded — 0.0% (c)
Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water Series A, Rev., 5.00%, 1/1/2020 (b)		20		21

Water & Sewer — 0.0% (c)
Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water Series A, Rev., 5.00%, 1/1/2019 (b)		15		15

Total Missouri				7,127

Nebraska — 0.5%
Utility — 0.5%
Omaha Public Power District, Electric System Series A, Rev., 4.00%, 2/1/2032		5,000		5,123

New Hampshire — 0.1%
Prerefunded — 0.1%
New Hampshire Municipal Bond Bank Series E, Rev., 5.00%, 1/15/2020 (b)		1,195		1,236

New Jersey — 3.2%
Education — 1.3%
New Jersey Economic Development Authority, School Facilities Construction
Series XX, Rev., 5.00%, 6/15/2019		3,500		3,552
Series XX, Rev., 5.00%, 6/15/2021		5,145		5,415
Series PP, Rev., 5.00%, 6/15/2029		5,000		5,288

				14,255

General Obligation — 0.3%
North Brunswick Township Board of Education GO, 5.00%, 7/15/2022		850		888
Township of Woodbridge
GO, 5.00%, 7/15/2022		1,100		1,155
GO, 5.00%, 7/15/2023		1,200		1,259

				3,302

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — 0.3%
Tobacco Settlement Financing Corp. Series A, Rev., 5.00%, 6/1/2027		2,800		3,183

Transportation — 1.1%
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series 2018-A, Rev., 5.00%, 6/15/2028		3,000		3,299
New Jersey Transportation Trust Fund Authority, Transportation Program Series AA, Rev., 5.00%, 6/15/2036		2,500		2,561
New Jersey Transportation Trust Fund Authority, Transportation System Series B, Rev., AMBAC, 5.25%, 12/15/2022		5,000		5,417

				11,277

Water & Sewer — 0.2%
Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation
Series B, Rev., AGM, Zero Coupon, 12/1/2020		1,995		1,904

Total New Jersey				33,921

New Mexico — 0.6%
Other Revenue — 0.4%
New Mexico Finance Authority, Senior Lien Public Project Series C, Rev., 5.00%, 6/1/2022		4,200		4,491

Transportation — 0.2%
New Mexico Finance Authority, State Transportation, Sub Lien Series A-2, Rev., 5.00%, 12/15/2021		1,385		1,464

Total New Mexico				5,955

New York — 22.0%
Education — 0.2%
Monroe County IDA, School Facility, Modernization Project Rev., 5.00%, 5/1/2030		2,100		2,405

General Obligation — 1.5%
City of New York, Fiscal Year 2010
Series E, GO, 5.00%, 8/1/2023		5,000		5,112
City of New York, Fiscal Year 2013
Series D, GO, 5.00%, 8/1/2028		6,085		6,721
Series F, Subseries F-1, GO, 5.00%, 3/1/2030		4,050		4,457

				16,290

Industrial Development Revenue/Pollution Control Revenue — 1.0%
New York Liberty Development Corp., World Trade Center Projects Class 1, Rev., 5.00%, 9/15/2030		9,475		10,214


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Other Revenue — 6.7%
Hudson Yards Infrastructure Corp. Series A, Rev., 5.00%, 2/15/2033		1,500		1,680
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012 Series D, Subseries D-1, Rev., 5.00%, 11/1/2031		9,000		9,714
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries F-1, Rev., 5.00%, 2/1/2031		10,000		10,964
New York Convention Center Development Corp., Hotel Unit Fee Secured Series B, Rev., AGM-CR, Zero Coupon, 11/15/2052		10,000		2,194
New York State Dormitory Authority Series 2018-A, Rev., 5.00%, 7/1/2038		3,500		3,928
New York State Dormitory Authority, Consolidated Services Contract Series A, Rev., 5.00%, 7/1/2023		8,500		8,669
New York State Dormitory Authority, State Sales Tax
Series A, Rev., 5.00%, 3/15/2028		3,000		3,360
Series A, Rev., 5.00%, 3/15/2029		5,000		5,587
Series A, Rev., 5.00%, 3/15/2033		1,000		1,102
Series A, Rev., 5.00%, 3/15/2034		4,225		4,642
New York State Urban Development Corp., State Personal Income Tax Series C, Rev., 5.00%, 3/15/2027		5,475		6,373
Sales Tax Asset Receivable Corp., Fiscal Year 2015
Series A, Rev., 5.00%, 10/15/2028		1,800		2,033
Series A, Rev., 5.00%, 10/15/2029		7,500		8,432
Series A, Rev., 5.00%, 10/15/2031		1,850		2,069

				70,747

Prerefunded — 2.8%
Metropolitan Transportation Authority
Series C, Rev., 6.50%, 11/15/2018 (b)		60		60
Series A, Rev., 5.00%, 11/15/2021 (b)		1,500		1,628
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Series B, Rev., 5.00%, 11/1/2019 (b)		5		5
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series A, Rev., 5.00%, 2/15/2019 (b)		100		101
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels Series A, Rev., 5.00%, 1/1/2022 (b)		25,000		27,210

				29,004

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	17

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Special Tax — 3.4%
New York State Dormitory Authority, State Personal Income Tax Series C, Rev., 5.00%, 3/15/2031		7,250		8,016
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series C, Rev., 5.00%, 3/15/2033		12,500		13,721
Series C, Rev., 5.00%, 3/15/2041		3,500		3,697
New York State Thruway Authority, State Personal Income Tax, Transportation Series A, Rev., 5.00%, 3/15/2026		10,000		10,509

				35,943

Transportation — 2.5%
Metropolitan Transportation Authority
Series C, Rev., 6.50%, 11/15/2018		195		195
Subseries C-1, Rev., 5.25%, 11/15/2028		5,000		5,666
New York State Thruway Authority
Series L, Rev., 5.00%, 1/1/2023		2,760		3,047
Series L, Rev., 5.00%, 1/1/2024		3,145		3,525
Port Authority of New York & New Jersey, Consolidated
Rev., 5.00%, 5/1/2034		2,965		3,091
Rev., 5.00%, 5/1/2035		2,000		2,085
Rev., 5.00%, 10/15/2041		6,500		7,127
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels Series B, Rev., 5.00%, 11/15/2031		1,250		1,374

				26,110

Utility — 0.9%
Utility Debt Securitization Authority
Series TE, Rev., 5.00%, 12/15/2028		4,000		4,440
Series TE, Rev., 5.00%, 12/15/2041		4,250		4,596

				9,036

Water & Sewer — 3.0%
New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2010 Series FF, Rev., 5.00%, 6/15/2024		16,335		17,108
New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031		3,000		3,359
New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Projects — Second Resolution


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Water & Sewer — continued
Series A, Rev., 5.00%, 6/15/2026		2,750		3,191
Series A, Rev., 5.00%, 6/15/2027		3,500		4,104
Series A, Rev., 5.00%, 6/15/2028		3,000		3,505

				31,267

Total New York				231,016

North Carolina — 0.1%
Transportation — 0.1%
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien Rev., AGM, 5.00%, 1/1/2029		700		788

Ohio — 1.2%
General Obligation — 0.1%
City of Columbus, Various Purpose Series 2017-1, GO, 5.00%, 4/1/2028		1,000		1,172

Other Revenue — 0.2%
Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects Series B, Rev., 5.00%, 10/1/2022		2,235		2,294

Prerefunded — 0.5%
City of Columbus Series 1, GO, 5.00%, 7/1/2023 (b)		4,750		5,303

Transportation — 0.1%
State of Ohio, Capital Facilities Lease Appropriation Series A, Rev., 5.00%, 4/1/2028		1,020		1,182

Water & Sewer — 0.3%
Northeast Ohio Regional Sewer District, Wastewater Improvement
Rev., 5.00%, 11/15/2025		555		630
Rev., 5.00%, 11/15/2027		1,500		1,691

				2,321

Total Ohio				12,272

Oklahoma — 1.0%
Education — 0.2%
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Series 2018, Rev., 5.00%, 10/1/2022		250		272
Series 2018, Rev., 5.00%, 10/1/2023		175		193
Series 2018, Rev., 5.00%, 10/1/2025		500		562
Series 2018, Rev., 5.00%, 10/1/2026		500		566

				1,593

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 0.7%
Oklahoma Turnpike Authority, Turnpike System, Second Senior
Series A, Rev., 5.00%, 1/1/2022		3,000		3,182
Series A, Rev., 5.00%, 1/1/2024		2,000		2,121
Series A, Rev., 5.00%, 1/1/2038		2,000		2,201

				7,504

Water & Sewer — 0.1%
Oklahoma City Water Utilities Trust, Water & Sewer System Rev., 5.00%, 7/1/2027		1,380		1,531

Total Oklahoma				10,628

Oregon — 1.3%
General Obligation — 0.2%
Linn & Benton Counties, School District No. 8J, Greater Albany
GO, 5.00%, 6/15/2030		500		576
GO, 5.00%, 6/15/2031		1,180		1,353
Marion County GO, AMBAC, 5.50%, 6/1/2023		100		113
Washington County, Hillsboro School District No. 1J GO, 5.00%, 6/15/2027		570		667

				2,709

Other Revenue — 0.2%
Oregon State Department of Administrative Services, Lottery Series A, Rev., 5.00%, 4/1/2027		1,500		1,663

Prerefunded — 0.7%
Oregon State Department of Administrative Services Series A, COP, 5.00%, 5/1/2019 (b)		6,965		7,068

Water & Sewer — 0.2%
City of Portland, Sewer System, Second Lien Series B, Rev., 4.00%, 10/1/2036		2,180		2,213

Total Oregon				13,653

Pennsylvania — 1.4%
Education — 0.2%
County of Montgomery Higher Education And Health Authority, Thomas Jefferson University
Series 2018-A, Rev., 4.00%, 9/1/2043		2,000		1,936

General Obligation — 0.4%
Commonwealth of Pennsylvania, Third Series GO, 5.38%, 7/1/2021		4,195		4,517

Hospital — 0.4%
Berks County Pennsylvania, IDA, Health System, Tower Health Project
Rev., 5.00%, 11/1/2027		350		394


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Hospital — continued
Rev., 5.00%, 11/1/2028		450		506
Rev., 5.00%, 11/1/2029		150		167
Rev., 5.00%, 11/1/2030		150		166
Sayre Health Care Facilities Authority, Guthrie Health Issue Rev., (ICE LIBOR USD 3 Month + 0.78%), 2.34%, 12/1/2024 (d)		3,000		3,018

				4,251

Other Revenue — 0.4%
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Series 2018, Rev., 5.00%, 6/1/2024		500		553
Series 2018, Rev., 5.00%, 6/1/2025		630		702
Series 2018, Rev., 5.00%, 6/1/2026		380		425
Series 2018, Rev., 5.00%, 6/1/2027		500		562
Series 2018, Rev., 5.00%, 6/1/2028		880		992
Series 2018, Rev., 5.00%, 6/1/2029		380		428

				3,662

Total Pennsylvania				14,366

Rhode Island — 0.2%
Education — 0.1%
Rhode Island Health & Educational Building Corp., Brown University Series A, Rev., 5.00%, 9/1/2025		655		706

General Obligation — 0.1%
State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014 Series A, GO, 5.00%, 11/1/2024		1,000		1,118

Total Rhode Island				1,824

South Carolina — 0.2%
General Obligation — 0.0% (c)
State of South Carolina Series B, GO, 5.00%, 4/1/2024		150		170

Water & Sewer — 0.2%
City of Columbia Rev., 5.00%, 2/1/2026		1,500		1,628

Total South Carolina				1,798

Tennessee — 1.7%
General Obligation — 0.8%
City of Bartlett GO, 5.00%, 9/1/2023		1,525		1,709
City of Maryville
Series A, GO, 5.00%, 6/1/2024		2,160		2,444
Series A, GO, 5.00%, 6/1/2025		2,075		2,380
Series A, GO, 5.00%, 6/1/2026		1,240		1,438

				7,971

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	19

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — 0.9%
City of Chattanooga, Electric Revenue Series A, Rev., 5.00%, 9/1/2023		1,230		1,380
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (e)		8,000		8,274

				9,654

Total Tennessee				17,625

Texas — 7.1%
Education — 0.5%
University of Texas System, Board of Regents, Financing System Series B, Rev., 5.00%, 8/15/2026		5,000		5,810

General Obligation — 3.0%
Carroll Independent School District
Series C, GO, 5.00%, 2/15/2022		945		953
Series C, GO, 5.00%, 2/15/2023		325		328
City of El Paso, Refunding & Improvement GO, 5.00%, 2/15/2032		1,490		1,680
City of Houston, Public Improvement Series A, GO, 5.00%, 3/1/2030		4,000		4,414
City of Lubbock GO, 5.00%, 2/15/2025		3,150		3,523
City of Pflugerville, Limited Tax GO, 5.00%, 8/1/2023		680		744
City of San Antonio, General Improvement
GO, 5.00%, 8/1/2023		700		751
GO, 5.00%, 8/1/2024		3,500		3,753
GO, 5.00%, 8/1/2026		4,735		5,077
GO, 5.00%, 8/1/2027		2,735		2,933
Crandall Independent School District
Series A, GO, PSF-GTD, Zero Coupon, 8/15/2025		1,150		925
Series A, GO, PSF-GTD, Zero Coupon, 8/15/2026		2,140		1,654
Series A, GO, PSF-GTD, Zero Coupon, 8/15/2027		2,145		1,589
San Jacinto Community College District
GO, AMBAC, 5.00%, 2/15/2020		390		391
GO, 5.00%, 2/15/2040		2,600		2,738

				31,453

Other Revenue — 0.2%
Trinity River Authority, Walker-Calloway System
Rev., 5.00%, 2/1/2024		125		139
Rev., 5.00%, 2/1/2025		265		300
Rev., 5.00%, 2/1/2026		275		314
Rev., 5.00%, 2/1/2027		290		333


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Other Revenue — continued
Rev., 5.00%, 2/1/2028		305		352
Rev., 5.00%, 2/1/2029		320		369
Rev., 5.00%, 2/1/2030		340		388
Rev., 5.00%, 2/1/2031		355		402

				2,597

Prerefunded — 0.5%
Harlandale Independent School District GO, AGC, 5.00%, 8/1/2019 (b)		1,830		1,870
Hays County, Pass-Through Toll GO, 5.00%, 2/15/2020 (b)		3,285		3,402

				5,272

Transportation — 1.4%
City of Houston, Airport System, Sub Lien Series B, Rev., 5.00%, 7/1/2026		3,000		3,199
Grand Parkway Transportation Corp. Series B, Rev., 5.25%, 10/1/2051		7,660		8,375
North Texas Tollway Authority System, First Tier
Series A, Rev., 5.00%, 1/1/2026		200		220
Series A, Rev., 5.00%, 1/1/2027		550		626
Series A, Rev., 5.00%, 1/1/2030		360		402
Series A, Rev., 5.00%, 1/1/2035		600		664
North Texas Tollway Authority System, Second Tier
Series B, Rev., 5.00%, 1/1/2026		150		164
Series B, Rev., 5.00%, 1/1/2027		300		341
Series B, Rev., 5.00%, 1/1/2030		400		445

				14,436

Utility — 0.3%
City of San Antonio, Electric and Gas System Rev., 5.00%, 2/1/2026		3,000		3,462

Water & Sewer — 1.2%
City of Houston, Water & Sewer System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (b)		5,550		7,211
City of San Antonio, Water System Junior Lien Series E, Rev., 5.00%, 5/15/2024		1,250		1,385
Coastal Water Authority, City of Houston Projects
Rev., 4.00%, 12/15/2018		100		100
Rev., 5.00%, 12/15/2023		3,315		3,501

				12,197

Total Texas				75,227

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utah — 0.1%
Prerefunded — 0.0% (c)
Utah Infrastructure Agency Telecommunications and Franchise Tax Rev., 4.00%, 10/15/2025 (b)		250		273

Water & Sewer — 0.1%
Weber Basin Water Conservancy District
Series B, Rev., 5.00%, 10/1/2030		250		288
Series B, Rev., 5.00%, 10/1/2031		470		539

				827

Total Utah				1,100

Virginia — 2.4%
General Obligation — 0.9%
Commonwealth of Virginia Series D, GO, 5.00%, 6/1/2020		5,000		5,090
County of Arlington Series 2018, GO, 5.00%, 8/15/2031		4,000		4,666

				9,756

Other Revenue — 0.0% (c)
Virginia Resources Authority, Pooled Financing Program, Infrastructure Rev., 5.00%, 11/1/2023		405		417

Prerefunded — 0.1%
City of Richmond, Public Improvement Series D, GO, 5.00%, 7/15/2020 (b)		205		215
Virginia Resources Authority, Pooled Financing Program, Infrastructure Rev., 5.00%, 11/1/2019 (b)		560		576

				791

Transportation — 0.9%
Hampton Roads Transportation Accountability Commission Fund Series A, Rev., 5.00%, 7/1/2029		2,985		3,507
Northern Virginia Transportation Authority
Series 2014, Rev., 5.00%, 6/1/2025		1,000		1,132
Virginia Commonwealth Transportation Board, Capital Projects
Series A, Rev., 5.00%, 5/15/2033		3,955		4,493

				9,132

Utility — 0.5%
City of Richmond, Public Utility Revenue Series A, Rev., 5.00%, 1/15/2028		4,090		4,684

Total Virginia				24,780


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Washington — 2.3%
General Obligation — 0.1%
Snohomish County, Edmonds School District No. 15 GO, 5.00%, 12/1/2033		1,100		1,212
Yakima County School District No. 7 GO, 5.50%, 12/1/2023		275		284

				1,496

Hospital — 0.6%
Washington Health Care Facilities Authority
Rev., 5.00%, 10/1/2025		1,250		1,421
Rev., 5.00%, 10/1/2026		1,500		1,717
Rev., 5.00%, 10/1/2027		2,500		2,875

				6,013

Prerefunded — 1.0%
State of Washington, Various Purpose Series 2010C, GO, 5.00%, 8/1/2019 (b)		10,000		10,221

Transportation — 0.5%
Port of Seattle, Intermediate Lien
Series B, Rev., 5.00%, 3/1/2033		3,750		4,108
Series B, Rev., 5.00%, 3/1/2034		1,000		1,093

				5,201

Water & Sewer — 0.1%
City of Seattle, Drainage & Wastewater Improvement Rev., 5.00%, 9/1/2026		1,325		1,438

Total Washington				24,369

Total Municipal Bonds (Cost $983,873)				1,004,912


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.4%
Investment Companies — 2.4%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.51% (f) (g) (Cost $25,260)		25,260		25,260

Total Investments — 98.0% (Cost $1,009,133)				1,030,172
Other Assets Less Liabilities — 2.0%				21,503

NET ASSETS — 100.0%				1,051,675

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	21

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Percentages indicated are based on net assets.


Abbreviations
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
CR		Custodial Receipts
FGIC		Insured by Financial Guaranty Insurance Co.
GAN		Grant Anticipation Notes
GO		General Obligation
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-GTD		Permanent School Fund Guaranteed


Q-SBLF		Qualified School Bond Loan Fund
Rev.		Revenue
USD		United States Dollar

(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)		Security is prerefunded or escrowed to maturity.
(c)		Amount rounds to less than 0.1% of net assets.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2018.
(e)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2018.
(f)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)		The rate shown is the current yield as of October 31, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018

Over the Counter (“OTC”) Inflation-linked swap contracts outstanding as of October 31, 2018 (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

1.82% at termination

Receive

Barclays Bank plc

11/8/2021

USD

25,000

469

CPI-U at termination

2.00% at termination

Receive

BNP Paribas

11/7/2026

USD

9,000

221

CPI-U at termination

2.00% at termination

Receive

Deutsche Bank AG

11/7/2026

USD

25,000

600

CPI-U at termination

2.05% at termination

Receive

Barclays Bank plc

11/17/2023

USD

25,000

271

CPI-U at termination

2.06% at termination

Receive

BNP Paribas

11/15/2023

USD

9,000

CPI-U at termination

2.06% at termination

Receive

Deutsche Bank AG

11/14/2022

USD

22,000

194

CPI-U at termination

2.06% at termination

Receive

Morgan Stanley

11/13/2022

USD

9,000

CPI-U at termination

2.18% at termination

Receive

Barclays Bank plc

10/2/2027

USD

66,000

818

CPI-U at termination

2.18% at termination

Receive

Barclays Bank plc

10/16/2027

USD

34,000

393

3,138

CPI-U at termination

2.21% at termination

Receive

Citibank, NA

8/20/2021

USD

46,000

(197

)

CPI-U at termination

2.24% at termination

Receive

Barclays Bank plc

2/6/2023

USD

53,600

(114

)

CPI-U at termination

2.31% at termination

Receive

Deutsche Bank AG

3/9/2026

USD

9,000

(60

)

CPI-U at termination

2.32% at termination

Receive

Bank of America NA

7/31/2024

USD

11,000

(96

)

CPI-U at termination

2.33% at termination

Receive

Royal Bank of Scotland

8/9/2024

USD

71,000

(635

)

CPI-U at termination

2.34% at termination

Receive

Barclays Bank plc

8/20/2028

USD

7,000

(59

)

CPI-U at termination

2.35% at termination

Receive

BNP Paribas

7/6/2020

USD

25,000

(1,529

)

CPI-U at termination

2.42% at termination

Receive

Royal Bank of Scotland

6/30/2020

USD

75,000

(5,266

)

CPI-U at termination

2.43% at termination

Receive

Royal Bank of Scotland

6/28/2020

USD

25,000

(1,776

)

CPI-U at termination

2.44% at termination

Receive

Barclays Bank plc

5/15/2024

USD

18,000

(1,042

)

CPI-U at termination

2.48% at termination

Receive

Citibank, NA

9/2/2024

USD

15,000

(948

)

CPI-U at termination

2.48% at termination

Receive

Deutsche Bank AG

2/21/2024

USD

40,000

(2,451

)

CPI-U at termination

2.48% at termination

Receive

Royal Bank of Scotland

3/17/2024

USD

7,000

(428

)

CPI-U at termination

2.49% at termination

Receive

Citibank, NA

8/27/2024

USD

6,000

(389

)

CPI-U at termination

2.50% at termination

Receive

Deutsche Bank AG

10/10/2044

USD

8,000

(644

)

CPI-U at termination

2.50% at termination

Receive

Morgan Stanley

2/4/2024

USD

34,000

(2,161

)

CPI-U at termination

2.53% at termination

Receive

Morgan Stanley

1/27/2024

USD

30,000

(1,996

)

CPI-U at termination

2.67% at termination

Receive

Morgan Stanley

9/12/2044

USD

3,000

(402

)

CPI-U at termination

2.70% at termination

Receive

Barclays Bank plc

9/3/2044

USD

5,000

(715

)

CPI-U at termination

2.71% at termination

Receive

Deutsche Bank AG

2/25/2044

USD

5,000

(726

)

CPI-U at termination

2.73% at termination

Receive

Royal Bank of Scotland

2/10/2044

USD

9,000

(1,377

)

(23,011

)

(19,873

)

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	23

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Centrally Cleared Inflation-linked swap contracts outstanding as of October 31, 2018 (amounts in thousands):

FLOATING RATE INDEX (a)

FIXED RATE

PAY/RECEIVE
FLOATING RATE

MATURITY
DATE

NOTIONAL

AMOUNT

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)

CPI-U at termination

2.20% at termination

Receive

10/30/2023

USD

16,000

(13

)

CPI-U at termination

2.25% at termination

Receive

10/26/2025

USD

3,000

)

CPI-U at termination

2.26% at termination

Receive

10/23/2023

USD

40,000

(142

)

CPI-U at termination

2.26% at termination

Receive

10/25/2025

USD

8,000

(21

)

CPI-U at termination

2.31% at termination

Receive

10/12/2023

USD

54,000

(346

)

CPI-U at termination

2.32% at termination

Receive

10/10/2022

USD

72,000

(495

)

CPI-U at termination

2.34% at termination

Receive

8/29/2028

USD

3,920

(35

)

CPI-U at termination

2.34% at termination

Receive

9/21/2025

USD

57,000

(541

)

(1,599

)

(1,599

)

There are no upfront payments (receipts) on the swap contracts listed above.

Summary of total swap contracts outstanding as of October 31, 2018 (amounts in thousands):


	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)

Assets
OTC Inflation linked swaps outstanding		—		3,138

Total OTC swap contracts outstanding		—		3,138


Liabilities
OTC Inflation linked swaps outstanding		—		(23,011	)

Total OTC swap contracts outstanding		—		(23,011	)


Abbreviations

CPI-U		Consumer Price Index for All Urban Consumers
USD		United States Dollar

(a)		Value of floating rate index at October 31, 2018 was 2.53%.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018

(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	$	1,394,516	$	1,004,912
Investments in affiliates, at value		6,144		25,260
Restricted cash for OTC derivatives		—		18,810
Cash		—		5,097
Deposits at broker for centrally cleared swaps		—		5,790
Receivables:
Investment securities sold		1,270		—
Fund shares sold		1,205		312
Interest and dividends from non-affiliates		788		12,810
Dividends from affiliates		31		42
Variation margin on centrally cleared swaps		—		871
Outstanding OTC swap contracts, at value		—		3,138

Total Assets		1,403,954		1,077,042


LIABILITIES:
Payables:
Due to custodian		1		—
Fund shares redeemed		1,315		1,778
Outstanding OTC swap contracts, at value		—		23,011
Accrued liabilities:
Investment advisory fees		423		265
Administration fees		87		39
Distribution fees		14		19
Service fees		143		39
Custodian and accounting fees		7		35
Collateral management fees		—		9
Other		82		172

Total Liabilities		2,072		25,367

Net Assets	$	1,401,882	$	1,051,675

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018 (continued)

(Amounts in thousands, except per share amounts)


	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	721,415		$	1,151,908
Total distributable earnings (loss) (a)		680,467			(100,233	)

Total Net Assets	$	1,401,882		$	1,051,675


Net Assets:
Class A	$	25,594		$	33,051
Class C		12,197			18,315
Class I		1,364,073			411,760
Class R6		18			588,549

Total	$	1,401,882		$	1,051,675


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		764			3,595
Class C		368			1,998
Class I		40,509			44,698
Class R6		—	(b)		63,886

Net Asset Value (c):
Class A — Redemption price per share	$	33.50		$	9.19
Class C — Offering price per share (d)		33.17			9.17
Class I — Offering and redemption price per share		33.67			9.21
Class R6 — Offering and redemption price per share		33.68			9.21
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)]	$	35.36		$	9.55


Cost of investments in non-affiliates	$	746,330		$	983,873
Cost of investments in affiliates		6,144			25,260

(a)	Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b)	Amount rounds to less than one thousand.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2018

(Amounts in thousands)


	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	38,156
Interest income from affiliates		—	(a)		22
Dividend income from non-affiliates		21,068			—
Dividend income from affiliates		235			859

Total investment income		21,303			39,037


EXPENSES:
Investment advisory fees		5,105			4,258
Administration fees		1,183			987
Distribution fees:
Class A		62			107
Class C		78			168
Service fees:
Class A		62			107
Class C		26			56
Class I		3,558			916
Custodian and accounting fees		42			193
Interest expense to affiliates		2			—
Professional fees		73			111
Collateral management fees		—			38
Trustees’ and Chief Compliance Officer’s fees		30			29
Printing and mailing costs		80			36
Registration and filing fees		67			116
Transfer agency fees (See Note 2.G.)		21			18
Other		21			25

Total expenses		10,410			7,165

Less fees waived		(2,218	)		(1,724	)

Net expenses		8,192			5,441

Net investment income (loss)		13,111			33,596


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		41,045			4,192
Investments in affiliates		—			—	(a)
Swaps		—			(33,351	)

Net realized gain (loss)		41,045			(29,159	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		11,892			(49,280	)
Swaps		—			45,082

Change in net unrealized appreciation/depreciation		11,892			(4,198	)

Net realized/unrealized gains (losses)		52,937			(33,357	)

Change in net assets resulting from operations	$	66,048		$	239

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	27

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,111		$	11,776		$	33,596		$	39,807
Net realized gain (loss)		41,045			111,296			(29,159	)		(39,823	)
Change in net unrealized appreciation/depreciation		11,892			153,147			(4,198	)		15,843

Change in net assets resulting from operations		66,048			276,219			239			15,827


DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(1,582	)		(722	)		(1,075	)		(1,281	)
Class C		(623	)		(269	)		(453	)		(568	)
Class I		(97,554	)		(56,491	)		(10,240	)		(26,332	)
Class R6 (b)		—			—			(21,893	)		(10,092	)
Select Class (c)		—			(4,438	)		—			(1,354	)

Total distributions to shareholders		(99,759	)		(61,920	)		(33,661	)		(39,627	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		161,596			(122,107	)		(434,345	)		7,487


NET ASSETS:
Change in net assets		127,885			92,192			(467,767	)		(16,313	)
Beginning of period		1,273,997			1,181,805			1,519,442			1,535,755

End of period	$	1,401,882		$	1,273,997		$	1,051,675		$	1,519,442

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:


	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
Class A
From net investment income		(106	)		(1,281	)
From net realized gains		(616	)		—
Class C
From net investment income		(14	)		(568	)
From net realized gains		(255	)		—
Class I
From net investment income		(11,635	)		(26,332	)
From net realized gains		(44,856	)		—
Class R6
From net investment income		—			(10,092	)
Select Class (c)
From net investment income		(548	)		(1,354	)
From net realized gains		(3,890	)		—

(b)	Commencement of offering of class of shares effective October 1, 2018, for JPMorgan Tax Aware Equity Fund.

(c)	All remaining Select Class Shares exchanged into Institutional Class Shares and the Institutional Class Shares were then renamed to Class I shares on April 3, 2017. Additionally, on April 3, 2017, Select Class Shares were no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018


	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017

CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	9,168		$	8,130		$	13,648		$	29,920
Distributions reinvested		1,579			640			1,055			1,206
Cost of shares redeemed		(4,668	)		(5,759	)		(37,279	)		(20,872	)

Change in net assets resulting from Class A capital transactions	$	6,079		$	3,011		$	(22,576	)	$	10,254

Class C
Proceeds from shares issued	$	4,461		$	3,150		$	2,059		$	2,832
Distributions reinvested		623			269			343			431
Cost of shares redeemed		(1,457	)		(1,481	)		(10,055	)		(9,272	)

Change in net assets resulting from Class C capital transactions	$	3,627		$	1,938		$	(7,653	)	$	(6,009	)

Class I
Proceeds from shares issued	$	521,721		$	238,226		$	186,669		$	489,275
Distributions reinvested		96,506			7,214			7,619			4,103
Cost of shares redeemed		(466,357	)		(271,435	)		(94,876	)		(1,298,948	)

Change in net assets resulting from Class I capital transactions	$	151,870		$	(25,995	)	$	99,412		$	(805,570	)

Class R6 (a)
Proceeds from shares issued	$	20		$	—		$	507,822		$	1,030,708
Distributions reinvested		—			—			21,804			2,900
Cost of shares redeemed		—			—			(1,033,154	)		(112,873	)

Change in net assets resulting from Class R6 capital transactions	$	20		$	—		$	(503,528	)	$	920,735

Select Class (b)
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	$	161,596		$	(122,107	)	$	(434,345	)	$	7,487

(a)	Commencement of offering of class of shares effective October 1, 2018, for JPMorgan Tax Aware Equity Fund.

(b)	All remaining Select Class Shares exchanged into Institutional Class Shares and the Institutional Class Shares were then renamed to Class I Shares on April 3, 2017. Additionally, on April 3, 2017, Select Class Shares were no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 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
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		267			254			1,453			3,148
Reinvested		47			22			113			127
Redeemed		(135	)		(176	)		(3,969	)		(2,205	)

Change in Class A Shares		179			100			(2,403	)		1,070

Class C
Issued		128			102			220			299
Reinvested		19			9			37			46
Redeemed		(43	)		(47	)		(1,074	)		(981	)

Change in Class C Shares		104			64			(817	)		(636	)

Class I
Issued		15,116			7,540			19,848			51,422
Reinvested		2,888			239			812			432
Redeemed		(13,501	)		(8,695	)		(10,085	)		(136,860	)

Change in Class I Shares		4,503			(916	)		10,575			(85,006	)

Class R6 (a)
Issued		—	(b)		—			53,787			108,487
Reinvested		—			—			2,323			305
Redeemed		—			—			(109,669	)		(11,943	)

Change in Class R6 Shares		—	(b)		—			(53,559	)		96,849

Select Class (c)
Issued		—			189			—			3,465
Reinvested		—			49			—			64
Redeemed		—			(3,474	)		—			(15,291	)

Change in Select Class Shares		—			(3,236	)		—			(11,762	)

(a)	Commencement of offering of class of shares effective October 1, 2018, for JPMorgan Tax Aware Equity Fund.

(b)	Amount rounds to less than one thousand.

(c)	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	OCTOBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK



OCTOBER 31, 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
Year Ended October 31, 2018	$	34.41	$	0.17		$	1.46		$	1.63		$	(0.18	)	$	(2.36	)	$	(2.54	)
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	)

Class C
Year Ended October 31, 2018		34.13		—	(f)		1.44			1.44			(0.04	)		(2.36	)		(2.40	)
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	)

Class I
Year Ended October 31, 2018		34.57		0.32			1.45			1.77			(0.31	)		(2.36	)		(2.67	)
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	)

Class R6
October 1, 2018 (g) through October 31, 2018		37.04		0.01			(3.37	)		(3.36	)		—			—			—

(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)

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

(f)	Amount rounds to less than $0.005.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 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)


$	33.50		4.83	%	$	25,594		0.96	%		0.50	%		0.96	%		38	%
	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


	33.17		4.31			12,197		1.46			(0.01	)		1.47			38
	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


	33.67		5.26			1,364,073		0.55			0.91			0.70			38
	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


	33.68		(9.07	)		18		0.44			0.31			0.48			38

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 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) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period		Total return (excludes sales charge) (b)
JPMorgan Tax Aware Real Return Fund
Class A
Year Ended October 31, 2018	$	9.46	$	0.23	$	(0.26	)	$	(0.03	)	$	(0.24	)	$	9.19		(0.36	)%
Year Ended October 31, 2017		9.59		0.23		(0.13	)		0.10			(0.23	)		9.46		1.12
Year Ended October 31, 2016		9.49		0.24		0.10			0.34			(0.24	)		9.59		3.64
Year Ended October 31, 2015		10.01		0.25		(0.51	)		(0.26	)		(0.26	)		9.49		(2.59	)
Year Ended October 31, 2014		10.06		0.26		(0.04	)		0.22			(0.27	)		10.01		2.15

Class C
Year Ended October 31, 2018		9.43		0.18		(0.25	)		(0.07	)		(0.19	)		9.17		(0.76	)
Year Ended October 31, 2017		9.57		0.19		(0.14	)		0.05			(0.19	)		9.43		0.50
Year Ended October 31, 2016		9.47		0.18		0.10			0.28			(0.18	)		9.57		2.98
Year Ended October 31, 2015		9.98		0.19		(0.50	)		(0.31	)		(0.20	)		9.47		(3.16	)
Year Ended October 31, 2014		10.03		0.19		(0.04	)		0.15			(0.20	)		9.98		1.48

Class I
Year Ended October 31, 2018		9.48		0.26		(0.27	)		(0.01	)		(0.26	)		9.21		(0.10	)
Year Ended October 31, 2017		9.61		0.26		(0.13	)		0.13			(0.26	)		9.48		1.35
Year Ended October 31, 2016		9.51		0.26		0.11			0.37			(0.27	)		9.61		3.89
Year Ended October 31, 2015		10.03		0.27		(0.50	)		(0.23	)		(0.29	)		9.51		(2.33	)
Year Ended October 31, 2014		10.08		0.29		(0.05	)		0.24			(0.29	)		10.03		2.41

Class R6
Year Ended October 31, 2018		9.48		0.27		(0.27	)		—	(d)		(0.27	)		9.21		0.00	(e)
Year Ended October 31, 2017		9.61		0.26		(0.12	)		0.14			(0.27	)		9.48		1.47
Year Ended October 31, 2016		9.51		0.27		0.11			0.38			(0.28	)		9.61		3.99
Year Ended October 31, 2015		10.03		0.28		(0.50	)		(0.22	)		(0.30	)		9.51		(2.24	)
Year Ended October 31, 2014		10.08		0.30		(0.05	)		0.25			(0.30	)		10.03		2.52

(a)	Calculated based upon average shares outstanding.

(b)

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

(d)	Amount rounds to less than $0.005.

(e)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018


		Ratios/Supplemental data
		Ratios to average net assets
Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate


$	33,051		0.74	%		2.47	%		0.98	%		30	%
	56,720		0.73			2.47			0.97			20
	47,268		0.75			2.50			0.98			7
	56,660		0.75			2.58			0.97			18
	95,153		0.75			2.58			0.97			11


	18,315		1.24			1.97			1.48			30
	26,545		1.23			1.98			1.49			20
	33,016		1.40			1.85			1.50			7
	42,843		1.40			1.93			1.49			18
	59,850		1.40			1.93			1.46			11


	411,760		0.49			2.72			0.73			30
	323,320		0.48			2.74			0.65			20
	1,144,534		0.50			2.75			0.57			7
	1,302,381		0.50			2.83			0.56			18
	1,682,468		0.50			2.83			0.56			11


	588,549		0.39			2.82			0.48			30
	1,112,857		0.38			2.75			0.47			20
	197,981		0.40			2.84			0.46			7
	183,464		0.40			2.93			0.45			18
	253,993		0.40			2.94			0.46			11

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018

1. Organization

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 Tax Aware Equity Fund	Class A, Class C, Class I and Class R6*	Diversified
JPMorgan Tax Aware Real Return Fund	Class A, Class C, Class I and Class R6	Diversified

*	Class R6 Shares commenced operations on October 1, 2018.

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.

2. Significant Accounting Policies

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.

Swaps are valued utilizing market quotations from approved Pricing Services.



36	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 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.

•

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)	$	1,400,660	$	—		$	—	$	1,400,660


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)	$	25,260	$	1,004,912		$	—	$	1,030,172

Appreciation in Other Financial Instruments
Swaps (c)	$	—	$	3,138		$	—	$	3,138

Depreciation in Other Financial Instruments
Swaps (c)	$	—	$	(24,610	)	$	—	$	(24,610	)

(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. Please refer to the SOIs for state specifics of portfolio holdings.

(c)	All portfolio holdings designated as level 2 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended October 31, 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 are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”), that 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, while cash deposited, which is considered restricted, 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 for OTC derivatives. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.G). These amounts are not reflected on the Fund’s



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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 October 31, 2018 are as follows (amounts in thousands):


Fund Counterparty		Value of derivative contracts			Collateral amount
BNP Paribas	Collateral Posted	$	(1,213	)	$	1,030
Citibank, N.A.			(1,534	)		1,550
Deutsche Bank AG			(3,087	)		3,190
Morgan Stanley Capital Services			(4,482	)		4,200
Royal Bank of Scotland			(9,482	)		8,840

Inflation-Linked Swaps

Tax Aware Real Return Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

The Fund also may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying rate; (ii) counterparty credit risk related to the failure, by the counterparty to the swap, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and (iv) documentation risk relating to disagreement over contract terms.

Tax Aware Real Return Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

The Fund’s swap contracts are subject to master netting arrangements.

The table below discloses the volume of the Fund’s swap activity during the year ended October 31, 2018 (amounts in thousands):


Interest Rate-Related Swaps (Inflation-Linked Swaps)	Tax Aware Real Return Fund
Average Notional Balance — Pays Fixed Rate	$	1,103,870
Ending Notional Balance — Pays Fixed Rate		980,520

C. Summary of Derivatives Information

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of October 31, 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		Net Amount Due From Counterparty (Not less than zero)
Barclays Bank plc	$	1,951	$	(1,930	)	$	—	$	21
BNP Paribas		316		(316	)		—		—
Deutsche Bank AG		794		(794	)		—		—
Morgan Stanley		77		(77	)		—		—

	$	3,138	$	(3,117	)	$	—	$	21



38	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 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 From Counterparty (Not less than zero)
Bank of America NA	$	96	$	—		$	—		$	96
Barclays Bank plc		1,930		(1,930	)		—			—
BNP Paribas		1,529		(316	)		(1,030	)		183
Citibank, N.A.		1,534		—			(1,534	)(b)		—
Deutsche Bank AG		3,881		(794	)		(3,087	)(b)		—
Morgan Stanley		4,559		(77	)		(4,200	)		282
Royal Bank of Scotland		9,482		—			(8,840	)		642

	$	23,011	$	(3,117	)	$	(18,691	)	$	1,203

(a)	For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b)	Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.B. for actual swap collateral received or posted.

The Fund’s derivatives contracts held at October 31, 2018 are not accounted for as hedging instruments under GAAP.

D. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N. A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs.

The Funds did not lend out any securities during the period October 5, 2018 through October 31, 2018.

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its 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 in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the tables below are in thousands.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Tax Aware Equity Fund


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a) (b)	$	8,544	$	344,596	$	346,996	$	—	$	—	$	6,144		6,144	$	235	$	—

Tax Aware Real Return Fund


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.51% (a) (b)	$	—	$	135,355	$	110,095	$	—	(c)	$	—	$	25,260		25,260	$	211	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		75,282		641,615		716,897		—			—		—		—		648		—

Total	$	75,282	$	776,970	$	826,992	$	—	(c)	$	—	$	25,260			$	859	$	—

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of October 31, 2018.

(c)	Amount rounds to less than one thousand.

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

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

Transfer 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 year ended October 31, 2018 are as follows (amounts in thousands):


	Class A		Class C		Class I		Class R6		Total
Tax Aware Equity Fund
Transfer agency fees	$	2	$	2	$	17	$	—	$	21
Tax Aware Real Return Fund
Transfer agency fees		3		2		5		8		18

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 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.



40	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018

I. Distributions to Shareholders — Tax Aware Equity Fund generally declares and pays distributions from net investment income quarterly. Tax Aware Real Return Fund generally declares and pays distributions from net investment income monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

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


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Tax Aware Equity Fund	$	5,140		$	—	(a)	$	(5,140	)
Tax Aware Real Return Fund		(2,850	)		—			2,850

(a)	Amount rounds to less than one thousand.

The reclassifications for the Funds relate primarily to tax equalization and expiring capital loss carryforwards.

3. Fees and Other Transactions with Affiliates

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


Tax Aware Equity Fund	0.35	%
Tax Aware Real Return Fund	0.35

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2018, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

JPMCB serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of each Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Class I and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to 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


	Front-End Sales Charge		CDSC
Tax Aware Equity Fund	$	18	$	—
Tax Aware Real Return Fund		3		—



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	41

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)


	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

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.

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	%		0.44	%*
Tax Aware Real Return Fund		0.75			1.25			0.50			0.40

*	The contractual expense limitation for Class R6 Shares of the Tax Aware Equity was in effect for the year ended October 31, 2018 and is in place until at least September 30, 2019.

Except as noted above, the expense limitation agreements were in effect for the year ended October 31, 2018 and are in place until at least February 28, 2019.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total
Tax Aware Equity Fund	$	25	$	17	$	2,147	$	2,189
Tax Aware Real Return Fund		562		375		652		1,589

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2018 were as follows (amounts in thousands):


Tax Aware Equity Fund	$	29
Tax Aware Real Return Fund		135

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.



42	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018

During the year ended October 31, 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 year ended October 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

4. Investment Transactions

During the year ended October 31, 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	$	619,254	$	539,724
Tax Aware Real Return Fund		345,668		720,646

During the year ended October 31, 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 October 31, 2018 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	756,965	$	654,967	$	11,272	$	643,695
Tax Aware Real Return Fund		1,009,133		28,749		29,182		(433	)

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

The tax character of distributions paid during the year ended October 31, 2018 was as follows (amounts in thousands):


	Total Distributions Paid From:
	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Tax Aware Equity Fund	$	12,960	$	—	$	86,799	$	99,759
Tax Aware Real Return Fund		769		32,892		—		33,661

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

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


	Total Distributions Paid From:
	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Tax Aware Equity Fund	$	12,290	$	—	$	49,630	$	61,920
Tax Aware Real Return Fund		551		39,076		—		39,627

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



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	43

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

As of October 31, 2018, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):


	Current Distributable Ordinary Income		Tax Exempt Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	996	$	—	$	35,835		$	643,695
Tax Aware Real Return Fund		—		305		(100,045	)		(433	)

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals and trustee deferred compensation.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.


	2019
Tax Aware Real Return Fund	$	124

At October 31, 2018, the following Fund had post-enactment net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

As of October 31, 2018, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):


	Capital Loss Carryforward Character
	Short-Term		Long-Term
Tax Aware Real Return Fund	$	99,921	$	—

During the year ended October 31, 2018, the following Fund had expired capital loss carryforwards as follows (amounts in thousands):


	2018
Tax Aware Real Return Fund	$	2,850

6. Borrowings

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2018. Average borrowings from the Facility during the year ended October 31, 2018, were as follows (amounts in thousands, except number of days outstanding):

Average

Borrowings

Average Interest
Rate Paid

Number of

Days
Outstanding

Interest
Paid

Tax Aware Equity Fund

7,855

2.73

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



44	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018

$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.

The Funds did not utilize the Credit Facility during the year ended October 31, 2018.

7. Risks, Concentrations and Indemnifications

As of October 31, 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		3		64.5	%		1		21.6	%
Tax Aware Real Return Fund		4		52.9			3		21.5

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

Tax Aware Real Return Fund invests primarily in a portfolio of municipal debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by 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 been raising 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 Pronouncements

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.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	45

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund (two of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2018 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

New York, New York

December 21, 2018

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



46	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018

TRUSTEES

(Unaudited)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	136	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	136	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher* (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	136	Non-Executive Director, Legal & General Investment Management (Holdings) and Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	136	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).

Dennis P. Harrington** (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (serving in various roles 1984-2012).	136	None

Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	136	None



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	47

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner*** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	136	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	136	None

Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	136	None

Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	136	None

Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	136	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	136	Trustee, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	136	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



48	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018

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

(2)

*	Ms. Gallagher became a Trustee effective November 1, 2018.

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

****

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



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	49

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014–present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016; Chief Financial Officer and Head of Valuation, Aberdeen Asset Management PLC (previously Artio Global Management) (2009 to September 2013).

Noah Greenhill (1969), Secretary (2018)		Managing Director and General Counsel, JPMorgan Asset Management (2015 – present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Carmine Lekstutis (1980), Assistant Secretary (2011)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Gregory S. Samuels (1980), Assistant Secretary (2010)		Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Pamela L. Woodley (1971), Assistant Secretary (2012)		Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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



50	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value May 1, 2018		Ending Account Value October 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Tax Aware Equity Fund
Class A
Actual*	$	1,000.00	$	1,021.30	$	4.89		0.96	%
Hypothetical*		1,000.00		1,020.37		4.89		0.96
Class C
Actual*		1,000.00		1,018.70		7.48		1.47
Hypothetical*		1,000.00		1,017.80		7.48		1.47
Class I
Actual*		1,000.00		1,023.20		2.80		0.55
Hypothetical*		1,000.00		1,022.43		2.80		0.55
Class R6
Actual**		1,000.00		909.30		0.35		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44

JPMorgan Tax Aware Real Return Fund
Class A
Actual*		1,000.00		996.20		3.72		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Class C
Actual*		1,000.00		993.60		6.23		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class I
Actual*		1,000.00		997.50		2.47		0.49
Hypothetical*		1,000.00		1,022.74		2.50		0.49
Class R6
Actual*		1,000.00		998.00		1.96		0.39
Hypothetical*		1,000.00		1,023.24		1.99		0.39

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

**	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 30/365 (to reflect the actual period). Commencement of operations was October 1, 2018.



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	51

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

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

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser



52	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018

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

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

Fall-Out Benefits

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

Economies of Scale

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

Independent Written Evaluation of the Funds’ Chief Compliance Officer

Fees Relative to Adviser’s Other Clients

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



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	53

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. For the Tax Aware Real Return Fund, the Trustees and Adviser determined that the Peer Group and/or Universe were less meaningful and the independent consultant prepared an analysis of the Fund across various risk and return metrics including tracking error, volatility, total/excess return versus various indices and customized peer groups of funds with similar portfolio objectives (as selected by the independent consultant). The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Tax Aware Equity Fund’s performance for Class A shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2017, and in the second, second and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees noted that performance for the Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analyses and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Tax Aware Real Return Fund’s performance for both Class A and Class I shares was in the fifth quintile for each of the one-, three-, and five-year periods ended December 31, 2017, based upon the Peer Group, and in

the fifth, fourth and fifth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

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

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



54	J.P. MORGAN TAX AWARE FUNDS	OCTOBER 31, 2018

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2018. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2018. The information necessary to complete your income tax returns for the calendar year ending December 31, 2018 will be provided under separate cover.

Dividends Received Deduction (DRD)


	Dividends Received Deduction
JPMorgan Tax Aware Equity Fund		100.00	%

Long Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2018 (amounts in thousands):


	Long-Term Capital Gain
JPMorgan Tax Aware Equity Fund	$	91,939

Qualified Dividend Income (QDI)


	Qualified Dividend Income
JPMorgan Tax Aware Equity Fund	$	12,960

Tax-Exempt Income

The Fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended October 31, 2018:


	Exempt Distributions Paid
JPMorgan Tax Aware Real Return Fund	$	32,891



OCTOBER 31, 2018	J.P. MORGAN TAX AWARE FUNDS	55

LOGO

Rev. January 2011


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


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

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


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


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



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

LOGO


Page 2


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


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


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

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.

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.

LOGO


		^© JPMorgan Chase & Co., 2018. All rights reserved. October 2018.		AN-TA-1018

Annual Report

J.P. Morgan SMA Funds

October 31, 2018

JPMorgan Tax Aware Real Return SMA Fund

LOGO

CONTENTS


CEO’s Letter			1

Fund Commentary			2

Schedule of Portfolio Investments			5

Financial Statements			9

Financial Highlights			12

Notes to Financial Statements			14

Report of Independent Registered Public Accounting Firm			22

Trustees			23

Officers			26

Schedule of Shareholder Expenses			27

Board Approval of Investment Advisory Agreement			28

Tax Letter			31

Privacy Policy — Located at the back of this Annual Report

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

November 30, 2018 (Unaudited)

Dear Shareholders,

The impending U.K. “Brexit” from the EU — with or without a bilateral agreement — also weighed on investor and business

While rising global energy prices helped oil exporting nations, those emerging market nations that are most reliant on foreign debt financing were hurt by rising borrowing costs and a stronger U.S. dollar. Argentina, Brazil, Turkey, South Africa and Indonesia their currencies as investors pulled capital out of those markets. While China’s economy continued to grow, policy curbs on domestic credit growth early in the reporting period and rising trade tariffs between China and the U.S. in the latter portion of the reporting period were believed to have weighed on China’s economy.

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	1

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund*			0.22%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index			(0.53)%
Composite Benchmark**			0.32%

Net Assets as of 10/31/2018 (In Thousands)			$9,181

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 “Index”) but underperformed the Composite Benchmark for the twelve months ended October 31, 2018.

The Fund’s hedge against inflation, which was implemented through the use of swaps contracts, made a positive contribution to absolute performance and to performance relative to the Index. During the reporting period, the two, five, ten and thirty year Barclays inflation swap indexes returned 0.54%, 0.85%, 1.15% and 3.48%, respectively. Swaps contract returns were pulled higher by a 20% increase in oil prices during the reporting period.

Relative to the Index, the Fund’s underweight positions in state general obligation bonds and transportation bonds were leading contributors to performance.

The Fund’s underweight positions in pre-refunded bonds and in industrial development revenue/pollution control revenue 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?

maintained an inflation-overlay hedging strategy, using zero coupon inflation-linked swaps (“inflation swaps”) to purchase protection against inflation along the yield curve.

During the reporting period, the Fund’s portfolio managers increased the hedge ratio to cover 98% of the value of the Fund’s underlying assets from 97% at the start of the reporting period.

INVESTMENT APPROACH

The Fund uses zero-coupon 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.



2	J.P. MORGAN SMA FUNDS	OCTOBER 31, 2018


PORTFOLIO COMPOSITION****
Municipal Bonds	94.9	%
Short-Term Investments	5.1

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

The return of the Fund’s Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index.

***

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

****

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	3

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018



	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
JPMorgan Tax Aware Real Return SMA Fund		May 31, 2007
Before Taxes				0.22	%		1.19	%		3.18	%
After Taxes on Distributions				0.08			1.14			3.15
After Taxes on Distributions and Sale of Fund Shares				1.16			1.54			3.15

TEN YEAR PERFORMANCE (10/31/08 TO 10/31/18)

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 October 31, 2008 to October 31, 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.



4	J.P. MORGAN SMA FUNDS	OCTOBER 31, 2018

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 92.5% (a)
California — 5.8%
Education — 1.1%
Golden West Schools Financing Authority Series A, Rev., NATL, 5.80%, 2/1/2020		75		78
Golden West Schools Financing Authority, Beverly Hills Unified School District Rev., NATL, 5.25%, 8/1/2023		25		29

				107

General Obligation — 0.9%
Coast Community College District Series A, GO, 4.00%, 8/1/2022		75		81

Utility — 3.8%
City of Los Angeles, Department of Water & Power, Power System Series B, Rev., 5.00%, 7/1/2029		300		348

Total California				536

Colorado — 1.6%
Hospital — 1.6%
Colorado Health Facilities Authority Hospital, Valley View Hospital Association Project Series 2018, Rev., 2.80%, 5/15/2023 (b)		150		148

Connecticut — 1.2%
Water & Sewer — 1.2%
City of Stamford, Water Pollution Control System & Facility Series A, Rev., 6.00%, 8/15/2022		100		114

Florida — 3.6%
General Obligation — 2.9%
Florida State Board of Education, Public Education Capital Outlay Series D, GO, 5.00%, 6/1/2025		250		268

Other Revenue — 0.7%
County of Miami, Special Obligation Series B, Rev., 5.00%, 10/1/2023		60		66

Total Florida				334

Georgia — 7.7%
Utility — 3.8%
Main Street Natural Gas Inc., Georgia Gas Project Series A, Rev., 5.50%, 9/15/2028		300		346

Water & Sewer — 3.9%
County of DeKalb, Water & Sewerage Series B, Rev., 5.25%, 10/1/2026		250		296
Jackson County Water & Sewer Authority Series A, Rev., XLCA, 5.25%, 9/1/2021		60		64

				360

Total Georgia				706


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Illinois — 2.0%
General Obligation — 0.7%
City of Chicago Series A, GO, AGM, 5.50%, 1/1/2019		60		60

Transportation — 1.3%
Regional Transportation Authority, Du Page Cook & Will Counties Series 2016-A, Rev., 5.00%, 6/1/2025		110		124

Total Illinois				184

Indiana — 1.2%
Education — 1.2%
Purdue University, Student Fee Series U, Rev., 5.25%, 7/1/2021		100		108

Louisiana — 0.3%
Water & Sewer — 0.3%
Tangipahoa Water District Series A, Rev., AGM, 3.00%, 11/1/2018		25		25

Maryland — 3.5%
General Obligation — 0.9%
State of Maryland, State and Local Facilities Loan Series A, GO, 5.00%, 3/15/2024		75		85

Utility — 2.6%
County of Anne Arundel, National Business Park-North Project Series 2018, 5.00%, 7/1/2028		200		236

Total Maryland				321

Massachusetts — 6.2%
Education — 0.6%
Massachusetts Development Finance Agency, Emerson College Issue Rev., 5.00%, 1/1/2037		50		53

General Obligation — 0.6%
Commonwealth of Massachusetts Series A, GO, 5.00%, 1/1/2033		50		57

Transportation — 5.0%
Massachusetts Bay Transportation Authority
Series B, Rev., 5.25%, 7/1/2023		250		282
Series A, Rev., 5.25%, 7/1/2027		150		179

				461

Total Massachusetts				571

Missouri — 0.5%
General Obligation — 0.5%
North Kansas City School District No. 74 Series A, GO, 5.00%, 3/1/2023		40		44

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	5

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Nevada — 2.5%
Water & Sewer — 2.5%
Truckee Meadows Water Authority Rev., 5.00%, 7/1/2031		200		226

New Jersey — 5.9%
Other Revenue — 2.5%
Tobacco Settlement Financing Corp. Series A, Rev., 5.00%, 6/1/2027		200		228

Transportation — 3.4%
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series 2018-A, Rev., 5.00%, 6/15/2030		150		163
New Jersey Transportation Trust Fund Authority, Transportation System
Series A, Rev., 5.25%, 12/15/2020		80		84
Series A, Rev., 5.50%, 12/15/2021		60		64

				311

Total New Jersey				539

New Mexico — 5.2%
Other Revenue — 2.3%
New Mexico Finance Authority, Senior Lien Public Project Series C, Rev., 5.00%, 6/1/2022		200		214

Transportation — 2.9%
New Mexico Finance Authority, State Transportation, Senior Lien Series B, Rev., 5.00%, 6/15/2024		250		261

Total New Mexico				475

New York — 8.5%
General Obligation — 0.2%
County of Tompkins, Public Improvement Series A, GO, 4.00%, 3/1/2021		20		21

Other Revenue — 1.2%
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009 Series S-5, Rev., 5.00%, 1/15/2019		110		110

Prerefunded — 4.1%
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels Series A, Rev., 5.00%, 1/1/2022 (c)		345		375

Special Tax — 1.8%
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series C, Rev., 5.00%, 3/15/2033		150		165


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Transportation — 1.2%
New York State Transportation Development Corp. Rev., AMT, 5.00%, 1/1/2034		100		108

Total New York				779

Ohio — 3.0%
Prerefunded — 3.0%
City of Columbus Series 1, GO, 5.00%, 7/1/2023 (c)		250		279

Oregon — 2.8%
General Obligation — 2.8%
Clackamas County School District No. 7J, Lake Oswego GO, AGM, 5.25%, 6/1/2025		215		252

Pennsylvania — 5.0%
General Obligation — 1.1%
Central Bucks School District
Series A, GO, 4.50%, 5/15/2021 (c)		80		84
Series A, GO, 5.00%, 5/15/2023		15		16

				100

Other Revenue — 3.9%
Commonwealth Financing Authority, Tobacco Master Settlement Payment Series 2018, Rev., AGM, 4.00%, 6/1/2039		370		363

Total Pennsylvania				463

South Carolina — 3.7%
General Obligation — 3.7%
County of Charleston, Transportation Sales Tax GO, 5.00%, 11/1/2023		15		17
State of South Carolina Series C, GO, 5.00%, 3/1/2022		300		319

Total South Carolina				336

Texas — 12.3%
Education — 3.6%
Harris County Cultural Education Facilities Finance Corp., Methodist Hospital System Series B, Rev., 5.50%, 12/1/2018		30		30
Permanent University Fund — University of Texas System Series B, Rev., 5.25%, 7/1/2028		250		300

				330

General Obligation — 0.9%
City of Leander GO, 4.00%, 8/15/2036		35		36
County of Harris, Addicks Utility District GO, 3.00%, 9/1/2020		50		50

				86

SEE NOTES TO FINANCIAL STATEMENTS.



6	J.P. MORGAN SMA FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Prerefunded — 4.2%
City of Houston, Combined Utility System, First Lien Series D, Rev., 5.00%, 11/15/2021 (c)		355		383

Transportation — 0.1%
Dallas-Fort Worth International Airport, Joint Improvement Series G, Rev., 5.00%, 11/1/2018		10		10

Utility — 3.1%
Texas Municipal Gas Acquisition & Supply Corp. Series D, Rev., 6.25%, 12/15/2026		250		285

Water & Sewer — 0.4%
North Texas Municipal Water District, Water System Rev., 5.25%, 9/1/2020		30		32

Total Texas				1,126

Virginia — 3.7%
Education — 0.6%
Virginia College Building Authority, 21st Century College & Equipment Programs, Educational Facilities Series E-2, Rev., 5.00%, 2/1/2023		50		55

Utility — 3.1%
City of Richmond, Public Utility Revenue Series A, Rev., 5.00%, 1/15/2025		250		286

Total Virginia				341

Washington — 3.6%
Certificate of Participation/Lease — 1.9%
State Of Washington, State and Local Agency Real And Personal Property Series 2015-C, COP, 5.00%, 1/1/2026		150		172


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Transportation — 1.7%
Central Puget Sound Regional Transportation Authority, Sales Tax & Motor Vehicle Excise Tax Series P-1, Rev., 5.00%, 2/1/2025		150		162

Total Washington				334

West Virginia — 2.7%
Utility — 2.7%
West Virginia Economic Development Authority Solid Waste Disposal Facilities, Appalachian Power Company — Amos Project Series 2009-B, Rev., 2.62%, 6/1/2022 (b)		250		248

Total Municipal Bonds (Cost $8,372)				8,489


	SHARES (000)
Short-Term Investments — 4.9%
Investment Companies — 4.9%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.51% (d)(e) (Cost $452)		452		452

Total Investments — 97.4% (Cost $8,824)				8,941
Other Assets Less Liabilities — 2.6%				240

NET ASSETS — 100.0%				9,181

Percentages indicated are based on net assets.


Abbreviations AGM
Abbreviations AGM		Insured by Assured Guaranty Municipal Corp.
AMT		Alternative Minimum Tax
COP		Certificate of Participation
GO		General Obligation
MTA		Metropolitan Transportation Authority
NATL		Insured by National Public Finance Guarantee Corp.
Rev.		Revenue
XLCA		Insured by XL Capital Assurance

(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.



(b)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2018.
(c)		Security is prerefunded or escrowed to maturity.
(d)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of October 31, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	7

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Over the Counter (“OTC”) Inflation-linked swap contracts outstanding as of October 31, 2018: (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

2.04% at termination

Receive

BNP Paribas

11/16/2022

USD 1,000

CPI-U at termination

2.08% at termination

Receive

BNP Paribas

12/19/2024

USD 1,000

CPI-U at termination

2.17% at termination

Receive

BNP Paribas

4/4/2024

USD 600

—

(b)

CPI-U at termination

2.24% at termination

Receive

Barclays Bank plc

2/6/2023

USD 400

)

CPI-U at termination

2.26% at termination

Receive

BNP Paribas

4/6/2025

USD 343

)

CPI-U at termination

2.28% at termination

Receive

Union Bank of Switzerland AG

3/16/2027

USD 700

)

CPI-U at termination

2.31% at termination

Receive

Barclays Bank plc

2/21/2028

USD 250

)

CPI-U at termination

2.62% at termination

Receive

Royal Bank of Scotland

6/28/2025

USD 1,000

(112

)

CPI-U at termination

2.72% at termination

Receive

BNP Paribas

4/1/2021

USD 815

(84

)

(203

)

(184

)

Centrally Cleared Inflation-linked swap contracts outstanding as of October 31, 2018: (amounts in thousands)

FLOATING RATE INDEX (a)

FIXED RATE

PAY/RECEIVE
FLOATING RATE

MATURITY
DATE

NOTIONAL
AMOUNT

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

CPI-U at termination

2.20% at termination

Receive

10/30/2023

USD 140

—

(b)

CPI-U at termination

2.25% at termination

Receive

10/26/2025

USD 195

—

(b)

CPI-U at termination

2.26% at termination

Receive

10/23/2023

USD 650

)

CPI-U at termination

2.26% at termination

Receive

10/25/2025

USD 70

—

(b)

CPI-U at termination

2.31% at termination

Receive

10/12/2023

USD 700

)

CPI-U at termination

2.34% at termination

Receive

8/29/2028

USD 80

)

CPI-U at termination

2.34% at termination

Receive

9/21/2025

USD 500

)

(12

)

There are no upfront payments (receipts) on the swap contracts listed above.


Summary of total swap contracts outstanding as of October 31, 2018: (amounts in thousands)
	Net Upfront Payments (Receipts) ($)		Value ($)
Assets
OTC Inflation linked swaps outstanding		—		19

Total OTC swap contracts outstanding		—		19

Liabilities
OTC Inflation linked swaps outstanding		—		(203	)

Total OTC swap contracts outstanding		—		(203	)


Abbreviations
CPI-U		Consumer Price Index for All Urban Consumers
USD		United States Dollar
(a)		Value of floating rate index at October 31, 2018 was 2.53%.
(b)		Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



8	J.P. MORGAN SMA FUNDS	OCTOBER 31, 2018

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018

(Amounts in thousands, except per share amounts)


	JPMorgan Tax Aware Real Return SMA Fund
ASSETS:
Investments in non-affiliates, at value	$	8,489
Investments in affiliates, at value		452
Restricted cash for OTC derivatives		420
Cash		2
Deposits at broker for centrally cleared swaps		45
Receivables:
Interest and dividends from non-affiliates		122
Dividends from affiliates		1
Outstanding OTC swap contracts, at value		19
Due from adviser		23
Other assets		3

Total Assets		9,576


LIABILITIES:
Payables:
Investment securities purchased		35
Investment securities purchased — delayed delivery securities		51
Variation margin on centrally cleared swaps		2
Outstanding OTC swap contracts, at value		203
Accrued liabilities:
Custodian and accounting fees		10
Collateral management fees		9
Audit fees		82
Other		3

Total Liabilities		395

Net Assets	$	9,181


NET ASSETS:
Paid-in-Capital	$	9,945
Total distributable earnings (loss) (a)		(764	)

Total Net Assets	$	9,181


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):		946
Net asset value, offering and redemption price per share (b)	$	9.71

Cost of investments in non-affiliates	$	8,372
Cost of investments in affiliates		452

(a)	Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	9

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2018

(Amounts in thousands)


	JPMorgan Tax Aware Real Return SMA Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	264
Interest income from affiliates		2
Dividend income from affiliates		6

Total investment income		272


EXPENSES:
Administration fees		8
Custodian and accounting fees		43
Professional fees		84
Collateral management fees		35
Trustees’ and Chief Compliance Officer’s fees		24
Printing and mailing costs		6
Registration and filing fees		15
Transfer agency fees		2
Other		4

Total expenses		221

Less fees waived		(8	)
Less expense reimbursements		(213	)

Net expenses		—

Net investment income (loss)		272


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(41	)
Swaps		(391	)

Net realized gain (loss)		(432	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(301	)
Swaps		486

Change in net unrealized appreciation/depreciation		185

Net realized/unrealized gains (losses)		(247	)

Change in net assets resulting from operations	$	25

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN SMA FUNDS	OCTOBER 31, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Tax Aware Real Return SMA Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	272		$	266
Net realized gain (loss)		(432	)		(105	)
Change in net unrealized appreciation/depreciation		185			40

Change in net assets resulting from operations		25			201


DISTRIBUTIONS TO SHAREHOLDERS: (a)
Total distributions to shareholders		(277	)		(267	)


CAPITAL TRANSACTIONS:
Proceeds from shares issued		1,144			3,674
Cost of shares redeemed		(1,667	)		(3,849	)

Change in net assets resulting from capital transactions		(523	)		(175	)


NET ASSETS:
Change in net assets		(775	)		(241	)
Beginning of period		9,956			10,197

End of period	$	9,181		$	9,956


SHARE TRANSACTIONS:
Issued		116			369
Redeemed		(168	)		(386	)

Change in Shares		(52	)		(17	)

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balance was as follows:


From net investment income			(267	)

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	11

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 Tax Aware Real Return SMA Fund
Year Ended October 31, 2018	$	9.97	$	0.28	(d)	$	(0.26	)	$	0.02		$	(0.28	)
Year Ended October 31, 2017		10.04		0.26	(d)		(0.07	)		0.19			(0.26	)
Year Ended October 31, 2016		9.95		0.28	(d)		0.09			0.37			(0.28	)
Year Ended October 31, 2015		10.52		0.31	(d)		(0.55	)		(0.24	)		(0.33	)
Year Ended October 31, 2014		10.58		0.30			(0.05	)		0.25			(0.31	)

(a)

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

(c)

The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisors and/or broker-dealers, some of which are unaffiliated with the Fund and the Investment Adviser. Participants in these programs pay a fee to the sponsor of the program.

(d)	Calculated based upon average shares outstanding.

(e)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN SMA FUNDS	OCTOBER 31, 2018


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period (000’s)		Net expenses (b)(c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate

$	9.71		0.22	%	$	9,181		—	%		2.78	%		2.27	%		40	%
	9.97		1.94			9,956		—	(e)		2.59			2.05			23
	10.04		3.80			10,197		—			2.82			1.97			32
	9.95		(2.27	)		11,083		—			3.07			1.01			—	(e)
	10.52		2.38			20,947		—			2.85			0.78			6

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	13

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018

1. Organization

The following is a separate fund of the Trust (the “Fund”) covered by this report:


		Diversified/Non-Diversified
JPMorgan Tax Aware Real Return SMA Fund		Diversified

The investment objective of the Fund is to seek to maximize after-tax inflation protected return.

Shares of the Fund 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 Fund’s shares may not be purchased directly by individuals.

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, thus, 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 their market value 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 (“NAV”) per share as of the report date.

Swaps are valued utilizing market quotations from approved Pricing Services.



14	J.P. MORGAN SMA FUNDS	OCTOBER 31, 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 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).

The following table represents each valuation input by sector 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
Total Investments in Securities (a)	$	452	$	8,489		$	—	$	8,941

Appreciation in Other Financial Instruments
Swaps (b)	$	—	$	19		$	—	$	19

Depreciation in Other Financial Instruments
Swaps (b)	$	—	$	(215	)	$	—	$	(215	)

(a)	All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for state specifics of portfolio holdings.

(b)	All portfolio holdings designated as level 2 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

B. Securities Lending — Effective October 5, 2018, the Fund became authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N. A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e. a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations. Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level a of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities). The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of Collateral Investments are disclosed in the SOI.

The Fund bears the risk of loss associated with the Collateral Investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.

The Fund did not lend out any securities during the period October 5, 2018 through October 31, 2018.

C. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	15

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.51%(a)(b)	$	—	$	1,520	$	1,068	$	—	$	—	$	452		452	$	1	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		1,102		2,800		3,902		—		—		—		—		5		—

Total	$	1,102	$	4,320	$	4,970	$	—	$	—	$	452			$	6	$	—

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of October 31, 2018.

D. Swaps — The 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 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 are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”), that 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 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, while cash deposited, which is considered restricted, 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 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 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.

The Fund may be required to post or receive collateral for OTC swaps.

The Fund’s swap contracts are subject to master netting arrangements.

The table below discloses the volume of the Fund’s swap activity during the year ended October 31, 2018 (amounts in thousands):


Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Pays Fixed rate	$	8,580
Ending Notional Balance — Pays Fixed Rate		8,443



16	J.P. MORGAN SMA FUNDS	OCTOBER 31, 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 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 for OTC derivatives. 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 Statement 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 October 31, 2018 are as follows (amounts in thousands):


	Fund Counterparty	Value of derivative contracts			Collateral amount
Collateral Posted	BNP Paribas	$	(66	)	$	160
	Royal Bank of Scotland		(112	)		260

E. Summary of Derivatives Information


Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Received		Net Amount Due From Counterparty (Not less than zero)
BNP Paribas	$	19	$	(19	)	$	—	$	—


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	$	2	$	—		$	—		$	2
BNP Paribas		85		(19	)		(66	)(b)		—
Royal Bank of Scotland		112		—			(112	)(b)		—
Union Bank of Switzerland AG		4		—			—			4

	$	203	$	(19	)	$	(178	)	$	6

(a)	For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statement of Assets and Liabilities.

(b)	Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.D. for actual swap collateral received or posted.

F. 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.



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	17

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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 the Fund first learns of the dividend.

H. Allocation of Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds.

I. Federal Income Taxes — 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 (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 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 remain subject to examination by the Internal Revenue Service.

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

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


Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$	(9	)	$	—	$	9

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 Fund. It should be understood, however, that the Fund is 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 by the separately managed account sponsors.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2018, the effective rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMCB 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.

D. 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 amount 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, is included in Interest income from affiliates on the Statement of Operations. Prior to March 1, 2018, payments to the custodian may be reduced by credits earned, by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the 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.

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 Fund pursuant to contractual arrangements with the Adviser through February 28, 2019.



18	J.P. MORGAN SMA FUNDS	OCTOBER 31, 2018

For the year ended October 31, 2018, the Fund’s Adviser and the Administrator 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		Contractual Reimbursements
$	8	$	213

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund.

The amount of these waivers/reimbursements resulting from investments in these money market funds for the year ended October 31, 2018 was less than $1,000.

F. 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.

G. Other — The Fund may invest in affiliated J.P. Morgan money market funds. The Fund’s 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 Fund.

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 Fund may use related party broker-dealers. For the year ended October 31, 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 year ended October 31, 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)
$	3,870	$	3,543

During the year ended October 31, 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 October 31, 2018 were as follows (amounts in thousands):


Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	8,824	$	196	$	275	$	(79	)

The tax character of distributions paid during the year ended October 31, 2018 was as follows (amounts in thousands):


Ordinary Income*		Tax Exempt Distributions		Total Distributions Paid
$	14	$	263	$	277

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



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	19

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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


Ordinary Income*		Total Exempt Distributions		Total Distributions Paid
$	8	$	259	$	267

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

As of October 31, 2018, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):


Current Distributable Ordinary Income		Current Distributable Tax Exempt Income		Current Distributable Tax Basis Capital Loss Carryover			Unrealized Appreciation (Depreciation)
$	—	$	8	$	(678	)	$	(79	)

The cumulative timing differences primarily consist of trustee deferred compensation.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Fund after October 31, 2011 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Fund were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At October 31, 2018, the Fund had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):


2019		Total
$	4	$	4

At October 31, 2018, the Fund had post-enactment net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):


Capital Loss Carryforward Character
Short-Term		Long-Term
$	667	$	7

As of October 31, 2018, the Fund had expired capital loss carryforwards as follows (amounts in thousands):


		2018
		$	9

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 4, 2019.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 2018.



20	J.P. MORGAN SMA FUNDS	OCTOBER 31, 2018

The Fund did not utilize the Credit Facility during the year ended October 31, 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 brought against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 2018, the 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 this shareholder may impact the Fund’s 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 Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than they would have been if it 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 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 been raising 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 Pronouncements

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Fund’s net assets or results of operation.



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	21

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Tax Aware Real Return SMA Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Tax Aware Real Return SMA Fund (one of the funds constituting JPMorgan Trust I, referred to hereafter as the “Fund”) as of October 31, 2018, the related statement of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2018 and the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

/s/PricewaterhouseCoopers LLP

New York, New York

December 21, 2018

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



22	J.P. MORGAN SMA FUNDS	OCTOBER 31, 2018

TRUSTEES

(Unaudited)

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


Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	136	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	136	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher* (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	136	Non-Executive Director, Legal & General Investment Management (Holdings) and Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	136	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).

Dennis P. Harrington** (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (serving in various roles 1984-2012).	136	None

Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	136	None



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	23

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner*** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	136	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	136	None

Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	136	None

Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	136	None

Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	136	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	136	Trustee, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	136	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



24	J.P. MORGAN SMA FUNDS	OCTOBER 31, 2018

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

(2)

*	Ms. Gallagher became a Trustee effective November 1, 2018.

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

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

****

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



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	25

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014–present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016; Chief Financial Officer and Head of Valuation, Aberdeen Asset Management PLC (previously Artio Global Management) (2009 to September 2013).

Noah Greenhill (1969), Secretary (2018)		Managing Director and General Counsel, JPMorgan Asset Management (2015–present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Carmine Lekstutis (1980), Assistant Secretary (2011)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Gregory S. Samuels (1980), Assistant Secretary (2010)		Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Pamela L. Woodley (1971), Assistant Secretary (2012)		Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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



26	J.P. MORGAN SMA FUNDS	OCTOBER 31, 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 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 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 the Fund at the beginning of the reporting period, May 1, 2018, and continued to hold your shares at the end of the reporting period, October 31, 2018.

Actual Expenses

For 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 the 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 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 Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.


	Beginning Account Value May 1, 2018		Ending Account Value October 31, 2018		Expenses Paid During the Period†*		Annualized Expense Ratio
JPMorgan Tax Aware Real Return SMA Fund
Actual	$	1,000.00	$	999.00	$	0.00		0.00	%
Hypothetical		1,000.00		1,025.21		0.00		0.00

†

Reflects the fact that no fees or expenses are borne by the Fund. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Fund and the Adviser. Participants in these programs pay a fee to the sponsor of the program.

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



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	27

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 15, 2018.

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

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided

with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the overall arrangement between the Fund and the Adviser, as provided in the Advisory Agreement, was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

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

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



28	J.P. MORGAN SMA FUNDS	OCTOBER 31, 2018

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

The Trustees noted that there was no advisory fee charged to the Fund. The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered that the Adviser did not earn fees from the Fund for providing administrative services due to contractual waivers it has in place. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. In addition, the Trustees considered that the Adviser receives fees from sponsors of, and/or investors in, separately managed accounts that are invested in the Fund.

Fall-Out Benefits

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

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees noted that there was not an investment advisory fee charged to the Fund. The Trustees also considered that the Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees also considered that the Adviser has added or enhanced services to the Fund over time,

noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”) by total return for applicable one-, three-, and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Fund’s Peer Group and/or Universe. As part of this



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	29

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:

The Trustees noted that, based upon the Universe, the Fund’s performance was in the fifth, third and fifth quintiles for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Fund is not charged a separate investment advisory fee by the Adviser because the Fund is offered as a component of the SMA Strategy to participants in separately managed account programs that hold both the Fund and other securities and investments directly for the SMA clients. The Adviser is compensated by the separately managed account sponsors.

The Trustees considered the Fund’s contractual advisory fee rate and administration fee rate and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Fund. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee (which is 0.00%) and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the Fee Caps currently in place for the Fund and considered the expenses of the Fund after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of expense ratios because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s expense ratios are summarized below:

The Trustees noted that, based upon the Universe, the Fund’s net advisory fee and actual total expenses were in the first quintile. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.



30	J.P. MORGAN SMA FUNDS	OCTOBER 31, 2018

TAX LETTER

(Unaudited)

Tax-Exempt Income

The Fund had the following amount, or maximum allowable amount, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended October 31, 2018 (amounts in thousands):


		Exempt Distributions Paid
		$	263



OCTOBER 31, 2018	J.P. MORGAN SMA FUNDS	31

LOGO

Rev. January 2011


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


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

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


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


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



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

LOGO


Page 2


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


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


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

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. 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.

LOGO


		^© JPMorgan Chase & Co., 2018. All rights reserved. October 2018.		AN-SMA-1018

Annual Report

J.P. Morgan Funds

October 31, 2018

JPMorgan Global Allocation Fund

JPMorgan Income Builder Fund

LOGO

CONTENTS



CEO’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan Global Allocation Fund			3

JPMorgan Income Builder Fund			7

Schedules of Portfolio Investments			9

Financial Statements			110

Financial Highlights			118

Notes to Financial Statements			122

Report of Independent Registered Public Accounting Firm			146

Trustees			147

Officers			150

Schedule of Shareholder Expenses			151

Board Approval of Investment Advisory Agreements			153

Tax Letter			157

Privacy Policy — Located at the back of this Annual Report

CEO’S LETTER

November 30, 2018 (Unaudited)

Dear Shareholders,

The impending U.K. “Brexit” from the EU — with or without a bilateral agreement — also weighed on investor and business

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management



OCTOBER 31, 2018	J.P. MORGAN FUNDS	1

J.P. Morgan Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)

After reaching record highs in the final months of 2017, the S&P 500 Index closed in record territory 14 times in January 2018. However, a sharp sell-off in both equity and bond markets in early February 2018 spread to other markets and helped lift market volatility from historic lows. While global equity and bond prices rebounded somewhat in subsequent months, it wasn’t until August 2018 that the S&P 500 Index returned to record highs. U.S. equity market volatility remained elevated in September and October 2018. For the twelve month reporting period, the S&P 500 Index returned 7.35%.

For the twelve months ended October 31, 2018, the MSCI World Index returned 1.16% and the Bloomberg Barclays U.S. Aggregate Index returned -2.05%.



2	J.P. MORGAN FUNDS	OCTOBER 31, 2018

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			(1.58)%
MSCI World Index (net of foreign withholding taxes)			1.16%
Bloomberg Barclays Global Aggregate Index (Unhedged USD)			(2.05)%
Global Allocation Composite Benchmark			(0.01)%

Net Assets as of 10/31/2018 (In Thousands)			$3,557,923

INVESTMENT OBJECTIVE**

The JPMorgan Global Allocation Fund (the “Fund”) seeks to maximize long-term total return.

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

For the twelve months ended October 31, 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).

During the reporting period, the Fund’s allocation to bonds was a leading detractor from performance relative to the Benchmark, which is an equity index and holds no bonds. Relative to the Composite Benchmark, the Fund’s allocation to emerging markets equity detracted from overall performance as this asset class slumped amid increased market volatility during the second half of the reporting period.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s managers reduced overall equity exposure in an effort to reduce risk. The managers reduced equity exposure primarily in emerging markets and international developed markets, including Europe. However, the managers maintained a positive view on global growth and corporate earnings strength and continued to prefer equities over bonds.

In fixed income assets, the portfolio managers added a dedicated U.S. agency mortgage strategy in November 2017. They also removed dedicated European high yield (also known as “junk bonds”) and U.S. investment grade corporate bond strategies in January and March of 2018, respectively. Within core fixed income, the Fund maintained its exposure to government bonds to further diversify its fixed income exposure.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	3

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


TOP TEN LONG HOLDINGS OF THE PORTFOLIO***
	1.	U.S. Treasury Notes, 1.13%, 01/31/19, (United States)	1.4	%
	2.	UnitedHealth Group, Inc., (United States)	1.0
	3.	Microsoft Corp., (United States)	0.7
	4.	Nestle SA (Registered), (Switzerland)	0.7
	5.	Cigna Corp., (United States)	0.6
	6.	Apple, Inc., (United States)	0.6
	7.	HDFC Bank Ltd., ADR, (India)	0.6
	8.	Novartis AG (Registered), (Switzerland)	0.6
	9.	Roche Holding AG, (Switzerland)	0.6
	10.	Thermo Fisher Scientific, Inc., (United States)	0.6


TOP TEN SHORT HOLDINGS OF THE PORTFOLIO****
	1.	Colgate-Palmolive Co., (United States)	16.0	%
	2.	Illinois Tool Works, Inc., (United States)	14.7
	3.	Cummins, Inc., (United States)	11.9
	4.	Molson Coors Brewing Co., Class B, (United States)	9.3
	5.	Schlumberger Ltd., (United States)	6.9
	6.	Sprint Corp., (United States)	6.5
	7.	Lam Research Corp., (United States)	5.9
	8.	Southern Co. (The), (United States)	5.9
	9.	Broadcom, Inc., (United States)	5.9
	10.	Kimberly-Clark Corp., (United States)	4.2


LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	56.3	%
Collateralized Mortgage Obligations	9.4
Foreign Government Securities	8.1
Corporate Bonds	5.1
Loan Assignments	4.7
Asset-Backed Securities	3.0
Commercial Mortgage-Backed Securities	1.5
U.S. Treasury Obligation	1.4
Others (each less than 1.0%)	0.9
Short-Term Investments	9.6


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 October 31, 2018. The Fund’s portfolio composition is subject to change.

****

Percentages indicated are based on total short investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



4	J.P. MORGAN FUNDS	OCTOBER 31, 2018


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 31, 2011
With Sales Charge*			(6.24	)%		3.76	%		4.58	%
Without Sales Charge			(1.81	)		4.72			5.24
CLASS C SHARES	May 31, 2011
With CDSC**			(3.32	)		4.20			4.71
Without CDSC			(2.32	)		4.20			4.71
CLASS I SHARES	May 31, 2011		(1.58	)		4.99			5.50
CLASS R2 SHARES	May 31, 2011		(2.09	)		4.45			4.97
CLASS R3 SHARES	October 1, 2018		(1.58	)		4.99			5.50
CLASS R4 SHARES	October 1, 2018		(1.81	)		4.72			5.24
CLASS R5 SHARES	October 1, 2018		(1.52	)		5.00			5.51
CLASS R6 SHARES	November 1, 2017		(1.42	)		5.02			5.52

Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (5/31/11 TO 10/31/18)

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

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

Returns for Class R4 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns for Class R4 Shares would have been different than those shown because Class R4 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 October 31, 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 foreign withholding taxes) is a free float-adjusted market capitalization



OCTOBER 31, 2018	J.P. MORGAN FUNDS	5

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)

weighted index that is designed to measure the equity market performance of developed markets. The Global Allocation Composite Benchmark is a composite benchmark comprised of unmanaged indexes that includes 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays Global Aggregate Index (Unhedged USD). The Bloomberg Barclays 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.

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.



6	J.P. MORGAN FUNDS	OCTOBER 31, 2018

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			(0.67)%
MSCI World Index (net of foreign withholding taxes)			1.16%
Bloomberg Barclays U.S. Aggregate Bond Index			(2.05)%
Income Builder Composite Benchmark			0.01%

Net Assets as of 10/31/2018 (In Thousands)			$12,159,793

INVESTMENT OBJECTIVE**

The JPMorgan Income Builder Fund (the “Fund”) seeks to maximize income while maintaining prospects for capital appreciation.

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

For the twelve months ended October 31, 2018, the Fund’s Class A Shares, without a sales charge, underperformed both the MSCI World Index (net of foreign withholding taxes) and the Income Builder Composite Benchmark (the “Composite Benchmark”), which is comprised of 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays U.S. Aggregate Index. The Fund outperformed the Bloomberg Barclays U.S. Aggregate Index.

During the reporting period, the Fund’s allocation to bonds detracted from performance relative to the MSCI World Index, which is an equity index and holds no bonds. The Fund’s allocation to U.S. equity and its opportunistic investment in high yield bonds (also called “junk bonds”) made positive contributions to relative performance.

Relative to the Composite Benchmark, the Fund’s allocation to emerging markets equity and its allocation to higher yielding equity securities detracted from performance. The Composite Benchmark does not hold emerging market equity. The Fund’s diversification across fixed income asset classes made a positive contribution to relative performance.

The Fund’s allocation to equity was a positive contributor to performance relative to the Bloomberg Barclays U.S. Aggregate Bond Index, which does not hold equity.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s 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 equity, particularly in Europe. In fixed income, the portfolio managers added an allocation to U.S. agency mortgage-backed securities in February 2018 and removed their allocation to U.S. investment grade corporate bonds in March 2018. The portfolio managers also added an

asset-backed securities strategy in September 2018. Additionally, they increased the Fund’s exposure to U.S. high yield bonds and decreased their allocation to emerging market debt.


TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	FNMA, 30 Year, Single Family, Pool, 3.50%, 03/01/2048	0.9	%
	2.	Pfizer, Inc.	0.8
	3.	Merck & Co., Inc.	0.7
	4.	Coca-Cola Co. (The)	0.7
	5.	FNMA, 30 Year, Single Family, Pool, 3.50%, 12/01/2047	0.6
	6.	Novartis AG (Registered) (Switzerland)	0.6
	7.	Verizon Communications, Inc.	0.5
	8.	Roche Holding AG (Switzerland)	0.5
	9.	U.S. Treasury Notes, 1.13%, 01/31/2019	0.4
	10.	NextEra Energy, Inc.	0.4


PORTFOLIO COMPOSITION***
Corporate Bonds	33.6	%
Common Stocks	33.6
Loan Assignments	4.6
Mortgage-Backed Securities	4.2
Collateralized Mortgage Obligations	4.2
Asset-Backed Securities	4.2
Convertible Bonds	1.5
Foreign Government Securities	1.4
Commercial Mortgage-Backed Securities	1.0
Others (each less than 1.0%)	1.8
Short-Term Investments	9.9

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

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	7

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2007
With Sales Charge*			(5.13	)%		3.01	%		8.44	%
Without Sales Charge			(0.67	)		3.97			8.94
CLASS C SHARES	May 31, 2007
With CDSC**			(2.17	)		3.44			8.40
Without CDSC			(1.17	)		3.44			8.40
CLASS I SHARES	May 31, 2007		(0.52	)		4.12			9.12
CLASS R6 SHARES	November 1, 2017		(0.42	)		4.14			9.13

Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (10/31/08 TO 10/31/18)

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.

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 October 31, 2008 to October 31, 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.

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.

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.



8	J.P. MORGAN FUNDS	OCTOBER 31, 2018

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

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


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 97.4%
Common Stocks — 54.9%
Argentina — 0.1%
MercadoLibre, Inc.		8		2,695

Australia — 1.0%
Australia & New Zealand Banking Group Ltd.		308		5,663
BHP Billiton Ltd.		309		7,128
BHP Billiton plc		198		3,955
Commonwealth Bank of Australia		18		907
CSL Ltd.		14		1,833
Dexus, REIT		380		2,747
Goodman Group, REIT		439		3,229
Macquarie Group Ltd.		4		357
National Australia Bank Ltd.		21		381
Oil Search Ltd.		72		395
Rio Tinto Ltd.		92		5,009
Rio Tinto plc		18		871
Wesfarmers Ltd.		92		3,041
Westpac Banking Corp.		37		708

				36,224

Austria — 0.1%
Erste Group Bank AG *		124		5,042

Belgium — 0.3%
Anheuser-Busch InBev SA/NV		87		6,456
KBC Group NV		48		3,329

				9,785

Brazil — 0.5%
Ambev SA, ADR		564		2,442
Cielo SA		356		1,267
Itau Unibanco Holding SA (Preference)		584		7,714
Lojas Renner SA *		290		2,941
Raia Drogasil SA *		66		1,110
Ultrapar Participacoes SA		144		1,704
Vale SA, ADR		31		475
WEG SA		351		1,699

				19,352

Canada — 0.4%
Alimentation Couche-Tard, Inc., Class B		88		4,183
Canadian National Railway Co.		41		3,464
Concordia International Corp. *		2		32
Concordia International private placement * ‡		16		313
Fairfax Financial Holdings Ltd.		4		2,127
Toronto-Dominion Bank (The)		48		2,660

				12,779


INVESTMENTS	SHARES (000)		VALUE ($000)


Chile — 0.1%
Banco Santander Chile, ADR		86		2,522

China — 1.4%
Alibaba Group Holding Ltd., ADR *		49		7,033
Baidu, Inc., ADR *		17		3,166
China Overseas Land & Investment Ltd.		580		1,823
CNOOC Ltd.		665		1,133
JD.com, Inc., ADR *		109		2,572
Ping An Insurance Group Co. of China Ltd., Class H		1,536		14,521
Tencent Holdings Ltd.		473		16,218
Tsingtao Brewery Co. Ltd., Class H		408		1,614

				48,080

Denmark — 0.5%
Chr Hansen Holding A/S		20		2,035
Novo Nordisk A/S, Class B		315		13,588
Royal Unibrew A/S		28		1,983

				17,606

Finland — 0.4%
Cargotec OYJ, Class B		35		1,443
Neste OYJ		39		3,204
Nokia OYJ		416		2,351
Outokumpu OYJ		483		2,025
UPM-Kymmene OYJ		88		2,843
Wartsila OYJ Abp		147		2,501

				14,367

France — 3.3%
Accor SA		56		2,560
Air Liquide SA		63		7,580
Airbus SE		87		9,565
Alstom SA *		91		3,984
AXA SA		145		3,628
BNP Paribas SA		112		5,844
Capgemini SE		51		6,199
Dassault Systemes SE		13		1,615
Eiffage SA		25		2,486
Engie SA		259		3,446
JCDecaux SA		82		2,698
Kering SA		8		3,592
LVMH Moet Hennessy Louis Vuitton SE		14		4,317
Pernod Ricard SA		33		5,091
Peugeot SA		156		3,718
Renault SA		56		4,191

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	9

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
France — continued
Safran SA		51		6,641
Sanofi		87		7,783
Schneider Electric SE		74		5,353
Sodexo SA		43		4,400
Teleperformance		11		1,740
Thales SA		33		4,177
TOTAL SA		195		11,453
Vinci SA		62		5,474

				117,535

Germany — 2.3%
adidas AG		13		3,053
Allianz SE (Registered)		30		6,340
BASF SE		20		1,554
Bayer AG (Registered)		103		7,918
Brenntag AG		67		3,503
Continental AG		21		3,523
Daimler AG (Registered)		98		5,787
Delivery Hero SE * (a)		56		2,241
Deutsche Bank AG (Registered)		63		614
Deutsche Boerse AG		53		6,671
Deutsche Post AG (Registered)		92		2,897
Deutsche Telekom AG (Registered)		490		8,035
Hannover Rueck SE		13		1,774
Henkel AG & Co. KGaA (Preference)		33		3,599
Infineon Technologies AG		123		2,459
RWE AG		98		1,908
SAP SE		139		14,859
Siemens AG (Registered)		28		3,257
Zalando SE * (a)		50		1,923

				81,915

Hong Kong — 1.0%
AIA Group Ltd.		2,538		19,310
CK Asset Holdings Ltd.		669		4,356
CK Hutchison Holdings Ltd.		316		3,187
Hong Kong Exchanges & Clearing Ltd.		153		4,076
Jardine Matheson Holdings Ltd.		70		4,042

				34,971

India — 0.9%
HDFC Bank Ltd., ADR		242		21,477
Infosys Ltd., ADR		868		8,218
Mahindra & Mahindra Ltd., GDR (a)		219		2,263


INVESTMENTS	SHARES (000)		VALUE ($000)


India — continued
Mahindra & Mahindra Ltd., GDR (a)		172		1,785

				33,743

Indonesia — 0.3%
Astra International Tbk. PT		4,320		2,247
Bank Central Asia Tbk. PT		4,007		6,239
Bank Rakyat Indonesia Persero Tbk. PT		11,837		2,457
Unilever Indonesia Tbk. PT		368		1,049

				11,992

Ireland — 0.2%
CRH plc		67		1,992
Ryanair Holdings plc, ADR *		43		3,539

				5,531

Israel — 0.0% (b)
Teva Pharmaceutical Industries Ltd., ADR		58		1,163

Italy — 0.6%
Assicurazioni Generali SpA		221		3,566
Enel SpA		2,002		9,814
Eni SpA		243		4,324
Saipem SpA *		431		2,360
Telecom Italia SpA *		2,414		1,420
UniCredit SpA		26		336

				21,820

Japan — 4.0%
Asahi Group Holdings Ltd.		45		1,973
Bridgestone Corp.		127		4,912
Central Japan Railway Co.		15		2,802
Daicel Corp.		294		3,111
Daikin Industries Ltd.		45		5,228
DMG Mori Co. Ltd.		210		3,036
Electric Power Development Co. Ltd.		25		692
FANUC Corp.		18		3,044
Hitachi Ltd.		39		1,192
Honda Motor Co. Ltd.		182		5,207
Japan Airlines Co. Ltd.		71		2,523
Japan Tobacco, Inc.		125		3,207
Kao Corp.		65		4,351
Keyence Corp.		7		3,566
Komatsu Ltd.		103		2,675
Kyowa Hakko Kirin Co. Ltd.		69		1,334
Kyushu Electric Power Co., Inc.		79		915
Mabuchi Motor Co. Ltd.		98		3,472

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Marui Group Co. Ltd.		116		2,493
Mitsubishi Corp.		175		4,920
Mitsubishi UFJ Financial Group, Inc.		927		5,609
Mitsui Fudosan Co. Ltd.		73		1,651
NGK Spark Plug Co. Ltd.		118		2,390
Nintendo Co. Ltd.		9		2,935
Nippon Telegraph & Telephone Corp.		79		3,274
Nomura Research Institute Ltd.		50		2,203
Olympus Corp.		15		500
Otsuka Corp.		73		2,411
Otsuka Holdings Co. Ltd.		94		4,501
Panasonic Corp.		286		3,072
Renesas Electronics Corp. *		488		2,571
Seven & i Holdings Co. Ltd.		129		5,573
Shin-Etsu Chemical Co. Ltd.		42		3,526
SMC Corp.		10		3,315
Sony Corp.		36		1,943
Sumitomo Electric Industries Ltd.		201		2,747
Sumitomo Mitsui Financial Group, Inc.		120		4,684
T&D Holdings, Inc.		239		3,817
Tokio Marine Holdings, Inc.		87		4,103
Tokyo Gas Co. Ltd.		51		1,259
Tokyu Corp.		235		3,876
Toray Industries, Inc.		437		3,101
Toyota Motor Corp.		135		7,879
West Japan Railway Co.		24		1,614
Yamato Holdings Co. Ltd.		114		3,122

				142,329

Luxembourg — 0.1%
ArcelorMittal		210		5,234

Macau — 0.1%
Sands China Ltd.		641		2,536

Malaysia — 0.0% (b)
Public Bank Bhd.		290		1,703

Mexico — 0.2%
Fomento Economico Mexicano SAB de CV, ADR		24		2,059
Grupo Financiero Banorte SAB de CV, Class O		293		1,613
Wal-Mart de Mexico SAB de CV		958		2,447

				6,119

Netherlands — 1.9%
ABN AMRO Group NV, CVA (a)		142		3,483
Adyen NV * (a)		4		2,480


INVESTMENTS	SHARES (000)		VALUE ($000)


Netherlands — continued
Akzo Nobel NV		49		4,092
ASML Holding NV		67		11,571
ASR Nederland NV		74		3,352
Heineken NV		20		1,826
ING Groep NV		966		11,430
Koninklijke Philips NV		38		1,413
NN Group NV		134		5,774
Royal Dutch Shell plc, Class A		207		6,608
Royal Dutch Shell plc, Class A		192		6,091
Royal Dutch Shell plc, Class B		262		8,542

				66,662

Norway — 0.1%
Telenor ASA		111		2,029

Peru — 0.1%
Credicorp Ltd.		15		3,300

Russia — 0.1%
Sberbank of Russia PJSC		1,064		3,058
Sberbank of Russia PJSC, ADR		11		123
Sberbank of Russia PJSC, ADR		121		1,420

				4,601

Singapore — 0.2%
DBS Group Holdings Ltd.		267		4,537
United Overseas Bank Ltd.		56		985

				5,522

South Africa — 0.4%
Bid Corp. Ltd.		66		1,238
Bidvest Group Ltd. (The)		167		2,084
Capitec Bank Holdings Ltd.		24		1,609
FirstRand Ltd.		750		3,277
Mr Price Group Ltd.		55		854
RMB Holdings Ltd.		196		992
Sanlam Ltd.		319		1,604
Shoprite Holdings Ltd.		133		1,629
Tiger Brands Ltd.		58		1,036

				14,323

South Korea — 0.3%
NAVER Corp.		16		1,628
Samsung Electronics Co. Ltd., GDR (c)		3		2,644
Samsung Electronics Co. Ltd.		205		7,670

				11,942

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Spain — 0.8%
ACS Actividades de Construccion y Servicios SA		85		3,192
Banco Santander SA		544		2,589
Bankia SA		830		2,607
Ence Energia y Celulosa SA		173		1,456
Iberdrola SA		1,005		7,108
Industria de Diseno Textil SA		176		4,952
Repsol SA		275		4,912
Telefonica SA		248		2,036

				28,852

Sweden — 0.6%
Dometic Group AB (c)		50		347
Lundin Petroleum AB		85		2,584
Svenska Handelsbanken AB, Class A		425		4,615
Swedish Match AB		43		2,207
Swedish Orphan Biovitrum AB *		89		1,815
Tele2 AB, Class B		296		3,363
Telefonaktiebolaget LM Ericsson, Class B		191		1,663
Volvo AB, Class B		213		3,182

				19,776

Switzerland — 2.9%
Cie Financiere Richemont SA (Registered)		56		4,058
Credit Suisse Group AG (Registered) *		280		3,658
Glencore plc *		468		1,903
LafargeHolcim Ltd. (Registered) *		92		4,258
Logitech International SA (Registered)		85		3,159
Nestle SA (Registered)		270		22,774
Novartis AG (Registered)		244		21,340
Partners Group Holding AG		2		1,713
Roche Holding AG		86		20,958
Sunrise Communications Group AG * (a)		32		2,817
Swatch Group AG (The)		8		2,558
Swiss Re AG		43		3,840
UBS Group AG (Registered) *		220		3,080
Zurich Insurance Group AG *		20		6,213

				102,329

Taiwan — 0.5%
Delta Electronics, Inc.		462		1,943
Largan Precision Co. Ltd.		8		874
President Chain Store Corp.		402		4,548
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		309		11,772

				19,137


INVESTMENTS	SHARES (000)		VALUE ($000)


Thailand — 0.1%
Siam Cement PCL (The) (Registered)		164		2,042
Siam Commercial Bank PCL (The)		453		1,881

				3,923

Turkey — 0.0% (b)
KOC Holding A/S		219		612

United Kingdom — 3.1%
3i Group plc		346		3,875
AstraZeneca plc		57		4,378
Aviva plc		1,219		6,664
Barratt Developments plc		328		2,154
BP plc		748		5,403
British American Tobacco plc		177		7,664
Burberry Group plc		267		6,180
Diageo plc		155		5,360
Dixons Carphone plc		887		1,917
Fiat Chrysler Automobiles NV *		88		1,337
GlaxoSmithKline plc		532		10,307
HSBC Holdings plc		582		4,788
InterContinental Hotels Group plc		54		2,814
ITV plc		1,628		3,090
Linde plc		24		4,002
Lloyds Banking Group plc		2,749		2,006
Prudential plc		281		5,630
RELX plc		185		3,663
Smith & Nephew plc		218		3,543
Standard Chartered plc		605		4,238
Taylor Wimpey plc		735		1,514
Unilever NV, CVA		220		11,840
Vodafone Group plc		2,544		4,785
Whitbread plc		19		1,085
WPP plc		164		1,859

				110,096

United States — 26.0%
Acadia Healthcare Co., Inc. *		57		2,358
Adobe, Inc. *		12		2,977
AdvanSix, Inc. *		43		1,204
Aetna, Inc.		15		2,937
Alleghany Corp.		3		1,678
Allergan plc		28		4,422
Ally Financial, Inc.		73		1,863
Alphabet, Inc., Class A *		3		3,706
Alphabet, Inc., Class C *		15		16,579

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — Continued
United States — continued
Altice USA, Inc., Class A		485			7,912
Amazon.com, Inc. *		11			17,334
American Electric Power Co., Inc.		74			5,408
American Express Co.		44			4,569
American Homes 4 Rent, Class A, REIT		131			2,769
American International Group, Inc.		106			4,361
AmerisourceBergen Corp.		24			2,128
Amphenol Corp., Class A		27			2,379
Analog Devices, Inc.		38			3,184
Apple, Inc. (d)		99			21,672
Applied Materials, Inc.		67			2,191
Arista Networks, Inc. *		8			1,881
Arrow Electronics, Inc. *		55			3,719
AutoZone, Inc. *		8			5,779
Avaya Holdings Corp. *		19			315
Ball Corp.		159			7,110
Bank of America Corp.		534			14,694
Berkshire Hathaway, Inc., Class A *		—	(e)		11,077
Berkshire Hathaway, Inc., Class B *		31			6,458
Best Buy Co., Inc.		30			2,100
Biogen, Inc. *		5			1,449
BlackRock, Inc.		5			1,990
Boeing Co. (The)		18			6,253
Brinker International, Inc.		42			1,816
Brixmor Property Group, Inc., REIT		210			3,399
Capital One Financial Corp. (d)		112			9,964
Carlisle Cos., Inc.		25			2,370
Catalent, Inc. *		49			1,971
CBRE Group, Inc., Class A * (d)		161			6,471
CBS Corp. (Non-Voting), Class B		51			2,897
Centene Corp. *		22			2,919
Charles Schwab Corp. (The)		162			7,494
Charter Communications, Inc., Class A *		18			5,786
Chevron Corp.		25			2,810
Chubb Ltd.		27			3,374
Cigna Corp.		104			22,229
Cisco Systems, Inc. (d)		121			5,526
Citigroup, Inc.		87			5,684
Citizens Financial Group, Inc.		120			4,488
Clorox Co. (The)		12			1,827
Columbia Sportswear Co.		26			2,355
Comerica, Inc.		20			1,669
CommScope Holding Co., Inc. *		109			2,615


INVESTMENTS	SHARES (000)		VALUE ($000)


United States — continued
Concho Resources, Inc. * (d)		24		3,275
ConocoPhillips		76		5,337
Copart, Inc. *		56		2,751
CorePoint Lodging, Inc., REIT		72		1,181
Corning, Inc.		125		4,009
Coty, Inc., Class A		183		1,927
Deere & Co.		17		2,237
Delta Air Lines, Inc. (d)		165		9,051
DexCom, Inc. *		13		1,687
Diamondback Energy, Inc.		16		1,751
Discovery, Inc., Class A *		172		5,568
DISH Network Corp., Class A *		171		5,246
DocuSign, Inc. *		28		1,170
Dover Corp.		41		3,421
Duke Energy Corp.		30		2,476
Eagle Materials, Inc.		17		1,246
East West Bancorp, Inc.		60		3,137
EastGroup Properties, Inc., REIT		22		2,141
Edison International		38		2,638
Electronic Arts, Inc. *		25		2,246
Energizer Holdings, Inc.		41		2,412
Entercom Communications Corp., Class A (d)		274		1,777
EOG Resources, Inc.		25		2,632
EQT Corp.		75		2,544
Eversource Energy		41		2,580
Evolent Health, Inc., Class A *		80		1,782
Exact Sciences Corp. *		34		2,417
Exelixis, Inc. *		52		716
Expedia Group, Inc.		21		2,626
Express Scripts Holding Co. *		146		14,137
Exxon Mobil Corp. (d)		95		7,559
Facebook, Inc., Class A * (d)		29		4,407
Federal Realty Investment Trust, REIT		22		2,689
Ferguson plc		124		8,382
Fifth Third Bancorp		105		2,829
First Republic Bank		46		4,162
Fiserv, Inc. *		77		6,134
Fortune Brands Home & Security, Inc.		33		1,499
Gartner, Inc. *		16		2,287
Genuine Parts Co.		23		2,258
Global Payments, Inc.		37		4,258
GoDaddy, Inc., Class A *		51		3,761
Goodman Private * ‡		2		—

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	13

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Graphic Packaging Holding Co.		208		2,287
Hartford Financial Services Group, Inc. (The)		80		3,635
HCA Healthcare, Inc.		15		1,938
Hewlett Packard Enterprise Co.		124		1,887
Hilton Worldwide Holdings, Inc.		76		5,379
Home Depot, Inc. (The)		16		2,813
Honeywell International, Inc.		35		5,082
Illinois Tool Works, Inc. (d)		29		3,636
Illumina, Inc. *		11		3,521
Intercept Pharmaceuticals, Inc. *		14		1,378
Intuit, Inc.		5		1,013
Intuitive Surgical, Inc. *		6		3,205
Invesco Ltd.		90		1,957
Jazz Pharmaceuticals plc *		18		2,878
Johnson & Johnson		125		17,464
Keurig Dr Pepper, Inc.		64		1,669
Kimco Realty Corp., REIT		177		2,842
Kinder Morgan, Inc.		287		4,893
Kohl’s Corp.		56		4,253
Kroger Co. (The)		83		2,471
Lennox International, Inc.		20		4,268
LKQ Corp. *		77		2,103
Loews Corp. (d)		169		7,889
Lululemon Athletica, Inc. *		17		2,383
M&T Bank Corp.		43		7,126
Marathon Petroleum Corp.		48		3,351
Marsh & McLennan Cos., Inc.		42		3,594
Martin Marietta Materials, Inc.		33		5,717
Marvell Technology Group Ltd.		115		1,886
Mastercard, Inc., Class A		40		7,950
Medtronic plc		25		2,259
Merck & Co., Inc.		114		8,373
Microsoft Corp. (d)		214		22,898
Mid-America Apartment Communities, Inc., REIT		44		4,285
Middleby Corp. (The) *		12		1,331
Molson Coors Brewing Co., Class B		41		2,613
Morgan Stanley		100		4,562
Murphy USA, Inc. *		37		3,003
Nasdaq, Inc.		36		3,123
Netflix, Inc. *		16		4,843
Nexstar Media Group, Inc., Class A		50		3,720
NextEra Energy, Inc.		88		15,217
NII Holdings, Inc. *		1		6


INVESTMENTS	SHARES (000)		VALUE ($000)


United States — continued
NiSource, Inc.		61		1,541
Nordson Corp.		13		1,555
Nordstrom, Inc.		76		5,022
Northern Trust Corp.		33		3,103
NVIDIA Corp. (d)		25		5,204
Occidental Petroleum Corp.		63		4,202
Old Dominion Freight Line, Inc.		14		1,862
Oshkosh Corp.		36		2,018
Outfront Media, Inc., REIT		138		2,442
Packaging Corp. of America		30		2,715
Palo Alto Networks, Inc. *		20		3,668
Parker-Hannifin Corp.		13		1,945
PayPal Holdings, Inc. *		54		4,573
PBF Energy, Inc., Class A		29		1,201
Penn Virginia Corp. *		1		37
Pfizer, Inc. (d)		309		13,325
Phillips 66		28		2,861
PNC Financial Services Group, Inc. (The)		61		7,829
Post Holdings, Inc. *		44		3,925
Procter & Gamble Co. (The)		52		4,617
Progressive Corp. (The)		63		4,410
Prudential Financial, Inc.		16		1,536
Public Storage, REIT		20		4,146
QUALCOMM, Inc.		45		2,846
Rayonier, Inc., REIT		84		2,542
Red Hat, Inc. *		16		2,686
Remington Outdoor Co., Inc. * ‡		2		14
Resideo Technologies, Inc. *		6		123
Revance Therapeutics, Inc. *		43		933
Ross Stores, Inc.		42		4,124
S&P Global, Inc.		24		4,343
Sage Therapeutics, Inc. *		7		942
SailPoint Technologies Holding, Inc. *		52		1,348
salesforce.com, Inc. *		41		5,560
ServiceNow, Inc. *		22		4,036
Southwest Airlines Co.		62		3,063
Spark Therapeutics, Inc. *		21		937
Splunk, Inc. *		25		2,513
Spotify Technology SA *		17		2,496
Square, Inc., Class A *		9		689
Stanley Black & Decker, Inc.		22		2,530
SunTrust Banks, Inc.		90		5,641
T. Rowe Price Group, Inc.		59		5,683

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Take-Two Interactive Software, Inc. *		19		2,488
Teladoc Health, Inc. *		30		2,052
Tesla, Inc. *		6		2,140
Texas Instruments, Inc. (d)		61		5,672
TherapeuticsMD, Inc. *		221		1,081
Thermo Fisher Scientific, Inc.		83		19,365
Tiffany & Co.		22		2,409
T-Mobile US, Inc. *		40		2,739
Tractor Supply Co.		27		2,438
Travelers Cos., Inc. (The)		39		4,830
Union Pacific Corp.		16		2,346
United Technologies Corp.		39		4,788
UnitedHealth Group, Inc. (d)		129		33,689
Unum Group		38		1,373
US Bancorp		92		4,831
Veeva Systems, Inc., Class A *		26		2,420
Verizon Communications, Inc. (d)		291		16,595
Vertex Pharmaceuticals, Inc. *		17		2,886
Visa, Inc., Class A (d)		55		7,626
Vistra Energy Corp. *		17		388
WABCO Holdings, Inc. *		3		366
Walgreens Boots Alliance, Inc.		74		5,875
Waste Connections, Inc.		111		8,511
Wayfair, Inc., Class A *		13		1,482
Wells Fargo & Co. (d)		244		12,978
WestRock Co.		66		2,849
Weyerhaeuser Co., REIT		56		1,491
Williams Cos., Inc. (The)		152		3,701
Worldpay, Inc. *		35		3,211
WW Grainger, Inc.		8		2,277
Xcel Energy, Inc.		111		5,426
Zebra Technologies Corp., Class A *		11		1,763

				924,036

Total Common Stocks (Cost $1,842,933)				1,952,183


	PRINCIPAL AMOUNT ($000)
Collateralized Mortgage Obligations — 9.2%
United States — 9.2%
Alternative Loan Trust
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		469		468


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		113		112
Series 2005-11CB, Class 2A1, 5.50%, 6/25/2035		87		87
Series 2005-19CB, Class A2, IF, 11.92%, 6/25/2035 (f)		21		22
Series 2005-28CB, Class 2A6, 5.00%, 8/25/2035		1,139		980
Series 2005-50CB, Class 1A1, 5.50%, 11/25/2035		1,133		1,058
Series 2006-4CB, Class 2A6, 5.50%, 4/25/2036		2,843		2,783
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		774		638
Angel Oak Mortgage Trust I LLC
Series 2018-2, Class A1, 3.67%, 7/27/2048 (c) (f)		3,768		3,761
Series 2018-3, Class A1, 3.65%, 9/25/2048 (c) (f)		968		969
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (c)		785		785
Arroyo Mortgage Trust Series 2018-1, Class A1, 3.76%, 4/25/2048 (c) (f)		1,368		1,366
Banc of America Funding Trust Series 2005-6, Class 1A2, 5.50%, 10/25/2035		65		62
Bear Stearns ALT-A Trust
Series 2005-4, Class 23A1, 4.02%, 5/25/2035 (f)		75		76
Series 2005-4, Class 23A2, 4.02%, 5/25/2035 (f)		578		586
Series 2005-5, Class 1A4, 2.84%, 7/25/2035 (f)		1,078		1,077
Series 2005-7, Class 12A3, 2.96%, 8/25/2035 (f)		97		97
Bear Stearns ARM Trust
Series 2005-9, Class A1, 4.73%, 10/25/2035 (f)		225		227
Series 2006-1, Class A1, 3.67%, 2/25/2036 (f)		407		411
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC3, Class M1, 3.11%, 6/25/2034 ‡ (f)		639		582
Bellemeade Re Ltd.
Series 2018-3A, Class M1B, 4.13%, 10/25/2027 (c) (f)		1,660		1,660
Series 2018-3A, Class M2, 5.03%, 10/25/2027 (c) (f)		1,440		1,444

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	15

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Chase Mortgage Finance Trust
Series 2006-S4, Class A5, 6.00%, 12/25/2036		296		240
Series 2007-A1, Class 1A1, 4.16%, 2/25/2037 (f)		107		108
Series 2007-A1, Class 8A1, 4.51%, 2/25/2037 (f)		139		143
CHL GMSR Issuer Trust Series 2018-GT1, Class A, 5.03%, 5/25/2023 (c) (f)		4,120		4,152
CHL Mortgage Pass-Through Trust
Series 2004-9, Class A7, 5.25%, 6/25/2034		97		98
Series 2004-25, Class 2A1, 2.96%, 2/25/2035 (f)		463		454
Series 2005-26, Class 1A11, 5.50%, 11/25/2035		677		600
Series 2005-31, Class 2A1, 3.30%, 1/25/2036 (f)		567		541
Series 2006-21, Class A14, 6.00%, 2/25/2037		217		189
Series 2007-10, Class A4, 5.50%, 7/25/2037		249		200
Series 2007-9, Class A11, 5.75%, 7/25/2037		2,352		2,076
Citigroup Mortgage Loan Trust Series 2005-11, Class A2A, 4.82%, 10/25/2035 (f)		110		111
Citigroup Mortgage Loan Trust, Inc.
Series 2005-3, Class 2A2A, 4.38%, 8/25/2035 (f)		372		373
Series 2005-4, Class A, 4.48%, 8/25/2035 (f)		456		461
COLT Mortgage Loan Trust Series 2018-2, Class A1, 3.47%, 7/27/2048 (c) (f)		3,420		3,408
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8, Class 5A1, 6.00%, 12/25/2034		451		475
Deephaven Residential Mortgage Trust Series 2018-2A, Class A1, 3.48%, 4/25/2058 (c) (f)		2,380		2,364
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AF1, Class A4, 2.58%, 4/25/2036 (f)		787		748
FHLMC REMIC
Series 3768, Class CB, 3.50%, 12/15/2025		6,885		6,954
Series 3806, Class L, 3.50%, 2/15/2026		600		606
Series 4323, Class VA, 4.00%, 3/15/2027		748		764
Series 4669, Class VJ, 4.00%, 5/15/2028		844		860
Series 4496, Class CA, 2.00%, 7/15/2031		3,702		3,554


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Series 4261, Class PA, 3.00%, 7/15/2032		7,387		7,292
Series 4279, Class JA, 3.00%, 2/15/2037		1,374		1,358
Series 4073, Class AJ, 3.00%, 8/15/2038		4,604		4,569
Series 4510, Class HB, 2.00%, 3/15/2040		5,995		5,706
Series 3778, Class JA, 3.50%, 4/15/2040		4,856		4,857
Series 4639, Class AC, 3.00%, 5/15/2040		481		473
Series 4364, Class A, 3.00%, 8/15/2040		4,908		4,825
Series 4363, Class B, 3.00%, 12/15/2040		4,488		4,405
Series 3788, Class FA, 2.81%, 1/15/2041 (f)		8,505		8,543
Series 4366, Class KA, 3.00%, 3/15/2041		8,110		7,934
Series 4467, Class AB, 3.00%, 7/15/2041		1,098		1,076
Series 4112, Class FC, 2.63%, 1/15/2042 (f)		920		914
Series 4118, Class PD, 1.50%, 5/15/2042		5,150		4,801
Series 4223, Class AL, 3.00%, 8/15/2042		4,424		4,354
Series 4494, Class KA, 3.75%, 10/15/2042		1,415		1,429
Series 4800, Class PA, 3.50%, 7/15/2043		7,879		7,872
Series 4480, Class QA, 3.00%, 11/15/2043		970		950
Series 4622, Class HA, 3.00%, 11/15/2043		3,379		3,296
Series 4446, Class MA, 3.50%, 12/15/2050		1,146		1,140
FHLMC STRIPS
Series 242, Class F29, 2.53%, 11/15/2036 (f)		1,036		1,042
Series 311, Class F1, 2.83%, 8/15/2043 (f)		493		496
Series 326, Class F2, 2.83%, 3/15/2044 (f)		1,054		1,063
FHLMC Structured Agency Credit Risk Debt Notes
Series 2018-HQA1, Class M2, 4.58%, 9/25/2030 (f)		3,000		2,998
Flagstar Mortgage Trust
Series 2018-6RR, Class 1A2, 2.93%, 10/25/2048 (c) (f)		1,830		1,817
FNMA REMIC
Series 2005-10, Class BK, 5.00%, 3/25/2025		120		123
Series 2014-3, Class AM, 2.50%, 1/25/2032		503		492
Series 2013-135, Class GA, 3.00%, 7/25/2032		446		440
Series 2006-5, Class 1A, 3.92%, 8/25/2034 (f)		2,205		2,303
Series 2007-30, Class LF, 2.59%, 4/25/2037 (f)		1,129		1,132
Series 2013-26, Class AK, 2.50%, 11/25/2038		2,712		2,644

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Series 2012-87, Class CA, 2.00%, 6/25/2039		1,737			1,669
Series 2014-29, Class BA, 3.00%, 3/25/2040		1,155			1,136
Series 2014-36, Class EJ, 3.00%, 6/25/2040		4,084			4,003
Series 2010-142, Class FM, 2.75%, 12/25/2040 (f)		2,222			2,224
Series 2015-15, Class GH, 2.50%, 3/25/2041		6,065			5,843
Series 2017-50, Class CB, 2.00%, 4/25/2041		3,861			3,741
Series 2017-4, Class AH, 3.00%, 5/25/2041		11,084			10,905
Series 2015-55, Class QA, 3.50%, 10/25/2042		3,280			3,248
Series 2012-122, Class FM, 2.68%, 11/25/2042 (f)		6,348			6,362
Series 2013-20, Class CA, 2.50%, 1/25/2043		2,378			2,284
Series 2013-58, Class KJ, 3.00%, 2/25/2043		8,974			8,804
Series 2018-18, Class P, 3.50%, 4/25/2043		13,988			14,002
Series 2013-101, Class FE, 2.88%, 10/25/2043 (f)		9,984			10,125
Series 2016-103, Class LA, 3.00%, 5/25/2044		1,449			1,411
Series 2015-54, Class FA, 2.63%, 7/25/2045 (f)		2,587			2,578
Series 2016-40, Class PA, 3.00%, 7/25/2045		410			402
Series 2016-8, Class FA, 2.73%, 3/25/2046 (f)		5,800			5,840
Series 2016-25, Class FL, 2.78%, 5/25/2046 (f)		4,006			4,037
Series 2016-40, Class FA, 2.93%, 7/25/2046 (f)		968			986
Series 2016-63, Class AF, 2.78%, 9/25/2046 (f)		7,716			7,795
Series 2016-75, Class FC, 2.68%, 10/25/2046 (f)		1,702			1,710
Series 2017-50, Class FB, 2.68%, 7/25/2047 (f)		—	(e)		—	(e)
Series 2017-41, Class ME, 3.00%, 5/25/2053		14,208			13,898
Series 2017-99, Class MA, 3.50%, 5/25/2053		1,719			1,709


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Series 2017-49, Class JA, 4.00%, 7/25/2053		17,669		18,015
Series 2017-96, Class KA, 3.00%, 1/25/2055		4,290		4,188
FNMA, Connecticut Avenue Securities
Series 2018-C05, Class 1M1, 3.00%, 1/25/2031 (f)		1,171		1,174
Series 2018-C05, Class 1M2, 4.63%, 1/25/2031 (f)		3,250		3,266
Fremf Frn 144a 6/25/2025 (g)		775		775
GNMA
Series 2008-35, Class FH, 2.88%, 4/20/2038 (f)		2,018		2,044
Series 2014-117, Class FP, 2.58%, 6/20/2043 (f)		2,180		2,179
GSR Mortgage Loan Trust Series 2004-11, Class 2A2, 4.42%, 9/25/2034 (f)		289		290
Homeward Opportunities Fund I Trust Series 2018-1, Class A1, 3.77%, 6/25/2048 (c) (f)		3,264		3,264
Impac CMB Trust
Series 2004-6, Class 1A2, 3.06%, 10/25/2034 (f)		89		87
Series 2005-2, Class 2A2, 3.08%, 4/25/2035 (f)		433		417
Series 2005-4, Class 2A2, 3.04%, 5/25/2035 (f)		348		331
Series 2005-4, Class 2M2, 3.41%, 5/25/2035 (f)		246		227
Series 2005-4, Class 2B1, 4.76%, 5/25/2035 ‡ (f)		368		352
JP Morgan Alternative Loan Trust Series 2007-A2, Class 12A3, 2.47%, 6/25/2037 (f)		527		525
JP Morgan Mortgage Trust
Series 2005-A8, Class 2A3, 4.21%, 11/25/2035 (f)		224		219
Series 2006-A7, Class 2A2, 3.92%, 1/25/2037 (f)		1,386		1,331
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.46%, 4/21/2034 (f)		253		260
MASTR Alternative Loan Trust
Series 2004-6, Class 8A1, 5.50%, 7/25/2034		98		99
Merrill Lynch Mortgage Investors Trust Series 2005-1, Class 2A1, 4.11%, 4/25/2035 (f)		57		56

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	17

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Merrill Lynch Mortgage Investors Trust MLMI
Series 2003-A4, Class 3A, 4.40%, 5/25/2033 (f)		115		114
Series 2005-A2, Class A3, 3.54%, 2/25/2035 (f)		51		52
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 4.28%, 7/25/2034 (f)		109		107
Series 2004-7AR, Class 2A6, 4.35%, 9/25/2034 (f)		285		293
Series 2004-11AR, Class 1A2A, 2.59%, 1/25/2035 (f)		245		241
MortgageIT Trust Series 2005-1, Class 1B1, 3.78%, 2/25/2035 ‡ (f)		349		335
OBX Trust Series 2018-EXP1, Class 2A1B, 3.13%, 4/25/2048 (c) (f)		2,235		2,227
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series 2005-4, Class 1A2, 2.67%, 11/25/2035 (f)		394		389
Series 2005-5, Class 1APT, 2.56%, 12/25/2035 (f)		745		692
Opteum Mortgage Acceptance Corp. Trust
Series 2006-1, Class 1APT, 2.49%, 4/25/2036 (f)		869		812
Series 2006-1, Class 1AC1, 2.58%, 4/25/2036 (f)		620		597
PNMAC GMSR Issuer Trust Series 2018-GT1, Class A, 5.13%, 2/25/2023 (c) (f)		2,245		2,269
RALI Trust
Series 2006-QS18, Class 3A1, 5.75%, 12/25/2021		57		54
Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036		749		696
Residential Asset Securitization Trust Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		2,931		2,442
RFMSI Trust
Series 2003-S16, Class A2, 4.50%, 9/25/2018		1		1
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		713		676
Series 2007-S6, Class 2A5, 2.78%, 6/25/2037 (f)		2,648		2,215
Starwood Mortgage Residential Trust Series 2018-IMC1, Class A1, 3.79%, 3/25/2048 (c) (f)		3,661		3,661
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021 (c) (h)		660		660


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Verus Securitization Trust Series 2018-2, Class A1, 3.68%, 6/1/2058 (c) (f)		3,675		3,659
WaMu Mortgage Pass-Through Certificates Series 2005-AR8, Class 2AB2, 3.12%, 7/25/2045 (f)		2,186		2,187
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-CB2, Class 5A, 5.00%, 7/25/2019		8		8
Series 2005-AR3, Class A1, 3.66%, 3/25/2035 (f)		661		650
Series 2005-AR5, Class A6, 3.89%, 5/25/2035 (f)		447		450
Series 2005-AR7, Class A3, 4.08%, 8/25/2035 (f)		347		350
Series 2005-AR10, Class 1A3, 4.13%, 9/25/2035 (f)		226		230
Series 2005-AR14, Class 1A4, 3.76%, 12/25/2035 (f)		326		328
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-H, Class A1, 4.73%, 9/25/2033 (f)		142		144
Series 2003-K, Class 1A1, 4.69%, 11/25/2033 (f)		193		196
Series 2003-M, Class A1, 4.47%, 12/25/2033 (f)		212		218
Series 2004-H, Class A1, 4.42%, 6/25/2034 (f)		107		109
Series 2004-K, Class 1A2, 4.48%, 7/25/2034 (f)		56		57
Series 2004-N, Class A7, 4.60%, 8/25/2034 (f)		136		138
Series 2004-Z, Class 2A2, 3.89%, 12/25/2034 (f)		148		151
Series 2004-EE, Class 2A2, 4.44%, 12/25/2034 (f)		84		87
Series 2004-DD, Class 1A1, 3.78%, 1/25/2035 (f)		270		281
Series 2004-CC, Class A1, 3.84%, 1/25/2035 (f)		542		555
Series 2005-AR1, Class 1A1, 3.84%, 2/25/2035 (f)		747		765
Series 2005-AR2, Class 3A1, 3.91%, 3/25/2035 (f)		80		81
Series 2005-AR2, Class 2A2, 4.00%, 3/25/2035 (f)		234		239
Series 2005-AR3, Class 1A1, 4.43%, 3/25/2035 (f)		321		331
Series 2005-AR10, Class 2A1, 4.31%, 6/25/2035 (f)		375		386

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-AR14, Class A1, 4.54%, 8/25/2035 (f)		379		385
Series 2005-AR16, Class 6A3, 4.48%, 10/25/2035 (f)		177		179
Series 2005-17, Class 2A1, 5.50%, 1/25/2036		1,248		1,247
Series 2006-AR3, Class A3, 4.02%, 3/25/2036 (f)		143		143
Series 2006-AR2, Class 2A3, 4.08%, 3/25/2036 (f)		40		41
Series 2006-AR6, Class 7A1, 4.51%, 3/25/2036 (f)		419		426

Total Collateralized Mortgage Obligations (Cost $329,763)				325,439

Foreign Government Securities — 8.0%
Albania — 0.0% (b)
Republic of Albania
3.50%, 10/9/2025 (c)		EUR 191		216

Angola — 0.1%
Republic of Angola
7.00%, 8/17/2019 (a)		498		499
9.50%, 11/12/2025 (a)		200		220
8.25%, 5/9/2028 (a)		210		210
9.38%, 5/8/2048 (a)		400		401

				1,330

Argentina — 0.1%
Bonos de la Nacion Argentina con Ajuste por CER 4.06%, 3/6/2020		ARS 8,781		289
Provincia de Buenos Aires
5.75%, 6/15/2019 (a)		600		594
9.95%, 6/9/2021 (a)		150		147
Provincia de Cordoba 7.13%, 6/10/2021 (a)		150		138
Republic of Argentina
6.88%, 4/22/2021		150		144
6.63%, 7/6/2028		650		518
8.28%, 12/31/2033		276		238
7.63%, 4/22/2046		175		138
6.88%, 1/11/2048		242		179
7.13%, 6/28/2117		18		13

				2,398

Australia — 0.1%
Republic of Australia
2.75%, 4/21/2024 (a)		AUD 1,422		1,030
2.75%, 6/21/2035 (a)		AUD 765		530


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Australia — continued
3.00%, 3/21/2047 (a)		AUD 522		361

				1,921

Azerbaijan — 0.0% (b)
Republic of Azerbaijan
4.75%, 3/18/2024 (a)		300		295
3.50%, 9/1/2032 (c)		350		287
3.50%, 9/1/2032 (a)		200		164

				746

Belarus — 0.0% (b)
Republic of Belarus
6.88%, 2/28/2023 (a)		200		206
7.63%, 6/29/2027 (a)		200		211
7.63%, 6/29/2027 (c)		430		455

				872

Belgium — 0.2%
Belgium Government Bond
0.50%, 10/22/2024 (a)		EUR1,260		1,451
0.80%, 6/22/2025 (a)		EUR1,660		1,940
0.80%, 6/22/2027 (a)		EUR 455		522
1.00%, 6/22/2031 (a)		EUR1,585		1,784
1.90%, 6/22/2038 (a)		EUR1,176		1,433
1.60%, 6/22/2047 (a)		EUR 247		272
2.15%, 6/22/2066 (a)		EUR 210		247

				7,649

Bermuda — 0.0% (b)
Republic of Bermuda
4.85%, 2/6/2024 (a)		200		205

Bolivia, Plurinational State of — 0.0% (b)
Plurinational State of Bolivia
4.50%, 3/20/2028 (a)		250		223

Brazil — 0.0% (b)
Federative Republic of Brazil
6.00%, 4/7/2026		250		262
4.63%, 1/13/2028		300		282
5.00%, 1/27/2045		500		417

				961

Canada — 0.1%
Canada Government Bond
0.75%, 3/1/2021		CAD 310		227
5.00%, 6/1/2037		CAD 450		466
4.00%, 6/1/2041		CAD 400		380

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	19

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Canada — continued
3.50%, 12/1/2045		CAD 274		247
2.75%, 12/1/2048		CAD 360		286
2.75%, 12/1/2064		CAD 100		81

				1,687

China — 0.2%
China Development Bank 0.38%, 11/16/2021 (a)		EUR 1,270		1,434
Export-Import Bank of China (The) 0.75%, 5/28/2023 (a)		EUR 3,800		4,286
People’s Republic of China 2.36%, 8/18/2021 (a)		CNY 1,000		138

				5,858

Colombia — 0.1%
Republic of Colombia
4.00%, 2/26/2024		300		296
3.88%, 4/25/2027		200		190
5.00%, 6/15/2045		800		759

				1,245

Costa Rica — 0.0% (b)
Instituto Costarricense de Electricidad 6.38%, 5/15/2043 (a)		200		142
Republic of Costa Rica 4.38%, 4/30/2025 (a)		200		164

				306

Croatia — 0.0% (b)
Republic of Croatia
6.38%, 3/24/2021 (a)		400		420
6.00%, 1/26/2024 (a)		262		282

				702

Denmark — 0.1%
Kingdom of Denmark
0.25%, 11/15/2020		DKK 1,930		298
0.50%, 11/15/2027		DKK 4,650		716
4.50%, 11/15/2039		DKK 3,070		800

				1,814

Dominican Republic — 0.0% (b)
Government of Dominican Republic
5.88%, 4/18/2024 (a)		200		203
6.88%, 1/29/2026 (a)		550		577
7.45%, 4/30/2044 (a)		200		208

				988


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Ecuador — 0.0% (b)
Republic of Ecuador
10.50%, 3/24/2020 (a)		300		307
10.75%, 3/28/2022 (a)		200		206
8.88%, 10/23/2027 (a)		350		311

				824

Egypt — 0.1%
Republic of Egypt
6.13%, 1/31/2022 (a)		200		198
5.88%, 6/11/2025 (a)		500		468
8.50%, 1/31/2047 (a)		400		377
7.90%, 2/21/2048 (a)		500		448

				1,491

El Salvador — 0.1%
Republic of El Salvador
7.38%, 12/1/2019 (a)		450		449
7.75%, 1/24/2023 (a)		150		151
5.88%, 1/30/2025 (a)		90		80
6.38%, 1/18/2027 (a)		100		89
8.25%, 4/10/2032 (a)		150		147
7.65%, 6/15/2035 (a)		87		80
7.63%, 2/1/2041 (a)		350		318

				1,314

Ethiopia — 0.0% (b)
Republic of Ethiopia 6.63%, 12/11/2024 (a)		400		389

France — 0.5%
Caisse d’Amortissement de la Dette Sociale 1.88%, 7/28/2020 (a)		3,300		3,232
Republic of France
2.25%, 5/25/2024 (a)		EUR 1,136		1,441
0.25%, 11/25/2026 (a)		EUR 1,193		1,327
2.50%, 5/25/2030 (a)		EUR 1,914		2,557
1.50%, 5/25/2031 (a)		EUR 2,288		2,755
1.75%, 6/25/2039 (a)		EUR 360		436
3.25%, 5/25/2045 (a)		EUR 2,309		3,601
2.00%, 5/25/2048 (a)		EUR 1,025		1,263
1.75%, 5/25/2066 (a)		EUR 669		739

				17,351

Gabon — 0.0% (b)
Republic of Gabonese
6.38%, 12/12/2024 (a)		400		364
6.95%, 6/16/2025 (a)		200		183

				547

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Germany — 0.0% (b)
Federal Republic of Germany 2.50%, 8/15/2046 (a)		EUR 211		327

Ghana — 0.0% (b)
Republic of Ghana
8.63%, 6/16/2049 (a)		400		375

Honduras — 0.0% (b)
Republic of Honduras
8.75%, 12/16/2020 (a)		300		322
6.25%, 1/19/2027 (a)		300		295

				617


Hungary — 0.1%
Republic of Hungary
5.75%, 11/22/2023		174		186
5.38%, 3/25/2024		700		742
3.00%, 6/26/2024		HUF27,640		97
5.50%, 6/24/2025		HUF 172,400		685

				1,710

Indonesia — 0.1%
Republic of Indonesia
2.88%, 7/8/2021 (a)		EUR1,200		1,427
5.88%, 1/15/2024 (a)		300		315
4.35%, 1/8/2027 (a)		200		192
6.75%, 1/15/2044 (a)		200		230

				2,164

Iraq — 0.0% (b)
Republic of Iraq
6.75%, 3/9/2023 (a)		400		390
5.80%, 1/15/2028 (a)		650		596

				986

Italy — 0.8%
Republic of Italy
0.65%, 11/1/2020		EUR1,913		2,137
0.45%, 6/1/2021 (a)		EUR3,194		3,510
0.10%, 5/15/2022 (a)		EUR1,639		1,782
0.95%, 3/1/2023		EUR5,583		5,935
1.50%, 6/1/2025		EUR4,026		4,166
3.40%, 9/15/2026 (a)		EUR746		908
4.75%, 9/1/2028 (a)		EUR2,331		2,949
1.65%, 3/1/2032 (a)		EUR3,223		2,960
2.25%, 9/1/2036 (a)		EUR1,786		1,670
4.75%, 9/1/2044 (a)		EUR702		889


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Italy — continued
3.45%, 3/1/2048 (a)		EUR833		865
2.80%, 3/1/2067 (a)		EUR142		129

				27,900

Ivory Coast — 0.0% (b)
Republic of Cote d’Ivoire
5.75%, 12/31/2032 (a) (h)		278		251
6.63%, 3/22/2048 (a)		EUR 100		101

				352

Jamaica — 0.0% (b)
Government of Jamaica
6.75%, 4/28/2028		200		216
8.00%, 3/15/2039		200		232
7.88%, 7/28/2045		200		232

				680

Japan — 3.0%
Government of Japan
0.10%, 12/15/2018		JPY 171,600		1,521
0.20%, 12/20/2018		JPY 161,650		1,433
1.30%, 12/20/2018		JPY 161,250		1,432
0.10%, 1/15/2020		JPY 940,500		8,359
0.10%, 12/20/2020		JPY 1,197,800		10,670
0.10%, 12/20/2021		JPY 1,889,850		16,864
0.80%, 9/20/2022		JPY 139,900		1,283
0.50%, 9/20/2024		JPY 844,550		7,724
0.10%, 6/20/2026		JPY 510,150		4,552
1.60%, 3/20/2032		JPY 917,900		9,505
1.50%, 6/20/2034		JPY 646,900		6,655
0.70%, 3/20/2037		JPY 684,800		6,195
0.60%, 9/20/2037		JPY 876,200		7,757
1.40%, 12/20/2045		JPY 499,050		5,034
0.80%, 12/20/2047		JPY 733,500		6,399
0.90%, 3/20/2057		JPY 4,200		36
Japan Bank for International Cooperation 3.13%, 7/20/2021		1,298		1,292
Japan Finance Organization for Municipalities
2.13%, 4/13/2021 (a)		1,800		1,744
0.88%, 9/22/2021 (a)		EUR 2,800		3,244
3.25%, 4/24/2023 (c)		1,890		1,871
Japan Government Bond
0.10%, 12/20/2026		JPY390,100		3,475
2.00%, 9/20/2040		JPY 23,750		265
1.50%, 3/20/2045		JPY 19,750		203

				107,513

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	21

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Jordan — 0.0% (b)
Hashemite Kingdom of Jordan
7.38%, 10/10/2047 (a)		650		586

Kazakhstan — 0.0% (b)
Republic of Kazakhstan
Zero Coupon, 3/15/2019 ‡ (c)		KZT 283,000		754
3.88%, 10/14/2024 (a)		200		200
6.50%, 7/21/2045 (a)		200		238

				1,192

Kenya — 0.0% (b)
Republic of Kenya
5.88%, 6/24/2019 (a)		260		261
6.88%, 6/24/2024 (a)		200		195
7.25%, 2/28/2028 (a)		400		377
8.25%, 2/28/2048 (a)		200		182

				1,015

Kuwait — 0.0% (b)
Kuwait Government Bond
2.75%, 3/20/2022 (a)		700		680

Lebanon — 0.1%
Republic of Lebanon
5.15%, 11/12/2018 (a)		460		459
5.45%, 11/28/2019 (a)		301		289
6.38%, 3/9/2020		364		349
5.80%, 4/14/2020 (a)		400		379
8.25%, 4/12/2021 (a)		101		96
6.00%, 1/27/2023 (a)		187		161
6.65%, 11/3/2028 (a)		245		193

				1,926

Macedonia, the Former Yugoslav Republic of — 0.0% (b)
Former Yugoslav Republic of Macedonia
2.75%, 1/18/2025 (c)		EUR 114		125
Republic of Macedonia
2.75%, 1/18/2025 (a)		EUR 100		110

				235

Mexico — 0.1%
United Mexican States
2.38%, 4/9/2021		EUR2,400		2,853
4.15%, 3/28/2027		200		191
7.50%, 6/3/2027		MXN6,760		308
4.75%, 3/8/2044		100		88
5.55%, 1/21/2045		170		168
4.60%, 1/23/2046		200		174


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Mexico — continued
5.75%, 10/12/2110		100		93

				3,875

Mongolia — 0.0% (b)
Mongolia Government Bond
10.88%, 4/6/2021 (a)		200		222
5.63%, 5/1/2023 (c)		260		246
8.75%, 3/9/2024 (a)		200		214

				682

Montenegro — 0.0% (b)
Republic of Montenegro
3.38%, 4/21/2025 (c)		EUR 100		112

Nigeria — 0.0% (b)
Republic of Nigeria
6.75%, 1/28/2021 (a)		200		206
6.50%, 11/28/2027 (a)		500		459
7.63%, 11/28/2047 (c)		280		247

				912

Norway — 0.1%
Kommunalbanken A/S
2.50%, 4/17/2020 (c)		1,490		1,480

Oman — 0.0% (b)
Oman Government Bond
4.13%, 1/17/2023 (a)		200		192
4.75%, 6/15/2026 (a)		300		276
5.38%, 3/8/2027 (a)		400		377

				845

Pakistan — 0.0% (b)
Republic of Pakistan
7.25%, 4/15/2019 (a)		600		601

Panama — 0.0% (b)
Republic of Panama
6.70%, 1/26/2036		300		360
4.30%, 4/29/2053		700		627

				987

Paraguay — 0.0% (b)
Republic of Paraguay
4.63%, 1/25/2023 (a)		200		200
5.00%, 4/15/2026 (a)		200		199
6.10%, 8/11/2044 (a)		150		151
5.60%, 3/13/2048 (a)		200		190

				740

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Peru — 0.0% (b)
Republic of Peru
8.75%, 11/21/2033		100		143

Qatar — 0.1%
State of Qatar
5.25%, 1/20/2020 (a)		3,600		3,673
3.88%, 4/23/2023 (c)		860		862

				4,535

Romania — 0.0% (b)
Republic of Romania
4.38%, 8/22/2023 (a)		300		299
4.88%, 1/22/2024 (a)		150		152
5.13%, 6/15/2048 (a)		200		185

				636

Russia — 0.0% (b)
Russian Federation
4.88%, 9/16/2023 (a)		600		613
5.88%, 9/16/2043 (a)		600		629

				1,242

Saudi Arabia — 0.1%
Kingdom of Saudi Arabia
2.38%, 10/26/2021 (a)		3,700		3,529
4.63%, 10/4/2047 (a)		300		275
5.00%, 4/17/2049 (a)		271		260

				4,064

Senegal — 0.0% (b)
Republic of Senegal
6.25%, 5/23/2033 (a)		600		516

Serbia — 0.1%
Republic of Serbia
4.88%, 2/25/2020 (a)		775		781
7.25%, 9/28/2021 (a)		600		646

				1,427

South Africa — 0.0% (b)
Republic of South Africa
5.88%, 5/30/2022		100		102
4.30%, 10/12/2028		400		341
6.50%, 2/28/2041		ZAR 5,401		246
6.25%, 3/8/2041		100		93
5.38%, 7/24/2044		460		382

				1,164


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


South Korea — 0.1%
Export-Import Bank of Korea 4.38%, 9/15/2021		2,900		2,959

Spain — 0.6%
Kingdom of Spain
0.05%, 1/31/2021		EUR 1,597		1,813
0.40%, 4/30/2022		EUR 3,950		4,507
1.60%, 4/30/2025 (a)		EUR 3,324		3,925
1.50%, 4/30/2027 (a)		EUR 716		820
1.45%, 10/31/2027 (a)		EUR 3,156		3,581
1.95%, 7/30/2030 (a)		EUR 2,679		3,092
4.70%, 7/30/2041 (a)		EUR 818		1,299
2.90%, 10/31/2046 (a)		EUR 645		774
2.70%, 10/31/2048 (a)		EUR 194		221
3.45%, 7/30/2066 (a)		EUR 200		255

				20,287

Sri Lanka — 0.0% (b)
Republic of Sri Lanka
6.25%, 10/4/2020 (a)		400		383
5.75%, 4/18/2023 (a)		400		360
6.85%, 11/3/2025 (a)		200		181

				924

Sweden — 0.1%
Kingdom of Sweden
5.00%, 12/1/2020		SEK 1,630		198
1.50%, 11/13/2023 (a)		SEK 4,690		549
0.75%, 5/12/2028		SEK 2,990		331
3.50%, 3/30/2039		SEK 1,310		200
Svensk Exportkredit AB 2.88%, 3/14/2023		3,300		3,253

				4,531

Turkey — 0.1%
Republic of Turkey
7.00%, 3/11/2019		300		301
3.25%, 3/23/2023		738		633
4.25%, 4/14/2026		300		248
4.88%, 4/16/2043		400		285

				1,467

Ukraine — 0.1%
Republic of Ukraine
7.75%, 9/1/2019 (a)		104		104
7.75%, 9/1/2020 (a)		150		149
8.99%, 2/1/2024 (c)		400		396
7.75%, 9/1/2024 (a)		250		235

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	23

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Ukraine — continued
7.38%, 9/25/2032 (a)		828		690
0.00%, 5/31/2040 (a)		920		470

				2,044

United Kingdom — 0.7%
U.K. Treasury Bonds 2.00%, 9/7/2025 (a)		GBP 280		378
United Kingdom Gilt
1.50%, 1/22/2021 (a)		GBP 2,580		3,352
0.50%, 7/22/2022 (a)		GBP 3,170		3,994
4.25%, 6/7/2032 (a)		GBP 2,367		3,995
1.75%, 9/7/2037 (a)		GBP 4,974		6,292
4.75%, 12/7/2038 (a)		GBP 264		505
4.25%, 12/7/2046 (a)		GBP 96		186
1.50%, 7/22/2047 (a)		GBP 2,780		3,266
3.75%, 7/22/2052 (a)		GBP 129		245
1.75%, 7/22/2057 (a)		GBP 2,360		2,977
2.50%, 7/22/2065 (a)		GBP 185		291

				25,481

Uruguay — 0.0% (b)
Republic of Uruguay
4.38%, 10/27/2027		100		99
7.88%, 1/15/2033		400		521
4.98%, 4/20/2055		330		305

				925

Venezuela, Bolivarian Republic of — 0.0% (b)
Republic of Venezuela
7.75%, 10/13/2019 (a) (j)		130		32
6.00%, 12/9/2020 (a) (j)		120		29
12.75%, 8/23/2022 (a) (j)		180		46
7.65%, 4/21/2025 (a) (j)		330		81
11.75%, 10/21/2026 (a) (j)		270		69
9.25%, 5/7/2028 (a) (j)		430		108

				365

Vietnam — 0.0% (b)
Republic of Vietnam 4.80%, 11/19/2024 (a)		200		202

Total Foreign Government Securities (Cost $297,933)				282,441

Corporate Bonds — 4.9%
Argentina — 0.0% (b)
Pampa Energia SA
7.38%, 7/21/2023 (a)		75		69
7.50%, 1/24/2027 (a)		150		131


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Argentina — continued
YPF SA
8.50%, 3/23/2021 (a)		173		174
7.00%, 12/15/2047 (c)		70		53

				427

Australia — 0.0% (b)
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022 (c)		113		109
5.13%, 5/15/2024 (c)		115		109
Nufarm Australia Ltd. 5.75%, 4/30/2026 (c)		40		37

				255

Azerbaijan — 0.0% (b)
State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030 (a)		500		529

Bahrain — 0.0% (b)
Batelco International Finance No. 1 Ltd. 4.25%, 5/1/2020 (a)		300		293

Brazil — 0.0% (b)
Cemig Geracao e Transmissao SA
9.25%, 12/5/2024 (c)		200		213
JSL Europe SA
7.75%, 7/26/2024 (c)		230		213

				426

Canada — 0.2%
Athabasca Oil Corp. 9.88%, 2/24/2022 (c)		301		300
Baytex Energy Corp. 5.63%, 6/1/2024 (c)		49		44
Bombardier, Inc.
6.00%, 10/15/2022 (c)		745		731
6.13%, 1/15/2023 (c)		383		378
7.50%, 3/15/2025 (c)		218		218
Concordia International Corp. 8.00%, 9/6/2024		421		412
Garda World Security Corp.
7.25%, 11/15/2021 (c)		34		34
8.75%, 5/15/2025 (c)		1,360		1,278
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (c)		402		422
Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025 (c)		200		191
Hudbay Minerals, Inc. 7.25%, 1/15/2023 (c)		95		95
Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (c)		199		199
Jupiter Resources, Inc. 8.50%, 10/1/2022 (c)		117		43
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (c)		198		173

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
Canada — continued
Mattamy Group Corp. 6.88%, 12/15/2023 (c)		90		88
MEG Energy Corp. 6.38%, 1/30/2023 (c)		150		145
NOVA Chemicals Corp.
4.88%, 6/1/2024 (c)		307		282
5.00%, 5/1/2025 (c)		292		266
Open Text Corp.
5.63%, 1/15/2023 (c)		73		74
5.88%, 6/1/2026 (c)		288		289
Precision Drilling Corp. 7.13%, 1/15/2026 (c)		96		95
Quebecor Media, Inc. 5.75%, 1/15/2023		85		85
Seven Generations Energy Ltd. 5.38%, 9/30/2025 (c)		131		122
Stars Group Holdings BV 7.00%, 7/15/2026 (c)		164		166
Teck Resources Ltd.
6.13%, 10/1/2035		165		167
6.00%, 8/15/2040		260		254
Videotron Ltd. 5.38%, 6/15/2024 (c)		110		110

				6,661

Chile — 0.0% (b)
Empresa Nacional del Petroleo
3.75%, 8/5/2026 (a)		200		184
5.25%, 11/6/2029 (c)		200		200

				384

China — 0.1%
China Development Bank 2.63%, 1/24/2022 (a)		3,000		2,897
China Minmetals Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.72%), 3.75%, 11/13/2022 (a) (i) (k) (l)		200		184
Chinalco Capital Holdings Ltd. 4.00%, 8/25/2021 (a)		200		192
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (a)		200		185
Guangxi Communications Investment Group Co. Ltd. 3.00%, 11/4/2019 (a)		200		195
Hongkong International Qingdao Co. Ltd. 4.25%, 12/4/2022 (a)		250		231
Huarong Finance II Co. Ltd. 2.75%, 6/3/2019 (a)		200		198
Minmetals Bounteous Finance BVI Ltd. 4.20%, 7/27/2026 (a)		200		191

				4,273


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Colombia — 0.0% (b)
Ecopetrol SA
5.88%, 9/18/2023		200		209
5.38%, 6/26/2026		298		300
Geopark Ltd. 6.50%, 9/21/2024 (c)		200		199

				708

Congo, Democratic Republic of the — 0.0% (b)
HTA Group Ltd. 9.13%, 3/8/2022 (a)		240		245

Costa Rica — 0.0% (b)
Banco Nacional de Costa Rica 5.88%, 4/25/2021 (a)		200		192

Denmark — 0.0% (b)
DKT Finance ApS 9.38%, 6/17/2023 (c)		85		89

Ecuador — 0.0% (b)
Petroamazonas EP
4.63%, 2/16/2020 (a)		200		194
4.63%, 11/6/2020 (c)		450		423

				617

Finland — 0.0% (b)
Nokia OYJ 4.38%, 6/12/2027		258		243

France — 0.3%
Altice France SA
6.25%, 5/15/2024 (c)		450		432
7.38%, 5/1/2026 (c)		334		321
Dexia Credit Local SA
0.75%, 1/25/2023 (a)		EUR 1,200		1,391
1.63%, 12/8/2023 (a)		GBP 2,800		3,582
1.25%, 11/26/2024 (a)		EUR 2,100		2,481
Societe Generale SA (USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (c) (i) (k) (l)		200		203

				8,410

Georgia — 0.0% (b)
Georgian Railway JSC 7.75%, 7/11/2022 (a)		200		211

Germany — 0.0% (b)
Unitymedia GmbH 6.13%, 1/15/2025 (c)		175		180

Ghana — 0.0% (b)
Tullow Oil plc 7.00%, 3/1/2025 (c)		456		447

Hong Kong — 0.0% (b)
King Power Capital Ltd. 5.63%, 11/3/2024 (a)		200		210
WTT Investment Ltd. 5.50%, 11/21/2022 (c)		410		404

				614

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	25

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
Hungary — 0.0% (b)
MFB Magyar Fejlesztesi Bank Zrt. 6.25%, 10/21/2020 (a)		200		208

India — 0.0% (b)
IDBI Bank Ltd. 3.75%, 1/25/2019 (a)		200		199

Indonesia — 0.0% (b)
Medco Platinum Road Pte. Ltd. 6.75%, 1/30/2025 (c)		200		181
Minejesa Capital BV 4.63%, 8/10/2030 (c)		270		238
Pertamina Persero PT
6.50%, 5/27/2041 (a)		200		202
6.45%, 5/30/2044 (a)		200		199
6.50%, 11/7/2048 (c)		200		196
Perusahaan Listrik Negara PT 4.13%, 5/15/2027 (a)		200		181

				1,197

Ireland — 0.0% (b)
Ardagh Packaging Finance plc
7.25%, 5/15/2024 (c)		200		201
6.00%, 2/15/2025 (c)		450		422
Park Aerospace Holdings Ltd. 5.50%, 2/15/2024 (c)		557		551

				1,174

Italy — 0.0% (b)
Telecom Italia Capital SA
6.38%, 11/15/2033		260		238
6.00%, 9/30/2034		146		132
7.20%, 7/18/2036		77		75

				445

Japan — 0.1%
Development Bank of Japan, Inc. 3.13%, 9/6/2023 (c)		1,850		1,829

Kazakhstan — 0.1%
Kazakhstan Temir Zholy Finance BV
6.95%, 7/10/2042 (c)		250		271
6.95%, 7/10/2042 (a)		200		216
KazMunayGas National Co. JSC
3.88%, 4/19/2022 (a)		400		396
6.38%, 10/24/2048 (a)		200		203
KazMunayGas National Co. PJSC 4.75%, 4/19/2027 (a)		200		195

				1,281


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Kuwait — 0.0% (b)
Kuwait Projects Co. SPC Ltd. 4.80%, 2/5/2019 (a)		700		701

Luxembourg — 0.1%
Altice Financing SA 7.50%, 5/15/2026 (c)		465		437
Altice Luxembourg SA 7.63%, 2/15/2025 (c)		500		426
Intelsat Connect Finance SA 9.50%, 2/15/2023 (c)		374		360
Intelsat Jackson Holdings SA
5.50%, 8/1/2023		425		380
8.00%, 2/15/2024 (c)		532		557
8.50%, 10/15/2024 (c)		228		224
9.75%, 7/15/2025 (c)		171		179
Intelsat Luxembourg SA 8.13%, 6/1/2023		162		136

				2,699

Macau — 0.0% (b)
Sands China Ltd. 5.13%, 8/8/2025 (c)		200		196

Mauritius — 0.0% (b)
Liquid Telecommunications Financing plc 8.50%, 7/13/2022 (c)		260		266

Mexico — 0.2%
America Movil SAB de CV 5.00%, 10/16/2019		250		253
BBVA Bancomer SA 4.38%, 4/10/2024 (a)		200		195
Cemex SAB de CV
5.70%, 1/11/2025 (c)		545		531
6.13%, 5/5/2025 (c)		800		794
Cometa Energia SA de CV 6.38%, 4/24/2035 (c)		415		399
Controladora Mabe SA de CV 5.60%, 10/23/2028 (c)		200		194
Grupo KUO SAB de CV 5.75%, 7/7/2027 (a)		300		279
Mexico City Airport Trust 5.50%, 7/31/2047 (a)		200		158
Petroleos Mexicanos
5.50%, 1/21/2021		100		101
6.38%, 2/4/2021		2,800		2,865
4.88%, 1/24/2022		300		294
(ICE LIBOR USD 3 Month + 3.65%), 5.98%, 3/11/2022 (i)		200		208
5.38%, 3/13/2022		900		895
6.50%, 3/13/2027		209		202
5.35%, 2/12/2028 (a)		153		136
6.50%, 1/23/2029 (c)		210		201
6.75%, 9/21/2047		500		429

				8,134

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
Morocco — 0.0% (b)
OCP SA
4.50%, 10/22/2025 (a)		243		230
6.88%, 4/25/2044 (a)		200		208

				438

Netherlands — 0.2%
Bank Nederlandse Gemeenten NV 2.50%, 2/16/2021 (c)		4,800		4,737
BNG Bank NV 4.75%, 3/6/2023 (a)		AUD 602		463
NXP BV 4.63%, 6/15/2022 (c)		200		199
UPCB Finance IV Ltd. 5.38%, 1/15/2025 (c)		185		180
Ziggo Bond Co. BV 5.88%, 1/15/2025 (c)		295		270

				5,849

Nigeria — 0.0% (b)
IHS Netherlands Holdco BV 9.50%, 10/27/2021 (a)		280		282

Norway — 0.0% (b)
DNO ASA 8.75%, 5/31/2023 (a)		200		204

Oman — 0.0% (b)
Oztel Holdings SPC Ltd. 6.63%, 4/24/2028 (a)		200		196

Peru — 0.1%
Corp. Financiera de Desarrollo SA
4.75%, 2/8/2022 (a)		200		202
4.75%, 7/15/2025 (a)		200		199
Fondo MIVIVIENDA SA 3.50%, 1/31/2023 (a)		200		192
Inkia Energy Ltd. 5.88%, 11/9/2027 (c)		230		218
Nexa Resources SA 5.38%, 5/4/2027 (a)		200		194
Petroleos del Peru SA 5.63%, 6/19/2047 (a)		400		378

				1,383

Qatar — 0.1%
ABQ Finance Ltd. 3.50%, 2/22/2022 (a)		1,290		1,250

Singapore — 0.3%
Temasek Financial I Ltd.
0.50%, 3/1/2022 (a)		EUR 2,000		2,294
3.63%, 8/1/2028 (c)		6,158		6,067

				8,361

South Africa — 0.0% (b)
Eskom Holdings SOC Ltd.
5.75%, 1/26/2021 (a)		350		336
6.75%, 8/6/2023 (a)		200		187
7.13%, 2/11/2025 (a)		200		187
8.45%, 8/10/2028 (c)		200		193

				903


INVESTMENTS		PRINCIPAL AMOUNT ($000)		VALUE ($000)


South Korea — 0.0% (b)
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2047 (a) (i)	��		910		809

Spain — 0.0% (b)
AI Candelaria Spain SLU 7.50%, 12/15/2028 (c)			340		335

Trinidad and Tobago — 0.0% (b)
Petroleum Co. of Trinidad & Tobago Ltd. 9.75%, 8/14/2019 (a)			450		420

Tunisia — 0.0% (b)
Banque Centrale de Tunisie International Bond
6.75%, 10/31/2023 (c)			EUR100		111
5.63%, 2/17/2024 (a)			EUR310		327

					438

Turkey — 0.0% (b)
Petkim Petrokimya Holding A/S 5.88%, 1/26/2023 (a)			230		210
Turkiye Garanti Bankasi A/S 5.25%, 9/13/2022 (a)			270		249

					459

Ukraine — 0.0% (b)
Eastern Michigan University
9.38%, 3/10/2023 (a) (h)			200		200
9.63%, 3/20/2025 (a) (h)			200		199

					399

United Arab Emirates — 0.0% (b)
DAE Funding LLC 4.50%, 8/1/2022 (c)			141		138
EA Partners I BV 6.88%, 9/28/2020 (a)			590		348
MAF Global Securities Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.54%), 6.37%, 3/20/2026 (a) (i) (k) (l)			220		205
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (c)			483		489

					1,180

United Kingdom — 0.1%
Barclays plc (USD Swap Semi 5 Year + 4.84%),
7.75%, 9/15/2023 (i) (k) (l)			211		210
4.38%, 9/11/2024			335		320
Jaguar Land Rover Automotive plc 4.50%, 10/1/2027 (c)			673		534
KCA Deutag UK Finance plc 7.25%, 5/15/2021 (c)			308		284

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United Kingdom — continued
NatWest Markets plc (USD Swap Semi 5 Year + 5.80%), 7.50%, 8/10/2020 (i) (k) (l)		200		203
(USD Swap Semi 5 Year + 7.60%), 8.63%, 8/15/2021 (i) (k) (l)		200		210
6.13%, 12/15/2022		450		466
6.00%, 12/19/2023		330		339
Virgin Media Secured Finance plc 5.25%, 1/15/2026 (c)		200		187

				2,753

United States — 3.0%
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023		61		61
6.50%, 3/1/2024		175		178
ACE Cash Express, Inc. 12.00%, 12/15/2022 (c)		394		408
ADT Security Corp. (The) 4.13%, 6/15/2023		655		608
AECOM 5.13%, 3/15/2027		362		337
Ahern Rentals, Inc. 7.38%, 5/15/2023 (c)		255		236
AK Steel Corp.
6.38%, 10/15/2025		305		272
7.00%, 3/15/2027		40		35
Albertsons Cos. LLC
6.63%, 6/15/2024		765		723
5.75%, 3/15/2025		210		185
Alcoa Nederland Holding BV 6.75%, 9/30/2024 (c)		202		212
Alliance Data Systems Corp. 5.38%, 8/1/2022 (c)		552		554
Allison Transmission, Inc. 4.75%, 10/1/2027 (c)		202		186
Ally Financial, Inc.
5.13%, 9/30/2024		120		122
5.75%, 11/20/2025		176		180
8.00%, 11/1/2031		173		208
Altice US Finance I Corp.
5.38%, 7/15/2023 (c)		665		665
5.50%, 5/15/2026 (c)		772		752
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		223		206
5.88%, 11/15/2026		73		67
6.13%, 5/15/2027		99		91
AMC Networks, Inc. 4.75%, 8/1/2025		203		189
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		646		610
6.50%, 4/1/2027		516		491


INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)


United States — continued
AmeriGas Partners LP
5.50%, 5/20/2025		170			159
5.88%, 8/20/2026		127			120
Andeavor Logistics LP Series A, (ICE LIBOR USD 3 Month + 4.65%), 6.88%, 2/15/2023 (i) (k) (l)		220			213
Antero Resources Corp. 5.13%, 12/1/2022		306			304
Arconic, Inc.
5.13%, 10/1/2024		248			243
5.90%, 2/1/2027		242			239
Avaya, Inc. 7.00%, 4/1/2019 ‡ (j)		561			—	(e)
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (c)		63			60
5.25%, 3/15/2025 (c)		212			190
B&G Foods, Inc. 5.25%, 4/1/2025		196			187
Banff Merger Sub, Inc. 9.75%, 9/1/2026 (c)		243			235
Bank of America Corp. Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (i) (k) (l)		218			224
Bausch Health Cos., Inc.
7.50%, 7/15/2021 (c)		152	��		154
5.50%, 3/1/2023 (c)		185			175
5.88%, 5/15/2023 (c)		252			241
7.00%, 3/15/2024 (c)		118			124
6.13%, 4/15/2025 (c)		771			709
5.50%, 11/1/2025 (c)		123			121
9.00%, 12/15/2025 (c)		732			763
8.50%, 1/31/2027 (c)		191			194
Berry Global, Inc.
5.50%, 5/15/2022		40			40
4.50%, 2/15/2026 (c)		155			145
Big River Steel LLC 7.25%, 9/1/2025 (c)		60			63
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (c)		209			204
Boyd Gaming Corp. 6.38%, 4/1/2026		296			293
Boyne USA, Inc. 7.25%, 5/1/2025 (c)		250			261
Brink’s Co. (The) 4.63%, 10/15/2027 (c)		135			124
Bristow Group, Inc.
6.25%, 10/15/2022		129			95
8.75%, 3/1/2023 (c)		150			141
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.38%, 1/22/2078 (i)		250			229
BWAY Holding Co. 5.50%, 4/15/2024 (c)		115			110
Cablevision Systems Corp. 8.00%, 4/15/2020		438			457
Caleres, Inc. 6.25%, 8/15/2023		102			104

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
California Resources Corp.
5.50%, 9/15/2021		66		59
8.00%, 12/15/2022 (c)		288		256
Calpine Corp.
5.75%, 1/15/2025		277		247
5.25%, 6/1/2026 (c)		395		363
Camelot Finance SA 7.88%, 10/15/2024 (c)		243		241
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		151		148
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026 (c)		68		64
CCM Merger, Inc. 6.00%, 3/15/2022 (c)		103		105
CCO Holdings LLC
5.75%, 9/1/2023		305		307
5.88%, 4/1/2024 (c)		739		746
5.38%, 5/1/2025 (c)		160		157
5.75%, 2/15/2026 (c)		564		558
5.13%, 5/1/2027 (c)		95		89
5.00%, 2/1/2028 (c)		97		91
CDW LLC 5.50%, 12/1/2024		155		157
Centene Corp.
6.13%, 2/15/2024		83		87
4.75%, 1/15/2025		455		449
CenturyLink, Inc.
Series S, 6.45%, 6/15/2021		215		220
Series T, 5.80%, 3/15/2022		245		244
Series W, 6.75%, 12/1/2023		178		181
Cequel Communications Holdings I LLC
7.75%, 7/15/2025 (c)		200		211
7.50%, 4/1/2028 (c)		555		575
Chemours Co. (The) 7.00%, 5/15/2025		189		195
Cheniere Corpus Christi Holdings LLC
7.00%, 6/30/2024		130		141
5.88%, 3/31/2025		200		205
Cheniere Energy Partners LP
5.25%, 10/1/2025		88		86
5.63%, 10/1/2026 (c)		98		97
Chesapeake Energy Corp.
7.00%, 10/1/2024		316		309
8.00%, 1/15/2025		121		123
8.00%, 6/15/2027		304		302
Cincinnati Bell, Inc. 7.00%, 7/15/2024 (c)		537		483
Cinemark USA, Inc. 4.88%, 6/1/2023		59		58
CITGO Petroleum Corp. 6.25%, 8/15/2022 (c)		156		154
Citigroup, Inc. Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (i) (k) (l)		100		102


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Claire’s Stores, Inc.
9.00%, 3/15/2019 ‡ (j)		406		198
6.13%, 3/15/2020 ‡ (c) (j)		159		78
Clear Channel Worldwide Holdings, Inc.
Series A, 7.63%, 3/15/2020		55		55
Series B, 7.63%, 3/15/2020		530		529
Series A, 6.50%, 11/15/2022		15		15
Series B, 6.50%, 11/15/2022		420		427
Clearwater Paper Corp.
4.50%, 2/1/2023		130		119
5.38%, 2/1/2025 (c)		225		206
Clearway Energy Operating LLC 5.00%, 9/15/2026		200		186
Cleveland-Cliffs, Inc.
4.88%, 1/15/2024 (c)		75		71
5.75%, 3/1/2025		75		71
CNG Holdings, Inc. 9.38%, 5/15/2020 (c)		369		357
CNX Midstream Partners LP 6.50%, 3/15/2026 (c)		77		75
Coeur Mining, Inc. 5.88%, 6/1/2024		64		61
Commercial Metals Co. 4.88%, 5/15/2023		54		53
5.38%, 7/15/2027		106		98
CommScope Technologies LLC 6.00%, 6/15/2025 (c)		222		216
CommScope, Inc. 5.50%, 6/15/2024 (c)		274		265
Community Health Systems, Inc.
5.13%, 8/1/2021		147		139
6.88%, 2/1/2022		232		117
6.25%, 3/31/2023		378		348
8.63%, 1/15/2024 (c)		229		231
8.13%, 6/30/2024 (c)		411		325
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (c)		140		135
Constellium NV 5.75%, 5/15/2024 (c)		255		243
Cornerstone Chemical Co. 6.75%, 8/15/2024 (c)		90		87
Covanta Holding Corp. 5.88%, 3/1/2024		120		120
Crestwood Midstream Partners LP
6.25%, 4/1/2023		19		19
5.75%, 4/1/2025		161		161
Crown Americas LLC
4.75%, 2/1/2026 (c)		134		126
4.25%, 9/30/2026		25		23

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	29

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
CSC Holdings LLC
6.75%, 11/15/2021		304		318
5.25%, 6/1/2024		230		222
6.63%, 10/15/2025 (c)		450		471
5.50%, 4/15/2027 (c)		188		180
5.38%, 2/1/2028 (c)		200		189
CSI Compressco LP 7.50%, 4/1/2025 (c)		105		105
Curo Group Holdings Corp. 8.25%, 9/1/2025 (c)		383		345
CVR Partners LP 9.25%, 6/15/2023 (c)		883		930
DaVita, Inc.
5.13%, 7/15/2024		319		305
5.00%, 5/1/2025		316		297
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.37%, 12/15/2022 (i) (k) (l)		198		190
DCP Midstream Operating LP
3.88%, 3/15/2023		290		278
5.38%, 7/15/2025		143		145
6.75%, 9/15/2037 (c)		10		11
Dean Foods Co. 6.50%, 3/15/2023 (c)		199		183
Delek Logistics Partners LP 6.75%, 5/15/2025		276		273
Dell International LLC
5.88%, 6/15/2021 (c)		193		196
7.13%, 6/15/2024 (c)		162		171
Denbury Resources, Inc.
9.25%, 3/31/2022 (c)		198		206
5.50%, 5/1/2022		56		49
7.50%, 2/15/2024 (c)		217		212
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		164		162
Diamondback Energy, Inc. 4.75%, 11/1/2024 (c)		124		121
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		402		249
DISH DBS Corp.
5.13%, 5/1/2020		300		301
6.75%, 6/1/2021		475		480
5.88%, 7/15/2022		63		60
5.00%, 3/15/2023		140		122
Dole Food Co., Inc. 7.25%, 6/15/2025 (c)		438		420
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (c)		437		445
Eldorado Resorts, Inc.
6.00%, 4/1/2025		310		306
6.00%, 9/15/2026 (c)		145		142


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Embarq Corp. 8.00%, 6/1/2036		1,285		1,224
EMI Music Publishing Group North America Holdings, Inc. 7.63%, 6/15/2024 (c)		120		129
Endo Dac
6.00%, 7/15/2023 (c)		323		278
6.00%, 2/1/2025 (c) (h)		200		168
Endo Finance LLC 5.38%, 1/15/2023 (c) (h)		250		213
Energy Transfer LP
4.25%, 3/15/2023		132		131
5.88%, 1/15/2024		183		192
5.50%, 6/1/2027		115		117
Energy Transfer Operating LP Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (i) (k) (l)		195		181
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (i) (k) (l)		205		179
4.40%, 4/1/2024		90		86
4.15%, 6/1/2025		119		111
4.85%, 7/15/2026		51		48
5.60%, 4/1/2044		110		93
Ensco plc
8.00%, 1/31/2024		200		197
4.50%, 10/1/2024		55		45
5.20%, 3/15/2025		288		236
7.75%, 2/1/2026		105		98
5.75%, 10/1/2044		13		9
Enterprise Development Authority (The) 12.00%, 7/15/2024 (c)		800		762
Enterprise Products Operating LLC
Series D, (ICE LIBOR USD 3 Month + 2.99%), 4.87%, 8/16/2077 (i)		76		70
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078 (i)		124		111
Envision Healthcare Corp. 8.75%, 10/15/2026 (c)		379		368
EP Energy LLC
9.38%, 5/1/2020		267		261
8.00%, 11/29/2024 (c)		305		294
8.00%, 2/15/2025 (c)		446		300
7.75%, 5/15/2026 (c)		268		267
Equinix, Inc. REIT, 5.75%, 1/1/2025		488		497
ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025 (c)		186		176
EW Scripps Co. (The) 5.13%, 5/15/2025 (c)		88		83

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Exela Intermediate LLC 10.00%, 7/15/2023 (c)		292		304
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (c)		251		249
First Data Corp.
7.00%, 12/1/2023 (c)		403		418
5.00%, 1/15/2024 (c)		99		98
5.75%, 1/15/2024 (c)		112		113
FirstCash, Inc. 5.38%, 6/1/2024 (c)		150		148
Flex Acquisition Co., Inc. 6.88%, 1/15/2025 (c)		47		44
Freeport-McMoRan, Inc.
3.88%, 3/15/2023		370		342
5.40%, 11/14/2034		337		295
5.45%, 3/15/2043		203		172
Frontier Communications Corp.
7.13%, 3/15/2019		35		35
7.13%, 1/15/2023		300		199
11.00%, 9/15/2025		407		298
8.50%, 4/1/2026 (c)		130		121
FXI Holdings, Inc. 7.88%, 11/1/2024 (c)		387		361
Genesis Energy LP
6.75%, 8/1/2022		30		30
6.00%, 5/15/2023		75		71
5.63%, 6/15/2024		197		178
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (c)		265		288
Global Partners LP
6.25%, 7/15/2022		350		344
7.00%, 6/15/2023		35		35
Golden Nugget, Inc. 6.75%, 10/15/2024 (c)		494		493
Goodman Networks, Inc. 8.00%, 5/11/2022 ‡		39		20
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		512		502
5.00%, 5/31/2026		430		390
Gray Television, Inc.
5.13%, 10/15/2024 (c)		260		247
5.88%, 7/15/2026 (c)		100		96
Gulfport Energy Corp. 6.00%, 10/15/2024		50		47
H&E Equipment Services, Inc. 5.63%, 9/1/2025		130		124
Harland Clarke Holdings Corp. 8.38%, 8/15/2022 (c)		216		195
HCA, Inc.
7.50%, 2/15/2022		427		463


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
5.88%, 5/1/2023		209		216
5.38%, 2/1/2025		1,217		1,225
5.50%, 6/15/2047		155		153
Hecla Mining Co. 6.88%, 5/1/2021		225		225
Hertz Corp. (The)
7.38%, 1/15/2021		127		124
7.63%, 6/1/2022 (c)		40		39
5.50%, 10/15/2024 (c)		91		70
Hilcorp Energy I LP 6.25%, 11/1/2028 (c)		254		244
Hilton Domestic Operating Co., Inc. 4.25%, 9/1/2024		42		40
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		45		45
Hilton Worldwide Finance LLC 4.63%, 4/1/2025		42		41
Holly Energy Partners LP 6.00%, 8/1/2024 (c)		134		134
Hughes Satellite Systems Corp.
7.63%, 6/15/2021		85		90
5.25%, 8/1/2026		121		115
6.63%, 8/1/2026		174		166
Huntington National Bank (The) 2.38%, 3/10/2020		250		247
Icahn Enterprises LP
6.25%, 2/1/2022		184		186
6.75%, 2/1/2024		114		115
6.38%, 12/15/2025		215		213
iHeartCommunications, Inc. 9.00%, 12/15/2019 (j)		842		606
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 4.78%, 12/21/2065 (c) (i)		1,015		898
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 5.03%, 12/21/2065 (c) (i)		680		605
Infor Software Parent LLC 7.13% (cash), 5/1/2021 (c) (m)		126		127
Infor US, Inc.
5.75%, 8/15/2020 (c)		184		186
6.50%, 5/15/2022		204		204
Informatica LLC 7.13%, 7/15/2023 (c)		90		92
IQVIA, Inc. 4.88%, 5/15/2023 (c)		145		143
IRB Holding Corp. 6.75%, 2/15/2026 (c)		713		683
Iron Mountain, Inc. REIT, 4.88%, 9/15/2027 (c)		692		616
Jack Ohio Finance LLC
6.75%, 11/15/2021 (c)		232		238
10.25%, 11/15/2022 (c)		11		12

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	31

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (c)		145		149
JBS USA LUX SA
7.25%, 6/1/2021 (c)		565		572
5.88%, 7/15/2024 (c)		335		329
5.75%, 6/15/2025 (c)		560		540
6.75%, 2/15/2028 (c)		351		342
Kaiser Aluminum Corp. 5.88%, 5/15/2024		61		61
Koppers, Inc. 6.00%, 2/15/2025 (c)		96		92
L Brands, Inc.
5.25%, 2/1/2028		160		136
6.88%, 11/1/2035		50		43
6.75%, 7/1/2036		75		62
Ladder Capital Finance Holdings LLLP 5.25%, 10/1/2025 (c)		162		150
Lennar Corp. 5.88%, 11/15/2024		500		504
Level 3 Financing, Inc.
5.38%, 8/15/2022		95		95
5.63%, 2/1/2023		92		92
5.13%, 5/1/2023		248		246
5.38%, 1/15/2024		122		121
Levi Strauss & Co. 5.00%, 5/1/2025		5		5
LGI Homes, Inc. 6.88%, 7/15/2026 (c)		175		166
Liberty Mutual Group, Inc. 7.80%, 3/15/2037 (c)		196		224
LPL Holdings, Inc. 5.75%, 9/15/2025 (c)		193		187
Mallinckrodt International Finance SA
5.63%, 10/15/2023 (c)		124		106
5.50%, 4/15/2025 (c)		90		73
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026 (c)		162		164
Martin Midstream Partners LP 7.25%, 2/15/2021		258		256
Masonite International Corp. 5.75%, 9/15/2026 (c)		221		210
MasTec, Inc. 4.88%, 3/15/2023		480		468
Mattel, Inc.
3.15%, 3/15/2023		173		147
6.75%, 12/31/2025 (c)		307		293
MGM Resorts International 4.63%, 9/1/2026		296		267
Momentive Performance Materials USA LLC 8.88%, 10/15/2020 ‡ (j)		35		—
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (c)		468		475
Murphy Oil USA, Inc. 6.00%, 8/15/2023		4		4


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Nabors Industries, Inc. 5.75%, 2/1/2025		156		144
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (c)		176		179
9.13%, 7/15/2026 (c)		258		263
Nationstar Mortgage LLC 6.50%, 6/1/2022		358		354
Navistar International Corp. 6.63%, 11/1/2025 (c)		265		270
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/2021 (c)		480		288
Netflix, Inc.
5.75%, 3/1/2024		90		92
4.88%, 4/15/2028 (c)		175		160
New Albertsons LP
6.63%, 6/1/2028		345		265
8.00%, 5/1/2031		257		220
New Home Co., Inc. (The) 7.25%, 4/1/2022		275		271
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022 (c)		35		36
5.63%, 8/1/2024 (c)		145		138
NextEra Energy Operating Partners LP 4.50%, 9/15/2027 (c)		201		185
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (c)		600		584
Noble Holding International Ltd.
7.75%, 1/15/2024		93		87
7.95%, 4/1/2025 (h)		130		119
7.88%, 2/1/2026 (c)		268		266
6.20%, 8/1/2040		135		98
Northern Oil and Gas, Inc. 9.50%, (Blend (cash 8.50% + PIK 1.00%)), 5/15/2023 (c) (m)		229		236
Northwest Acquisitions ULC 7.13%, 11/1/2022 (c)		90		91
Novelis Corp.
6.25%, 8/15/2024 (c)		121		120
5.88%, 9/30/2026 (c)		294		277
NRG Energy, Inc. 6.25%, 5/1/2024		70		71
Nuance Communications, Inc. 5.63%, 12/15/2026		266		261
NuStar Logistics LP 5.63%, 4/28/2027		165		158
NVA Holdings, Inc. 6.88%, 4/1/2026 (c)		133		131
Oasis Petroleum, Inc. 6.88%, 3/15/2022		111		112
Owens-Brockway Glass Container, Inc.
5.00%, 1/15/2022 (c)		80		79
5.88%, 8/15/2023 (c)		150		149
Party City Holdings, Inc. 6.63%, 8/1/2026 (c)		376		366

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
PBF Holding Co. LLC
7.00%, 11/15/2023		148		153
7.25%, 6/15/2025		440		453
PBF Logistics LP 6.88%, 5/15/2023		82		83
Peabody Energy Corp.
6.00%, 3/31/2022 (c)		92		92
6.38%, 3/31/2025 (c)		15		15
Penn Virginia Corp. 8.50%, 5/1/2020 ‡ (j)		75		—	(e)
Penske Automotive Group, Inc. 5.50%, 5/15/2026		443		421
PetSmart, Inc.
7.13%, 3/15/2023 (c)		191		134
5.88%, 6/1/2025 (c)		289		226
8.88%, 6/1/2025 (c)		38		26
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026 (c)		116		119
Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (c)		520		485
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.12%, 11/15/2022 (i) (k) (l)		205		193
Plantronics, Inc. 5.50%, 5/31/2023 (c)		178		174
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (c) (m)		176		180
Post Holdings, Inc.
5.50%, 3/1/2025 (c)		265		256
5.00%, 8/15/2026 (c)		250		231
Prime Security Services Borrower LLC 9.25%, 5/15/2023 (c)		560		592
QEP Resources, Inc.
5.25%, 5/1/2023		111		106
5.63%, 3/1/2026		162		153
Quad/Graphics, Inc. 7.00%, 5/1/2022		10		10
Quicken Loans, Inc.
5.75%, 5/1/2025 (c)		122		118
5.25%, 1/15/2028 (c)		138		122
Qwest Capital Funding, Inc. 7.75%, 2/15/2031		172		155
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (c)		226		212
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (c)		135		134
8.25%, 11/15/2026 (c)		139		135
Revlon Consumer Products Corp. 6.25%, 8/1/2024		502		285
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		170		170
6.88%, 2/15/2021		35		35


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Rowan Cos., Inc.
4.75%, 1/15/2024		195		169
7.38%, 6/15/2025		125		119
Sabre GLBL, Inc.
5.38%, 4/15/2023 (c)		245		245
5.25%, 11/15/2023 (c)		40		39
SBA Communications Corp. REIT, 4.00%, 10/1/2022		102		98
Scientific Games International, Inc.
10.00%, 12/1/2022		221		231
5.00%, 10/15/2025 (c)		514		478
Sealed Air Corp. 5.25%, 4/1/2023 (c)		100		99
SemGroup Corp.
5.63%, 7/15/2022		228		219
6.38%, 3/15/2025		62		60
7.25%, 3/15/2026		128		125
Seminole Hard Rock Entertainment, Inc. 5.88%, 5/15/2021 (c)		422		421
Sensata Technologies BV 4.88%, 10/15/2023 (c)		227		221
Service Corp. International
8.00%, 11/15/2021		95		104
5.38%, 5/15/2024		95		96
SESI LLC 7.75%, 9/15/2024		125		123
Sinclair Television Group, Inc.
5.63%, 8/1/2024 (c)		247		236
5.88%, 3/15/2026 (c)		254		242
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (c)		123		120
5.38%, 4/15/2025 (c)		200		198
5.38%, 7/15/2026 (c)		115		112
5.00%, 8/1/2027 (c)		130		122
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (c)		51		48
SM Energy Co.
6.75%, 9/15/2026		151		151
6.63%, 1/15/2027		147		148
Solera LLC 10.50%, 3/1/2024 (c)		256		278
Sotheby’s 4.88%, 12/15/2025 (c)		195		180
Southwestern Energy Co.
6.20%, 1/23/2025 (h)		157		153
7.50%, 4/1/2026		151		153
Spectrum Brands, Inc. 5.75%, 7/15/2025		462		448

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	33

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Springleaf Finance Corp.
7.75%, 10/1/2021		178		188
6.13%, 5/15/2022		130		131
6.88%, 3/15/2025		110		106
7.13%, 3/15/2026		470		445
Sprint Capital Corp. 8.75%, 3/15/2032		587		638
Sprint Communications, Inc.
7.00%, 3/1/2020 (c)		269		279
6.00%, 11/15/2022		403		407
Sprint Corp.
7.25%, 9/15/2021		507		529
7.13%, 6/15/2024		359		367
7.63%, 2/15/2025		119		124
Standard Industries, Inc. 6.00%, 10/15/2025 (c)		440		433
Staples, Inc. 8.50%, 9/15/2025 (c)		465		421
Station Casinos LLC 5.00%, 10/1/2025 (c)		199		185
Steel Dynamics, Inc.
4.13%, 9/15/2025		240		224
5.00%, 12/15/2026		26		26
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (c)		166		165
Summit Materials LLC
6.13%, 7/15/2023		25		24
5.13%, 6/1/2025 (c)		445		398
Summit Midstream Holdings LLC
5.50%, 8/15/2022		63		62
5.75%, 4/15/2025		188		180
Sunoco LP
4.88%, 1/15/2023 (c)		150		145
5.50%, 2/15/2026 (c)		96		91
5.88%, 3/15/2028 (c)		41		38
Symantec Corp. 5.00%, 4/15/2025 (c)		282		265
Talen Energy Supply LLC 6.50%, 6/1/2025		355		264
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (c)		175		176
5.50%, 1/15/2028 (c)		55		54
Talos Production LLC 11.00%, 4/3/2022 (c)		5		5
Targa Resources Partners LP
4.25%, 11/15/2023		216		207
5.88%, 4/15/2026 (c)		23		23
5.38%, 2/1/2027		125		122
5.00%, 1/15/2028		175		166
Team Health Holdings, Inc. 6.38%, 2/1/2025 (c)		700		602


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
TEGNA, Inc. 6.38%, 10/15/2023		130		133
Tempur Sealy International, Inc.
5.63%, 10/15/2023		263		255
5.50%, 6/15/2026		388		355
Tenet Healthcare Corp.
4.38%, 10/1/2021		491		485
7.50%, 1/1/2022 (c)		115		120
8.13%, 4/1/2022		215		224
6.75%, 6/15/2023		690		688
5.13%, 5/1/2025		378		364
7.00%, 8/1/2025		294		288
Tennant Co. 5.63%, 5/1/2025		268		267
Terex Corp. 5.63%, 2/1/2025 (c)		46		44
Terraform Global Operating LLC 6.13%, 3/1/2026 (c)		128		119
TerraForm Power Operating LLC
4.25%, 1/31/2023 (c)		114		108
5.00%, 1/31/2028 (c)		230		206
Texas Competitive Electric Holdings Co. LLC 11.50%, 10/1/2020 ‡ (j)		1,000		4
T-Mobile US, Inc.
6.38%, 3/1/2025		696		—	(e)
6.50%, 1/15/2026		780		—	(e)
4.50%, 2/1/2026 ‡		123		—
T-Mobile USA, Inc.
6.00%, 4/15/2024		119		122
6.38%, 3/1/2025		121		125
5.13%, 4/15/2025		150		148
4.50%, 2/1/2026		123		115
4.75%, 2/1/2028		246		114
Toll Brothers Finance Corp. 4.88%, 11/15/2025		130		123
TransDigm, Inc.
5.50%, 10/15/2020		306		306
6.00%, 7/15/2022		421		423
TransMontaigne Partners LP 6.13%, 2/15/2026		77		72
Transocean Pontus Ltd. 6.13%, 8/1/2025 (c)		206		205
Transocean, Inc.
9.00%, 7/15/2023 (c)		228		239
7.25%, 11/1/2025 (c)		195		190
7.50%, 1/15/2026 (c)		603		592
7.50%, 4/15/2031		180		167
6.80%, 3/15/2038		304		244
9.35%, 12/15/2041 (h)		242		241

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Travelport Corporate Finance plc 6.00%, 3/15/2026 (c)		287		288
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (c)		210		195
Tronox Finance plc 5.75%, 10/1/2025 (c)		76		67
Tronox, Inc. 6.50%, 4/15/2026 (c)		250		229
Tutor Perini Corp. 6.88%, 5/1/2025 (c)		596		597
Ultra Resources, Inc.
6.88%, 4/15/2022 ‡ (c)		1,421		895
7.13%, 4/15/2025 ‡ (c)		562		321
Unit Corp. 6.63%, 5/15/2021		153		152
United Continental Holdings, Inc. 5.00%, 2/1/2024		246		241
United Rentals North America, Inc.
4.63%, 10/15/2025		815		755
6.50%, 12/15/2026		214		216
United States Steel Corp.
6.88%, 8/15/2025		47		46
6.25%, 3/15/2026		188		177
Univision Communications, Inc. 5.13%, 2/15/2025 (c)		352		322
US Concrete, Inc. 6.38%, 6/1/2024		190		177
USA Compression Partners LP 6.88%, 4/1/2026 (c)		72		73
Venator Finance SARL 5.75%, 7/15/2025 (c)		211		180
Verscend Escrow Corp. 9.75%, 8/15/2026 (c)		61		61
Vertiv Group Corp. 9.25%, 10/15/2024 (c)		926		921
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 2/28/2057 (i)		240		229
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (i)		142		137
Vistra Operations Co. LLC 5.50%, 9/1/2026 (c)		370		364
VOC Escrow Ltd. 5.00%, 2/15/2028 (c)		108		102
W&T Offshore, Inc. 9.75%, 11/1/2023 (c)		253		245
Weatherford International LLC
9.88%, 3/1/2025 (c)		237		184
6.80%, 6/15/2037		2		1
Weatherford International Ltd.
7.75%, 6/15/2021		166		137
4.50%, 4/15/2022		117		88
8.25%, 6/15/2023		209		160
9.88%, 2/15/2024		244		189
7.00%, 3/15/2038		13		9
6.75%, 9/15/2040		66		44


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
WellCare Health Plans, Inc. 5.25%, 4/1/2025		184		184
WESCO Distribution, Inc. 5.38%, 6/15/2024		213		206
West Street Merger Sub, Inc. 6.38%, 9/1/2025 (c)		51		48
Western Digital Corp. 4.75%, 2/15/2026		248		229
Whiting Petroleum Corp. 6.63%, 1/15/2026		316		317
Windstream Services LLC 9.00%, 6/30/2025 (c)		243		175
WMG Acquisition Corp.
5.63%, 4/15/2022 (c)		183		185
5.50%, 4/15/2026 (c)		715		697
Wyndham Destinations, Inc.
5.40%, 4/1/2024		56		54
6.35%, 10/1/2025 (h)		24		24
5.75%, 4/1/2027		55		51
Zayo Group LLC
6.00%, 4/1/2023		211		215
6.38%, 5/15/2025		230		235
5.75%, 1/15/2027 (c)		97		95

				105,933

Venezuela, Bolivarian Republic of — 0.0% (b)
Petroleos de Venezuela SA
8.50%, 10/27/2020 (a) (j)		225		214
9.00%, 11/17/2021 (a) (j)		210		43
12.75%, 2/17/2022 (a) (j)		220		46
5.38%, 4/12/2027 (a) (j)		1,000		178
9.75%, 5/17/2035 (a) (j)		220		46
5.50%, 4/12/2037 (a)		50		9
5.50%, 4/12/2037 (a) (j)		50		9

				545

Total Corporate Bonds (Cost $180,576)				175,670

Loan Assignments — 4.5% (n)
Canada — 0.0% (b)
1011778 BC ULC, 1st Lien Term B Loan (ICE LIBOR USD 1 Month + 2.25%), 4.55%, 2/16/2024 (i)		1,496		1,490
Concordia Healthcare Corp., Initial Dollar Term Loan (ICE LIBOR USD 1 Month + 0.06%), 7.78%, 9/6/2024 (i)		40		39

				1,529

Ireland — 0.0% (b)
Avolon LLC, Term Loan B-3 (ICE LIBOR USD 1 Month + 2.00%), 4.28%, 1/15/2025 (i) (o)		1,234		1,230

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	35

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Loan Assignments — continued
United States — 4.5%
24 Hour Fitness Worldwide, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.80%, 5/30/2025 (i)		329		329
A2Z Wireless Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.00%), 8.28%, 5/1/2023 (i)		745		717
ABG Intermediate Holdings 2 LLC., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 0.04%), 5.79%, 9/27/2024 (i) (o)		280		278
Advisor Group Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 0.04%), 6.04%, 8/15/2025 (i)		247		248
AES Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 4.07%, 5/31/2022 (i) (o)		615		615
Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.55%, 8/30/2024 (i)		898		897
Albertson’s LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.31%, 6/22/2023 (i) (o)		2,397		2,385
Aleris International, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.75%), 7.05%, 2/27/2023 (i)		374		377
Alphabet Holding Co. Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.80%, 9/26/2024 (i)		449		429
Altice Financing S.A, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.04%, 7/15/2025 (i) (o)		593		578
Altice US Finance I Corp., Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.55%, 7/28/2025 (i) (o)		2,529		2,523
American Airlines, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.04%, 6/27/2025 (i)		2,000		1,956
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%; ICE LIBOR USD 3 Month + 2.50%), 4.62%, 4/6/2024 (i)		742		738
Aristocrat Leisure Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 4.22%, 10/19/2024 (i)		2,342		2,333
Asurion LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 0.07%), 8.80%, 8/4/2025 (i)		260		267
Asurion LLC, Term B-7 Loan (ICE LIBOR USD 1 Month + 3.00%), 5.30%, 11/3/2024 (i)		1,062		1,063


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Avaya Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.53%, 12/15/2024 (i) (o)		762		764
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 4.14%, 6/1/2024 (i)		374		373
Berry Global, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 1.75%), 4.03%, 2/8/2020 (i) (o)		475		474
BJ’s Wholesale Club, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 5.28%, 2/3/2024 (i) (o)		235		235
Bombardier Recreational Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 5/23/2025 (i)		1,047		1,044
Boxer Parent Co Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 0.04%), 6.65%, 10/2/2025 (i) (o)		700		702
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.05%, 8/1/2025 (i)		887		892
Brookfield WEC Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.05%, 8/3/2026 (i)		450		456
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 2 Month + 3.25%; ICE LIBOR USD 3 Month + 3.25%), 5.66%, 4/3/2024 (i)		449		446
California Resources Corp., 1st Lien Second Out Term Loan (ICE LIBOR USD 1 Month + 10.38%), 12.67%, 12/31/2021 (i)		1,382		1,537
California Resources Corp., Senior Secured First Out Term Loan (ICE LIBOR USD 1 Month + 4.75%), 7.04%, 12/31/2022 (i) (o)		1,640		1,662
Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.80%, 1/15/2025 (i) (o)		1,234		1,232
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 1/31/2025 (i)		2,484		2,456
CEOC LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 10/7/2024 (i) (o)		1,344		1,337
Chemours Co. (The), Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.05%, 4/3/2025 (i) (o)		1,295		1,290
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.55%, 10/2/2024 (i)		2,057		2,054

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Loan Assignments — continued
United States — continued
Cineworld Finance US Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.80%, 2/28/2025 (i)		1,147		1,141
CityCenter Holdings LLC, Term B Loan (ICE LIBOR USD 1 Month + 2.25%), 4.55%, 4/18/2024 (i)		1,795		1,790
Claire’s Stores, Inc., 1st Lien Revolver Term Loan (ICE LIBOR USD 3 Month + 0.03%), 9/15/2022 ‡ (i) (o)		40		—
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 0.06%), 6.25%, 9/15/2038 ‡ (i) (o)		133		193
Community Health Systems, Inc., Incremental 2021 Term H Loan (ICE LIBOR USD 3 Month + 3.25%), 5.56%, 1/27/2021 (i)		1,969		1,925
Continental Building Products, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.55%, 8/18/2023 (i) (o)		308		307
Cortes NP Acquisition Corp., Term B Loan (ICE LIBOR USD 3 Month + 4.00%), 6.31%, 11/30/2023 (i) (o)		1,480		1,464
CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.53%, 7/17/2025 (i)		4,035		4,022
CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 1/15/2026 (i) (o)		2,141		2,135
CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.31%, 2/6/2025 (i)		623		621
Dell International LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.31%, 9/7/2023 (i)		895		894
Delta 2 SARL, 1st Lien Term loan B (ICE LIBOR USD 1 Month + 2.50%), 4.80%, 2/1/2024 (i) (o)		1,215		1,201
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%; PRIME USD 3 Month + 2.75%), 5.05%, 4/6/2024 (i)		1,788		1,781
EG Group Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.39%, 2/7/2025 (i)		449		449
EIF Channelview Cogeneration LLC, Term Loan (ICE LIBOR USD 1 Month + 4.25%), 6.56%, 5/3/2025 (i) (o)		2,141		2,155
Encino Acquisition Partners Holdings., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 0.06%), 7.25%, 9/21/2025 (i) (o)		487		494


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Endo Pharmaceutical, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.56%, 4/29/2024 (i)		1,795		1,802
Energy Transfer Equity LP, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 2/2/2024 (i) (o)		1,800		1,799
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 0.04%), 6.05%, 10/10/2025 (i)		1,860		1,820
Esh Hospitality, Inc. 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 8/30/2023 (i)		898		896
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 0.07%), 8.83%, 7/12/2023 (i)		894		902
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 0.10%), 12.31%, 5/15/2022 ‡ (i)		19		19
First Data Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.29%, 4/26/2024 (i) (o)		1,457		1,448
Flex Acquisition Co., Inc., Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.26%, 12/29/2023 (i)		648		646
Frontera Generation Holdings LLC, 1st Lien Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.52%, 5/2/2025 (i) (o)		1,224		1,227
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%; ICE LIBOR USD 3 Month + 3.50%), 5.82%, 5/24/2024 (i) (o)		1,143		1,146
Gates Global LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 4/1/2024 (i)		698		698
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.39%, 12/1/2023 (i)		884		886
Genesys Telecom Holdings, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.80%, 12/1/2023 (i)		280		281
GGP, Inc., 1st Lien Term Loan B REIT, (ICE LIBOR USD 1 Month + 2.25%), 4.79%, 8/27/2025 (i) (o)		940		924
Global Business Travel Holdings Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 0.03%), 4.84%, 8/13/2025 (i)		297		298
Global Tel*Link Corp., 1st Lien Senior Secured Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.39%, 5/23/2020 (i)		683		683

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	37

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Loan Assignments — continued
United States — continued
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 5.23%, 10/4/2023 (i)		419		419
Goodrx, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 0.03%), 5.28%, 10/10/2025 (i) (o)		315		316
Greektown Holdings LLC, Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.05%, 4/25/2024 (i)		1,496		1,490
Grizzly Acquisition Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 0.04%), 5.65%, 9/26/2025 (i) (o)		165		165
GTT Communications, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 5/31/2025 (i)		474		467
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 7.64%, 8/25/2023 (i)		492		402
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.30%, 5/16/2024 (i) (o)		1,129		1,127
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.30%, 5/23/2025 (i)		1,122		1,100
Hilton Worldwide Finance LLC, Series B-2 Term Loan (ICE LIBOR USD 1 Month + 1.75%), 4.03%, 10/25/2023 (i)		600		600
Hoya Midco LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.80%, 6/30/2024 (i)		898		893
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.49%, 4/25/2025 (i)		738		736
Infor US, Inc., Tranche B-6 Term Loan (ICE LIBOR USD 3 Month + 2.75%), 5.14%, 2/1/2022 (i) (o)		600		597
Intelsat Jackson Holdings SA, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.04%, 11/27/2023 (i)		2,495		2,495
Invenergy Thermal Operating I LLC, Term Loan (ICE LIBOR USD 3 Month + 3.75%), 5.81%, 8/28/2025 (i) (o)		1,210		1,220
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.25%), 5.46%, 2/5/2025 (i) (o)		682		680
Janus International Group LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.30%, 2/12/2025 (i)		199		198


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
JBS USA LLC, Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 4.84%, 10/30/2022 (i)		2,494		2,492
JC Penney Corp., Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 6.57%, 6/23/2023 (i) (o)		5		4
KCA Deutag Alpha Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.75%), 9.14%, 2/28/2023 (i) (o)		446		433
Kestrel Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.56%, 6/2/2025 (i) (o)		1,214		1,221
Las Vegas Sands Corp., 1st Lien Senior Secured Term Loan (ICE LIBOR USD 1 Month + 1.75%), 4.05%, 3/27/2025 (i) (o)		1,294		1,289
Level 3 Financing, Inc., Tranche B Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.53%, 2/22/2024 (i)		3,875		3,877
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.05%, 1/30/2024 (i)		1,078		1,062
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.75%), 6.05%, 1/30/2024 (i)		58		57
Live Nation Entertainment, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 1.75%), 4.06%, 10/31/2023 (i) (o)		539		539
Lotus Midstream., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 0.04%), 5.64%, 9/26/2025 (i) (o)		172		173
MacDonald, Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.15%, 10/4/2024 (i)		895		866
Mallinckrodt International Finance, Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.14%, 9/24/2024 (i) (o)		1,095		1,080
Mastronardi Produce Ltd., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.51%, 5/1/2025 (i)		125		125
McDermott Technology Americas, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 7.30%, 5/12/2025 (i) (o)		842		830
Medallion Midland Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.55%, 10/30/2024 (i)		150		149
MedRisk, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.05%, 12/27/2024 (i)		898		885
Misys, Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.89%, 6/13/2024 (i)		853		848
Moda Midstream LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 0.04%), 5.54%, 9/26/2025 (i) (o)		141		142

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Loan Assignments — continued
United States — continued
Moran Foods LLC, Term Loan B (ICE LIBOR USD 1 Month + 6.00%), 8.30%, 12/5/2023 (i)		531		377
MTL Publishing LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.53%, 8/20/2023 (i)		63		63
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.14%, 6/7/2023 (i)		2,021		2,014
NAI Entertainment Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.81%, 5/8/2025 (i)		900		897
NCI Building Systems, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 2/7/2025 (i)		898		896
Neiman Marcus Group, Inc., Other Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.53%, 10/25/2020 (i)		811		737
Nielsen Finance LLC, 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.28%, 10/4/2023 (i)		898		893
NRG Energy, Inc., Term Loan (ICE LIBOR USD 3 Month + 1.75%), 4.14%, 6/30/2023 (i) (o)		925		921
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.97%, 1/31/2026 (i)		895		872
NVA Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 2/2/2025 (i)		2,194		2,173
Oryx Soutern Delaware Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.55%, 2/28/2025 (i)		155		152
Penn National Gaming, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 0.02%), 4.58%, 10/15/2025 (i) (o)		1,472		1,475
PetSmart, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.28%, 3/11/2022 (i)		123		104
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.80%, 7/2/2025 (i) (o)		400		399
Post Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.29%, 5/24/2024 (i)		451		450
Prestige Brands, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.24%, 1/26/2024 (i)		879		880
Prime Security Services Borrower LLC, Term B-1 Loan (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 5/2/2022 (i)		2,294		2,293
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 6.78%, 5/16/2025 (i) (o)		450		451


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Quidditch Acquisition, Inc., 1st Cov-Lite Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 9.29%, 3/21/2025 (i)		125		126
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 5.35%, 11/3/2023 (i) (o)		598		579
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 2/5/2023 (i) (o)		1,295		1,295
Samsonite IP Holdings SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.05%, 4/25/2025 (i)		898		895
Scientific Games International, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%), 5.05%, 8/14/2024 (i) (o)		845		837
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.80%, 11/1/2024 (i) (o)		952		954
Shutterfly, Inc., Term Loan B-2 (ICE LIBOR USD 1 Month + 2.75%), 5.06%, 8/17/2024 (i)		446		446
Sinclair Broadcast Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.56%, 1/3/2024 (i) (o)		415		416
Sirva Worldwide, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.50%; ICE LIBOR USD 3 Month + 5.50%), 7.81%, 8/4/2025 (i)		285		285
Sirva Worldwide, 2nd Lien Term Loan (ICE LIBOR USD 2 Month + 9.50%; ICE LIBOR USD 3 Month + 9.50%), 11.91%, 8/3/2026 (i)		100		90
Sound Inpatient Physicians Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.30%, 6/27/2025 (i)		908		911
Spectrum Brands, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%; ICE LIBOR USD 2 Month + 2.00%; ICE LIBOR USD 3 Month + 2.00%), 4.35%, 6/23/2022 (i)		449		449
Spin Holdco, Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.69%, 11/14/2022 (i)		898		898
Sprint Communications, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.81%, 2/2/2024 (i) (o)		795		795
St. George’s University Scholastic Services, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.81%, 7/17/2025 (i)		419		424
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.34%, 9/12/2024 (i) (o)		1,225		1,222

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	39

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Loan Assignments — continued
United States — continued
Stetson Midstream., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 6.69%, 7/18/2025 (i)		1,800		1,802
Summit Materials Co. I LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 11/21/2024 (i) (o)		308		306
Syneos Health, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 8/1/2024 (i)		534		532
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 7.28%, 3/9/2023 (i)		753		757
Telenet Financing LLC., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 0.02%), 4.53%, 8/15/2026 (i) (o)		2,110		2,102
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 2/6/2024 (i)		2,095		1,977
TerraForm Power Operating LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 11/8/2022 (i) (o)		1,795		1,795
TransDigm, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.50%), 4.80%, 6/9/2023 (i)		898		893
TransDigm, Inc., Term Loan G (ICE LIBOR USD 1 Month + 2.50%), 4.80%, 8/22/2024 (i)		1,097		1,092
Trinseo Materials Operating SCA., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 0.02%), 4.30%, 9/6/2024 (i) (o)		1,395		1,384
Ultra Resources, Inc., Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.47%, 4/12/2024 (i) (o)		2,803		2,620
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 0.04%), 6.55%, 10/18/2025 (i) (o)		1,250		1,170
Unitymedia Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.28%, 6/1/2023 (i)		1,487		1,484
Univision Communications, Inc., 1st Lien Term Loan C-5 (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 3/15/2024 (i) (o)		497		477
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.39%, 5/16/2024 (i)		2,304		2,290
Valeant Pharmaceuticals International Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.27%, 6/2/2025 (i) (o)		1,644		1,643
VeriFone Systems, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 0.04%), 6.32%, 8/20/2025 (i)		261		261


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
VICI Properties 1 LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.28%, 12/20/2024 (i) (o)		1,800		1,795
Viskase Co., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.64%, 1/30/2021 (i)		1,033		1,028
Vistra Operations Co. LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 2.00%), 4.29%, 12/31/2025 (i)		1,796		1,789
Vistra Operations Co. LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 8/4/2023 (i)		449		448
Web.com Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 0.04%), 6.17%, 10/10/2025 (i) (o)		390		389
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 4.43%, 11/1/2023 (i) (o)		2,100		2,090
Wyndham Hotels & Resorts, Inc., 1st Lien Senior Secured Term Loan (ICE LIBOR USD 1 Month + 1.75%), 4.05%, 5/30/2025 (i)		555		554
XPO Logistics, Inc., Term Loan (ICE LIBOR USD 3 Month + 2.00%), 4.51%, 2/24/2025 (i)		900		901
Ziggo Secured Finance Partnership, 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.50%), 4.78%, 4/15/2025 (i) (o)		1,720		1,686
Zodiac Pool Solutions LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.55%, 7/2/2025 (i) (o)		398		398

				158,043

Total Loan Assignments (Cost $161,362)				160,802

Asset-Backed Securities — 2.9%
Cayman Islands — 0.2%
BlueMountain CLO Ltd.
Series 2014-2A, Class DR2, 5.57%, 10/20/2030 ‡ (c) (f)		490		490
Series 2018-3A, Class D, 5.69%, 10/25/2030 (c) (f)		1,355		1,355
CIFC Funding Ltd.
Series 2014-5A, Class BR2, 4.23%, 10/17/2031 (c) (f)		995		994
Series 2014-5A, Class DR2, 5.83%, 10/17/2031 (c) (f)		280		281
LCM 28 Ltd. Series 28A, Class B, 10/20/2030 (c) (f) (g)		1,040		1,040
Voya CLO Ltd. Series 2016-3A, Class CR, 5.76%, 10/18/2031 (c) (f)		1,110		1,110

				5,270

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Asset-Backed Securities — continued
United States — 2.7%
ABFC Trust Series 2004-HE1, Class M1, 3.18%, 3/25/2034 ‡ (f)		418		418
ACE Securities Corp. Home Equity Loan Trust
Series 2002-HE3, Class M1, 4.08%, 10/25/2032 ‡ (f)		343		343
Series 2003-NC1, Class M1, 3.45%, 7/25/2033 ‡ (f)		278		276
Series 2003-OP1, Class M1, 3.33%, 12/25/2033 ‡ (f)		374		372
Series 2004-OP1, Class M3, 4.16%, 4/25/2034 (f)		432		409
Series 2004-HE4, Class M2, 3.26%, 12/25/2034 ‡ (f)		128		124
American Credit Acceptance Receivables Trust
Series 2018-3, Class D, 4.14%, 10/15/2024 (c)		1,915		1,915
Series 2018-3, Class E, 5.17%, 10/15/2024 (c)		1,630		1,625
Series 2018-3, Class F, 6.44%, 6/12/2025 (c)		745		743
Ameriquest Mortgage Securities, Inc. Series 2004-FR1W, Class A6, 4.39%, 5/25/2034 ‡ (h)		302		304
Ameriquest Mortgage Securities, Inc. Asset-Backed Securities
Series 2003-10, Class M1, 3.33%, 12/25/2033 ‡ (f)		456		450
Series 2003-10, Class M2, 4.83%, 12/25/2033 ‡ (f)		170		168
Amortizing Residential Collateral Trust Series 2004-1, Class M5, 4.16%, 10/25/2034 ‡ (f)		319		317
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2003-W5, Class M2, 5.06%, 10/25/2033 ‡ (f)		760		735
Series 2003-W9, Class M2, 4.62%, 1/25/2034 ‡ (f)		1,319		1,293
Series 2004-W1, Class M2, 4.20%, 3/25/2034 (f)		914		900
Series 2004-W5, Class M1, 3.18%, 4/25/2034 ‡ (f)		148		148
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2003-HE7, Class M1, 3.25%, 12/15/2033 ‡ (f)		2,122		2,122
Series 2004-HE2, Class M2, 4.16%, 4/25/2034 ‡ (f)		535		520


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Series 2004-HE3, Class M2, 3.96%, 6/25/2034 ‡ (f)		978		978
Bear Stearns Asset-Backed Securities I Trust
Series 2004-FR2, Class M3, 4.08%, 6/25/2034 (f)		275		271
Series 2004-HE6, Class M2, 4.16%, 8/25/2034 ‡ (f)		666		664
Bear Stearns Asset-Backed Securities Trust
Series 2004-1, Class M1, 3.26%, 6/25/2034 ‡ (f)		495		498
Series 2004-2, Class M1, 3.48%, 8/25/2034 ‡ (f)		211		206
Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (h)		840		854
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates Series 2005-OPT3, Class M3, 3.00%, 5/25/2035 ‡ (f)		598		596
Civic Mortgage LLC 11/25/2022 (f)		3,105		3,105
CLUB Credit Trust Series 2018-NP1, Class C, 4.74%, 5/15/2024 (c)		1,190		1,188
Conn’s Receivables Funding LLC Series 2018-A, Class B, 4.65%, 1/15/2023 (c)		1,655		1,655
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 3.41%, 12/25/2032 ‡ (f)		38		38
Series 2003-BC6, Class M2, 4.01%, 10/25/2033 ‡ (f)		49		48
Series 2004-2, Class M1, 3.03%, 5/25/2034 ‡ (f)		68		68
Series 2004-3, Class M1, 3.03%, 6/25/2034 ‡ (f)		226		219
Series 2005-12, Class M2, 2.77%, 2/25/2036 ‡ (f)		1,000		994
Countrywide Partnership Trust Series 2004-EC1, Class M2, 3.23%, 1/25/2035 ‡ (f)		635		634
CPS Auto Receivables Trust Series 2018-D, Class D, 4.34%, 9/16/2024 (c)		785		785
Credit-Based Asset Servicing & Securitization LLC
Series 2005-CB1, Class M2, 3.38%, 1/25/2035 ‡ (f)		137		137
Series 2004-CB4, Class A5, 6.78%, 5/25/2035 (h)		1,255		1,252
CWABS, Inc. Asset-Backed Certificates Trust
Series 2003-BC1, Class A1, 3.08%, 3/25/2033 ‡ (f)		359		355

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	41

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Series 2004-5, Class M3, 4.01%, 7/25/2034 ‡ (f)		79		80
Series 2004-6, Class M1, 3.18%, 10/25/2034 (f)		343		339
Series 2004-6, Class M2, 3.26%, 10/25/2034 ‡ (f)		77		77
Drive Auto Receivables Trust Series 2018-4, Class D, 4.09%, 1/15/2026		2,025		2,025
DT Auto Owner Trust
Series 2018-3A, Class D, 4.19%, 7/15/2024 (c)		2,250		2,250
Series 2018-3A, Class E, 5.33%, 11/17/2025 (c)		1,845		1,844
Equity One Mortgage Pass-Through Trust Series 2003-4, Class M1, 5.87%, 10/25/2034 ‡ (h)		245		242
Exeter Automobile Receivables Trust
Series 2018-4A, Class C, 3.97%, 9/15/2023 (c)		3,090		3,091
Series 2018-4A, Class D, 4.35%, 9/16/2024 (c)		1,255		1,256
Series 2018-4A, Class E, 5.38%, 7/15/2025 (c)		1,110		1,110
First Franklin Mortgage Loan Trust Series 2005-FF10, Class A1, 2.58%, 11/25/2035 ‡ (f)		438		426
FREED ABS TRUST Series 2018-2, Class B, 4.61%, 10/20/2025 (c)		1,195		1,208
Fremont Home Loan Trust
Series 2003-B, Class M2, 4.71%, 12/25/2033 ‡ (f)		18		17
Series 2004-B, Class M7, 5.28%, 5/25/2034 (f)		34		31
Series 2004-2, Class M2, 3.21%, 7/25/2034 (f)		269		271
GLS Auto Receivables Trust
Series 2018-3A, Class C, 4.18%, 7/15/2024 (c)		855		854
Series 2018-3A, Class D, 5.34%, 8/15/2025 (c)		910		909
Golden West Schools Financing Authority Series 2004-7, Class M2, 3.41%, 8/25/2034 ‡ (f)		362		352
GSAMP Trust
Series 2004-OPT, Class M1, 3.15%, 11/25/2034 ‡ (f)		573		568
Series 2006-HE3, Class A2C, 2.44%, 5/25/2046 (f)		247		245


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Home Equity Asset Trust Series 2004-7, Class M1, 3.21%, 1/25/2035 (f)		227		228
Home Equity Mortgage Loan Asset-Backed Trust
Series 2004-B, Class M3, 3.48%, 11/25/2034 ‡ (f)		231		229
Series 2004-B, Class M8, 4.90%, 11/25/2034 ‡ (f)		238		220
Series 2004-C, Class M1, 3.12%, 3/25/2035 ‡ (f)		2,507		2,510
Indiana Finance Authority Series 2004-8, Class M9, 6.03%, 9/25/2034 (f)		644		627
Lendmark Funding Trust Series 2017-2A, Class C, 4.33%, 5/20/2026 (c)		695		687
Long Beach Mortgage Loan Trust
Series 2004-3, Class M2, 3.18%, 7/25/2034 ‡ (f)		801		799
Series 2004-3, Class M4, 3.89%, 7/25/2034 ‡ (f)		467		468
Series 2004-6, Class A3, 3.58%, 11/25/2034 ‡ (f)		345		347
MASTR Asset-Backed Securities Trust
Series 2003-NC1, Class M5, 4.74%, 4/25/2033 ‡ (f)		87		80
Series 2005-NC1, Class M2, 3.03%, 12/25/2034 ‡ (f)		429		432
MFA LLC
Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (c) (h)		2,403		2,397
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (c) (h)		3,750		3,736
MFA Trust Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (c) (h)		646		639
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-HE2, Class M2, 4.76%, 8/25/2033 ‡ (f)		110		107
Series 2004-NC5, Class M1, 3.18%, 5/25/2034 ‡ (f)		337		331
Series 2004-NC7, Class M2, 3.21%, 7/25/2034 ‡ (f)		220		222
Series 2004-NC6, Class M2, 4.16%, 7/25/2034 ‡ (f)		391		386
Series 2004-HE6, Class M1, 3.11%, 8/25/2034 (f)		473		476
Series 2004-HE8, Class M3, 3.41%, 9/25/2034 ‡ (f)		26		26
Series 2005-HE1, Class M3, 3.06%, 12/25/2034 ‡ (f)		46		45

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2002-AM3, Class A3, 3.26%, 2/25/2033 ‡ (f)		310		304
New Century Home Equity Loan Trust Series 2004-2, Class M3, 3.29%, 8/25/2034 ‡ (f)		435		435
New Jersey Transportation Trust Fund Authority Series 2006-BC4, Class A4, 2.45%, 12/25/2036 ‡ (f)		372		359
NovaStar Mortgage Funding Trust Series 2003-2, Class M3, 5.66%, 9/25/2033 ‡ (f)		510		505
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class C, 4.52%, 4/18/2022 ‡ (c)		250		250
OneMain Financial Issuance Trust
Series 2015-1A, Class C, 5.12%, 3/18/2026 (c)		802		810
Series 2015-3A, Class C, 5.82%, 11/20/2028 (c)		965		998
Option One Mortgage Acceptance Corp. Asset-Backed Certificates Series 2003-4, Class M1, 3.30%, 7/25/2033 ‡ (f)		1,286		1,263
Option One Mortgage Loan Trust
Series 2004-1, Class M1, 3.18%, 1/25/2034 ‡ (f)		621		617
Series 2004-1, Class M2, 3.93%, 1/25/2034 ‡ (f)		595		577
Series 2004-3, Class M2, 3.14%, 11/25/2034 ‡ (f)		29		29
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-WWF1, Class M4, 3.93%, 12/25/2034 ‡ (f)		2,678		2,709
Series 2005-WCH1, Class M4, 3.53%, 1/25/2036 ‡ (f)		500		502
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 4.63%, 4/25/2023 (c) (f)		960		965
Prestige Auto Receivables Trust
Series 2018-1A, Class D, 4.14%, 10/15/2024 (c)		910		907
Series 2018-1A, Class E, 5.03%, 1/15/2026 (c)		680		678
Pretium Mortgage Credit Partners I LLC
Series 2017-NPL4, Class A1, 3.25%, 8/27/2032 ‡ (c) (h)		3,287		3,251
Series 2018-NPL2, Class A1, 3.70%, 3/27/2033 ‡ (c) (h)		2,057		2,042
Series 2018-NPL3, Class A1, 4.13%, 8/27/2033 ‡ (c) (h)		1,959		1,953


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Series 2017-NPL2, Class A1, 3.25%, 3/28/2057 ‡ (c) (h)		2,236		2,221
Series 2017-NPL2, Class A2, 5.50%, 3/28/2057 ‡ (c) (h)		1,000		997
RAMP Trust Series 2006-RZ4, Class A3, 2.55%, 10/25/2036 ‡ (f)		879		868
RASC Trust Series 2005-KS12, Class M1, 2.72%, 1/25/2036 ‡ (f)		2,483		2,484
Renaissance Home Equity Loan Trust
Series 2003-2, Class M1, 3.52%, 8/25/2033 ‡ (f)		243		243
Series 2004-1, Class M4, 4.98%, 5/25/2034 ‡ (f)		738		614
Series 2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (h)		62		64
Santander Drive Auto Receivables Trust Series 2016-3, Class E, 4.29%, 2/15/2024		2,025		2,034
Saxon Asset Securities Trust Series 2003-3, Class M1, 3.26%, 12/25/2033 ‡ (f)		340		328
Securitized Asset-Backed Receivables LLC Trust Series 2004-NC1, Class M2, 4.01%, 2/25/2034 ‡ (f)		754		753
Soundview Home Loan Trust Series 2005-OPT1, Class M2, 2.96%, 6/25/2035 ‡ (d) (f)		442		440
Specialty Underwriting & Residential Finance Trust Series 2003-BC4, Class M1, 3.18%, 11/25/2034 ‡ (f)		620		597
Stanwich Mortgage Loan Trust Series 2018-NPB1, Class A1, 4.02%, 5/16/2023 ‡ (c) (h)		3,590		3,570
Structured Asset Investment Loan Trust Series 2003-BC11, Class M1, 3.26%, 10/25/2033 ‡ (f)		138		137
T-Mobile USA, Inc. 6.00%, 4/15/2024		482		—
Trinity River Authority LLC Series 2004-BNC1, Class A5, 3.52%, 9/25/2034 ‡ (f)		32		33
Upgrade Receivables Trust Series 2018-1A, Class A, 3.76%, 11/15/2024 (c)		1,049		1,048
Vantage Data Centers Issuer LLC Series 2018-1A, Class A2, 4.07%, 2/16/2043 (c)		730		728
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2004-2, Class M6, 5.10%, 10/25/2034 (f)		289		284
Series 2004-2, Class M8A, 6.78%, 10/25/2034 ‡ (c) (f)		97		92

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	43

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Westlake Automobile Receivables Trust Series 2018-3A, Class F, 6.02%, 2/18/2025 (c)		1,000		1,001

				97,604

Total Asset-Backed Securities (Cost $101,508)				102,874

Commercial Mortgage-Backed Securities — 1.4%
Cayman Islands — 0.0% (b)
GPMT Ltd.
Series 2018-FL1, Class AS, 3.48%, 11/21/2035 ‡ (c) (f)		1,000		1,000
Series 2018-FL1, Class B, 3.83%, 11/21/2035 ‡ (c) (f)		1,000		1,001

				2,001

United States — 1.4%
Ashford Hospitality Trust Series 2018-KEYS, Class B, 3.58%, 5/15/2035 ‡ (c) (f)		4,000		4,001
Braemar Hotels & Resorts Trust
Series 2018-PRME, Class B, 3.33%, 6/15/2035 ‡ (c) (f)		2,000		1,996
Series 2018-PRME, Class C, 3.53%, 6/15/2035 ‡ (c) (f)		1,500		1,495
BX Commercial Mortgage Trust Series 2018-IND, Class E, 3.98%, 11/15/2035 (c) (f)		685		685
BX Trust Series 2018-EXCL, Class C, 4.12%, 9/15/2037 (c) (f)		1,000		996
CD Mortgage Trust Series 2017-CD5, Class D, 3.35%, 8/15/2050 (c)		595		492
CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class C, 3.52%, 4/10/2028 (c)		2,000		1,995
Citigroup Commercial Mortgage Trust Series 2017-P7, Class B, 4.14%, 4/14/2050 (f)		960		938
COMM Mortgage Trust Series 2015-LC21, Class D, 4.31%, 7/10/2048 (f)		385		344
Commercial Mortgage Trust Series 2015-CR23, Class CME, 3.68%, 5/10/2048 (c) (f)		2,583		2,545
DBGS Mortgage Trust Series 2018-5BP, Class D, 3.63%, 6/15/2033 ‡ (c) (f)		4,000		3,984
FHLMC Multifamily Structured Pass-Through Certificates
Series K721, Class X3, IO, 1.30%, 9/25/2022 (f)		22,604		1,029
Series K033, Class X1, IO, 0.30%, 7/25/2023 (f)		109,709		1,413


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


United States — continued
Series K082, Class X3, IO, 2.29%, 10/25/2028 (f)		9,250		1,532
Series K723, Class X3, IO, 1.92%, 10/25/2034 (f)		6,909		572
Series K716, Class X3, IO, 1.80%, 8/25/2042 (f)		16,608		730
Series K728, Class X3, IO, 1.95%, 11/25/2045 (f)		8,624		848
Series K081, Class X3, IO, 2.31%, 9/25/2046 (f)		1,822		310
FREMF Series 2018-KF46, Class B, 4.21%, 3/25/2028 (c) (f)		730		734
FREMF Mortgage Trust
Series 2015-KF09, Class B, 7.61%, 5/25/2022 (c) (f)		162		166
Series 2015-KF10, Class B, 8.36%, 7/25/2022 (c) (f)		656		699
Series 2018-K731, Class B, 3.91%, 2/25/2025 (c)		1,450		1,396
Series 2018-KF47, Class B, 4.26%, 5/25/2025 (c) (f)		680		684
Series 2018-KF49, Class B, 4.16%, 6/25/2025 (c) (f)		675		675
Series 2018-KF48, Class B, 4.31%, 6/25/2028 ‡ (c) (f)		2,000		2,010
Series 2018-KF50, Class B, 4.18%, 7/25/2028 (c) (f)		290		290
Series 2012-K19, Class C, 4.03%, 5/25/2045 (c) (f)		480		480
Series 2017-K67, Class C, 3.94%, 9/25/2049 (c) (f)		770		714
GRACE Mortgage Trust Series 2014-GRCE, Class F, 3.59%, 6/10/2028 (c) (f)		1,510		1,473
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX, Class AM, 5.46%, 1/15/2049 (f)		147		147
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.09%, 7/15/2044 (f)		301		305
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (f)		1,283		885
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15, Class D, 4.90%, 4/15/2047 (c) (f)		385		375
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.42%, 7/11/2040 (c) (f)		770		731
Series 2018-MP, Class A, 4.42%, 7/11/2040 (c)		4,000		4,051

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041 (f)		568		565
Nationslink Funding Corp. Commercial Loan Pass-Through Certificates Series 1999-LTL1, Class E, 5.00%, 1/22/2026 ‡ (c)		2,581		2,613
Velocity Commercial Capital Loan Trust
Series 2018-2, Class M2, 4.51%, 10/26/2048 (c) (f)		359		359
Series 2018-2, Class M3, 4.72%, 10/26/2048 (c) (f)		510		510
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class C, 5.48%, 12/15/2043 ‡ (f)		2,420		2,398
Series 2007-C33, Class AJ, 5.79%, 2/15/2051 (f)		682		673

				48,838

Total Commercial Mortgage-Backed Securities (Cost $51,298)				50,839

U.S. Treasury Obligations — 1.4%
U.S. Treasury Notes 1.13%, 1/31/2019 (p) (Cost $50,143)		50,260		50,113

Mortgage-Backed Securities — 0.7%
United States — 0.7%
FHLMC Gold Pools, 15 Year, Single Family
Pool # G14120, 4.00%, 4/1/2026		1,458		1,486
Pool # G15401, 3.50%, 4/1/2030		5,626		5,639
FNMA, 15 Year, Single Family
Pool # 890395, 3.50%, 2/1/2026		1,994		1,993
Pool # AL1174, 4.00%, 11/1/2026		4,700		4,786
FNMA, 20 Year, Single Family Pool # BM3923, 3.50%, 3/1/2038		5,160		5,094
GNMA II, 30 Year, Single Family Pool # MA5332, 5.00%, 7/20/2048		5,459		5,697

Total Mortgage-Backed Securities (Cost $24,996)				24,695

Supranational — 0.2%
Supranational — 0.2%
European Investment Bank
2.80%, 1/15/2021		AUD 1,837		1,314
2.25%, 7/30/2021(c)		CAD 1,990		1,497
0.50%, 6/21/2023		AUD 1,210		769
Inter-American Development Bank
0.50%, 5/23/2023		CAD 3,650		2,499
4.40%, 1/26/2026		CAD 614		507

Total Supranational (Cost $6,888)				6,586


INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)

Options Purchased — 0.0% (b)
Call Options Purchased — 0.0% (b)
United States — 0.0% (b)
Foreign Exchange MXN/USD 11/1/2018 at USD 20.44, Vanilla, European Style Notional Amount: USD 5,495 Exchange Traded *		5,495			9


	NO. OF CONTRACTS
S&P 500 Index 12/21/2018 at USD 2,900.00, Vanilla, European Style Notional Amount: USD 333,815 Exchange Traded *		1,231			966

					975


	PRINCIPAL AMOUNT ($000)
Put Options Purchased — 0.0% (b)
United States- 0.0% (b)
Foreign Exchange JPY/USD 12/12/2018 at USD 105.00, Vanilla, European Style Notional Amount: USD 5,468 Exchange Traded *		5,468			2

Australia — 0.0% (b)
Foreign Exchange USD/AUD 11/15/2018 at AUD 0.69, Vanilla, European Style Notional Amount: AUD 7,492 Exchange Traded *		AUD 7,492			7

					9

Total Options Purchased (Cost $9,095)					984


	SHARES (000)
Preferred Stocks — 0.0% (b)
Bermuda — 0.0% (b)
XLIT Ltd., Series D, (ICE LIBOR USD 3 Month + 3.12%), 5.56%, 1/9/2019 ($1,000 par value) (i) (q)		—	(e)		85

United States — 0.0% (b)
Claire’s Stores, Inc. * ‡		—	(e)		298
GMAC Capital Trust I,
Series 2, (ICE LIBOR USD 3 Month + 5.79%), 8.10%, 2/15/2040 ($25 par value) (i)		1			16
Goodman Private Preferred Shares * ‡		3			—	(e)

					314

Total Preferred Stocks (Cost $207)					399

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	45

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Convertible Bonds — 0.0% (b)
United States — 0.0% (b)
Liberty Interactive LLC
4.00%, 11/15/2029		55		38
3.75%, 2/15/2030 ‡		100		69

Total Convertible Bonds (Cost $99)				107


	NO. OF RIGHTS ($000)
Rights — 0.0% (b)
Spain — 0.0% (b)
Banco Santander SA, expiring 11/16/2018 *		544		21

United States — 0.0% (b)
Media General, Inc., CVR * ‡		44		2
Vistra Energy Corp., expiring 12/31/2049 * ‡		17		14

				16

Total Rights (Cost $21)				37


	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 9.3%
Commercial Paper — 0.0% (b)
Mondelez International, Inc. 2.82%, 2/5/2019 (r)		250		248
NiSource, Inc. 2.82%, 2/6/2019 (r)		250		248

Total Commercial Paper (Cost $496)				496

Foreign Government Treasury Bills — 2.5%
Canadian Treasury Bills
1.27%, 11/15/2018 (r)		4,100		3,112
1.42%, 11/15/2018 (r)		35,802		27,178
1.38%, 12/13/2018 (r)		4,200		3,184
1.47%, 12/13/2018 (r)		35,752		27,106
2.06%, 9/19/2019 (r)		40,599		30,280

Total Foreign Government Treasury Bills (Cost $92,037)				90,860


INVESTMENTS	SHARES (000)			VALUE ($000)

Investment Companies — 6.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.08% (s) (t)		183,639			183,639
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (s) (t)		57,217			57,217

					240,856

Total Investment Companies (Cost $240,856)					240,856

Total Short-Term Investments (Cost $333,389)					332,212

Total Long Positions (Cost $3,390,211)					3,465,381

Short Positions — (1.1)%
Common Stocks — (1.1)%
United States — (1.1)%
Albemarle Corp.		(12	)		(1,199	)
Broadcom, Inc.		(10	)		(2,327	)
Colgate-Palmolive Co.		(105	)		(6,261	)
Consolidated Edison, Inc.		(18	)		(1,404	)
Cummins, Inc.		(34	)		(4,658	)
Dominion Energy, Inc.		(3	)		(226	)
Illinois Tool Works, Inc.		(45	)		(5,749	)
Kimberly-Clark Corp.		(16	)		(1,649	)
Lam Research Corp.		(16	)		(2,330	)
Micron Technology, Inc. *		(18	)		(696	)
Molson Coors Brewing Co., Class B		(57	)		(3,651	)
Raytheon Co.		(7	)		(1,158	)
Schlumberger Ltd.		(52	)		(2,685	)
Southern Co. (The)		(52	)		(2,329	)
Sprint Corp. *		(413	)		(2,529	)
Texas Instruments, Inc.		(3	)		(322	)

Total Common Stocks (Cost $(40,902))					(39,173	)

Total Short Positions (Cost $(40,902))					(39,173	)

Total Investments — 96.3% (Cost $3,349,309)					3,426,208
Other Assets Less Liabilities — 3.7%					131,715

Net Assets — 100.0%					3,557,923

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN FUNDS	OCTOBER 31, 2018

Summary of Investments by Industry, October 31, 2018

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


INDUSTRY	PERCENTAGE
Collateralized Mortgage Obligations		9.4	%
Foreign Government Securities		8.0
Banks		6.7
Pharmaceuticals		4.4
Oil, Gas & Consumable Fuels		4.1
Insurance		3.8
Asset-Backed Securities		3.0
Health Care Providers & Services		2.9
IT Services		2.0
Media		1.9
Capital Markets		1.9
Software		1.9
Diversified Telecommunication Services		1.7
Electric Utilities		1.7
Commercial Mortgage-Backed Securities		1.5
U.S. Treasury Notes		1.4
Semiconductors & Semiconductor Equipment		1.4
Interactive Media & Services		1.3
Machinery		1.3
Hotels, Restaurants & Leisure		1.2
Equity Real Estate Investment Trusts (REITs)		1.2
Internet & Direct Marketing Retail		1.1


INDUSTRY	PERCENTAGE
Technology Hardware, Storage & Peripherals		1.1	%
Automobiles		1.1
Food & Staples Retailing		1.1
Food Products		1.1
Chemicals		1.1
Aerospace & Defense		1.1
Specialty Retail		1.0
Others (each less than 1.0%)		19.0
Short-Term Investments		9.6


INDUSTRY (SHORT)	PERCENTAGE
Machinery		26.5	%
Household Products		20.1
Semiconductors & Semiconductor Equipment		14.5
Beverages		9.3
Energy Equipment & Services		6.9
Wireless Telecommunication Services		6.5
Electric Utilities		5.9
Multi-Utilities		4.2
Chemicals		3.1
Aerospace & Defense		3.0

Abbreviations


ABS		Asset-backed securities
ADR		American Depositary Receipt
ARS		Argentine Peso
AUD		Australian Dollar
CAD		Canadian Dollar
CIFC		Commercial Industrial Finance Corp.
CLO		Collateralized Loan Obligations
CNY		China Yuan
CVA		Dutch Certification
CVR		Contingent Value Rights
DKK		Danish Krone
EUR		Euro
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GBP		British Pound
GDR		Global Depositary Receipt
GMAC		General Motors Acceptance Corp.
GNMA		Government National Mortgage Association
HUF		Hungarian Forint
ICE		Intercontinental Exchange
IF		Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of October 31, 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.
JPY		Japanese Yen
JSC		Joint Stock Company
KZT		Kazakhstan Tenge
LIBOR		London Interbank Offered Rate
MXN		Mexican Peso
OYJ		Public Limited Company
PJSC		Public Joint Limited Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
SCA		Limited partnership with share capital
SEK		Swedish Krona
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.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	47

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


USD		United States Dollar
ZAR		South African Rand

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(d)		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 approximately $35,398,000 and $73,405,000, respectively.
(e)		Amount rounds to less than one thousand.
(f)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2018.
(g)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2018.
(i)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2018.


(j)		Defaulted security.
(k)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2018.
(l)		Security is an interest bearing note with preferred security characteristics.
(m)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(n)		Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(o)		All or a portion of this security is unsettled as of October 31, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(p)		All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(q)		The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of October 31, 2018.
(r)		The rate shown is the effective yield as of October 31, 2018.
(s)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(t)		The rate shown is the current yield as of October 31, 2018.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.


Futures contracts outstanding as of October 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Australia 10 Year Bond		35		12/2018		AUD		3,208		(11	)
Canada 10 Year Bond		1		12/2018		CAD		100		(2	)
EURO STOXX 50 Index		94		12/2018		EUR		3,388		(138	)
Euro-Bobl		34		12/2018		EUR		5,062		(4	)
Euro-BTP		23		12/2018		EUR		3,169		20
Euro-Bund		48		12/2018		EUR		8,712		18
Euro-Buxl		30		12/2018		EUR		6,008		21
Euro-OAT		51		12/2018		EUR		8,778		(2	)
Euro-Schatz		60		12/2018		EUR		7,610		3
Foreign Exchange EUR/USD		1,090		12/2018		USD		154,903		(4,641	)
Foreign Exchange JPY/USD		1,676		12/2018		USD		186,298		(1,070	)
FTSE 100 Index		25		12/2018		GBP		2,264		(44	)
Japan 10 Year Bond		4		12/2018		JPY		5,337		8
Long Gilt		33		12/2018		GBP		5,163		3
Russell 2000 E-Mini Index		66		12/2018		USD		4,993		(712	)
S&P 500 E-Mini Index		2,655		12/2018		USD		359,779		(26,353	)

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN FUNDS	OCTOBER 31, 2018


DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts — continued
TOPIX Index		83			12/2018		JPY		12,045			(312	)
U.S. Treasury Ultra Bond		615			12/2018		USD		91,962			(6,274	)

												(39,490	)

Short Contracts
EURO STOXX 50 Index		(1,842	)		12/2018		EUR		(66,387	)		3,096
Foreign Exchange GBP/USD		(800	)		12/2018		USD		(64,035	)		1,429
FTSE 100 Index		(300	)		12/2018		GBP		(27,170	)		680
Japan 10 Year Bond Mini		(4	)		12/2018		JPY		(534	)		(1	)
MSCI EAFE E-Mini Index		(2,009	)		12/2018		USD		(182,126	)		12,385
MSCI Europe Equity Index		(9,559	)		12/2018		EUR		(223,415	)		7,906
MSCI Emerging Markets E-Mini Index		(2,403	)		12/2018		USD		(114,935	)		5,920
U.S. Treasury 10 Year Note		(12	)		12/2018		USD		(1,422	)		3
U.S. Treasury 10 Year Ultra Note		(80	)		12/2018		USD		(10,014	)		163
U.S. Treasury 2 Year Note		(132	)		12/2018		USD		(27,804	)		100
U.S. Treasury 5 Year Note		(95	)		12/2018		USD		(10,678	)		106
3 Month Eurodollar		(170	)		06/2019		USD		(41,210	)		65
3 Month Eurodollar		(76	)		03/2020		USD		(18,389	)		(10	)

												31,842

												(7,648	)

Abbreviations


AUD		Australian Dollar
CAD		Canadian Dollar
EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange


GBP		British Pound
JPY		Japanese Yen
MSCI		Morgan Stanley Capital International
TOPIX		Tokyo Stock Price Index
USD		United States Dollar

Forward foreign currency exchange contracts outstanding as of October 31, 2018 (amounts in thousands):

CURRENCY PURCHASED

CURRENCY SOLD

COUNTERPARTY

SETTLEMENT
DATE

UNREALIZED
APPRECIATION
(DEPRECIATION)($)

USD

65,745

CAD

85,498

Merrill Lynch International

11/5/2018

796

USD

62,388

CAD

81,359

State Street Corp.

11/5/2018

584

MXN

11,188

USD

550

State Street Corp.

11/6/2018

—

(a)

EUR

164

CZK

4,239

Goldman Sachs International

11/19/2018

EUR

321

CZK

8,326

State Street Corp.

11/19/2018

—

(a)

JPY

38,888

USD

344

Goldman Sachs International

11/19/2018

TRY

580

USD

Barclays Bank plc

11/19/2018

USD

761

CNY

5,284

Goldman Sachs International^**

11/19/2018

USD

562

EUR

484

Barclays Bank plc

11/19/2018

USD

344

KRW

392,261

Goldman Sachs International^**

11/19/2018

—

(a)

USD

MXN

673

BNP Paribas

11/20/2018

USD

158

MXN

3,197

Citibank, NA

11/20/2018

CHF

5,076

EUR

4,446

Goldman Sachs International

12/5/2018

CHF

3,266

EUR

2,864

Royal Bank of Canada

12/5/2018

CHF

931

GBP

717

National Australia Bank Ltd.

12/5/2018

DKK

8,198

EUR

1,099

Citibank, NA

12/5/2018

—

(a)

EUR

1,542

CHF

1,744

BNP Paribas

12/5/2018

GBP

1,350

EUR

1,513

BNP Paribas

12/5/2018

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	49

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
GBP	6,479	EUR	7,260	Royal Bank of Canada		12/5/2018		48
JPY	66,561	USD	587	TD Bank Financial Group		12/5/2018		5
SEK	12,184	USD	1,333	BNP Paribas		12/5/2018		2
USD	4,445	AUD	6,093	Citibank, NA		12/5/2018		129
USD	348	AUD	489	National Australia Bank Ltd.		12/5/2018		2
USD	778	CAD	1,000	BNP Paribas		12/5/2018		17
USD	5,400	CAD	6,968	Deutsche Bank AG		12/5/2018		104
USD	91,025	CAD	119,458	HSBC Bank, NA		12/5/2018		226
USD	5,497	CHF	5,388	Australia & New Zealand Banking Group Ltd.		12/5/2018		131
USD	4,475	CHF	4,368	Barclays Bank plc		12/5/2018		124
USD	574	CHF	554	BNP Paribas		12/5/2018		22
USD	6,288	CHF	6,292	State Street Corp.		12/5/2018		21
USD	1,446	CHF	1,427	TD Bank Financial Group		12/5/2018		24
USD	2,502	DKK	15,835	Merrill Lynch International		12/5/2018		91
USD	859	DKK	5,638	State Street Corp.		12/5/2018		1
USD	1,771	EUR	1,517	Australia & New Zealand Banking Group Ltd.		12/5/2018		48
USD	312,927	EUR	265,804	Barclays Bank plc		12/5/2018		11,041
USD	4,330	EUR	3,710	BNP Paribas		12/5/2018		116
USD	12,536	EUR	10,741	Citibank, NA		12/5/2018		337
USD	1,238	EUR	1,061	Goldman Sachs International		12/5/2018		33
USD	913	EUR	794	HSBC Bank, NA		12/5/2018		10
USD	7,033	EUR	5,977	Morgan Stanley		12/5/2018		244
USD	2,168	EUR	1,850	Royal Bank of Canada		12/5/2018		67
USD	17,052	EUR	15,001	State Street Corp.		12/5/2018		15
USD	1,729	GBP	1,326	Barclays Bank plc		12/5/2018		32
USD	528	GBP	403	BNP Paribas		12/5/2018		11
USD	2,250	GBP	1,725	Morgan Stanley		12/5/2018		42
USD	31,012	GBP	23,734	State Street Corp.		12/5/2018		629
USD	542	GBP	422	TD Bank Financial Group		12/5/2018		1
USD	1,909	GBP	1,449	Union Bank of Switzerland AG		12/5/2018		55
USD	5,266	JPY	582,180	Citibank, NA		12/5/2018		94
USD	99,025	JPY	10,977,039	State Street Corp.		12/5/2018		1,495
USD	513	JPY	57,368	TD Bank Financial Group		12/5/2018		4
USD	809	NOK	6,700	TD Bank Financial Group		12/5/2018		13
USD	954	SEK	8,593	Citibank, NA		12/5/2018		13
USD	475	SEK	4,275	Goldman Sachs International		12/5/2018		7
USD	9,440	SEK	85,196	Merrill Lynch International		12/5/2018		104
USD	504	SEK	4,509	TD Bank Financial Group		12/5/2018		10
ARS	4,749	USD	121	BNP Paribas **		12/19/2018		4
BRL	2,868	USD	760	Goldman Sachs International **		12/19/2018		8
EGP	19,942	USD	1,085	Goldman Sachs International **		12/19/2018		14
IDR	7,097,877	USD	460	Citibank, NA **		12/19/2018		3
TRY	7,386	USD	1,084	HSBC Bank, NA		12/19/2018		199
USD	789	BRL	2,868	Standard Chartered Bank **		12/19/2018		22
USD	374	CLP	246,699	Citibank, NA **		12/19/2018		19
USD	1,155	CLP	765,750	Credit Suisse International **		12/19/2018		54
USD	175	CLP	116,654	Goldman Sachs International **		12/19/2018		7
USD	772	CNY	5,358	Citibank, NA **		12/19/2018		6
USD	2,232	CNY	15,448	Goldman Sachs International **		12/19/2018		22
USD	1,088	COP	3,423,260	Citibank, NA **		12/19/2018		27
USD	175	COP	535,201	Citibank, NA **		12/19/2018		9
USD	160	COP	478,526	Goldman Sachs International **		12/19/2018		11
USD	2,103	EUR	1,803	Barclays Bank plc		12/19/2018		52
USD	1,114	KRW	1,249,543	Goldman Sachs International **		12/19/2018		18
USD	710	MXN	13,915	Barclays Bank plc		12/19/2018		30
USD	380	MXN	7,451	Citibank, NA		12/19/2018		15

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN FUNDS	OCTOBER 31, 2018


CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
USD	235	MXN	4,500	Royal Bank of Canada		12/19/2018		16
USD	356	PEN	1,195	Goldman Sachs International **		12/19/2018		3
USD	1,118	PLN	4,152	BNP Paribas		12/19/2018		34
USD	9	PLN	35	State Street Corp.		12/19/2018		—	(a)
USD	749	THB	24,506	Goldman Sachs International		12/19/2018		8
USD	160	THB	5,156	HSBC Bank, NA		12/19/2018		4
ZAR	17,799	USD	1,196	Barclays Bank plc		12/19/2018		3
ZAR	3,900	USD	258	BNP Paribas		12/19/2018		5
USD	815	HUF	228,052	Goldman Sachs International		1/14/2019		14
USD	114	EUR	99	Australia & New Zealand Banking Group Ltd.		1/18/2019		1
USD	114	EUR	99	Barclays Bank plc		1/18/2019		1
USD	961	EUR	823	National Australia Bank Ltd.		1/18/2019		22

Total unrealized appreciation								17,447

CAD	47,399	USD	36,417	Citibank, NA		11/5/2018		(410	)
MXN	11,154	USD	549	BNP Paribas		11/6/2018		—	(a)
BRL	709	USD	190	Standard Chartered Bank **		11/19/2018		—	(a)
CLP	129,003	USD	189	Credit Suisse International **		11/19/2018		(4	)
CLP	128,188	USD	190	Goldman Sachs International **		11/19/2018		(5	)
CNY	480	USD	69	BNP Paribas **		11/19/2018		—	(a)
CZK	4,257	EUR	165	BNP Paribas		11/19/2018		(1	)
CZK	8,308	USD	372	Royal Bank of Canada		11/19/2018		(9	)
EUR	145	USD	165	Goldman Sachs International		11/19/2018		—	(a)
EUR	36	USD	42	National Australia Bank Ltd.		11/19/2018		(1	)
INR	13,675	USD	184	Credit Suisse International **		11/19/2018		—	(a)
USD	189	BRL	709	Credit Suisse International **		11/19/2018		(1	)
USD	183	IDR	2,808,966	BNP Paribas **		11/19/2018		(1	)
USD	183	INR	13,675	Citibank, NA **		11/19/2018		(1	)
USD	191	PHP	10,356	Standard Chartered Bank **		11/19/2018		(3	)
USD	102	TRY	580	Barclays Bank plc		11/19/2018		—	(a)
MXN	10,730	USD	561	Goldman Sachs International		11/20/2018		(35	)
CHF	2,050	USD	2,135	Barclays Bank plc		12/5/2018		(93	)
CHF	1,448	USD	1,466	National Australia Bank Ltd.		12/5/2018		(24	)
EUR	2,203	GBP	1,957	Goldman Sachs International		12/5/2018		(3	)
EUR	3,575	GBP	3,215	National Australia Bank Ltd.		12/5/2018		(55	)
EUR	2,654	USD	3,059	Barclays Bank plc		12/5/2018		(45	)
EUR	4,315	USD	5,073	Citibank, NA		12/5/2018		(172	)
EUR	1,130	USD	1,288	HSBC Bank, NA		12/5/2018		(6	)
EUR	1,055	USD	1,213	Merrill Lynch International		12/5/2018		(15	)
EUR	921	USD	1,063	Morgan Stanley		12/5/2018		(18	)
EUR	8,640	USD	10,001	National Australia Bank Ltd.		12/5/2018		(189	)
EUR	8,017	USD	9,182	State Street Corp.		12/5/2018		(77	)
EUR	14,804	USD	17,272	TD Bank Financial Group		12/5/2018		(458	)
EUR	5,247	USD	6,099	Union Bank of Switzerland AG		12/5/2018		(139	)
GBP	7,269	EUR	8,234	Goldman Sachs International		12/5/2018		(46	)
GBP	1,322	USD	1,742	Barclays Bank plc		12/5/2018		(50	)
GBP	42,540	USD	55,644	National Australia Bank Ltd.		12/5/2018		(1,186	)
GBP	416	USD	551	TD Bank Financial Group		12/5/2018		(19	)
JPY	77,826	USD	704	Barclays Bank plc		12/5/2018		(12	)
NOK	10,999	EUR	1,151	Goldman Sachs International		12/5/2018		—	(a)
NOK	3,617	USD	439	Merrill Lynch International		12/5/2018		(9	)
SEK	9,818	USD	1,124	BNP Paribas		12/5/2018		(48	)
SEK	29,288	USD	3,267	Goldman Sachs International		12/5/2018		(57	)
SEK	4,632	USD	511	Morgan Stanley		12/5/2018		(4	)
SEK	13,422	USD	1,490	TD Bank Financial Group		12/5/2018		(20	)
USD	531	JPY	60,134	TD Bank Financial Group		12/5/2018		(4	)
USD	1,694	SEK	15,510	State Street Corp.		12/5/2018		(6	)

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	51

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
CLP	619,906	USD	921	Citibank, NA **		12/19/2018		(30	)
CLP	509,197	USD	745	Goldman Sachs International **		12/19/2018		(13	)
CNH	1,099	USD	160	Citibank, NA **		12/19/2018		(2	)
CNY	8,070	USD	1,167	HSBC Bank, NA **		12/19/2018		(12	)
CNY	1,081	USD	157	Royal Bank of Canada **		12/19/2018		(2	)
COP	3,846,112	USD	1,270	Citibank, NA **		12/19/2018		(79	)
COP	590,875	USD	193	Goldman Sachs International **		12/19/2018		(10	)
EUR	284	USD	337	Barclays Bank plc		12/19/2018		(13	)
EUR	244	USD	287	HSBC Bank, NA		12/19/2018		(9	)
IDR	2,643,736	USD	173	BNP Paribas **		12/19/2018		(1	)
KRW	401,465	USD	359	Standard Chartered Bank **		12/19/2018		(7	)
MXN	12,297	USD	643	Goldman Sachs International		12/19/2018		(43	)
MXN	2,566	USD	134	HSBC Bank, NA		12/19/2018		(9	)
MXN	3,880	USD	192	State Street Corp.		12/19/2018		(2	)
PEN	404	USD	121	BNP Paribas **		12/19/2018		(2	)
PEN	791	USD	237	Goldman Sachs International **		12/19/2018		(3	)
PLN	1,394	USD	375	Barclays Bank plc		12/19/2018		(12	)
PLN	610	USD	167	BNP Paribas		12/19/2018		(8	)
PLN	643	USD	175	BNP Paribas		12/19/2018		(7	)
PLN	146	USD	40	Citibank, NA		12/19/2018		(2	)
RUB	45,502	USD	690	Citibank, NA **		12/19/2018		(4	)
THB	29,661	USD	920	Standard Chartered Bank		12/19/2018		(24	)
USD	152	EGP	2,785	Goldman Sachs International **		12/19/2018		(1	)
USD	193	EGP	3,552	Standard Chartered Bank **		12/19/2018		(2	)
USD	626	IDR	9,672,147	Goldman Sachs International **		12/19/2018		(4	)
USD	249	TRY	1,678	Goldman Sachs International		12/19/2018		(43	)
USD	898	TRY	5,707	HSBC Bank, NA		12/19/2018		(93	)
USD	1,749	ZAR	26,856	Barclays Bank plc		12/19/2018		(61	)
USD	251	ZAR	3,768	Goldman Sachs International		12/19/2018		(3	)
USD	1,514	ZAR	22,936	Standard Chartered Bank		12/19/2018		(31	)
ZAR	3,598	USD	251	Goldman Sachs International		12/19/2018		(9	)
ZAR	3,203	USD	221	Royal Bank of Canada		12/19/2018		(5	)
ZAR	1,558	USD	107	Standard Chartered Bank		12/19/2018		(2	)

Total unrealized depreciation								(3,774	)

Net unrealized appreciation								13,673

Abbreviations


ARS		Argentine Peso
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CLP		Chile Peso
CNH		China Renminbi
CNY		China yuan
COP		Colombian Peso
CZK		Czech Republic Krona
DKK		Danish Krone
EGP		Egyptian Pound
EUR		Euro
GBP		British Pound
HUF		Hungarian Forint
IDR		Indonesian Rupiah
INR		India Rupee


JPY		Japanese Yen
KRW		Korea (Rep.) won
MXN		Mexican Peso
NOK		Norwegian Krone
PEN		Peru Nuevo Sol
PHP		Philippines Peso
PLN		Polish Zloty
RUB		Russian Ruble
SEK		Swedish Krona
THB		Thai Baht
TRY		New Turkish Lira
USD		United States Doller
ZAR		South African Rand

(a)		Amount rounds to less than one thousand.
**		Non-deliverable forward.

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN FUNDS	OCTOBER 31, 2018


Over the Counter (“OTC”) Credit default swap contracts outstanding — buy protection⁽¹⁾ as of October 31, 2018 (amounts in thousands):
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)	PAYMENT FREQUENCY	COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (2)		NOTIONAL AMOUNT (3)		UPFRONT PAYMENTS (RECEIPTS) ($) (4)			UNREALIZED APPRECIATION (DEPRECIATION)($)			VALUE($)
Republic of Indonesia, 5.88%, 3/13/2020	1.00	Quarterly		Goldman Sachs International		12/20/2023		1.57		USD 1,822		41			4			45
Republic of Indonesia, 5.88%, 3/13/2020	1.00	Quarterly		Goldman Sachs International		12/20/2023		1.57		USD 2,278		51			6			57

												92			10			102

People’s Republic of China, 7.50%, 10/28/2027	1.00	Quarterly		Goldman Sachs International		12/20/2023		0.72		USD 3,570		(64	)		12			(52	)
Republic of Korea, 7.13%, 4/16/2019	1.00	Quarterly		Goldman Sachs International		12/20/2023		0.41		USD 4,500		(119	)		(12	)		(131	)

												(183	)		—			(183	)

												(91	)		10			(81	)

⁽¹⁾

The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

⁽²⁾

Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

⁽³⁾	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

⁽⁴⁾	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

OTC Interest rate swap contracts outstanding as of October 31, 2018 (amounts in thousands):

FLOATING RATE INDEX

FIXED RATE

PAY/
RECEIVE
FLOATING
RATE

COUNTERPARTY

MATURITY
DATE

NOTIONAL
AMOUNT

UPFRONT
PAYMENTS
(RECEIPTS)($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Chilean Peso at maturity

3.65% annually

Receive

Goldman Sachs International

10/18/2020

CLP 1,800,000

—

)

—

)


Centrally Cleared Interest rate swap contracts outstanding as of October 31, 2018 (amounts in thousands):
FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS)($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
6 months PRIBOR semi-annually	2.06% annually		Receive		7/12/2028		CZK 31,000		—		58

									—		58

6 months PRIBOR semi-annually	1.99% annually		Pay		7/12/2023		CZK 49,000		—		(51	)

									—		(51	)

									—		7

^(a)	Value of floating rate index at of October 31, 2018 was as follows:

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	53

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


FLOATING RATE INDEX	VALUE
6 Month PRIBOR		1.92	%

Abbreviations


CLP		Chile Peso
CZK		Czech Republic Krona
PRIBOR		Prague Interbank Offered Rate
USD		United States Doller


OTC Total Return Basket Swaps Outstanding at October 31, 2018 (amounts in thousands):
COUNTERPARTY		DESCRIPTION	TERMINATION DATE		ABSOLUTE 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.		3/29/2019	$	41,809	$	(328	)	$	95	$	(233	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE ($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) ($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
United Kingdom
Ashtead Group plc		88		2,165		(237	)		0.0	(a)
BP plc		499		3,602		(52	)		0.0	(a)
Centrica plc		1,889		3,548		(117	)		0.0	(a)
Fevertree Drinks plc		62		2,219		(79	)		0.0	(a)
GlaxoSmithKline plc		289		5,606		80			0.0	(a)
Next plc		36		2,422		(99	)		0.0	(a)
Pearson plc		332		3,813		296			0.0	(a)
Persimmon plc		92		2,702		6			0.0	(a)
Rolls-Royce Holdings plc *		285		3,057		(255	)		0.0	(a)
Rolls-Royce Holdings plc (Preference) *		11,257		14		14			0.0	(a)
Taylor Wimpey plc		1,408		2,898		(60	)		0.0	(a)

		16,237		32,046		(503	)		0.0	(a)

United States
Burford Capital Ltd.		105		2,226		(6	)		0.0	(a)

Australia
Rio Tinto plc		102		4,942		87			0.0	(a)

Jordan
Hikma Pharmaceuticals plc		107		2,595		94			0.0	(a)

Total Long Positions of Total Return Basket Swaps		16,551		41,809		(328	)		0.0	(a)


The following reference rates, and their values as of period-end, are used for security descriptions:
	VALUE
GBP LIBOR		0.73	%

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN FUNDS	OCTOBER 31, 2018


Summary of total swap contracts outstanding as of October 31, 2018 (amounts in thousands):
	NET UPFRONT PAYMENTS (RECEIPTS)($)			VALUE($)
Assets
OTC Credit default swap contracts outstanding—buy protection		92			102

Total OTC swap contracts outstanding		92			102

Liabilities
OTC Credit default swap contracts outstanding—buy protection		(183	)		(183	)
OTC Interest rate swap contracts outstanding		—			(8	)
OTC Total return basket swaps contracts outstanding		—			(233	)

Total OTC swap contracts outstanding		(183	)		(424	)

Abbreviations


GBP		British Pound
LIBOR		London Interbank Offered Rate
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

(a)		Amount rounds to less than 0.1% of net assets.
*		Non-income producing security.


(1)		Notional value represents market value as of October 31, 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.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	55

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds—33.5%
Argentina — 0.0% (a)
YPF SA
8.50%, 3/23/2021(b)		1,520		1,529
8.75%, 4/4/2024 (b)		2,160		2,125

				3,654

Australia — 0.2%
Australia & New Zealand Banking Group Ltd. (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (c) (d) (e) (f)		12,431		12,757
BHP Billiton Finance USA Ltd. (USD Swap Semi 5 Year + 5.09%), 6.75%, 10/19/2075 (d) (e)		1,720		1,862
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022 (e)		1,725		1,656
5.13%, 5/15/2024 (e)		1,389		1,320
Nufarm Australia Ltd. 5.75%, 4/30/2026 (e)		167		156

				17,751

Azerbaijan — 0.1%
Southern Gas Corridor CJSC 6.88%, 3/24/2026 (b)		950		1,015
State Oil Co. of the Azerbaijan Republic
4.75%, 3/13/2023 (b)		1,716		1,695
6.95%, 3/18/2030 (b)		2,780		2,943

				5,653

Brazil — 0.1%
Banco Daycoval SA 5.75%, 3/19/2019 (b)		1,954		1,955
Cemig Geracao e Transmissao SA 9.25%, 12/5/2024 (b)		1,750		1,863
GTL Trade Finance, Inc. 5.89%, 4/29/2024 (b)		1,080		1,100
JSL Europe SA 7.75%, 7/26/2024 (b)		1,537		1,423
Suzano Austria GmbH 5.75%, 7/14/2026 (b)		940		951
Votorantim Cimentos SA 7.25%, 4/5/2041 (b)		1,840		1,885

				9,177

Canada — 1.3%
Athabasca Oil Corp. 9.88%, 2/24/2022 (e)		2,621		2,608
ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023 (e)		2,332		2,390
Baytex Energy Corp.
5.13%, 6/1/2021 (e)		200		194
5.63%, 6/1/2024 (e)		364		327
Bombardier, Inc.
7.75%, 3/15/2020 (e)		188		195
8.75%, 12/1/2021 (e)		2,995		3,220
6.00%, 10/15/2022 (e)		2,688		2,637
6.13%, 1/15/2023 (e)		3,228		3,188


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Canada — continued
7.50%, 12/1/2024 (e)		1,540		1,565
7.50%, 3/15/2025 (e)		6,598		6,596
Calfrac Holdings LP 8.50%, 6/15/2026 (e)		1,200		1,080
Concordia International Corp. 8.00%, 9/6/2024		2,095		2,048
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (d)		20,130		20,986
Enbridge, Inc.
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (d)		2,730		2,552
(ICE LIBOR USD 3 Month + 3.42%), 5.50%, 7/15/2077 (d)		8,810		7,832
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (d)		7,500		7,021
Garda World Security Corp.
7.25%, 11/15/2021 (e)		310		307
8.75%, 5/15/2025 (e)		13,052		12,269
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (e)		4,695		4,930
Hudbay Minerals, Inc. 7.25%, 1/15/2023 (e)		1,140		1,134
Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (e)		1,465		1,465
Jupiter Resources, Inc. 8.50%, 10/1/2022 (e)		1,171		433
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (e)		1,913		1,674
Mattamy Group Corp. 6.88%, 12/15/2023 (e)		885		862
MEG Energy Corp.
6.38%, 1/30/2023 (e)		7,984		7,695
7.00%, 3/31/2024 (e)		2,349		2,308
6.50%, 1/15/2025 (e)		4,493		4,636
NOVA Chemicals Corp.
4.88%, 6/1/2024 (e)		5,165		4,745
5.00%, 5/1/2025 (e)		2,646		2,408
5.25%, 6/1/2027 (e)		2,995		2,703
Open Text Corp.
5.63%, 1/15/2023 (e)		1,957		1,972
5.88%, 6/1/2026 (e)		2,186		2,197
Precision Drilling Corp.
7.75%, 12/15/2023		1,540		1,601
7.13%, 1/15/2026 (e)		4,170		4,139
Quebecor Media, Inc. 5.75%, 1/15/2023		8,388		8,409
Seven Generations Energy Ltd. 5.38%, 9/30/2025 (e)		1,435		1,338
Stars Group Holdings BV 7.00%, 7/15/2026 (e)		3,775		3,832

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Canada — continued
Teck Resources Ltd.
6.13%, 10/1/2035		2,435		2,465
6.00%, 8/15/2040		1,875		1,833
5.40%, 2/1/2043		1,455		1,324
Transcanada Trust
(ICE LIBOR USD 3 Month + 3.53%), 5.63%, 5/20/2075 (d)		6,140		5,868
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (d)		4,474		4,404
(ICE LIBOR USD 3 Month + 3.21%), 5.30%, 3/15/2077 (d)		3,845		3,518
Trinidad Drilling Ltd. 6.63%, 2/15/2025 (e)		494		494
Videotron Ltd.
5.38%, 6/15/2024 (e)		5,378		5,371
5.13%, 4/15/2027(e)		1,840		1,744

				162,517

Cayman Islands — 0.0% (a)
Telford Offshore Ltd. Series B, 14.00%, (Blend (cash 1.00% + PIK 13.00%)), 2/12/2024 ‡ (g)		1,092		695

Chile — 0.0% (a)
Empresa Electrica Angamos SA 4.88%, 5/25/2029 (b)		667		649

Colombia — 0.0% (a)
Ecopetrol SA
5.38%, 6/26/2026		1,610		1,622
7.38%, 9/18/2043		1,642		1,837

				3,459

Croatia — 0.0% (a)
Hrvatska Elektroprivreda 5.88%, 10/23/2022 (e)		600		623


Denmark — 0.0% (a)
DKT Finance ApS 9.38%, 6/17/2023 (e)		1,810		1,900

Finland — 0.0% (a)
Nokia OYJ
4.38%, 6/12/2027		1,875		1,763
6.63%, 5/15/2039		1,452		1,514

				3,277

France — 0.5%
Altice France SA
6.25%, 5/15/2024 (e)		5,580		5,357
7.38%, 5/1/2026 (e)		3,201		3,073
8.13%, 2/1/2027 (e)		4,569		4,510


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

France — continued
Credit Agricole SA
(USD Swap Semi 5 Year + 4.70%), 6.63%, 9/23/2019 (c) (d) (e) (f)		10,535		10,627
(USD Swap Semi 5 Year + 6.19%), 8.13%, 12/23/2025 (c) (d) (e) (f)		6,835		7,331
Societe Generale SA
(USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (c) (d) (e) (f)		12,990		13,169
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (c) (d) (e) (f)		4,730		4,801
(USD Swap Semi 5 Year + 3.93%), 6.75%, 4/6/2028 (c) (d) (e) (f)		9,980		8,807

				57,675

Germany — 0.1%
IHO Verwaltungs GmbH 4.50% (cash), 9/15/2023 (e) (g)		4,015		3,739
Unitymedia GmbH 6.13%, 1/15/2025 (e)		3,388		3,481

				7,220

Ghana — 0.0% (a)
Tullow Oil plc 7.00%, 3/1/2025 (e)		4,313		4,227

Guatemala — 0.0% (a)
Energuate Trust 5.88%, 5/3/2027 (b)		1,147		1,082

Hungary — 0.0% (a)
MFB Magyar Fejlesztesi Bank Zrt. 6.25%, 10/21/2020 (e)		990		1,031
MOL Group Finance SA 6.25%, 9/26/2019 (b)		800		816

				1,847

India — 0.0% (a)
Reliance Holding USA, Inc. 5.40%, 2/14/2022 (b)		830		855

Indonesia — 0.1%
Minejesa Capital BV 4.63%, 8/10/2030 (e)		824		728
Pertamina Persero PT
4.30%, 5/20/2023 (b)		1,860		1,809
6.50%, 5/27/2041 (b)		580		585
6.00%, 5/3/2042 (b)		880		832
6.45%, 5/30/2044 (b)		1,990		1,980

				5,934

Ireland — 0.3%
AerCap Global Aviation Trust (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (d) (e)		7,730		7,923
Ardagh Packaging Finance plc
7.25%, 5/15/2024 (e)		6,675		6,709
6.00%, 2/15/2025 (e)		12,235		11,470

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	57

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Ireland — continued
Avolon Holdings Funding Ltd.
5.50%, 1/15/2023 (e)		1,226		1,220
5.13%, 10/1/2023 (e)		708		694
James Hardie International Finance DAC
4.75%, 1/15/2025 (e)		1,080		1,003
Park Aerospace Holdings Ltd.
5.25%, 8/15/2022 (e)		992		984
4.50%, 3/15/2023 (e)		1,757		1,672
5.50%, 2/15/2024 (e)		3,512		3,478

				35,153

Italy — 0.2%
Enel SpA (USD Swap Semi 5 Year + 5.88%), 8.75%, 9/24/2073 (d) (e)		8,600		9,288
Telecom Italia Capital SA
6.38%, 11/15/2033		3,457		3,163
6.00%, 9/30/2034		1,985		1,791
7.20%, 7/18/2036		810		795
7.72%, 6/4/2038		388		393
Telecom Italia SpA 5.30%, 5/30/2024 (e)		1,030		971
Wind Tre SpA 5.00%, 1/20/2026 (e)		6,442		5,484

				21,885

Kazakhstan — 0.1%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (b)		2,045		2,214
Kazakhstan Temir Zholy National Co. JSC 4.85%, 11/17/2027 (e)		1,876		1,843
KazMunayGas National Co. JSC
4.40%, 4/30/2023 (b)		1,150		1,138
4.75%, 4/24/2025 (e)		800		798
5.38%, 4/24/2030 (e)		980		973
KazMunayGas National Co. PJSC
4.75%, 4/19/2027 (b)		500		489
Tengizchevroil Finance Co. International Ltd. 4.00%, 8/15/2026 (b)		800		746

				8,201

Luxembourg — 0.7%
Altice Financing SA
6.63%, 2/15/2023 (e)		5,012		4,961
7.50%, 5/15/2026 (e)		7,460		7,012
Altice Luxembourg SA
7.75%, 5/15/2022 (e)		13,678		12,652
7.63%, 2/15/2025 (e)		2,165		1,846


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Luxembourg — continued
INEOS Group Holdings SA 5.63%, 8/1/2024 (e)		9,470		9,044
Intelsat Connect Finance SA 9.50%, 2/15/2023 (e)		5,164		4,964
Intelsat Jackson Holdings SA
7.50%, 4/1/2021		8,448		8,554
5.50%, 8/1/2023		9,979		8,931
8.00%, 2/15/2024 (e)		6,435		6,733
8.50%, 10/15/2024 (e)		13,155		12,925
9.75%, 7/15/2025 (e)		1,585		1,660
Intelsat Luxembourg SA
7.75%, 6/1/2021		364		344
8.13%, 6/1/2023		2,288		1,922

				81,548

Mexico — 0.3%
Alfa SAB de CV 6.88%, 3/25/2044 (e)		712		710
America Movil SAB de CV 5.00%, 10/16/2019		228		231
BBVA Bancomer SA 6.75%, 9/30/2022 (b)		900		946
CEMEX Finance LLC 6.00%, 4/1/2024 (e)		325		324
Cemex SAB de CV
5.70%, 1/11/2025 (e)		3,400		3,312
6.13%, 5/5/2025 (e)		8,420		8,357
7.75%, 4/16/2026 (e)		5,385		5,688
Grupo KUO SAB de CV 5.75%, 7/7/2027 (e)		1,850		1,720
Petroleos Mexicanos
5.38%, 3/13/2022		2,850		2,834
6.50%, 3/13/2027		1,870		1,810
5.35%, 2/12/2028 (e)		1,770		1,573
6.63%, 6/15/2035		1,970		1,802
6.38%, 1/23/2045		1,000		833
5.63%, 1/23/2046		1,999		1,549
6.75%, 9/21/2047		930		798
6.35%, 2/12/2048 (e)		500		414

				32,901

Morocco — 0.0% (a)
OCP SA
5.63%, 4/25/2024 (b)		2,180		2,218
6.88%, 4/25/2044 (b)		1,591		1,659

				3,877

Netherlands — 0.2%
ING Groep NV (USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022 (b) (c) (d) (f)		5,458		5,512

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Netherlands — continued
NXP BV
4.63%, 6/15/2022 (e)		1,655		1,645
4.63%, 6/1/2023 (e)		4,085		4,049
Starfruit Finco BV 8.00%, 10/1/2026 (e)		1,075		1,043
UPC Holding BV 5.50%, 1/15/2028 (e)		840		777
UPCB Finance IV Ltd. 5.38%, 1/15/2025 (e)		9,420		9,166
Ziggo Bond Co. BV 5.88%, 1/15/2025 (e)		2,190		2,004
Ziggo BV 5.50%, 1/15/2027 (e)		2,594		2,380

				26,576

Norway — 0.0% (a)
Aker BP ASA
6.00%, 7/1/2022 (e)		373		380
5.88%, 3/31/2025 (e)		1,776		1,792

				2,172

Peru — 0.0% (a)
BBVA Banco Continental SA 5.00%, 8/26/2022 (b)		990		1,010
Consorcio Transmantaro SA 4.38%, 5/7/2023 (b)		874		863
Nexa Resources SA 5.38%, 5/4/2027 (b)		2,050		1,986
Southern Copper Corp. 5.88%, 4/23/2045		1,135		1,181

				5,040

Qatar — 0.0% (a)
ABQ Finance Ltd.
3.63%, 4/13/2021 (b)		1,550		1,527
3.50%, 2/22/2022 (b)		2,570		2,489
Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.30%, 9/30/2020 (b)		747		759

				4,775

South Korea — 0.1%
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2047 (b) (d)		2,350		2,089
MagnaChip Semiconductor Corp. 6.63%, 7/15/2021 (h)		3,805		3,577

				5,666

Spain — 0.0% (a)
Banco Bilbao Vizcaya Argentaria SA
(EUR Swap Annual 5 Year + 6.16%), 7.00%, 2/19/2019(b) (c) (d) (f)		EUR 1,800		2,058
(EUR Swap Annual 5 Year + 6.60%), 6.75%, 2/18/2020(b) (c) (d) (f)		EUR 1,000		1,161

				3,219


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Sweden — 0.1%
Skandinaviska Enskilda Banken AB (USD Swap Semi 5 Year + 3.85%), 5.75%, 5/13/2020 (b) (c) (d) (f)		5,000		4,978
Svenska Handelsbanken AB (USD Swap Semi 5 Year + 3.34%), 5.25%, 3/1/2021(b) (c) (d) (f)		5,000		4,901
Swedbank AB (USD Swap Semi 5 Year + 3.77%), 5.50%, 3/17/2020(b) (c) (d) (f)		5,000		4,938

				14,817

Switzerland — 0.3%
Credit Suisse Group AG
(USD Swap Semi 5 Year + 4.60%), 7.50%, 7/17/2023 (c) (d) (e) (f)		2,745		2,793
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (c) (d) (e) (f)		4,646		4,837
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (c) (d) (e) (f)		8,385		8,160
(USD Swap Semi 5 Year + 4.33%), 7.25%, 9/12/2025 (c) (d) (e) (f)		4,230		4,182
UBS Group Funding Switzerland AG
(USD Swap Semi 5 Year + 5.46%), 7.13%, 2/19/2020 (b) (c) (d) (f)		2,000		2,035
(USD ICE Swap Rate 5 Year + 5.50%), 6.87%, 3/22/2021 (b) (c) (d) (f)		5,215		5,305
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (b) (c) (d) (f)		5,000		5,206
(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025 (b) (c) (d) (f)		5,000		4,938

				37,456

Trinidad and Tobago — 0.0% (a)
Petroleum Co. of Trinidad & Tobago Ltd.
9.75%, 8/14/2019 (b)		1,565		1,461

Turkey — 0.0% (a)
KOC Holding A/S
5.25%, 3/15/2023 (b)		1,119		1,053
Turkiye Is Bankasi A/S
5.00%, 4/30/2020 (b)		1,240		1,174

				2,227

United Arab Emirates — 0.1%
DAE Funding LLC
4.50%, 8/1/2022 (e)		1,205		1,182
5.00%, 8/1/2024 (e)		1,284		1,244
Shelf Drilling Holdings Ltd.
8.25%, 2/15/2025 (e)		5,013		5,070

				7,496

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	59

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United Kingdom — 1.0%
Afren plc 6.63%, 12/9/2020 (b) (i)		3,075		1
Ashtead Capital, Inc.
5.63%, 10/1/2024 (e)		3,760		3,854
4.38%, 8/15/2027 (e)		500		460
Barclays plc
(USD Swap Semi 5 Year + 6.77%), 7.88%, 3/15/2022 (b) (c) (d) (f)		5,397		5,559
(GBP Swap 5 Year + 6.46%), 7.25%, 3/15/2023 (b) (c) (d) (f)		GBP 6,299		8,254
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (c) (d) (f)		3,644		3,635
4.38%, 9/11/2024		3,678		3,510
5.20%, 5/12/2026		2,555		2,480
4.84%, 5/9/2028		1,277		1,179
Fiat Chrysler Automobiles NV 5.25%, 4/15/2023		4,875		4,851
HSBC Holdings plc
(USD ICE Swap Rate 5 Year + 5.51%), 6.87%, 6/1/2021 (c) (d) (f)		6,852		7,100
(USD ICE Swap Rate 5 Year + 3.45%), 6.25%, 3/23/2023 (c) (d) (f)		5,725		5,560
(USD ICE Swap Rate 5 Year + 3.71%), 6.37%, 9/17/2024 (c) (d) (f)		4,840		4,690
(USD ICE Swap Rate 5 Year + 4.37%), 6.38%, 3/30/2025 (c) (d) (f)		6,000		5,828
(USD ICE Swap Rate 5 Year + 3.61%), 6.50%, 3/23/2028 (c) (d) (f)		8,180		7,679
Inmarsat Finance plc 6.50%, 10/1/2024 (e)		1,345		1,326
Jaguar Land Rover Automotive plc 4.50%, 10/1/2027 (e)		4,010		3,183
KCA Deutag UK Finance plc
7.25%, 5/15/2021 (e)		2,409		2,222
9.88%, 4/1/2022 (e)		293		283
9.63%, 4/1/2023 (e)		397		373
Lloyds Banking Group plc
(USD Swap Semi 5 Year + 4.76%), 7.50%, 6/27/2024 (c) (d) (f)		9,898		9,984
(USD Swap Semi 5 Year + 4.50%), 7.50%, 9/27/2025 (c) (d) (f)		6,565		6,598
Merlin Entertainments plc 5.75%, 6/15/2026 (e)		1,820		1,820
Nationwide Building Society (GBP Swap 5 Year + 4.88%), 6.88%, 6/20/2019 (b) (c) (d) (f)		GBP 3,809		4,942
NatWest Markets plc
6.13%, 12/15/2022		14,167		14,656
6.00%, 12/19/2023		1,194		1,227


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United Kingdom — Continued
Virgin Media Secured Finance plc
5.50%, 1/15/2025 (e)		1,300		1,266
5.25%, 1/15/2026 (e)		1,895		1,767
5.50%, 8/15/2026 (e)		4,060		3,827

				118,114

United States — 27.7%
Acadia Healthcare Co., Inc.
6.13%, 3/15/2021		528		530
5.63%, 2/15/2023		700		701
6.50%, 3/1/2024		3,004		3,053
ACCO Brands Corp. 5.25%, 12/15/2024 (e)		4,980		4,631
ACE Cash Express, Inc. 12.00%, 12/15/2022 (e)		2,659		2,752
ACI Worldwide, Inc. 5.75%, 8/15/2026 (e)		2,730		2,730
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (e)		4,500		3,859
ADT Security Corp. (The)
3.50%, 7/15/2022		305		283
4.13%, 6/15/2023		9,385		8,704
AECOM
5.88%, 10/15/2024		1,190		1,211
5.13%, 3/15/2027		4,369		4,063
AES Corp.
4.00%, 3/15/2021		2,770		2,742
5.50%, 4/15/2025		1,800		1,805
Ahern Rentals, Inc. 7.38%, 5/15/2023 (e)		3,731		3,456
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (e)		4,805		4,318
AK Steel Corp.
7.50%, 7/15/2023		794		809
6.38%, 10/15/2025		1,321		1,176
7.00%, 3/15/2027		2,343		2,073
Albertsons Cos. LLC
6.63%, 6/15/2024		11,605		10,967
5.75%, 3/15/2025		5,214		4,588
Alcoa Nederland Holding BV
6.75%, 9/30/2024 (e)		7,476		7,850
7.00%, 9/30/2026 (e)		900		949
6.13%, 5/15/2028 (e)		750		748
Alliance Data Systems Corp.
5.88%, 11/1/2021 (e)		1,296		1,318
5.38%, 8/1/2022 (e)		3,639		3,653
Allison Transmission, Inc.
5.00%, 10/1/2024 (e)		3,655		3,548
4.75%, 10/1/2027 (e)		1,907		1,752

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Allstate Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (d)		19,105		19,298
Ally Financial, Inc.
4.63%, 5/19/2022		12,606		12,606
4.63%, 3/30/2025		4,960		4,855
5.75%, 11/20/2025		2,855		2,926
8.00%, 11/1/2031		2,055		2,471
Altice US Finance I Corp.
5.38%, 7/15/2023 (e)		4,070		4,069
5.50%, 5/15/2026 (e)		3,893		3,792
AMC Entertainment Holdings, Inc.
5.88%, 2/15/2022		190		191
5.75%, 6/15/2025		6,736		6,231
5.88%, 11/15/2026		892		818
6.13%, 5/15/2027		1,493		1,372
AMC Networks, Inc.
4.75%, 12/15/2022		2,100		2,069
5.00%, 4/1/2024		4,375		4,184
4.75%, 8/1/2025		1,011		940
American Axle & Manufacturing, Inc.
7.75%, 11/15/2019		1,726		1,778
6.63%, 10/15/2022		1,554		1,577
6.25%, 4/1/2025		6,537		6,169
6.25%, 3/15/2026		4,009		3,789
6.50%, 4/1/2027		7,091		6,745
American Express Co. Series C, (ICE LIBOR USD 3 Month + 3.29%), 4.90%, 3/15/2020 (c) (d) (f)		6,215		6,192
American International Group, Inc. Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (d)		9,300		8,783
American Woodmark Corp. 4.88%, 3/15/2026 (e)		4,020		3,734
AmeriGas Partners LP
5.63%, 5/20/2024		340		326
5.50%, 5/20/2025		5,753		5,379
5.88%, 8/20/2026		2,714		2,565
5.75%, 5/20/2027		1,024		950
Amkor Technology, Inc. 6.38%, 10/1/2022		8,949		9,005
AmWINS Group, Inc. 7.75%, 7/1/2026 (e)		1,926		1,979
Andeavor Logistics LP 6.25%, 10/15/2022		894		922
Series A, (ICE LIBOR USD 3 Month + 4.65%), 6.88%, 2/15/2023 (c) (d) (f)		3,060		2,968
6.38%, 5/1/2024		1,540		1,628


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Anixter, Inc.
5.50%, 3/1/2023		3,646		3,673
6.00%, 12/1/2025 (e) (j)		1,595		1,599
Antero Midstream Partners LP 5.38%, 9/15/2024		2,380		2,321
Antero Resources Corp.
5.13%, 12/1/2022		1,900		1,887
5.63%, 6/1/2023		4,205		4,205
Aramark Services, Inc. 5.00%, 2/1/2028 (e)		5,215		4,948
Arconic, Inc.
5.87%, 2/23/2022		1,582		1,600
5.13%, 10/1/2024		9,430		9,253
5.90%, 2/1/2027		3,490		3,447
Ashland LLC 4.75%, 8/15/2022		5,472		5,431
Avantor, Inc. 6.00%, 10/1/2024 (e)		2,935		2,928
Avaya, Inc. 7.00%, 4/1/2019 ‡ (i)		5,950		1
Avis Budget Car Rental LLC
5.50%, 4/1/2023		1,430		1,391
6.38%, 4/1/2024 (e)		8,355		7,979
5.25%, 3/15/2025 (e)		5,692		5,094
Axalta Coating Systems LLC 4.88%, 8/15/2024 (e)		2,480		2,340
B&G Foods, Inc. 5.25%, 4/1/2025		2,269		2,161
Ball Corp.
5.25%, 7/1/2025		962		968
4.88%, 3/15/2026		630		621
Banff Merger Sub, Inc. 9.75%, 9/1/2026 (e)		3,322		3,210
Bank of America Corp.
Series V, (ICE LIBOR USD 3 Month + 3.39%), 5.12%, 6/17/2019 (c) (d) (f)		10,595		10,568
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (c) (d) (f)		11,220		11,557
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (c) (d) (f)		13,130		13,924
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (c) (d) (f)		9,818		10,076
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (c) (d) (f)		1,350		1,422
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (c) (d) (f)		30,855		29,929
Bank of New York Mellon Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.42%), 4.95%, 6/20/2020 (c) (d) (f)		3,535		3,557
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (c) (d) (f)		9,636		9,106

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	61

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (c) (d) (f)		10,966		10,349
Bausch Health Cos., Inc.
7.50%, 7/15/2021 (e)		7,877		7,995
6.50%, 3/15/2022 (e)		1,266		1,310
5.50%, 3/1/2023 (e)		383		363
5.88%, 5/15/2023 (e)		42,477		40,619
7.00%, 3/15/2024 (e)		5,817		6,092
6.13%, 4/15/2025 (e)		11,023		10,138
5.50%, 11/1/2025 (e)		4,115		4,033
9.00%, 12/15/2025 (e)		9,252		9,645
9.25%, 4/1/2026 (e)		2,656		2,785
8.50%, 1/31/2027 (e)		2,820		2,869
Berry Global, Inc.
6.00%, 10/15/2022		500		511
5.13%, 7/15/2023		1,425		1,418
4.50%, 2/15/2026 (e)		1,285		1,201
Big River Steel LLC 7.25%, 9/1/2025 (e)		835		877
Blue Racer Midstream LLC
6.13%, 11/15/2022 (e)		7,345		7,492
6.63%, 7/15/2026 (e)		1,510		1,533
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (e)		2,748		2,683
Boyd Gaming Corp.
6.88%, 5/15/2023		5,315		5,521
6.38%, 4/1/2026		2,905		2,879
6.00%, 8/15/2026		3,385		3,271
Boyne USA, Inc. 7.25%, 5/1/2025 (e)		3,799		3,960
Brink’s Co. (The) 4.63%, 10/15/2027 (e)		1,840		1,693
Bristow Group, Inc.
6.25%, 10/15/2022		1,206		887
8.75%, 3/1/2023 (e)		1,214		1,144
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.38%, 1/22/2078 (d)		6,382		5,843
BWAY Holding Co.
5.50%, 4/15/2024 (e)		6,295		6,043
BWX Technologies, Inc.
5.38%, 7/15/2026 (e)		675		677
Cablevision Systems Corp.
8.00%, 4/15/2020		5,217		5,445
5.88%, 9/15/2022		1,050		1,055
Caleres, Inc. 6.25%, 8/15/2023		1,259		1,284
California Resources Corp.
5.50%, 9/15/2021		390		347
8.00%, 12/15/2022 (e)		4,089		3,639


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Callon Petroleum Co.
6.13%, 10/1/2024		641		625
6.38%, 7/1/2026		539		535
Calpine Corp.
5.88%, 1/15/2024 (e)		2,000		2,000
5.50%, 2/1/2024		1,500		1,361
5.75%, 1/15/2025		2,320		2,073
5.25%, 6/1/2026 (e)		4,605		4,231
Camelot Finance SA 7.88%, 10/15/2024 (e)		2,868		2,839
Capital One Financial Corp. Series E, (ICE LIBOR USD 3 Month + 3.80%), 5.55%, 6/1/2020 (c) (d) (f)		5,820		5,878
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		1,993		1,958
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026 (e)		676		634
CBS Radio, Inc. 7.25%, 11/1/2024 (e)		1,340		1,261
CCM Merger, Inc. 6.00%, 3/15/2022 (e)		662		674
CCO Holdings LLC
5.75%, 1/15/2024		1,005		1,015
5.88%, 4/1/2024 (e)		27,347		27,586
5.38%, 5/1/2025 (e)		2,775		2,716
5.75%, 2/15/2026 (e)		12,201		12,079
5.50%, 5/1/2026 (e)		6,095		5,935
5.13%, 5/1/2027 (e)		23,222		21,858
5.00%, 2/1/2028 (e)		8,673		8,098
CDW LLC
5.00%, 9/1/2023		998		993
5.50%, 12/1/2024		635		641
5.00%, 9/1/2025		4,835		4,714
Centene Corp.
5.63%, 2/15/2021		990		1,003
6.13%, 2/15/2024		2,730		2,853
4.75%, 1/15/2025		2,850		2,815
CenterPoint Energy, Inc. Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.12%, 9/1/2023 (c) (d) (f)		9,880		9,966
Central Garden & Pet Co.
6.13%, 11/15/2023		4,700		4,782
5.13%, 2/1/2028		3,470		3,201
CenturyLink, Inc.
Series S, 6.45%, 6/15/2021		780		797
Series T, 5.80%, 3/15/2022		2,510		2,501
Series W, 6.75%, 12/1/2023		7,115		7,257
Series Y, 7.50%, 4/1/2024		5,896		6,191

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Cequel Communications Holdings I LLC 7.50%, 4/1/2028 (e)		2,260		2,342
Charles Schwab Corp. (The) Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (c) (d) (f)		10,605		10,075
Chemours Co. (The)
6.63%, 5/15/2023		4,450		4,550
7.00%, 5/15/2025		2,530		2,606
Cheniere Corpus Christi Holdings LLC
7.00%, 6/30/2024		492		532
5.88%, 3/31/2025		6,845		7,033
5.13%, 6/30/2027		1,250		1,225
Cheniere Energy Partners LP
5.25%, 10/1/2025		1,273		1,249
5.63%, 10/1/2026 (e)		1,278		1,259
Chesapeake Energy Corp.
(ICE LIBOR USD 3 Month + 3.25%), 5.69%, 4/15/2019 (d)		876		878
6.63%, 8/15/2020		851		876
8.00%, 12/15/2022 (e)		4,342		4,526
7.00%, 10/1/2024		3,750		3,666
8.00%, 1/15/2025		2,614		2,652
8.00%, 6/15/2027		6,938		6,895
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (e)		4,201		3,781
8.00%, 10/15/2025 (e)		1,357		1,235
Cinemark USA, Inc. 4.88%, 6/1/2023		5,499		5,368
CIT Group, Inc.
5.25%, 3/7/2025		1,302		1,309
6.13%, 3/9/2028		680		705
CITGO Petroleum Corp. 6.25%, 8/15/2022 (e)		1,815		1,788
Citigroup, Inc.
Series N, (ICE LIBOR USD 3 Month + 4.09%), 5.80%, 11/15/2019 (c) (d) (f)		8,740		8,882
Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 3/27/2020 (c) (d) (f)		1,785		1,809
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.12%, 11/15/2020 (c) (d) (f)		1,670		1,708
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (c) (d) (f)		10,235		10,248
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (c) (d) (f)		3,000		3,000
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (c) (d) (f)		14,725		14,154
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (c) (d) (f)		10,670		10,606


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (c) (d) (f)	��	11,785		11,616
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (c) (d) (f)		8,475		8,655
Citizens Financial Group, Inc. Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (c) (d) (f)		5,930		5,929
Claire’s Stores, Inc.
9.00%, 3/15/2019 ‡ (i)		6,088		2,978
6.13%, 3/15/2020 ‡(e) (i)		1,150		563
Clear Channel Worldwide Holdings, Inc.
Series A, 7.63%, 3/15/2020		115		115
Series B, 7.63%, 3/15/2020		18,077		18,055
Series A, 6.50%, 11/15/2022		1,675		1,681
Series B, 6.50%, 11/15/2022		31,795		32,278
Clearwater Paper Corp.
4.50%, 2/1/2023		2,125		1,939
5.38%, 2/1/2025 (e)		1,868		1,714
Clearway Energy Operating LLC
5.75%, 10/15/2025 (e)		20		20
5.00%, 9/15/2026		2,465		2,292
Cleveland-Cliffs, Inc.
4.88%, 1/15/2024 (e)		685		654
5.75%, 3/1/2025		1,038		981
CNG Holdings, Inc. 9.38%, 5/15/2020 (e)		4,235		4,098
CNO Financial Group, Inc. 5.25%, 5/30/2025		2,437		2,458
CNX Midstream Partners LP 6.50%, 3/15/2026 (e)		667		650
Coeur Mining, Inc. 5.88%, 6/1/2024		932		885
Cogent Communications Finance, Inc. 5.63%, 4/15/2021 (e)		2,669		2,669
Cogent Communications Group, Inc. 5.38%, 3/1/2022 (e)		3,480		3,502
Commercial Metals Co.
4.88%, 5/15/2023		672		652
5.38%, 7/15/2027		1,415		1,310
CommScope Technologies LLC
6.00%, 6/15/2025 (e)		12,555		12,210
5.00%, 3/15/2027 (e)		2,405		2,158
CommScope, Inc.
5.00%, 6/15/2021 (e)		2,355		2,347
5.50%, 6/15/2024 (e)		1,660		1,606
Community Health Systems, Inc.
5.13%, 8/1/2021		1,740		1,649
6.88%, 2/1/2022		2,626		1,327

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	63

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
6.25%, 3/31/2023		3,855		3,545
8.63%, 1/15/2024 (e)		5,530		5,592
8.13%, 6/30/2024 (e)		5,378		4,249
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (e)		1,955		1,879
Constellium NV
5.75%, 5/15/2024 (e)		781		743
6.63%, 3/1/2025 (e)		2,540		2,489
5.88%, 2/15/2026 (e)		875		816
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (e)		4,425		4,182
CoreCivic, Inc.
REIT, 5.00%, 10/15/2022		430		415
REIT, 4.63%, 5/1/2023		4,230		3,987
Cornerstone Chemical Co. 6.75%, 8/15/2024 (e)		1,253		1,217
Coty, Inc. 6.50%, 4/15/2026 (e)		5,145		4,798
Covanta Holding Corp.
5.88%, 3/1/2024		1,420		1,416
5.88%, 7/1/2025		379		368
Covey Park Energy LLC 7.50%, 5/15/2025 (e)		2,075		2,039
Crestwood Midstream Partners LP
6.25%, 4/1/2023		3,454		3,523
5.75%, 4/1/2025		2,091		2,086
Crown Americas LLC
4.75%, 2/1/2026 (e)		681		643
4.25%, 9/30/2026		815		739
CSC Holdings LLC
8.63%, 2/15/2019		657		664
6.75%, 11/15/2021		2,089		2,187
10.13%, 1/15/2023 (e)		7,952		8,632
5.25%, 6/1/2024		1,539		1,483
6.63%, 10/15/2025 (e)		5,055		5,295
10.88%, 10/15/2025 (e)		3,057		3,527
5.50%, 4/15/2027 (e)		1,745		1,675
5.38%, 2/1/2028 (e)		1,060		999
CSI Compressco LP 7.50%, 4/1/2025 (e)		815		817
Cumberland Farms, Inc. 6.75%, 5/1/2025 (e)		640		658
Curo Group Holdings Corp. 8.25%, 9/1/2025 (e)		3,227		2,908
CVR Partners LP 9.25%, 6/15/2023 (e)		11,203		11,805
CyrusOne LP
REIT, 5.00%, 3/15/2024		500		500
REIT, 5.38%, 3/15/2027		1,239		1,230


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (e)		1,990		1,958
Dana, Inc.
6.00%, 9/15/2023		6,065		6,156
5.50%, 12/15/2024		1,250		1,204
DaVita, Inc.
5.75%, 8/15/2022		1,275		1,286
5.13%, 7/15/2024		4,002		3,822
5.00%, 5/1/2025		8,410		7,916
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.37%, 12/15/2022 (c) (d) (f)		2,663		2,551
DCP Midstream Operating LP
4.95%, 4/1/2022		702		706
3.88%, 3/15/2023		2,613		2,508
5.38%, 7/15/2025		1,919		1,946
6.75%, 9/15/2037 (e)		1,825		1,898
Dean Foods Co. 6.50%, 3/15/2023 (e)		1,821		1,678
Delek Logistics Partners LP 6.75%, 5/15/2025		3,433		3,399
Dell International LLC
5.88%, 6/15/2021 (e)		1,420		1,440
7.13%, 6/15/2024 (e)		1,465		1,550
6.02%, 6/15/2026 (e)		4,575		4,744
Delphi Technologies plc 5.00%, 10/1/2025 (e)		5,710		5,153
Denbury Resources, Inc.
9.25%, 3/31/2022 (e)		3,404		3,549
5.50%, 5/1/2022		392		339
7.50%, 2/15/2024 (e)		1,469		1,436
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		2,904		2,860
Diamondback Energy, Inc.
4.75%, 11/1/2024 (e)		1,275		1,240
5.38%, 5/31/2025		1,575		1,567
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		4,400		2,728
Discover Financial Services Series C, (ICE LIBOR USD 3 Month + 3.08%), 5.50%, 10/30/2027 (c) (d) (f)		9,644		9,114
DISH DBS Corp.
6.75%, 6/1/2021		9,887		9,986
5.88%, 7/15/2022		9,006		8,511
5.00%, 3/15/2023		15,759		13,789
5.88%, 11/15/2024		19,706		16,750
7.75%, 7/1/2026		8,129		7,275
DJO Finance LLC 8.13%, 6/15/2021 (e)		6,585		6,634
Dole Food Co., Inc. 7.25%, 6/15/2025 (e)		2,774		2,663

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Dominion Energy, Inc. (ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/1/2054 (d)		17,485		17,880
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (e)		3,725		3,790
Elanco Animal Health, Inc.
4.27%, 8/28/2023 (e)		1,415		1,409
4.90%, 8/28/2028 (e)		1,415		1,398
Eldorado Resorts, Inc.
7.00%, 8/1/2023		560		588
6.00%, 4/1/2025		4,011		3,961
6.00%, 9/15/2026 (e)		851		835
Embarq Corp. 8.00%, 6/1/2036		13,706		13,055
EMC Corp.
2.65%, 6/1/2020		1,129		1,100
3.38%, 6/1/2023		133		124
EMI Music Publishing Group North America Holdings, Inc. 7.63%, 6/15/2024 (e)		1,825		1,960
Encompass Health Corp.
5.75%, 11/1/2024		3,470		3,461
5.75%, 9/15/2025		3,650		3,614
Endo Dac
6.00%, 7/15/2023 (e)		10,910		9,407
5.88%, 10/15/2024 (e)		1,855		1,860
6.00%, 2/1/2025 (e) (h)		1,770		1,482
Endo Finance LLC
5.75%, 1/15/2022 (e)		3,282		2,970
7.25%, 1/15/2022 (e)		46		44
Energizer Gamma Acquisition, Inc. 6.38%, 7/15/2026 (e)		1,525		1,525
Energizer Holdings, Inc.
5.50%, 6/15/2025 (e)		6,565		6,384
Energy Transfer LP
4.25%, 3/15/2023		1,558		1,542
5.88%, 1/15/2024		3,837		4,029
5.50%, 6/1/2027		355		361
Energy Transfer Operating LP
Series A, (ICE LIBOR USD 3 Month + 4.03%), 6.25%, 2/15/2023 (c) (d) (f)		11,115		10,392
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (c) (d) (f)		8,964		8,303
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (c) (d) (f)		9,662		8,417
4.40%, 4/1/2024		4,290		4,108


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
4.15%, 6/1/2025		1,060		985
4.85%, 7/15/2026		2,320		2,198
5.60%, 4/1/2044		1,020		868
EnPro Industries, Inc. 5.75%, 10/15/2026 (e)		2,337		2,308
Ensco plc
8.00%, 1/31/2024		1,165		1,150
4.50%, 10/1/2024		546		444
5.20%, 3/15/2025		2,729		2,238
7.75%, 2/1/2026		739		689
5.75%, 10/1/2044		136		95
Entegris, Inc. 4.63%, 2/10/2026 (e)		7,396		6,871
Enterprise Development Authority (The) 12.00%, 7/15/2024 (e)		4,674		4,452
Enterprise Products Operating LLC
Series D, (ICE LIBOR USD 3 Month + 2.99%), 4.87%, 8/16/2077 (d)		1,011		938
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (d)		6,530		5,848
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078 (d)		1,868		1,665
Envision Healthcare Corp. 8.75%, 10/15/2026 (e)		10,468		10,154
EP Energy LLC
9.38%, 5/1/2020		1,708		1,670
9.38%, 5/1/2024 (e)		5,965		4,533
8.00%, 11/29/2024 (e)		6,130		5,915
8.00%, 2/15/2025 (e)		4,503		3,028
7.75%, 5/15/2026 (e)		13,057		12,988
Equinix, Inc.
REIT, 5.38%, 1/1/2022		1,794		1,828
REIT, 5.38%, 4/1/2023		950		966
REIT, 5.75%, 1/1/2025		2,389		2,434
REIT, 5.88%, 1/15/2026		5,615		5,699
ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025 (e)		5,837		5,523
EW Scripps Co. (The) 5.13%, 5/15/2025 (e)		720		677
Exela Intermediate LLC 10.00%, 7/15/2023 (e)		4,270		4,440
Extraction Oil & Gas, Inc. 5.63%, 2/1/2026 (e)		185		156
Fair Isaac Corp. 5.25%, 5/15/2026 (e)		1,314		1,296
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (e)		1,261		1,250
Fifth Third Bancorp (ICE LIBOR USD 3 Month + 3.03%), 5.10%, 6/30/2023 (c) (d) (f)		17,625		16,788

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	65

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
First Data Corp.
5.38%, 8/15/2023 (e)		15,733		15,871
7.00%, 12/1/2023 (e)		3,478		3,607
5.00%, 1/15/2024 (e)		4,829		4,781
5.75%, 1/15/2024 (e)		22,174		22,312
FirstCash, Inc. 5.38%, 6/1/2024 (e)		1,807		1,780
Flex Acquisition Co., Inc. 6.88%, 1/15/2025 (e)		681		637
Ford Motor Credit Co. LLC 4.69%, 6/9/2025		3,900		3,713
Freeport-McMoRan, Inc.
4.00%, 11/14/2021		1,714		1,669
3.55%, 3/1/2022		2,130		2,015
3.88%, 3/15/2023		9,965		9,218
4.55%, 11/14/2024		6,535		6,045
5.40%, 11/14/2034		375		328
5.45%, 3/15/2043		2,310		1,958
Frontier Communications Corp.
10.50%, 9/15/2022		1,903		1,584
7.13%, 1/15/2023		715		476
6.88%, 1/15/2025		7,180		4,057
11.00%, 9/15/2025		12,399		9,082
8.50%, 4/1/2026 (e)		5,500		5,108
FXI Holdings, Inc. 7.88%, 11/1/2024 (e)		4,229		3,944
Gartner, Inc. 5.13%, 4/1/2025 (e)		2,600		2,580
Gates Global LLC 6.00%, 7/15/2022 (e)		4,287		4,266
GCI LLC
6.75%, 6/1/2021		4,460		4,498
6.88%, 4/15/2025		3,390		3,498
GCP Applied Technologies, Inc. 5.50%, 4/15/2026 (e)		3,505		3,391
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 1/21/2021 (c) (d) (f)		49,348		45,524
General Motors Financial Co., Inc.
Series A, (ICE LIBOR USD 3 Month + 3.60%), 5.75%, 9/30/2027 (c) (d) (f)		11,302		10,177
Series B, (ICE LIBOR USD 3 Month + 3.44%), 6.50%, 9/30/2028 (c) (d) (f)		7,210		6,805
Genesis Energy LP
6.75%, 8/1/2022		780		784
6.00%, 5/15/2023		1,359		1,281
5.63%, 6/15/2024		1,553		1,405
Genesys Telecommunications Laboratories, Inc.
10.00%, 11/30/2024 (e)		3,741		4,059


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
GEO Group, Inc. (The)
REIT, 5.88%, 1/15/2022		8,165		8,073
REIT, 5.88%, 10/15/2024		1,140		1,057
REIT, 6.00%, 4/15/2026		1,075		984
Global Partners LP
6.25%, 7/15/2022		1,300		1,277
7.00%, 6/15/2023		2,560		2,551
GLP Capital LP
REIT, 5.25%, 6/1/2025		2,780		2,794
REIT, 5.75%, 6/1/2028		2,780		2,818
Golden Nugget, Inc. 6.75%, 10/15/2024 (e)		6,164		6,149
Goldman Sachs Group, Inc. (The)
Series L, (ICE LIBOR USD 3 Month + 3.88%), 5.70%, 5/10/2019 (c) (d) (f)		13,070		13,102
Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 5/10/2020 (c) (d) (f)		14,640		14,805
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (c) (d) (f)		22,110		20,392
Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (c) (d) (f)		6,090		5,938
Goodman Networks, Inc. 8.00%, 5/11/2022 ‡		850		425
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026		5,160		4,683
4.88%, 3/15/2027		4,396		3,923
Graham Holdings Co. 5.75%, 6/1/2026 (e)		951		958
Gray Television, Inc.
5.13%, 10/15/2024 (e)		2,285		2,174
5.88%, 7/15/2026 (e)		2,102		2,017
Group 1 Automotive, Inc. 5.25%, 12/15/2023 (e)		1,875		1,805
Gulfport Energy Corp.
6.63%, 5/1/2023		745		745
6.00%, 10/15/2024		3,571		3,348
6.38%, 5/15/2025		1,705		1,619
6.38%, 1/15/2026		210		196
H&E Equipment Services, Inc. 5.63%, 9/1/2025		1,698		1,617
Halcon Resources Corp. 6.75%, 2/15/2025		3,045		2,771
Hanesbrands, Inc. 4.88%, 5/15/2026 (e)		3,375		3,198
Harland Clarke Holdings Corp. 8.38%, 8/15/2022 (e)		1,466		1,323
HCA Healthcare, Inc. 6.25%, 2/15/2021		3,847		3,996
HCA, Inc.
4.25%, 10/15/2019		1,410		1,416
7.50%, 2/15/2022		12,098		13,126
5.88%, 3/15/2022		4,959		5,188

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
5.88%, 5/1/2023		2,840		2,939
5.00%, 3/15/2024		1,976		2,000
5.38%, 2/1/2025		40,581		40,835
5.88%, 2/15/2026		13,630		13,937
5.25%, 6/15/2026		800		814
5.38%, 9/1/2026		4,251		4,219
5.63%, 9/1/2028		6,408		6,344
5.50%, 6/15/2047		3,230		3,178
Hecla Mining Co. 6.88%, 5/1/2021		2,791		2,791
Herc Rentals, Inc.
7.50%, 6/1/2022 (e)		2,702		2,810
7.75%, 6/1/2024 (e)		3,338		3,522
Hertz Corp. (The)
7.38%, 1/15/2021		1,724		1,685
7.63%, 6/1/2022 (e)		5,667		5,429
6.25%, 10/15/2022		1,371		1,203
5.50%, 10/15/2024 (e)		14,780		11,381
Hess Infrastructure Partners LP 5.63%, 2/15/2026 (e)		1,315		1,318
Hexion, Inc. 6.63%, 4/15/2020		2,586		2,289
Hilcorp Energy I LP		1,883		1,775
5.00%, 12/1/2024 (e)
6.25%, 11/1/2028 (e)		2,000		1,925
Hillman Group, Inc. (The) 6.38%, 7/15/2022 (e)		865		761
Hill-Rom Holdings, Inc.
5.75%, 9/1/2023 (e)		6,428		6,500
5.00%, 2/15/2025 (e)		685		661
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024		1,282		1,231
5.13%, 5/1/2026 (e)		4,005		3,915
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		1,455		1,470
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		3,358		3,257
4.88%, 4/1/2027		2,125		2,030
Holly Energy Partners LP 6.00%, 8/1/2024 (e)		1,800		1,805
Hologic, Inc. 4.38%, 10/15/2025 (e)		5,961		5,588
Hughes Satellite Systems Corp.
6.50%, 6/15/2019		810		821
5.25%, 8/1/2026		5,768		5,480
6.63%, 8/1/2026		2,225		2,119
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (c) (d) (f)		4,315		4,229


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Huntington National Bank (The) 2.38%, 3/10/2020		867		856
Huntsman International LLC 5.13%, 11/15/2022		8,160		8,252
Icahn Enterprises LP
5.88%, 2/1/2022		3,154		3,154
6.25%, 2/1/2022		1,705		1,721
6.75%, 2/1/2024		800		806
6.38%, 12/15/2025		2,715		2,698
iHeartCommunications, Inc. 9.00%, 12/15/2019 (i)		4,183		3,012
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 4.78%, 12/21/2065 (d) (e)		7,148		6,326
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 5.03%, 12/21/2065 (d) (e)		2,205		1,962
Infor Software Parent LLC 7.13% (cash), 5/1/2021 (e) (g)		8,482		8,524
Infor US, Inc.
5.75%, 8/15/2020 (e)		688		696
6.50%, 5/15/2022		17,265		17,222
Informatica LLC 7.13%, 7/15/2023 (e)		5,016		5,118
Ingevity Corp. 4.50%, 2/1/2026 (e)		1,956		1,824
International Game Technology plc
6.50%, 2/15/2025 (e)		6,800		6,885
6.25%, 1/15/2027 (e)		1,879		1,856
IQVIA, Inc.
4.88%, 5/15/2023 (e)		1,255		1,241
5.00%, 10/15/2026 (e)		5,110		4,917
IRB Holding Corp.
6.75%, 2/15/2026 (e)		4,639		4,442
Iron Mountain, Inc.
REIT, 5.75%, 8/15/2024		3,729		3,659
REIT, 4.88%, 9/15/2027 (e)		2,094		1,864
REIT, 5.25%, 3/15/2028 (e)		1,557		1,397
Jack Ohio Finance LLC
6.75%, 11/15/2021 (e)		8,835		9,067
10.25%, 11/15/2022 (e)		1,462		1,592
Jagged Peak Energy LLC 5.88%, 5/1/2026 (e)		1,315		1,282
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (e)		879		905
JBS USA LUX SA
7.25%, 6/1/2021 (e)		9,585		9,703
5.88%, 7/15/2024 (e)		4,448		4,366
5.75%, 6/15/2025 (e)		4,689		4,525
6.75%, 2/15/2028 (e)		3,302		3,215

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	67

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Jeld-Wen, Inc.
4.63%, 12/15/2025 (e)		1,735		1,559
4.88%, 12/15/2027 (e)		750		653
Kaiser Aluminum Corp. 5.88%, 5/15/2024		813		814
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		1,812		1,740
KeyCorp Series D, (ICE LIBOR USD 3 Month + 3.61%), 5.00%, 9/15/2026 (c) (d) (f)		9,075		8,627
Kinetic Concepts, Inc. 7.88%, 2/15/2021 (e)		3,075		3,144
KLX, Inc. 5.88%, 12/1/2022 (e)		6,520		6,716
Koppers, Inc. 6.00%, 2/15/2025 (e)		1,810		1,734
Kratos Defense & Security Solutions, Inc. 6.50%, 11/30/2025 (e)		1,600		1,653
L Brands, Inc.
5.25%, 2/1/2028		550		469
6.88%, 11/1/2035		400		340
6.75%, 7/1/2036		4,635		3,818
Ladder Capital Finance Holdings LLLP
5.25%, 3/15/2022 (e)		1,514		1,507
5.25%, 10/1/2025 (e)		757		702
Lamar Media Corp.
5.38%, 1/15/2024		1,208		1,210
5.75%, 2/1/2026		1,998		2,015
Lennar Corp.
8.38%, 1/15/2021		295		318
5.38%, 10/1/2022		600		610
4.75%, 11/15/2022 (h)		85		84
4.50%, 4/30/2024		1,455		1,390
5.88%, 11/15/2024		2,770		2,791
5.25%, 6/1/2026		1,210		1,156
4.75%, 11/29/2027		525		489
Level 3 Financing, Inc.
5.63%, 2/1/2023		561		563
5.13%, 5/1/2023		5,636		5,594
5.38%, 1/15/2024		4,086		4,045
5.38%, 5/1/2025		6,670		6,511
Level 3 Parent LLC 5.75%, 12/1/2022		1,000		997
Levi Strauss & Co. 5.00%, 5/1/2025		75		74
LGI Homes, Inc. 6.88%, 7/15/2026 (e)		1,068		1,015
Liberty Interactive LLC 8.25%, 2/1/2030		870		909
Liberty Mutual Group, Inc. 7.80%, 3/15/2037 (e)		2,538		2,906
Live Nation Entertainment, Inc.
4.88%, 11/1/2024 (e)		1,795		1,719
5.63%, 3/15/2026 (e)		955		955


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
LKQ Corp. 4.75%, 5/15/2023		2,706		2,611
LPL Holdings, Inc. 5.75%, 9/15/2025 (e)		2,594		2,516
LTF Merger Sub, Inc. 8.50%, 6/15/2023 (e)		5,407		5,596
Mallinckrodt International Finance SA
5.75%, 8/1/2022 (e)		394		352
5.63%, 10/15/2023 (e)		2,585		2,217
5.50%, 4/15/2025 (e)		6,105		4,914
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026 (e)		5,757		5,815
Martin Midstream Partners LP 7.25%, 2/15/2021		3,546		3,519
Masonite International Corp. 5.75%, 9/15/2026 (e)		4,178		3,969
MasTec, Inc. 4.88%, 3/15/2023		4,492		4,380
Matador Resources Co. 5.88%, 9/15/2026 (e)		1,839		1,798
Mattel, Inc.
3.15%, 3/15/2023		1,000		851
6.75%, 12/31/2025 (e)		10,810		10,320
Meredith Corp. 6.88%, 2/1/2026 (e)		2,185		2,185
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 6/15/2020 (c) (d) (f)		17,944		18,056
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (c) (d) (f)		8,575		8,554
6.40%, 12/15/2036		12,815		13,289
MGM Growth Properties Operating Partnership LP
REIT, 5.63%, 5/1/2024		1,895		1,897
REIT, 4.50%, 9/1/2026		995		901
REIT, 4.50%, 1/15/2028		555		497
MGM Resorts International
7.75%, 3/15/2022		7,620		8,182
6.00%, 3/15/2023		14,970		15,195
5.75%, 6/15/2025		3,255		3,174
4.63%, 9/1/2026		375		338
Midcontinent Communications 6.88%, 8/15/2023 (e)		1,030		1,071
Momentive Performance Materials USA LLC 8.88%, 10/15/2020‡ (i)		1,350		—	(k)
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.45%, 7/15/2019 (c) (d) (f)		14,650		14,780
Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020 (c) (d) (f)		19,284		19,477

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Motors Liquidation Co.
6.75%, 5/1/2028 ‡ (d) (i)		10		—
8.38%, 7/15/2033 ‡ (i)		115		—
7.75%, 3/15/2036 ‡ (i)		11		—
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (e)		5,836		5,928
MPLX LP 5.50%, 2/15/2023		1,900		1,925
MSCI, Inc. 5.38%, 5/15/2027 (e)		3,025		2,995
Mueller Water Products, Inc. 5.50%, 6/15/2026 (e)		1,425		1,411
Nabors Industries, Inc.
5.10%, 9/15/2023		174		161
5.75%, 2/1/2025		5,552		5,124
National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (d)		2,473		2,484
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (e)		1,172		1,193
9.13%, 7/15/2026 (e)		1,550		1,581
Nationstar Mortgage LLC
6.50%, 7/1/2021		1,372		1,371
6.50%, 6/1/2022		2,678		2,651
Navistar International Corp. 6.63%, 11/1/2025 (e)		2,592		2,644
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/2021 (e)		6,430		3,858
8.75% (cash), 10/15/2021 (e) (g)		5,404		3,269
Netflix, Inc.
4.38%, 11/15/2026		2,786		2,551
4.88%, 4/15/2028 (e)		5,905		5,418
5.88%, 11/15/2028 (e)		3,788		3,721
New Albertsons LP
7.75%, 6/15/2026		1,390		1,220
6.63%, 6/1/2028		455		350
7.45%, 8/1/2029		2,192		1,841
8.70%, 5/1/2030		2,042		1,833
8.00%, 5/1/2031		2,280		1,949
New Home Co., Inc. (The) 7.25%, 4/1/2022		2,535		2,497
Newfield Exploration Co.
5.63%, 7/1/2024		2,010		2,071
5.38%, 1/1/2026		1,515		1,529
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022 (e)		2,044		2,082
5.88%, 11/15/2022		1,387		1,408
5.63%, 8/1/2024 (e)		2,155		2,058


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
NextEra Energy Operating Partners LP
4.25%, 9/15/2024 (e)		897		852
4.50%, 9/15/2027 (e)		986		910
NGL Energy Partners LP 5.13%, 7/15/2019		445		446
NGPL PipeCo LLC 4.88%, 8/15/2027 (e)		849		817
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021 (e)		4,048		4,068
5.00%, 2/1/2025 (e)		2,250		2,191
Nielsen Finance LLC 5.00%, 4/15/2022 (e)		5,334		5,194
NiSource, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (c) (d) (e) (f)		4,830		4,734
Noble Holding International Ltd.
7.75%, 1/15/2024		1,758		1,642
7.95%, 4/1/2025 (h)		1,803		1,643
7.88%, 2/1/2026 (e)		2,301		2,284
6.20%, 8/1/2040		1,121		815
8.95%, 4/1/2045 (h)		410		384
Northern Oil and Gas, Inc. 9.50%, (Blend (cash 8.50% + PIK 1.00%)), 5/15/2023 (e) (g)		1,339		1,376
Northern Trust Corp. Series D, (ICE LIBOR USD 3 Month + 3.20%), 4.60%, 10/1/2026 (c) (d) (f)		6,195		5,885
Northwest Acquisitions ULC 7.13%, 11/1/2022 (e)		831		837
Novelis Corp.
6.25%, 8/15/2024 (e)		3,970		3,930
5.88%, 9/30/2026 (e)		5,350		5,043
NRG Energy, Inc.
6.25%, 5/1/2024		1,430		1,460
6.63%, 1/15/2027		5,313		5,492
5.75%, 1/15/2028		1,323		1,320
Nuance Communications, Inc.
5.38%, 8/15/2020 (e)		819		819
5.63%, 12/15/2026		2,258		2,213
NuStar Logistics LP 5.63%, 4/28/2027		2,195		2,099
NVA Holdings, Inc. 6.88%, 4/1/2026 (e)		1,145		1,131
Oasis Petroleum, Inc.
6.88%, 3/15/2022		1,535		1,545
6.88%, 1/15/2023		935		943
6.25%, 5/1/2026 (e)		3,886		3,818
OI European Group BV 4.00%, 3/15/2023 (e)		998		934

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	69

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Outfront Media Capital LLC
5.63%, 2/15/2024		1,650		1,652
5.88%, 3/15/2025		750		753
Owens-Brockway Glass Container, Inc.
5.00%, 1/15/2022 (e)		810		800
5.88%, 8/15/2023 (e)		584		582
5.38%, 1/15/2025 (e)		545		529
6.38%, 8/15/2025 (e)		1,084		1,089
Parsley Energy LLC
5.38%, 1/15/2025 (e)		1,125		1,102
5.25%, 8/15/2025 (e)		2,310		2,232
5.63%, 10/15/2027 (e)		435		429
Party City Holdings, Inc.
6.13%, 8/15/2023 (e)		1,940		1,935
6.63%, 8/1/2026 (e)		2,572		2,501
PBF Holding Co. LLC
7.00%, 11/15/2023		1,431		1,478
7.25%, 6/15/2025		2,675		2,755
PBF Logistics LP 6.88%, 5/15/2023		1,254		1,276
Peabody Energy Corp.
6.00%, 3/31/2022 (e)		502		502
6.38%, 3/31/2025 (e)		685		685
Penn Virginia Corp.
7.25%, 4/15/2019 ‡ (i)		500		2
8.50%, 5/1/2020 ‡ (i)		1,100		4
Penske Automotive Group, Inc. 5.50%, 5/15/2026		2,399		2,279
PetSmart, Inc.
7.13%, 3/15/2023 (e)		11,357		7,950
5.88%, 6/1/2025 (e)		3,904		3,055
8.88%, 6/1/2025 (e)		3,433		2,377
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026 (e)		2,974		3,063
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (e)		5,329		4,970
5.88%, 9/30/2027 (e)		2,116		1,920
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.12%, 11/15/2022 (c) (d) (f)		5,415		5,090
Plantronics, Inc. 5.50%, 5/31/2023 (e)		5,146		5,017
PNC Financial Services Group, Inc. (The)
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023(c) (d) (f)		9,215		8,892
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (c) (d) (f)		7,675		7,422


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (e) (g)		2,520		2,583
Post Holdings, Inc.
5.50%, 3/1/2025 (e)		5,919		5,723
5.00%, 8/15/2026 (e)		2,728		2,517
5.75%, 3/1/2027 (e)		2,730		2,607
5.63%, 1/15/2028 (e)		1,470		1,382
Prestige Brands, Inc. 6.38%, 3/1/2024 (e)		1,600		1,580
Prime Security Services Borrower LLC 9.25%, 5/15/2023 (e)		8,660		9,151
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (c) (d) (f)		5,720		5,620
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 4.18%), 5.87%, 9/15/2042 (d)		14,426		15,010
(ICE LIBOR USD 3 Month + 3.92%), 5.62%, 6/15/2043 (d)		23,245		23,654
(ICE LIBOR USD 3 Month + 3.04%), 5.20%, 3/15/2044 (d)		5,905		5,758
(ICE LIBOR USD 3 Month + 3.03%), 5.38%, 5/15/2045 (d)		5,006		4,893
QEP Resources, Inc.
5.38%, 10/1/2022		1,995		1,965
5.25%, 5/1/2023		1,072		1,027
5.63%, 3/1/2026		947		891
Qorvo, Inc. 5.50%, 7/15/2026 (e)		544		545
Quad/Graphics, Inc. 7.00%, 5/1/2022		1,000		993
Quicken Loans, Inc.
5.75%, 5/1/2025 (e)		4,479		4,317
5.25%, 1/15/2028 (e)		2,070		1,837
Qwest Capital Funding, Inc. 7.75%, 2/15/2031		1,115		1,004
Qwest Corp. 7.25%, 9/15/2025		325		346
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (e)		4,692		4,410
Radian Group, Inc. 4.50%, 10/1/2024		1,645		1,583
Rain CII Carbon LLC 7.25%, 4/1/2025 (e)		4,225		4,257
Range Resources Corp. 4.88%, 5/15/2025		4,950		4,591
RBS Global, Inc. 4.88%, 12/15/2025 (e)		1,560		1,462
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (e)		2,398		2,386
8.25%, 11/15/2026 (e)		809		785
Revlon Consumer Products Corp. 6.25%, 8/1/2024		3,002		1,704

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		9,425		9,425
6.88%, 2/15/2021		1,646		1,658
5.13%, 7/15/2023 (e)		1,000		979
7.00%, 7/15/2024 (e)		1,745		1,749
RHP Hotel Properties LP
REIT, 5.00%, 4/15/2021		4,340		4,335
REIT, 5.00%, 4/15/2023		4,653		4,606
Rite Aid Corp. 6.13%, 4/1/2023 (e)		6,970		5,920
Rowan Cos., Inc.
4.75%, 1/15/2024		1,030		894
7.38%, 6/15/2025		1,249		1,188
RR Donnelley & Sons Co. 7.00%, 2/15/2022		58		59
Sabre GLBL, Inc.
5.38%, 4/15/2023 (e)		6,357		6,357
5.25%, 11/15/2023 (e)		1,127		1,113
SBA Communications Corp.
REIT, 4.88%, 7/15/2022		1,147		1,141
REIT, 4.00%, 10/1/2022		314		301
REIT, 4.88%, 9/1/2024		6,030		5,819
Scientific Games International, Inc.
10.00%, 12/1/2022		5,076		5,304
5.00%, 10/15/2025 (e)		4,458		4,146
Scotts Miracle-Gro Co. (The)
6.00%, 10/15/2023		6,335		6,477
5.25%, 12/15/2026		2,180		2,066
Sealed Air Corp.
5.25%, 4/1/2023 (e)		633		627
5.13%, 12/1/2024 (e)		355		346
SemGroup Corp.
5.63%, 7/15/2022		1,146		1,100
5.63%, 11/15/2023		2,570		2,429
7.25%, 3/15/2026		1,509		1,473
Seminole Hard Rock Entertainment, Inc. 5.88%, 5/15/2021 (e)		5,337		5,324
Sensata Technologies BV
4.88%, 10/15/2023 (e)		5,001		4,870
5.63%, 11/1/2024 (e)		1,825		1,827
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (e)		8,376		8,523
Service Corp. International
8.00%, 11/15/2021		1,240		1,355
5.38%, 5/15/2024		6,600		6,674
7.50%, 4/1/2027		2,735		3,008


INVESTMENTS		PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
SESI LLC 7.75%, 9/15/2024			850		835
Sinclair Television Group, Inc.
5.38%, 4/1/2021			6,195		6,187
6.13%, 10/1/2022			3,230		3,262
5.63%, 8/1/2024 (e)			2,602		2,492
5.88%, 3/15/2026 (e)			205		195
5.13%, 2/15/2027 (e)			2,655		2,390
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (e)			2,336		2,272
6.00%, 7/15/2024 (e)			9,016		9,217
5.38%, 4/15/2025 (e)			10,295		10,199
5.38%, 7/15/2026 (e)			4,130		4,039
5.00%, 8/1/2027 (e)			3,314		3,114
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (e)			3,920		3,704
SM Energy Co.
5.00%, 1/15/2024			3,335		3,177
5.63%, 6/1/2025			2,535		2,440
6.75%, 9/15/2026			881		883
6.63%, 1/15/2027			2,981		2,996
Solera LLC 10.50%, 3/1/2024 (e)			2,308		2,504
Sotera Health Holdings LLC 6.50%, 5/15/2023 (e)			1,945		1,901
Sotheby’s 4.88%, 12/15/2025 (e)			2,620		2,420
Southwestern Energy Co.
4.10%, 3/15/2022			1,510		1,488
6.20%, 1/23/2025(h)	��		4,535		4,410
7.50%, 4/1/2026			2,049		2,085
7.75%, 10/1/2027			1,165		1,188
Spectrum Brands Holdings, Inc. 7.75%, 1/15/2022			2,340		2,396
Spectrum Brands, Inc.
6.63%, 11/15/2022			3,202		3,270
6.13%, 12/15/2024			2,159		2,148
5.75%, 7/15/2025			3,755		3,643
Springleaf Finance Corp.
7.75%, 10/1/2021			2,264		2,394
6.13%, 5/15/2022			1,830		1,839
5.63%, 3/15/2023			4,267		4,150
6.88%, 3/15/2025			860		823
7.13%, 3/15/2026			2,933		2,779
Sprint Capital Corp. 8.75%, 3/15/2032			16,523		17,970
Sprint Communications, Inc.
7.00%, 3/1/2020 (e)			2,427		2,515

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	71

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
11.50%, 11/15/2021		305		358
6.00%, 11/15/2022		5,328		5,378
Sprint Corp.
7.25%, 9/15/2021		2,965		3,095
7.88%, 9/15/2023		18,831		20,102
7.13%, 6/15/2024		8,997		9,199
7.63%, 2/15/2025		31,221		32,431
7.63%, 3/1/2026		7,540		7,809
SPX FLOW, Inc.
5.63%, 8/15/2024 (e)		1,969		1,910
5.88%, 8/15/2026 (e)		2,175		2,088
Standard Industries, Inc.
6.00%, 10/15/2025 (e)		2,990		2,941
5.00%, 2/15/2027 (e)		610		557
4.75%, 1/15/2028 (e)		8,513		7,609
Staples, Inc. 8.50%, 9/15/2025 (e)		13,045		11,806
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 5.25%, 9/15/2020 (c) (d) (f)		1,650		1,669
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (c) (d) (f)		4,995		5,007
Station Casinos LLC 5.00%, 10/1/2025 (e)		2,600		2,415
Steel Dynamics, Inc.
5.25%, 4/15/2023		625		627
5.50%, 10/1/2024		650		654
4.13%, 9/15/2025		1,440		1,346
5.00%, 12/15/2026		1,085		1,061
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (e)		1,398		1,393
Summit Materials LLC
6.13%, 7/15/2023		4,635		4,485
5.13%, 6/1/2025 (e)		1,140		1,020
Summit Midstream Holdings LLC
5.50%, 8/15/2022		1,559		1,543
5.75%, 4/15/2025		3,155		3,021
Sunoco LP
4.88%, 1/15/2023 (e)		2,285		2,202
5.50%, 2/15/2026 (e)		1,966		1,873
5.88%, 3/15/2028 (e)		423		394
SunTrust Banks, Inc.
(ICE LIBOR USD 3 Month + 3.86%), 5.62%, 12/15/2019 (c) (d) (f)		1,775		1,802
Series G, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 6/15/2022 (c) (d) (f)		8,680		8,390


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Series H, (ICE LIBOR USD 3 Month + 2.79%), 5.12%, 12/15/2027 (c) (d) (f)		10,625		9,735
SUPERVALU, Inc.
6.75%, 6/1/2021		2,353		2,396
7.75%, 11/15/2022		4,184		4,352
Symantec Corp. 5.00%, 4/15/2025 (e)		2,545		2,394
Syneos Health, Inc. 7.50%, 10/1/2024 (e)		875		921
Talen Energy Supply LLC 6.50%, 6/1/2025		3,456		2,575
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (e)		2,150		2,164
5.50%, 1/15/2028 (e)		3,810		3,766
Talos Production LLC 11.00%, 4/3/2022 (e)		195		208
Targa Resources Partners LP
4.25%, 11/15/2023		2,483		2,381
6.75%, 3/15/2024		7,570		7,930
5.13%, 2/1/2025		3,899		3,792
5.88%, 4/15/2026 (e)		3,123		3,140
5.00%, 1/15/2028		2,955		2,800
Team Health Holdings, Inc. 6.38%, 2/1/2025 (e)		6,596		5,673
TEGNA, Inc.
4.88%, 9/15/2021 (e)		1,415		1,408
6.38%, 10/15/2023		5,470		5,593
5.50%, 9/15/2024 (e)		2,210		2,207
Teleflex, Inc.
5.25%, 6/15/2024		875		884
4.88%, 6/1/2026		368		359
Tempur Sealy International, Inc.
5.63%, 10/15/2023		4,432		4,299
5.50%, 6/15/2026		9,282		8,493
Tenet Healthcare Corp.
5.50%, 3/1/2019		995		999
6.75%, 2/1/2020		1,070		1,099
4.75%, 6/1/2020		1,220		1,223
6.00%, 10/1/2020		1,329		1,361
4.50%, 4/1/2021		7,041		7,006
4.38%, 10/1/2021		3,049		3,015
7.50%, 1/1/2022 (e)		4,545		4,738
8.13%, 4/1/2022		9,060		9,434
6.75%, 6/15/2023		12,879		12,843
4.63%, 7/15/2024		5,213		5,024
5.13%, 5/1/2025		4,486		4,318
7.00%, 8/1/2025		1,085		1,064
Tennant Co. 5.63%, 5/1/2025		3,588		3,570

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Tenneco, Inc. 5.00%, 7/15/2026		4,155		3,449
Terex Corp. 5.63%, 2/1/2025 (e)		3,683		3,503
Terraform Global Operating LLC 6.13%, 3/1/2026 (e)		1,712		1,592
TerraForm Power Operating LLC
4.25%, 1/31/2023 (e)		1,869		1,771
6.62%, 6/15/2025 (e) (h)		945		985
5.00%, 1/31/2028 (e)		2,354		2,104
Texas Competitive Electric Holdings Co. LLC 8.50%, 5/1/2020 ‡ (i)		29,250		57
T-Mobile US, Inc.
6.50%, 1/15/2024		665		—	(k)
6.38%, 3/1/2025		5,377		—	(k)
6.50%, 1/15/2026		17,335		—	(k)
4.50%, 2/1/2026 ‡		1,188		—	(k)
T-Mobile USA, Inc.
6.00%, 3/1/2023		1,598		1,634
6.00%, 3/1/2023 ‡		1,598		—	(k)
6.50%, 1/15/2024		665		688
6.38%, 3/1/2025		5,377		5,545
5.13%, 4/15/2025		1,704		1,678
5.13%, 4/15/2025 ‡		1,704		—	(k)
6.50%, 1/15/2026		17,580		18,547
4.50%, 2/1/2026		4,360		4,081
4.75%, 2/1/2028		10,845		7,329
Toll Brothers Finance Corp.
5.63%, 1/15/2024		935		935
4.88%, 11/15/2025		745		704
TransDigm, Inc.
6.00%, 7/15/2022		2,325		2,337
6.50%, 7/15/2024		5,497		5,556
6.50%, 5/15/2025		3,785		3,771
TransMontaigne Partners LP 6.13%, 2/15/2026		1,007		944
Transocean Guardian Ltd. 5.88%, 1/15/2024 (e)		2,056		2,035
Transocean Pontus Ltd. 6.13%, 8/1/2025 (e)		2,946		2,928
Transocean Proteus Ltd. 6.25%, 12/1/2024 (e)		166		165
Transocean, Inc.
9.00%, 7/15/2023 (e)		2,374		2,490
7.25%, 11/1/2025 (e)		3,875		3,768
7.50%, 1/15/2026 (e)		7,399		7,270
7.50%, 4/15/2031		1,767		1,634
6.80%, 3/15/2038		2,747		2,208
9.35%, 12/15/2041 (h)		2,336		2,324


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Travelport Corporate Finance plc 6.00%, 3/15/2026 (e)		1,735		1,739
TreeHouse Foods, Inc. 6.00%, 2/15/2024 (e)		4,010		4,005
TriMas Corp. 4.88%, 10/15/2025 (e)		2,315		2,188
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (e)		5,015		4,651
Triumph Group, Inc.
4.88%, 4/1/2021		2,510		2,364
5.25%, 6/1/2022		1,686		1,551
7.75%, 8/15/2025		1,965		1,847
Tronox Finance plc 5.75%, 10/1/2025 (e)		869		763
Tronox, Inc. 6.50%, 4/15/2026 (e)		1,650		1,510
Tutor Perini Corp. 6.88%, 5/1/2025 (e)		4,198		4,203
Ultra Resources, Inc.
6.88%, 4/15/2022 ‡ (e)		8,395		5,289
7.13%, 4/15/2025 ‡ (e)		3,361		1,916
Unit Corp. 6.63%, 5/15/2021		2,134		2,118
United Continental Holdings, Inc. 5.00%, 2/1/2024		3,281		3,215
United Rentals North America, Inc.
5.75%, 11/15/2024		6,320		6,336
5.50%, 7/15/2025		3,281		3,197
4.63%, 10/15/2025		3,715		3,441
5.88%, 9/15/2026		750		735
6.50%, 12/15/2026		1,931		1,953
5.50%, 5/15/2027		8,430		8,008
4.88%, 1/15/2028		5,215		4,698
United States Cellular Corp. 6.70%, 12/15/2033		1,545		1,570
United States Steel Corp.
6.88%, 8/15/2025		518		508
6.25%, 3/15/2026		2,558		2,411
Uniti Group LP
REIT, 6.00%, 4/15/2023 (e)		2,600		2,496
REIT, 8.25%, 10/15/2023		4,455		4,199
REIT, 7.13%, 12/15/2024 (e)		70		62
Univar USA, Inc. 6.75%, 7/15/2023 (e)		1,103		1,133
Univision Communications, Inc.
6.75%, 9/15/2022 (e)		433		442
5.13%, 5/15/2023 (e)		1,080		1,017
5.13%, 2/15/2025 (e)		2,678		2,448
US Concrete, Inc. 6.38%, 6/1/2024		2,480		2,313
USA Compression Partners LP 6.88%, 4/1/2026 (e)		652		663
USG Corp. 4.88%, 6/1/2027 (e)		520		521

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	73

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
USIS Merger Sub, Inc. 6.88%, 5/1/2025 (e)		952		928
Vantiv LLC 4.38%, 11/15/2025 (e)		3,485		3,289
Venator Finance SARL 5.75%, 7/15/2025 (e)		5,310		4,527
Verscend Escrow Corp. 9.75%, 8/15/2026 (e)		359		359
Vertiv Group Corp. 9.25%, 10/15/2024 (e)		9,546		9,498
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 2/28/2057 (d)		7,322		6,992
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (d)		5,555		5,356
ViaSat, Inc. 5.63%, 9/15/2025 (e)		835		773
VICI Properties 1 LLC REIT, 8.00%, 10/15/2023		6,153		6,753
Vista Outdoor, Inc. 5.88%, 10/1/2023		7,330		7,037
Vistra Energy Corp.
7.38%, 11/1/2022		1,335		1,385
5.88%, 6/1/2023		6,393		6,489
7.63%, 11/1/2024		3,428		3,625
Vistra Operations Co. LLC 5.50%, 9/1/2026 (e)		212		209
VOC Escrow Ltd. 5.00%, 2/15/2028 (e)		1,421		1,336
Voya Financial, Inc. (ICE LIBOR USD 3 Month + 3.58%), 5.65%, 5/15/2053 (d)		13,110		12,913
W&T Offshore, Inc. 9.75%, 11/1/2023 (e)		2,242		2,170
Wabash National Corp. 5.50%, 10/1/2025 (e)		2,345		2,110
Weatherford International LLC
9.88%, 3/1/2025 (e)		1,483		1,149
6.80%, 6/15/2037		12		8
Weatherford International Ltd.
8.25%, 6/15/2023		1,362		1,042
9.88%, 2/15/2024		2,489		1,929
6.50%, 8/1/2036		483		321
7.00%, 3/15/2038		1,110		749
6.75%, 9/15/2040		537		363
Welbilt, Inc. 9.50%, 2/15/2024		2,435		2,630
WellCare Health Plans, Inc. 5.25%, 4/1/2025		1,865		1,860
Wells Fargo & Co.
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (c) (d) (f)		17,655		17,699
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (c) (d) (f)		12,265		12,633
WESCO Distribution, Inc. 5.38%, 6/15/2024		2,199		2,128
West Street Merger Sub, Inc. 6.38%, 9/1/2025 (e)		398		373
Western Digital Corp. 4.75%, 2/15/2026		7,208		6,658


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Whiting Petroleum Corp.
5.75%, 3/15/2021		1,835		1,847
6.25%, 4/1/2023		2,140		2,167
6.63%, 1/15/2026		2,530		2,536
WildHorse Resource Development Corp. 6.88%, 2/1/2025		4,385		4,363
Windstream Services LLC 9.00%, 6/30/2025 (e)		19,663		14,151
WMG Acquisition Corp.
5.63%, 4/15/2022 (e)		3,412		3,450
5.00%, 8/1/2023 (e)		1,420		1,402
4.88%, 11/1/2024 (e)		930		907
5.50%, 4/15/2026 (e)		3,018		2,943
WPX Energy, Inc.
6.00%, 1/15/2022		683		698
8.25%, 8/1/2023		1,259		1,415
5.75%, 6/1/2026		3,347		3,330
WR Grace & Co.-Conn
5.63%, 10/1/2024 (e)		1,010		1,028
Wyndham Destinations, Inc.
5.40%, 4/1/2024		721		694
6.35%, 10/1/2025(h)		319		317
5.75%, 4/1/2027		710		658
Wynn Las Vegas LLC
5.50%, 3/1/2025 (e)		9,290		8,837
XPO Logistics, Inc.
6.50%, 6/15/2022 (e)		2,310		2,368
6.13%, 9/1/2023 (e)		1,325		1,357
Zayo Group LLC
6.00%, 4/1/2023		6,695		6,829
6.38%, 5/15/2025		5,438		5,560
5.75%, 1/15/2027 (e)		1,515		1,485

				3,373,312

Total Corporate Bonds (Cost $4,171,040)				4,074,091


	SHARES (000)
Common Stocks — 33.5%
Australia — 0.6%
BHP Billiton plc		207		4,136
Goodman Group, REIT		2,792		20,518
Mirvac Group, REIT		9,470		14,567
Rio Tinto plc		732		35,532

				74,753

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Austria — 0.1%
Erste Group Bank AG *		119		4,845
OMV AG		45		2,508

				7,353

Belgium — 0.2%
Ageas		31		1,559
KBC Group NV		40		2,723
Shurgard Self Storage Europe SARL *		323		9,064
Warehouses De Pauw, REIT, CVA		65		8,441

				21,787

Brazil — 0.5%
Ambev SA, ADR		2,858		12,374
BB Seguridade Participacoes SA		1,572		11,247
Cielo SA		894		3,177
Engie Brasil Energia SA		662		7,082
Itau Unibanco Holding SA (Preference)		1,284		16,953
Petrobras Distribuidora SA		831		5,342

				56,175

Canada — 0.4%
Allied Properties, REIT		464		14,906
Canadian Apartment Properties REIT		339		12,067
Concordia International Corp. *		15		326
Concordia International private placement * ‡		159		3,149
TransCanada Corp.		572		21,553

				52,001

Cayman Islands — 0.0% (a)
Telford Offshore Holdings Ltd. * ‡		58		87

Chile — 0.0% (a)
Banco Santander Chile, ADR		136		4,020

China — 1.1%
China Construction Bank Corp., Class H		15,998		12,695
China Life Insurance Co. Ltd., Class H		1,571		3,148
China Mobile Ltd.		1,043		9,766
China Overseas Land & Investment Ltd.		3,888		12,223
China Pacific Insurance Group Co. Ltd., Class H		3,484		13,007
China Resources Power Holdings Co. Ltd.		7,628		13,421
CNOOC Ltd.		4,869		8,292
Fuyao Glass Industry Group Co. Ltd., Class A		3,882		12,116
Fuyao Glass Industry Group Co. Ltd., Class H (b)		754		2,229
Guangdong Investment Ltd.		2,558		4,579
Henan Shuanghui Investment & Development Co. Ltd., Class A		658		2,135


INVESTMENTS	SHARES (000)		VALUE ($000)

China — continued
Huayu Automotive Systems Co. Ltd., Class A		2,403		6,033
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,628		8,371
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		275		3,512
Midea Group Co. Ltd., Class A		1,476		7,902
Ping An Insurance Group Co. of China Ltd., Class H		1,239		11,709
SAIC Motor Corp. Ltd., Class A		1,957		7,638

				138,776

Colombia — 0.0% (a)
Frontera Energy Corp. *		41		537
Frontera Energy Corp. *		17		220
Millicom International Cellular SA, SDR		24		1,328

				2,085

Czech Republic — 0.1%
Komercni banka A/S		309		11,741
Moneta Money Bank A/S (b)		522		1,730

				13,471

Denmark — 0.2%
Novo Nordisk A/S, Class B		388		16,738
Tryg A/S		89		2,153

				18,891

Finland — 0.2%
Elisa OYJ		56		2,211
Fortum OYJ		102		2,141
Konecranes OYJ		223		7,993
Metso OYJ		64		2,006
Nokian Renkaat OYJ		13		406
Nordea Bank AB		341		2,964
Orion OYJ, Class B		36		1,243
Sampo OYJ, Class A		47		2,151
Stora Enso OYJ, Class R		89		1,344
UPM-Kymmene OYJ		80		2,560

				25,019

France — 2.3%
Airbus SE		6		619
Airbus SE		66		7,310
Amundi SA (b)		18		1,077
AXA SA		176		4,402
Bouygues SA		41		1,497
Capgemini SE		61		7,436

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
France — continued
Casino Guichard Perrachon SA		26		1,143
Cie de Saint-Gobain		56		2,091
Cie Generale des Etablissements Michelin SCA		200		20,434
CNP Assurances		99		2,200
Covivio, REIT		157		15,789
Credit Agricole SA		135		1,730
Engie SA		176		2,337
Eutelsat Communications SA		95		1,925
Gecina SA, REIT		14		2,077
ICADE, REIT		23		1,929
Klepierre SA, REIT		30		1,021
LVMH Moet Hennessy Louis Vuitton SE		73		22,055
Natixis SA		233		1,358
Orange SA		1,300		20,298
Peugeot SA		70		1,667
Publicis Groupe SA		45		2,622
Renault SA		33		2,483
Rexel SA		102		1,302
Sanofi		390		34,846
Schneider Electric SE		416		30,103
SCOR SE		54		2,489
Societe BIC SA		14		1,350
TOTAL SA		759		44,542
Veolia Environnement SA		84		1,681
Vinci SA		352		31,349

				273,162

Germany — 1.2%
1&1 Drillisch AG		28		1,239
Allianz SE (Registered)		180		37,585
Aroundtown SA		1,699		14,075
Bayer AG (Registered)		61		4,645
Bayerische Motoren Werke AG		32		2,790
Daimler AG (Registered)		66		3,887
Deutsche Telekom AG (Registered)		1,687		27,675
E.ON SE		309		2,985
Evonik Industries AG		39		1,197
Hannover Rueck SE		18		2,381
METRO AG		81		1,213
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		77		16,450
RWE AG		107		2,077
Schaeffler AG (Preference)		156		1,644
Telefonica Deutschland Holding AG		527		2,049


INVESTMENTS	SHARES (000)		VALUE ($000)

Germany — continued
Volkswagen AG (Preference)		75		12,548
Vonovia SE		319		14,558

				148,998

Hong Kong — 0.5%
Hang Seng Bank Ltd.		569		13,346
HKT Trust & HKT Ltd.		5,589		7,708
Hong Kong Exchanges & Clearing Ltd.		456		12,153
New World Development Co. Ltd.		5,467		6,955
WH Group Ltd. (b)		5,760		4,045
Wharf Real Estate Investment Co. Ltd.		2,169		13,479

				57,686

Hungary — 0.1%
OTP Bank Nyrt		380		13,637

India — 0.2%
Coal India Ltd.		1,004		3,619
Infosys Ltd., ADR		904		8,565
ITC Ltd.		1,526		5,782
Tata Consultancy Services Ltd.		364		9,532

				27,498

Indonesia — 0.1%
Telekomunikasi Indonesia Persero Tbk. PT		47,832		12,117

Ireland — 0.0% (a)
AIB Group plc		404		1,949
Bank of Ireland Group plc		284		2,006
Smurfit Kappa Group plc		46		1,504

				5,459

Italy — 0.3%
Assicurazioni Generali SpA		175		2,819
Enel SpA		3,791		18,588
Eni SpA		236		4,198
Mediobanca Banca di Credito Finanziario SpA		207		1,813
Poste Italiane SpA (b)		278		1,996
Snam SpA		583		2,412
Telecom Italia SpA		3,698		1,868
Terna Rete Elettrica Nazionale SpA		416		2,146

				35,840

Japan — 0.8%
Daiwa House REIT Investment Corp., REIT		3		6,294
Invesco Office J-Reit, Inc., REIT		47		6,586
Japan Airlines Co. Ltd.		271		9,604
Japan Hotel REIT Investment Corp., REIT		16		11,641

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
JXTG Holdings, Inc.		1,585		10,707
Kenedix Office Investment Corp., REIT		1		6,240
Kenedix Retail REIT Corp., REIT		2		3,617
Mitsubishi Estate Co. Ltd.		470		7,507
Nippon Prologis REIT, Inc., REIT		5		10,662
Sumitomo Mitsui Financial Group, Inc.		250		9,714
Tokio Marine Holdings, Inc.		167		7,873
Toyota Motor Corp.		82		4,774

				95,219

Luxembourg — 0.0% (a)
RTL Group SA		18		1,146
SES SA, FDR		66		1,412

				2,558

Macau — 0.1%
Sands China Ltd.		2,050		8,108

Mexico — 0.2%
Bolsa Mexicana de Valores SAB de CV		1,340		2,019
Fibra Uno Administracion SA de CV, REIT		5,406		5,810
Kimberly-Clark de Mexico SAB de CV, Class A		6,169		8,891
Wal-Mart de Mexico SAB de CV		3,594		9,179

				25,899

Netherlands — 0.5%
ABN AMRO Group NV, CVA (b)		96		2,356
Aegon NV		425		2,604
Akzo Nobel NV		66		5,546
Eurocommercial Properties NV, REIT, CVA		197		7,302
Koninklijke Ahold Delhaize NV		112		2,566
Koninklijke KPN NV		594		1,566
NN Group NV		61		2,629
Randstad NV		28		1,432
Royal Dutch Shell plc, Class A		732		23,241
Royal Dutch Shell plc, Class B		476		15,535

				64,777

New Zealand — 0.0% (a)
UCI Holdings LLC * ‡		65		1,262

Norway — 0.3%
Aker BP ASA		60		1,975
DNB ASA		147		2,664
Equinor ASA		101		2,625
Marine Harvest ASA		111		2,680
Norsk Hydro ASA		2,510		13,017


INVESTMENTS	SHARES (000)		VALUE ($000)

Norway — continued
Telenor ASA		837		15,345

				38,306

Portugal — 0.0% (a)
EDP — Energias de Portugal SA		665		2,338
Galp Energia SGPS SA		84		1,455

				3,793

Russia — 0.3%
Alrosa PJSC		4,338		6,578
Moscow Exchange MICEX-RTS PJSC *		7,307		9,740
Sberbank of Russia PJSC		7,625		21,916
Severstal PJSC, GDR (b)		181		2,800
Severstal PJSC, GDR (b)		10		161

				41,195

Singapore — 0.3%
Ascendas, REIT		3,475		6,328
City Developments Ltd.		867		4,952
DBS Group Holdings Ltd.		1,118		18,974

				30,254

South Africa — 0.3%
Absa Group Ltd.		377		3,811
Anglo American plc		153		3,273
AVI Ltd.		863		5,847
Bid Corp. Ltd.		297		5,563
FirstRand Ltd.		1,700		7,426
SPAR Group Ltd. (The)		221		2,639
Vodacom Group Ltd.		645		5,440

				33,999

South Korea — 0.3%
KT&G Corp.		116		10,387
Orange Life Insurance Ltd.(b)		52		1,401
Samsung Electronics Co. Ltd.		351		13,125
Samsung Fire & Marine Insurance Co. Ltd.		28		6,760
SK Telecom Co. Ltd., ADR		262		6,787

				38,460

Spain — 0.7%
ACS Actividades de Construccion y Servicios SA		39		1,465
Bankinter SA		159		1,301
CaixaBank SA		606		2,454
Enagas SA		84		2,230
Endesa SA		109		2,270
Iberdrola SA		5,043		35,686

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	77

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Spain — continued
Industria de Diseno Textil SA		308		8,688
Mapfre SA		740		2,210
Merlin Properties Socimi SA, REIT		1,147		14,367
Naturgy Energy Group SA		92		2,264
Red Electrica Corp. SA		118		2,446
Repsol SA		171		3,055
Telefonica SA		379		3,106

				81,542

Sweden — 0.3%
Boliden AB *		97		2,216
ICA Gruppen AB		25		870
Lundin Petroleum AB		67		2,049
Skandinaviska Enskilda Banken AB, Class A		270		2,793
SKF AB, Class B		87		1,387
Svenska Handelsbanken AB, Class A		951		10,336
Swedbank AB, Class A		131		2,952
Swedish Match AB		48		2,430
Tele2 AB, Class B		180		2,049
Telia Co. AB		588		2,648
Volvo AB, Class B		144		2,155

				31,885

Switzerland — 1.5%
Credit Suisse Group AG (Registered) *		206		2,693
Glencore plc *		3,810		15,505
Novartis AG (Registered)		743		65,070
Roche Holding AG		237		57,747
Swiss Re AG		182		16,422
UBS Group AG (Registered) *		272		3,797
Zurich Insurance Group AG *		72		22,502

				183,736

Taiwan — 0.8%
Asustek Computer, Inc.		684		5,072
Chicony Electronics Co. Ltd.		841		1,687
Delta Electronics, Inc.		1,162		4,892
MediaTek, Inc.		917		6,774
Mega Financial Holding Co. Ltd.		7,285		6,169
Novatek Microelectronics Corp.		1,735		7,675
President Chain Store Corp.		485		5,486
Quanta Computer, Inc.		5,475		8,660
Taiwan Mobile Co. Ltd.		3,400		12,150
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		856		32,600
Vanguard International Semiconductor Corp.		3,427		6,340

				97,505


INVESTMENTS	SHARES (000)		VALUE ($000)

Thailand — 0.2%
Siam Cement PCL (The) (Registered)		636		7,905
Siam Commercial Bank PCL (The)		3,128		12,980
Thai Oil PCL		1,373		3,512

				24,397

Turkey — 0.0% (a)
Tofas Turk Otomobil Fabrikasi A/S		342		1,291
Tupras Turkiye Petrol Rafinerileri A/S		121		2,852

				4,143

United Arab Emirates — 0.1%
Emaar Development PJSC		2,140		2,892
First Abu Dhabi Bank PJSC		1,496		5,632

				8,524

United Kingdom — 2.2%
3i Group plc		142		1,586
Admiral Group plc		87		2,238
AstraZeneca plc		235		17,966
Aviva plc		1,760		9,620
Babcock International Group plc		229		1,784
BAE Systems plc		1,453		9,744
Barclays plc		1,402		3,089
Barratt Developments plc		205		1,343
Berkeley Group Holdings plc		49		2,204
BP plc		1,282		9,259
British American Tobacco plc		373		16,179
British Land Co. plc (The), REIT		192		1,451
BT Group plc		778		2,381
Centrica plc		884		1,660
Compass Group plc		174		3,431
Direct Line Insurance Group plc		332		1,394
easyJet plc		109		1,665
GlaxoSmithKline plc		353		6,840
Hammerson plc, REIT		746		4,165
Imperial Brands plc		107		3,630
International Consolidated Airlines Group SA		183		1,412
J Sainsbury plc		357		1,418
John Wood Group plc		151		1,378
Legal & General Group plc		912		2,926
Lloyds Banking Group plc		6,249		4,560
Meggitt plc		202		1,368
Mondi plc		59		1,387
NewRiver REIT plc, REIT		1,799		5,801
Next plc		36		2,399
Persimmon plc		81		2,362

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
Prudential plc		866		17,346
Quilter plc (b)		327		483
RELX plc		158		3,120
RSA Insurance Group plc		193		1,390
Safestore Holdings plc, REIT		1,167		7,970
Schroders plc		37		1,251
Segro plc, REIT		1,548		12,133
Severn Trent plc		94		2,242
Taylor Wimpey plc		11,491		23,661
Tritax Big Box REIT plc, REIT		3,667		6,695
Tritax EuroBox plc, REIT * (b)		1,138		1,450
Unilever NV, CVA		920		49,428
UNITE Group plc (The), REIT		822		8,951
United Utilities Group plc		153		1,413

				264,173

United States — 16.5%
Accenture plc, Class A		47		7,364
Air Products & Chemicals, Inc.		105		16,189
Altria Group, Inc.		692		45,029
American Tower Corp., REIT		55		8,493
Analog Devices, Inc.		272		22,800
Apple, Inc.		29		6,268
Arthur J Gallagher & Co.		61		4,528
AT&T, Inc.		462		14,173
Automatic Data Processing, Inc.		157		22,641
AvalonBay Communities, Inc., REIT		231		40,485
Avaya Holdings Corp. *		200		3,287
Bank of America Corp.		863		23,744
BB&T Corp.		311		15,270
Brandywine Realty Trust, REIT		636		8,939
Bristol-Myers Squibb Co.		491		24,839
Brixmor Property Group, Inc., REIT		699		11,326
Caesars Entertainment Corp. *		308		2,649
Camden Property Trust, REIT		111		9,993
Chevron Corp.		353		39,441
Chubb Ltd.		74		9,203
Cincinnati Financial Corp.		99		7,802
Cisco Systems, Inc.		267		12,215
Citigroup, Inc.		251		16,455
CME Group, Inc.		153		28,047
CMS Energy Corp.		207		10,237
Coca-Cola Co. (The)		1,613		77,244
Comcast Corp., Class A		855		32,604
ConocoPhillips		314		21,979
CVS Health Corp.		355		25,686


INVESTMENTS	SHARES (000)		VALUE ($000)

United States — continued
Digital Realty Trust, Inc., REIT		300		30,930
Douglas Emmett, Inc., REIT		332		12,021
Dover Corp.		189		15,686
DowDuPont, Inc.		147		7,951
DTE Energy Co.		23		2,626
Eaton Corp. plc		165		11,808
Eli Lilly & Co.		160		17,301
Equinix, Inc., REIT		62		23,655
Equity LifeStyle Properties, Inc., REIT		160		15,184
Essex Property Trust, Inc., REIT		64		16,057
Exxon Mobil Corp.		97		7,745
Federal Realty Investment Trust, REIT		115		14,209
Ferguson plc		190		12,809
Fidelity National Information Services, Inc.		114		11,898
General Dynamics Corp.		87		15,001
Gilead Sciences, Inc.		92		6,256
Goodman Private * ‡		53		—	(k)
Halcon Resources Corp. *		279		927
Healthcare Trust of America, Inc., Class A, REIT		525		13,779
Highwoods Properties, Inc., REIT		261		11,119
Home Depot, Inc. (The)		158		27,730
Honeywell International, Inc.		55		7,943
Illinois Tool Works, Inc.		108		13,838
International Business Machines Corp.		289		33,370
Invitation Homes, Inc., REIT		620		13,558
Iron Mountain, Inc., REIT		491		15,022
Johnson & Johnson		138		19,312
Kilroy Realty Corp., REIT		194		13,367
M&T Bank Corp.		45		7,473
Marathon Petroleum Corp.		226		15,941
McDonald’s Corp.		61		10,803
Merck & Co., Inc.		1,071		78,833
Microsoft Corp.		322		34,355
Mid-America Apartment Communities, Inc., REIT		207		20,198
Mondelez International, Inc., Class A		726		30,483
Morgan Stanley		486		22,168
National Health Investors, Inc., REIT		88		6,492
NextEra Energy, Inc.		289		49,891
NII Holdings, Inc. *		178		1,105
NiSource, Inc.		299		7,577
Norfolk Southern Corp.		86		14,473
Northern Trust Corp.		117		10,978
Occidental Petroleum Corp.		383		25,660
Park Hotels & Resorts, Inc., REIT		760		22,100
Parker-Hannifin Corp.		30		4,598

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	79

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
United States — continued
Penn Virginia Corp. *		12			799
PepsiCo, Inc.		419			47,094
Pfizer, Inc.		2,256			97,158
Philip Morris International, Inc.		489			43,039
PNC Financial Services Group, Inc. (The)		143			18,432
PPG Industries, Inc.		149			15,680
PRINCIPAL Financial Group, Inc.		264			12,416
Procter & Gamble Co. (The)		164			14,516
Prologis, Inc., REIT		722			46,532
Prudential Financial, Inc.		144			13,527
Public Storage, REIT		138			28,409
Quad/Graphics, Inc.		—	(k)		—	(k)
Remington Outdoor Co., Inc. * ‡		16			130
Republic Services, Inc.		115			8,356
Resideo Technologies, Inc. *		—	(k)		2
Rexford Industrial Realty, Inc., REIT		394			12,475
Sunstone Hotel Investors, Inc., REIT		597			8,645
T. Rowe Price Group, Inc.		137			13,285
Texas Instruments, Inc.		427			39,655
Travelers Cos., Inc. (The)		158			19,756
Union Pacific Corp.		69			10,018
UnitedHealth Group, Inc.		49			12,795
US Bancorp		430			22,501
Ventas, Inc., REIT		509			29,547
Verizon Communications, Inc.		1,122			64,068
VICI Properties, Inc., REIT * ‡		162			3,501
VICI Properties, Inc., REIT		608			13,120
Vistra Energy Corp. *		198			4,479
Vornado Realty Trust, REIT		435			29,624
Wells Fargo & Co.		355			18,890
Xcel Energy, Inc.		668			32,728

					2,004,337

Total Common Stocks (Cost $3,710,703)					4,072,887


	PRINCIPAL AMOUNT ($000)
Loan Assignments — 4.6% (l)
Canada — 0.1%
1011778 BC ULC, 1st Lien Term B Loan (ICE LIBOR USD 1 Month + 2.25%), 4.55%, 2/16/2024 (d) (m)		5,490			5,466
Concordia Healthcare Corp., Initial Dollar Term Loan (ICE LIBOR USD 1 Month + 5.50%), 7.78%, 9/6/2024 (d) (m)		8,548			8,356

					13,822


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Ireland — 0.1%
Avolon LLC, Term Loan B-3 (ICE LIBOR USD 1 Month + 2.00%), 4.28%, 1/15/2025 (d)		4,738		4,723

United States — 4.4%
24 Hour Fitness Worldwide, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.80%, 5/30/2025 (d)		579		579
8th Avenue Food & Provisions, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.01%, 10/1/2025 (d) (m)		673		678
A2Z Wireless Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.00%), 8.28%, 5/1/2023 (d)		1,341		1,291
ABG Intermediate Holdings 2 LLC., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.79%, 9/27/2024 (d) (m)		760		756
Advisor Group Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.04%, 8/15/2025 (d)		432		434
AES Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 4.07%, 5/31/2022 (d) (m)		5,490		5,486
Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.55%, 8/30/2024 (d)		2,793		2,790
Albertson’s LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.31%, 6/22/2023 (d)		10,619		10,566
Aleris International, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.75%), 7.05%, 2/27/2023 (d)		499		502
Alphabet Holding Co. Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.80%, 9/26/2024 (d)		549		524
Altice Financing S.A, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.04%, 7/15/2025 (d) (m)		2,741		2,670
Altice US Finance I Corp., Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.55%, 7/28/2025 (d) (m)		4,494		4,483
AMC Entertainment, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.53%, 12/15/2022 (d)		1,496		1,494
American Airlines, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.00%), 4.28%, 12/14/2023 (d)		1,000		992
(ICE LIBOR USD 1 Month + 1.75%), 4.04%, 6/27/2025 (d) (m)		4,500		4,400
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%), 4.62%, 4/6/2024 (d)		990		984

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Aristocrat Leisure Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 4.22%, 10/19/2024 (d) (m)		5,984		5,959
Asurion LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.50%), 8.80%, 8/4/2025 (d)		365		374
Asurion LLC, Term B-7 Loan (ICE LIBOR USD 1 Month + 3.00%), 5.30%, 11/3/2024 (d) (m)		3,014		3,015
Avaya Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.53%, 12/15/2024 (d)		5,274		5,289
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 4.14%, 6/1/2024 (d)		2,494		2,486
Barracuda Networks, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.54%, 2/12/2025 (d) (m)		750		749
Berry Global, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 1.75%), 4.03%, 2/8/2020 (d)		3,500		3,493
(ICE LIBOR USD 1 Month + 1.75%), 4.03%, 1/6/2021 (d)		3,000		2,992
BJ’s Wholesale Club, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.28%, 2/3/2024 (d)		500		501
Bombardier Recreational Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 5/23/2025 (d)		2,943		2,932
Boxer Parent Co Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 6.65%, 10/2/2025 (d) (m)		1,700		1,704
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.05%, 8/1/2025 (d)		1,232		1,239
Brookfield WEC Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.05%, 8/3/2026 (d)		625		633
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 2 Month + 3.25%; ICE LIBOR USD 3 Month + 3.25%), 5.66%, 4/3/2024 (d) (m)		1,621		1,610
California Resources Corp., 1st Lien Second Out Term Loan (ICE LIBOR USD 1 Month + 10.38%), 12.67%, 12/31/2021 (d)		10,270		11,426
California Resources Corp., Senior Secured First Out Term Loan (ICE LIBOR USD 1 Month + 4.75%), 7.04%, 12/31/2022 (d) (m)		10,239		10,375
Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.80%, 1/15/2025 (d) (m)		6,497		6,485


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Centurylink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 1/31/2025 (d)		7,144		7,064
CEOC LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 10/7/2024 (d)		5,486		5,456
Charter Communications Operating, LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.31%, 4/30/2025 (d)		4,020		4,019
Chemours Co. (The), Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.05%, 4/3/2025 (d) (m)		5,189		5,167
CHG Healthcare Services, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.45%, 6/7/2023 (d)		3,750		3,759
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.55%, 10/2/2024 (d)		5,637		5,630
Cineworld Finance US Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.80%, 2/28/2025 (d) (m)		2,768		2,755
CityCenter Holdings LLC, Term B Loan (ICE LIBOR USD 1 Month + 2.25%), 4.55%, 4/18/2024 (d)		5,017		5,003
Claire’s Stores, Inc., 1st Lien Revolver Term Loan (ICE LIBOR USD 3 Month + 2.50%), 2.50%, 9/15/2022 ‡ (d) (m)		283		—
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 6.25%), 6.25%, 9/15/2038 ‡ (d) (m)		945		1,366
Club Corp Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.14%, 9/18/2024 (d) (m)		2,600		2,555
Community Health Systems, Inc., Incremental 2021 Term H Loan (ICE LIBOR USD 3 Month + 3.25%), 5.56%, 1/27/2021 (d)		5,567		5,443
Consolidated Communications, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.25%, 10/5/2023 (d)		1,456		1,432
Continental Building Products, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.55%, 8/18/2023 (d)		1,247		1,245
Cortes NP Acquisition Corp., Term B Loan (ICE LIBOR USD 3 Month + 4.00%), 6.31%, 11/30/2023 (d)		7,453		7,369
CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.53%, 7/17/2025 (d)		7,804		7,779
CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 4.55%, 1/15/2026 (d) (m)		3,799		3,789

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	81

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.31%, 2/6/2025 (d)		997		993
Dawn Acquisition LLC., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 3.75%, 10/25/2025 (d) (m)		1,179		1,175
Dell International LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.31%, 9/7/2023 (d)		1,643		1,640
Delta 2 SARL, 1st Lien Term loan B (ICE LIBOR USD 1 Month + 2.50%), 4.80%, 2/1/2024 (d) (m)		3,558		3,518
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%; PRIME USD 3 Month + 2.75%), 5.05%, 4/6/2024 (d) (m)		5,173		5,153
EG Group Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.39%, 2/7/2025 (d)		623		623
EIF Channelview Cogeneration LLC, Term Loan (ICE LIBOR USD 1 Month + 4.25%), 6.56%, 5/3/2025 (d) (m)		2,792		2,810
Encino Acquisition Partners Holdings., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 6.25%), 7.25%, 9/21/2025 (d) (m)		2,893		2,937
Endo Pharmaceutical, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.56%, 4/29/2024 (d) (m)		4,074		4,089
Energy Transfer Equity LP, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 2/2/2024 (d) (m)		5,000		4,997
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 6.05%, 10/10/2025 (d)		5,045		4,936
Esh Hospitality, Inc. 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 8/30/2023 (d)		2,515		2,510
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 8.83%, 7/12/2023 (d)		1,242		1,253
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.31%, 5/15/2022 ‡ (d)		177		177
First Data Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.29%, 4/26/2024 (d) (m)		7,562		7,518
Flex Acquisition Co., Inc., Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.26%, 12/29/2023 (d)		1,097		1,094


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Frontera Generation Holdings LLC, 1st Lien Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.52%, 5/2/2025 (d)		3,970		3,980
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%; ICE LIBOR USD 3 Month + 3.50%), 5.82%, 5/24/2024 (d) (m)		3,734		3,744
Gates Global LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 4/1/2024 (d)		897		897
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.39%, 12/1/2023 (d)		1,105		1,107
Genesys Telecom Holdings, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.80%, 12/1/2023 (d)		894		897
GGP, Inc., 1st Lien Term Loan B REIT, (ICE LIBOR USD 1 Month + 2.50%), 4.79%, 8/27/2025 (d)		5,000		4,915
Global Business Travel Holdings Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 4.84%, 8/13/2025 (d)		521		523
Global Tel*Link Corp., 1st Lien Senior Secured Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.39%, 5/23/2020 (d)		887		887
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 5.23%, 10/4/2023 (d)		1,547		1,548
Goodrx, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.28%, 10/10/2025 (d) (m)		867		870
Greektown Holdings LLC, Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 4/25/2024 (d)		5,061		5,039
Grizzly Acquisition Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.75%), 5.65%, 9/26/2025 (d) (m)		324		325
GTT Communications, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 5/31/2025 (d)		1,323		1,304
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 7.64%, 8/25/2023 (d)		1,991		1,627
Hanjin International Corp., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.50%), 4.94%, 10/19/2020 (d)		1,500		1,496
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.30%, 5/16/2024 (d) (m)		3,559		3,552

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.30%, 5/23/2025 (d)		2,920		2,863
Hertz Corp. (The)., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.00%, 6/30/2023 (d) (m)		2,600		2,583
Hilton Worldwide Finance LLC, Series B-2 Term Loan (ICE LIBOR USD 1 Month + 1.75%), 4.03%, 10/25/2023 (d)		875		876
Hoya Midco LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.80%, 6/30/2024 (d) (m)		2,026		2,015
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.49%, 4/25/2025 (d)		1,985		1,978
iHeartCommunications, Inc., Term Loan D (ICE LIBOR USD 1 Month + 6.75%), 8.99%, 1/30/2019 (d)		5,407		3,894
iHeartCommunications, Inc., Tranche E Term Loan (ICE LIBOR USD 1 Month + 7.50%), 9.74%, 7/30/2019 (d)		1,873		1,346
Infor US, Inc., Tranche B-6 Term Loan (ICE LIBOR USD 3 Month + 2.75%), 5.14%, 2/1/2022 (d)		2,268		2,258
Intelsat Jackson Holdings SA, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.04%, 11/27/2023 (d)		5,715		5,715
Invenergy Thermal Operating I LLC, Term Loan (ICE LIBOR USD 3 Month + 3.50%), 5.81%, 8/28/2025 (d) (m)		3,000		3,024
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.25%), 5.46%, 2/5/2025 (d) (m)		1,529		1,524
Janus International Group LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.30%, 2/12/2025 (d)		574		569
JBS USA LLC, Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 4.84%, 10/30/2022(d)		6,738		6,735
JC Penney Corp., Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 6.57%, 6/23/2023(d) (m)		13		12
KCA Deutag Alpha Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.75%), 9.14%, 2/28/2023 (d) (m)		802		779
Kestrel Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.56%, 6/2/2025 (d) (m)		2,963		2,980
Las Vegas Sands Corp., 1st Lien Senior Secured Term Loan (ICE LIBOR USD 1 Month + 1.75%), 4.05%, 3/27/2025 (d)		5,037		5,016


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Level 3 Financing, Inc., Tranche B Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.53%, 2/22/2024 (d)		5,600		5,603
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.05%, 1/30/2024 (d)		1,665		1,640
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.75%), 6.05%, 1/30/2024 (d)		89		88
Live Nation Entertainment, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 1.75%), 4.06%, 10/31/2023 (d) (m)		997		998
Lotus Midstream., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.75%), 5.64%, 9/26/2025 (d) (m)		4,351		4,370
Lumentum Holdings., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 2.50%), 2.50%, 8/8/2025 (d) (m)		146		146
MacDonald, Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.15%, 10/4/2024 (d) (m)		2,487		2,405
Mallinckrodt International Finance, Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.14%, 9/24/2024 (d) (m)		5,087		5,016
Marriott Ownership Resorts Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.55%, 8/29/2025 (d) (m)		1,265		1,268
Mastronardi Produce Ltd., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.51%, 5/1/2025 (d)		150		150
McDermott Technology Americas, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 7.30%, 5/12/2025 (d) (m)		2,710		2,672
Medallion Midland Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.55%, 10/30/2024 (d)		504		500
MedRisk, Inc., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 12/27/2024 (d) (m)		2,593		2,558
MEG Energy Corp., 1st Lien Term B Loan (ICE LIBOR USD 1 Month + 3.50%), 5.81%, 12/31/2023 (d)		448		449
Misys, Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.89%, 6/13/2024 (d)		1,564		1,555
Moda Midstream LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 5.54%, 9/26/2025 (d) (m)		4,282		4,309
Moran Foods LLC, Term Loan B (ICE LIBOR USD 1 Month + 6.00%), 8.30%, 12/5/2023 (d)		4,113		2,920

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	83

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
MTL Publishing LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.53%, 8/20/2023 (d)		533		533
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.14%, 6/7/2023 (d) (m)		5,485		5,467
NAI Entertainment Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.81%, 5/8/2025 (d) (m)		2,020		2,014
NCI Building Systems, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 2/7/2025 (d)		1,247		1,244
Neiman Marcus Group, Inc., Other Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.53%, 10/25/2020 (d)		3,120		2,837
Nielsen Finance LLC, 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.28%, 10/4/2023 (d)		4,788		4,762
NRG Energy, Inc., Term Loan (ICE LIBOR USD 3 Month + 1.75%), 4.14%, 6/30/2023 (d) (m)		5,689		5,665
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.69%), 5.97%, 1/31/2026 (d)		2,241		2,183
NVA Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 2/2/2025 (d)		6,037		5,977
ON Semiconductor Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.05%, 3/31/2023 (d)		593		592
Oryx Soutern Delaware Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.55%, 2/28/2025 (d)		504		497
Pelican Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.77%, 5/1/2025 (d) (m)		2,522		2,526
Pelican Products, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 7.75%), 10.02%, 5/1/2026 (d)		1,185		1,185
Penn National Gaming, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.25%), 4.58%, 10/15/2025 (d) (m)		4,304		4,315
PetSmart, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.28%, 3/11/2022 (d)		1,093		924
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.80%, 7/2/2025 (d)		6,590		6,565
PolyOne Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.03%, 11/11/2022 (d) (m)		1,423		1,421


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Post Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.29%, 5/24/2024 (d)		601		600
Prestige Brands, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.24%, 1/26/2024 (d)		3,355		3,358
Prime Security Services Borrower LLC, Term B-1 Loan (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 5/2/2022 (d)		3,242		3,240
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 6.78%, 5/16/2025 (d)		1,300		1,304
Quidditch Acquisition, Inc., 1st Cov-Lite Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 9.29%, 3/21/2025 (d)		150		151
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 5.35%, 11/3/2023 (d)		3,641		3,528
Red Ventures LLC, Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 6.30%, 11/8/2024 (d) (m)		1,505		1,511
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 2/5/2023 (d)		3,242		3,242
RHP Hotel Properties LP., Term Loan B (ICE LIBOR USD 3 Month + 2.00%), 4.44%, 5/11/2024 (d) (m)		1,265		1,263
Samsonite IP Holdings SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.05%, 4/25/2025 (d)		2,594		2,586
Scientific Games International, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%), 5.05%, 8/14/2024 (d) (m)		6,027		5,965
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.80%, 11/1/2024 (d) (m)		2,846		2,850
Securus Technologies Holdings, Inc., 2nd Lien, Term Loan (ICE LIBOR USD 1 Month + 8.25%), 10.55%, 11/1/2025 (d)		361		360
Shutterfly, Inc., Term Loan B-2 (ICE LIBOR USD 1 Month + 2.75%), 5.06%, 8/17/2024 (d)		620		619
Sinclair Broadcast Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.56%, 1/3/2024 (d)		1,410		1,412
Sirva Worldwide, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.50%; ICE LIBOR USD 3 Month + 5.50%), 7.81%, 8/4/2025 (d)		800		801
Sirva Worldwide, 2nd Lien Term Loan (ICE LIBOR USD 2 Month + 9.50%; ICE LIBOR USD 3 Month + 9.50%), 11.91%, 8/3/2026 (d)		125		113

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Sound Inpatient Physicians Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.30%, 6/27/2025 (d) (m)		1,596		1,603
Spectrum Brands, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%; ICE LIBOR USD 2 Month + 2.00%; ICE LIBOR USD 3 Month + 2.00%), 4.35%, 6/23/2022 (d)		549		548
Spin Holdco, Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.69%, 11/14/2022 (d)		2,649		2,648
Sprint Communications, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.81%, 2/2/2024 (d) (m)		4,738		4,734
St. George’s University Scholastic Services, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.81%, 7/17/2025 (d)		812		820
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.34%, 9/12/2024 (d)		5,294		5,278
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.03%, 2/14/2025 (d)		995		994
Stetson Midstream., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 6.69%, 7/18/2025 (d)		5,000		5,006
Summit Materials Co. I LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 11/21/2024 (d) (m)		2,643		2,629
Syneos Health, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 8/1/2024 (d)		961		958
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 7.28%, 3/9/2023 (d)		3,587		3,605
TDC A/S, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.84%, 6/4/2025 (d)		4,100		4,103
Telenet Financing LLC., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.53%, 8/15/2026 (d) (m)		4,000		3,985
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 2/6/2024 (d)		5,336		5,036
TerraForm Power Operating LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 11/8/2022 (d) (m)		2,494		2,494
The Go Daddy Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.55%, 2/15/2024 (d)		834		834
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.30%, 3/28/2025 (d)		6,617		6,224


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Trans Union LLC, 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 6/19/2025 (d)		3,002		2,994
Transdigm Group Inc., 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.50%), 4.80%, 5/30/2025 (d) (m)		1,698		1,688
TransDigm, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.50%), 4.80%, 6/9/2023 (d)		1,396		1,389
TransDigm, Inc., Term Loan G (ICE LIBOR USD 1 Month + 2.50%), 4.80%, 8/22/2024 (d)		2,095		2,084
Tribune Media Co., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.30%, 12/27/2020 (d)		240		240
Trinseo Materials Operating SCA., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 9/6/2024 (d) (m)		5,239		5,196
Ultra Resources, Inc., Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.47%, 4/12/2024 (d) (m)		9,344		8,733
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 6.55%, 10/18/2025 (d) (m)		4,380		4,101
Unitymedia Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.28%, 6/1/2023 (d)		4,719		4,710
Univision Communications, Inc., 1st Lien Term Loan C-5 (ICE LIBOR USD 1 Month + 2.75%), 5.05%, 3/15/2024 (d)		2,195		2,105
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.39%, 5/16/2024 (d)		4,010		3,985
Valeant Pharmaceuticals International Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.27%, 6/2/2025 (d)		5,939		5,938
VeriFone Systems, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.32%, 8/20/2025 (d)		458		458
Vertis, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 8.75%), 12.00%, 3/21/2018 ‡ (d) (i)		754		–	(k)
VICI Properties 1 LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.28%, 12/20/2024 (d)		5,000		4,985
Viskase Co., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.64%, 1/30/2021 (d)		2,621		2,608
Vistra Operations Co. LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.30%, 8/4/2023 (d)		1,496		1,492
Vistra Operations Co. LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 2.00%), 4.29%, 12/31/2025 (d)		4,738		4,721

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	85

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Web.com Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.17%, 10/10/2025 (d) (m)		795		793
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 4.43%, 11/1/2023 (d)		10,000		9,954
Wyndham Hotels & Resorts, Inc., 1st Lien Senior Secured Term Loan (ICE LIBOR USD 1 Month + 1.75%), 4.05%, 5/30/2025 (d)		975		974
XPO Logistics, Inc., Term Loan (ICE LIBOR USD 3 Month + 2.00%), 4.51%, 2/24/2025 (d)		1,250		1,252
Ziggo Secured Finance Partnership, 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.50%), 4.78%, 4/15/2025 (d) (m)		5,135		5,033
Zodiac Pool Solutions LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.55%, 7/2/2025 (d)		1,397		1,396

				538,608

Total Loan Assignments (Cost $562,609)				557,153

Mortgage-Backed Securities — 4.2%
United States — 4.2%
FHLMC Gold Pools, 30 Year, Single Family
Pool # G67700, 3.50%, 8/1/2046		23,707		23,217
Pool # G60852, 4.00%, 8/1/2046		14,540		14,638
Pool # G61096, 3.50%, 2/1/2047		30,140		29,451
Pool # G08756, 3.00%, 4/1/2047		999		946
Pool # G67703, 3.50%, 4/1/2047		9,684		9,459
Pool # G67704, 4.00%, 8/1/2047		1,551		1,562
Pool # G67705, 4.00%, 10/1/2047		5,354		5,390
Pool # Q52307, 3.50%, 11/1/2047		3,434		3,353
Pool # G67706, 3.50%, 12/1/2047		15,119		14,764
Pool # G67708, 3.50%, 3/1/2048		47,621		46,486
Pool # G67714, 4.00%, 7/1/2048		9,322		9,378
FNMA, 20 Year, Single Family
Pool # BM3100, Pool, 4.00%, 11/1/2037		5,081		5,146
Pool # BM3569, Pool, 3.50%, 2/1/2038		12,617		12,488
Pool # CA1231, Pool, 3.50%, 2/1/2038		711		702
Pool # BM3791, Pool, 3.50%, 4/1/2038		10,598		10,448
FNMA, 30 Year, Single Family
Pool # AS4085, Pool, 4.00%, 12/1/2044		1,650		1,663
Pool # BM1909, Pool, 4.00%, 2/1/2045		9,673		9,759
Pool # MA2670, Pool, 3.00%, 7/1/2046		7,969		7,548
Pool # AS8650, Pool, 3.00%, 1/1/2047		14,623		13,846
Pool # MA2863, Pool, 3.00%, 1/1/2047		25,235		23,895
Pool # AS8784, Pool, 3.00%, 2/1/2047		5,473		5,182
Pool # AL9859, Pool, 3.00%, 3/1/2047		11,603		10,987


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Pool # AS9403, Pool, 3.50%, 4/1/2047		707		692
Pool # BH9923, Pool, 3.50%, 9/1/2047		11,272		10,985
Pool # BM4028, Pool, 3.50%, 10/1/2047		3,882		3,792
Pool # BM3141, Pool, 3.50%, 11/1/2047		3,167		3,094
Pool # BM3357, Pool, 3.50%, 11/1/2047		15,543		15,265
Pool # BH7061, Pool, 3.50%, 12/1/2047		18,757		18,303
Pool # BM3778, Pool, 3.50%, 12/1/2047		26,515		25,996
Pool # CA0906, Pool, 3.50%, 12/1/2047		29,310		28,620
Pool # CA0995, Pool, 3.50%, 1/1/2048		6,676		6,519
Pool # BJ1069, Pool, 4.00%, 1/1/2048		3,909		3,911
Pool # BJ0645, Pool, 3.50%, 3/1/2048		20,735		20,247
Pool # BM3788, Pool, 3.50%, 3/1/2048		87,464		85,733
FNMA, Other
Pool # AN7845, Pool, 3.08%, 12/1/2029		6,650		6,177
Pool # AN8281, Pool, 3.19%, 2/1/2030		2,560		2,393
Pool # AN8572, Pool, 3.55%, 4/1/2030		2,710		2,629
Pool # AN9116, Pool, 3.61%, 5/1/2030		1,930		1,883
Pool # AN3747, Pool, 2.87%, 2/1/2032		2,730		2,453
Pool # AN6122, Pool, 3.06%, 8/1/2032		4,820		4,394
Pool # BM3226, Pool, 3.44%, 10/1/2032		2,401		2,294
Pool # AN7633, Pool, 3.13%, 12/1/2032		1,880		1,737
Pool # AN8095, Pool, 3.24%, 1/1/2033		4,010		3,727

Total Mortgage-Backed Securities (Cost $524,022)				511,152

Collateralized Mortgage Obligations — 4.2%
Cayman Islands — 0.0% (a)
LSTAR Securities Investment Ltd. Series 2017-7, Class A, 0.04%, 10/1/2022 (e) (n)		872		868

United States — 4.2%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 6A1, 4.49%, 2/25/2035 (n)		2,780		2,800
Series 2004-4, Class 4A1, 4.22%, 3/25/2035 (n)		4,044		4,093
Series 2005-2, Class 3A1, 4.10%, 6/25/2035 (n)		1,134		1,118
Alternative Loan Trust
Series 2004-16CB, Class 2A1, 5.00%, 8/25/2019		13		13
Series 2004-28CB, Class 4A1, 5.00%, 1/25/2020		37		37
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020		25		25

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-J11, Class 5A1, 5.50%, 11/25/2020		250		247
Series 2005-85CB, Class 3A2, 5.25%, 2/25/2021		498		487
Series 2007-9T1, Class 3A1, 5.50%, 5/25/2022		25		19
Series 2007-25, Class 2A1, 6.00%, 11/25/2022		149		144
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025		327		318
Series 2006-J3, Class 4A1, 5.75%, 5/25/2026		391		327
Series 2005-J1, Class 3A1, 6.50%, 8/25/2032		181		186
Series 2004-12CB, Class 2A1, 6.00%, 6/25/2034		579		589
Series 2005-J3, Class 3A1, 6.50%, 9/25/2034		140		138
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		6,168		6,183
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		402		401
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035		588		576
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		1,109		1,091
Series 2004-32CB, Class 2A5, 5.50%, 2/25/2035		3,893		3,898
Series 2005-3CB, Class 1A4, 5.25%, 3/25/2035		97		94
Series 2005-3CB, Class 1A13, 5.50%, 3/25/2035		11,627		10,974
Series 2005-J2, Class 1A5, 2.78%, 4/25/2035 (n)		7,098		6,237
Series 2005-6CB, Class 1A4, 5.50%, 4/25/2035		4,762		4,574
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		547		547
Series 2005-10CB, Class 1A5, 5.50%, 5/25/2035		4,664		4,548
Series 2005-10CB, Class 1A8, 5.50%, 5/25/2035		2,681		2,705
Series 2005-13CB, Class A4, 5.50%, 5/25/2035		2,052		2,031
Series 2005-21CB, Class A4, 5.25%, 6/25/2035		1,043		962
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		4,640		4,447
Series 2005-20CB, Class 1A1, 5.50%, 7/25/2035		240		231


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Series 2005-23CB, Class A15, 5.50%, 7/25/2035		2,346		2,320
Series 2005-64CB, Class 1A1, 5.50%, 12/25/2035		928		900
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		2,348		2,278
Series 2005-J14, Class A3, 5.50%, 12/25/2035		439		380
Series 2005-J14, Class A7, 5.50%, 12/25/2035		2,319		2,008
Series 2005-J14, Class A8, 5.50%, 12/25/2035		1,938		1,678
Series 2005-86CB, Class A4, 5.50%, 2/25/2036		531		462
Series 2006-J1, Class 1A13, 5.50%, 2/25/2036		206		185
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		7,102		7,111
Series 2006-4CB, Class 2A5, 5.50%, 4/25/2036		1,231		1,206
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		1,839		1,516
Series 2006-19CB, Class A15, 6.00%, 8/25/2036		750		658
Series 2006-25CB, Class A2, 6.00%, 10/25/2036		351		303
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		3,706		3,208
Series 2007-8CB, Class A9, 6.00%, 5/25/2037		243		211
Series 2007-19, Class 1A8, 6.00%, 8/25/2037		210		166
American Home Mortgage Investment Trust
Series 2007-2, Class 12A1, 2.55%, 3/25/2037 (n)		6,830		4,460
Series 2005-1, Class 6A, 4.59%, 6/25/2045 (n)		267		274
Angel Oak Mortgage Trust I LLC
Series 2018-2, Class A1, 3.67%, 7/27/2048 (e) (n)		13,472		13,445
Series 2018-3, Class A1, 3.65%, 9/25/2048 (e) (n)		9,386		9,396
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (e)		6,636		6,634
Arroyo Mortgage Trust Series 2018-1, Class A1, 3.76%, 4/25/2048 (e) (n)		9,122		9,106

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	87

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Banc of America Alternative Loan Trust
Series 2004-12, Class 4A1, 5.50%, 1/25/2020		255		256
Series 2005-3, Class 2A1, 5.50%, 4/25/2020		59		59
Series 2005-4, Class 3A1, 5.50%, 5/25/2020		64		63
Series 2005-6, Class 7A1, 5.50%, 7/25/2020		47		44
Series 2005-12, Class 5A1, 5.25%, 1/25/2021		280		273
Series 2006-4, Class 2A1, 6.00%, 5/25/2021		9		9
Series 2005-6, Class 5A4, 5.50%, 7/25/2035		64		58
Series 2005-11, Class 4A5, 5.75%, 12/25/2035		802		725
Series 2006-4, Class 3CB4, 6.00%, 5/25/2046		906		871
Series 2006-4, Class 4CB1, 6.50%, 5/25/2046		3,667		3,738
Series 2006-5, Class CB7, 6.00%, 6/25/2046		583		533
Banc of America Funding Trust
Series 2007-4, Class 8A1, 5.50%, 11/25/2034		96		88
Series 2005-6, Class 1A2, 5.50%, 10/25/2035		2,591		2,447
Series 2005-7, Class 4A7, 6.00%, 11/25/2035		708		714
Series 2006-A, Class 1A1, 4.43%, 2/20/2036 (n)		1,326		1,318
Series 2006-2, Class 2A20, 5.75%, 3/25/2036		620		596
Series 2007-5, Class 4A1, 2.65%, 7/25/2037 (n)		4,797		3,307
Banc of America Mortgage Trust
Series 2004-A, Class 2A2, 3.86%, 2/25/2034 (n)		719		719
Series 2007-3, Class 1A1, 6.00%, 9/25/2037		393		377
Bear Stearns ALT-A Trust Series 2006-8, Class 3A1, 2.44%, 2/25/2034 (n)		437		437
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC5, Class M1, 3.29%, 10/25/2034 ‡ (n)		640		187
Bellemeade Re Ltd.
Series 2018-3A, Class M1B, 4.13%, 10/25/2027 (e) (n)		1,486		1,486


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Series 2018-3A, Class M2, 5.03%, 10/25/2027 (e) (n)		1,365		1,368
Chase Mortgage Finance Trust
Series 2006-S3, Class 1A2, 6.00%, 11/25/2036		1,613		1,192
Series 2006-S4, Class A5, 6.00%, 12/25/2036		1,144		927
Series 2007-S2, Class 1A8, 6.00%, 3/25/2037		304		251
Series 2007-A2, Class 3A1, 4.15%, 7/25/2037 (n)		8,804		8,894
CHL GMSR Issuer Trust Series 2018-GT1, Class A, 5.03%, 5/25/2023 (e) (n)		4,530		4,565
CHL Mortgage Pass-Through Trust
Series 2005-20, Class A7, 5.25%, 12/25/2027		190		175
Series 2004-25, Class 2A1, 2.96%, 2/25/2035 (n)		3,865		3,785
Series 2005-26, Class 1A11, 5.50%, 11/25/2035		2,725		2,417
Series 2005-31, Class 2A1, 3.30%, 1/25/2036 (n)		1,533		1,465
Series 2005-30, Class A5, 5.50%, 1/25/2036		266		246
Series 2006-HYB1, Class 2A2C, 3.48%, 3/20/2036 (n)		3,811		3,494
Series 2006-HYB2, Class 2A1B, 3.64%, 4/20/2036 (n)		1,486		1,372
Series 2006-J2, Class 1A1, 6.00%, 4/25/2036		171		154
Series 2006-10, Class 1A16, 6.00%, 5/25/2036		1,908		1,595
Series 2006-15, Class A1, 6.25%, 10/25/2036		127		104
Series 2006-17, Class A2, 6.00%, 12/25/2036		518		415
Series 2006-18, Class 2A4, 6.00%, 12/25/2036		3,274		2,869
Series 2007-2, Class A2, 6.00%, 3/25/2037		202		164
Series 2007-3, Class A18, 6.00%, 4/25/2037		1,517		1,240
Series 2007-10, Class A4, 5.50%, 7/25/2037		179		144
Series 2007-13, Class A4, 6.00%, 8/25/2037		397		338
Series 2007-16, Class A1, 6.50%, 10/25/2037		3,376		2,783
Series 2007-18, Class 2A1, 6.50%, 11/25/2037		647		492

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Citicorp Mortgage Securities Trust Series 2007-4, Class 1A9, 6.00%, 5/25/2037		867		827
Citigroup Mortgage Loan Trust
Series 2005-11, Class A2A, 4.82%, 10/25/2035 (n)		470		476
Series 2006-AR3, Class 1A1A, 4.18%, 6/25/2036 (n)		2,198		2,196
Series 2006-AR5, Class 1A5A, 3.63%, 7/25/2036 (n)		1,196		1,142
Citigroup Mortgage Loan Trust, Inc.
Series 2005-3, Class 2A2A, 4.38%, 8/25/2035 (n)		257		258
Series 2005-4, Class A, 4.48%, 8/25/2035 (n)		682		690
Series 2005-6, Class A1, 4.68%, 9/25/2035 (n)		837		850
Series 2006-8, Class A3, 2.63%, 10/25/2035 (e) (n)		984		782
Series 2005-9, Class 2A2, 5.50%, 11/25/2035		554		554
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-10, Class 12A1, 5.25%, 11/25/2020		21		18
Series 2005-10, Class 11A1, 5.50%, 11/25/2020		1,266		902
Series 2003-29, Class 3A1, 5.50%, 12/25/2033		421		435
Series 2004-AR4, Class 2A1, 4.18%, 5/25/2034 (n)		574		587
Series 2004-AR4, Class 4A1, 4.21%, 5/25/2034 (n)		3,687		3,757
Series 2004-AR5, Class 6A1, 4.15%, 6/25/2034 (n)		784		799
Series 2004-4, Class 4A1, 5.50%, 8/25/2034		4,673		4,747
Series 2004-8, Class 4A3, 5.50%, 12/25/2034		161		162
Series 2005-4, Class 2A5, 2.83%, 6/25/2035 (n)		4,641		3,909
Series 2005-10, Class 5A3, 5.50%, 11/25/2035		500		480
CSFB Mortgage-Backed Trust Series 2004-AR6, Class 7A1, 4.20%, 10/25/2034 (n)		1,745		1,764
CSMC Mortgage-Backed Trust
Series 2006-8, Class 5A1, 5.73%, 10/25/2026 (n)		58		55
Series 2007-2, Class 3A13, 5.50%, 3/25/2037		686		581


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Series 2007-3, Class 4A5, 5.00%, 4/25/2037		137		132
Deephaven Residential Mortgage Trust Series 2018-3A, Class A1, 3.79%, 8/25/2058 (e) (n)		8,498		8,498
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 5.40%, 2/25/2020 (n)		87		87
Series 2005-2, Class 2A1, 2.58%, 3/25/2020 (n)		25		24
DSLA Mortgage Loan Trust Series 2005-AR4, Class 2A1A, 2.54%, 8/19/2045 (n)		2,931		2,794
FHLMC REMIC Series 4754, Class QB, 3.00%, 2/15/2048		2,071		1,971
FHLMC Structured Agency Credit Risk Debt Notes
Series 2016-DNA3, Class M2, 4.28%, 12/25/2028 (n)		2,357		2,383
Series 2017-DNA1, Class M2, 5.53%, 7/25/2029 (n)		3,000		3,268
Series 2017-DNA2, Class M2, 5.73%, 10/25/2029 (n)		4,000		4,367
Series 2017-DNA3, Class M2, 4.78%, 3/25/2030 (n)		6,000		6,219
Series 2018-HQA1, Class M2, 4.58%, 9/25/2030 (n)		12,500		12,493
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA6, Class 3A1, 5.75%, 11/25/2021		385		373
Series 2005-FA1, Class 1A4, 5.50%, 3/25/2035		76		72
Series 2005-FA10, Class 1A5, 5.50%, 1/25/2036		3,011		2,527
First Horizon Mortgage Pass-Through Trust Series 2004-AR7, Class 4A1, 3.77%, 2/25/2035 (n)		259		261
Flagstar Mortgage Trust Series 2018-6RR, Class 1A2, 2.93%, 10/25/2048 (e) (n)		1,780		1,767
FNMA, Connecticut Avenue Securities
Series 2017-C05, Class 1M2, 4.48%, 1/25/2030 (n)		3,000		3,065
Series 2018-C01, Class 1M2, 4.53%, 7/25/2030 (n)		8,000		8,069
Series 2018-C05, Class 1M1, 3.00%, 1/25/2031 (n)		1,855		1,858
Series 2018-C05, Class 1M2, 4.63%, 1/25/2031 (n)		8,000		8,040

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	89

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
GMACM Mortgage Loan Trust
Series 2004-AR2, Class 3A, 4.69%, 8/19/2034 (n)		651		631
Series 2005-AR1, Class 3A, 4.05%, 3/18/2035 (n)		395		399
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (e) (n)		1,527		1,071
GSR Mortgage Loan Trust
Series 2006-9F, Class 8A1, 5.50%, 8/25/2021		127		121
Series 2004-15F, Class 1A2, 5.50%, 12/25/2034		333		349
Series 2005-1F, Class 2A3, 6.00%, 2/25/2035		324		322
Series 2005-AR3, Class 6A1, 3.89%, 5/25/2035 (n)		166		161
Series 2005-AR4, Class 3A5, 4.05%, 7/25/2035 (n)		2,929		2,815
Series 2005-6F, Class 3A18, 5.50%, 7/25/2035		1,577		1,628
Series 2005-AR7, Class 6A1, 4.44%, 11/25/2035 (n)		1,763		1,785
Series 2006-1F, Class 2A16, 6.00%, 2/25/2036		1,057		894
Series 2006-1F, Class 2A9, 6.00%, 2/25/2036		1,712		1,448
Series 2006-9F, Class 3A1, 6.25%, 10/25/2036		976		958
Series 2007-1F, Class 3A13, 6.00%, 1/25/2037		515		469
HarborView Mortgage Loan Trust Series 2005-11, Class 2A1A, 2.90%, 8/19/2045 (n)		332		331
Impac CMB Trust
Series 2004-5, Class 1A1, 3.00%, 10/25/2034 (n)		936		936
Series 2004-6, Class 1A2, 3.06%, 10/25/2034 (n)		2,331		2,284
Series 2004-5, Class 1M2, 3.15%, 10/25/2034 ‡ (n)		341		323
Series 2004-7, Class 1A2, 3.20%, 11/25/2034 (n)		894		870
Series 2004-9, Class 1A1, 3.04%, 1/25/2035 (n)		3,964		3,917
Series 2004-10, Class 2A, 2.92%, 3/25/2035 (n)		999		923
Series 2004-10, Class 3A1, 2.98%, 3/25/2035 (n)		3,136		2,956
Series 2005-1, Class 1A1, 2.80%, 4/25/2035 (n)		644		626


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Series 2005-1, Class 1A2, 2.90%, 4/25/2035 (n)		788		764
Series 2005-2, Class 1A2, 2.90%, 4/25/2035 (n)		742		715
Series 2005-4, Class 1A1A, 2.82%, 5/25/2035 (n)		564		561
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A4, 3.75%, 8/25/2033		365		347
Impac Secured Assets Trust
Series 2007-3, Class A1B, 2.52%, 9/25/2037 (n)		3,862		3,245
Series 2007-3, Class A1C, 2.64%, 9/25/2037 (n)		6,472		5,469
IndyMac INDX Mortgage Loan Trust
Series 2005-AR3, Class 3A1, 3.63%, 4/25/2035 (n)		459		451
Series 2005-AR14, Class 2A1A, 2.58%, 7/25/2035 (n)		1,316		1,257
JP Morgan Alternative Loan Trust Series 2006-A2, Class 1A1, 2.46%, 5/25/2036 (n)		5,006		4,799
JP Morgan Mortgage Trust
Series 2006-S2, Class 2A1, 5.00%, 6/25/2021		59		55
Series 2006-S3, Class 2A4, 5.50%, 8/25/2021		41		41
Series 2007-S3, Class 2A3, 6.00%, 8/25/2022		55		51
Series 2004-A6, Class 1A1, 3.64%, 12/25/2034 (n)		206		202
Series 2005-A3, Class 6A6, 3.88%, 6/25/2035 (n)		643		648
Series 2007-A1, Class 2A2, 4.28%, 7/25/2035 (n)		363		369
Series 2005-A6, Class 1A2, 4.44%, 9/25/2035 (n)		620		628
Series 2005-A8, Class 1A1, 4.28%, 11/25/2035 (n)		226		219
Series 2005-A8, Class 4A1, 4.29%, 11/25/2035 (n)		2,784		2,799
Series 2006-A7, Class 2A4, 3.92%, 1/25/2037 (n)		1,040		999
Series 2007-S1, Class 2A17, 2.61%, 3/25/2037 (n)		5,589		2,963
Lehman Mortgage Trust Series 2005-2, Class 2A5, 5.50%, 12/25/2035		1,425		1,329
Lehman XS Trust
Series 2005-5N, Class 3A1A, 2.58%, 11/25/2035 (n)		8,258		8,182

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-7N, Class 1A1A, 2.82%, 12/25/2035 (n)		5,650		5,563
MASTR Alternative Loan Trust
Series 2006-3, Class 3A1, 5.50%, 6/25/2021		362		355
Series 2004-8, Class 1A1, 6.50%, 9/25/2034		552		593
Series 2004-12, Class 3A1, 6.00%, 12/25/2034		1,374		1,422
Series 2005-3, Class 1A1, 5.50%, 4/25/2035		444		450
Series 2005-5, Class 3A1, 5.75%, 8/25/2035		327		272
Series 2005-6, Class 1A2, 5.50%, 12/25/2035		828		782
Merrill Lynch Mortgage Investors Trust
Series 2005-1, Class 2A1, 4.11%, 4/25/2035 (n)		117		115
Series 2005-1, Class 2A2, 4.11%, 4/25/2035 (n)		371		358
Series 2006-1, Class 2A1, 4.13%, 2/25/2036 (n)		1,686		1,693
Series 2006-AF2, Class AF2, 6.25%, 10/25/2036		361		300
Metlife Securitization Trust Series 2017-1A, Class A, 3.00%, 4/25/2055 (e) (n)		7,568		7,336
Morgan Stanley Mortgage Loan Trust
Series 2006-2, Class 1A, 5.25%, 2/25/2021		1,121		1,092
Series 2004-8AR, Class 4A1, 4.36%, 10/25/2034 (n)		1,283		1,307
Series 2004-9, Class 1A, 5.37%, 11/25/2034 (n)		785		823
Series 2005-4, Class 1A, 5.00%, 8/25/2035		62		62
MortgageIT Trust
Series 2005-3, Class A1, 2.88%, 8/25/2035 (n)		4,061		3,981
Series 2005-5, Class A1, 2.54%, 12/25/2035 (n)		594		588
New Residential Funding LLC Series 2018-NQM1, Class A1, 3.99%, 11/25/2048 (e) (n)		4,500		4,500
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-WF1, Class 2A5, 5.16%, 3/25/2035 (h)		35		36
OBX Trust Series 2018-EXP1, Class 2A1B, 3.13%, 4/25/2048 (e) (n)		2,120		2,112
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series 2005-4, Class 1A2, 2.67%, 11/25/2035 (n)		448		442


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Series 2005-5, Class 1APT, 2.56%, 12/25/2035 (n)		2,425		2,251
Opteum Mortgage Acceptance Corp. Trust
Series 2006-1, Class 1APT, 2.49%, 4/25/2036 (n)		767		717
Series 2006-1, Class 1AC1, 2.58%, 4/25/2036 (n)		2,744		2,640
PNMAC GMSR Issuer Trust Series 2018-GT1, Class A, 5.13%, 2/25/2023 (e) (n)		2,110		2,133
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 3.85%, 5/25/2035 (n)		868		853
RALI Trust
Series 2003-QS20, Class CB, 5.00%, 11/25/2018		6		6
Series 2006-QS18, Class 3A1, 5.75%, 12/25/2021		57		54
Series 2005-QS2, Class A1, 5.50%, 2/25/2035		115		114
Series 2005-QA5, Class A2, 5.13%, 4/25/2035 (n)		2,361		2,276
Series 2005-QS6, Class A1, 5.00%, 5/25/2035		2,316		2,193
Series 2005-QS17, Class A3, 6.00%, 12/25/2035		1,198		1,156
Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036		2,043		1,900
Series 2006-QS4, Class A2, 6.00%, 4/25/2036		2,262		2,084
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		85		84
Series 2005-A3, Class A2, 5.50%, 4/25/2035		3,877		3,341
Series 2005-A8CB, Class A11, 6.00%, 7/25/2035		2,304		2,088
Series 2005-A14, Class A1, 5.50%, 12/25/2035		189		160
Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		4,012		3,343
RFMSI Trust
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		95		95
Series 2005-SA1, Class 3A, 4.45%, 3/25/2035 (n)		415		419
Series 2005-S7, Class A6, 5.50%, 11/25/2035		156		151
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		2,910		2,756

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	91

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2006-SA4, Class 2A1, 5.19%, 11/25/2036 (n)		2,911		2,768
Seasoned Credit Risk Transfer Trust Series 2017-3, Class AIO, IO, 0.26%, 7/25/2056 ‡ (n)		329,175		1,511
Sequoia Mortgage Trust
Series 2007-3, Class 1A1, 2.48%, 7/20/2036 (n)		1,103		1,054
Series 2018-2, Class A4, 3.50%, 2/25/2048 (e) (n)		7,999		7,859
Starwood Mortgage Residential Trust Series 2018-IMC1, Class A1, 3.79%, 3/25/2048 (e) (n)		7,323		7,321
Structured Adjustable Rate Mortgage Loan Trust Series 2005-1, Class 1A1, 4.07%, 2/25/2035 (n)		491		490
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-35, Class B1, 5.45%, 12/25/2033 ‡ (n)		808		679
Series 2004-10, Class 1A1, 5.26%, 6/25/2034 (n)		5,229		5,306
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021 (e) (h)		5,620		5,619
Verus Securitization Trust Series 2018-2, Class A1, 3.68%, 6/1/2058 (e) (n)		9,187		9,148
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-AR11, Class A, 4.17%, 10/25/2034 (n)		1,569		1,573
Series 2005-AR5, Class A6, 3.89%, 5/25/2035 (n)		4,186		4,216
Series 2005-AR7, Class A3, 4.08%, 8/25/2035 (n)		1,553		1,564
Series 2005-AR16, Class 1A1, 3.47%, 12/25/2035 (n)		994		997
Series 2005-AR14, Class 1A3, 3.76%, 12/25/2035 (n)		2,477		2,496
Series 2005-AR14, Class 1A4, 3.76%, 12/25/2035 (n)		1,652		1,665
Series 2005-AR18, Class 1A3A, 3.52%, 1/25/2036 (n)		114		117
Series 2006-AR2, Class 1A1, 3.46%, 3/25/2036 (n)		480		466
Series 2004-AR10, Class A1B, 2.70%, 7/25/2044 (n)		1,409		1,403
Series 2005-AR15, Class A1A1, 2.54%, 11/25/2045 (n)		59		59


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2006-3, Class 5A2, 5.50%, 3/25/2021		790		762
Series 2007-1, Class 2A1, 6.00%, 1/25/2022		1,215		1,140
Series 2005-1, Class 1A3, 5.50%, 3/25/2035		1,094		1,055
Series 2005-4, Class CB7, 5.50%, 6/25/2035		744		713
Series 2005-10, Class 2A5, 5.75%, 11/25/2035		3,570		3,358
Series 2005-10, Class 4CB1, 5.75%, 12/25/2035		1,126		1,101
Series 2006-5, Class 2CB5, 6.50%, 7/25/2036		259		221
Series 2007-1, Class 1A7, 2.88%, 2/25/2037 (n)		5,625		4,319
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-N, Class A6, 4.60%, 8/25/2034 (n)		3,369		3,419
Series 2004-N, Class A7, 4.60%, 8/25/2034 (n)		3,200		3,246
Series 2004-M, Class A1, 4.61%, 8/25/2034 (n)		2,122		2,191
Series 2004-Q, Class 1A1, 4.72%, 9/25/2034 (n)		581		592
Series 2004-Q, Class 1A2, 4.72%, 9/25/2034 (n)		358		366
Series 2004-DD, Class 1A1, 3.78%, 1/25/2035 (n)		5,005		5,217
Series 2004-DD, Class 2A6, 3.82%, 1/25/2035 (n)		488		504
Series 2004-BB, Class A5, 3.90%, 1/25/2035 (n)		481		491
Series 2005-AR2, Class 2A2, 4.00%, 3/25/2035 (n)		109		112
Series 2005-AR3, Class 2A1, 4.56%, 3/25/2035 (n)		495		503
Series 2005-AR4, Class 2A2, 4.03%, 4/25/2035 (n)		253		255
Series 2005-AR5, Class 1A1, 4.08%, 4/25/2035 (n)		1,368		1,376
Series 2005-AR7, Class 2A1, 4.37%, 5/25/2035 (n)		71		71
Series 2005-AR8, Class 1A1, 4.35%, 6/25/2035 (n)		2,483		2,544
Series 2005-AR10, Class 1A1, 4.36%, 6/25/2035 (n)		1,855		1,948

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-AR11, Class 1A1, 4.45%, 6/25/2035 (n)		585		593
Series 2005-AR15, Class 1A6, 4.68%, 9/25/2035 (n)		425		410
Series 2005-AR16, Class 6A3, 4.48%, 10/25/2035 (n)		1,401		1,415
Series 2005-AR16, Class 7A1, 4.75%, 10/25/2035 (n)		226		222
Series 2006-AR2, Class 2A1, 4.08%, 3/25/2036 (n)		1,350		1,374
Series 2006-AR2, Class 2A3, 4.08%, 3/25/2036 (n)		238		241
Series 2006-AR6, Class 5A1, 4.37%, 3/25/2036 (n)		1,054		1,058
Series 2006-4, Class 1A9, 5.75%, 4/25/2036		253		253
Series 2006-AR19, Class A3, 4.23%, 12/25/2036 (n)		323		303
Series 2007-2, Class 1A13, 6.00%, 3/25/2037		240		236
Series 2007-15, Class A1, 6.00%, 11/25/2037		434		431

				506,595

Total Collateralized Mortgage Obligations (Cost $502,083)				507,463

Asset-Backed Securities — 4.2%
Cayman Islands — 0.1%
BlueMountain CLO Ltd.
Series 2014-2A, Class DR2, 5.57%, 10/20/2030 ‡ (e) (n)		1,675		1,675
Series 2018-3A, Class D, 5.69%, 10/25/2030 (e) (n)		1,285		1,285
CIFC Funding Ltd.
Series 2014-5A, Class BR2, 4.23%, 10/17/2031 (e) (n)		943		942
Series 2014-5A, Class DR2, 5.83%, 10/17/2031 (e) (n)		275		276
LCM 28 Ltd. Series 28A, Class B, 10/20/2030 (e) (j) (n)		975		975
Voya CLO Ltd. Series 2016-3A, Class CR, 5.76%, 10/18/2031 (e) (n)		1,050		1,050

				6,203

United States — 4.1%
ABFC Trust
Series 2003-OPT1, Class A1A, 3.10%, 4/25/2033 ‡ (n)		252		251
Series 2004-OPT3, Class M1, 3.03%, 9/25/2033 ‡ (n)		667		647


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Series 2004-HE1, Class M1, 3.18%, 3/25/2034 ‡ (n)		1,539		1,537
Series 2005-WF1, Class M1, 2.82%, 11/25/2034 ‡ (n)		1,161		1,160
Accredited Mortgage Loan Trust Series 2004-4, Class M1, 3.15%, 1/25/2035 ‡ (n)		857		853
ACE Securities Corp. Home Equity Loan Trust
Series 2003-FM1, Class M1, 3.57%, 11/25/2032 ‡ (n)		997		1,006
Series 2003-NC1, Class M1, 3.45%, 7/25/2033 ‡ (n)		664		658
Series 2003-HE1, Class M1, 3.26%, 11/25/2033(n)		1,115		1,097
Series 2003-OP1, Class M1, 3.33%, 12/25/2033 ‡ (n)		3,400		3,379
Series 2004-OP1, Class M2, 3.86%, 4/25/2034 ‡ (n)		3,569		3,468
Series 2004-HE2, Class M1, 3.32%, 10/25/2034 ‡ (n)		883		884
Series 2004-HE4, Class M2, 3.26%, 12/25/2034 ‡ (n)		1,382		1,346
American Credit Acceptance Receivables Trust
Series 2018-3, Class D, 4.14%, 10/15/2024 (e)		1,816		1,816
Series 2018-3, Class E, 5.17%, 10/15/2024 (e)		1,545		1,541
Series 2018-3, Class F, 6.44%, 6/12/2025 (e)		710		708
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2002-AR1, Class M1, 3.29%, 9/25/2032 ‡ (n)		585		586
Series 2003-13, Class M1, 3.30%, 1/25/2034 ‡ (n)		1,075		1,054
Series 2003-13, Class M2, 4.83%, 1/25/2034 ‡ (n)		446		439
Series 2004-R8, Class M1, 3.24%, 9/25/2034 ‡ (n)		136		136
Ameriquest Mortgage Securities, Inc. Asset-Backed Securities
Series 2004-R1, Class A2, 2.88%, 2/25/2034 ‡ (n)		810		780
Series 2004-R1, Class M1, 3.08%, 2/25/2034 ‡ (n)		2,768		2,787
Series 2004-R1, Class M2, 3.15%, 2/25/2034 ‡ (n)		411		398
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2003-W5, Class M2, 5.06%, 10/25/2033 ‡ (n)		1,025		991

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	93

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Series 2004-W3, Class A3, 3.10%, 2/25/2034 ‡ (n)		1,613		1,574
Series 2004-W2, Class M2, 4.16%, 4/25/2034 ‡ (n)		614		629
Series 2004-W2, Class M3, 4.38%, 4/25/2034 ‡ (n)		453		445
Series 2004-W6, Class M1, 3.11%, 5/25/2034 ‡ (n)		966		963
Series 2004-W7, Class M2, 3.18%, 5/25/2034 ‡ (n)		466		468
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2001-HE3, Class A1, 2.82%, 11/15/2031 (n)		1,777		1,737
Series 2003-HE3, Class M2, 5.28%, 6/15/2033 ‡ (n)		121		121
Series 2003-HE4, Class M1, 3.52%, 8/15/2033(n)		1,419		1,424
Series 2003-HE4, Class M2, 5.02%, 8/15/2033 ‡ (n)		1,096		1,087
Series 2004-HE2, Class M2, 4.16%, 4/25/2034 ‡ (n)		1,476		1,435
Series 2004-HE7, Class M2, 3.86%, 10/25/2034 ‡ (n)		1,029		1,035
Series 2005-HE6, Class M4, 3.24%, 7/25/2035 ‡ (n)		500		499
Bayview Financial Acquisition Trust Series 2006-D, Class 1A5, 5.67%, 12/28/2036 ‡ (h)		409		416
Bayview Financial Mortgage Pass-Through Trust Series 2006-C, Class 1A2, 5.64%, 11/28/2036 ‡ (h)		222		225
Bayview Opportunity Master Fund Trust Series 2018-RN5, Class A1, 3.82%, 4/28/2033 ‡ (e) (h)		1,781		1,776
Bear Stearns Asset-Backed Securities I Trust
Series 2004-HE6, Class M2, 4.16%, 8/25/2034 ‡ (n)		3,998		3,983
Series 2004-HE11, Class M2, 3.86%, 12/25/2034 ‡ (n)		1,511		1,544
Bear Stearns Asset-Backed Securities Trust
Series 2003-SD1, Class A, 3.18%, 12/25/2033 ‡ (n)		376		374
Series 2003-SD1, Class M1, 3.56%, 12/25/2033 ‡ (n)		747		727
Series 2004-HE2, Class M2, 4.08%, 3/25/2034 ‡ (n)		1,232		1,235
Series 2003-1, Class M1, 3.93%, 11/25/2042 ‡ (n)		527		508
Series 2004-SD4, Class A1, 3.18%, 8/25/2044 ‡ (n)		1,629		1,621


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
CDC Mortgage Capital Trust Series 2003-HE1, Class M1, 3.63%, 8/25/2033 (n)		426		426
Centex Home Equity Loan Trust
Series 2004-A, Class M1, 2.88%, 1/25/2034 ‡ (n)		4,193		4,166
Series 2004-C, Class M2, 3.08%, 6/25/2034 ‡ (n)		637		633
Series 2004-D, Class MV2, 2.97%, 9/25/2034 ‡ (n)		211		210
Series 2004-D, Class MF2, 5.56%, 9/25/2034 ‡ (h)		603		602
Series 2004-D, Class MF3, 5.76%, 9/25/2034 ‡ (h)		1,640		1,552
Chase Funding Loan Acquisition Trust
Series 2004-AQ1, Class M1, 3.38%, 5/25/2034 ‡ (n)		1,116		1,091
Series 2004-OPT1, Class M2, 3.78%, 6/25/2034 ‡ (n)		1,064		1,056
Chase Funding Trust
Series 2003-5, Class 1M2, 5.64%, 9/25/2032 ‡ (n)		311		300
Series 2003-4, Class 2M1, 3.18%, 3/25/2033 ‡ (n)		150		145
Series 2004-1, Class 1M1, 4.73%, 5/25/2033 ‡		841		847
Series 2003-4, Class 1A5, 5.24%, 5/25/2033 (h)		1,172		1,186
Series 2004-1, Class 2M1, 3.03%, 9/25/2033 ‡ (n)		535		531
Series 2003-6, Class 2A2, 2.86%, 11/25/2034 ‡ (n)		2,345		2,290
Series 2003-6, Class 2M1, 3.03%, 11/25/2034 ‡ (n)		1,735		1,693
Series 2004-2, Class 1M1, 5.70%, 2/26/2035 ‡ (n)		1,803		1,817
CHEC Loan Trust Series 2004-1, Class M1, 3.18%, 7/25/2034 ‡ (e) (n)		1,149		1,066
Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (h)		3,570		3,628
Citigroup Mortgage Loan Trust, Inc.
Series 2005-OPT1, Class M4, 3.33%, 2/25/2035 ‡ (n)		239		227
Series 2005-WF2, Class AF7, 5.25%, 8/25/2035 ‡ (h)		65		65
Civic Mortgage LLC 11/25/2022 (n)		2,945		2,945
CLUB Credit Trust Series 2018-NP1, Class C, 4.74%, 5/15/2024 (e)		1,130		1,129
Conn’s Receivables Funding LLC Series 2018-A, Class B, 4.65%, 1/15/2023 (e)		1,610		1,610

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Continental Airlines Pass-Through Trust Series 2004-ERJ1, 9.56%, 9/1/2019		11		11
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 3.41%, 12/25/2032 ‡ (n)		718		715
Series 2003-3, Class 3A, 2.82%, 11/25/2033 ‡ (n)		1,185		1,137
Series 2004-BC1, Class M1, 3.03%, 2/25/2034 (n)		1,034		1,026
Series 2004-2, Class M1, 3.03%, 5/25/2034 ‡ (n)		6,062		6,055
Series 2004-3, Class M1, 3.03%, 6/25/2034 ‡ (n)		1,699		1,648
Series 2004-3, Class M2, 3.11%, 6/25/2034 ‡ (n)		483		481
Series 2004-BC4, Class M1, 3.33%, 11/25/2034 ‡ (n)		200		200
Series 2004-ECC2, Class M2, 3.26%, 12/25/2034 ‡ (n)		558		559
Series 2005-12, Class M2, 2.77%, 2/25/2036 ‡ (n)		3,000		2,983
Series 2005-AB4, Class 2A1, 2.55%, 3/25/2036 ‡ (n)		2,159		1,991
Series 2006-19, Class 2A2, 2.44%, 3/25/2037 ‡ (n)		7,138		7,070
Countrywide Partnership Trust Series 2004-EC1, Class M2, 3.23%, 1/25/2035 ‡ (n)		883		881
CPS Auto Receivables Trust Series 2018-D, Class D, 4.34%, 9/16/2024 (e)		730		730
Credit-Based Asset Servicing & Securitization LLC
Series 2004-CB2, Class M1, 3.06%, 7/25/2033 ‡ (n)		1,248		1,181
Series 2003-CB6, Class M1, 3.33%, 12/25/2033 ‡ (n)		2,141		2,103
CWABS Asset-Backed Certificates Trust Series 2005-11, Class AF6, 4.44%, 2/25/2036 ‡ (n)		932		951
CWABS, Inc. Asset-Backed Certificates Trust
Series 2003-BC1, Class A1, 3.08%, 3/25/2033 ‡ (n)		2,689		2,654
Series 2004-1, Class M3, 3.26%, 2/25/2034 ‡ (n)		1,120		1,116
Series 2004-1, Class M2, 3.11%, 3/25/2034 ‡ (n)		624		620
Series 2004-5, Class M2, 3.29%, 7/25/2034 ‡ (n)		1,536		1,541
Series 2004-6, Class M2, 3.26%, 10/25/2034 ‡ (n)		702		698


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Drive Auto Receivables Trust Series 2018-4, Class D, 4.09%, 1/15/2026		1,920		1,920
DT Auto Owner Trust
Series 2018-3A, Class D, 4.19%, 7/15/2024 (e)		2,150		2,150
Series 2018-3A, Class E, 5.33%, 11/17/2025 (e)		1,770		1,769
Equity One Mortgage Pass-Through Trust
Series 2003-4, Class M1, 5.87%, 10/25/2034 ‡ (h)		361		356
Exeter Automobile Receivables Trust
Series 2018-4A, Class C, 3.97%, 9/15/2023 (e)		2,930		2,931
Series 2018-4A, Class D, 4.35%, 9/16/2024 (e)		1,190		1,191
Series 2018-4A, Class E, 5.38%, 7/15/2025 (e)		1,050		1,050
FFMLT Trust Series 2005-FF11, Class M1, 2.93%, 11/25/2035 ‡ (n)		6,432		6,419
Finance America Mortgage Loan Trust Series 2004-3, Class M2, 3.23%, 11/25/2034 ‡ (n)		171		158
First Franklin Mortgage Loan Asset-Backed Certificates Series 2004-FF3, Class M1, 3.11%, 5/25/2034 ‡ (n)		742		732
First Franklin Mortgage Loan Trust
Series 2003-FF5, Class M1, 3.18%, 3/25/2034 ‡ (n)		4,087		4,103
Series 2004-FF5, Class A1, 3.00%, 8/25/2034 ‡ (n)		1,839		1,792
Series 2005-FF10, Class A1, 2.58%, 11/25/2035 ‡ (n)		9,549		9,296
Series 2006-FF8, Class IIA3, 2.43%, 7/25/2036 ‡ (n)		777		773
FREED ABS TRUST Series 2018-2, Class B, 4.61%, 10/20/2025 (e)		1,135		1,147
Fremont Home Loan Trust
Series 2003-A, Class M1, 3.26%, 8/25/2033 ‡ (n)		1,830		1,783
Series 2002-1, Class M1, 3.53%, 8/25/2033 ‡ (n)		1,697		1,726
Series 2004-A, Class M1, 3.11%, 1/25/2034 ‡ (n)		3,213		3,182
Series 2004-B, Class M2, 3.23%, 5/25/2034 ‡ (n)		459		465
Series 2004-2, Class M2, 3.21%, 7/25/2034 (n)		700		706

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	95

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Series 2004-C, Class M1, 3.26%, 8/25/2034 ‡ (n)		771		771
Series 2004-D, Class M1, 3.15%, 11/25/2034 (n)		1,799		1,797
Series 2004-D, Class M2, 3.18%, 11/25/2034 (n)		429		418
GLS Auto Receivables Trust
Series 2018-3A, Class C, 4.18%, 7/15/2024 (e)		820		819
Series 2018-3A, Class D, 5.34%, 8/15/2025 (e)		860		859
GSAA Home Equity Trust Series 2005-6, Class A3, 2.65%, 6/25/2035 ‡ (n)		478		478
GSAMP Trust
Series 2003-SEA, Class A1, 2.68%, 2/25/2033 ‡ (n)		1,068		1,051
Series 2003-HE1, Class M1, 3.52%, 6/20/2033 ‡ (n)		1,886		1,903
Series 2005-NC1, Class M1, 2.96%, 2/25/2035 ‡ (n)		1,451		1,453
Series 2005-HE3, Class M2, 3.29%, 6/25/2035 ‡ (n)		265		265
Series 2006-FM1, Class A2C, 2.44%, 4/25/2036 ‡ (n)		2,963		2,188
Series 2006-HE4, Class A2C, 2.43%, 6/25/2036 ‡ (n)		1,406		1,394
Series 2007-SEA1, Class A, 2.58%, 12/25/2036 ‡ (e) (n)		5,738		5,551
Series 2006-HE3, Class A2C, 2.44%, 5/25/2046 (n)		4,647		4,601
Home Equity Asset Trust
Series 2002-5, Class M1, 3.98%, 5/25/2033 ‡ (n)		3,028		3,030
Series 2003-3, Class M1, 3.57%, 8/25/2033 ‡ (n)		778		781
Series 2004-6, Class M2, 3.18%, 12/25/2034 ‡ (n)		443		437
Home Equity Mortgage Loan Asset-Backed Trust
Series 2004-B, Class M2, 3.41%, 11/25/2034 ‡ (n)		462		459
Series 2004-C, Class M1, 3.12%, 3/25/2035 ‡ (n)		7,597		7,605
Series 2004-C, Class M2, 3.18%, 3/25/2035 ‡ (n)		840		832
Indianapolis Local Public Improvement Bond Bank Series 2003-BC3, Class M1, 3.71%, 4/25/2033 ‡ (n)		146		146


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Lendmark Funding Trust Series 2017-2A, Class C, 4.33%, 5/20/2026 (e)		655		648
Long Beach Mortgage Loan Trust
Series 2001-2, Class M1, 2.84%, 7/25/2031 ‡ (n)		543		547
Series 2002-5, Class M1, 3.53%, 11/25/2032 ‡ (n)		2,285		2,276
Series 2003-4, Class M1, 3.30%, 8/25/2033 ‡ (n)		216		217
Series 2004-3, Class M2, 3.18%, 7/25/2034 ‡ (n)		722		720
Series 2004-3, Class M4, 3.89%, 7/25/2034 ‡ (n)		477		479
Series 2004-3, Class M6, 4.42%, 7/25/2034 (n)		516		507
Series 2004-4, Class M1, 3.18%, 10/25/2034 (n)		1,523		1,524
MASTR Asset-Backed Securities Trust
Series 2003-OPT1, Class M3, 6.41%, 12/25/2032 ‡ (n)		2,563		2,648
Series 2004-OPT2, Class M1, 3.18%, 9/25/2034 ‡ (n)		585		573
Series 2004-OPT2, Class M2, 3.26%, 9/25/2034 ‡ (n)		791		781
Series 2005-NC1, Class M2, 3.03%, 12/25/2034 ‡ (n)		1,279		1,286
Series 2005-NC1, Class M4, 3.42%, 12/25/2034 ‡ (n)		870		852
Merrill Lynch Mortgage Investors Trust
Series 2003-OPT1, Class M1, 3.26%, 7/25/2034 (n)		400		389
Series 2004-WMC5, Class M5, 4.01%, 7/25/2035 ‡ (n)		80		80
Series 2004-HE2, Class M1, 3.48%, 8/25/2035 ‡ (n)		257		259
Series 2005-FM1, Class M1, 3.00%, 5/25/2036 (n)		1,533		1,500
MFA LLC
Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (e) (h)		12,590		12,559
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (e) (h)		9,374		9,340
MFA Trust Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (e) (h)		6,725		6,649
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, Class M1, 3.30%, 10/25/2033 ‡ (n)		815		808
Series 2004-HE1, Class M1, 3.14%, 1/25/2034 ‡ (n)		3,792		3,755

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Series 2004-NC3, Class M1, 3.08%, 3/25/2034 ‡ (n)		2,169		2,139
Series 2004-HE3, Class M1, 3.14%, 3/25/2034 ‡ (n)		3,342		3,256
Series 2004-HE2, Class M2, 4.08%, 3/25/2034 ‡ (n)		168		150
Series 2004-HE3, Class M2, 4.16%, 3/25/2034 ‡ (n)		1,093		1,059
Series 2004-HE2, Class M3, 4.46%, 3/25/2034 ‡ (n)		1,033		670
Series 2004-NC5, Class M1, 3.18%, 5/25/2034 ‡ (n)		4,471		4,385
Series 2004-WMC2, Class M1, 3.20%, 7/25/2034 ‡ (n)		1,774		1,771
Series 2004-WMC2, Class M2, 4.08%, 7/25/2034 ‡ (n)		661		659
Series 2004-NC6, Class M2, 4.16%, 7/25/2034 ‡ (n)		566		559
Series 2004-HE6, Class M1, 3.11%, 8/25/2034(n)		828		833
Series 2004-HE6, Class M2, 3.18%, 8/25/2034 ‡ (n)		1,056		1,060
Series 2004-HE7, Class M2, 3.23%, 8/25/2034 ‡ (n)		277		280
Series 2004-HE6, Class M3, 3.26%, 8/25/2034 ‡ (n)		698		703
Series 2004-HE7, Class M3, 3.30%, 8/25/2034 ‡ (n)		71		71
Series 2004-HE8, Class M1, 3.24%, 9/25/2034 ‡ (n)		2,308		2,332
Series 2004-HE8, Class M2, 3.30%, 9/25/2034 ‡ (n)		367		373
Series 2004-NC8, Class M3, 3.39%, 9/25/2034 ‡ (n)		554		543
Series 2004-HE8, Class M3, 3.41%, 9/25/2034 ‡ (n)		645		648
Series 2004-OP1, Class M2, 3.20%, 11/25/2034 ‡ (n)		532		526
Series 2004-OP1, Class M3, 3.30%, 11/25/2034 ‡ (n)		801		795
Series 2005-HE1, Class M2, 2.99%, 12/25/2034 ‡ (n)		381		353
Series 2005-HE1, Class M3, 3.06%, 12/25/2034 ‡ (n)		1,032		1,000
Series 2005-NC1, Class M3, 3.05%, 1/25/2035 ‡ (n)		263		253
Series 2004-WMC3, Class M2, 3.08%, 1/25/2035 ‡ (n)		3,156		3,151


INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)

United States — continued
Morgan Stanley Mortgage Loan Trust Series 2007-5AX, Class 2A2, 2.43%, 2/25/2037 ‡ (n)		4,153			1,992
New Century Home Equity Loan Trust
Series 2003-3, Class M1, 3.47%, 7/25/2033 ‡ (n)		219			218
Series 2003-B, Class M2, 4.76%, 11/25/2033 ‡ (n)		644			646
Series 2004-1, Class M1, 3.17%, 5/25/2034 (n)		2,518			2,505
Series 2004-2, Class M2, 3.21%, 8/25/2034 ‡ (n)		178			178
Series 2004-2, Class M4, 4.08%, 8/25/2034 ‡ (n)		830			832
Series 2004-2, Class M6, 4.53%, 8/25/2034 ‡ (n)		716			716
Series 2004-3, Class M2, 3.26%, 11/25/2034 ‡ (n)		704			705
Series 2004-3, Class M3, 3.35%, 11/25/2034 ‡ (n)		385			388
Series 2004-4, Class M1, 3.05%, 2/25/2035 ‡ (n)		4,273			4,247
Series 2004-4, Class M2, 3.08%, 2/25/2035 ‡ (n)		477			474
Series 2005-1, Class M3, 3.06%, 3/25/2035 ‡ (n)		292			277
Series 2006-2, Class A2B, 2.44%, 8/25/2036 ‡ (n)		2,140			2,027
New Jersey Transportation Trust Fund Authority
Series 2006-BC4, Class A4, 2.45%, 12/25/2036 ‡ (n)		4,044			3,906
Series 2006-BC6, Class A4, 2.45%, 1/25/2037 (n)		8,497			8,320
New York State Environmental Facilities Corp Series 2003-BC7, Class M1, 3.41%, 7/25/2033 ‡ (n)		470			470
North Texas Tollway Authority
Series 2004-1, Class M2, 4.98%, 2/25/2034 ‡ (n)		—	(k)		—	(k)
Series 2004-5, Class M3, 3.21%, 5/25/2034 ‡ (n)		1,261			1,250
NovaStar Mortgage Funding Trust
Series 2003-2, Class M2, 5.06%, 9/25/2033 ‡ (n)		1,191			1,183
Series 2003-3, Class M2, 4.76%, 12/25/2033 ‡ (n)		4			3
Series 2004-2, Class M4, 4.08%, 9/25/2034 ‡ (n)		2,964			2,914

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	97

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Oak Hill Advisors Residential Loan Trust
Series 2017-NPL1, Class A1, 3.00%, 6/25/2057 ‡ (e) (h)		5,501		5,417
Series 2017-NPL2, Class A1, 3.00%, 7/25/2057 ‡ (e) (h)		4,425		4,333
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class C, 4.52%, 4/18/2022 ‡ (e)		250		250
OneMain Financial Issuance Trust
Series 2015-1A, Class C, 5.12%, 3/18/2026 (e)		755		763
Series 2015-3A, Class C, 5.82%, 11/20/2028 (e)		915		946
Option One Mortgage Acceptance Corp. Asset-Backed Certificates
Series 2003-5, Class A2, 2.92%, 8/25/2033 ‡ (n)		401		393
Series 2003-5, Class M2, 4.61%, 8/25/2033 ‡ (n)		200		200
Option One Mortgage Loan Trust
Series 2002-3, Class A1, 2.78%, 8/25/2032 ‡ (n)		3,840		3,779
Series 2002-3, Class A2, 2.82%, 8/25/2032 ‡ (n)		694		683
Series 2004-3, Class M2, 3.14%, 11/25/2034 ‡ (n)		600		600
People’s Choice Home Loan Securities Trust Series 2004-2, Class M3, 4.01%, 10/25/2034 ‡ (n)		1,910		1,900
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 4.63%, 4/25/2023 (e) (n)		915		920
Prestige Auto Receivables Trust
Series 2018-1A, Class D, 4.14%, 10/15/2024 (e)		865		862
Series 2018-1A, Class E, 5.03%, 1/15/2026 (e)		635		633
Pretium Mortgage Credit Partners I LLC
Series 2017-NPL3, Class A1, 3.25%, 6/29/2032 ‡ (e) (h)		3,877		3,842
Series 2017-NPL4, Class A1, 3.25%, 8/27/2032 ‡ (e) (h)		6,032		5,966
Series 2017-NPL5, Class A1, 3.33%, 12/30/2032 (e) (n)		9,827		9,757
Series 2018-NPL1, Class A1, 3.38%, 1/27/2033 ‡ (e) (h)		5,837		5,775
Series 2018-NPL2, Class A1, 3.70%, 3/27/2033 ‡ (e) (h)		11,931		11,842
Series 2018-NPL3, Class A1, 4.13%, 8/27/2033 ‡ (e) (h)		9,154		9,128


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Series 2017-NPL2, Class A1, 3.25%, 3/28/2057 ‡ (e) (h)		5,839		5,798
Series 2017-NPL2, Class A2, 5.50%, 3/28/2057 ‡ (e) (h)		2,696		2,688
RAAC Trust Series 2005-RP3, Class M1, 3.08%, 5/25/2039 ‡ (e) (n)		457		457
RAMP Trust
Series 2002-RS2, Class AI5, 5.92%, 3/25/2032 ‡ (n)		482		487
Series 2006-RZ3, Class M1, 2.63%, 8/25/2036 ‡ (n)		5,500		5,447
Series 2006-RZ4, Class A3, 2.55%, 10/25/2036 ‡ (n)		3,075		3,038
RASC Trust
Series 2001-KS3, Class AII, 2.74%, 9/25/2031 ‡ (n)		530		526
Series 2005-EMX1, Class M1, 2.93%, 3/25/2035 ‡ (n)		2,409		2,416
Series 2005-KS2, Class M1, 2.93%, 3/25/2035 ‡ (n)		1,207		1,208
Renaissance Home Equity Loan Trust
Series 2002-3, Class M1, 3.78%, 12/25/2032 ‡ (n)		1,000		1,001
Series 2003-1, Class M1, 3.78%, 6/25/2033 ‡ (n)		347		345
Series 2003-3, Class M1, 3.38%, 12/25/2033 ‡ (n)		1,242		1,213
Series 2003-3, Class M2F, 6.18%, 12/25/2033 ‡ (h)		1,130		1,165
Series 2003-4, Class M1, 3.13%, 3/25/2034 ‡ (n)		1,816		1,805
Series 2003-4, Class M2F, 6.24%, 3/25/2034 ‡ (h)		962		905
Series 2004-1, Class M1, 3.15%, 5/25/2034 ‡ (n)		560		538
Series 2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (h)		270		276
Series 2005-2, Class AV3, 2.65%, 8/25/2035 ‡ (n)		982		944
Series 2005-4, Class A3, 5.57%, 2/25/2036 (h)		351		351
San Joaquin County Transportation Authority Series 2004-6, Class M1, 3.18%, 7/25/2034 ‡ (n)		1,706		1,687
Santander Drive Auto Receivables Trust Series 2016-3, Class E, 4.29%, 2/15/2024		1,920		1,929
SASCO Mortgage Loan Trust Series 2004-GEL3, Class M1, 3.86%, 8/25/2034 ‡ (n)		668		664

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Saxon Asset Securities Trust
Series 2003-3, Class M1, 3.26%, 12/25/2033 ‡ (n)		4,321		4,173
Series 2004-2, Class AF3, 3.95%, 8/25/2035 ‡ (n)		121		121
Series 2004-2, Class MV2, 4.08%, 8/25/2035 ‡ (n)		1,317		1,323
Series 2005-2, Class M2, 2.94%, 10/25/2035 (n)		3,646		3,573
Securitized Asset-Backed Receivables LLC Trust
Series 2004-NC1, Class M1, 3.06%, 2/25/2034 ‡ (n)		2,187		2,195
Series 2004-OP1, Class M2, 3.93%, 2/25/2034 ‡ (n)		633		625
Series 2004-OP2, Class M1, 3.26%, 8/25/2034 ‡ (n)		3,051		3,018
Series 2005-OP1, Class M2, 2.96%, 1/25/2035 ‡ (n)		1,367		1,347
Series 2005-FR2, Class M2, 3.26%, 3/25/2035 ‡ (n)		867		868
Soundview Home Loan Trust Series 2006-OPT3, Class 2A3, 2.45%, 6/25/2036 ‡ (n)		1,949		1,932
Specialty Underwriting & Residential Finance Trust
Series 2004-BC1, Class M2, 3.89%, 2/25/2035 ‡ (n)		1,086		1,078
Series 2004-BC3, Class M1, 3.21%, 7/25/2035 ‡ (n)		1,064		1,061
Stanwich Mortgage Loan Trust
Series 2018-NPB1, Class A1, 4.02%, 5/16/2023 ‡ (e) (h)		7,180		7,140
Series 2018-NPB2, Class A1, 4.50%, 10/18/2023 (e) (h)		10,000		10,000
State of California
Series 2004-1, Class M1, 3.26%, 2/25/2034 ‡ (n)		920		899
Series 2005-HE2, Class M1, 3.00%, 7/25/2035 ‡ (n)		989		991
Structured Asset Investment Loan Trust
Series 2003-BC6, Class M1, 3.41%, 7/25/2033 ‡ (n)		636		636
Series 2003-BC11, Class M2, 4.83%, 10/25/2033 ‡ (n)		420		435
Series 2003-BC12, Class M1, 3.26%, 11/25/2033 ‡ (n)		423		407
Structured Asset Securities Corp. Pass-Through Certificates Series 2002-AL1, Class A3, 3.45%, 2/25/2032 ‡		3,151		3,083


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
Trinity River Authority LLC
Series 2004-7, Class M1, 3.33%, 8/25/2034 ‡ (n)		1,215		1,188
Series 2004-8, Class M2, 3.21%, 9/25/2034 ‡ (n)		451		448
Series 2004-BNC1, Class A5, 3.52%, 9/25/2034 ‡ (n)		209		210
Upgrade Receivables Trust Series 2018-1A, Class A, 3.76%, 11/15/2024 (e)		1,020		1,019
VOLT LX LLC
Series 2017-NPL7, Class A1, 3.25%, 6/25/2047 ‡ (e) (h)		4,299		4,265
Series 2017-NPL7, Class A2, 5.37%, 6/25/2047 ‡ (e) (h)		14,000		13,955
VOLT LXI LLC
Series 2017-NPL8, Class A1, 3.13%, 6/25/2047 ‡ (e) (h)		4,067		4,027
Series 2017-NPL8, Class A2, 5.00%, 6/25/2047 ‡ (e) (h)		8,500		8,446
VOLT LXII LLC Series 2017-NPL9, Class A1, 3.13%, 9/25/2047 ‡ (e) (h)		5,188		5,141
VOLT LXIV LLC
Series 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (e) (h)		2,766		2,744
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2004-2, Class M1, 3.18%, 10/25/2034 ‡ (n)		750		750
Series 2004-2, Class M4, 4.08%, 10/25/2034(n)		1,212		1,176
Series 2004-2, Class M5, 4.16%, 10/25/2034 ‡ (n)		584		571
Series 2004-2, Class M8B, 5.00%, 10/25/2034 ‡ (e) (n)		290		263
Series 2004-2, Class M8A, 6.78%, 10/25/2034 ‡ (e) (n)		290		273
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
Series 2004-1, Class M2, 2.91%, 4/25/2034 ‡ (n)		377		357
Series 2004-1, Class M4, 3.43%, 4/25/2034 ‡ (n)		630		563
Westlake Automobile Receivables Trust Series 2018-3A, Class F, 6.02%, 2/18/2025 (e)		1,000		1,001

				500,797

Total Asset-Backed Securities (Cost $486,010)				507,000

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	99

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Convertible Bonds — 1.5%
Austria — 0.0% (a)
ams AG Zero Coupon, 3/5/2025 (b)		EUR 1,200		903

Bermuda — 0.0% (a)
Golar LNG Ltd. 2.75%, 2/15/2022		599		614

China — 0.2%
Ctrip.com International Ltd. 1.00%, 7/1/2020		2,655		2,492
Future Land Development Holdings Ltd. 2.25%, 2/10/2019 (b)		HKD 20,530		2,617
Harvest International Co. Zero Coupon, 11/21/2022 (b)		HKD 10,000		1,195
Momo, Inc. 1.25%, 7/1/2025 (e)		2,604		2,278
Powerlong Real Estate Holdings Ltd. Zero Coupon, 2/11/2019 (b)		HKD 21,000		2,643
Smart Insight International Ltd. Zero Coupon, 1/27/2019 (b)		HKD 20,000		2,508
Weibo Corp. 1.25%, 11/15/2022 (e)		2,660		2,359
Zhejiang Expressway Co. Ltd. Zero Coupon, 4/21/2022 (b)		EUR 1,600		1,732
Zhongsheng Group Holdings Ltd. Zero Coupon, 5/23/2023 (b)		HKD 17,000		2,020

				19,844

Cyprus — 0.0% (a)
Volcan Holdings plc 4.13%, 4/11/2020 (b)		GBP 800		1,288

France — 0.0% (a)
Orpar SA Zero Coupon, 6/20/2024 (b)		EUR 2,200		2,558

Germany — 0.0% (a)
Bayer Capital Corp. BV
5.63%, 11/22/2019 (e)		EUR 3,300		3,121
5.63%, 11/22/2019 (b)		EUR 500		473

				3,594

Hong Kong — 0.1%
China Overseas Finance Investment Cayman V Ltd. Zero Coupon, 1/5/2023 (b)		7,400		7,837
PB Issuer No. 4 Ltd. 3.25%, 7/3/2021 (b)		1,531		1,516

				9,353

Italy — 0.0% (a)
Prysmian SpA Zero Coupon, 1/17/2022 (b)		EUR 1,300		1,403

Monaco — 0.0% (a)
Scorpio Tankers, Inc. 2.38%, 7/1/2019 (e)		2,948		2,831

Norway — 0.0% (a)
Telenor East Holding II A/S 0.25%, 9/20/2019 (b)		4,000		3,883


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Russia — 0.0% (a)
Abigrove Ltd. Zero Coupon, 2/16/2022 (b)		1,800		1,871

Singapore — 0.1%
BW Group Ltd. 1.75%, 9/10/2019 (b)		2,600		2,509
CapitaLand Ltd.
1.85%, 6/19/2020 (b)		SGD 7,000		4,976
2.95%, 6/20/2022 (b)		SGD 5,000		3,611

				11,096

South Africa — 0.1%
Brait SE 2.75%, 9/18/2020 (b)		GBP 4,200		4,938
Remgro Jersey GBP Ltd. 2.63%, 3/22/2021 (b)		GBP 2,000		2,452

				7,390

Switzerland — 0.0% (a)
Glencore Funding LLC Zero Coupon, 3/27/2025 (b)		3,000		2,667

United Arab Emirates — 0.1%
Aabar INVESTMENTS PJSC
0.50%, 3/27/2020 (b)		EUR 5,000		5,215
1.00%, 3/27/2022 (b)		EUR 3,200		2,994
DP World Ltd. 1.75%, 6/19/2024 (b)		4,800		4,626

				12,835

United Kingdom — 0.1%
Intu Jersey 2 Ltd. REIT, 2.88%, 11/1/2022 (b)		GBP 2,600		3,184
Vodafone Group plc 2.00%, 2/25/2019 (b)		GBP 2,800		2,873

				6,057

United States — 0.8%
Ares Capital Corp. 3.75%, 2/1/2022		3,819		3,856
BlackRock Capital Investment Corp. 5.00%, 6/15/2022		1,246		1,221
BlackRock TCP Capital Corp. 4.63%, 3/1/2022		2,286		2,276
Chesapeake Energy Corp. 5.50%, 9/15/2026 (h)		2,888		2,715
Colony Capital, Inc.
REIT, 3.88%, 1/15/2021		1,455		1,377
REIT, 5.00%, 4/15/2023		3,721		3,470
DISH Network Corp.
2.38%, 3/15/2024		9,116		7,648
3.38%, 8/15/2026		2,415		2,152
Electronics For Imaging, Inc. 0.75%, 9/1/2019		1,226		1,205
Ensco Jersey Finance Ltd. 3.00%, 1/31/2024		4,843		4,423

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Convertible Bonds — continued
United States — continued
FireEye, Inc. Series B, 1.63%, 6/1/2035		6,958		6,372
Hercules Capital, Inc. 4.38%, 2/1/2022		3,031		2,908
Intercept Pharmaceuticals, Inc. 3.25%, 7/1/2023		1,293		1,208
Liberty Interactive LLC
4.00%, 11/15/2029		6,966		4,807
3.75%, 2/15/2030 ‡		320		219
1.75%, 9/30/2046 (e)		1,253		1,399
Macquarie Infrastructure Corp. 2.00%, 10/1/2023		4,269		3,800
Nabors Industries, Inc. 0.75%, 1/15/2024		6,547		4,880
Nuance Communications, Inc. 1.00%, 12/15/2035		561		526
Pandora Media, Inc. 1.75%, 12/1/2020		2,848		2,723
Rovi Corp. 0.50%, 3/1/2020		503		477
RWT Holdings, Inc. 5.63%, 11/15/2019		1,680		1,696
Spirit Realty Capital, Inc. REIT, 3.75%, 5/15/2021		3,821		3,780
Starwood Property Trust, Inc. REIT, 4.38%, 4/1/2023		2,540		2,529
SunPower Corp. 0.88%, 6/1/2021		3,183		2,547
TPG Specialty Lending, Inc. 4.50%, 8/1/2022		959		962
Twitter, Inc.
0.25%, 9/15/2019		4,089		3,953
1.00%, 9/15/2021		4,079		3,799
Veeco Instruments, Inc. 2.70%, 1/15/2023		4,544		3,799
VEREIT, Inc. REIT, 3.75%, 12/15/2020		2,552		2,546
Vishay Intertechnology, Inc. 2.25%, 6/15/2025 (e)		2,638		2,368
Weatherford International Ltd. 5.88%, 7/1/2021		4,015		3,082
Whiting Petroleum Corp. 1.25%, 4/1/2020		2,723		2,611

				93,334

Total Convertible Bonds (Cost $192,276)				181,521

Foreign Government Securities — 1.3%
Angola — 0.0% (a)
Republic of Angola
7.00%, 8/17/2019 (b)		1,375		1,379
9.50%, 11/12/2025 (b)		1,570		1,729
8.25%, 5/9/2028 (e)		950		949

				4,057


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Argentina — 0.1%
Provincia de Buenos Aires
10.88%, 1/26/2021 (b)		989		993
9.95%, 6/9/2021 (b)		1,185		1,158
Provincia de Cordoba 7.45%, 9/1/2024 (b)		740		621
Republic of Argentina
6.88%, 4/22/2021		850		814
8.28%, 12/31/2033		1,136		979
6.88%, 1/11/2048		1,160		856
7.13%, 6/28/2117		852		635

				6,056

Armenia — 0.0% (a)
Republic of Armenia
6.00%, 9/30/2020 (b)		430		434
7.15%, 3/26/2025 (b)		580		605

				1,039

Bahrain — 0.0% (a)
Kingdom of Bahrain
6.13%, 8/1/2023(b)		250		252
7.00%, 10/12/2028(b)		260		254

				506

Belarus — 0.0% (a)
Republic of Belarus
6.88%, 2/28/2023(e)		360		371
7.63%, 6/29/2027(b)		600		634
7.63%, 6/29/2027(e)		361		382
6.20%, 2/28/2030(e)		1,450		1,374

				2,761

Brazil — 0.1%
Federative Republic of Brazil
4.25%, 1/7/2025		1,340		1,293
6.00%, 4/7/2026		1,880		1,970
8.25%, 1/20/2034		1,305		1,556

				4,819

Chile — 0.0% (a)
Chile Government Bond 3.13%, 1/21/2026		400		378

Colombia — 0.0% (a)
Republic of Colombia
3.88%, 4/25/2027		540		514
7.38%, 9/18/2037		1,000		1,213
6.13%, 1/18/2041		950		1,029

				2,756

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	101

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Costa Rica — 0.0% (a)
Instituto Costarricense de Electricidad 6.95%, 11/10/2021 (b)		1,290		1,229
Republic of Costa Rica
4.25%, 1/26/2023 (b)		950		828
4.38%, 4/30/2025 (b)		1,530		1,258
7.16%, 3/12/2045 (b)		1,030		859

				4,174

Croatia — 0.0% (a)
Republic of Croatia
5.50%, 4/4/2023 (b)		850		892
6.00%, 1/26/2024 (b)		1,970		2,118

				3,010

Dominican Republic — 0.1%
Government of Dominican Republic
7.50%, 5/6/2021 (b)		520		537
5.50%, 1/27/2025 (b)		1,510		1,489
6.88%, 1/29/2026 (b)		1,780		1,869
7.45%, 4/30/2044 (b)		2,580		2,686

				6,581

Ecuador — 0.1%
Republic of Ecuador
10.50%, 3/24/2020 (b)		930		951
10.75%, 3/28/2022 (b)		2,290		2,365
8.75%, 6/2/2023 (e)		3,780		3,585

				6,901

Egypt — 0.1%
Republic of Egypt
6.13%, 1/31/2022 (b)		2,300		2,271
5.88%, 6/11/2025 (b)		1,570		1,468
7.50%, 1/31/2027 (b)		780		763
8.50%, 1/31/2047 (b)		864		815

				5,317

El Salvador — 0.0% (a)
Republic of El Salvador
7.38%, 12/1/2019 (b)		1,390		1,388
7.75%, 1/24/2023 (b)		1,390		1,399
5.88%, 1/30/2025 (b)		770		688
6.38%, 1/18/2027 (b)		1,480		1,323

				4,798

Ethiopia — 0.0% (a)
Republic of Ethiopia 6.63%, 12/11/2024 (b)		2,217		2,159


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Gabon — 0.0% (a)
Republic of Gabonese 6.95%, 6/16/2025 (b)		1,150		1,055

Ghana — 0.0% (a)
Republic of Ghana 10.75%, 10/14/2030 (b)		1,635		1,954

Honduras — 0.0% (a)
Republic of Honduras
8.75%, 12/16/2020 (b)		2,080		2,236
7.50%, 3/15/2024 (b)		860		907

				3,143
				��
Hungary — 0.0% (a)
Republic of Hungary
5.38%, 2/21/2023		950		997
5.75%, 11/22/2023		1,234		1,321
5.38%, 3/25/2024		720		764
7.63%, 3/29/2041		722		978

				4,060

Indonesia — 0.0% (a)
Republic of Indonesia
4.13%, 1/15/2025 (b)		600		575
4.35%, 1/8/2027 (b)		1,010		968
6.75%, 1/15/2044 (b)		650		747

				2,290

Iraq — 0.0% (a)
Republic of Iraq
6.75%, 3/9/2023 (b)		1,330		1,295
5.80%, 1/15/2028 (b)		2,755		2,528

				3,823

Ivory Coast — 0.0% (a)
Republic of Cote d’Ivoire 5.75%, 12/31/2032(b) (h)		2,202		1,990

Jamaica — 0.0% (a)
Government of Jamaica 8.00%, 3/15/2039		1,793		2,080

Jordan — 0.0% (a)
Kingdom of Jordan
6.13%, 1/29/2026 (b)		1,010		964
5.75%, 1/31/2027(b)		1,430		1,314

				2,278

Kenya — 0.0% (a)
Republic of Kenya
5.88%, 6/24/2019 (b)		1,150		1,154
6.88%, 6/24/2024 (b)		1,830		1,782

				2,936

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Lebanon — 0.1%
Republic of Lebanon
5.15%, 11/12/2018 (b)		1,500		1,496
6.00%, 5/20/2019 (b)		3,680		3,620
5.45%, 11/28/2019 (b)		827		794
6.38%, 3/9/2020		2,960		2,838

				8,748

Mexico — 0.0% (a)
United Mexican States
5.55%, 1/21/2045		1,200		1,186
4.60%, 1/23/2046		1,210		1,053

				2,239

Mongolia — 0.0% (a)
Mongolia Government Bond
10.88%, 4/6/2021 (b)		480		532
5.13%, 12/5/2022 (b)		903		853
5.63%, 5/1/2023 (e)		1,870		1,772

				3,157

Nigeria — 0.0% (a)
Republic of Nigeria
6.38%, 7/12/2023 (b)		720		715
6.50%, 11/28/2027 (e)		840		771
7.88%, 2/16/2032 (b)		850		818
7.70%, 2/23/2038 (e)		620		559
7.63%, 11/28/2047 (e)		730		644

				3,507

Oman — 0.1%
Oman Government Bond
4.13%, 1/17/2023 (b)		540		517
4.75%, 6/15/2026 (b)		990		911
5.38%, 3/8/2027 (b)		600		565
5.63%, 1/17/2028 (e)		1,140		1,086
6.50%, 3/8/2047 (b)		990		884
6.75%, 1/17/2048 (e)		1,210		1,101

				5,064

Pakistan — 0.0% (a)
Republic of Pakistan
8.25%, 4/15/2024 (b)		730		745
8.25%, 9/30/2025 (b)		350		356
6.88%, 12/5/2027 (b)		810		746

				1,847


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Panama — 0.0% (a)
Republic of Panama
3.75%, 3/16/2025		550		536
3.88%, 3/17/2028		970		929
6.70%, 1/26/2036		950		1,141
4.50%, 5/15/2047		1,230		1,153
4.30%, 4/29/2053		1,150		1,030

				4,789

Paraguay — 0.0% (a)
Republic of Paraguay 6.10%, 8/11/2044 (b)		1,700		1,710
Republic of Uruguay 4.70%, 3/27/2027 (b)		1,190		1,156

				2,866

Peru — 0.0% (a)
Republic of Peru 6.35%, 8/12/2028 (b)		PEN 3,900		1,191

Philippines — 0.0% (a)
Republic of the Philippines 10.63%, 3/16/2025		1,220		1,655

Qatar — 0.0% (a)
State of Qatar
3.88%, 4/23/2023 (e)		500		501
5.10%, 4/23/2048 (e)		1,060		1,076

				1,577

Romania — 0.0% (a)
Republic of Romania 6.13%, 1/22/2044 (b)		1,160		1,253

Russia — 0.1%
Russian Federation
12.75%, 6/24/2028 (b)		1,390		2,200
5.88%, 9/16/2043 (b)		3,200		3,356

				5,556

Saudi Arabia — 0.0% (a)
Kingdom of Saudi Arabia 3.25%, 10/26/2026 (b)		600		554

Senegal — 0.0% (a)
Republic of Senegal 6.75%, 3/13/2048 (e)		1,160		956

Serbia — 0.1%
Republic of Serbia
5.88%, 12/3/2018 (b)		1,770		1,768
4.88%, 2/25/2020 (b)		1,800		1,813
7.25%, 9/28/2021 (b)		2,150		2,314

				5,895

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	103

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
South Africa — 0.1%
Republic of South Africa
5.88%, 5/30/2022		1,100		1,123
5.88%, 9/16/2025		3,044		3,002
4.88%, 4/14/2026		3,830		3,543
6.25%, 3/8/2041		600		558

				8,226

Sri Lanka — 0.0% (a)
Republic of Sri Lanka
6.25%, 10/4/2020 (b)		1,220		1,170
6.25%, 7/27/2021 (b)		1,280		1,215
5.88%, 7/25/2022 (b)		2,130		1,963

				4,348

Tajikistan — 0.0% (a)
Republic of Tajikistan International Bond
7.13%, 9/14/2027 (b)		450		399

Turkey — 0.1%
Republic of Turkey
6.25%, 9/26/2022		600		582
7.38%, 2/5/2025		1,040		1,033
6.00%, 3/25/2027		550		498
6.00%, 1/14/2041		2,020		1,606
6.63%, 2/17/2045		1,600		1,356

				5,075

Ukraine — 0.1%
Republic of Ukraine
7.75%, 9/1/2020 (b)		1,400		1,390
7.75%, 9/1/2021 (b)		2,250		2,214
7.75%, 9/1/2022 (b)		4,520		4,384
7.75%, 9/1/2023 (b)		1,910		1,821

				9,809

Uruguay — 0.1%
Republic of Uruguay
4.38%, 10/27/2027		1,160		1,146
7.63%, 3/21/2036		790		1,017
5.10%, 6/18/2050		2,230		2,107
4.98%, 4/20/2055		1,000		925

				5,195

Total Foreign Government Securities (Cost $174,384)				164,827


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — 1.0%
Cayman Islands — 0.0% (a)
GPMT Ltd. Series 2018-FL1, Class B, 3.83%, 11/21/2035 ‡ (e) (n)		3,000		3,002
TPG Real Estate Finance Issuer Ltd. Series 2018-FL1, Class B, 3.59%, 2/15/2035 ‡ (e) (n)		1,943		1,943

				4,945

United States — 1.0%
Banc of America Commercial Mortgage Trust Series 2007-3, Class F, 5.71%, 6/10/2049 ‡ (e) (n)		3,210		3,253
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 3.98%, 11/15/2035 (e) (n)		650		650
Series 2018-BIOA, Class D, 3.60%, 3/15/2037 (e) (n)		6,000		6,003
BX Trust
Series 2018-MCSF, Class A, 2.86%, 4/15/2035 (e) (n)		6,000		5,972
Series 2018-MCSF, Class B, 3.09%, 4/15/2035 ‡ (e) (n)		1,500		1,490
Series 2018-MCSF, Class C, 3.28%, 4/15/2035 ‡ (e) (n)		1,000		993
BXMT Ltd.
Series 2017-FL1, Class B, 3.79%, 6/15/2035 ‡ (e) (n)		3,000		3,008
Series 2017-FL1, Class C, 4.24%, 6/15/2035 ‡ (e) (n)		1,500		1,508
Series 2017-FL1, Class D, 4.99%, 6/15/2035 ‡ (e) (n)		3,000		3,015
CD Commercial Mortgage Trust Series 2005-CD1, Class E, 5.25%, 7/15/2044 ‡ (n)		705		704
CD Mortgage Trust
Series 2007-CD5, Class D, 6.22%, 11/15/2044 ‡ (e) (n)		1,416		1,418
Series 2017-CD5, Class D, 3.35%, 8/15/2050 (e)		560		463
Citigroup Commercial Mortgage Trust Series 2017-P7, Class B, 4.14%, 4/14/2050 (n)		910		889
COMM Mortgage Trust
Series 2015-CR23, Class CMC, 3.68%, 5/10/2048 ‡ (e) (n)		6,400		6,366
Series 2015-LC21, Class D, 4.31%, 7/10/2048 (n)		365		326
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		2,430		2,444

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
DBGS Mortgage Trust
Series 2018-5BP, Class D, 3.63%, 6/15/2033 ‡ (e) (n)		7,000		6,972
Series 2018-BIOD, Class C, 3.23%, 5/15/2035 ‡ (e) (n)		3,077		3,048
Series 2018-BIOD, Class D, 3.58%, 5/15/2035 ‡ (e) (n)		6,153		6,089
FHLMC Multifamily Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.30%, 7/25/2023 (n)		112,719		1,452
Series K082, Class X3, IO, 2.29%, 10/25/2028 (n)		8,750		1,449
Series K723, Class X3, IO, 1.92%, 10/25/2034 (n)		6,552		542
Series K716, Class X3, IO, 1.80%, 8/25/2042 (n)		15,656		688
Series K054, Class X3, IO, 1.60%, 4/25/2043 (n)		17,000		1,622
Series K068, Class X3, IO, 2.06%, 10/25/2044 (n)		11,050		1,569
Series K728, Class X3, IO, 1.95%, 11/25/2045 (n)		8,120		799
FREMF Mortgage Trust
Series 2015-KF09, Class B, 7.61%, 5/25/2022 (e) (n)		152		156
Series 2015-KF10, Class B, 8.36%, 7/25/2022 (e) (n)		619		660
Series 2018-K731, Class C, 3.91%, 2/25/2025 (e)		2,000		1,903
Series 2018-KF47, Class B, 4.26%, 5/25/2025 (e) (n)		640		643
Series 2018-KF49, Class B, 4.16%, 6/25/2025 (e) (n)		640		640
Series 2018-KF50, Class B, 4.18%, 7/25/2028 (e) (n)		865		865
Series 2013-K32, Class B, 3.54%, 10/25/2046 (e) (n)		2,000		1,979
Series 2017-K67, Class C, 3.94%, 9/25/2049 (e) (n)		730		676
Series 2017-K729, Class B, 3.67%, 11/25/2049 (e) (n)		1,400		1,350
GRACE Mortgage Trust Series 2014-GRCE, Class B, 3.52%, 6/10/2028 ‡ (e)		3,000		2,990
GS Mortgage Securities Trust
Series 2006-GG8, Class AJ, 5.62%, 11/10/2039		2,520		2,158
Series 2007-GG10, Class AM, 5.77%, 8/10/2045 (n)		812		823
Series 2017-GS5, Class D, 3.51%, 3/10/2050 ‡ (e) (n)		2,000		1,691


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

United States — continued
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX, Class AM, 5.46%, 1/15/2049 (n)		737		738
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.09%, 7/15/2044 (n)		354		359
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (n)		4,378		3,020
Series 2007-C6, Class AJ, 6.27%, 7/15/2040 (n)		9,200		9,344
Merrill Lynch Mortgage Trust Series 2007-C1, Class AM, 5.81%, 6/12/2050 (n)		39		40
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15, Class D, 4.90%, 4/15/2047 (e) (n)		365		356
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.42%, 7/11/2040 (e) (n)		730		693
Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041 (n)		2,235		2,225
Series 2007-T27, Class C, 5.95%, 6/11/2042 ‡ (e) (n)		2,000		2,061
Series 2007-HQ11, Class B, 5.54%, 2/12/2044 ‡ (n)		1,682		1,680
Series 2006-HQ8, Class D, 5.60%, 3/12/2044 ‡ (n)		272		274
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048 (e) (n)		9,000		8,999
Series 2018-2, Class M2, 4.51%, 10/26/2048 (e) (n)		339		339
Series 2018-2, Class M3, 4.72%, 10/26/2048 (e) (n)		480		480
Wachovia Bank Commercial Mortgage Trust
Series 2007-C34, Class AJ, 6.17%, 5/15/2046 (n)		1,276		1,282
Series 2007-C34, Class B, 6.24%, 5/15/2046 ‡ (n)		1,500		1,526
Series 2007-C33, Class AJ, 5.79%, 2/15/2051 (n)		1,415		1,397
Series 2007-C33, Class B, 5.79%, 2/15/2051 ‡ (n)		2,650		1,961
Series 2007-C33, Class C, 5.79%, 2/15/2051 ‡ (n)		6,313		632

				116,672

Total Commercial Mortgage-Backed Securities (Cost $129,987)				121,617

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	105

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	SHARES (000)		VALUE ($000)
Preferred Stocks — 0.8%
Bermuda — 0.0% (a)
XLIT Ltd., Series D, (ICE LIBOR USD 3 Month + 3.12%), 5.56%, 4/5/2018 ($1,000 par value) (d) (o)		3		3,367

United States — 0.8%
Bank of America Corp.,
Series GG, 6.00%, 5/16/2023 ($25 par value) (o)		242		6,082
Series HH, 5.88%, 7/24/2023 ($25 par value) (o)		200		4,984
BB&T Corp., Series F, 5.20%, 11/1/2018 ($25 par value) (o)		373		8,941
Capital One Financial Corp., Series D, 6.70%, 12/1/2019 ($25 par value) (o)		156		4,056
Claire’s Stores, Inc. * ‡		2		3,799
Dominion Energy, Inc., Series A, 5.25%, 7/30/2076 ($25 par value)		120		2,767
GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 8.10%, 2/15/2040 ($25 par value) (d)		12		315
Goldman Sachs Group, Inc. (The), Series J, (ICE LIBOR USD 3 Month + 3.64%), 5.50%, 5/10/2023 ($25 par value) (d) (o)		175		4,404
Goodman Private Preferred Shares * ‡		64		1
Hartford Financial Services Group, Inc. (The), Series G, 6.00%, 11/15/2023 ($25 par value) * (o)		144		3,612
Morgan Stanley,
Series I, (ICE LIBOR USD 3 Month + 3.71%), 6.38%, 10/15/2024 ($25 par value) (d) (o)		310		8,116
Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (d) (o)		378		9,520
SCE Trust II, 5.10%, 1/9/2019 ($25 par value) (o)		32		695
Southern Co. (The), 5.25%, 10/1/2076 ($25 par value)		97		2,190
State Street Corp.,
Series D, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 3/15/2024 ($25 par value) (d) (o)		301		7,843
Series E, 6.00%, 12/15/2019 ($25 par value) (o)		315		8,007
Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (d) (o)		128		3,244


INVESTMENTS	SHARES (000)		VALUE ($000)

United States — continued
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value) (o)		244		6,022
Wells Fargo & Co., Series Y, 5.63%, 6/15/2022 ($25 par value) (o)		269		6,695

				91,293

Total Preferred Stocks (Cost $90,998)				94,660

Convertible Preferred Stocks — 0.5%
China — 0.0% (a)
Mandatory Exchangeable Trust 5.75%, 6/1/2019 ($100 par value) (e)		23		3,633

United States — 0.5%
Bank of America Corp. Series L, 7.25% ($1,000 par value)		7		8,882
Becton Dickinson and Co. Series A, 6.13%, 5/1/2020 ($50 par value)		40		2,337
Belden, Inc. 6.75%, 7/15/2019 ($100 par value)		34		2,551
Bunge Ltd. 4.88% ($100 par value)		12		1,206
Crown Castle International Corp. Series A, REIT, 6.88%, 8/1/2020 ($1,000 par value)		5		4,918
Dominion Energy, Inc. Series A, 6.75%, 8/15/2019 ($50 par value)		97		4,666
DTE Energy Co. 6.50%, 10/1/2019 ($50 par value)		73		3,917
Hess Corp. 8.00%, 2/1/2019 ($50 par value)		20		1,277
Nabors Industries Ltd. 6.00%, 5/1/2021 ($50 par value)		53		2,032
NextEra Energy, Inc. 6.12%, 9/1/2019 ($50 par value)		67		3,891
Sempra Energy Series B, 6.75%, 7/15/2021 ($100 par value)		20		2,024
Stanley Black & Decker, Inc. 5.38%, 5/15/2020 ($100 par value)		46		4,226
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		7		8,697
Welltower, Inc. Series I, REIT, 6.50% ($50 par value)		46		2,849

				53,473

Total Convertible Preferred Stocks (Cost $57,281)				57,106

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 1.13%, 1/31/2019 (p) (Cost $50,429)		50,548			50,400


	SHARES (000)
Exchange Traded Funds — 0.1%
United States — 0.1%
iShares iBoxx High Yield Corporate Bond ETF (Cost $12,666)		147			12,433


	PRINCIPAL AMOUNT ($000)
Supranational — 0.0% (a)
Supranational — 0.0% (a)
African Export-Import Bank (The) 4.13%, 6/20/2024 (b) (Cost $977)		1,000			949


	NO. OF RIGHTS (000)
Rights — 0.0% (a)
United States — 0.0% (a)
Vistra Energy Corp., expiring 12/31/2049 * ‡ (Cost $—)		483			377


	NO. OF WARRANTS (000)
Warrants — 0.0% (a)
United States — 0.0% (a)
Jack Cooper Enterprises, Inc.expiring 10/29/2027, price 1.00 * ‡ (Cost $—)		—	(k)		—


	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 9.8%
Commercial Paper — 0.1%
Mondelez International, Inc. 2.82%, 2/5/2019 (q)		3,900			3,871
NiSource, Inc. 2.82%, 2/6/2019 (q)		3,900			3,871

Total Commercial Paper (Cost $7,742)					7,742


	SHARES (000)
Investment Companies — 9.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.08% (r) (s)		1,171,854			1,171,854
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (r) (s)		12,630			12,630

Total Investment Companies (Cost $1,184,484)					1,184,484


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Time Deposits — 0.0% (a)
Credit Agricole Corporate & Investment Bank SA 2.05%, 11/1/2018 (q) (Cost $4,500)		4,500		4,500

Total Short-Term Investments (Cost $1,196,726)				1,196,726

Total Investments — 99.6% (Cost $11,862,191)				12,110,362
Other Assets Less Liabilities — 0.4%				49,431

Net Assets — 100.0%				12,159,793

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2018

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


INDUSTRY	PERCENTAGE
Banks		6.8	%
Equity Real Estate Investment Trusts (REITs)		6.7
Oil, Gas & Consumable Fuels		6.4
Pharmaceuticals		4.8
Mortgage-Backed Securities		4.2
Collateralized Mortgage Obligations		4.2
Asset-Backed Securities		4.2
Diversified Telecommunication Services		3.9
Insurance		3.5
Media		3.3
Capital Markets		2.8
Health Care Providers & Services		2.5
Hotels, Restaurants & Leisure		1.9
IT Services		1.7
Electric Utilities		1.7
Wireless Telecommunication Services		1.6
Chemicals		1.4
Foreign Government Securities		1.4
Metals & Mining		1.3
Semiconductors & Semiconductor Equipment		1.3
Beverages		1.2
Tobacco		1.1
Food Products		1.0
Commercial Mortgage-Backed Securities		1.0
Auto Components		1.0
Others (each less than 1.0%)		19.2
Short-Term Investments		9.9

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	107

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Abbreviations


ABS		Asset-backed securities
ADR		American Depositary Receipt
CIFC		Commercial Industrial Finance Corp.
CLO		Collateralized Loan Obligations
CSMC		Credit Suisse Mortgage Trust
CVA		Dutch Certification
ETF		Exchange Traded Fund
EUR		Euro
FDR		Finnish Depository Receipt
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GBP		British Pound
GDR		Global Depositary Receipt
GMAC		General Motors Acceptance Corp.
HKD		Hong Kong Dollar
ICE		Intercontinental Exchange
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.
LIBOR		London Interbank Offered Rate
MICEX		Moscow Interbank Currency Exchange
MSCI		Morgan Stanley Capital International
OYJ		Public Limited Company
PEN		Peruvian Nuevo SoI
PJSC		Public Joint Stock Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
RTS		Russian Trading System
SCA		Limited partnership with share capital
SDR		Swedish Depositary Receipt
SGD		Singapore Dollar
USD		United States Dollar

(a)		Amount rounds to less than 0.1% of net assets.
(b)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2018.


(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2018.
(e)		Securities exempt from registration under Rule 144A or section 4(a) (2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(f)		Security is an interest bearing note with preferred security characteristics.
(g)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(h)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2018.
(i)		Defaulted security.
(j)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(k)		Amount rounds to less than one thousand.
(l)		Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(m)		All or a portion of this security is unsettled as of October 31, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(n)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2018.
(o)		The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of October 31, 2018.
(p)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(q)		The rate shown is the effective yield as of October 31, 2018.
(r)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(s)		The rate shown is the current yield as of October 31, 2018.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN FUNDS	OCTOBER 31, 2018


Futures contracts outstanding as of October 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
EURO STOXX 50 Index		70		12/2018		EUR		2,523		10
FTSE 100 Index		28		12/2018		GBP		2,536		11
S&P 500 E-Mini Index		2,342		12/2018		USD		317,364		(23,559	)
U.S. Treasury Ultra Bond		4,291		12/2018		USD		641,639		(45,682	)

										(69,220	)


DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts
EURO STOXX 50 Index		(3,426	)		12/2018		EUR		(123,476	)		(926	)
Foreign Exchange GBP/USD		(4,097	)		12/2018		USD		(327,939	)		7,316
MSCI Emerging Markets E-Mini Index		(3,637	)		12/2018		USD		(173,958	)		12,027

												18,417

												(50,803	)

Abbreviations


EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	109

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018

(Amounts in thousands, except per share amounts)


	JPMorgan Global Allocation Fund		JPMorgan Income Builder Fund
ASSETS:
Investments in non-affiliates, at value	$	3,223,541	$	10,925,878
Investments in affiliates, at value		240,856		1,184,484
Options purchased, at value		984		—
Restricted cash for securities sold short		11		—
Cash		5,134		33,680
Foreign currency, at value		6,042		14,085
Deposits at broker for futures contracts		21,048		195
Deposits at broker for securities sold short		73,394		—
Deposits at broker for centrally cleared swaps		15		—
Receivables:
Due from custodian		1,850		—
Investment securities sold		126,297		59,558
Investment securities sold — delayed delivery securities		—		1,833
Fund shares sold		3,609		10,316
Interest and dividends from non-affiliates		8,606		85,729
Dividends from affiliates		87		156
Tax reclaims		1,331		7,205
Variation margin on futures contracts		864		—
Variation margin on centrally cleared swaps		10		—
Unrealized appreciation on forward foreign currency exchange contracts		17,447		—
Outstanding OTC swap contracts, at value (net upfront payments of $92)		102		—

Total Assets		3,731,228		12,323,119


LIABILITIES:
Payables:
Securities sold short, at value		39,173		—
Dividend expense to non-affiliates on securities sold short		99		—
Investment securities purchased		122,096		129,235
Investment securities purchased — delayed delivery securities		1,815		2,570
Fund shares redeemed		3,252		14,812
Variation margin on futures contracts		—		5,753
Unrealized depreciation on forward foreign currency exchange contracts		3,774		—
Outstanding OTC swap contracts, at value (net upfront receipts of $183)		424		—
Accrued liabilities:
Investment advisory fees		1,570		4,176
Administration fees		76		559
Distribution fees		407		3,397
Service fees		280		376
Custodian and accounting fees		149		321
Collateral management fees		5		—
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)
Deferred foreign capital gains tax		4		1,559
Other		181		568

Total Liabilities		173,305		163,326

Net Assets	$	3,557,923	$	12,159,793

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN FUNDS	OCTOBER 31, 2018


	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	3,519,592		$	11,970,336
Total distributable earnings (loss) (a)		38,331			189,457

Total Net Assets	$	3,557,923		$	12,159,793


Net Assets:
Class A	$	344,414		$	3,386,949
Class C		511,863			4,114,927
Class I		1,855,964			4,445,260
Class R2		3,658			—
Class R3		19			—
Class R4		19			—
Class R5		19			—
Class R6		841,967			212,657

Total	$	3,557,923		$	12,159,793


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		19,448			334,412
Class C		29,294			407,411
Class I		104,301			438,283
Class R2		208			—
Class R3		1			—
Class R4		1			—
Class R5		1			—
Class R6		47,333			20,966

Net Asset Value (b):
Class A — Redemption price per share	$	17.71		$	10.13
Class C — Offering price per share (c)		17.47			10.10
Class I — Offering and redemption price per share		17.79			10.14
Class R2 — Offering and redemption price per share		17.64			—
Class R3 — Offering and redemption price per share		17.79			—
Class R4 — Offering and redemption price per share		17.71			—
Class R5 — Offering and redemption price per share		17.80			—
Class R6 — Offering and redemption price per share		17.79			10.14
Class A maximum sales charge		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	18.54		$	10.61


Cost of investments in non-affiliates	$	3,140,260		$	10,677,707
Cost of investments in affiliates		240,856			1,184,484
Cost of options purchased		9,095			—
Cost of foreign currency		6,076			13,873
Proceeds from securities sold short		40,902			—

(a)	Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	111

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2018

(Amounts in thousands)


	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	41,023		$	387,710
Interest income from affiliates		9			99
Dividend income from non-affiliates		45,680			229,610
Dividend income from affiliates		4,027			5,747
Interest income from non-affiliates on securities sold short		705			—
Foreign taxes withheld		(2,875	)		(14,001	)

Total investment income		88,569			609,165


EXPENSES:
Investment advisory fees		19,329			57,510
Administration fees		2,612			10,365
Distribution fees:
Class A		901			9,088
Class C		3,706			33,479
Class R2		18			—
Class R3 (a)		—	(b)		—
Class T (c)		—	(b)		—	(b)
Service fees:
Class A		901			9,088
Class C		1,235			11,160
Class I		4,798			11,440
Class R2		9			—
Class R3 (a)		—	(b)		—
Class R4 (a)		—	(b)		—
Class T (c)		—	(b)		—	(b)
Custodian and accounting fees		741			2,071
Interest expense to affiliates		28			8
Professional fees		187			332
Collateral management fees		19			—
Trustees’ and Chief Compliance Officer’s fees		36			44
Printing and mailing costs		232			1,000
Registration and filing fees		334			385
Transfer agency fees (See Note 2.J.)		86			326
Other		166			162
Dividend expense to non-affiliates on securities sold short		1,376			—

Total expenses		36,714			146,458

Less fees waived		(6,422	)		(35,670	)
Less earnings credits		—			—	(b)
Less expense reimbursements		(1	)		(279	)

Net expenses		30,291			110,509

Net investment income (loss)		58,278			498,656

(a)	Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Global Allocation Fund.

(b)	Amount rounds to less than one thousand.

(c)	Class T Shares had no assets from the close of business on June 5, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN FUNDS	OCTOBER 31, 2018


	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$	(38,330	)(a)	$	303,097	(b)
Investments in affiliates		(255	)		—
Options purchased		(17,564	)		—
Futures contracts		9,200			70,290
Securities sold short		(102	)		—
Foreign currency transactions		234			(1,979	)
Forward foreign currency exchange contracts		21,790			—
Options written		822			—
Swaps		(830	)		—

Net realized gain (loss)		(25,035	)		371,408

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(121,096	)		(891,433	)(c)
Options purchased		(18,656	)		—
Futures contracts		5,098			(66,870	)
Securities sold short		752			—
Foreign currency translations		(398	)		(52	)
Forward foreign currency exchange contracts		3,275			—
Options written		(22	)		—
Swaps		(444	)		—

Change in net unrealized appreciation/depreciation		(131,491	)		(958,355	)

Net realized/unrealized gains (losses)		(156,526	)		(586,947	)

Change in net assets resulting from operations	$	(98,248	)	$	(88,291	)

(a)	Net of foreign capital gains tax of approximately $(4,000) for Global Allocation Fund.

(b)	Net of foreign capital gains tax of approximately $(72,000) for Income Builder Fund.

(c)	Net of change in foreign capital gains tax of approximately $(1,429,000) for Income Builder Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	113

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	58,278		$	33,634		$	498,656		$	476,970
Net realized gain (loss)		(25,035	)		39,238			371,408			135,510
Change in net unrealized appreciation/depreciation		(131,491	)		180,456			(958,355	)		661,971

Change in net assets resulting from operations		(98,248	)		253,328			(88,291	)		1,274,451


DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(11,125	)		(5,118	)		(146,489	)		(149,575	)
Class C		(12,666	)		(5,591	)		(157,942	)		(168,512	)
Class I		(60,697	)		(19,280	)		(191,878	)		(158,509	)
Class R2		(106	)		(17	)		—			—
Class R6 (b)		(11,305	)		—			(4,716	)		—
Class T (c)(d)		—	(e)		—	(e)		(1	)		—	(e)

Total distributions to shareholders		(95,899	)		(30,006	)		(501,026	)		(476,596	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,425,685			672,281			(40,626	)		(166,713	)


NET ASSETS:
Change in net assets		1,231,538			895,603			(629,943	)		631,142
Beginning of period		2,326,385			1,430,782			12,789,736			12,158,594

End of period	$	3,557,923		$	2,326,385		$	12,159,793		$	12,789,736

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:


	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
Class A
From net investment income		(5,118	)		(149,575	)
From net realized gains		—			—
Class C
From net investment income		(5,591	)		(168,512	)
From net realized gains		—			—
Class I
From net investment income		(19,280	)		(158,509	)
From net realized gains		—			—
Class R2
From net investment income		(17	)		—
From net realized gains		—			—
Class T
From net investment income		—	(e)		—	(e)

(b)	Commencement of offering of class of shares effective November 1, 2017.

(c)	Commencement of offering of class of shares effective June 6, 2017.

(d)	Class T Shares had no assets from the close of business on June 5, 2018.

(e)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN FUNDS	OCTOBER 31, 2018


	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	157,578		$	129,930		$	626,796		$	852,334
Distributions reinvested		10,567			4,965			141,940			143,621
Cost of shares redeemed		(110,141	)		(154,312	)		(949,476	)		(1,497,215	)

Change in net assets resulting from Class A capital transactions	$	58,004		$	(19,417	)	$	(180,740	)	$	(501,260	)

Class C
Proceeds from shares issued	$	209,930		$	135,092		$	503,643		$	590,089
Distributions reinvested		11,050			4,726			141,096			147,508
Cost of shares redeemed		(88,033	)		(138,369	)		(937,699	)		(1,406,579	)

Change in net assets resulting from Class C capital transactions	$	132,947		$	1,449		$	(292,960	)	$	(668,982	)

Class I
Proceeds from shares issued	$	1,193,262		$	858,489		$	1,303,164		$	1,822,163
Distributions reinvested		50,298			15,322			164,519			125,226
Cost of shares redeemed		(895,192	)		(185,095	)		(1,254,375	)		(943,880	)

Change in net assets resulting from Class I capital transactions	$	348,368		$	688,716		$	213,308		$	1,003,509

Class R2
Proceeds from shares issued	$	2,435		$	1,824		$	—		$	—
Distributions reinvested		104			17			—			—
Cost of shares redeemed		(1,123	)		(328	)		—			—

Change in net assets resulting from Class R2 capital transactions	$	1,416		$	1,513		$	—		$	—

Class R3 (a)
Proceeds from shares issued	$	20		$	—		$	—		$	—

Change in net assets resulting from Class R3 capital transactions	$	20		$	—		$	—		$	—

Class R4 (a)
Proceeds from shares issued	$	20		$	—		$	—		$	—

Change in net assets resulting from Class R4 capital transactions	$	20		$	—		$	—		$	—

Class R5 (a)
Proceeds from shares issued	$	20		$	—		$	—		$	—

Change in net assets resulting from Class R5 capital transactions	$	20		$	—		$	—		$	—

Class R6 (b)
Proceeds from shares issued	$	906,032		$	—		$	236,390		$	—
Distributions reinvested		11,208			—			4,714			—
Cost of shares redeemed		(32,328	)		—			(21,317	)		—

Change in net assets resulting from Class R6 capital transactions	$	884,912		$	—		$	219,787		$	—

Class T (c)(d)
Proceeds from shares issued	$	—		$	20		$	—		$	20
Distributions reinvested		—	(e)		—	(e)		—	(e)		—	(e)
Cost of shares redeemed		(22	)		—			(21	)		—

Change in net assets resulting from Class T capital transactions	$	(22	)	$	20		$	(21	)	$	20

Total change in net assets resulting from capital transactions	$	1,425,685		$	672,281		$	(40,626	)	$	(166,713	)

(a)	Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Global Allocation Fund.

(b)	Commencement of offering of class of shares effective November 1, 2017.

(c)	Commencement of offering of class of shares effective June 6, 2017.

(d)	Class T Shares had no assets from the close of business on June 5, 2018.

(e)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	115

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		8,415			7,353			59,444			82,663
Reinvested		570			295			13,531			14,009
Redeemed		(5,928	)		(8,958	)		(90,054	)		(146,422	)

Change in Class A Shares		3,057			(1,310	)		(17,079	)		(49,750	)

Class C
Issued		11,350			7,783			47,760			57,603
Reinvested		604			284			13,490			14,422
Redeemed		(4,791	)		(8,015	)		(89,241	)		(137,312	)

Change in Class C Shares		7,163			52			(27,991	)		(65,287	)

Class I
Issued		63,387			48,350			123,104			177,387
Reinvested		2,704			898			15,661			12,162
Redeemed		(47,941	)		(10,666	)		(118,968	)		(92,124	)

Change in Class I Shares		18,150			38,582			19,797			97,425

Class R2
Issued		132			103			—			—
Reinvested		6			1			—			—
Redeemed		(61	)		(19	)		—			—

Change in Class R2 Shares		77			85			—			—

Class R3 (a)
Issued		1			—			—			—

Change in Class R3 Shares		1			—			—			—

Class R4 (a)
Issued		1			—			—			—

Change in Class R4 Shares		1			—			—			—

Class R5 (a)
Issued		1			—			—			—

Change in Class R5 Shares		1			—			—			—

Class R6 (b)
Issued		48,503			—			22,557			—
Reinvested		604			—			454			—
Redeemed		(1,774	)		—			(2,045	)		—

Change in Class R6 Shares		47,333			—			20,966			—

Class T (c)(d)
Issued		—			1			—			2
Reinvested		—	(e)		—	(e)		—	(e)		—	(e)
Redeemed		(1	)		—			(2	)		—

Change in Class T Shares		(1	)		1			(2	)		2

(a)	Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Global Allocation Fund.

(b)	Commencement of offering of class of shares effective November 1, 2017.

(c)	Commencement of offering of class of shares effective June 6, 2017.

(d)	Class T Shares had no assets from the close of business on June 5, 2018.

(e)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN FUNDS	OCTOBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK



OCTOBER 31, 2018	J.P. MORGAN FUNDS	117

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
Year Ended October 31, 2018	$	18.63	$	0.31	$	(0.63	)	$	(0.32	)	$	(0.31	)	$	(0.29	)	$	(0.60	)
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	)		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	)

Class C
Year Ended October 31, 2018		18.39		0.22		(0.63	)		(0.41	)		(0.22	)		(0.29	)		(0.51	)
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	)		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	)

Class I
Year Ended October 31, 2018		18.71		0.37		(0.65	)		(0.28	)		(0.35	)		(0.29	)		(0.64	)
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	)		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	)

Class R2
Year Ended October 31, 2018		18.57		0.25		(0.62	)		(0.37	)		(0.27	)		(0.29	)		(0.56	)
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	)		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	)

Class R3
October 1, 2018 (j) through October 31, 2018		18.65		0.02		(0.88	)		(0.86	)		—			—			—

Class R4
October 1, 2018 (j) through October 31, 2018		18.56		0.02		(0.87	)		(0.85	)		—			—			—

Class R5
October 1, 2018 (j) through October 31, 2018		18.65		0.02		(0.87	)		(0.85	)		—			—			—

Class R6
November 1, 2017 (j) through October 31, 2018		18.74		0.37		(0.65	)		(0.28	)		(0.38	)		(0.29	)		(0.67	)

(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)

(f)	Does not include expenses of Underlying Funds.

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

(h)	Commencing on October 31, 2017, the Fund presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short. For periods prior to October 31, 2016, the Fund did not transact in securities sold short.

(i)

The net expenses and expenses without waivers (excluding dividend expense for securities sold short) for Class A are 1.02% and 1.24% for the year ended October 31, 2018, 1.02% and 1.27% for the year ended October 31, 2017, Class C are 1.52% and 1.74% for the for the year ended October 31, 2018, 1.52% and 1.77% for the year ended October 31, 2017, Class I are 0.78% and 0.99% for the year ended October 31, 2018, 0.77% and 1.00% for the year ended October 31, 2017, Class R2 are 1.35% and 1.52% for the year ended October 31, 2018, 1.27% and 1.60% for the year ended October 31, 2017, Class R3 are 1.19% and 1.34% for the period ended October 31, 2018, Class R4 are 0.94% and 1.09% for the period ended October 31, 2018, Class R5 are 0.69% and 0.84% for the period ended October 31, 2018 and Class R6 are 0.64% and 0.74% for the period ended October 31, 2018, respectively.

(j)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN FUNDS	OCTOBER 31, 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)(h)			Portfolio turnover rate (including securities sold short) (d)(h)


$	17.71		(1.81	)%	$	344,414		1.06	%(i)		1.67	%		1.28	%(i)		108	%		131	%
	18.63		15.88			305,300		1.04	(i)		1.96			1.29	(i)		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			—


	17.47		(2.32	)		511,863		1.56	(i)		1.18			1.78	(i)		108			131
	18.39		15.29			406,887		1.54	(i)		1.45			1.79	(i)		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			—


	17.79		(1.58	)		1,855,964		0.82	(i)		1.95			1.03	(i)		108			131
	18.71		16.12			1,611,736		0.79	(i)		2.14			1.02	(i)		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			—


	17.64		(2.09	)		3,658		1.39	(i)		1.35			1.56	(i)		108			131
	18.57		15.50			2,441		1.29	(i)		1.58			1.62	(i)		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			—


	17.79		(4.61	)		19		1.23	(i)		1.08			1.38	(i)		108			131


	17.71		(4.58	)		19		0.98	(i)		1.33			1.13	(i)		108			131


	17.80		(4.56	)		19		0.73	(i)		1.58			0.88	(i)		108			131


	17.79		(1.58	)		841,967		0.68	(i)		2.02			0.78	(i)		108			131

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	119

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan Income Builder Fund
Class A
Year Ended October 31, 2018	$	10.62	$	0.42	(e)	$	(0.48	)	$	(0.06	)	$	(0.43	)	$	—		$	—		$	(0.43	)
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	)

Class C
Year Ended October 31, 2018		10.59		0.37	(e)		(0.49	)		(0.12	)		(0.37	)		—			—			(0.37	)
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	)

Class I
Year Ended October 31, 2018		10.63		0.44	(e)		(0.49	)		(0.05	)		(0.44	)		—			—			(0.44	)
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	)

Class R6
November 1, 2017 (g) through October 31, 2018		10.64		0.46	(e)		(0.51	)		(0.05	)		(0.45	)		—			—			(0.45	)

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

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

(c)

(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.



120	J.P. MORGAN FUNDS	OCTOBER 31, 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)


$	10.13		(0.67	)%	$	3,386,949		0.75	%		4.02	%		1.07	%		59	%
	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


	10.10		(1.17	)		4,114,927		1.25			3.52			1.57			59
	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


	10.14		(0.52	)		4,445,260		0.60			4.17			0.81			59
	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


	10.14		(0.51	)		212,657		0.50			4.37			0.57			59

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	121

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018

1. Organization

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 R3, Class R4, Class R5, Class R6* and Class T***	Diversified
JPMorgan Income Builder Fund	Class A, Class C, Class I, Class R6 and Class T*	Diversified

*	Class R3, Class R4 and Class R5 Shares commenced operations on October 1, 2018.

**	Class R6 Shares commenced operations on November 1, 2017.

***	Class T Shares had no assets from the close of business on June 5, 2018 and are not offered to the public.

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, 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.

2. Significant Accounting Policies

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 their market value 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.

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.



122	J.P. MORGAN FUNDS	OCTOBER 31, 2018

sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Funds at October 31, 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.

•

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

Global Allocation Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	36,224	$	—	$	36,224
Austria		—		5,042		—		5,042
Belgium		—		9,785		—		9,785
Canada		12,466		—		313		12,779
China		12,771		35,309		—		48,080
Denmark		—		17,606		—		17,606
Finland		—		14,367		—		14,367
France		—		117,535		—		117,535
Germany		—		81,915		—		81,915
Hong Kong		—		34,971		—		34,971
India		31,958		1,785		—		33,743
Indonesia		—		11,992		—		11,992
Ireland		3,539		1,992		—		5,531
Italy		—		21,820		—		21,820
Japan		—		142,329		—		142,329
Luxembourg		—		5,234		—		5,234
Macau		—		2,536		—		2,536
Malaysia		—		1,703		—		1,703
Netherlands		2,480		64,182		—		66,662
Norway		—		2,029		—		2,029
Russia		1,420		3,181		—		4,601
Singapore		—		5,522		—		5,522
South Africa		—		14,323		—		14,323



OCTOBER 31, 2018	J.P. MORGAN FUNDS	123

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Global Allocation Fund (continued)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
South Korea	$	—	$	11,942	$	—	$	11,942
Spain		—		28,852		—		28,852
Sweden		1,815		17,961		—		19,776
Switzerland		—		102,329		—		102,329
Taiwan		11,772		7,365		—		19,137
Thailand		—		3,923		—		3,923
Turkey		—		612		—		612
United Kingdom		7,664		102,432		—		110,096
United States		915,640		8,382		14		924,036
Other Common Stocks		35,151		—		—		35,151

Total Common Stocks		1,036,676		915,180		327		1,952,183

Preferred Stocks
United States		16		—		298		314
Other Preferred Stocks		—		85		—		85

Total Preferred Stocks		16		85		298		399

Debt Securities
Asset-Backed Securities
Cayman Islands		—		4,780		490		5,270
United States		—		40,752		56,852		97,604

Total Asset-Backed Securities		—		45,532		57,342		102,874

Collateralized Mortgage Obligations
United States		—		324,170		1,269		325,439
Commercial Mortgage-Backed Securities
Cayman Islands		—		—		2,001		2,001
United States		—		29,456		19,382		48,838

Total Commercial Mortgage-Backed Securities		—		29,456		21,383		50,839

Convertible Bonds
United States		—		38		69		107
Corporate Bonds
United States		—		104,417		1,516		105,933
Other Corporate Bonds		—		69,737		—		69,737

Total Corporate Bonds		—		174,154		1,516		175,670

Loan Assignments
United States		—		157,831		212		158,043
Other Loan Assignments		—		2,759		—		2,759

Total Loan Assignments		—		160,590		212		160,802

Foreign Government Securities		—		281,687		754		282,441
Mortgage-Backed Securities		—		24,695		—		24,695
Supranational		—		6,586		—		6,586
U.S. Treasury Obligations		—		50,113		—		50,113
Options Purchased
Call Options Purchased		966		9		—		975
Put Options Purchased		—		9		—		9

Total Options Purchased		966		18		—		984

Rights
Spain		21		—		—		21
United States		—		—		16		16

Total Rights		21		—		16		37



124	J.P. MORGAN FUNDS	OCTOBER 31, 2018

Global Allocation Fund (continued)


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Short-Term Investments
Commercial Paper	$	—		$	496		$	—	$	496
Foreign Government Treasury Bills		—			90,860			—		90,860
Investment Companies		240,856			—			—		240,856

Total Short-Term Investments		240,856			91,356			—		332,212

Total Investments in Securities		1,278,535			2,103,660			83,186		3,465,381

Liabilities
Common Stocks
Other Common Stocks	$	(39,173	)	$	—		$	—	$	(39,173	)

Total Liabilities in Securities Sold Short	$	(39,173	)	$	—		$	—	$	(39,173	)

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	17,447		$	—	$	17,447
Futures Contracts		31,926			—			—		31,926
Swaps		—			80			—		80

Total Appreciation in Other Financial Instruments	$	31,926		$	17,527		$	—	$	49,453

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(3,774	)	$	—	$	(3,774	)
Futures Contracts		(39,574	)		—			—		(39,574	)
Swaps		—			(399	)		—		(399	)

Total Depreciation in Other Financial Instruments	$	(39,574	)	$	(4,173	)	$	—	$	(43,747	)

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	$	—	$	74,753	$	—	$	74,753
Austria		—		7,353		—		7,353
Belgium		9,064		12,723		—		21,787
Canada		48,852		—		3,149		52,001
Cayman Islands		—		—		87		87
China		—		138,776		—		138,776
Colombia		757		1,328		—		2,085
Czech Republic		—		13,471		—		13,471
Denmark		—		18,891		—		18,891
Finland		—		25,019		—		25,019
France		1,929		271,233		—		273,162
Germany		—		148,998		—		148,998
Hong Kong		—		57,686		—		57,686
Hungary		—		13,637		—		13,637
India		8,565		18,933		—		27,498
Indonesia		—		12,117		—		12,117
Ireland		—		5,459		—		5,459
Italy		—		35,840		—		35,840
Japan		—		95,219		—		95,219
Luxembourg		1,412		1,146		—		2,558
Macau		—		8,108		—		8,108
Netherlands		—		64,777		—		64,777
New Zealand		—		—		1,262		1,262
Norway		—		38,306		—		38,306



OCTOBER 31, 2018	J.P. MORGAN FUNDS	125

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Income Builder Fund (continued)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Portugal	$	2,338	$	1,455	$	—	$	3,793
Russia		—		41,195		—		41,195
Singapore		—		30,254		—		30,254
South Africa		8,486		25,513		—		33,999
South Korea		13,547		24,913		—		38,460
Spain		—		81,542		—		81,542
Sweden		—		31,885		—		31,885
Switzerland		—		183,736		—		183,736
Taiwan		32,600		64,905		—		97,505
Thailand		3,512		20,885		—		24,397
Turkey		—		4,143		—		4,143
United Arab Emirates		—		8,524		—		8,524
United Kingdom		1,450		262,723		—		264,173
United States		1,974,777		25,929		3,631		2,004,337
Other Common Stocks		86,094		—		—		86,094

Total Common Stocks		2,193,383		1,871,375		8,129		4,072,887

Convertible Preferred Stocks
United States		53,473		—		—		53,473
Other Convertible Preferred Stocks		—		3,633		—		3,633

Total Convertible Preferred Stocks		53,473		3,633		—		57,106

Preferred Stocks
United States		83,881		3,612		3,800		91,293
Other Preferred Stocks		—		3,367		—		3,367

Total Preferred Stocks		83,881		6,979		3,800		94,660

Exchange Traded Funds
United States		12,433		—		—		12,433
Debt Securities
Asset-Backed Securities
Cayman Islands		—		4,528		1,675		6,203
United States		—		87,900		412,897		500,797

Total Asset-Backed Securities		—		92,428		414,572		507,000

Collateralized Mortgage Obligations
United States		—		503,895		2,700		506,595
Other Collateralized Mortgage Obligations		—		868		—		868

Total Collateralized Mortgage Obligations		—		504,763		2,700		507,463

Commercial Mortgage-Backed Securities
Cayman Islands		—		—		4,945		4,945
United States		—		62,973		53,699		116,672

Total Commercial Mortgage-Backed Securities		—		62,973		58,644		121,617

Convertible Bonds
United States		—		93,115		219		93,334
Other Convertible Bonds		—		88,187		—		88,187

Total Convertible Bonds		—		181,302		219		181,521

Corporate Bonds
Cayman Islands		—		—		695		695
United States		—		3,362,077		11,235		3,373,312
Other Corporate Bonds		—		700,084		—		700,084

Total Corporate Bonds		—		4,062,161		11,930		4,074,091



126	J.P. MORGAN FUNDS	OCTOBER 31, 2018

Income Builder Fund (continued)


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Loan Assignments
United States	$	—		$	537,065	$	1,543		$	538,608
Other Loan Assignments		—			18,545		—			18,545

Total Loan Assignments		—			555,610		1,543			557,153

Foreign Government Securities		—			164,827		—			164,827
Mortgage-Backed Securities		—			511,152		—			511,152
U.S. Treasury Obligations		—			50,400		—			50,400
Supranational		—			949		—			949
Rights
United States		—			—		377			377
Warrants
United States		—			—		—	(a)		—	(a)
Short-Term Investments
Commercial Paper		—			7,742		—			7,742
Investment Companies		1,184,484			—		—			1,184,484
Time Deposit		—			4,500		—			4,500

Total Short-Term Investments		1,184,484			12,242		—			1,196,726

Total Investments in Securities	$	3,527,654		$	8,080,794	$	501,914		$	12,110,362

Appreciation in Other Financial Instruments
Futures Contracts	$	19,364		$	—	$	—		$	19,364

Depreciation in Other Financial Instruments
Futures Contracts	$	(70,167	)	$	—	$	—		$	(70,167	)

(a)	Value is zero.

There were no significant transfers among any levels during the year ended October 31, 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 October 31, 2018
Investments in Securities
Asset-Backed Securities — Cayman Islands	$	—		$	—		$	—		$	—	$	490	$	—		$	—	$	—		$	490
Asset-Backed Securities — United States		34,178			51			(251	)		94		35,760		(12,980	)		—		—			56,852
Collateralized Mortgage Obligations — United States		1,489			—			—	(b)		8		—		(228	)		—		—			1,269
Commercial Mortgage-Backed Securities — Cayman Islands		—			—			1			—		2,000		—			—		—			2,001
Commercial Mortgage-Backed Securities — United States		1,024			—			(92	)		1		18,821		(1,602	)		1,230		—			19,382
Common Stocks — Canada		—			—			113			—		200		—			—		—			313
Common Stocks — United States		—	(a)		—			(5	)		—		19		—			—		—			14
Convertible Bond — United States		—			—	(b)		(2	)		2		—		—	(b)		69		—			69
Corporate Bonds — United States		596			(12	)		(770	)		15		2,460		(560	)		—		(213	)		1,516
Foreign Government Securities		698			65			(113	)		40		810		(746	)		—		—			754
Loan Assignments — United States		—			—			59			—		153		—			—		—			212
Preferred Stocks — United States		10			—			179			—		109		—			—		—			298
Rights — United States		18			—			(2	)		—		—		—			—		—			16

Total	$	38,013		$	104		$	(883	)	$	160	$	60,822	$	(16,116	)	$	1,299	$	(213	)	$	83,186



OCTOBER 31, 2018	J.P. MORGAN FUNDS	127

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)


Income Builder 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 October 31, 2018
Investments in Securities
Asset-Backed Securities — Cayman Islands	$	—		$	—		$	—		$	—		$	1,675		$	—		$	—	$	—		$	1,675
Asset-Backed Securities — United States		504,465			2,708			(8,834	)		1,465			98,278			(206,319	)		22,965		(1,831	)		412,897
Collateralized Mortgage Obligations — United States		3,346			—			500			(889	)		—			(257	)		—		—			2,700
Commercial Mortgage-Backed Securities — Cayman Islands		—			—			(3	)		—	(b)		4,948			—			—		—			4,945
Commercial Mortgage-Backed Securities — United States		43,653			450			(2,825	)		12			38,941			(31,884	)		5,352		—			53,699
Common Stocks — Canada		—			—			1,138			—			2,011			—			—		—			3,149
Common Stocks — Cayman Islands		—			—			87			—			—			—			—		—			87
Common Stocks — New Zealand		1,230			—			32			—			—			—			—		—			1,262
Common Stocks — United States		—	(b)		(12	)		2,673			—			970			—	(b)		—		—			3,631
Convertible Bonds — United States		—	(a)		(10	)		5			6			(1	)		(2	)		221		—			219
Corporate Bonds — Canada		—	(a)		1			—			—			—			(1	)		—		—			—
Corporate Bonds — Cayman Islands		—			—			(231	)		17			909			—			—		—			695
Corporate Bonds — United States		6,749			(222	)		(8,222	)		34			18,828			(3,912	)		—		(2,020	)		11,235
Loan Assignments — United States		—	(b)		—			422			—			1,121			—	(b)		—		—			1,543
Preferred Stocks — United States		3,235			—			(36	)		—			1,389			(788	)		—		—			3,800
Rights — United States		447			—			(70	)		—			—			—			—		—			377
Warrants — United States		—	(a)		—	(b)		—	(b)		—			—			—	(b)		—		—			—	(a)

Total	$	563,125		$	2,915		$	(15,364	)	$	645		$	169,069		$	(243,163	)	$	28,538	$	(3,851	)	$	501,914

(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 one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at October 31, 2018, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):


	Value
Global Allocation Fund	$	(730	)
Income Builder Fund		(12,311	)

These amounts are included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations.

Global Allocation Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)


	Fair Value at October 31, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (e)
	$	54,453	Discounted Cash Flow	Constant Prepayment Rate		1.00% - 30.00% (10.37%)
				Constant Default Rate		0.00% - 6.38% (2.17%)
				Yield (Discount Rate of Cash Flows)		3.37% - 8.07% (4.42%)

Asset-Backed Securities		54,453

		19,382	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.26% - 49.37% (11.35%)

Commercial Mortgage Backed Securities		19,382

		1,270	Discounted Cash Flow	Constant Prepayment Rate		8.00% - 16.71% (10.93%)
				Constant Default Rate		0.25% - 2.45% (1.69%)
				Yield (Discount Rate of Cash Flows)		5.74% - 6.44% (5.99%)

Collateralized Mortgage Obligation		1,270



128	J.P. MORGAN FUNDS	OCTOBER 31, 2018


	Fair Value at October 31, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (e)
	$	14		Terms of Exchange Offer	Expected Recovery		$8.23 ($8.23)
		—	(a)	Market Comparable Companies	EBITDA Multiple (b)		5.0x (5.0x)
				Market Comparable Companies	Liquidity Discount		30.00% (30.00%)

Common Stock		14

		88		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		8.05% - 33.03% (13.64%)
		—	(c)	Pending Distribution	Discount for Potential Outcome (d)		99.99% - 100.00% (99.99%)

Corporate Bonds		88

		—	(c)	Market Comparable Companies	EBITDA Multiple (b)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)

Preferred Stock		—	(c)

		19		Pending Distribution	Expected Recovery		100.00% (100.00%)

Loan Assignments		19

		2		Pending Distribution	Expected Distribution Amount		$0.049 ($0.049)

Rights		2

Total	$	75,228

The table above does not include level 3 investments that are valued by brokers and pricing services. At October 31, 2018, the value of these investments was approximately $7,958,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a)	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)	Amount rounds to less than one thousand.

(d)	Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(e)	Unobservable inputs were weighted by the relative fair value of the instruments.

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
October 31, 2018

Valuation Technique(s)

Unobservable Input

Range (Weighted Average) (e)

130

Terms of Exchange Offer

Expected Recovery

$8.23 ($8.23)

—

(a)

Market Comparable Companies

EBITDA Multiple (b)

5.0x (5.0x)

Market Comparable Companies

Liquidity Discount

30.00% (30.00%)

Common Stock

130

3,799

Market Comparable Companies

EBITDA Multiple (b)

5.0x (5.0x)

Liquidity Discount

30.00% (30.00%)

Preferred Stock

3,799



OCTOBER 31, 2018	J.P. MORGAN FUNDS	129

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)


	Fair Value at October 31, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (e)
	$	644		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		8.05% - 33.03% (24.53%)
		1		Pending Distribution	Discount for Potential Outcome (c)		99.99% - 100.00% (99.99%)

Corporate Bond		645

		400,339		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (10.23%)
					Constant Default Rate		0.00% - 11.25% (2.49%)
					Yield (Discount Rate of Cash Flows)		2.53% - 10.69% (4.39%)

Asset-Backed Securities		400,339

		1,189		Discounted Cash Flow	Constant Prepayment Rate		7.00% - 20.38% (12.05%)
					Constant Default Rate		2.04% - 5.52% (3.39%)
					Yield (Discount Rate of Cash Flows)		5.63% - 22.88% (8.43%)

Collateralized Mortgage Obligations		1,189

		49,171		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		(43.00%) - 199.00% (8.83%)

Commercial Mortgage-Backed Securities		49,171

		—	(d)	Terms of Exchange Offer	Expected Recovery		0.00% (0.00%)

Warrants		—

		177		Pending Distribution	Expected Recovery		0.00% - 100.00% (100.00%)

Loan Assignments		177

Total	$	455,450

The table above does not include level 3 investments that are valued by brokers and pricing services. At October 31, 2018, the value of these investments was approximately $46,464,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a)	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)	Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(d)	Value is zero.

(e)	Unobservable inputs were weighted by the relative fair value of the instruments.

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.

As of October 31, 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



130	J.P. MORGAN FUNDS	OCTOBER 31, 2018

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. Amounts in the tables below are in thousands.


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
Global Allocation Fund
JPMorgan Floating Rate Income Fund Class R6 Shares (a)	$	—	$	69,248	$	68,993	$	(255	)	$	—	$	—		—	$	456	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.08% (a)(b)		—		1,055,888		872,249		—			—		183,639		183,639		1,904		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)		240,842		1,444,939		1,628,564		—			—		57,217		57,217		1,667		—

Total	$	240,842	$	2,570,075	$	2,569,806	$	(255	)	$	—	$	240,856			$	4,027	$	—


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
Income Builder Fund
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.08% (a)(b)	$	—	$	1,900,908	$	729,054	$	—	$	—	$	1,171,854		1,171,854	$	3,790	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)		239,514		1,498,265		1,725,149		—		—		12,630		12,630		1,957		—

Total	$	239,514	$	3,399,173	$	2,454,203	$	—	$	—	$	1,184,484			$	5,747	$	—

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of October 31, 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. Unfunded Commitments — The Funds have entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of their normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Funds to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.D). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative



OCTOBER 31, 2018	J.P. MORGAN FUNDS	131

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Funds may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of interest income on the Statements of Operations.

At October 31, 2018, the Funds had the following loan commitments in which all or a portion of the commitment was unfunded which could be extended at the options of the borrower (amounts in thousands):


											Unfunded Commitment				Funded Commitment				Total Commitment
	Security Description	Term	Maturity Date		Commitment Fee Rate			Rate if Funded			Par Amount		Value		Par Amount		Value		Par Amount		Value
Global Allocation Fund	St. George’s University Scholastic Services LLC	Delayed Draw Term Loan		7/17/2025		3.500	%		0.000	%	$	131	$	132	$	—	$	—	$	131	$	132
Income Builder Fund	St. George’s University Scholastic Services LLC	Delayed Draw Term Loan		7/17/2025		3.500	%		0.000	%		253		255		—		—		253		255

F. 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.

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 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 Funds.

Notes F(1) — F(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.



132	J.P. MORGAN FUNDS	OCTOBER 31, 2018

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 may be required to post or receive collateral for over the counter options. Cash collateral posted by the Fund is considered restricted.

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

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

(3). Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with some or all of their portfolio investments and 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 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 are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	133

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

The Fund may be required to post or receive collateral for OTC swaps.

The central clearing house acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearing house.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

Global Allocation Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

Global Allocation Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments 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 based on 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



134	J.P. MORGAN FUNDS	OCTOBER 31, 2018

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 October 31, 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:		Centrally Cleared Swaps			OTC Swaps			Options		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	—		$	—		$	966	$	29,987		$	—		$	30,953
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		58			—			—		510			—			568
Foreign exchange contracts	Receivables		—			—			18		1,429			17,447			18,894
Credit contracts	Receivables		—			102			—		—			—			102

Total		$	58		$	102		$	984	$	31,926		$	17,447		$	50,517


Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	—		$	(233	)	$	—	$	(27,559	)	$	—		$	(27,792	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(51	)		(8	)		—		(6,304	)		—			(6,363	)
Foreign exchange contracts	Payables		—			—			—		(5,711	)		(3,774	)		(9,485	)
Credit contracts	Payables		—			(183	)		—		—			—			(183	)

Total		$	(51	)	$	(424	)	$	—	$	(39,574	)	$	(3,774	)	$	(43,823	)

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



OCTOBER 31, 2018	J.P. MORGAN FUNDS	135

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Global Allocation Fund


Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received		Net Amount Due To Counterparty (Not less than zero)
Australia & New Zealand Banking Group Limited	$	180	$	—		$	—	$	180
Barclays Bank plc		11,304		(286	)		—		11,018
BNP Paribas		235		(68	)		—		167
Citibank, NA		653		(653	)		—		—
Credit Suisse International		54		(5	)		—		49
Deutsche Bank AG		104		—			—		104
Goldman Sachs International		259		(259	)		—		—
HSBC Bank, N.A.		439		(129	)		—		310
Merrill Lynch International		991		(24	)		—		967
Morgan Stanley		286		(22	)		—		264
National Australia Bank Ltd.		33		(33	)		—		—
Royal Bank of Canada		132		(16	)		—		116
Standard Chartered Bank		22		(22	)		—		—
State Street Corp.		2,745		(85	)		—		2,660
TD Bank Financial Group		57		(57	)		—		—
Union Bank of Switzerland AG		55		(55	)		—		—

	$	17,549	$	(1,714	)	$	—	$	15,835


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)
Bank of America, NA	$	233	$	—		$	—	$	233
Barclays Bank plc		286		(286	)		—		—
BNP Paribas		68		(68	)		—		—
Citibank, NA		700		(653	)		—		47
Credit Suisse International		5		(5	)		—		—
Goldman Sachs International		466		(259	)		—		207
HSBC Bank, N.A.		129		(129	)		—		—
Merrill Lynch International		24		(24	)		—		—
Morgan Stanley		22		(22	)		—		—
National Australia Bank Ltd.		1,455		(33	)		—		1,422
Royal Bank of Canada		16		(16	)		—		—
Standard Chartered Bank		69		(22	)		—		47
State Street Corp.		85		(85	)		—		—
TD Bank Financial Group		501		(57	)		—		444
Union Bank of Switzerland AG		139		(55	)		—		84

	$	4,198	$	(1,714	)	$	—	$	2,484

(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.



136	J.P. MORGAN FUNDS	OCTOBER 31, 2018

Income Builder Fund


Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	12,048
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		7,316

Total		$	19,364


Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(24,485	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(45,682	)

Total		$	(70,167	)

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

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 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	$	(17,209	)	$	21,315		$	—	$	(867	)	$	3,239
Foreign exchange contracts		467			(12,186	)		21,790		—			10,071
Interest rate contracts		—			71			—		127			198
Credit contracts		—			—			—		(90	)		(90	)

Total	$	(16,742	)	$	9,200		$	21,790	$	(830	)	$	13,418


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	$	(18,618	)	$	8,950		$	—	$	(503	)	$	(10,171	)
Foreign exchange contracts		(60	)		2,387			3,275		—			5,602
Interest rate contracts		—			(6,239	)		—		(1	)		(6,240	)
Credit contracts		—			—			—		60			60

Total	$	(18,678	)	$	5,098		$	3,275	$	(444	)	$	(10,749	)

Income Builder Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	21,445
Foreign exchange contracts		7,875
Interest rate contracts		40,970

Total	$	70,290


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(12,545	)
Foreign exchange contracts		(993	)
Interest rate contracts		(53,332	)

Total	$	(66,870	)



OCTOBER 31, 2018	J.P. MORGAN FUNDS	137

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts, forward foreign currency exchange contracts, options and swaps activity during the year ended October 31, 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 Long	$	210,487		$	88,427
Average Notional Balance Short		413,008			251,624	(a)
Ending Notional Balance Long		382,469			322,423
Ending Notional Balance Short		614,033			297,434

Foreign Exchange
Average Notional Balance Long		220,004			—
Average Notional Balance Short		65,445	(b)		460,072
Ending Notional Balance Long		341,201			—
Ending Notional Balance Short		64,035			327,939

Interest
Average Notional Balance Long		115,925			523,006	(a)
Average Notional Balance Short		92,526			865,782	(c)
Ending Notional Balance Long		145,109			641,639
Ending Notional Balance Short		110,051			—

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		154,671			—
Average Settlement Value Sold		605,868			—
Ending Settlement Value Purchased		220,115			—
Ending Settlement Value Sold		793,116			—

Exchange-Traded Options:
Average Number of Contracts Purchased		50,236			—
Average Number of Contracts Written		78	(d)		—
Ending Number of Contracts Purchased		1,231			—

Swaptions & OTC Options:
Average Notional Balance Purchased		32,407			—
Average Notional Balance Written		9,584			—
Ending Notional Balance Purchased		18,455			—

Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed Rate		6,247			—
Average Notional Balance — Receives Fixed Rate		10,323			—
Ending Notional Balance — Pays Fixed Rate		3,940			—
Ending Notional Balance — Receives Fixed Rate		2,140			—

Credit Default Swaps:
Average Notional Balance — Buy Protection		9,863			—
Ending Notional Balance — Buy Protection		12,170			—

Total Return Basket Swaps:
Average Notional Balance Long		34,174			—
Ending Notional Balance Long		41,809			—

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

(b)	For the period May 1, 2018 through October 31, 2018.

(c)	For the period November 1, 2017 through March 31, 2018.

(d)	For the period November 1, 2017 through December 31, 2017.



138	J.P. MORGAN FUNDS	OCTOBER 31, 2018

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC swap contracts, 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. For certain counterparties, cash collateral posted by the Funds 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 Funds is held in escrow in accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Funds, which provides collateral management services to the Fund (See Note 3.F.). These amounts are not reflected on the Funds’ Statements of Assets and Liabilities.

G. Short Sales — Global Allocation Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

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

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

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms. The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates. As of October 31, 2018, the Fund had outstanding short sales as listed on the SOI.

I. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). 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 from non-affiliates on the Statements of Operations.

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



OCTOBER 31, 2018	J.P. MORGAN FUNDS	139

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the year ended October 31, 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	$	25	$	29	$	30	$	1	$	1		$	—	(a)	$	86
Income Builder Fund
Transfer agency fees		128		152		46		n/a		—	(a)		—	(a)		326

(a)	Amount rounds to less than one thousand.

K. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 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.

L. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

M. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly for Income Builder Fund and quarterly for Global Allocation Fund and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

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


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Global Allocation Fund	$	1		$	23,934	$	(23,935	)
Income Builder Fund		(3	)		16,947		(16,944	)

The reclassifications for the Funds relate primarily to dirty priced bonds, foreign currency gains or losses, investments in swap contracts 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 year ended October 31, 2018, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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.



140	J.P. MORGAN FUNDS	OCTOBER 31, 2018

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2, Class R3 and Class T Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Class I, Class R4, 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			Class R3			Class T
Global Allocation Fund		0.25	%		0.75	%		0.50	%		0.25	%		0.25	%
Income Builder Fund		0.25			0.75			n/a			n/a			0.25


	Front-End Sales Charge		CDSC
Global Allocation Fund	$	215	$	2
Income Builder Fund		739		3


	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5			Class T
Global Allocation Fund		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.10	%		0.25	%
Income Builder Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.25

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 R3			Class R4			Class R5			Class R6			Class T
Global Allocation Fund		1.03	%		1.53	%		0.78	%		1.40	%*		1.15	%**		0.90	%**		0.75	%**		0.65	%		1.03	%
Income Builder Fund		0.75			1.25			0.60			n/a			n/a			n/a			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 contractual expense limitations for Class R3, Class R4 and Class R5 Shares of the Global Allocation Fund were in effect for the year ended October 31, 2018 and are in place until at least September 30, 2019.

Except as noted above, the expense limitation agreements were in effect for the year ended October 31, 2018 and are in place until at least February 28, 2019.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	141

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Global Allocation Fund	$	1,564	$	1,043	$	3,408	$	6,015	$	1
Income Builder Fund		4,781		3,185		27,158		35,124		279

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2018 were as follows (amounts in thousands):


Global Allocation Fund	$	407
Income Builder Fund		546

During the year ended October 31, 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 year ended October 31, 2018, the Funds did not incur brokerage commissions with broker-dealers affiliated with the Adviser.

4. Investment Transactions

During the year ended October 31, 2018, the following Funds utilized capital loss carryforwards 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	$	4,115,742	$	2,948,461	$	123,574	$	148,526	$	642,561	$	628,754
Income Builder Fund		7,252,206		8,163,706		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 October 31, 2018 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Allocation Fund*	$	3,381,253	$	242,943	$	192,278	$	50,665
Income Builder Fund		11,856,170		646,344		442,955		203,389

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

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



142	J.P. MORGAN FUNDS	OCTOBER 31, 2018

The tax character of distributions paid during the year ended October 31, 2018 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Global Allocation Fund	$	72,079	$	23,820	$	95,899
Income Builder Fund		501,026		—		501,026

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

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


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Global Allocation Fund	$	30,006	$	—	$	30,006
Income Builder Fund		476,596		—		476,596

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

As of October 31, 2018, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Global Allocation Fund	$	38,010	$	(37,636	)	$	37,976
Income Builder Fund		15,486		(27,807	)		201,887

For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals, mark to market of forward foreign currency contracts, mark to market of futures contracts, mark to market of options, straddle loss deferrals, investments in perpetual bonds and investments in PFICs.

As of October 31, 2018, the following Fund had post-enactment net capital loss carryforwards (amounts in thousands):


	Capital Loss Carryforward Character
	Short-Term		Long-Term
Global Allocation Fund	$	37,636	$	—
Income Builder Fund		27,807		—

During the year ended October 31, 2018, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):


	Capital Loss Utilized
	Short-Term		Long-Term
Income Builder Fund	$	294,582	$	7,521

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).



OCTOBER 31, 2018	J.P. MORGAN FUNDS	143

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 2018.

The Funds did not utilize the Credit Facility during the year ended October 31, 2018.

7. Risks, Concentrations and Indemnifications

As of October 31, 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		—		—			6		24.1	%
Income Builder Fund		3		15.6	%		5		25.2

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

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the 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 been raising interest rates and may continue to do so, the Funds may face a heightened level of interest rate risk. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap and option contracts, credit linked notes, exchange-traded notes, forward foreign currency exchange contracts and To-Be-Announced securities.

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

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.



144	J.P. MORGAN FUNDS	OCTOBER 31, 2018

8. New Accounting Pronouncements

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	145

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Global Allocation Fund and JPMorgan Income Builder Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Global Allocation Fund and JPMorgan Income Builder Fund (two of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2018 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included physical inspection of securities owned as of October 31, 2018 and held by the custodian and confirmation of securities owned as of October 31, 2018 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 21, 2018

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



146	J.P. MORGAN FUNDS	OCTOBER 31, 2018

TRUSTEES

(Unaudited)


Name (Year of Birth); Positions With the Funds ⁽¹⁾	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee ⁽²⁾	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	136	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	136	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher* (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	136	Non-Executive Director, Legal & General Investment Management (Holdings) and Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	136	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).

Dennis P. Harrington** (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (serving in various roles 1984-2012).	136	None

Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	136	None



OCTOBER 31, 2018	J.P. MORGAN FUNDS	147

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Funds ⁽¹⁾	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee ⁽²⁾	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner*** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	136	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	136	None

Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	136	None

Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	136	None

Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	136	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	136	Trustee, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	136	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



148	J.P. MORGAN FUNDS	OCTOBER 31, 2018

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

⁽²⁾

*	Ms. Gallagher became a Trustee effective November 1, 2018.

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

****

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



OCTOBER 31, 2018	J.P. MORGAN FUNDS	149

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014–present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016; Chief Financial Officer and Head of Valuation, Aberdeen Asset Management PLC (previously Artio Global Management) (2009 to September 2013).

Noah Greenhill (1969), Secretary (2018)		Managing Director and General Counsel, JPMorgan Asset Management (2015 – present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Carmine Lekstutis (1980), Assistant Secretary (2011)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Gregory S. Samuels (1980), Assistant Secretary (2010)		Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Pamela L. Woodley (1971), Assistant Secretary (2012)		Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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



150	J.P. MORGAN FUNDS	OCTOBER 31, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

Actual Expenses

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value May 1, 2018		Ending Account Value October 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Global Allocation Fund
Class A
Actual*	$	1,000.00	$	964.70	$	5.30		1.07	%
Hypothetical*		1,000.00		1,019.81		5.45		1.07
Class C
Actual*		1,000.00		961.90		7.76		1.57
Hypothetical*		1,000.00		1,017.29		7.98		1.57
Class I
Actual*		1,000.00		965.60		4.11		0.83
Hypothetical*		1,000.00		1,021.02		4.23		0.83
Class R2
Actual*		1,000.00		962.80		7.17		1.45
Hypothetical*		1,000.00		1,017.90		7.37		1.45
Class R3
Actual**		1,000.00		953.90		0.99		1.24
Hypothetical*		1,000.00		1,019.00		6.26		1.24
Class R4
Actual**		1,000.00		954.20		0.79		0.99
Hypothetical*		1,000.00		1,020.27		4.99		0.99
Class R5
Actual**		1,000.00		954.40		0.59		0.74
Hypothetical*		1,000.00		1,021.53		3.72		0.74
Class R6
Actual*		1,000.00		966.70		3.47		0.70
Hypothetical*		1,000.00		1,021.68		3.57		0.70



OCTOBER 31, 2018	J.P. MORGAN FUNDS	151

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value May 1, 2018		Ending Account Value October 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Income Builder Fund
Class A
Actual*	$	1,000.00	$	984.40	$	3.75		0.75	%
Hypothetical*		1,000.00		1,021.42		3.82		0.75
Class C
Actual*		1,000.00		981.90		6.24		1.25
Hypothetical*		1,000.00		1,018.90		6.36		1.25
Class I
Actual*		1,000.00		985.20		3.00		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class R6
Actual*		1,000.00		985.70		2.50		0.50
Hypothetical*		1,000.00		1,022.68		2.55		0.50

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

**	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 30/365 (to reflect the actual period). Commencement of operations was October 1, 2018.



152	J.P. MORGAN FUNDS	OCTOBER 31, 2018

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreement for each Fund whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for each Fund and the other J.P. Morgan Funds overseen by the Board in which the Funds may invest (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and Underlying Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their

consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

Nature, Extent and Quality of Services Provided by the Adviser

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

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to each Fund and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to each Fund and Underlying



OCTOBER 31, 2018	J.P. MORGAN FUNDS	153

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Funds.

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its

affiliates as a result of their relationship with the J.P. Morgan Funds including the benefits received by the Adviser and its affiliates in connection with the Funds’ investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

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

Independent Written Evaluation of the Funds’ Chief Compliance Officer

Fees Relative to Adviser’s Other Clients



154	J.P. MORGAN FUNDS	OCTOBER 31, 2018

legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

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

The Trustees noted that the Global Allocation Fund’s performance for Class A shares was in the first, first and second quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, second and second quintiles based upon the Peer Group, and in the first, first and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Income Builder Fund’s performance for Class A shares was in the third, first and fourth quintiles based upon the Peer Group, and in the third, second and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees noted that performance for Class I shares was in the fourth, second and second quintiles based upon the Peer Group, and in the third, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

Advisory Fees and Expense Ratios

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

The Trustees noted that the Global Allocation Fund’s net advisory fee for Class A shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and third quintiles based upon the Peer Group and Universe, respectively, and the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund invests.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	155

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees noted that the Income Builder Fund’s net advisory fee for Class A shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for

Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund may invest.



156	J.P. MORGAN FUNDS	OCTOBER 31, 2018

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2018:


	Dividends Received Deduction
JPMorgan Global Allocation Fund		14.72	%
JPMorgan Income Builder Fund		10.85

Long Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2018 (amounts in thousands):

Long-Term

Capital Gain

JPMorgan Global Allocation Fund

23,820

Qualified Dividend Income (QDI)


	Qualified Dividend Income
JPMorgan Global Allocation Fund	$	40,258
JPMorgan Income Builder Fund		173,095



OCTOBER 31, 2018	J.P. MORGAN FUNDS	157

LOGO

Rev. January 2011


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


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

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


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


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



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

LOGO


Page 2


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


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


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

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.

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.

LOGO


		^© JPMorgan Chase & Co., 2018. All rights reserved. October 2018		AN-IB-GAL-1018

Annual Report

J.P. Morgan Funds

October 31, 2018

JPMorgan Emerging Markets Strategic Debt Fund

LOGO

CONTENTS



CEO’s Letter			1

Fund Commentary			2

Schedule of Portfolio Investments			5

Financial Statements			18

Financial Highlights			24

Notes to Financial Statements			26

Report of Independent Registered Public Accounting Firm			39

Trustees			40

Officers			43

Schedule of Shareholder Expenses			44

Board Approval of Investment Advisory Agreement			45

Privacy Policy — Located at the back of this Annual Report

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

November 30, 2018 (Unaudited)

Dear Shareholders,

The impending U.K. “Brexit” from the EU — with or without a bilateral agreement — also weighed on investor and business

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management



OCTOBER 31, 2018	J.P. MORGAN FUNDS	1

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(4.71)%
J.P. Morgan Emerging Markets Bond Index Global Diversified		(4.39)%
Emerging Markets Strategic Debt Composite Benchmark		(4.21)%

Net Assets as of 10/31/2018 (In Thousands)	$	685,205
Duration as of 10/31/2018		5.2 years

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares had a negative absolute performance and underperformed the J.P. Morgan Emerging Markets Bond Index Global Diversified (the “Index”) for the twelve months ended October 31, 2018.

Relative to the Index, the Fund’s overweight allocation to local currency denominated bonds and emerging market corporate bonds detracted from performance amid rising borrowing costs and currency devaluations in select emerging market nations. The Fund’s country and security selection in emerging market sovereign bonds was a positive contributor to relative performance.

The Fund’s overweight to positions in Mexico, Argentina, and Turkey detracted from performance relative to the index. In Mexico, corporate bond prices fell as political sentiment turned negative toward the end of the reporting period. In Argentina, bond prices continued to suffer from political uncertainty and rising borrowing costs. The Fund’s security selection in

Venezuela hurt relative performance due to continued deterioration in value of the country’s sovereign debt and the lack of debt restructuring and recovery values.

The Fund’s overweight positions in Brazil and Angola were leading contributors to relative performance. Bond prices in Brazil rose in response to the election of Jair Bolsonaro as the country’s next president. In Angola, bond prices rose as President Joao Lourenco’s first year in office included anti-corruption efforts and an agreement for further reforms in exchange for financial support from the International Monetary Fund. The Fund’s underweight position in Zambia also contributed to relative performance as the broader sell-off in emerging markets during the reporting period was particularly acute there.

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 Russia, Egypt and Mexico and underweight in the currencies of China, South Africa and South Korea. In terms of sovereign debt, the Fund was overweight in Mexico, Qatar and Serbia and was underweight in Poland, Malaysia and the Philippines.



2	J.P. MORGAN FUNDS	OCTOBER 31, 2018


PORTFOLIO COMPOSITION BY SECURITY TYPE***
Foreign Government Securities	65.2	%
Corporate Bonds	32.2
Options Purchased	0.0	(a)
Short-Term Investments	2.6


PORTFOLIO COMPOSITION BY COUNTRY***
Mexico	7.3	%
Argentina	4.3
Colombia	3.6
Ukraine	3.4
Kazakhstan	3.3
South Africa	3.3
Indonesia	3.1
China	3.1
Turkey	2.9
Hungary	2.8
Lebanon	2.6
Brazil	2.5
Egypt	2.2
Serbia	2.2
Azerbaijan	2.1
Ecuador	2.0
Qatar	1.9
El Salvador	1.9
Russia	1.8
Angola	1.8
Peru	1.7
Panama	1.7
Dominican Republic	1.7
Nigeria	1.6
Kenya	1.5
Iraq	1.5
Uruguay	1.4
Sri Lanka	1.4
Oman	1.3
Paraguay	1.3
Venezuela, Bolivarian Republic of	1.2
Belarus	1.2
Jamaica	1.1
Croatia	1.1
Honduras	1.0
Romania	1.0
Jordan	1.0
Others (each less than 1.0%)	16.6
Short-Term Investments	2.6

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

***

Percentages indicated are based on total investments as of October 31, 2018. The Fund’s portfolio composition is subject to change.

(a)

Amount rounds to less than 0.1%.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	3

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	June 29, 2012
With Sales Charge*			(8.47	)%		(4.06	)%		(3.40	)%
Without Sales Charge			(4.95	)		(3.32	)		(2.81	)
CLASS C SHARES	June 29, 2012
With CDSC**			(6.38	)		(3.81	)		(3.30	)
Without CDSC			(5.38	)		(3.81	)		(3.30	)
CLASS I SHARES	June 29, 2012		(4.71	)		(3.09	)		(2.58	)
CLASS R2 SHARES	June 29, 2012		(5.11	)		(3.56	)		(3.05	)
CLASS R5 SHARES	June 29, 2012		(4.53	)		(2.90	)		(2.38	)
CLASS R6 SHARES	June 29, 2012		(4.45	)		(2.84	)		(2.32	)

Sales Charge for Class A Shares is 3.75%.

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

LIFE OF FUND PERFORMANCE (6/29/12 TO 10/31/18)

LOGO

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 October 31, 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.

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.



4	J.P. MORGAN FUNDS	OCTOBER 31, 2018

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — 64.7%
Albania — 0.4%
Republic of Albania 3.50%, 10/9/2025 (a)		EUR2,228		2,515

Angola — 1.7%
Republic of Angola
7.00%, 8/17/2019 (b)		3,325		3,335
9.50%, 11/12/2025 (b)		2,400		2,643
8.25%, 5/9/2028 (b)		1,805		1,803
9.38%, 5/8/2048 (a)		2,120		2,128
9.38%, 5/8/2048 (b)		2,000		2,007

				11,916

Argentina — 3.3%
Bonos de la Nacion Argentina con Ajuste por CER 4.06%, 3/6/2020 (d)		ARS 67,124		2,213
Provincia de Buenos Aires
5.75%, 6/15/2019 (b)		4,000		3,960
9.95%, 6/9/2021 (b)		1,663		1,626
Provincia de Cordoba
7.13%, 6/10/2021 (b)		500		459
7.45%, 9/1/2024 (b)		1,400		1,176
Republic of Argentina
6.88%, 4/22/2021		2,500		2,394
5.88%, 1/11/2028		1,200		932
6.63%, 7/6/2028		5,500		4,386
8.28%, 12/31/2033		1,839		1,586
7.13%, 7/6/2036		603		463
7.63%, 4/22/2046		2,598		2,046
6.88%, 1/11/2048		1,375		1,014
7.13%, 6/28/2117		182		136

				22,391

Armenia — 0.1%
Republic of Armenia 7.15%, 3/26/2025 (b)		900		939

Azerbaijan — 1.0%
Republic of Azerbaijan
4.75%, 3/18/2024 (b)		3,149		3,098
3.50%, 9/1/2032 (a)		3,286		2,694
3.50%, 9/1/2032 (b)		1,400		1,148

				6,940

Belarus — 1.2%
Republic of Belarus
6.88%, 2/28/2023 (b)		990		1,020
7.63%, 6/29/2027 (b)		4,300		4,547
7.63%, 6/29/2027 (a)		2,430		2,570

				8,137


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Bermuda — 0.2%
Republic of Bermuda 4.85%, 2/6/2024 (b)		1,300		1,336

Bolivia, Plurinational State of — 0.2%
Plurinational State of Bolivia 4.50%, 3/20/2028 (b)		1,600		1,430

Brazil — 1.3%
Federative Republic of Brazil
6.00%, 4/7/2026		3,200		3,352
4.63%, 1/13/2028		2,500		2,350
5.00%, 1/27/2045		3,600		3,001

				8,703

China — 0.7%
People’s Republic of China
2.36%, 8/18/2021 (b)		CNY5,000		690
3.80%, 7/9/2023 (b)		CNY 28,500		4,084

				4,774

Colombia — 2.1%
Republic of Colombia
2.63%, 3/15/2023		1,600		1,505
4.00%, 2/26/2024		1,800		1,776
4.50%, 1/28/2026		1,100		1,100
3.88%, 4/25/2027		1,600		1,522
4.50%, 3/15/2029		528		520
7.38%, 9/18/2037		1,000		1,213
5.00%, 6/15/2045		6,971		6,612

				14,248

Costa Rica — 0.7%
Instituto Costarricense de Electricidad
6.95%, 11/10/2021 (b)		600		572
6.38%, 5/15/2043 (b)		1,100		780
Republic of Costa Rica
4.25%, 1/26/2023 (b)		900		784
4.38%, 4/30/2025 (b)		897		738
7.00%, 4/4/2044 (b)		1,827		1,500
7.16%, 3/12/2045 (b)		507		423

				4,797

Croatia — 1.1%
Republic of Croatia
6.75%, 11/5/2019 (b)		1,900		1,955
6.38%, 3/24/2021 (b)		3,000		3,150
6.00%, 1/26/2024 (b)		1,991		2,140

				7,245

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	5

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Dominican Republic — 1.7%
Government of Dominican Republic
5.88%, 4/18/2024 (b)		2,500		2,534
6.88%, 1/29/2026 (b)		5,500		5,775
5.95%, 1/25/2027 (b)		400		398
7.45%, 4/30/2044 (b)		2,176		2,265
6.50%, 2/15/2048 (a)		450		423

				11,395

Ecuador — 1.3%
Republic of Ecuador
10.50%, 3/24/2020 (b)		600		614
10.75%, 3/28/2022 (b)		1,200		1,239
8.75%, 6/2/2023 (b)		1,100		1,043
9.65%, 12/13/2026 (b)		1,200		1,122
9.63%, 6/2/2027 (b)		705		652
8.88%, 10/23/2027 (b)		2,400		2,130
8.88%, 10/23/2027 (a)		700		621
7.88%, 1/23/2028 (b)		2,000		1,680

				9,101

Egypt — 2.2%
Republic of Egypt
6.13%, 1/31/2022 (b)		1,800		1,778
5.88%, 6/11/2025 (b)		2,800		2,618
7.50%, 1/31/2027 (b)		3,500		3,421
8.50%, 1/31/2047 (b)		2,483		2,343
7.90%, 2/21/2048 (b)		5,650		5,064

				15,224

El Salvador — 1.8%
Republic of El Salvador
7.38%, 12/1/2019 (b)		5,278		5,269
7.75%, 1/24/2023 (b)		2,120		2,134
5.88%, 1/30/2025 (b)		620		554
6.38%, 1/18/2027 (b)		150		134
8.25%, 4/10/2032 (b)		1,158		1,130
7.65%, 6/15/2035 (b)		2,317		2,120
7.63%, 2/1/2041 (b)		1,427		1,295

				12,636

Ethiopia — 0.6%
Republic of Ethiopia 6.63%, 12/11/2024 (b)		4,200		4,090

Gabon — 0.6%
Republic of Gabonese
6.38%, 12/12/2024 (b)		2,500		2,275
6.95%, 6/16/2025 (b)		2,000		1,835

				4,110


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Georgia — 0.1%
Republic of Georgia 6.88%, 4/12/2021 (b)		400		418

Ghana — 0.5%
Republic of Ghana 8.63%, 6/16/2049 (b)		3,800		3,563

Honduras — 1.0%
Republic of Honduras
8.75%, 12/16/2020 (b)		2,400		2,580
7.50%, 3/15/2024 (b)		1,000		1,055
6.25%, 1/19/2027 (b)		3,083		3,029

				6,664

Hungary — 2.6%
Republic of Hungary
5.75%, 11/22/2023		3,624		3,881
5.38%, 3/25/2024		6,100		6,469
3.00%, 6/26/2024		HUF259,160		908
5.50%, 6/24/2025		HUF 1,724,010		6,847

				18,105

Indonesia — 1.6%
Republic of Indonesia
5.88%, 1/15/2024 (b)		3,700		3,890
4.13%, 1/15/2025 (b)		1,400		1,342
4.35%, 1/8/2027 (b)		2,300		2,205
6.63%, 2/17/2037 (b)		1,600		1,790
6.75%, 1/15/2044 (b)		1,500		1,723

				10,950

Iraq — 1.5%
Republic of Iraq
6.75%, 3/9/2023 (b)		2,620		2,551
5.80%, 1/15/2028 (b)		8,455		7,758

				10,309

Ivory Coast — 0.5%
Republic of Cote d’Ivoire
5.38%, 7/23/2024 (b)		400		373
6.38%, 3/3/2028 (b)		200		185
5.75%, 12/31/2032 (b) (c)		2,128		1,923
6.63%, 3/22/2048 (b)		EUR1,200		1,211

				3,692

Jamaica — 1.1%
Government of Jamaica
8.00%, 6/24/2019		170		174
6.75%, 4/28/2028		1,600		1,730
8.00%, 3/15/2039		2,611		3,029
7.88%, 7/28/2045		2,000		2,317

				7,250

SEE NOTES TO FINANCIAL STATEMENTS.



6	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Jordan — 1.0%
Hashemite Kingdom of Jordan 7.38%, 10/10/2047 (b)		5,500		4,957
Kingdom of Jordan
6.13%, 1/29/2026 (b)		794		758
5.75%, 1/31/2027 (b)		1,006		924

				6,639

Kazakhstan — 1.1%
Republic of Kazakhstan
Zero Coupon, 3/15/2019‡ (a)		KZT 1,416,000		3,772
3.88%, 10/14/2024 (b)		752		754
5.13%, 7/21/2025 (b)		1,500		1,579
4.88%, 10/14/2044 (b)		1,100		1,078
6.50%, 7/21/2045 (b)		600		714

				7,897

Kenya — 1.5%
Republic of Kenya
5.88%, 6/24/2019 (b)		3,130		3,140
6.88%, 6/24/2024 (b)		3,500		3,408
7.25%, 2/28/2028 (b)		1,944		1,832
8.25%, 2/28/2048 (b)		2,134		1,948

				10,328

Lebanon — 2.6%
Republic of Lebanon
5.15%, 11/12/2018 (b)		2,900		2,893
5.45%, 11/28/2019 (b)		1,015		974
6.38%, 3/9/2020		4,007		3,842
5.80%, 4/14/2020 (b)		4,000		3,790
8.25%, 4/12/2021 (b)		3,697		3,526
6.00%, 1/27/2023 (b)		1,308		1,121
6.65%, 11/3/2028 (b)		1,918		1,513

				17,659

Macedonia, the Former Yugoslav Republic of — 0.3%
Former Yugoslav Republic of Macedonia 2.75%, 1/18/2025 (a)		EUR632		693
Republic of Macedonia 2.75%, 1/18/2025 (b)		EUR1,400		1,534

				2,227

Mexico — 1.7%
United Mexican States
3.60%, 1/30/2025		1,000		945
4.15%, 3/28/2027		1,300		1,239
7.50%, 6/3/2027		MXN70,000		3,188


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Mexico — continued
3.75%, 1/11/2028		700		645
5.55%, 1/21/2045		3,490		3,450
4.60%, 1/23/2046		1,000		870
4.60%, 2/10/2048		1,100		956
5.75%, 10/12/2110		400		370

				11,663

Mongolia — 0.9%
Mongolia Government Bond
10.88%, 4/6/2021 (b)		1,900		2,107
5.63%, 5/1/2023 (a)		1,940		1,838
8.75%, 3/9/2024 (b)		1,700		1,821
8.75%, 3/9/2024 (a)		200		214

				5,980

Montenegro — 0.3%
Republic of Montenegro
3.38%, 4/21/2025 (a)		EUR 1,750		1,955
3.38%, 4/21/2025 (b)		EUR273		304

				2,259

Morocco — 0.1%
Kingdom of Morocco 5.50%, 12/11/2042 (b)		900		911

Nigeria — 1.2%
Republic of Nigeria
6.75%, 1/28/2021 (b)		800		823
6.50%, 11/28/2027 (b)		3,700		3,395
7.14%, 2/23/2030 (b)		708		650
7.70%, 2/23/2038 (a)		882		795
7.70%, 2/23/2038 (b)		500		451
7.63%, 11/28/2047 (a)		1,510		1,333
7.63%, 11/28/2047 (b)		1,000		882

				8,329

Oman — 1.2%
Oman Government Bond
3.63%, 6/15/2021 (b)		216		211
4.13%, 1/17/2023 (b)		1,800		1,723
4.75%, 6/15/2026 (b)		4,000		3,680
5.38%, 3/8/2027 (b)		1,900		1,791
6.75%, 1/17/2048 (a)		700		637

				8,042

Pakistan — 0.8%
Republic of Pakistan
7.25%, 4/15/2019 (b)		5,000		5,006
8.25%, 4/15/2024 (b)		200		204

				5,210

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	7

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Panama — 1.6%
Republic of Panama
9.38%, 4/1/2029		1,400		1,933
6.70%, 1/26/2036		3,000		3,605
4.50%, 5/15/2047		1,700		1,593
4.30%, 4/29/2053		4,050		3,627

				10,758

Paraguay — 1.2%
Republic of Paraguay
4.63%, 1/25/2023 (b)		1,800		1,798
5.00%, 4/15/2026 (b)		2,000		1,990
6.10%, 8/11/2044 (b)		4,137		4,162
5.60%, 3/13/2048 (b)		240		228
Republic of Uruguay
4.70%, 3/27/2027 (b)		400		389

				8,567

Peru — 0.3%
Republic of Peru 8.75%, 11/21/2033		1,400		2,000

Romania — 1.0%
Republic of Romania
6.75%, 2/7/2022 (b)		200		215
4.38%, 8/22/2023 (b)		2,250		2,242
4.88%, 1/22/2024 (b)		2,300		2,337
5.13%, 6/15/2048 (b)		2,000		1,848

				6,642

Russia — 1.7%
Russian Federation
4.88%, 9/16/2023 (b)		5,200		5,310
5.88%, 9/16/2043 (b)		6,000		6,293

				11,603

Saudi Arabia — 0.9%
Kingdom of Saudi Arabia
3.25%, 10/26/2026 (b)		3,400		3,141
4.63%, 10/4/2047 (b)		2,100		1,927
5.00%, 4/17/2049 (b)		1,248		1,198

				6,266

Senegal — 0.9%
Republic of Senegal
6.25%, 5/23/2033 (b)		5,006		4,305
6.75%, 3/13/2048 (b)		1,290		1,063
6.75%, 3/13/2048 (a)		923		760

				6,128


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Serbia — 2.1%
Republic of Serbia
4.88%, 2/25/2020 (b)		6,675		6,725
7.25%, 9/28/2021 (b)		7,400		7,964

				14,689

South Africa — 1.8%
Republic of South Africa
5.50%, 3/9/2020		1,000		1,009
5.88%, 5/30/2022		600		613
5.88%, 9/16/2025		1,400		1,381
4.30%, 10/12/2028		2,500		2,131
6.50%, 2/28/2041		ZAR 53,155		2,425
6.25%, 3/8/2041		1,200		1,116
5.38%, 7/24/2044		3,300		2,739
5.00%, 10/12/2046		900		718

				12,132

Sri Lanka — 1.4%
Republic of Sri Lanka
6.25%, 10/4/2020 (b)		2,900		2,781
6.25%, 7/27/2021 (b)		2,200		2,088
5.75%, 4/18/2023 (b)		2,700		2,430
5.75%, 4/18/2023 (a)		2,040		1,836
6.85%, 11/3/2025 (b)		500		452

				9,587

Tajikistan — 0.2%
Republic of Tajikistan International Bond
7.13%, 9/14/2027 (b)		1,300		1,154
7.13%, 9/14/2027 (a)		320		284

				1,438

Turkey — 2.4%
Republic of Turkey
7.00%, 3/11/2019		2,300		2,311
6.25%, 9/26/2022		500		485
3.25%, 3/23/2023		5,068		4,346
5.75%, 3/22/2024		2,000		1,868
4.25%, 4/14/2026		3,100		2,558
4.88%, 10/9/2026		1,250		1,061
5.13%, 2/17/2028		1,900		1,603
6.00%, 1/14/2041		1,000		795
4.88%, 4/16/2043		2,100		1,496

				16,523

SEE NOTES TO FINANCIAL STATEMENTS.



8	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Ukraine — 3.1%
Republic of Ukraine
7.75%, 9/1/2019 (b)		819		822
7.75%, 9/1/2020 (b)		3,500		3,474
7.75%, 9/1/2022 (b)		246		239
8.99%, 2/1/2024 (a)		3,250		3,217
7.75%, 9/1/2024 (b)		3,200		3,004
7.75%, 9/1/2025 (b)		429		394
7.38%, 9/25/2032 (b)		7,133		5,942
0.00%, 5/31/2040 (b) (d)		8,340		4,264

				21,356

Uruguay — 1.4%
Republic of Uruguay
4.38%, 10/27/2027		1,500		1,481
7.88%, 1/15/2033		3,200		4,168
5.10%, 6/18/2050		1,788		1,689
4.98%, 4/20/2055		2,710		2,507

				9,845

Venezuela, Bolivarian Republic of — 0.6%
Republic of Venezuela
7.75%, 10/13/2019 (b) (e)		1,221		299
6.00%, 12/9/2020 (b) (e)		960		233
12.75%, 8/23/2022 (b) (e)		1,470		376
9.00%, 5/7/2023 (b) (e)		2,720		680
8.25%, 10/13/2024 (b) (e)		3,050		770
7.65%, 4/21/2025 (b)		1,780		436
11.75%, 10/21/2026 (b) (e)		1,670		428
9.25%, 5/7/2028 (b) (e)		2,730		683

				3,905

Vietnam — 0.2%
Republic of Vietnam 4.80%, 11/19/2024 (b)		1,400		1,412

Zambia — 0.1%
Republic of Zambia 8.97%, 7/30/2027 (b)		880		595

Total Foreign Government Securities (Cost $466,095)				443,468


Corporate Bonds — 32.0%
Argentina — 1.0%
Banco Macro SA (USD Swap Semi 5 Year + 5.46%), 6.75%, 11/4/2026 (b) (d)		359		295
Pampa Energia SA
7.38%, 7/21/2023 (b)		467		430
7.50%, 1/24/2027 (b)		2,340		2,042
7.50%, 1/24/2027 (a)		270		236


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Argentina — continued
Tecpetrol SA 4.88%, 12/12/2022 (a)		1,533		1,393
YPF SA
8.50%, 3/23/2021 (b)		1,619		1,629
7.00%, 12/15/2047 (a)		660		499

				6,524

Azerbaijan — 1.1%
Southern Gas Corridor CJSC 6.88%, 3/24/2026 (b)		1,263		1,349
State Oil Co. of the Azerbaijan Republic
4.75%, 3/13/2023 (b)		467		461
6.95%, 3/18/2030 (b)		5,305		5,617

				7,427

Bahrain — 0.3%
Batelco International Finance No. 1 Ltd. 4.25%, 5/1/2020 (b)		2,410		2,356

Brazil — 1.2%
Caixa Economica Federal (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.55%), 7.25%, 7/23/2024 (b) (d)		1,400		1,407
Cemig Geracao e Transmissao SA 9.25%, 12/5/2024 (a)		2,210		2,353
JSL Europe SA 7.75%, 7/26/2024 (a)		2,791		2,583
Light Servicos de Eletricidade SA 7.25%, 5/3/2023 (a)		1,770		1,723
Votorantim Cimentos SA 7.25%, 4/5/2041 (b)		400		410

				8,476

Canada — 0.2%
Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025 (a)		1,580		1,509

Chile — 0.8%
Corp. Nacional del Cobre de Chile 4.50%, 9/16/2025 (b)		2,900		2,883
Empresa Electrica Angamos SA 4.88%, 5/25/2029 (b)		353		343
Empresa Nacional del Petroleo
3.75%, 8/5/2026 (b)		600		552
5.25%, 11/6/2029 (a)		1,750		1,749

				5,527

China — 2.4%
Avi Funding Co. Ltd. 3.80%, 9/16/2025 (b)		1,300		1,256
Baoxin Auto Finance I Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 12.62%), 8.75%, 12/15/2019 (b) (d) (f) (g)		440		416

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	9

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
China — continued
CCCI Treasure Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.19%), 3.50%, 4/21/2020 (b) (d) (f) (g)		470		461
China Minmetals Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.72%), 3.75%, 11/13/2022 (b) (d) (f) (g)		1,040		956
Chinalco Capital Holdings Ltd. 4.00%, 8/25/2021 (b)		1,300		1,252
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (b)		1,300		1,200
Fortune Star BVI Ltd. 5.25%, 3/23/2022 (b)		2,540		2,284
GCL New Energy Holdings Ltd. 7.10%, 1/30/2021 (b)		2,390		2,080
GOME Retail Holdings Ltd. 5.00%, 3/10/2020 (b)		200		175
Guangxi Communications Investment Group Co. Ltd. 3.00%, 11/4/2019 (b)		200		195
Hongkong International Qingdao Co. Ltd. 4.25%, 12/4/2022 (b)		1,370		1,267
Huarong Finance II Co. Ltd. 2.75%, 6/3/2019 (b)		200		198
Minmetals Bounteous Finance BVI Ltd. 4.20%, 7/27/2026 (b)		1,400		1,339
Rock International Investment, Inc. 6.63%, 3/27/2020 (b)		380		300
Sinochem Overseas Capital Co. Ltd. 4.50%, 11/12/2020 (b)		700		707
Three Gorges Finance I Cayman Islands Ltd. 3.70%, 6/10/2025 (b)		1,000		964
Top Wise Excellence Enterprise Co. Ltd. 6.00%, 3/16/2020 (b)		900		689
Vanke Real Estate Hong Kong Co. Ltd. 3.95%, 12/23/2019 (b)		640		639

				16,378

Colombia — 1.4%
Banco GNB Sudameris SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.56%), 6.50%, 4/3/2027 (a) (d)		910		899
Ecopetrol SA
5.88%, 9/18/2023		2,000		2,091
4.13%, 1/16/2025		1,820		1,736
5.38%, 6/26/2026		1,888		1,901
Geopark Ltd. 6.50%, 9/21/2024 (a)		1,970		1,960
Millicom International Cellular SA 6.63%, 10/15/2026 (a)		250		253
Transportadora de Gas Internacional SA ESP 5.55%, 11/1/2028 (a)		1,100		1,104

				9,944


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Congo, Democratic Republic of the — 0.2%
HTA Group Ltd.
9.13%, 3/8/2022 (b)		1,080		1,101
9.13%, 3/8/2022 (a)		309		315

				1,416

Costa Rica — 0.1%
Banco Nacional de Costa Rica 5.88%, 4/25/2021 (b)		1,000		957

Ecuador — 0.6%
Petroamazonas EP
4.63%, 2/16/2020 (b)		2,600		2,522
4.63%, 11/6/2020 (a)		1,980		1,861

				4,383

Georgia — 0.1%
Georgian Railway JSC 7.75%, 7/11/2022 (b)		400		421

Hong Kong — 0.5%
CMB Wing Lung Bank Ltd (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.75%), 3.75%, 11/22/2027 (b) (d)		830		785
King Power Capital Ltd. 5.63%, 11/3/2024 (b)		1,300		1,361
WTT Investment Ltd. 5.50%, 11/21/2022 (a)		1,621		1,598

				3,744

Hungary — 0.2%
MFB Magyar Fejlesztesi Bank Zrt. 6.25%, 10/21/2020 (b)		1,000		1,041

India — 0.5%
Azure Power Energy Ltd. 5.50%, 11/3/2022 (a)		929		873
Greenko Dutch BV 5.25%, 7/24/2024 (a)		1,200		1,082
IDBI Bank Ltd. 3.75%, 1/25/2019 (b)		900		897
UPL Corp. Ltd.
3.25%, 10/13/2021 (b)		690		664
3.25%, 10/13/2021 (a)		200		193

				3,709

Indonesia — 1.5%
Medco Platinum Road Pte. Ltd. 6.75%, 1/30/2025 (a)		1,358		1,231
Minejesa Capital BV
4.63%, 8/10/2030 (a)		1,711		1,512
5.63%, 8/10/2037 (a)		1,900		1,679
Pertamina Persero PT
6.50%, 5/27/2041 (b)		1,200		1,210
6.50%, 11/7/2048 (a)		1,520		1,491

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Indonesia — continued
Perusahaan Listrik Negara PT
4.13%, 5/15/2027 (b)		1,100		994
5.25%, 5/15/2047 (b)		700		612
6.15%, 5/21/2048 (a)		900		877
Theta Capital Pte. Ltd. 7.00%, 4/11/2022 (b)		980		710

				10,316

Kazakhstan — 2.1%
Kazakhstan Temir Zholy Finance BV
6.95%, 7/10/2042 (a)		2,050		2,219
6.95%, 7/10/2042 (b)		900		975
Kazakhstan Temir Zholy National Co. JSC 4.85%, 11/17/2027 (a)		900		884
KazMunayGas National Co. JSC
3.88%, 4/19/2022 (b)		3,700		3,663
5.75%, 4/19/2047 (b)		600		572
6.38%, 10/24/2048 (a)		1,700		1,723
6.38%, 10/24/2048 (b)		1,800		1,825
KazMunayGas National Co. PJSC 4.75%, 4/19/2027 (b)		1,500		1,466
Nostrum Oil & Gas Finance BV 8.00%, 7/25/2022 (a)		1,410		1,200

				14,527

Kuwait — 0.9%
Kuwait Projects Co. SPC Ltd.
4.80%, 2/5/2019 (b)		4,400		4,405
4.50%, 2/23/2027 (b)		1,679		1,528

				5,933

Macau — 0.2%
Sands China Ltd. 5.13%, 8/8/2025 (a)		1,170		1,148

Mauritius — 0.4%
Liquid Telecommunications Financing plc 8.50%, 7/13/2022 (a)		2,481		2,534

Mexico — 5.6%
Banco Mercantil del Norte SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 7/6/2022 (b) (d) (f) (g)		1,440		1,422
Banco Nacional de Comercio Exterior SNC
4.38%, 10/14/2025 (b)		500		480
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 8/11/2026 (b) (d)		500		479
BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (a) (d)		1,610		1,417


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Mexico — continued
Cometa Energia SA de CV 6.38%, 4/24/2035 (a)		3,198		3,082
Controladora Mabe SA de CV 5.60%, 10/23/2028 (a)		880		854
Grupo KUO SAB de CV 5.75%, 7/7/2027 (a)		2,150		1,999
Mexico City Airport Trust
3.88%, 4/30/2028 (b)		300		241
5.50%, 10/31/2046 (b)		400		316
5.50%, 7/31/2047 (b)		600		474
Petroleos Mexicanos
5.50%, 1/21/2021		1,550		1,562
4.88%, 1/24/2022		5,900		5,788
(ICE LIBOR USD 3 Month + 3.65%), 5.98%, 3/11/2022 (d)		1,349		1,400
5.38%, 3/13/2022		9,400		9,347
6.50%, 3/13/2027		1,862		1,802
5.35%, 2/12/2028 (b)		1,869		1,661
6.50%, 1/23/2029 (a)		1,900		1,818
6.75%, 9/21/2047		4,643		3,985

				38,127

Morocco — 0.7%
OCP SA
5.63%, 4/25/2024 (b)		3,730		3,795
6.88%, 4/25/2044 (b)		900		938

				4,733

Nigeria — 0.4%
Fidelity Bank plc 10.50%, 10/16/2022 (a)		802		816
IHS Netherlands Holdco BV 9.50%, 10/27/2021 (b)		1,720		1,735

				2,551

Norway — 0.1%
DNO ASA 8.75%, 5/31/2023 (b)		800		814

Oman — 0.1%
Oztel Holdings SPC Ltd. 6.63%, 4/24/2028 (b)		770		754

Panama — 0.1%
Banistmo SA 3.65%, 9/19/2022 (a)		874		824

Peru — 1.4%
Corp. Financiera de Desarrollo SA
4.75%, 2/8/2022 (b)		1,200		1,213
4.75%, 7/15/2025 (b)		1,300		1,295
Fondo MIVIVIENDA SA 3.50%, 1/31/2023 (b)		1,300		1,246
Inkia Energy Ltd. 5.88%, 11/9/2027 (a)		1,238		1,172

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	11

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Peru — continued
Nexa Resources SA
5.38%, 5/4/2027 (b)		400		387
5.38%, 5/4/2027 (a)		260		252
Petroleos del Peru SA
4.75%, 6/19/2032 (b)		2,900		2,687
4.75%, 6/19/2032 (a)		730		676
5.63%, 6/19/2047 (a)		800		757

				9,685

Qatar — 1.9%
ABQ Finance Ltd.
3.63%, 4/13/2021 (b)		760		749
3.50%, 2/22/2022 (b)		5,770		5,590
Ooredoo Tamweel Ltd. 3.04%, 12/3/2018 (b)		3,750		3,746
Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.30%, 9/30/2020 (b)		2,603		2,642

				12,727

Russia — 0.1%
Russian Agricultural Bank OJSC 8.50%, 10/16/2023 (b)		590		589

South Africa — 1.5%
Eskom Holdings SOC Ltd.
5.75%, 1/26/2021 (b)		1,700		1,630
6.75%, 8/6/2023 (b)		3,900		3,652
7.13%, 2/11/2025 (b)		1,800		1,683
8.45%, 8/10/2028 (a)		1,400		1,352
SASOL Financing USA LLC 5.88%, 3/27/2024		1,160		1,166
Transnet SOC Ltd. 4.00%, 7/26/2022 (b)		600		561

				10,044

South Korea — 0.7%
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2047 (b) (d)		4,080		3,627
Woori Bank (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 5.25%, 5/16/2022 (b) (d) (f) (g)		1,060		1,031

				4,658

Spain — 0.2%
AI Candelaria Spain SLU 7.50%, 12/15/2028 (a)		1,630		1,604

Trinidad and Tobago — 0.4%
Petroleum Co. of Trinidad & Tobago Ltd. 9.75%, 8/14/2019 (b)		2,900		2,707


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Tunisia — 0.8%
Banque Centrale de Tunisie International Bond
6.75%, 10/31/2023 (a)		EUR1,730		1,928
5.63%, 2/17/2024 (b)		EUR3,150		3,318

				5,246

Turkey — 0.5%
Akbank T.A.S. (USD Swap Semi 5 Year + 4.03%), 6.80%, 4/27/2028 (a) (d)		260		206
Petkim Petrokimya Holding A/S
5.88%, 1/26/2023 (a)		978		895
5.88%, 1/26/2023 (b)		764		699
Ronesans Gayrimenkul Yatirim A/S 7.25%, 4/26/2023 (a)		881		697
Turkiye Garanti Bankasi A/S 5.25%, 9/13/2022 (b)		811		747

				3,244

Ukraine — 0.3%
Eastern Michigan University 9.38%, 3/10/2023 (b) (c)		1,399		1,401
State Savings Bank of Ukraine 9.63%, 3/20/2025 (b) (c)		600		596

				1,997

United Arab Emirates — 0.9%
EA Partners I BV 6.88%, 9/28/2020 (b)		2,751		1,623
EA Partners II BV 6.75%, 6/1/2021 (b)		1,076		635
ICD Sukuk Co. Ltd. 3.51%, 5/21/2020 (b)		2,000		1,982
MAF Global Securities Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.54%), 6.37%, 3/20/2026 (b) (d) (f) (g)		1,970		1,834

				6,074

Venezuela, Bolivarian Republic of — 0.6%
Petroleos de Venezuela SA
8.50%, 10/27/2020 (b) (e)		924		877
9.00%, 11/17/2021 (b) (e)		1,240		254
12.75%, 2/17/2022 (b) (e)		1,470		310
6.00%, 11/15/2026 (b) (e)		2,780		480
5.38%, 4/12/2027 (b) (e)		9,230		1,639
9.75%, 5/17/2035 (b) (e)		1,430		302
5.50%, 4/12/2037 (b) (e)		850		155

				4,017

Total Corporate Bonds (Cost $231,707)				218,665

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	NO. OF CONTRACTS		MARKET VALUE ($000)
Options Purchased — 0.0% (h)
Call Options Purchased — 0.0% (h)
United States — 0.0% (h)
Foreign Exchange MXN/USD 11/1/2018 at USD 20.44, Vanilla, European Style Notional Amount: USD 38,380 Exchange Traded *		38,380		65

Put Options Purchased — 0.0% (h)
Australia — 0.0% (h)
Foreign Exchange USD/AUD 11/15/2018 at AUD 0.69, Vanilla, European Style Notional Amount: AUD 52,369 Exchange Traded *		AUD 52,369		45

United States — 0.0% (h)
Foreign Exchange JPY/USD 12/12/2018 at USD 105.00, Vanilla, European Style Notional Amount: USD 38,118 Exchange Traded *		38,118		17

				62

Total Options Purchased (Cost $560)				127


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.6%
Investment Companies — 2.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.25% (i) (j) (Cost $17,423)		17,420		17,423

Total Investments — 99.3% (Cost $715,785)				679,683
Other Assets Less Liabilities — 0.7%				5,522

NET ASSETS — 100.0%				685,205

Percentages indicated are based on net assets.

Abbreviations


ARS		Argentine Peso
AUD		Australian Dollar
CJSC		Closed joint stock company
CNY		China Yuan
EUR		Euro
HUF		Hungarian Forint
ICE		Intercontinental Exchange
JPY		Japanese Yen
KZT		Kazakhstan Tenge
LIBOR		London Interbank Offered Rate
MXN		Mexican Peso
OJSC		Open Joint Stock Company
PJSC		Public Joint Stock Company
PT		Limited liability company
SPC		Special purpose company
USD		United States Dollar
ZAR		South African Rand

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.



(b)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2018.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2018.
(e)		Defaulted security.
(f)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2018.
(g)		Security is an interest bearing note with preferred security characteristics.
(h)		Amount rounds to less than 0.1% of net assets.
(i)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(j)		The rate shown is the current yield as of October 31, 2018.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	13

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Futures contracts outstanding as of October 31, 2018 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Short Contracts

3 Month Eurodollar

(733)

03/2020

USD

(177,359

)

(93

)

(93

)


Abbreviations
USD		United States Dollar


Forward foreign currency exchange contracts outstanding as of October 31, 2018 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
MXN	78,075	USD	3,838	State Street Corp.		11/6/2018		3
EUR	1,536	CZK	39,714	HSBC Bank, NA		11/19/2018		7
EUR	3,126	CZK	81,098	State Street Corp.		11/19/2018		2
JPY	392,787	USD	3,472	Goldman Sachs International		11/19/2018		13
TRY	5,439	USD	888	Barclays Bank plc		11/19/2018		75
USD	7,248	CNH	50,313	Goldman Sachs International**		11/19/2018		42
USD	5,299	EUR	4,566	Barclays Bank plc		11/19/2018		120
USD	3,472	KRW	3,961,985	Goldman Sachs International**		11/19/2018		—	(a)
USD	1,667	MXN	33,691	Citibank, NA		11/20/2018		13
ARS	58,435	USD	1,483	Citibank, NA**		12/19/2018		51
BRL	26,911	USD	7,131	Goldman Sachs International**		12/19/2018		70
EGP	146,364	USD	7,962	Goldman Sachs International**		12/19/2018		102
IDR	52,921,870	USD	3,429	Citibank, NA**		12/19/2018		22
TRY	51,475	USD	7,557	HSBC Bank, NA		12/19/2018		1,386
USD	7,406	BRL	26,911	Standard Chartered Bank**		12/19/2018		206
USD	3,871	CLP	2,554,479	Citibank, NA**		12/19/2018		198
USD	10,995	CLP	7,287,555	Credit Suisse International**		12/19/2018		516
USD	7,170	CNH	49,754	Citibank, NA**		12/19/2018		54
USD	15,839	CNH	109,610	Goldman Sachs International**		12/19/2018		163
USD	11,966	COP	37,543,586	Citibank, NA**		12/19/2018		328
USD	16,331	EUR	14,000	Barclays Bank plc		12/19/2018		405
USD	7,768	KRW	8,710,446	Goldman Sachs International**		12/19/2018		126
USD	1,430	KZT	521,846	Goldman Sachs International**		12/19/2018		34
USD	7,311	MXN	143,263	Barclays Bank plc		12/19/2018		315
USD	3,280	MXN	64,426	Citibank, NA		12/19/2018		133
USD	2,491	PEN	8,354	Goldman Sachs International**		12/19/2018		18
USD	7,747	PLN	28,780	BNP Paribas		12/19/2018		236
USD	7,275	THB	238,069	Goldman Sachs International		12/19/2018		82
ZAR	151,655	USD	10,190	Barclays Bank plc		12/19/2018		29
USD	8,093	HUF	2,264,576	Goldman Sachs International		1/14/2019		139
USD	1,964	EUR	1,712	Barclays Bank plc		1/18/2019		10
USD	554	EUR	482	HSBC Bank, NA		1/18/2019		4
USD	11,828	EUR	10,144	State Street Corp.		1/18/2019		252

Total unrealized appreciation								5,154

MXN	77,976	USD	3,838	BNP Paribas		11/6/2018		(2	)
BRL	6,656	USD	1,785	Standard Chartered Bank**		11/19/2018		—	(a)
CLP	1,210,544	USD	1,776	Credit Suisse International**		11/19/2018		(36	)
CLP	1,194,222	USD	1,766	Goldman Sachs International**		11/19/2018		(50	)
CZK	40,119	EUR	1,555	BNP Paribas		11/19/2018		(11	)
CZK	80,693	USD	3,615	Royal Bank of Canada		11/19/2018		(90	)

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN FUNDS	OCTOBER 31, 2018


CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
EUR	1,528	USD	1,735	Goldman Sachs International		11/19/2018		(2	)
INR	125,197	USD	1,688	Credit Suisse International**		11/19/2018		—	(a)
USD	1,776	BRL	6,656	Credit Suisse International**		11/19/2018		(9	)
USD	1,814	IDR	27,899,631	Goldman Sachs International**		11/19/2018		(15	)
USD	1,675	INR	125,197	Citibank, NA**		11/19/2018		(13	)
USD	1,831	PHP	99,523	Standard Chartered Bank**		11/19/2018		(33	)
USD	962	TRY	5,439	HSBC Bank, NA		11/19/2018		(1	)
MXN	102,114	USD	5,340	Goldman Sachs International		11/20/2018		(329	)
CLP	4,873,333	USD	7,126	Merrill Lynch International**		12/19/2018		(119	)
CLP	4,968,701	USD	7,394	Standard Chartered Bank**		12/19/2018		(250	)
CNH	28,342	USD	4,073	HSBC Bank, NA**		12/19/2018		(20	)
COP	32,127,739	USD	10,603	Citibank, NA**		12/19/2018		(645	)
COP	5,415,847	USD	1,769	Goldman Sachs International**		12/19/2018		(90	)
EUR	1,455	USD	1,723	BNP Paribas		12/19/2018		(67	)
IDR	17,995,297	USD	1,197	Credit Suisse International**		12/19/2018		(23	)
KZT	1,630,310	USD	4,383	Citibank, NA**		12/19/2018		(22	)
MXN	94,086	USD	4,947	Goldman Sachs International		12/19/2018		(352	)
MXN	45,585	USD	2,253	State Street Corp.		12/19/2018		(26	)
PEN	8,354	USD	2,505	Goldman Sachs International**		12/19/2018		(31	)
PLN	14,390	USD	3,875	Barclays Bank plc		12/19/2018		(119	)
RUB	462,246	USD	7,014	Citibank, NA**		12/19/2018		(40	)
THB	238,069	USD	7,384	Standard Chartered Bank		12/19/2018		(192	)
USD	1,130	EGP	20,674	Standard Chartered Bank**		12/19/2018		(9	)
USD	4,592	IDR	70,917,167	Goldman Sachs International**		12/19/2018		(32	)
USD	8,127	TRY	51,475	HSBC Bank, NA		12/19/2018		(817	)
USD	12,205	ZAR	187,443	Barclays Bank plc		12/19/2018		(426	)
USD	2,496	ZAR	37,494	Goldman Sachs International		12/19/2018		(31	)
USD	14,201	ZAR	215,122	Standard Chartered Bank		12/19/2018		(295	)
ZAR	35,788	USD	2,501	Goldman Sachs International		12/19/2018		(90	)

Total unrealized depreciation								(4,287	)

Net unrealized appreciation								867

Abbreviations


ARS		Argentine Peso
BRL		Brazilian Real
CLP		Chile Peso
CNH		China Renminbi
COP		Colombian Peso
CZK		Czech Republic Krona
EGP		Egyptian Pound
EUR		Euro
HUF		Hungarian Forint
IDR		Indonesian Rupiah
INR		Indian Rupee
JPY		Japanese Yen
KRW		Korean Republic Won



KZT		Kazakhstan Tenge
MXN		Mexican Peso
PEN		Peru Nuevo Sol
PHP		Philippines Peso
PLN		Polish Zloty
RUB		Russian Ruble
THB		Thai Baht
TRY		New Turkish Lira
USD		United States Dollar
ZAR		South African Rand

**		Non-deliverable forward.
(a)		Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	15

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


Over the Counter (“OTC”) Credit default swap contracts outstanding — buy protection⁽¹⁾ as of October 31, 2018 (amounts in thousands):
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)		PAYMENT FREQUENCY		COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) ⁽²⁾		NOTIONAL AMOUNT ⁽³⁾		UPFRONT PAYMENTS (RECEIPTS) ($) ⁽⁴⁾			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Republic of Indonesia, 5.88%, 3/13/2020		1.00		Quarterly		Goldman Sachs International		12/20/2023		1.57		USD 13,356		301			30			331
Republic of Indonesia, 5.88%, 3/13/2020		1.00		Quarterly		Goldman Sachs International		12/20/2023		1.57		USD 16,694		376			38			414

														677			68			745

People’s Republic of China, 7.50%, 10/28/2027		1.00		Quarterly		Goldman Sachs International		12/20/2023		0.72		USD 36,400		(647	)		124			(523	)
Republic of Korea, 7.13%, 4/16/2019		1.00		Quarterly		Goldman Sachs International		12/20/2023		0.41		USD 34,000		(902	)		(93	)		(995	)

														(1,549	)		31			(1,518	)

														(872	)		99			(773	)

(1)

(2)

(3)	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

(4)	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

OTC Interest rate swap contracts outstanding as of October 31, 2018 (amounts in thousands):

FLOATING RATE INDEX

FIXED RATE

PAY/RECEIVE
FLOATING RATE

COUNTERPARTY

MATURITY
DATE

NOTIONAL
AMOUNT

UPFRONT
PAYMENTS
(RECEIPTS) ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Chile Peso

3.65% annually

Receive

Goldman Sachs
International

10/18/2020

CLP 17,000,000

—

(73

)


Centrally Cleared Interest rate swap contracts outstanding as of October 31, 2018 (amounts in thousands):
FLOATING RATE INDEX (a)	FIXED RATE		PAY/ RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
6 months PRIBOR semi-annually		2.06% annually		Receive		7/12/2028		CZK 230,000		—		434

										—		434

6 months PRIBOR semi-annually		1.99% annually		Pay		7/12/2023		CZK 360,000		—		(377	)

										—		(377	)

										—		57

(a)	Value of floating rate index at October 31, 2018 was as follows:

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN FUNDS	OCTOBER 31, 2018


FLOATING RATE INDEX	VALUE
6 Month PRIBOR		1.92	%


Summary of total swap contracts outstanding as of October 31, 2018 (amounts in thousands):
	NET UPFRONT PAYMENTS (RECEIPTS) ($)			VALUE ($)
Assets
Total OTC swap contracts outstanding		677			745

Liabilities
OTC Credit default swap contracts outstanding — buy protection		(1,549	)		(1,518	)
OTC Interest rate swap contracts outstanding		—			(73	)

Total OTC swap contracts outstanding		(1,549	)		(1,591	)


Abbreviations

CLP		Chile Peso
CZK		Czech Republic Krona
PRIBOR		Prague Interbank Offered Rate
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	17

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018

(Amounts in thousands, except per share amounts)


	JPMorgan Emerging Markets Strategic Debt Fund
ASSETS:
Investments in non-affiliates, at value	$	662,133
Investments in affiliates, at value		17,423
Options purchased, at value		127
Restricted cash for OTC derivatives		1,010
Cash		2,208
Foreign currency, at value		602
Deposits at broker for futures contracts		408
Deposits at broker for centrally cleared swaps		113
Receivables:
Due from custodian		1,052
Investment securities sold		9,099
Fund shares sold		68
Interest and dividends from non-affiliates		9,204
Dividends from affiliates		20
Tax reclaims		38
Variation margin on futures contracts		92
Variation margin on centrally cleared swaps		60
Unrealized appreciation on forward foreign currency exchange contracts		5,154
Outstanding OTC swap contracts, at value (net upfront payments of $677)		745

Total Assets		709,556


LIABILITIES:
Payables:
Investment securities purchased		10,184
Fund shares redeemed		7,518
Unrealized depreciation on forward foreign currency exchange contracts		4,287
Outstanding OTC swap contracts, at value (net upfront receipts of $1,549)		1,591
Accrued liabilities:
Investment advisory fees		347
Administration fees		5
Distribution fees		10
Service fees		9
Custodian and accounting fees		56
Collateral management fees		7
Deferred foreign capital gains tax		25
Other		312

Total Liabilities		24,351

Net Assets	$	685,205

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN FUNDS	OCTOBER 31, 2018


	JPMorgan Emerging Markets Strategic Debt Fund
NET ASSETS:
Paid-in-Capital	$	768,558
Total distributable earnings (loss) (a)		(83,353	)

Total Net Assets	$	685,205


Net Assets:
Class A	$	41,505
Class C		94
Class I		14,057
Class R2		24
Class R5		20
Class R6		629,505

Total	$	685,205


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		5,454
Class C		13
Class I		1,832
Class R2		3
Class R5		3
Class R6		81,254

Net Asset Value (b):
Class A — Redemption price per share	$	7.61
Class C — Offering price per share (c)		7.47
Class I — Offering and redemption price per share		7.67
Class R2 — Offering and redemption price per share		7.54
Class R5 — Offering and redemption price per share		7.73
Class R6 — Offering and redemption price per share		7.75
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	7.91


Cost of investments in non-affiliates	$	697,802
Cost of investments in affiliates		17,423
Cost of options purchased		560
Cost of foreign currency		421

(a)	Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	19

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2018

(Amounts in thousands)


	JPMorgan Emerging Markets Strategic Debt Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	42,052
Interest income from affiliates		1
Dividend income from affiliates		705
Foreign taxes withheld		(99	)

Total investment income		42,659


EXPENSES:
Investment advisory fees		5,434
Administration fees		630
Distribution fees:
Class A		190
Class C		2
Class R2		—	(a)
Service fees:
Class A		190
Class C		1
Class I		38
Class R2		—	(a)
Class R5		—	(a)
Custodian and accounting fees		192
Interest expense to affiliates		4
Professional fees		22
Collateral management fees		28
Trustees’ and Chief Compliance Officer’s fees		9
Printing and mailing costs		16
Registration and filing fees		22
Transfer agency fees (See Note 2.H.)		17
Other		17

Total expenses		6,812

Less fees waived		(1,033	)
Less expense reimbursements		(6	)

Net expenses		5,773

Net investment income (loss)		36,886


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(48,990	)(b)
Investments in affiliates		(179	)
Options purchased		(1,803	)
Futures contracts		(409	)
Foreign currency transactions		(1,514	)
Forward foreign currency exchange contracts		10,675
Options written		4,128
Swaps		837

Net realized gain (loss)		(37,255	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(42,211	)(c)
Investments in affiliates		—	(a)
Options purchased		(231	)
Futures contracts		(141	)
Foreign currency translations		176
Forward foreign currency exchange contracts		1,399
Options written		(49	)
Swaps		189

Change in net unrealized appreciation/depreciation		(40,868	)

Net realized/unrealized gains (losses)		(78,123	)

Change in net assets resulting from operations	$	(41,237	)

(a)	Amount rounds to less than one thousand.

(b)	Net of foreign capital gains tax of approximately $(54,000).

(c)	Net of change in foreign capital gains tax of approximately $38,000.

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN FUNDS	OCTOBER 31, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	36,886		$	15,091
Net realized gain (loss)		(37,255	)		(2,292	)
Change in net unrealized appreciation/depreciation		(40,868	)		7,153

Change in net assets resulting from operations		(41,237	)		19,952


DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(2,968	)		(1,069	)
Class C		(5	)		(4	)
Class I		(623	)		(333	)
Class R2		(1	)		—	(b)
Class R5		(1	)		(1	)
Class R6		(27,908	)		(12,532	)

Total distributions to shareholders		(31,506	)		(13,939	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		96,935			573,874


NET ASSETS:
Change in net assets		24,192			579,887
Beginning of period		661,013			81,126

End of period	$	685,205		$	661,013

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior periods balances were as follows:


Class A
From net investment income	$	(1,069	)
Class C
From net investment income		(4	)
Class I
From net investment income		(333	)
Class R2
From net investment income		—	(b)
Class R5
From net investment income		(1	)
Class R6
From net investment income		(12,532	)

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	21

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	80,393		$	79,092
Distributions reinvested		2,967			1,069
Cost of shares redeemed		(109,088	)		(5,873	)

Change in net assets resulting from Class A capital transactions	$	(25,728	)	$	74,288

Class C
Proceeds from shares issued	$	—	(a)	$	273
Distributions reinvested		5			4
Cost of shares redeemed		(200	)		(26	)

Change in net assets resulting from Class C capital transactions	$	(195	)	$	251

Class I
Proceeds from shares issued	$	34,802		$	12,733
Distributions reinvested		623			333
Cost of shares redeemed		(31,966	)		(4,790	)

Change in net assets resulting from Class I capital transactions	$	3,459		$	8,276

Class R2
Proceeds from shares issued	$	7		$	—	(a)
Distributions reinvested		1			—	(a)
Cost of shares redeemed		(2	)		—	(a)

Change in net assets resulting from Class R2 capital transactions	$	6		$	—	(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	$	256,274		$	504,216
Distributions reinvested		27,908			12,532
Cost of shares redeemed		(164,790	)		(25,690	)

Change in net assets resulting from Class R6 capital transactions	$	119,392		$	491,058

Total change in net assets resulting from capital transactions	$	96,935		$	573,874

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN FUNDS	OCTOBER 31, 2018


	JPMorgan Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		9,943			9,574
Reinvested		370			129
Redeemed		(13,977	)		(712	)

Change in Class A Shares		(3,664	)		8,991

Class C
Issued		—	(a)		33
Reinvested		1			—	(a)
Redeemed		(25	)		(3	)

Change in Class C Shares		(24	)		30

Class I
Issued		4,293			1,537
Reinvested		78			40
Redeemed		(3,998	)		(569	)

Change in Class I Shares		373			1,008

Class R2
Issued		1			—
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		—

Change in Class R2 Shares		1			—	(a)

Class R5
Reinvested		1			—	(a)

Change in Class R5 Shares		1			—	(a)

Class R6
Issued		30,744			60,334
Reinvested		3,435			1,492
Redeemed		(20,742	)		(3,178	)

Change in Class R6 Shares		13,437			58,648

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Return of capital			Total distributions
JPMorgan Emerging Markets Strategic Debt Fund
Class A
Year Ended October 31, 2018	$	8.31	$	0.35		$	(0.75	)	$	(0.40	)	$	(0.30	)	$	—		$	(0.30	)
Year Ended October 31, 2017		8.18		0.37			0.05			0.42			(0.29	)		—			(0.29	)
Year Ended October 31, 2016		7.56		0.28			0.34	(d)		0.62			—			—			—
Year Ended October 31, 2015		9.30		0.31	(e)		(2.05	)		(1.74	)		—			—	(f)		—	(f)
Year Ended October 31, 2014		9.69		0.39			(0.78	)		(0.39	)		—			—			—

Class C
Year Ended October 31, 2018		8.15		0.31			(0.74	)		(0.43	)		(0.25	)		—			(0.25	)
Year Ended October 31, 2017		8.05		0.33			0.03			0.36			(0.26	)		—			(0.26	)
Year Ended October 31, 2016		7.47		0.24			0.34	(d)		0.58			—			—			—
Year Ended October 31, 2015		9.23		0.28	(e)		(2.04	)		(1.76	)		—			—			—
Year Ended October 31, 2014		9.67		0.33			(0.77	)		(0.44	)		—			—			—

Class I
Year Ended October 31, 2018		8.37		0.36			(0.74	)		(0.38	)		(0.32	)		—			(0.32	)
Year Ended October 31, 2017		8.25		0.39			0.05			0.44			(0.32	)		—			(0.32	)
Year Ended October 31, 2016		7.61		0.31			0.33	(d)		0.64			—			—			—
Year Ended October 31, 2015		9.33		0.34	(e)		(2.05	)		(1.71	)		—	(f)		(0.01	)		(0.01	)
Year Ended October 31, 2014		9.70		0.40			(0.77	)		(0.37	)		—			—			—

Class R2
Year Ended October 31, 2018		8.23		0.32			(0.73	)		(0.41	)		(0.28	)		—			(0.28	)
Year Ended October 31, 2017		8.12		0.33			0.05			0.38			(0.27	)		—			(0.27	)
Year Ended October 31, 2016		7.52		0.26			0.34	(d)		0.60			—			—			—
Year Ended October 31, 2015		9.27		0.30	(e)		(2.05	)		(1.75	)		—			—			—
Year Ended October 31, 2014		9.68		0.35			(0.76	)		(0.41	)		—			—			—

Class R5
Year Ended October 31, 2018		8.43		0.38			(0.75	)		(0.37	)		(0.33	)		—			(0.33	)
Year Ended October 31, 2017		8.31		0.40			0.05			0.45			(0.33	)		—			(0.33	)
Year Ended October 31, 2016		7.64		0.32			0.35	(d)		0.67			—			—			—
Year Ended October 31, 2015		9.36		0.37	(e)		(2.08	)		(1.71	)		—	(f)		(0.01	)		(0.01	)
Year Ended October 31, 2014		9.71		0.42			(0.77	)		(0.35	)		—			—			—

Class R6
Year Ended October 31, 2018		8.45		0.39			(0.76	)		(0.37	)		(0.33	)		—			(0.33	)
Year Ended October 31, 2017		8.32		0.42			0.05			0.47			(0.34	)		—			(0.34	)
Year Ended October 31, 2016		7.65		0.32			0.35	(d)		0.67			—			—			—
Year Ended October 31, 2015		9.37		0.36	(e)		(2.07	)		(1.71	)		—	(f)		(0.01	)		(0.01	)
Year Ended October 31, 2014		9.72		0.43			(0.78	)		(0.35	)		—			—			—

(a)	Calculated based upon average shares outstanding.

(b)

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

(d)

Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on 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.

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

(f)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN FUNDS	OCTOBER 31, 2018


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate


$	7.61		(4.95	)%	$	41,505		1.19	%		4.32	%		1.33	%		172	%
	8.31		5.21			75,732		1.19			4.50			1.48			148
	8.18		8.20			1,036		1.13			3.70			2.43			189
	7.56		(18.67	)		27,511		1.16			3.75	(e)		1.91			134
	9.30		(4.02	)		25,334		1.21			4.06			1.41			145


	7.47		(5.38	)		94		1.69			3.84			1.84			172
	8.15		4.56			301		1.69			4.03			2.66			148
	8.05		7.76			52		1.63			3.14			3.65			189
	7.47		(19.07	)		18		1.67			3.37	(e)		2.24			134
	9.23		(4.55	)		54		1.71			3.48			2.04			145


	7.67		(4.71	)		14,057		0.94			4.53			1.07			172
	8.37		5.40			12,211		0.94			4.67			1.43			148
	8.25		8.41			3,723		0.89			3.99			1.51			189
	7.61		(18.38	)		29,405		0.92			4.04	(e)		1.21			134
	9.33		(3.81	)		135,397		0.96			4.21			1.30			145


	7.54		(5.11	)		24		1.44			4.06			2.20			172
	8.23		4.83			21		1.44			4.12			3.49			148
	8.12		7.98			20		1.38			3.37			4.61			189
	7.52		(18.88	)		18		1.41			3.61	(e)		2.00			134
	9.27		(4.24	)		47		1.46			3.71			1.80			145


	7.73		(4.53	)		20		0.76			4.72			1.07			172
	8.43		5.56			21		0.74			4.82			2.82			148
	8.31		8.77			20		0.68			4.07			3.86			189
	7.64		(18.29	)		19		0.71			4.31	(e)		1.29			134
	9.36		(3.60	)		48		0.76			4.41			1.10			145


	7.75		(4.45	)		629,505		0.69			4.81			0.82			172
	8.45		5.73			572,727		0.69			4.94			1.08			148
	8.32		8.76			76,275		0.63			4.12			1.25			189
	7.65		(18.26	)		135,050		0.66			4.29	(e)		0.97			134
	9.37		(3.60	)		153,222		0.71			4.51			0.93			145

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	25

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018

1. Organization

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.

2. Significant Accounting Policies

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.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s net asset value per share (“NAV”) as of the report date.



26	J.P. MORGAN FUNDS	OCTOBER 31, 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.

•

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
Debt Securities
Corporate Bonds
Other Corporate Bonds	$	—		$	218,665		$	—		$	218,665
Foreign Government Securities		—			439,696			3,772			443,468
Options Purchased
Call Options Purchased		—			65			—			65
Put Options Purchased		—			62			—			62

Total Options Purchased		—			127			—			127

Short-Term Investments
Investment Companies		17,423			—			—			17,423

Total Investments in Securities	$	17,423		$	658,488		$	3,772	*	$	679,683

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	5,154		$	—		$	5,154
Swaps		—			626			—			626

Total Appreciation in Other Financial Instruments	$	—		$	5,780		$	—		$	5,780

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(4,287	)	$	—		$	(4,287	)
Futures Contracts		(93	)		—			—			(93	)
Swaps		—			(543	)		—			(543	)

Total Depreciation in Other Financial Instruments	$	(93	)	$	(4,830	)	$	—		$	(4,923	)

Level 3 securities are valued by brokers and pricing services. At October 31, 2018, the value of these securities was approximately $3,772,000. 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.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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 October 31, 2018
Investments in Securities
Foreign Government Securities	$	4,485	$	441	$	(612	)	$	200	$	4,049	$	(4,791	)	$	—	$	—	$	3,772

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

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

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, 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 October 31, 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.

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.



28	J.P. MORGAN FUNDS	OCTOBER 31, 2018

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.

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. Cash collateral posted by the Fund is considered restricted.

(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, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

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

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

(3). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollar without the delivery of foreign currency.

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

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

(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 are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that 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, while cash deposited, which is considered restricted, 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.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.

(5). Summary of Derivatives Information — The following table presents the value of derivatives held as of October 31, 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		Centrally Cleared Swaps (b)		OTC Swaps		Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	—	$	—	$	—	$	434	$	—	$	434
Foreign exchange contracts	Receivables		127		—		5,154		—		—		5,281
Credit contracts	Receivables		—		—		—		—		745		745

Total		$	127	$	—	$	5,154	$	434	$	745	$	6,460



30	J.P. MORGAN FUNDS	OCTOBER 31, 2018


Derivative Contracts	Statement of Assets and Liabilities Location
Gross Liabilities:		Options		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Centrally Cleared Swaps (b)			OTC Swaps			Total
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	(93	)	$	—		$	(377	)	$	(73	)	$	(543	)
Foreign exchange contracts	Payables		—		—			(4,287	)		—			—			(4,287	)
Credit contracts	Payables		—		—			—			—			(1,518	)		(1,518	)

Total		$	—	$	(93	)	$	(4,287	)	$	(377	)	$	(1,591	)	$	(6,348	)

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

(b)	This amount represents the value of centrally cleared swaps as reported on the SOI. The Statement of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.


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)
Barclays Bank plc	$	954	$	(545	)	$	—		$	409
BNP Paribas		236		(80	)		—			156
Citibank, NA		799		(720	)		—			79
Credit Suisse International		516		(68	)		(430	)		18
Goldman Sachs International		1,534		(1,534	)		—			—
HSBC Bank, N.A.		1,397		(838	)		—			559
Standard Chartered Bank		206		(206	)		—			—
State Street Corp.		257		(26	)		—			231

	$	5,899	$	(4,017	)	$	(430	)	$	1,452


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	$	545	$	(545	)	$	—		$	—
BNP Paribas		80		(80	)		—			—
Citibank, NA		720		(720	)		—			—
Credit Suisse International		68		(68	)		—			—
Goldman Sachs International		2,613		(1,534	)		(500	)		579
HSBC Bank, N.A.		838		(838	)		—			—
Merrill Lynch International		119		—			—			119
Royal Bank of Canada		90		—			—			90
Standard Chartered Bank		779		(206	)		—			573
State Street Corp.		26		(26	)		—			—

	$	5,878	$	(4,017	)	$	(500)		$	1,361

(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.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

The following tables present the effect of derivatives on the Statement of Operations for the year ended October 31, 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	$	—		$	(409	)	$	—	$	1,763		$	1,354
Foreign exchange contracts		2,325			—			10,675		—			13,000
Credit contracts		—			—			—		(926	)		(926	)

Total	$	2,325		$	(409	)	$	10,675	$	837		$	13,428


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	$	—		$	(141	)	$	—	$	(201	)	$	(342	)
Foreign exchange contracts		(280	)		—			1,399		—			1,119
Credit contracts		—			—			—		390			390

Total	$	(280	)	$	(141	)	$	1,399	$	189		$	1,167

The Fund’s derivatives contracts held at October 31, 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, options and swaps activity during the year ended October 31, 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 — Interest Rate:
Average Notional Balance Long	$	46,851	(a)
Average Notional Balance Short		89,442	(b)
Ending Notional Balance Short		177,359

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	258,528
Average Settlement Value Sold		273,913
Ending Settlement Value Purchased		143,281
Ending Settlement Value Sold		201,811

OTC Options:
Average Notional Balance Purchased	$	186,756
Average Notional Balance Written		52,588
Ending Notional Balance Purchased		128,867

Credit Default Swaps:
Average Notional Balance — Buy Protection	$	65,707
Ending Notional Balance — Buy Protection		100,450

Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed Rate	$	37,293
Average Notional Balance — Receives Fixed Rate		59,642
Ending Notional Balance — Pays Fixed Rate		34,468
Ending Notional Balance — Receives Fixed Rate		15,719

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

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



32	J.P. MORGAN FUNDS	OCTOBER 31, 2018

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.

D. Securities Lending — Effective October 5, 2018, the Fund became authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N. A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of Collateral Investments are disclosed in the SOI.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.

The Fund did not lend out any securities during the period October 5, 2018 through October 31, 2018.

E. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.25% (a)(b)	$	26,341	$	739,448	$	748,187	$	(179	)	$	—	(c)	$	17,423		17,420	$	705	$	—

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of October 31, 2018.

(c)	Amount rounds to less than one thousand.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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.

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 the Fund first learns of the dividend.

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Fund for the year ended October 31, 2018 are as follows (amounts in thousands):


	Class A		Class C			Class I			Class R2			Class R5			Class R6		Total
Transfer agency fees	$	11	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	6	$	17

(a)	Amount rounds to less than one thousand.

I. 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 (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 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 remain subject to examination by the Internal Revenue Service.

J. 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. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

K. 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.

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


Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	—	(a)	$	(1,834	)	$	1,834

(a)	Amount rounds to less than one thousand.

The reclassifications for the Fund relate primarily to investments in swaps and foreign currency gains or losses.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.70% of the Fund’s average daily net assets.

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



34	J.P. MORGAN FUNDS	OCTOBER 31, 2018

average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2018, the 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.

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	%


		Front-End Sales Charge		CDSC
		$ —(a)		$ —

(a)	Amount rounds to less than one thousand.

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.

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	%		0.80	%*		0.70	%

*	Prior to July 1, 2018, the contractual expense limitation was 0.75% and is in place until at least June 30, 2019.

Except as noted above, the expense limitation agreements were in effect for the year ended October 31, 2018 and are in place until at least February 28, 2019.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

For the year ended October 31, 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
$	557	$	372	$	11	$	940	$	6

The amount of these waivers/reimbursements resulting from investments in these money market funds for the year ended October 31, 2018 was approximately $93,000.

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.

During the year ended October 31, 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 year ended October 31, 2018, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

4. Investment Transactions

During the year ended October 31, 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)
$1,314,975	$	1,203,520

During the year ended October 31, 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 October 31, 2018 were as follows (amounts in thousands):


Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	717,912	$	6,095	$	44,339	$	(38,244	)

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



36	J.P. MORGAN FUNDS	OCTOBER 31, 2018

The tax character of distributions paid during the year ended October 31, 2018 was as follows (amounts in thousands):


Ordinary Income*		Total Distributions Paid
$	31,506	$	31,506

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

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


Ordinary Income*		Total Distributions Paid
$	13,939	$	13,939

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

As of October 31, 2018, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):


Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	5,564	$	(50,638	)	$	(38,263	)

The cumulative timing differences primarily consist of mark to market of forward foreign currency contracts and wash sale loss deferrals.

At October 31, 2018, 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
$	36,345	*	$	14,293	*

* Amounts include capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.

6. Borrowings

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 4, 2019.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 2018.

The Fund did not utilize the Credit Facility during the year ended October 31, 2018.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 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
	76.2	%

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 October 31, 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 it would have been if it 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 been raising 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 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. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Fund’s net assets or results of operation.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management is currently evaluating the implications of these changes.



38	J.P. MORGAN FUNDS	OCTOBER 31, 2018

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Emerging Markets Strategic Debt Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Emerging Markets Strategic Debt Fund (one of the funds constituting JPMorgan Trust I, referred to hereafter as the “Fund”) as of October 31, 2018, the related statement of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2018 and the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 21, 2018

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	39

TRUSTEES

(Unaudited)

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


Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	136	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	136	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher* (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	136	Non-Executive Director, Legal & General Investment Management (Holdings) and Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	136	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).

Dennis P. Harrington** (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (serving in various roles 1984-2012).	136	None

Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	136	None



40	J.P. MORGAN FUNDS	OCTOBER 31, 2018


Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner*** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	136	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	136	None

Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	136	None

Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	136	None

Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	136	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	136	Trustee, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	136	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



OCTOBER 31, 2018	J.P. MORGAN FUNDS	41

TRUSTEES

(Unaudited) (continued)

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

(2)

*	Ms. Gallagher became a Trustee effective November 1, 2018.

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

****

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



42	J.P. MORGAN FUNDS	OCTOBER 31, 2018

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014–present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016; Chief Financial Officer and Head of Valuation, Aberdeen Asset Management PLC (previously Artio Global Management) (2009 to September 2013).

Noah Greenhill (1969), Secretary (2018)		Managing Director and General Counsel, JPMorgan Asset Management (2015–present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Carmine Lekstutis (1980), Assistant Secretary (2011)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Gregory S. Samuels (1980), Assistant Secretary (2010)		Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Pamela L. Woodley (1971), Assistant Secretary (2012)		Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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



OCTOBER 31, 2018	J.P. MORGAN FUNDS	43

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2018, and continued to hold your shares at the end of the reporting period, October 31, 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


	Beginning Account Value May 1, 2018		Ending Account Value October 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Strategic Debt Fund
Class A
Actual	$	1,000.00	$	968.00	$	5.90		1.19	%
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class C
Actual		1,000.00		966.70		8.33		1.68
Hypothetical		1,000.00		1,016.74		8.54		1.68
Class I
Actual		1,000.00		969.20		4.67		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class R2
Actual		1,000.00		967.90		7.14		1.44
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class R5
Actual		1,000.00		970.10		3.82		0.77
Hypothetical		1,000.00		1,021.32		3.92		0.77
Class R6
Actual		1,000.00		971.80		3.43		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69

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



44	J.P. MORGAN FUNDS	OCTOBER 31, 2018

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 15, 2018.

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

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is

provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser



OCTOBER 31, 2018	J.P. MORGAN FUNDS	45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

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

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

Fall-Out Benefits

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

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented fee waivers and contractual expense limi-

tations (“Fee Caps”) which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

Investment Performance



46	J.P. MORGAN FUNDS	OCTOBER 31, 2018

same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that, based upon the Universe, the Fund’s performance for both Class A shares and Class I shares was in the fifth quintile for each of the one-, three- and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s fixed income committee at each of its regularly scheduled meetings over the course of the next year.

Advisory Fees and Expense Ratios

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

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



OCTOBER 31, 2018	J.P. MORGAN FUNDS	47

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.

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.

LOGO


		^© JPMorgan Chase & Co., 2018. All rights reserved. October 2018.		AN-EMSD-1018

Annual Report

J.P. Morgan Funds

October 31, 2018

JPMorgan Systematic Alpha Fund

LOGO

CONTENTS



CEO’s Letter			1

Fund Commentary			2

Consolidated Schedule of Portfolio Investments			5

Consolidated Financial Statements			66

Consolidated Financial Highlights			72

Notes to Consolidated Financial Statements			74

Report of Independent Registered Public Accounting Firm			87

Trustees			88

Officers			91

Schedule of Shareholder Expenses			92

Board Approval of Investment Advisory Agreements			93

Privacy Policy — Located at the back of this Annual Report

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.

CEO’S LETTER

November 30, 2018 (Unaudited)

Dear Shareholders,

The impending U.K. “Brexit” from the EU — with or without a bilateral agreement — also weighed on investor and business

While rising global energy prices helped oil exporting nations, those emerging market nations that are most reliant on foreign debt financing were hurt by rising borrowing costs and a stronger U.S. dollar. Argentina, Brazil, Turkey, South Africa and Indonesia their currencies as investors pulled capital out of those markets. While China’s economy continued to grow, policy curbs on domestic credit growth early in the reporting period and rising trade tariffs between China and the U.S. in the latter portion of the reporting period were believed to have weighed on China’s economy.

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management



OCTOBER 31, 2018	J.P. MORGAN FUNDS	1

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(6.49)%
ICE BofAML 3-Month US Treasury Bill Index (formerly BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		1.68%

Net Assets as of 10/31/2018	$	483,358,689

INVESTMENT OBJECTIVE**

The JPMorgan Systematic Alpha Fund (the “Fund”) seeks to provide total return.

HOW DID THE MARKET PERFORM?

U.S. equity markets outperformed other developed market equities as well as emerging market equities during the reporting period. Record corporate profits, low unemployment rates and high levels of both consumer and business confidence helped propel U.S. equity prices higher. Globally, bond markets largely underperformed equity markets.

After reaching record highs in the final months of 2017, the S&P 500 Index closed in record high territory 14 times in January 2018. However, a sharp sell-off in both equities and bonds in early February 2018 spread to other markets and helped lift market volatility from historic lows. While global equities and bonds rebounded somewhat in subsequent months, it wasn’t until August 2018 that the S&P 500 Index returned to record highs. U.S. equity market volatility remained elevated in September and October 2018. For the twelve month reporting period, the S&P 500 Index returned 7.35%.

In emerging markets, a slowdown in credit growth in China and investor concerns about global trade tensions hurt equity prices. A stronger U.S. dollar and rising U.S. interest rates put further pressure on emerging markets, particularly those nations most reliant on foreign lending. For the reporting period, the MSCI Emerging Markets Index returned —12.19%, while the Bloomberg Barclays Emerging Markets Debt Index returned —3.39%.

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

twelve months ended October 31, 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 to 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 event-driven 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 and extended a decline that began at the start of 2017. The momentum and size factors also had negative returns.

The Fund’s event-driven strategy was positive over the reporting period. The share repurchase sub-strategy was the leading contributor within the event-driven strategy. The spinoff sub-strategy detracted from absolute performance, partially offsetting gains from the share repurchase sub-strategy.

The Fund’s macro investment strategies generated negative returns, with losses across relative value fixed income, commodity-based and time series-momentum factors.

The Fund’s convertible bond arbitrage strategy’s performance was flat over the reporting period.

HOW WAS THE FUND POSITIONED?

During the twelve month reporting period, the Fund’s risk was diversified across its investment strategies. Risk within the event-driven strategy remained below the historical average, reflecting below-average activity levels, 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 reporting period. The macro strategy was below its long-term target risk levels, but also increased during the reporting period.



2	J.P. MORGAN FUNDS	OCTOBER 31, 2018


RISK ALLOCATION AS OF APRIL 30, 2018

Asset Class / Strategy	% of Risk Allocation***
Convertible Arbitrage ⁽¹⁾		5.4	%
Equity Market Neutral ⁽²⁾		29.9
Event Driven ⁽³⁾		24.0
Macro Based ⁽⁴⁾		40.7


TOP TEN HOLDINGS OF THE PORTFOLIO (a)
	1.	Aspen Insurance Holdings Ltd. (Bermuda)	1.7	%
	2.	Dun & Bradstreet Corp. (The)	1.6
	3.	Red Hat, Inc.	1.6
	4.	LifePoint Health, Inc.	1.6
	5.	Esterline Technologies Corp.	1.6
	6.	Rockwell Collins, Inc.	1.5
	7.	USG Corp.	1.3
	8.	Imperva, Inc.	1.2
	9.	Endocyte, Inc.	1.1
	10.	Avista Corp.	0.9

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

***

Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of October 31, 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 October 31, 2018. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	3

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018



	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		February 12, 2013
With Sales Charge*				(10.97	)%		(1.04	)%		(0.18	)%
Without Sales Charge				(6.75	)		(0.12	)		0.64
CLASS C SHARES		February 12, 2013
With CDSC**				(8.16	)		(0.62	)		0.14
Without CDSC				(7.16	)		(0.62	)		0.14
CLASS I SHARES		February 12, 2013		(6.49	)		0.11			0.88
CLASS R6 SHARES		February 12, 2013		(6.22	)		0.36			1.10

Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (2/12/13 TO 10/31/18)

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 October 31, 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.

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.



4	J.P. MORGAN FUNDS	OCTOBER 31, 2018

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018


INVESTMENTS	SHARES		VALUE($)

Common Stocks — 41.3%
Aerospace & Defense — 3.2%
Esterline Technologies Corp.*		61,829		7,256,251
HEICO Corp.		7,048		590,834
Rockwell Collins, Inc.		52,379		6,705,560
Spirit AeroSystems Holdings, Inc., Class A		11,900		999,719

				15,552,364

Airlines — 0.1%
Qantas Airways Ltd. (Australia)		107,017		415,414

Auto Components — 0.1%
Gentex Corp.		20,642		434,514
Lear Corp.		898		119,344

				553,858

Automobiles — 0.0% (a)
Fiat Chrysler Automobiles NV (United Kingdom)*		6,300		95,193

Banks — 0.3%
CIT Group, Inc.		18,700		886,006
Customers Bancorp, Inc.*		13,200		270,468

				1,156,474

Beverages — 0.2%
Boston Beer Co., Inc. (The), Class A*		2,108		647,767

Building Products — 1.3%
Continental Building Products, Inc.*		17,135		476,524
USG Corp.		137,018		5,784,900

				6,261,424

Capital Markets — 0.3%
Jefferies Financial Services, Inc.		43,500		933,945
Waddell & Reed Financial, Inc., Class A		32,202		614,092

				1,548,037

Chemicals — 0.6%
Eastman Chemical Co.		7,224		566,000
Huntsman Corp.		20,810		455,323
Kronos Worldwide, Inc.		8,126		114,008
LyondellBasell Industries NV, Class A		1,193		106,499
Mitsubishi Gas Chemical Co., Inc. (Japan)		22,000		369,296
Platform Specialty Products Corp.*		128,700		1,392,534
Trinseo SA		2,486		133,946

				3,137,606

Commercial Services & Supplies — 0.7%
Brady Corp., Class A		17,622		709,991
Deluxe Corp.		4,038		190,634
Essendant, Inc.		87,407		1,113,565
Herman Miller, Inc.		17,917		590,365


INVESTMENTS	SHARES		VALUE($)


Commercial Services & Supplies — continued
KAR Auction Services, Inc.		10,195		580,503
Quad/Graphics, Inc.		23,960		369,703

				3,554,761

Communications Equipment — 0.1%
Cisco Systems, Inc.		8,554		391,345

Containers & Packaging — 0.3%
Greif, Inc., Class A		12,682		599,858
Sealed Air Corp.		23,900		773,404

				1,373,262

Diversified Consumer Services — 0.1%
H&R Block, Inc.		18,853		500,359

Electrical Equipment — 0.4%
Eaton Corp. plc		7,293		522,689
EnerSys		7,145		568,528
Regal Beloit Corp.		8,691		623,145

				1,714,362

Electronic Equipment, Instruments & Components — 0.9%
Dolby Laboratories, Inc., Class A		8,762		602,913
Electro Scientific Industries, Inc.*		57,300		1,661,700
Jabil, Inc.		19,281		476,819
Orbotech Ltd. (Israel)*		11,375		636,318
TE Connectivity Ltd.		6,534		492,794
Vishay Intertechnology, Inc.		21,917		401,081

				4,271,625

Energy Equipment & Services — 0.4%
National Oilwell Varco, Inc.		14,433		531,135
Oil States International, Inc.*		20,405		454,419
SEACOR Holdings, Inc.*		13,310		638,747
Seadrill Ltd. (United Kingdom)*		15,700		319,652

				1,943,953

Entertainment — 1.1%
Madison Square Garden Co. (The), Class A*		5,100		1,410,762
Twenty-First Century Fox, Inc., Class A		78,721		3,583,380

				4,994,142

Food & Staples Retailing — 0.6%
Matsumotokiyoshi Holdings Co. Ltd. (Japan)		14,300		517,000
Metcash Ltd. (Australia)		221,374		432,666
US Foods Holding Corp.*		20,563		599,823
Walgreens Boots Alliance, Inc.		8,421		671,743
Walmart, Inc.		6,381		639,887

				2,861,119

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	5

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued
Food Products — 0.3%
Campbell Soup Co.		8,400		314,244
Flowers Foods, Inc.		38,240		738,415
Ingredion, Inc.		5,218		527,957

				1,580,616

Health Care Equipment & Supplies — 2.0%
Avanos Medical, Inc.*		8,865		501,759
Cooper Cos., Inc. (The)		2,633		680,130
Danaher Corp.		22,056		2,192,366
K2M Group Holdings, Inc.*		72,904		1,996,112
NxStage Medical, Inc.*		122,596		3,479,275
STERIS plc		6,642		726,037

				9,575,679

Health Care Providers & Services — 2.6%
Aetna, Inc.		6,261		1,242,182
Amedisys, Inc.*		8,100		891,000
Chemed Corp.		440		133,905
Encompass Health Corp.		8,787		591,365
Express Scripts Holding Co.*		5,374		521,117
Humana, Inc.		1,341		429,670
LifePoint Health, Inc.*		112,453		7,293,702
MEDNAX, Inc.*		7,500		309,675
Quest Diagnostics, Inc.		2,677		251,932
UnitedHealth Group, Inc.		759		198,365
WellCare Health Plans, Inc.*		1,991		549,496

				12,412,409

Health Care Technology — 0.3%
athenahealth, Inc.*		11,835		1,509,436

Hotels, Restaurants & Leisure — 1.2%
Brinker International, Inc.		22,900		992,715
Hyatt Hotels Corp., Class A		13,100		906,520
Jack in the Box, Inc.		11,600		915,588
Sonic Corp.		64,796		2,804,371

				5,619,194

Household Durables — 0.8%
Clarion Co. Ltd. (Japan)		82,200		1,802,115
PulteGroup, Inc.		16,617		408,279
Toll Brothers, Inc.		13,671		460,166
Whirlpool Corp.		8,200		900,032
William Lyon Homes, Class A*		23,489		318,511

				3,889,103

Household Products — 0.1%
Energizer Holdings, Inc.		10,683		627,840


INVESTMENTS	SHARES		VALUE($)


Independent Power and Renewable Electricity Producers — 0.1%
Clearway Energy, Inc., Class C		36,651		718,726

Insurance — 2.9%
AmTrust Financial Services, Inc.		231,798		3,323,984
Aspen Insurance Holdings Ltd. (Bermuda)		178,628		7,480,941
Assured Guaranty Ltd.		25,000		999,500
Navigators Group, Inc. (The)		21,461		1,484,028
Old Republic International Corp.		33,246		733,074

				14,021,527

Interactive Media & Services — 0.3%
Alphabet, Inc., Class A*		492		536,565
XO Group, Inc.*		25,821		893,665

				1,430,230

Internet & Direct Marketing Retail — 0.1%
Nutrisystem, Inc.		8,300		295,148

IT Services — 0.4%
Amdocs Ltd.		5,622		355,704
Fidelity National Information Services, Inc.		5,292		550,897
Visa, Inc., Class A		4,160		573,456
Western Union Co. (The)		22,719		409,851

				1,889,908

Leisure Products — 0.3%
Amer Sports OYJ (Finland)*		46,671		1,734,845

Life Sciences Tools & Services — 0.3%
Agilent Technologies, Inc.		8,924		578,186
Cambrex Corp.*		10,380		553,150
ICON plc*		4,224		583,250

				1,714,586

Machinery — 1.2%
Allison Transmission Holdings, Inc.		33,071		1,457,769
American Railcar Industries, Inc.		10,198		712,942
Caterpillar, Inc.		1,275		154,683
Crane Co.		7,620		663,245
Cummins, Inc.		4,107		561,386
Greenbrier Cos., Inc. (The)		11,489		545,153
Hillenbrand, Inc.		6,248		299,279
Ingersoll-Rand plc		6,055		580,917
Terex Corp.		23,500		784,665
				��
				5,760,039

Marine — 0.1%
DryShips, Inc. (Greece)		56,900		331,727

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



6	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued
Media — 0.4%
John W iley & Sons, Inc., Class A		7,625		413,580
Omnicom Group, Inc.		7,732		574,643
Schibsted ASA, Class A (Norway)		15,392		532,718
Sinclair Broadcast Group, Inc., Class A		18,033		516,465

				2,037,406

Metals & Mining — 0.7%
Alcoa Corp.*		14,168		495,738
BlueScope Steel Ltd. (Australia)		50,011		512,644
Kaiser Aluminum Corp.		6,263		597,302
Regis Resources Ltd. (Australia)		143,089		429,229
Sandstorm Gold Ltd. (Canada)*		44,200		163,511
Schnitzer Steel Industries, Inc., Class A		20,510		551,719
Steel Dynamics, Inc.		14,043		556,103

				3,306,246

Multiline Retail — 0.2%
Macy’s, Inc.		12,209		418,647
Target Corp.		5,856		489,737

				908,384

Multi-Utilities — 2.0%
Avista Corp.		82,002		4,216,543
Innogy SE (Germany)*		93,429		3,896,379
MDU Resources Group, Inc.		25,844		645,066
Vectren Corp.		9,818		702,282

				9,460,270

Oil, Gas & Consumable Fuels — 0.9%
CONSOL Energy, Inc.*		4,620		184,061
HollyFrontier Corp.		9,375		632,250
PBF Energy, Inc., Class A		11,917		498,726
Peabody Energy Corp.		31,300		1,109,585
Phillips 66		6,046		621,650
Ship Finance International Ltd. (Norway)		45,419		567,737
Valero Energy Corp.		2,819		256,783
WildHorse Resource Development Corp.*		23,148		490,969

				4,361,761

Paper & Forest Products — 0.5%
Boise Cascade Co.		14,359		442,114
KapStone Paper and Packaging Corp.		40,119		1,404,165
Louisiana-Pacific Corp.		23,380		508,982

				2,355,261

Personal Products — 0.5%
Herbalife Nutrition Ltd.*		31,466		1,675,879


INVESTMENTS	SHARES		VALUE($)


Personal Products — continued
Nu Skin Enterprises, Inc., Class A		8,518		598,134
USANA Health Sciences, Inc.*		1,149		134,456

				2,408,469

Pharmaceuticals — 2.3%
Eli Lilly & Co.		15,800		1,713,352
Endocyte, Inc.*		202,917		4,798,987
Green Organic Dutchman Holdings Ltd. (The) (Canada)*		261,200		615,078
Horizon Pharma plc*		30,234		550,561
Johnson & Johnson		1,437		201,166
Mallinckrodt plc*		18,548		464,813
Novartis AG (Registered) (Switzerland)		20,628		1,806,443
Pfizer, Inc.		13,623		586,606
STADA Arzneimittel AG (Germany)		4,425		409,151

				11,146,157

Professional Services — 1.8%
Dun & Bradstreet Corp. (The)		51,905		7,385,043
FTI Consulting, Inc.*		8,596		594,070
ICF International, Inc.		7,828		576,454
Nielsen Holdings plc		14,700		381,906

				8,937,473

Real Estate Management & Development — 0.5%
First Capital Realty, Inc. (Canada)		29,571		441,167
NTT Urban Development Corp. (Japan)		146,400		2,175,755

				2,616,922

Road & Rail — 0.4%
Norfolk Southern Corp.		5,800		973,414
Union Pacific Corp.		6,700		979,674

				1,953,088

Semiconductors & Semiconductor Equipment — 1.3%
Applied Materials, Inc.		13,268		436,252
Entegris, Inc.		15,038		399,109
Ichor Holdings Ltd.*		40,300		715,325
Integrated Device Technology, Inc.*		78,521		3,675,568
Lam Research Corp.		3,139		444,890
MKS Instruments, Inc.		1,770		130,431
Teradyne, Inc.		10,528		362,690

				6,164,265

Software — 3.4%
Imperva, Inc.*		95,358		5,278,065
MYOB Group Ltd. (Australia)		720,165		1,722,219
Oracle Corp.		9,061		442,539

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	7

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued
Software — continued
Progress Software Corp.		14,491		465,741
Red Hat, Inc.*		42,665		7,323,021
Synopsys, Inc.*		6,198		554,907
VMware, Inc., Class A*		3,797		536,858

				16,323,350

Specialty Retail — 1.5%
American Eagle Outfitters, Inc.		18,654		430,161
Best Buy Co., Inc.		3,520		246,963
Caleres, Inc.		11,005		376,371
Chico’s FAS, Inc.		53,164		407,768
Children’s Place, Inc. (The)		1,482		221,411
Dick’s Sporting Goods, Inc.		40,332		1,426,543
DSW, Inc., Class A		13,394		355,610
Express, Inc.*		88,400		778,804
Michaels Cos., Inc. (The)*		62,600		992,210
Rent-A-Center, Inc.*		149,119		2,124,946

				7,360,787

Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc.		656		143,572
HP, Inc.		24,078		581,243
NetApp, Inc.		8,060		632,629
Seagate Technology plc		9,542		383,875

				1,741,319

Textiles, Apparel & Luxury Goods — 0.7%
Deckers Outdoor Corp.*		8,400		1,068,228
Ralph Lauren Corp.		3,654		473,595
VF Corp.		16,700		1,384,096
Wolverine World Wide, Inc.		13,188		463,822

				3,389,741

Trading Companies & Distributors — 0.1%
WESCO International, Inc.*		6,000		301,080

Wireless Telecommunication Services — 0.1%
NTT DOCOMO, Inc. (Japan)		19,700		488,537

Total Common Stocks (Cost $197,570,127)				199,344,594

	PRINCIPAL AMOUNT($)
Convertible Bonds — 3.9%
Biotechnology — 0.6%
Acorda Therapeutics, Inc. 1.75%, 6/15/2021		764,000		646,408
AMAG Pharmaceuticals, Inc. 3.25%, 6/1/2022		515,000		551,763


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Biotechnology — continued
BioMarin Pharmaceutical, Inc. 1.50%, 10/15/2020		351,000		413,774
Intercept Pharmaceuticals, Inc. 3.25%, 7/1/2023		588,000		549,530
Ionis Pharmaceuticals, Inc. 1.00%, 11/15/2021		679,000		708,474

				2,869,949

Capital Markets — 0.1%
Prospect Capital Corp. 4.75%, 4/15/2020		706,000		704,257

Communications Equipment — 0.1%
InterDigital, Inc. 1.50%, 3/1/2020		417,000		455,210

Equity Real Estate Investment Trusts (REITs) — 0.1%
Spirit Realty Capital, Inc.
2.88%, 5/15/2019		305,000		303,109
3.75%, 5/15/2021		269,000		266,101

				569,210

Health Care Equipment & Supplies — 0.1%
NuVasive, Inc. 2.25%, 3/15/2021		384,000		428,417

Health Care Providers & Services — 0.3%
Anthem, Inc. 2.75%, 10/15/2042		152,000		576,790
Molina Healthcare, Inc. 1.13%, 1/15/2020		284,000		883,364

				1,460,154

Health Care Technology — 0.1%
Allscripts Healthcare Solutions, Inc. 1.25%, 7/1/2020		564,000		559,206

Internet & Direct Marketing Retail — 0.2%
Booking Holdings, Inc. 0.35%, 6/15/2020		182,000		262,793
Vipshop Holdings Ltd. (China) 1.50%, 3/15/2019		543,000		528,068

				790,861

IT Services — 0.3%
Akamai Technologies, Inc. Zero Coupon, 2/15/2019		612,000		605,891
Euronet Worldwide, Inc. 1.50%, 10/1/2044		417,000		637,765

				1,243,656

Life Sciences Tools & Services — 0.1%
Illumina, Inc. 0.50%, 6/15/2021		206,000		277,514

Metals & Mining — 0.1%
Royal Gold, Inc. 2.88%, 6/15/2019		413,000		415,277

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



8	J.P. MORGAN FUNDS	OCTOBER 31, 2018


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)

Convertible Bonds — continued
Oil, Gas & Consumable Fuels — 0.2%
Cheniere Energy, Inc. 4.25%, 3/15/2045		717,000		548,589
Oasis Petroleum, Inc. 2.63%, 9/15/2023		490,000		552,236

				1,100,825

Pharmaceuticals — 0.1%
Jazz Investments I Ltd. 1.88%, 8/15/2021		715,000		751,420

Semiconductors & Semiconductor Equipment — 0.8%
Integrated Device Technology, Inc. 0.88%, 11/15/2022		502,000		752,232
Intel Corp. 3.25%, 8/1/2039		198,000		449,201
Microchip Technology, Inc. 1.63%, 2/15/2025		396,000		515,779
Micron Technology, Inc. Series G, 3.00%, 11/15/2043		926,000		1,206,574
NXP Semiconductors NV (Netherlands) 1.00%, 12/1/2019		458,000		463,111
Veeco Instruments, Inc. 2.70%, 1/15/2023		427,000		357,004

				3,743,901

Software — 0.6%
Citrix Systems, Inc. 0.50%, 4/15/2019		451,000		638,959
j2 Global, Inc. 3.25%, 6/15/2029		575,000		678,759
Red Hat, Inc. 0.25%, 10/1/2019		497,000		1,155,693
Verint Systems, Inc. 1.50%, 6/1/2021		596,000		591,370

				3,064,781

Technology Hardware, Storage & Peripherals — 0.1%
Electronics For Imaging, Inc. 0.75%, 9/1/2019		542,000		532,603

Total Convertible Bonds (Cost $17,581,812)				18,967,241

	SHARES
Convertible Preferred Stocks — 0.6%
Banks — 0.2%
Bank of America Corp. Series L, 7.25% ($1,000 par value)		376		478,009
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		363		461,732

				939,741

Equity Real Estate Investment Trusts (REITs) — 0.0% (a)
Welltower, Inc. Series I, 6.50% ($50 par value)		4,200		258,720


INVESTMENTS	SHARES		VALUE($)


Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co. Series A, 6.13%, 5/1/2020 ($50 par value)		9,000		528,030

Machinery — 0.1%
Stanley Black & Decker, Inc. 5.38%, 5/15/2020 ($100 par value)		4,700		431,225

Multi-Utilities — 0.1%
Dominion Energy, Inc. Series A, 6.75%, 8/15/2019 ($50 par value)		9,000		431,550

Oil, Gas & Consumable Fuels — 0.1%
Hess Corp. 8.00%, 2/1/2019 ($50 par value)		7,300		463,476

Total Convertible Preferred Stocks (Cost $3,112,462)				3,052,742

Short-term Investments — 47.8%
Investment Companies — 47.8%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (b) (c) (Cost $231,232,143)		231,232,143		231,232,143

Total Investments — 93.6% (Cost $449,496,544)				452,596,720
Other Assets Less Liabilities — 6.4%				30,761,969

Net Assets — 100.0%				483,358,689

Percentages indicated are based on net assets.


Abbreviations
OYJ		Public Limited Company
(a)		Amount rounds to less than 0.1% of net assets.
(b)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of October 31, 2018.
*		Non-income producing security.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	9

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
CAC 40 10 Euro Index		14			11/2018		EUR		804,669			(14,910	)
LME Nickel Base Metal		33			11/2018		USD		2,265,219			(195,868	)
LME Zinc Base Metal		73			11/2018		USD		4,647,819			(21,547	)
WTI Crude Oil		95			11/2018		USD		6,184,500			(726,523	)
Australia 10 Year Bond		915			12/2018		AUD		83,853,881			(268,111	)
Australia 3 Year Bond		207			12/2018		AUD		16,335,108			(7,133	)
Cotton No. 2		237			12/2018		USD		9,107,910			(1,095,528	)
Euro-Bobl		62			12/2018		EUR		9,230,984			(3,936	)
Euro-Bund		25			12/2018		EUR		4,537,679			(1,290	)
Euro-Buxl		11			12/2018		EUR		2,203,027			1,472
FTSE 100 Index		3			12/2018		GBP		271,701			(7,243	)
Lean Hogs		139			12/2018		USD		3,249,820			(51,470	)
Live Cattle		79			12/2018		USD		3,695,620			(12,533	)
LME Aluminum Base Metal		15			12/2018		USD		734,438			(41,813	)
LME Zinc Base Metal		32			12/2018		USD		2,011,800			(67,497	)
Natural Gas		60			12/2018		USD		1,993,800			(19,310	)
SPI 200 Index		29			12/2018		AUD		2,986,111			(173,725	)
U.S. Treasury 10 Year Note		542			12/2018		USD		64,218,531			(967,950	)
WTI Crude Oil		16			12/2018		USD		1,043,840			(137,422	)
Feeder Cattle		116			01/2019		USD		8,707,250			(87,955	)
LME Aluminum Base Metal		4			01/2019		USD		194,850			(5,625	)
100 oz Gold		25			02/2019		USD		3,059,250			69,003
Copper		36			05/2019		USD		2,420,100			(100,546	)

												(3,937,460	)

Short Contracts
IBEX 35 Index		(36	)		11/2018		EUR		(3,620,139	)		26,653
LME Zinc Base Metal		(51	)		11/2018		USD		(3,247,106	)		(45,835	)
Natural Gas		(124	)		11/2018		USD		(4,072,160	)		(339,830	)
100 oz Gold		(34	)		12/2018		USD		(4,142,220	)		15,940
Canada 10 Year Bond		(43	)		12/2018		CAD		(4,316,168	)		55,061
Cocoa		(8	)		12/2018		USD		(178,720	)		3,496
Coffee ‘C’		(38	)		12/2018		USD		(1,605,975	)		28,592
Copper		(23	)		12/2018		USD		(1,526,625	)		13,889
Corn		(102	)		12/2018		USD		(1,852,575	)		266,349
Cotton No. 2		(6	)		12/2018		USD		(230,580	)		4,877
DAX Index		(10	)		12/2018		EUR		(3,234,424	)		140,836
EURO STOXX 50 Index		(68	)		12/2018		EUR		(2,450,783	)		28,703
Euro-Bund		(116	)		12/2018		EUR		(21,054,830	)		15,825
Euro-Schatz		(196	)		12/2018		EUR		(24,860,602	)		(51,482	)
FTSE/MIB Index		(20	)		12/2018		EUR		(2,147,334	)		170,664
Hang Seng Index		(13	)		12/2018		HKD		(2,072,545	)		32,891
Japan 10 Year Bond		(57	)		12/2018		JPY		(76,047,148	)		(157,812	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



10	J.P. MORGAN FUNDS	OCTOBER 31, 2018


Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Short Contracts — continued
Lean Hogs		(24	)		12/2018		USD		(561,120	)		(11,261	)
LME Aluminum Base Metal		(15	)		12/2018		USD		(734,438	)		44,438
LME Nickel Base Metal		(7	)		12/2018		USD		(481,593	)		64,302
Long Gilt		(349	)		12/2018		GBP		(54,606,097	)		(50,739	)
Natural Gas		(81	)		12/2018		USD		(2,691,630	)		(63,010	)
S&P 500 E-Mini Index		(575	)		12/2018		USD		(77,918,250	)		5,307,138
Silver		(37	)		12/2018		USD		(2,641,800	)		131,337
TOPIX Index		(1	)		12/2018		JPY		(145,123	)		1,941
U.S. Treasury 2 Year Note		(289	)		12/2018		USD		(60,875,140	)		163,220
U.S. Treasury 5 Year Note		(121	)		12/2018		USD		(13,600,211	)		60,933
U.S. Treasury Long Bond		(31	)		12/2018		USD		(4,287,688	)		34,579
Wheat		(6	)		12/2018		USD		(150,150	)		1,932
LME Aluminum Base Metal		(17	)		01/2019		USD		(828,113	)		40,054
LME Zinc Base Metal		(18	)		01/2019		USD		(1,123,763	)		77,431
Soybean		(118	)		01/2019		USD		(5,025,325	)		121,002
Lean Hogs		(76	)		02/2019		USD		(1,985,880	)		(45,654	)
Live Cattle		(41	)		02/2019		USD		(2,004,080	)		(70,161	)
Sugar No. 11		(57	)		02/2019		USD		(842,050	)		33,697
Coffee ‘C’		(98	)		03/2019		USD		(4,279,537	)		(410,058	)
Corn		(151	)		03/2019		USD		(2,836,912	)		(58,908	)
Wheat		(149	)		03/2019		USD		(3,844,200	)		340,711
Sugar No. 11		(613	)		04/2019		USD		(9,131,248	)		(1,042,672	)
Coffee ‘C’		(96	)		05/2019		USD		(4,284,000	)		(400,226	)
Corn		(99	)		05/2019		USD		(1,899,563	)		(39,892	)

												4,438,951

												501,491

Abbreviations


AUD		Australian Dollar
CAC		Continuous Assisted Quotation
CAD		Canadian Dollar
DAX		Deutscher Aktien Index
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
HKD		Hong Kong Dollar
IBEX		Spanish Exchange Index


JPY		Japanese Yen
LME		London Metal Exchange
MIB		Milan, Italian Stock Exchange
S&P		Standard & Poor’s
SPI		Australian Securities Exchange
TOPIX		Tokyo Stock Price Index
USD		United States Dollar
WTI		West Texas Intermediate

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	11

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


Forward foreign currency exchange contracts outstanding as of October 31, 2018:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
CAD	1,168,352	EUR	775,614	Deutsche Bank AG		11/19/2018		8,086
IDR	81,411,339,015	USD	5,252,683	Goldman Sachs International**		11/19/2018		85,947
INR	397,769,594	USD	5,310,108	Merrill Lynch International**		11/19/2018		51,295
JPY	397,402,101	USD	3,521,069	State Street Corp.		11/19/2018		5,208
NOK	9,351,543	USD	1,108,314	Barclays Bank plc		11/19/2018		1,817
TRY	33,149,866	USD	5,272,005	BNP Paribas		11/19/2018		595,555
USD	984,601	AUD	1,378,204	Goldman Sachs International		11/19/2018		8,446
USD	3,618,221	CAD	4,696,158	HSBC Bank, NA		11/19/2018		49,884
USD	29,510,625	CHF	29,224,144	State Street Corp.		11/19/2018		449,722
USD	5,399,364	CZK	121,667,207	Merrill Lynch International		11/19/2018		84,431
USD	229,255	EUR	197,495	Barclays Bank plc		11/19/2018		5,263
USD	33,042,142	EUR	28,740,919	HSBC Bank, NA		11/19/2018		445,111
USD	199,246	EUR	172,863	TD Bank Financial Group		11/19/2018		3,190
USD	21,746,782	GBP	16,630,494	Citibank, NA		11/19/2018		473,952
USD	434,681	GBP	333,200	HSBC Bank, NA		11/19/2018		8,470
USD	5,150,836	HUF	1,461,430,337	Citibank, NA		11/19/2018		47,058
USD	5,463,410	ILS	19,848,873	Citibank, NA		11/19/2018		119,884
USD	2,181,402	JPY	245,749,059	Barclays Bank plc		11/19/2018		792
USD	5,354,591	THB	175,770,345	Merrill Lynch International		11/19/2018		50,321
USD	5,251,234	TWD	162,074,077	Goldman Sachs International**		11/19/2018		9,978
ZAR	76,065,970	USD	5,057,729	Merrill Lynch International		11/19/2018		87,554

Total unrealized appreciation								2,591,964

CAD	1,094,616	EUR	737,284	National Australia Bank Ltd.		11/19/2018		(4,468	)
CAD	17,561,964	USD	13,530,862	HSBC Bank, NA		11/19/2018		(186,550	)
CAD	1,721,759	USD	1,322,208	National Australia Bank Ltd.		11/19/2018		(13,943	)
CAD	711,431	USD	544,222	TD Bank Financial Group		11/19/2018		(3,648	)
CHF	1,168,772	USD	1,173,652	TD Bank Financial Group		11/19/2018		(11,409	)
EUR	172,863	GBP	153,423	Royal Bank of Canada		11/19/2018		(195	)
EUR	176,515	USD	203,860	BNP Paribas		11/19/2018		(3,662	)
EUR	20,980	USD	24,351	TD Bank Financial Group		11/19/2018		(556	)
GBP	485,767	USD	623,174	State Street Corp.		11/19/2018		(1,807	)
JPY	81,088,176	USD	721,295	Goldman Sachs International		11/19/2018		(1,773	)
NOK	223,668,070	USD	27,026,382	State Street Corp.		11/19/2018		(474,518	)
SEK	9,986,084	USD	1,098,056	Citibank, NA		11/19/2018		(5,316	)
USD	12,969,356	AUD	18,352,308	State Street Corp.		11/19/2018		(29,236	)
USD	3,198,101	JPY	360,950,645	State Street Corp.		11/19/2018		(4,730	)
USD	1,108,671	JPY	125,317,594	TD Bank Financial Group		11/19/2018		(3,313	)
USD	12,721,765	NZD	19,759,647	State Street Corp.		11/19/2018		(174,638	)
USD	478,156	TRY	2,733,136	BNP Paribas		11/19/2018		(5,612	)
MXN	98,668,968	USD	5,147,832	Citibank, NA		11/20/2018		(305,280	)
MXN	11,613,773	USD	572,590	HSBC Bank, NA		11/20/2018		(2,600	)

Total unrealized depreciation								(1,233,254	)

Net unrealized appreciation								1,358,710

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



12	J.P. MORGAN FUNDS	OCTOBER 31, 2018

Abbreviations


AUD		Australian Dollar
CAD		Canadian Dollar
CHF		Swiss Franc
CZK		Czech Republic Krona
EUR		Euro
GBP		British Pound
HUF		Hungarian Forint
IDR		Indonesian Rupiah
ILS		Israeli Shekel
INR		India Rupee
JPY		Japanese Yen


MXN		Mexican Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
SEK		Swedish Krona
THB		Thai Baht
TRY		New Turkish Lira
TWD		Taiwan Dollar
USD		United States Dollar
ZAR		South African Rand

**		Non-deliverable forward.

Over the Counter (“OTC”) Total return swap contracts outstanding as of October 31, 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 General, Inc., CVR‡

Total appreciation of the position at maturity

Total depreciation of the position at maturity

At Termination

Union Bank of

Switzerland AG

11/16/2018

USD 48,548

—

2,379

—

2,379


OTC Total Return Basket Swaps Outstanding at October 31, 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 USD based on the local currencies of the positions within the swaps.		2/28/2019 — 11/29/2019	$	22,578,466	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	13

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Auto Components
Gentex Corp.		10,299		216,794		—		0.0	(a)
Lear Corp.		1,708		226,993		—		0.0	(a)

		12,007		443,787		—		0.0	(a)

Banks
BankUnited, Inc.		17,708		586,135		—		0.0	(a)
Synovus Financial Corp.		13,605		511,004		—		0.0	(a)

		31,313		1,097,139		—		0.0	(a)

Capital Markets
Waddell & Reed Financial, Inc.		3,148		60,032		—		0.0	(a)


Chemicals
CF Industries Holdings, Inc.		12,303		590,913		—		0.0	(a)
Huntsman Corp.		699		15,294		—		0.0	(a)
Kraton Corp.*		14,222		391,674		—		0.0	(a)
Kronos Worldwide, Inc.		31,581		443,081		—		0.0	(a)
Trinseo SA		1,742		93,859		—		0.0	(a)
Westlake Chemical Corp.		7,683		547,798		—		0.0	(a)

		68,230		2,082,619		—		0.0	(a)

Commercial Services & Supplies
Herman Miller, Inc.		95		3,130		—		0.0	(a)
Steelcase, Inc.		35,416		587,906		—		0.0	(a)

		35,511		591,036		—		0.0	(a)

Communications Equipment
Motorola Solutions, Inc.		5,003		613,168		—		0.0	(a)

Construction & Engineering
EMCOR Group, Inc.		8,883		630,515		—		0.0	(a)

Consumer Finance
Ally Financial, Inc.		25,951		659,415		—		0.0	(a)

Diversified Financial Services
FGL Holdings*		69,210		546,759		—		0.0	(a)

Diversified Telecommunication Services
Vonage Holdings Corp.*		45,074		597,681		—		0.0	(a)

Electric Utilities
Exelon Corp.		14,072		616,494		—		0.0	(a)

Electrical Equipment
Generac Holdings, Inc.*		10,858		550,826		—		0.0	(a)
Sensata Technologies Holding plc*		12,521		587,235		—		0.0	(a)

		23,379		1,138,061		—		0.0	(a)

Electronic Equipment, Instruments & Components
CDW Corp.		6,667		600,097		—		0.0	(a)
FLIR Systems, Inc.		10,244		474,400		—		0.0	(a)
Jabil, Inc.		5,787		143,112		—		0.0	(a)
Littelfuse, Inc.		3,401		616,125		—		0.0	(a)
Vishay Intertechnology, Inc.		10,961		200,586		—		0.0	(a)

		37,060		2,034,320		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



14	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Energy Equipment & Services
Diamond Offshore Drilling, Inc.*		29,780		422,280		—			0.0	(a)

Entertainment
Viacom, Inc.		18,874		603,591		—			0.0	(a)

Food Products
Ingredion, Inc.		1,131		114,435		—			0.0	(a)
JM Smucker Co. (The)		6,504		704,513		—			0.0	(a)
TreeHouse Foods, Inc.*		13,466		613,511		—			0.0	(a)

		21,101		1,432,459		—			0.0	(a)

Health Care Equipment & Supplies
Baxter International, Inc.		9,415		588,532		—			0.0	(a)
Becton Dickinson and Co.		2,473		570,026		—			0.0	(a)

		11,888		1,158,558		—			0.0	(a)

Health Care Providers & Services
Humana, Inc.		573		183,595		—			0.0	(a)
Premier, Inc.*		13,437		604,665		—			0.0	(a)

		14,010		788,260		—			0.0	(a)

Hotels, Restaurants & Leisure
Royal Caribbean Cruises Ltd.		4,190		438,819		—			0.0	(a)

Household Durables
PulteGroup, Inc.		9,344		229,582		—			0.0	(a)
Toll Brothers, Inc.		5,869		197,550		—			0.0	(a)
William Lyon Homes*		18,223		247,104		—			0.0	(a)

		33,436		674,236		—			0.0	(a)

Independent Power and Renewable Electricity Producers
Vistra Energy Corp.*		28,693		649,323		—			0.0	(a)

Insurance
Axis Capital Holdings Ltd.		10,754		599,966		—			0.0	(a)

Interactive Media & Services
Cars.com, Inc.*		19,530		509,928		—	��		0.0	(a)
Match Group, Inc.*		12,952		669,878		—			0.0	(a)

		32,482		1,179,806		—			0.0	(a)

IT Services
Accenture plc		3,482		548,833		—			0.0	(a)
Automatic Data Processing, Inc.		4,156		598,797		—			0.0	(a)
Cognizant Technology Solutions Corp.		7,076		488,456		—			0.0	(a)
CSG Systems International, Inc.		14,483		508,353		—			0.0	(a)
ManTech International Corp.		10,118		579,559		—			0.0	(a)
MAXIMUS, Inc.		8,473		550,491		—			0.0	(a)
Teradata Corp.*		17,356		631,758		—			0.0	(a)
Total System Services, Inc.		6,381		581,628		—			0.0	(a)
VeriSign, Inc.*		4,123		587,692		—			0.0	(a)
Western Union Co. (The)		7,041		127,020		—			0.0	(a)

		82,689		5,202,587		—			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	15

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Life Sciences Tools & Services
Charles River Laboratories International, Inc.*		4,832		588,634		—		0.0	(a)
Medpace Holdings, Inc.*		11,427		595,347		—		0.0	(a)
Thermo Fisher Scientific, Inc.		2,581		603,051		—		0.0	(a)

		18,840		1,787,032		—		0.0	(a)

Machinery
Caterpillar, Inc.		3,671		445,366		—		0.0	(a)
IDEX Corp.		4,968		630,042		—		0.0	(a)
Watts Water Technologies, Inc.		8,850		619,942		—		0.0	(a)

		17,489		1,695,350		—		0.0	(a)

Media
Discovery, Inc.*		19,142		620,009		—		0.0	(a)
Interpublic Group of Cos., Inc. (The)		7,643		177,012		—		0.0	(a)
John Wiley & Sons, Inc.		3,199		173,514		—		0.0	(a)

		29,984		970,535		—		0.0	(a)

Metals & Mining
Schnitzer Steel Industries, Inc.		1,185		31,877		—		0.0	(a)

Multiline Retail
Kohl’s Corp.		8,732		661,274		—		0.0	(a)
Macy’s, Inc.		6,533		224,017		—		0.0	(a)

		15,265		885,291		—		0.0	(a)

Oil, Gas & Consumable Fuels
Chevron Corp.		4,884		545,299		—		0.0	(a)
ConocoPhillips		7,801		545,290		—		0.0	(a)
CONSOL Energy, Inc.*		10,423		415,252		—		0.0	(a)
Delek US Holdings, Inc.		12,726		467,299		—		0.0	(a)
Murphy Oil Corp.		21,326		679,446		—		0.0	(a)
Occidental Petroleum Corp.		8,188		549,169		—		0.0	(a)

		65,348		3,201,755		—		0.0	(a)

Paper & Forest Products
Boise Cascade Co.		4,304		132,520		—		0.0	(a)
Domtar Corp.		14,482		670,661		—		0.0	(a)
Verso Corp.*		18,742		526,838		—		0.0	(a)

		37,528		1,330,019		—		0.0	(a)

Pharmaceuticals
Bristol-Myers Squibb Co.		11,568		584,647		—		0.0	(a)
Johnson & Johnson		1,212		169,668		—		0.0	(a)
Mallinckrodt plc*		4,996		125,200		—		0.0	(a)
Perrigo Co. plc		8,721		613,086		—		0.0	(a)

		26,497		1,492,601		—		0.0	(a)

Professional Services
Korn/Ferry International		2,762		124,677		—		0.0	(a)

Road & Rail
ArcBest Corp.		15,107		560,772		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



16	J.P. MORGAN FUNDS	OCTOBER 31, 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
Applied Materials, Inc.		6,073		199,680		—		0.0	(a)
Entegris, Inc.		7,786		206,640		—		0.0	(a)
First Solar, Inc.*		3,206		134,011		—		0.0	(a)
Lam Research Corp.		1,149		162,848		—		0.0	(a)
Mellanox Technologies Ltd.*		1,781		150,833		—		0.0	(a)
MKS Instruments, Inc.		4,777		352,017		—		0.0	(a)
SolarEdge Technologies, Inc.*		15,965		618,325		—		0.0	(a)
Teradyne, Inc.		4,296		147,997		—		0.0	(a)
Texas Instruments, Inc.		6,021		558,929		—		0.0	(a)

		51,054		2,531,280		—		0.0	(a)

Software
Fair Isaac Corp.*		2,925		563,677		—		0.0	(a)
Intuit, Inc.		2,700		569,700		—		0.0	(a)
LogMeIn, Inc.		5,451		469,440		—		0.0	(a)
Microsoft Corp.		5,511		588,630		—		0.0	(a)
Progress Software Corp.		3,950		126,953		—		0.0	(a)

		20,537		2,318,400		—		0.0	(a)

Specialty Retail
Abercrombie & Fitch Co.		31,864		627,721		—		0.0	(a)
American Eagle Outfitters, Inc.		9,931		229,009		—		0.0	(a)
Best Buy Co., Inc.		4,652		326,384		—		0.0	(a)
Caleres, Inc.		7,023		240,187		—		0.0	(a)
Chico’s FAS, Inc.		26,250		201,337		—		0.0	(a)
Children’s Place, Inc. (The)		980		146,412		—		0.0	(a)
Dick’s Sporting Goods, Inc.		4,475		158,281		—		0.0	(a)
DSW, Inc.		5,560		147,618		—		0.0	(a)
Foot Locker, Inc.		3,546		167,158		—		0.0	(a)
Signet Jewelers Ltd.		10,095		565,825		—		0.0	(a)
Tailored Brands, Inc.		28,029		588,889		—		0.0	(a)
Urban Outfitters, Inc.*		5,121		202,075		—		0.0	(a)
Williams-Sonoma, Inc.		3,719		220,834		—		0.0	(a)
Zumiez, Inc.*		10,726		249,487		—		0.0	(a)

		151,971		4,071,217		—		0.0	(a)

Technology Hardware, Storage & Peripherals
Hewlett Packard Enterprise Co.		39,479		602,055		—		0.0	(a)
Seagate Technology plc		4,536		182,483		—		0.0	(a)

		44,015		784,538		—		0.0	(a)

Textiles, Apparel & Luxury Goods
Columbia Sportswear Co.		1,478		133,434		—		0.0	(a)
Deckers Outdoor Corp.*		5,669		720,927		—		0.0	(a)
Michael Kors Holdings Ltd.*		9,240		511,988		—		0.0	(a)
Oxford Industries, Inc.		2,672		237,755		—		0.0	(a)
Ralph Lauren Corp.		1,195		154,884		—		0.0	(a)
Wolverine World Wide, Inc.		3,909		137,479		—		0.0	(a)

		24,163		1,896,467		—		0.0	(a)

Trading Companies & Distributors
Beacon Roofing Supply, Inc.*		15,485		432,186		—		0.0	(a)

Total Long Positions of Total Return Basket Swaps		1,203,968		48,374,908		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	17

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions

Common Stocks
Aerospace & Defense
Axon Enterprise, Inc.*		(9,531	)		(588,253	)		—		0.0	(a)
Cubic Corp.		(5,615	)		(368,400	)		—		0.0	(a)
Mercury Systems, Inc.*		(3,098	)		(145,172	)		—		0.0	(a)
TransDigm Group, Inc.*		(1,246	)		(411,492	)		—		0.0	(a)

		(19,490	)		(1,513,317	)		—		0.0	(a)

Airlines
Spirit Airlines, Inc.*		(1,539	)		(79,874	)		—		0.0	(a)

Beverages
Coca-Cola Bottling Co. Consolidated		(2,343	)		(404,472	)		—		0.0	(a)

Chemicals
GCP Applied Technologies, Inc.*		(11,072	)		(287,540	)		—		0.0	(a)
RPM International, Inc.		(10,059	)		(615,309	)		—		0.0	(a)

		(21,131	)		(902,849	)		—		0.0	(a)

Commercial Services & Supplies
Healthcare Services Group, Inc.		(9,639	)		(391,247	)		—		0.0	(a)

Communications Equipment
Infinera Corp.*		(51,166	)		(283,460	)		—		0.0	(a)
Lumentum Holdings, Inc.*		(10,514	)		(574,590	)		—		0.0	(a)
ViaSat, Inc.*		(6,255	)		(398,819	)		—		0.0	(a)

		(67,935	)		(1,256,869	)		—		0.0	(a)

Construction & Engineering
Dycom Industries, Inc.*		(6,371	)		(432,463	)		—		0.0	(a)

Construction Materials
Martin Marietta Materials, Inc.		(1,497	)		(256,406	)		—		0.0	(a)
Vulcan Materials Co.		(3,136	)		(317,175	)		—		0.0	(a)

		(4,633	)		(573,581	)		—		0.0	(a)

Electric Utilities
Southern Co. (The)		(7,561	)		(340,472	)		—		0.0	(a)

Electronic Equipment, Instruments & Components
Fitbit, Inc.*		(36,597	)		(173,104	)		—		0.0	(a)

Energy Equipment & Services
Weatherford International plc*		(178,110	)		(240,449	)		—		0.0	(a)

Entertainment
Netflix, Inc.*		(1,237	)		(373,302	)		—		0.0	(a)

Food & Staples Retailing
Casey’s General Stores, Inc.		(4,177	)		(526,761	)		—		0.0	(a)

Health Care Equipment & Supplies
Nevro Corp.*		(5,764	)		(281,053	)		—		0.0	(a)
Penumbra, Inc.*		(4,044	)		(549,984	)		—		0.0	(a)

		(9,808	)		(831,037	)		—		0.0	(a)

Health Care Technology
Evolent Health, Inc.*		(21,556	)		(478,543	)		—		0.0	(a)
Teladoc Health, Inc.*		(7,867	)		(545,498	)		—		0.0	(a)

		(29,423	)		(1,024,041	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



18	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Hotels, Restaurants & Leisure
Caesars Entertainment Corp.*		(14,602	)		(125,431	)		—		0.0	(a)

Household Durables
iRobot Corp.*		(3,754	)		(330,990	)		—		0.0	(a)

Insurance
Markel Corp.*		(432	)		(472,280	)		—		0.0	(a)

Interactive Media & Services
Snap, Inc.*		(39,354	)		(260,130	)		—		0.0	(a)

Internet & Direct Marketing Retail
Groupon, Inc.*		(113,381	)		(370,756	)		—		0.0	(a)
Wayfair, Inc.*		(2,263	)		(249,586	)		—		0.0	(a)

		(115,644	)		(620,342	)		—		0.0	(a)

IT Services
GTT Communications, Inc.*		(12,571	)		(451,299	)		—		0.0	(a)
InterXion Holding NV*		(1,247	)		(73,411	)		—		0.0	(a)
MongoDB, Inc.*		(8,601	)		(700,981	)		—	��	0.0	(a)
Twilio, Inc.*		(8,560	)		(643,883	)		—		0.0	(a)

		(30,979	)		(1,869,574	)		—		0.0	(a)

Leisure Products
Mattel, Inc.*		(29,044	)		(394,418	)		—		0.0	(a)

Machinery
EnPro Industries, Inc.		(5,677	)		(353,110	)		—		0.0	(a)
REV Group, Inc.		(16,221	)		(176,971	)		—		0.0	(a)

		(21,898	)		(530,081	)		—		0.0	(a)

Media
Liberty Broadband Corp.*		(4,778	)		(396,240	)		—		0.0	(a)

Metals & Mining
AK Steel Holding Corp.*		(122,152	)		(451,962	)		—		0.0	(a)
Coeur Mining, Inc.*		(52,478	)		(250,845	)		—		0.0	(a)
Compass Minerals International, Inc.		(7,839	)		(380,270	)		—		0.0	(a)

		(182,469	)		(1,083,077	)		—		0.0	(a)

Multi-Utilities
Dominion Energy, Inc.		(179	)		(12,784	)		—		0.0	(a)
NiSource, Inc.		(13,337	)		(338,227	)		—		0.0	(a)

		(13,516	)		(351,011	)		—		0.0	(a)

Oil, Gas & Consumable Fuels
Chesapeake Energy Corp.*		(122,282	)		(429,210	)		—		0.0	(a)
Extraction Oil & Gas, Inc.*		(33,444	)		(267,218	)		—		0.0	(a)
Matador Resources Co.*		(17,435	)		(502,825	)		—		0.0	(a)
Parsley Energy, Inc.*		(17,437	)		(408,374	)		—		0.0	(a)
QEP Resources, Inc.*		(49,816	)		(443,860	)		—		0.0	(a)
WPX Energy, Inc.*		(14,740	)		(236,430	)		—		0.0	(a)

		(255,154	)		(2,287,917	)		—		0.0	(a)

Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(7,689	)		(408,901	)		—		0.0	(a)
Intra-Cellular Therapies, Inc.*		(19,915	)		(338,157	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	19

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Pharmaceuticals — continued
Medicines Co. (The)*		(5,099	)		(118,603	)		—		0.0	(a)
Nektar Therapeutics*		(7,827	)		(302,748	)		—		0.0	(a)
Theravance Biopharma, Inc.*		(21,060	)		(511,126	)		—		0.0	(a)

		(61,590	)		(1,679,535	)		—		0.0	(a)

Road & Rail
AMERCO		(1,053	)		(343,783	)		—		0.0	(a)
Hertz Global Holdings, Inc.*		(31,821	)		(437,539	)		—		0.0	(a)

		(32,874	)		(781,322	)		—		0.0	(a)

Software
Benefitfocus, Inc.*		(15,198	)		(539,985	)		—		0.0	(a)
Box, Inc.*		(14,403	)		(259,254	)		—		0.0	(a)
Coupa Software, Inc.*		(8,386	)		(543,664	)		—		0.0	(a)
FireEye, Inc.*		(15,557	)		(287,649	)		—		0.0	(a)
Nutanix, Inc.*		(11,243	)		(466,697	)		—		0.0	(a)
Q2 Holdings, Inc.*		(7,970	)		(424,243	)		—		0.0	(a)

		(72,757	)		(2,521,492	)		—		0.0	(a)

Specialty Retail
CarMax, Inc.*		(3,662	)		(248,686	)		—		0.0	(a)

Technology Hardware, Storage & Peripherals
Cray, Inc.*		(20,030	)		(454,481	)		—		0.0	(a)

Trading Companies & Distributors
Herc Holdings, Inc.*		(9,252	)		(296,619	)		—		0.0	(a)
SiteOne Landscape Supply, Inc.*		(7,458	)		(507,442	)		—		0.0	(a)

		(16,710	)		(804,061	)		—		0.0	(a)

Transportation Infrastructure
Macquarie Infrastructure Corp.		(6,669	)		(246,420	)		—		0.0	(a)

Water Utilities
American Water Works Co., Inc.		(5,602	)		(495,945	)		—		0.0	(a)
Aqua America, Inc.		(13,515	)		(439,643	)		—		0.0	(a)
California Water Service Group		(8,084	)		(339,528	)		—		0.0	(a)

		(27,201	)		(1,275,116	)		—		0.0	(a)

Total Short Positions of Total Return Basket Swaps		(1,353,111	)		(25,796,442	)		—		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		(149,143	)		22,578,466			—		0.0	(a)


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.		11/12/2019 — 11/29/2019	$	(6,368,367	)	$	(125	)	$	—	$	(125	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



20	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Auto Components
Magna International, Inc.		4,449			219,028			—			0.0	(a)

Food & Staples Retailing
Empire Co. Ltd.		35,144			639,370			—			0.0	(a)

Leisure Products
BRP, Inc.		6,591			265,152			—			0.0	(a)

Media
Quebecor, Inc.		30,210			592,520			—			0.0	(a)

Paper & Forest Products
Canfor Corp.*		9,728			139,737			—			0.0	(a)

Textiles, Apparel & Luxury Goods
Gildan Activewear, Inc.		5,592			167,150			—			0.0	(a)

Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		12,394			406,810			(125	)		0.0	(a)

Total Long Positions of Total Return Basket Swaps		104,108			2,429,767			(125	)		0.0	(a)


Short Positions

Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(17,646	)		(42,759	)		—			0.0	(a)

Capital Markets
Thomson Reuters Corp.		(12,695	)		(590,849	)		—			0.0	(a)

Commercial Services & Supplies
Ritchie Bros Auctioneers, Inc.		(16,068	)		(540,462	)		—			0.0	(a)

Construction & Engineering
SNC-Lavalin Group, Inc.		(14,787	)		(527,927	)		—			0.0	(a)

Containers & Packaging
CCL Industries, Inc.		(13,096	)		(550,918	)		—			0.0	(a)

Diversified Financial Services
Onex Corp.		(8,668	)		(569,878	)		—			0.0	(a)

Entertainment
Cineplex, Inc.		(22,084	)		(608,780	)		—			0.0	(a)

Metals & Mining
Agnico Eagle Mines Ltd.		(17,424	)		(615,455	)		—			0.0	(a)
First Quantum Minerals Ltd.		(18,076	)		(180,424	)		—			0.0	(a)
Franco-Nevada Corp.		(6,382	)		(398,593	)		—			0.0	(a)
Goldcorp, Inc.		(59,074	)		(533,548	)		—			0.0	(a)
Kinross Gold Corp.*		(213,998	)		(555,945	)		—			0.0	(a)
Yamana Gold, Inc.		(203,511	)		(462,226	)		—			0.0	(a)

		(518,465	)		(2,746,191	)		—			0.0	(a)

Oil, Gas & Consumable Fuels
Keyera Corp.		(23,206	)		(578,189	)		—			0.0	(a)
Paramount Resources Ltd.*		(59,960	)		(438,159	)		—			0.0	(a)
Pembina Pipeline Corp.		(16,780	)		(542,742	)		—			0.0	(a)
Seven Generations Energy Ltd.*		(46,182	)		(494,989	)		—			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	21

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (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
TransCanada Corp.		(15,018	)		(566,291	)		—			0.0	(a)

		(161,146	)		(2,620,370	)		—			0.0	(a)

Total Short Positions of Total Return Basket Swaps		(784,655	)		(8,798,134	)		—			0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		(680,547	)		(6,368,367	)		(125	)		0.0	(a)


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.		11/29/2019	$	1,817,464	$	(889	)	$	—	$	(889	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Airlines
Qantas Airways Ltd.		36,452		141,498		298			0.0	(a)

Food & Staples Retailing
Metcash Ltd.		63,221		123,563		445			0.0	(a)

Hotels, Restaurants & Leisure
Flight Centre Travel Group Ltd.		16,333		538,777		2,104			0.0	(a)

IT Services
Computershare Ltd.		41,879		588,093		1,782			0.0	(a)

Metals & Mining
Alumina Ltd.		326,749		592,995		2,957			0.0	(a)
OZ Minerals Ltd.		33,401		214,265		680			0.0	(a)
Regis Resources Ltd.		4,702		14,105		54			0.0	(a)

		364,852		821,365		3,691			0.0	(a)

Oil, Gas & Consumable Fuels
Beach Energy Ltd.		440,501		548,687		(329	)		0.0	(a)
Caltex Australia Ltd.		28,158		563,408		(98	)		0.0	(a)
Oil Search Ltd.		109,702		603,087		(529	)		0.0	(a)
Woodside Petroleum Ltd.		25,580		629,787		(1,503	)		0.0	(a)

		603,941		2,344,969		(2,459	)		0.0	(a)

Total Long Positions of Total Return Basket Swaps		1,126,678		4,558,265		5,861			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



22	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions

Common Stocks
Chemicals
Nufarm Ltd.		(148,974	)		(602,432	)		(1,105	)		0.0	(a)

Containers & Packaging
Amcor Ltd.		(61,925	)		(584,338	)		(1,103	)		0.0	(a)

Electric Utilities
AusNet Services		(523,585	)		(635,064	)		(1,036	)		0.0	(a)

Hotels, Restaurants & Leisure
Star Entertainment Grp Ltd. (The)		(133,222	)		(449,246	)		(2,069	)		0.0	(a)
Tabcorp Holdings Ltd.		(143,134	)		(469,721	)		(1,437	)		0.0	(a)

		(276,356	)		(918,967	)		(3,506	)		0.0	(a)

Total Short Positions of Total Return Basket Swaps		(1,010,840	)		(2,740,801	)		(6,750	)		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		115,838			1,817,464			(889	)		0.0	(a)


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 JPY based on the local currencies of the positions within the swaps.		11/29/2019	$	(14,894,494	)	$	30,252	$	—	$	30,252


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Auto Components
TS Tech Co. Ltd.		11,300			325,215			(260	)		0.0	(a)

Electric Utilities
Kansai Electric Power Co., Inc. (The)		21,900			335,190			(680	)		0.0	(a)

Pharmaceuticals
Kaken Pharmaceutical Co. Ltd.		10,300			516,451			(215	)		0.0	(a)

Trading Companies & Distributors
Sumitomo Corp.		34,100			517,184			(655	)		0.0	(a)

Total Long Positions of Total Return Basket Swaps		77,600			1,694,040			(1,810	)		0.0	(a)


Short Positions

Common Stocks
Air Freight & Logistics
Yamato Holdings Co. Ltd.		(12,600	)		(344,464	)		589			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	23

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Chemicals
Kansai Paint Co. Ltd.		(31,800	)		(469,886	)		1,048			0.0	(a)
Nippon Paint Holdings Co. Ltd.		(15,900	)		(496,666	)		1,464			0.0	(a)
Toray Industries, Inc.		(89,600	)		(635,559	)		1,213			0.0	(a)

		(137,300	)		(1,602,111	)		3,725			0.0	(a)

Construction & Engineering
JGC Corp.		(26,500	)		(512,956	)		1,614			0.0	(a)

Consumer Finance
Acom Co. Ltd.		(106,000	)		(390,175	)		1,565			0.0	(a)
Aiful Corp.*		(85,500	)		(225,497	)		311			0.0	(a)

		(191,500	)		(615,672	)		1,876			0.0	(a)

Electronic Equipment, Instruments & Components
Alps Electric Co. Ltd.		(20,100	)		(473,814	)		3,592			0.0	(a)
Hirose Electric Co. Ltd.		(5,800	)		(552,785	)		(1,237	)		0.0	(a)
Murata Manufacturing Co. Ltd.		(3,200	)		(498,033	)		(11,234	)		0.0	(a)
Omron Corp.		(14,300	)		(578,928	)		1,512			0.0	(a)

		(43,400	)		(2,103,560	)		(7,367	)		0.0	(a)

Food & Staples Retailing
Aeon Co. Ltd.		(24,600	)		(564,623	)		42			0.0	(a)
Tsuruha Holdings, Inc.		(5,400	)		(563,599	)		(795	)		0.0	(a)

		(30,000	)		(1,128,222	)		(753	)		0.0	(a)

Food Products
Ezaki Glico Co. Ltd.		(13,300	)		(663,009	)		(572	)		0.0	(a)
Kewpie Corp.		(18,800	)		(432,148	)		1,550			0.0	(a)
Yamazaki Baking Co. Ltd.*		(25,800	)		(465,049	)		488			0.0	(a)

		(57,900	)		(1,560,206	)		1,466			0.0	(a)

Hotels, Restaurants & Leisure
HIS Co. Ltd.		(12,900	)		(392,888	)		(1,321	)		0.0	(a)
Kyoritsu Maintenance Co. Ltd.		(9,300	)		(413,170	)		(239	)		0.0	(a)

		(22,200	)		(806,058	)		(1,560	)		0.0	(a)

Household Durables
Panasonic Corp.		(51,000	)		(547,304	)		17,454			0.0	(a)

Household Products
Lion Corp.		(29,100	)		(547,105	)		(360	)		0.0	(a)

Industrial Conglomerates
Keihan Holdings Co. Ltd.		(15,000	)		(569,193	)		(221	)		0.0	(a)
Seibu Holdings, Inc.		(30,200	)		(547,906	)		(32	)		0.0	(a)

		(45,200	)		(1,117,099	)		(253	)		0.0	(a)

Insurance
T&D Holdings, Inc.		(33,400	)		(533,923	)		4,515			0.0	(a)

Interactive Media & Services
LINE Corp.*		(4,300	)		(137,092	)		(663	)		0.0	(a)
Yahoo Japan Corp.		(159,500	)		(497,608	)		4,209			0.0	(a)

		(163,800	)		(634,700	)		3,546			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



24	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Machinery
FANUC Corp.		(3,600	)		(626,281	)		3,364			0.0	(a)

Metals & Mining
UACJ Corp.		(15,300	)		(333,514	)		1,816			0.0	(a)

Multiline Retail
Marui Group Co. Ltd.		(26,000	)		(559,826	)		106			0.0	(a)

Road & Rail
Keio Corp.		(10,500	)		(570,298	)		137			0.0	(a)
Kintetsu Group Holdings Co. Ltd.		(14,600	)		(560,845	)		(576	)		0.0	(a)
Odakyu Electric Railway Co. Ltd.		(18,300	)		(386,875	)		96			0.0	(a)

		(43,400	)		(1,518,018	)		(343	)		0.0	(a)

Semiconductors & Semiconductor Equipment
Renesas Electronics Corp.*		(55,600	)		(292,900	)		1,767			0.0	(a)
Rohm Co. Ltd.		(2,500	)		(175,761	)		160			0.0	(a)

		(58,100	)		(468,661	)		1,927			0.0	(a)

Specialty Retail
Nitori Holdings Co. Ltd.		(4,300	)		(561,466	)		67			0.0	(a)

Trading Companies & Distributors
MonotaRO Co. Ltd.		(21,200	)		(467,388	)		633			0.0	(a)

Total Short Positions of Total Return Basket Swaps		(1,015,800	)		(16,588,534	)		32,062			0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		(938,200	)		(14,894,494	)		30,252			0.0	(a)


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.		11/29/2019	$	(13,819,706	)	$	27,509	$	—	$	27,509


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Automobiles
Peugeot SA		4,758		113,101		(233	)		0.0	(a)

Chemicals
Covestro AG (b)		5,699		367,522		(1,186	)		0.0	(a)

Electric Utilities
Enel SpA		79,276		388,696		(463	)		0.0	(a)

Total Long Positions of Total Return Basket Swaps		89,733		869,319		(1,882	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	25

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions

Common Stocks
Auto Components
Brembo SpA		(36,029	)		(398,873	)		232			0.0	(a)
Nokian Renkaat OYJ		(15,562	)		(495,002	)		(55	)		0.0	(a)

		(51,591	)		(893,875	)		177			0.0	(a)

Capital Markets
Deutsche Bank AG (Registered)		(53,141	)		(519,386	)		1,319			0.0	(a)

Chemicals
LANXESS AG		(8,409	)		(520,498	)		1,062			0.0	(a)
Symrise AG		(7,267	)		(608,736	)		1,673			0.0	(a)
Umicore SA		(12,458	)		(586,434	)		423			0.0	(a)

		(28,134	)		(1,715,668	)		3,158			0.0	(a)

Commercial Services & Supplies
Elis SA		(28,816	)		(581,051	)		892			0.0	(a)

Construction & Engineering
Boskalis Westminster		(22,017	)		(633,051	)		1,860			0.0	(a)
Bouygues SA		(13,962	)		(508,645	)		1,200			0.0	(a)

		(35,979	)		(1,141,696	)		3,060			0.0	(a)

Containers & Packaging
Huhtamaki OYJ		(19,494	)		(546,562	)		798			0.0	(a)

Diversified Financial Services
Wendel SA		(3,796	)		(491,871	)		857			0.0	(a)

Diversified Telecommunication Services
Cellnex Telecom SA (b)		(25,239	)		(627,852	)		1,346			0.0	(a)
Iliad SA		(3,430	)		(396,458	)		783			0.0	(a)

		(28,669	)		(1,024,310	)		2,129			0.0	(a)

Gas Utilities
Rubis SCA		(10,777	)		(556,029	)		1,811			0.0	(a)
									��
Hotels, Restaurants & Leisure
Elior Group SA (b)		(12,298	)		(176,898	)		423			0.0	(a)
Paddy Power Betfair plc		(2,953	)		(254,868	)		—			0.0	(a)

		(15,251	)		(431,766	)		423			0.0	(a)

Household Durables
Neinor Homes SA* (b)		(18,615	)		(299,602	)		(205	)		0.0	(a)

Industrial Conglomerates
Siemens AG (Registered)		(4,817	)		(553,699	)		1,283			0.0	(a)

Internet & Direct Marketing Retail
Delivery Hero SE* (b)		(14,139	)		(569,309	)		1,450			0.0	(a)
Zalando SE*(b)		(12,584	)		(486,436	)		1,025			0.0	(a)

		(26,723	)		(1,055,745	)		2,475			0.0	(a)

Life Sciences Tools & Services
Eurofins Scientific SE		(1,230	)		(619,849	)		2,057			0.0	(a)
MorphoSys AG*		(2,622	)		(242,789	)		142			0.0	(a)

		(3,852	)		(862,638	)		2,199			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



26	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Machinery
Alstom SA*		(5,378	)		(234,872	)		561		0.0	(a)
GEA Group AG		(17,184	)		(522,153	)		635		0.0	(a)

		(22,562	)		(757,025	)		1,196		0.0	(a)

Media
Altice Europe NV*		(31,907	)		(75,908	)		237		0.0	(a)
JCDecaux SA		(14,685	)		(482,076	)		1,278		0.0	(a)
Telenet Group Holding NV		(2,695	)		(130,568	)		323		0.0	(a)

		(49,287	)		(688,552	)		1,838		0.0	(a)

Metals & Mining
thyssenkrupp AG		(14,816	)		(310,560	)		1,153		0.0	(a)

Multi-Utilities
E.ON SE		(56,680	)		(548,099	)		1,184		0.0	(a)
RWE AG		(25,983	)		(505,479	)		1,299		0.0	(a)

		(82,663	)		(1,053,578	)		2,483		0.0	(a)

Semiconductors & Semiconductor Equipment
SOITEC*		(2,631	)		(187,471	)		1,015		0.0	(a)

Specialty Retail
Industria de Diseno Textil SA		(6,569	)		(185,145	)		343		0.0	(a)

Transportation Infrastructure
Aeroports de Paris		(2,826	)		(591,066	)		774		0.0	(a)
Getlink		(19,218	)		(241,730	)		213		0.0	(a)

		(22,044	)		(832,796	)		987		0.0	(a)
		��
Total Short Positions of Total Return Basket Swaps		(530,227	)		(14,689,025	)		29,391		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		(440,494	)		(13,819,706	)		27,509		0.0	(a)


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.		11/29/2019	$	1,831,859	$	(2,146	)	$	—	$	(2,146	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	27

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Diversified Telecommunication Services
Sunrise Communications Group AG* (b)		6,876			605,239			(333	)		0.0	(a)

Food Products
Barry Callebaut AG (Registered)		331			646,965			(147	)		0.0	(a)

Insurance
Helvetia Holding AG (Registered)		1,036			634,576			(97	)		0.0	(a)
Swiss Life Holding AG (Registered)*		1,631			615,238			(466	)		0.0	(a)

		2,667			1,249,814			(563	)		0.0	(a)

Machinery
Georg Fischer AG (Registered)		90			83,731			(45	)		0.0	(a)

Pharmaceuticals
Roche Holding AG		579			140,962			(1	)		0.0	(a)

Real Estate Management & Development
PSP Swiss Property AG (Registered)		6,617			638,455			(480	)		0.0	(a)
Swiss Prime Site AG (Registered)*		6,927			562,080			(526	)		0.0	(a)

		13,544			1,200,535			(1,006	)		0.0	(a)

Textiles, Apparel & Luxury Goods
Swatch Group AG (The)		662			223,606			(402	)		0.0	(a)

Total Long Positions of Total Return Basket Swaps		24,749			4,150,852			(2,497	)		0.0	(a)


Short Positions

Common Stocks
Chemicals
Clariant AG (Registered)*		(27,229	)		(586,864	)		82			0.0	(a)
EMS-Chemie Holding AG (Registered)		(1,056	)		(581,825	)		94			0.0	(a)

		(28,285	)		(1,168,689	)		176			0.0	(a)

Household Durables
Forbo Holding AG (Registered)		(121	)		(177,602	)		86			0.0	(a)

Professional Services
DKSH Holding AG		(10,270	)		(692,404	)		488			0.0	(a)

Semiconductors & Semiconductor Equipment
ams AG*		(7,195	)		(280,298	)		(399	)		0.0	(a)

Total Short Positions of Total Return Basket Swaps		(45,871	)		(2,318,993	)		351			0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		(21,122	)		1,831,859			(2,146	)		0.0	(a)


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.		11/29/2019	$	3,828,814	$	(8,794	)	$	—	$	(8,794	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



28	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Aerospace & Defense
Meggitt plc		93,210		630,622		(588	)		0.0	(a)

Air Freight & Logistics
Royal Mail plc		136,090		624,779		298			0.0	(a)

Airlines
International Consolidated Airlines Group SA		927		7,147		(3	)		0.0	(a)
Wizz Air Holdings plc* (b)		19,563		641,646		(1,244	)		0.0	(a)

		20,490		648,793		(1,247	)		0.0	(a)

Capital Markets
3i Group plc		26,298		294,467		(732	)		0.0	(a)

Diversified Financial Services
Plus500 Ltd.		37,673		649,841		(2,159	)		0.0	(a)

Energy Equipment & Services
Petrofac Ltd.		73,253		538,667		(2,713	)		0.0	(a)

Health Care Equipment & Supplies
Smith & Nephew plc		38,437		624,788		(885	)		0.0	(a)

Hotels, Restaurants & Leisure
Carnival plc		3,736		203,633		59			0.0	(a)
GVC Holdings plc		52,822		632,722		86			0.0	(a)
William Hill plc		105,325		283,133		149			0.0	(a)

		161,883		1,119,488		294			0.0	(a)

Household Durables
Berkeley Group Holdings plc		5,565		248,718		(315	)		0.0	(a)
Bovis Homes Group plc		46,096		569,745		(1,189	)		0.0	(a)
Persimmon plc		20,771		607,907		(1,138	)		0.0	(a)
Redrow plc		70,404		475,368		(231	)		0.0	(a)
Taylor Wimpey plc		285,203		587,241		(1,502	)		0.0	(a)

		428,039		2,488,979		(4,375	)		0.0	(a)

Machinery
Bodycote plc		56,667		575,465		(729	)		0.0	(a)

Media
Informa plc		19,157		174,819		84			0.0	(a)
Pearson plc		59,095		678,880		120			0.0	(a)

		78,252		853,699		204			0.0	(a)

Metals & Mining
Centamin plc		123,689		157,072		(237	)		0.0	(a)
Rio Tinto plc		10,088		489,780		(661	)		0.0	(a)

		133,777		646,852		(898	)		0.0	(a)

Oil, Gas & Consumable Fuels
BP plc		80,615		582,340		(2,218	)		0.0	(a)
Royal Dutch Shell plc		17,745		578,717		(3,068	)		0.0	(a)

		98,360		1,161,057		(5,286	)		0.0	(a)

Wireless Telecommunication Services
Vodafone Group plc		291,775		548,694		(2,596	)		0.0	(a)

Total Long Positions of Total Return Basket Swaps		1,674,204		11,406,191		(21,412	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	29

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions

Common Stocks
Banks
Standard Chartered plc		(41,122	)		(288,212	)		616			0.0	(a)

Capital Markets
St James’s Place plc		(26,805	)		(346,408	)		840			0.0	(a)

Chemicals
Johnson Matthey plc		(13,880	)		(526,243	)		1,209			0.0	(a)

Diversified Telecommunication Services
Inmarsat plc		(87,298	)		(507,676	)		1,260			0.0	(a)

Entertainment
Cineworld Group plc		(41,698	)		(156,752	)		264			0.0	(a)

Health Care Providers & Services
NMC Health plc		(14,106	)		(636,034	)		797			0.0	(a)
Spire Healthcare Group plc (b)		(75,994	)		(114,037	)		—			0.0	(a)

		(90,100	)		(750,071	)		797			0.0	(a)

Hotels, Restaurants & Leisure
Compass Group plc		(22,855	)		(449,530	)		354			0.0	(a)
InterContinental Hotels Group plc		(2,264	)		(118,792	)		145			0.0	(a)
Merlin Entertainments plc (b)		(115,889	)		(478,599	)		155			0.0	(a)
Whitbread plc		(9,770	)		(549,343	)		129			0.0	(a)

		(150,778	)		(1,596,264	)		783			0.0	(a)

Household Durables
Crest Nicholson Holdings plc		(40,397	)		(175,973	)		—			0.0	(a)

Industrial Conglomerates
DCC plc		(8,168	)		(700,085	)		983			0.0	(a)

Media
ITV plc		(277,874	)		(527,481	)		1,557			0.0	(a)

Metals & Mining
Fresnillo plc		(37,898	)		(410,968	)		103			0.0	(a)

Multiline Retail
B&M European Value Retail SA		(24,932	)		(132,669	)		157			0.0	(a)

Multi-Utilities
National Grid plc		(55,802	)		(589,495	)		1,941			0.0	(a)

Real Estate Management & Development
Capital & Counties Properties plc		(181,639	)		(579,546	)		1,578			0.0	(a)

Software
Sage Group plc (The)		(17,802	)		(123,776	)		100			0.0	(a)

Specialty Retail
Kingfisher plc		(51,047	)		(165,758	)		430			0.0	(a)

Total Short Positions of Total Return Basket Swaps		(1,147,240	)		(7,577,377	)		12,618			0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		526,964			3,828,814			(8,794	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



30	J.P. MORGAN FUNDS	OCTOBER 31, 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, which is denominated in GBP based on the local currencies of the positions within the swaps.		11/29/2019	$	2,387,024	$	20,280	$	—	$	20,280


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Biotechnology
Shire plc		31,880		1,923,988		16,731			0.0	(a)

Capital Markets
NEX Group plc		31,928		463,036		8,133			0.0	(a)
Sole Realisation Co. plc*‡		5,123		—		(4,584	)		0.0	(a)

		37,051		463,036		3,549			0.0	(a)

Total Long Positions of Total Return Basket Swaps		68,931		2,387,024		20,280			0.0	(a)


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, which is denominated in USD based on the local currencies of the positions within the swaps.		11/29/2019	$	5,348,511	$	—	$	—	$	—

REFERENCE ENTITY

SHARES

NOTIONAL

VALUE($) (1)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)($) (2)

PERCENTAGE
OF NET ASSETS (%)

Long Positions

Common Stocks

Insurance

Stewart Information Services Corp.

700

28,896

—

0.0

(a)

Paper & Forest Products

KapStone Paper and Packaging Corp.

151,989

5,319,615

—

0.0

(a)

Total Long Positions of Total Return Basket Swaps

152,689

5,348,511

—

0.0

(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	31

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (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 LIBOR on short positions, which is denominated in JPY based on the local currencies of the positions within the swaps.		5/27/2019	$	(1,098,678	)	$	(25,385	)	$	—	$	(25,385	)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions

Common Stocks
Pharmaceuticals
Takeda Pharmaceutical Co. Ltd.		(26,500	)		(1,098,678	)		(25,385	)		0.0	(a)


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, which is denominated in AUD based on the local currencies of the positions within the swaps.		11/29/2019	$	1,486,781	$	6,081	$	—	$	6,081

REFERENCE ENTITY

SHARES

NOTIONAL

VALUE($) (1)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)($) (2)

PERCENTAGE
OF NET ASSETS (%)

Long Positions

Common Stocks

Health Care Providers & Services

Healthscope Ltd.

990,968

1,486,781

6,081

0.0

(a)


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.		3/12/2021	$	59,436,935	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



32	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Aerospace & Defense
Engility Holdings, Inc.*		46,722		1,449,784		—		0.0	(a)
Rockwell Collins, Inc.		1,149		147,095		—		0.0	(a)

		47,871		1,596,879		—		0.0	(a)

Automobiles
Fiat Chrysler Automobiles NV*		66,600		1,006,326		—		0.0	(a)

Banks
Green Bancorp, Inc.		64,456		1,192,436		—		0.0	(a)
Guaranty Bancorp		16,622		432,505		—		0.0	(a)
MB Financial, Inc.		87,026		3,863,084		—		0.0	(a)

		168,104		5,488,025		—		0.0	(a)

Biotechnology
Amgen, Inc.		5,500		1,060,345		—		0.0	(a)
Celgene Corp.*		11,100		794,760		—		0.0	(a)
Ironwood Pharmaceuticals, Inc.*		83,800		1,097,780		—		0.0	(a)
Spark Therapeutics, Inc.*		4,100		184,459		—		0.0	(a)

		104,500		3,137,344		—		0.0	(a)

Building Products
Apogee Enterprises, Inc.		8,100		292,410		—		0.0	(a)
USG Corp.		44,773		1,890,316		—		0.0	(a)

		52,873		2,182,726		—		0.0	(a)

Capital Markets
BGC Partners, Inc.		130,100		1,377,759		—		0.0	(a)

Chemicals
KMG Chemicals, Inc.		35,048		2,629,301		—		0.0	(a)

Commercial Services & Supplies
KAR Auction Services, Inc.		27,700		1,577,238		—		0.0	(a)
LSC Communications, Inc.		9,000		84,870		—		0.0	(a)

		36,700		1,662,108		—		0.0	(a)

Communications Equipment
Mitel Networks Corp.*		176,373		1,936,575		—		0.0	(a)
NETGEAR, Inc.*		25,600		1,420,288		—		0.0	(a)
NetScout Systems, Inc.*		35,700		901,782		—		0.0	(a)
Oclaro, Inc.*		478,831		3,935,991		—		0.0	(a)

		716,504		8,194,636		—		0.0	(a)

Containers & Packaging
Bemis Co., Inc.		88,352		4,043,871		—		0.0	(a)

Diversified Financial Services
Voya Financial, Inc.		19,300		844,568		—		0.0	(a)

Electronic Equipment, Instruments & Components
Keysight Technologies, Inc.*		20,300		1,158,724		—		0.0	(a)
Orbotech Ltd.*		60,964		3,410,326		—		0.0	(a)

		81,264		4,569,050		—		0.0	(a)

Energy Equipment & Services
Basic Energy Services, Inc.*		5,000		38,850		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	33

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Entertainment
Pandora Media, Inc.*		676,609		5,751,176		—		0.0	(a)

Food & Staples Retailing
Kroger Co. (The)		31,800		946,368		—		0.0	(a)

Health Care Providers & Services
Aetna, Inc.		29,576		5,867,878		—		0.0	(a)
DaVita, Inc.*		14,500		976,430		—		0.0	(a)
Express Scripts Holding Co.*		75,777		7,348,096		—		0.0	(a)
Henry Schein, Inc.*		21,500		1,784,500		—		0.0	(a)

		141,353		15,976,904		—		0.0	(a)

Hotels, Restaurants & Leisure
Hilton Worldwide Holdings, Inc.		12,100		861,157		—		0.0	(a)
Sonic Corp.		41,100		1,778,808		—		0.0	(a)

		53,200		2,639,965		—		0.0	(a)

Insurance
AmTrust Financial Services, Inc.		84,954		1,218,241		—		0.0	(a)
Stewart Information Services Corp.		33,712		1,391,631		—		0.0	(a)

		118,666		2,609,872		—		0.0	(a)

IT Services
Travelport Worldwide Ltd.		20,200		302,192		—		0.0	(a)

Leisure Products
Brunswick Corp.		24,000		1,247,760		—		0.0	(a)

Machinery
Trinity Industries, Inc.		41,700		1,190,535		—		0.0	(a)

Media
AMC Networks, Inc.*		16,500		966,570		—		0.0	(a)

Multi-Utilities
SCANA Corp.		136,528		5,467,946		—		0.0	(a)
Vectren Corp.		98,180		7,022,816		—		0.0	(a)

		234,708		12,490,762		—		0.0	(a)

Oil, Gas & Consumable Fuels
Antero Resources Corp.*		17,800		282,842		—		0.0	(a)
Arch Coal, Inc.		12,400		1,189,160		—		0.0	(a)
Energen Corp.*		96,869		6,971,662		—		0.0	(a)
EQT Corp.		29,500		1,002,115		—		0.0	(a)

		156,569		9,445,779		—		0.0	(a)

Semiconductors & Semiconductor Equipment
Applied Materials, Inc.		18,700		614,856		—		0.0	(a)

Software
Avaya Holdings Corp.*		15,800		259,436		—		0.0	(a)
CommVault Systems, Inc.*		4,700		273,634		—		0.0	(a)
SendGrid, Inc.*		136,025		4,940,428		—		0.0	(a)

		156,525		5,473,498		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



34	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Specialty Retail
Asbury Automotive Group, Inc.*		4,900			318,990			—		0.0	(a)
Children’s Place, Inc. (The)		7,800			1,165,320			—		0.0	(a)
Shoe Carnival, Inc.		23,900			973,447			—		0.0	(a)
Sleep Number Corp.*		29,600			1,076,552			—		0.0	(a)

		66,200			3,534,309			—		0.0	(a)

Technology Hardware, Storage & Peripherals
Stratasys Ltd.*		63,300			1,206,498			—		0.0	(a)

Thrifts & Mortgage Finance
Beneficial Bancorp, Inc.		32,743			511,773			—		0.0	(a)

Total Long Positions of Total Return Basket Swaps		3,404,989			101,680,260			—		0.0	(a)


Short Positions

Common Stocks
Banks
Fifth Third Bancorp		(119,878	)		(3,235,507	)		—		0.0	(a)
Independent Bank Group, Inc.		(7,404	)		(428,766	)		—		0.0	(a)
Veritex Holdings, Inc.*		(50,411	)		(1,187,683	)		—		0.0	(a)

		(177,693	)		(4,851,956	)		—		0.0	(a)

Capital Markets
CME Group, Inc.		(9,663	)		(1,770,648	)		—		0.0	(a)

Commercial Services & Supplies
Quad/Graphics, Inc.		(4,072	)		(62,831	)		—		0.0	(a)

Communications Equipment
Lumentum Holdings, Inc.*		(19,634	)		(1,072,998	)		—		0.0	(a)

Energy Equipment & Services
Key Energy Services, Inc.*		(3,683	)		(33,331	)		—		0.0	(a)

Health Care Providers & Services
Cigna Corp.		(20,429	)		(4,367,924	)		—		0.0	(a)
CVS Health Corp.		(32,287	)		(2,337,256	)		—		0.0	(a)

		(52,716	)		(6,705,180	)		—		0.0	(a)

Insurance
Fidelity National Financial, Inc.		(19,919	)		(666,291	)		—		0.0	(a)

IT Services
Science Applications International Corp.		(20,814	)		(1,446,781	)		—		0.0	(a)
Twilio, Inc.*		(56,752	)		(4,268,886	)		—		0.0	(a)

		(77,566	)		(5,715,667	)		—		0.0	(a)

Media
Sirius XM Holdings, Inc.		(965,068	)		(5,809,709	)		—		0.0	(a)

Multi-Utilities
Dominion Energy, Inc.		(82,353	)		(5,881,651	)		—		0.0	(a)

Oil, Gas & Consumable Fuels
Diamondback Energy, Inc.		(61,779	)		(6,941,489	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	35

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Semiconductors & Semiconductor Equipment
Cabot Microelectronics Corp.		(6,939	)		(677,385	)		—		0.0	(a)
KLA-Tencor Corp.		(17,903	)		(1,638,841	)		—		0.0	(a)

		(24,842	)		(2,316,226	)		—		0.0	(a)

Thrifts & Mortgage Finance
WSFS Financial Corp.		(9,766	)		(415,348	)		—		0.0	(a)

Total Short Positions of Total Return Basket Swaps		(1,508,754	)		(42,243,325	)		—		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		1,896,235			59,436,935			—		0.0	(a)


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, 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.		3/12/2021	$	3,969,484	$	(6,493	)	$	—	$	(6,493	)

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

NET
UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET ASSETS (%)

Long Positions

Common Stocks

Capital Markets

NEX Group plc

187,926

2,725,396

(3,355

)

0.0

(a)

Insurance

Prudential plc

62,131

1,244,088

(3,138

)

0.0

(a)

Total Long Positions of Total Return Basket Swaps

250,057

3,969,484

(6,493

)

0.0

(a)


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.		3/12/2021	$	1,400,837	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



36	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Energy Equipment & Services
Trinidad Drilling Ltd.*		415,390			523,793			—		0.0	(a)


Oil, Gas & Consumable Fuels
Enbridge Income Fund Holdings, Inc.		215,478			4,987,363			—		0.0	(a)
MEG Energy Corp.*		385,068			3,080,076			—		0.0	(a)

		600,546			8,067,439			—		0.0	(a)

Total Long Positions of Total Return Basket Swaps		1,015,936			8,591,232			—		0.0	(a)


Short Positions

Common Stocks
Energy Equipment & Services
Precision Drilling Corp.*		(183,000	)		(442,052	)		—		0.0	(a)

Oil, Gas & Consumable Fuels
Enbridge, Inc.		(158,376	)		(4,934,926	)		—		0.0	(a)
Husky Energy, Inc.		(128,279	)		(1,813,417	)		—		0.0	(a)

		(286,655	)		(6,748,343	)		—		0.0	(a)

Total Short Positions of Total Return Basket Swaps		(469,655	)		(7,190,395	)		—		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		546,281			1,400,837			—		0.0	(a)


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, 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.		12/3/2019 — 3/12/2021	$	11,838,293	$	(365	)	$	—	$	(365	)

REFERENCE ENTITY

SHARES

NOTIONAL

VALUE($) (1)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)($) (2)

PERCENTAGE
OF NET ASSETS (%)

Long Positions

Common Stocks

Electric Utilities

EDP — Energias de Portugal SA

1,291,541

4,540,729

—

��

0.0

(a)

Pharmaceuticals

STADA Arzneimittel AG

7,111

657,508

(365

)

0.0

(a)

Software

Gemalto NV*

116,410

6,640,056

—

0.0

(a)

Total Long Positions of Total Return Basket Swaps

1,415,062

11,838,293

(365

)

0.0

(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	37

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (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 BBSW 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 AUD based on the local currencies of the positions within the swaps.		3/12/2021	$	(681,766	)	$	6,719	$	—	$	6,719

REFERENCE ENTITY

SHARES

NOTIONAL

VALUE($) (1)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)($) (2)

PERCENTAGE
OF NET ASSETS (%)

Long Positions

Common Stocks

Food & Staples Retailing

Wesfarmers Ltd.

44,185

1,463,306

4,584

0.0

(a)

Metals & Mining

South32 Ltd.

573,821

1,479,972

8,980

0.0

(a)

Total Long Positions of Total Return Basket Swaps

618,006

2,943,278

13,564

0.0

(a)

Short Positions

Common Stocks

Containers & Packaging

Amcor Ltd.

(384,163

)

(3,625,044

)

(6,845

)

0.0

(a)

Total of Long and Short Positions of Total Return Basket Swaps

233,843

(681,766

)

6,719

0.0

(a)


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.		3/12/2021	$	(724,638	)	$	2,630	$	—	$	2,630

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



38	J.P. MORGAN FUNDS	OCTOBER 31, 2018

REFERENCE ENTITY

SHARES

NOTIONAL

VALUE($) (1)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)($) (2)

PERCENTAGE
OF NET ASSETS (%)

Long Positions

Common Stocks

Metals & Mining

Nisshin Steel Co. Ltd.

98,100

1,280,461

(2,790

)

0.0

(a)

Short Positions

Common Stocks

Metals & Mining

Nippon Steel & Sumitomo Metal Corp.

(108,700

)

(2,005,099

)

5,420

0.0

(a)

Total of Long and Short Positions of Total Return Basket Swaps

(10,600

)

��

(724,638

)

2,630

0.0

(a)


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.		3/12/2021	$	17,058,013	$	(35,519	)	$	—	$	(35,519	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Airlines
Deutsche Lufthansa AG (Registered)		26,932		540,609		(1,151	)		0.0	(a)

Automobiles
Peugeot SA		20,401		484,948		(997	)		0.0	(a)

Chemicals
Arkema SA		5,417		568,317		(941	)		0.0	(a)
Covestro AG (b)		2,048		132,073		(426	)		0.0	(a)

		7,465		700,390		(1,367	)		0.0	(a)

Construction & Engineering
ACS Actividades de Construccion y Servicios SA		15,974		598,090		(968	)		0.0	(a)
Eiffage SA		6,650		649,452		(1,474	)		0.0	(a)
HOCHTIEF AG		3,860		572,007		(729	)		0.0	(a)
Maire Tecnimont SpA		142,223		621,705		(1,386	)		0.0	(a)
Sacyr SA		216,835		523,403		(949	)		0.0	(a)

		385,542		2,964,657		(5,506	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	39

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		43,942		720,722		(707	)		0.0	(a)
Orange SA		40,789		636,649		(1,830	)		0.0	(a)

		84,731		1,357,371		(2,537	)		0.0	(a)

Electric Utilities
Enel SpA		41,381		202,894		(242	)		0.0	(a)
Red Electrica Corp. SA		32,457		672,070		(683	)		0.0	(a)
Terna Rete Elettrica Nazionale SpA		132,860		686,287		(671	)		0.0	(a)

		206,698		1,561,251		(1,596	)		0.0	(a)

Electrical Equipment
Schneider Electric SE		8,443		610,523		(1,125	)		0.0	(a)
Signify NV (b)		25,183		620,371		(1,441	)		0.0	(a)

		33,626		1,230,894		(2,566	)		0.0	(a)

Food & Staples Retailing
Koninklijke Ahold Delhaize NV		29,888		684,152		(687	)		0.0	(a)

Health Care Equipment & Supplies
Koninklijke Philips NV		15,648		583,606		141			0.0	(a)

Independent Power and Renewable Electricity Producers
ERG SpA		32,917		614,037		(767	)		0.0	(a)
Uniper SE		22,222		641,290		(790	)		0.0	(a)

		55,139		1,255,327		(1,557	)		0.0	(a)

Industrial Conglomerates
Rheinmetall AG		5,954		515,281		(889	)		0.0	(a)

Insurance
Aegon NV		106,925		655,733		(1,644	)		0.0	(a)
Ageas		13,688		684,880		(539	)		0.0	(a)
ASR Nederland NV		13,410		608,777		(1,207	)		0.0	(a)
NN Group NV		16,015		687,654		(1,643	)		0.0	(a)
Poste Italiane SpA (b)		79,588		571,076		(1,347	)		0.0	(a)
UnipolSai Assicurazioni SpA		270,564		590,709		(1,054	)		0.0	(a)

		500,190		3,798,829		(7,434	)		0.0	(a)

IT Services
Amadeus IT Group SA		6,835		550,385		(666	)		0.0	(a)
Capgemini SE		4,447		543,000		(985	)		0.0	(a)

		11,282		1,093,385		(1,651	)		0.0	(a)

Machinery
Fincantieri SpA		486,322		708,516		(1,508	)		0.0	(a)

Media
Eutelsat Communications SA		23,986		485,827		(748	)		0.0	(a)
Mediaset Espana Comunicacion SA		86,706		589,587		(837	)		0.0	(a)
ProSiebenSat.1 Media SE		24,080		556,043		(896	)		0.0	(a)

		134,772		1,631,457		(2,481	)		0.0	(a)

Metals & Mining
Aurubis AG		8,599		521,955		(870	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



40	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Multi-Utilities
A2A SpA		381,183		614,221		(802	)		0.0	(a)
Engie SA		43,685		580,451		(2,174	)		0.0	(a)
Iren SpA		262,180		568,081		—			0.0	(a)

		687,048		1,762,753		(2,976	)		0.0	(a)

Oil, Gas & Consumable Fuels
Enagas SA		24,865		659,258		(891	)		0.0	(a)
Eni SpA		39,236		696,822		(1,163	)		0.0	(a)
Neste OYJ		7,257		595,909		(2,152	)		0.0	(a)
OMV AG		12,342		685,383		(1,414	)		0.0	(a)
Repsol SA		34,760		621,121		(1,923	)		0.0	(a)
Saras SpA		284,857		555,914		—			0.0	(a)
TOTAL SA		9,581		562,169		(1,697	)		0.0	(a)

		412,898		4,376,576		(9,240	)		0.0	(a)

Paper & Forest Products
Stora Enso OYJ		41,059		616,920		(1,836	)		0.0	(a)
UPM-Kymmene OYJ		18,450		593,144		(550	)		0.0	(a)

		59,509		1,210,064		(2,386	)		0.0	(a)

Pharmaceuticals
Bayer AG (Registered)		6,008		460,528		(712	)		0.0	(a)
Merck KGaA		7,142		764,217		(1,201	)		0.0	(a)
UCB SA		6,937		582,570		(277	)		0.0	(a)

		20,087		1,807,315		(2,190	)		0.0	(a)

Real Estate Management & Development
LEG Immobilien AG		5,287		577,917		(914	)		0.0	(a)
Nexity SA		12,155		581,263		(1,371	)		0.0	(a)
TAG Immobilien AG		26,443		603,222		(1,183	)		0.0	(a)

		43,885		1,762,402		(3,468	)		0.0	(a)

Semiconductors & Semiconductor Equipment
ASM International NV*		13,772		591,211		(1,389	)		0.0	(a)
BE Semiconductor Industries NV		25,471		544,518		(1,607	)		0.0	(a)
Siltronic AG		5,819		532,932		(1,458	)		0.0	(a)

		45,062		1,668,661		(4,454	)		0.0	(a)

Software
Software AG		12,319		551,518		(886	)		0.0	(a)

Textiles, Apparel & Luxury Goods
Christian Dior SE		1,641		634,850		(1,190	)		0.0	(a)
Kering SA		1,356		602,726		(1,793	)		0.0	(a)

		2,997		1,237,576		(2,983	)		0.0	(a)

Thrifts & Mortgage Finance
Aareal Bank AG		15,906		591,723		(1,181	)		0.0	(a)

Transportation Infrastructure
Aena SME SA (b)		3,790		605,573		(347	)		0.0	(a)

Total Long Positions of Total Return Basket Swaps		3,316,690		35,206,789		(62,767	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	41

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions

Common Stocks
Air Freight & Logistics
bpost SA		(42,168	)		(639,966	)		517			0.0	(a)
Deutsche Post AG		(16,804	)		(530,591	)		1,383			0.0	(a)

		(58,972	)		(1,170,557	)		1,900			0.0	(a)


Auto Components
Brembo SpA		(13,545	)		(149,955	)		87			0.0	(a)
Leoni AG		(15,202	)		(554,942	)		873			0.0	(a)

		(28,747	)		(704,897	)		960			0.0	(a)

Automobiles
Daimler AG (Registered)		(9,472	)		(561,089	)		653			0.0	(a)

Banks
Banco Espirito Santo SA (Registered)*‡		(35,937	)		—			—			0.0	(a)
Bankia SA		(164,945	)		(518,102	)		1,085			0.0	(a)

		(200,882	)		(518,102	)		1,085			0.0	(a)


Beverages
Anheuser-Busch InBev SA/NV		(6,569	)		(485,852	)		(1,186	)		0.0	(a)

Capital Markets
Banca Generali SpA		(24,794	)		(477,394	)		858			0.0	(a)

Chemicals
K+S AG (Registered)		(27,719	)		(516,182	)		908			0.0	(a)
Lenzing AG		(5,332	)		(483,662	)		388			0.0	(a)
OCI NV*		(17,787	)		(505,380	)		1,102			0.0	(a)

		(50,838	)		(1,505,224	)		2,398			0.0	(a)


Diversified Financial Services
Wendel SA		(838	)		(108,585	)		189			0.0	(a)

Diversified Telecommunication Services
Iliad SA		(1,240	)		(143,326	)		283			0.0	(a)
United Internet AG (Registered)		(11,458	)		(474,141	)		590			0.0	(a)

		(12,698	)		(617,467	)		873			0.0	(a)


Energy Equipment & Services
CGG SA*		(213,439	)		(516,313	)		2,486			0.0	(a)

Food & Staples Retailing
Distribuidora Internacional de Alimentacion SA		(254,083	)		(191,593	)		246			0.0	(a)
Jeronimo Martins SGPS SA		(44,412	)		(545,112	)		1,181			0.0	(a)

		(298,495	)		(736,705	)		1,427			0.0	(a)


Food Products
Glanbia plc		(36,999	)		(654,156	)		430			0.0	(a)
Kerry Group plc		(6,117	)		(627,022	)		—			0.0	(a)

		(43,116	)		(1,281,178	)		430			0.0	(a)


Health Care Providers & Services
Orpea		(4,844	)		(596,358	)		853			0.0	(a)

Hotels, Restaurants & Leisure
Elior Group SA(b)		(27,869	)		(400,876	)		956			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



42	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Paddy Power Betfair plc		(4,451	)		(384,157	)		—			0.0	(a)
Sodexo SA		(5,865	)		(598,681	)		(14	)		0.0	(a)

		(38,185	)		(1,383,714	)		942			0.0	(a)

Household Durables
Neinor Homes SA* (b)		(14,211	)		(228,721	)		(156	)		0.0	(a)

Internet & Direct Marketing Retail
Rocket Internet SE* (b)		(15,938	)		(460,184	)		508			0.0	(a)
Zalando SE* (b)		(3,377	)		(130,538	)		275			0.0	(a)

		(19,315	)		(590,722	)		783			0.0	(a)


IT Services
Bechtle AG		(5,856	)		(520,057	)		618			0.0	(a)
Indra Sistemas SA*		(55,934	)		(552,819	)		575			0.0	(a)

		(61,790	)		(1,072,876	)		1,193			0.0	(a)


Life Sciences Tools & Services
MorphoSys AG*		(2,580	)		(238,900	)		139			0.0	(a)

Machinery
Alstom SA*		(7,689	)		(335,799	)		802			0.0	(a)
ANDRITZ AG		(12,297	)		(637,354	)		—			0.0	(a)
Wartsila OYJ Abp		(29,345	)		(499,323	)		1,069			0.0	(a)

		(49,331	)		(1,472,476	)		1,871			0.0	(a)


Media
Altice Europe NV*		(176,901	)		(420,855	)		1,318			0.0	(a)
Telenet Group Holding NV		(8,925	)		(432,402	)		1,067			0.0	(a)

		(185,826	)		(853,257	)		2,385			0.0	(a)


Metals & Mining
Bekaert SA		(24,076	)		(519,983	)		(223	)		0.0	(a)
thyssenkrupp AG		(13,601	)		(285,093	)		1,058			0.0	(a)

		(37,677	)		(805,076	)		835			0.0	(a)


Multi-Utilities
Suez		(39,165	)		(564,928	)		2,218			0.0	(a)

Semiconductors & Semiconductor Equipment
SOITEC*		(6,486	)		(462,157	)		2,501			0.0	(a)

Specialty Retail
Industria de Diseno Textil SA		(14,025	)		(395,290	)		733			0.0	(a)

Textiles, Apparel & Luxury Goods
OVS SpA*(b)		(255,443	)		(451,072	)		569			0.0	(a)

Transportation Infrastructure
Getlink		(27,815	)		(349,866	)		309			0.0	(a)

Total Short Positions of Total Return Basket Swaps		(1,705,553	)		(18,148,776	)		27,248			0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		1,611,137			17,058,013			(35,519	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	43

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (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 GBP based on the local currencies of the positions within the swaps.		3/12/2021	$	(1,863,564	)	$	2,179	$	—	$	2,179


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Airlines
International Consolidated Airlines Group SA		75,041		578,528		(238	)		0.0	(a)

Capital Markets
3i Group plc		33,136		371,034		(923	)		0.0	(a)

Energy Equipment & Services
Hunting plc		69,147		593,308		(3,282	)		0.0	(a)

Food & Staples Retailing
J Sainsbury plc		160,267		636,752		(751	)		0.0	(a)

Food Products
Tate & Lyle plc		83,309		716,297		(563	)		0.0	(a)

Hotels, Restaurants & Leisure
Carnival plc		6,758		368,348		107			0.0	(a)
William Hill plc		95,216		255,959		135			0.0	(a)

		101,974		624,307		242			0.0	(a)


Household Durables
Berkeley Group Holdings plc		8,127		363,222		(459	)		0.0	(a)

Machinery
Rotork plc		144,835		554,591		(423	)		0.0	(a)

Media
Informa plc		44,959		410,277		195			0.0	(a)

Metals & Mining
Antofagasta plc		55,224		552,794		(1,176	)		0.0	(a)
Centamin plc		283,658		360,216		(542	)		0.0	(a)
Rio Tinto plc		4,499		218,430		(295	)		0.0	(a)

		343,381		1,131,440		(2,013	)		0.0	(a)


Oil, Gas & Consumable Fuels
Tullow Oil plc*		210,083		602,742		(3,595	)		0.0	(a)

Pharmaceuticals
Hikma Pharmaceuticals plc		24,619		597,133		(1,231	)		0.0	(a)

Total Long Positions of Total Return Basket Swaps		1,298,878		7,179,631		(13,041	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



44	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY		SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions

Common Stocks
Aerospace & Defense
Cobham plc*			(379,366	)		(520,737	)		1,264		0.0	(a)

Banks
Metro Bank plc*			(14,577	)		(413,668	)		715		0.0	(a)
Standard Chartered plc			(38,141	)		(267,319	)		572		0.0	(a)

			(52,718	)		(680,987	)		1,287		0.0	(a)


Capital Markets
St James’s Place plc			(15,142	)		(195,684	)		474		0.0	(a)

Containers & Packaging
DS Smith plc			(95,960	)		(481,489	)		427		0.0	(a)

Diversified Telecommunication Services
BT Group plc			(214,153	)		(655,738	)		2,721		0.0	(a)

Electrical Equipment
Melrose Industries plc			(232,296	)		(500,040	)		717		0.0	(a)

Energy Equipment & Services
John Wood Group plc			(57,975	)		(528,398	)		850		0.0	(a)

Entertainment
Cineworld Group plc			(106,872	)		(401,756	)		678		0.0	(a)

Health Care Providers & Services
Spire Healthcare Group plc (b)			(274,958	)		(412,604	)		–		0.0	(a)

Hotels, Restaurants & Leisure
InterContinental Hotels Group plc			(7,891	)		(414,039	)		507		0.0	(a)

Household Durables
Crest Nicholson Holdings plc			(92,810	)		(404,290	)		–		0.0	(a)

Metals & Mining
Fresnillo plc			(19,643	)		(213,010	)		54		0.0	(a)

Multiline Retail
B&M European Value Retail SA			(90,447	)		(481,291	)		568		0.0	(a)

Personal Products
Unilever plc			(11,604	)		(614,660	)		359		0.0	(a)

Professional Services
Capita plc*			(387,274	)		(634,259	)		2,576		0.0	(a)

Software
AVEVA Group plc			(15,104	)		(505,231	)		199		0.0	(a)
Sage Group plc (The)			(61,874	)		(430,204	)		347		0.0	(a)

			(76,978	)		(935,435	)		546		0.0	(a)


Specialty Retail
Kingfisher plc			(120,909	)		(392,611	)		1,017		0.0	(a)

Water Utilities
Severn Trent plc			(24,245	)		(576,167	)		1,175		0.0	(a)

Total Short Positions of Total Return Basket Swaps	��		(2,261,241	)		(9,043,195	)		15,220		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps			(962,363	)		(1,863,564	)		2,179		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	45

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (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 USD based on the local currencies of the positions within the swaps.		3/12/2021	$	(63,379,342	)	$	—	$	—	$	—


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Auto Components
Lear Corp.		1,798			238,954		—		0.0	(a)

Banks
Popular, Inc.		13,578			706,192		—		0.0	(a)

Chemicals
LyondellBasell Industries NV		4,805			428,943		—		0.0	(a)
Trinseo SA		4,057			218,591		—		0.0	(a)

		8,862			647,534		—		0.0	(a)

Commercial Services & Supplies			��
Deluxe Corp.		6,506			307,148		—		0.0	(a)

Communications Equipment
Cisco Systems, Inc.		5,189			237,397		—		0.0	(a)

Consumer Finance
Santander Consumer USA Holdings, Inc.		29,618			555,338		—		0.0	(a)

Electrical Equipmentn
Vent Electric plc		24,947			609,206		—		0.0	(a)

Electronic Equipment, Instruments & Components
Zebra Technologies Corp.*		3,869			643,415		—		0.0	(a)

Food & Staples Retailing
Sysco Corp.		8,543			609,372		—		0.0	(a)

Food Products
Cal-Maine Foods, Inc.		15,447			751,805		—		0.0	(a)

Health Care Equipment & Supplies
Globus Medical, Inc.*		13,117			693,233		—		0.0	(a)

Health Care Providers & Services
Aetna, Inc.		3,090			613,056		—		0.0	(a)
Chemed Corp.		1,698			516,752		—		0.0	(a)
Express Scripts Holding Co.*		3,630			352,001		—		0.0	(a)
Humana, Inc.		211			67,606		—		0.0	(a)
Quest Diagnostics, Inc.		3,861			363,359		—		0.0	(a)
UnitedHealth Group, Inc.		1,913			499,963		—		0.0	(a)

		14,403			2,412,737		—		0.0	(a)

Hotels, Restaurants & Leisure
Bloomin’ Brands, Inc.		25,546			509,643		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



46	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
IT Services
Amdocs Ltd.		3,396		214,865		—		0.0	(a)
Mastercard, Inc.		2,784		550,313		—		0.0	(a)
Western Union Co. (The)		4,331		78,131		—		0.0	(a)

		10,511		843,309		—		0.0	(a)

Machinery
Hillenbrand, Inc.		6,897		330,366		—		0.0	(a)

Media
Interpublic Group of Cos., Inc. (The)		19,161		443,769		—		0.0	(a)

Oil, Gas & Consumable Fuels
Marathon Oil Corp.		27,014		512,996		—		0.0	(a)
Valero Energy Corp.		3,031		276,094		—		0.0	(a)

		30,045		789,090		—		0.0	(a)

Personal Products
USANA Health Sciences, Inc.*		4,035		472,176		—		0.0	(a)

Pharmaceuticals
Jazz Pharmaceuticals plc*		3,919		622,416		—		0.0	(a)
Johnson & Johnson		2,550		356,974		—		0.0	(a)

		6,469		979,390		—		0.0	(a)

Professional Services
Korn/Ferry International		10,350		467,199		—		0.0	(a)
Navigant Consulting, Inc.		26,754		577,886		—		0.0	(a)
Robert Half International, Inc.		8,913		539,504		—		0.0	(a)

		46,017		1,584,589		—		0.0	(a)

Semiconductors & Semiconductor Equipment
First Solar, Inc.*		9,937		415,367		—		0.0	(a)
Intel Corp.		11,014		516,336		—		0.0	(a)
Mellanox Technologies Ltd.*		6,887		583,260		—		0.0	(a)
Teradyne, Inc.		3,395		116,958		—		0.0	(a)

		31,233		1,631,921		—		0.0	(a)

Software
LogMeIn, Inc.		1,129		97,230		—		0.0	(a)
Oracle Corp.		2,811		137,289		—		0.0	(a)

		3,940		234,519		—		0.0	(a)

Specialty Retail
Best Buy Co., Inc.		511		35,852		—		0.0	(a)
Children’s Place, Inc. (The)		2,312		345,413		—		0.0	(a)
Foot Locker, Inc.		9,075		427,796		—		0.0	(a)
Urban Outfitters, Inc.*		10,411		410,818		—		0.0	(a)
Williams-Sonoma, Inc.		6,343		376,647		—		0.0	(a)
Zumiez, Inc.*		14,301		332,641		—		0.0	(a)

		42,953		1,929,167		—		0.0	(a)

Technology Hardware, Storage & Peripherals
Apple, Inc.		2,263		495,280		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	47

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Textiles, Apparel & Luxury Goods
Columbia Sportswear Co.		5,445			491,574			—		0.0	(a)
Oxford Industries, Inc.		4,806			427,638			—		0.0	(a)

		10,251			919,212			—		0.0	(a)

Trading Companies & Distributors
HD Supply Holdings, Inc.*		15,830			594,733			—		0.0	(a)
MSC Industrial Direct Co., Inc.		8,172			662,422			—		0.0	(a)
WW Grainger, Inc.		2,006			569,644			—		0.0	(a)

		26,008			1,826,799			—		0.0	(a)

Total Long Positions of Total Return Basket Swaps		411,206			21,401,561			—		0.0	(a)


Short Positions

Common Stocks
Aerospace & Defense
Cubic Corp.		(4,057	)		(266,180	)		—		0.0	(a)
Kratos Defense & Security Solutions, Inc.*		(45,666	)		(572,195	)		—		0.0	(a)
Mercury Systems, Inc.*		(8,094	)		(379,285	)		—		0.0	(a)
TransDigm Group, Inc.*		(628	)		(207,397	)		—		0.0	(a)
Triumph Group, Inc.		(33,453	)		(610,517	)		—		0.0	(a)

		(91,898	)		(2,035,574	)		—		0.0	(a)

Air Freight & Logistics
Air Transport Services Group, Inc.*		(26,884	)		(526,926	)		—		0.0	(a)
United Parcel Service, Inc.		(4,972	)		(529,717	)		—		0.0	(a)

		(31,856	)		(1,056,643	)		—		0.0	(a)

Airlines
American Airlines Group, Inc.		(17,103	)		(599,973	)		—		0.0	(a)
Spirit Airlines, Inc.*		(11,300	)		(586,470	)		—		0.0	(a)

		(28,403	)		(1,186,443	)		—		0.0	(a)

Auto Components
Cooper Tire & Rubber Co.		(18,261	)		(564,082	)		—		0.0	(a)
Gentherm, Inc.*		(13,731	)		(599,221	)		—		0.0	(a)

		(31,992	)		(1,163,303	)		—		0.0	(a)

Banks
First Republic Bank		(6,005	)		(546,395	)		—		0.0	(a)

Beverages
Brown-Forman Corp.		(13,171	)		(610,344	)		—		0.0	(a)
Coca-Cola Bottling Co. Consolidated		(1,255	)		(216,650	)		—		0.0	(a)
Coca-Cola Co. (The)		(14,677	)		(702,735	)		—		0.0	(a)
National Beverage Corp.*		(5,873	)		(542,959	)		—		0.0	(a)

		(34,976	)		(2,072,688	)		—		0.0	(a)

Capital Markets
Cboe Global Markets, Inc.		(5,782	)		(652,499	)		—		0.0	(a)
MarketAxess Holdings, Inc.		(3,235	)		(678,282	)		—		0.0	(a)

		(9,017	)		(1,330,781	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



48	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Chemicals
Albemarle Corp.		(6,682	)		(662,988	)		—		0.0	(a)
Ferro Corp.*		(30,892	)		(523,310	)		—		0.0	(a)
GCP Applied Technologies, Inc.*		(13,579	)		(352,647	)		—		0.0	(a)
HB Fuller Co.		(11,904	)		(529,252	)		—		0.0	(a)
International Flavors & Fragrances, Inc.		(4,265	)		(616,975	)		—		0.0	(a)
NewMarket Corp.		(1,628	)		(628,343	)		—		0.0	(a)
PQ Group Holdings, Inc.*		(37,493	)		(601,763	)		—		0.0	(a)
RPM International, Inc.		(849	)		(51,933	)		—		0.0	(a)
Valvoline, Inc.		(30,469	)		(606,942	)		—		0.0	(a)

		(137,761	)		(4,574,153	)		—		0.0	(a)

Commercial Services & Supplies
ABM Industries, Inc.		(17,958	)		(552,208	)		—		0.0	(a)
Brink’s Co. (The)		(9,037	)		(599,334	)		—		0.0	(a)
Covanta Holding Corp.		(38,546	)		(566,241	)		—		0.0	(a)
Healthcare Services Group, Inc.		(5,258	)		(213,422	)		—		0.0	(a)

		(70,799	)		(1,931,205	)		—		0.0	(a)

Communications Equipment
Acacia Communications, Inc.*		(15,116	)		(521,048	)		—		0.0	(a)
Extreme Networks, Inc.*		(97,304	)		(540,037	)		—		0.0	(a)
Finisar Corp.*		(29,833	)		(497,913	)		—		0.0	(a)
Infinera Corp.*		(47,709	)		(264,308	)		—		0.0	(a)
ViaSat, Inc.*		(1,698	)		(108,264	)		—		0.0	(a)
Viavi Solutions, Inc.*		(54,473	)		(628,074	)		—		0.0	(a)

		(246,133	)		(2,559,644	)		—		0.0	(a)

Construction & Engineering
Dycom Industries, Inc.*		(1,659	)		(112,613	)		—		0.0	(a)

Construction Materials
Martin Marietta Materials, Inc.		(1,368	)		(234,311	)		—		0.0	(a)
Summit Materials, Inc.*		(34,592	)		(466,992	)		—		0.0	(a)
US Concrete, Inc.*		(12,263	)		(400,264	)		—		0.0	(a)
Vulcan Materials Co.		(2,572	)		(260,132	)		—		0.0	(a)

		(50,795	)		(1,361,699	)		—		0.0	(a)

Consumer Finance
LendingClub Corp.*		(172,633	)		(557,605	)		—		0.0	(a)

Distributors
Core-Mark Holding Co., Inc.		(16,863	)		(647,708	)		—		0.0	(a)

Diversified Telecommunication Services
Zayo Group Holdings, Inc.*		(17,319	)		(517,492	)		—		0.0	(a)

Electric Utilities
Southern Co. (The)		(6,176	)		(278,105	)		—		0.0	(a)

Electronic Equipment, Instruments & Components
Cognex Corp.		(10,257	)		(439,410	)		—		0.0	(a)
Fitbit, Inc.*		(82,093	)		(388,300	)		—		0.0	(a)
Flex Ltd.*		(44,242	)		(347,742	)		—		0.0	(a)
II-VI, Inc.*		(13,480	)		(501,860	)		—		0.0	(a)

		(150,072	)		(1,677,312	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	49

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Energy Equipment & Services
Baker Hughes a GE Co.		(19,395	)		(517,653	)		—		0.0	(a)
C&J Energy Services, Inc.*		(26,892	)		(505,032	)		—		0.0	(a)
Ensco plc		(62,309	)		(444,886	)		—		0.0	(a)
Forum Energy Technologies, Inc.*		(53,155	)		(476,269	)		—		0.0	(a)
Keane Group, Inc.*		(50,245	)		(631,580	)		—		0.0	(a)
Nabors Industries Ltd.		(89,653	)		(445,575	)		—		0.0	(a)
Patterson-UTI Energy, Inc.		(36,252	)		(603,233	)		—		0.0	(a)
ProPetro Holding Corp.*		(31,970	)		(564,270	)		—		0.0	(a)
Select Energy Services, Inc.*		(44,696	)		(427,294	)		—		0.0	(a)
Weatherford International plc*		(42,825	)		(57,814	)		—		0.0	(a)

		(457,392	)		(4,673,606	)		—		0.0	(a)

Entertainment
Netflix, Inc.*		(411	)		(124,032	)		—		0.0	(a)

Food & Staples Retailing
Casey’s General Stores, Inc.		(543	)		(68,478	)		—		0.0	(a)
PriceSmart, Inc.		(7,068	)		(495,820	)		—		0.0	(a)

		(7,611	)		(564,298	)		—		0.0	(a)

Food Products
Kraft Heinz Co. (The)		(10,307	)		(566,576	)		—		0.0	(a)
Post Holdings, Inc.*		(6,166	)		(545,197	)		—		0.0	(a)

		(16,473	)		(1,111,773	)		—		0.0	(a)

Gas Utilities
New Jersey Resources Corp.		(14,128	)		(637,173	)		—		0.0	(a)
ONE Gas, Inc.		(6,998	)		(552,212	)		—		0.0	(a)
South Jersey Industries, Inc.		(18,895	)		(558,158	)		—		0.0	(a)
Southwest Gas Holdings, Inc.		(8,263	)		(638,482	)		—		0.0	(a)
Spire, Inc.		(8,918	)		(647,269	)		—		0.0	(a)

		(57,202	)		(3,033,294	)		—		0.0	(a)

Health Care Equipment & Supplies
Cardiovascular Systems, Inc.*		(16,077	)		(450,960	)		—		0.0	(a)
Hologic, Inc.*		(16,337	)		(636,980	)		—		0.0	(a)
Insulet Corp.*		(5,851	)		(516,117	)		—		0.0	(a)
iRhythm Technologies, Inc.*		(7,594	)		(586,712	)		—		0.0	(a)
Natus Medical, Inc.*		(18,290	)		(546,505	)		—		0.0	(a)
Nevro Corp.*		(5,562	)		(271,203	)		—		0.0	(a)
Penumbra, Inc.*		(757	)		(102,952	)		—		0.0	(a)
ViewRay, Inc.*		(67,317	)		(582,292	)		—		0.0	(a)
Wright Medical Group NV*		(25,122	)		(677,792	)		—		0.0	(a)

		(162,907	)		(4,371,513	)		—		0.0	(a)

Health Care Technology
Medidata Solutions, Inc.*		(7,785	)		(547,285	)		—		0.0	(a)
Omnicell, Inc.*		(8,874	)		(627,392	)		—		0.0	(a)
Vocera Communications, Inc.*		(20,825	)		(722,836	)		—		0.0	(a)

		(37,484	)		(1,897,513	)		—		0.0	(a)

Hotels, Restaurants & Leisure
Caesars Entertainment Corp.*		(45,782	)		(393,268	)		—		0.0	(a)
Eldorado Resorts, Inc.*		(12,536	)		(457,564	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



50	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Golden Entertainment, Inc.*		(25,284	)		(459,410	)		—		0.0	(a)
Wendy’s Co. (The)		(27,984	)		(482,444	)		—		0.0	(a)

		(111,586	)		(1,792,686	)		—		0.0	(a)

Household Durables
Installed Building Products, Inc.*		(15,770	)		(480,354	)		—		0.0	(a)
iRobot Corp.*		(2,419	)		(213,283	)		—		0.0	(a)
Mohawk Industries, Inc.*		(3,649	)		(455,140	)		—		0.0	(a)

		(21,838	)		(1,148,777	)		—		0.0	(a)

Household Products
Spectrum Brands Holdings, Inc.		(7,661	)		(497,582	)		—		0.0	(a)

Independent Power and Renewable Electricity Producers
Ormat Technologies, Inc.		(11,119	)		(568,959	)		—		0.0	(a)

Insurance
Alleghany Corp.		(910	)		(546,619	)		—		0.0	(a)
Arch Capital Group Ltd.*		(24,127	)		(684,483	)		—		0.0	(a)
Markel Corp.*		(60	)		(65,594	)		—		0.0	(a)
ProAssurance Corp.		(12,618	)		(554,183	)		—		0.0	(a)
Willis Towers Watson plc		(4,143	)		(593,112	)		—		0.0	(a)

		(41,858	)		(2,443,991	)		—		0.0	(a)

Interactive Media & Services
Snap, Inc.*		(44,408	)		(293,537	)		—		0.0	(a)
TrueCar, Inc.*		(49,239	)		(560,340	)		—		0.0	(a)

		(93,647	)		(853,877	)		—		0.0	(a)

Internet & Direct Marketing Retail
Groupon, Inc.*		(49,942	)		(163,310	)		—		0.0	(a)
Wayfair, Inc.*		(2,328	)		(256,755	)		—		0.0	(a)

		(52,270	)		(420,065	)		—		0.0	(a)

IT Services
Gartner, Inc.*		(3,837	)		(566,034	)		—		0.0	(a)
InterXion Holding NV*		(7,085	)		(417,094	)		—		0.0	(a)

		(10,922	)		(983,128	)		—		0.0	(a)

Leisure Products
Mattel, Inc.*		(11,448	)		(155,464	)		—		0.0	(a)

Machinery
Albany International Corp.		(7,908	)		(553,402	)		—		0.0	(a)
CIRCOR International, Inc.*		(13,450	)		(437,259	)		—		0.0	(a)
EnPro Industries, Inc.		(3,446	)		(214,341	)		—		0.0	(a)
Evoqua Water Technologies Corp.*		(32,757	)		(314,467	)		—		0.0	(a)
Gardner Denver Holdings, Inc.*		(24,594	)		(665,514	)		—		0.0	(a)
John Bean Technologies Corp.		(6,112	)		(635,465	)		—		0.0	(a)
Mueller Water Products, Inc.		(54,762	)		(561,858	)		—		0.0	(a)
REV Group, Inc.		(22,460	)		(245,039	)		—		0.0	(a)
Wabtec Corp.		(6,503	)		(533,376	)		—		0.0	(a)

		(171,992	)		(4,160,721	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	51

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Media
Altice USA, Inc.		(26,685	)		(435,232	)		—		0.0	(a)
Charter Communications, Inc.*		(1,613	)		(516,757	)		—		0.0	(a)
Liberty Broadband Corp.*		(1,523	)		(126,302	)		—		0.0	(a)
Liberty Latin America Ltd.*		(27,657	)		(498,103	)		—		0.0	(a)

		(57,478	)		(1,576,394	)		—		0.0	(a)

Metals & Mining
Coeur Mining, Inc.*		(57,322	)		(273,999	)		—		0.0	(a)
Compass Minerals International, Inc.		(1,940	)		(94,109	)		—		0.0	(a)
Constellium NV*		(53,155	)		(481,584	)		—		0.0	(a)
Hecla Mining Co.		(212,074	)		(508,978	)		—		0.0	(a)

		(324,491	)		(1,358,670	)		—		0.0	(a)

Multi-Utilities
Dominion Energy, Inc.		(13,658	)		(975,455	)		—		0.0	(a)
NiSource, Inc.		(10,817	)		(274,319	)		—		0.0	(a)
Sempra Energy		(5,560	)		(612,267	)		—		0.0	(a)

		(30,035	)		(1,862,041	)		—		0.0	(a)

Oil, Gas & Consumable Fuels
Centennial Resource Development, Inc.*		(26,376	)		(505,364	)		—		0.0	(a)
Cheniere Energy, Inc.*		(9,933	)		(600,052	)		—		0.0	(a)
Concho Resources, Inc.*		(3,665	)		(509,765	)		—		0.0	(a)
Extraction Oil & Gas, Inc.*		(14,890	)		(118,971	)		—		0.0	(a)
Golar LNG Ltd.		(23,869	)		(639,212	)		—		0.0	(a)
Green Plains, Inc.		(37,757	)		(643,379	)		—		0.0	(a)
Halcon Resources Corp.*		(127,187	)		(422,261	)		—		0.0	(a)
Parsley Energy, Inc.*		(3,718	)		(87,076	)		—		0.0	(a)
Ring Energy, Inc.*		(68,899	)		(491,250	)		—		0.0	(a)
SemGroup Corp.		(25,774	)		(476,561	)		—		0.0	(a)
Targa Resources Corp.		(10,106	)		(522,177	)		—		0.0	(a)
WPX Energy, Inc.*		(14,229	)		(228,233	)		—		0.0	(a)

		(366,403	)		(5,244,301	)		—		0.0	(a)

Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(2,391	)		(127,153	)		—		0.0	(a)
Catalent, Inc.*		(14,596	)		(588,803	)		—		0.0	(a)
Collegium Pharmaceutical, Inc.*		(35,678	)		(572,632	)		—		0.0	(a)
Intra-Cellular Therapies, Inc.*		(14,675	)		(249,181	)		—		0.0	(a)
Medicines Co. (The)*		(12,771	)		(297,053	)		—		0.0	(a)
MyoKardia, Inc.*		(11,234	)		(594,728	)		—		0.0	(a)
Nektar Therapeutics*		(1,349	)		(52,179	)		—		0.0	(a)
Pacira Pharmaceuticals, Inc.*		(14,713	)		(719,319	)		—		0.0	(a)
Revance Therapeutics, Inc.*		(22,534	)		(490,565	)		—		0.0	(a)
WaVe Life Sciences Ltd.*		(11,446	)		(534,414	)		—		0.0	(a)
Zogenix, Inc.*		(14,318	)		(597,920	)		—		0.0	(a)

		(155,705	)		(4,823,947	)		—		0.0	(a)

Real Estate Management & Development
Redfin Corp.*		(27,266	)		(421,260	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



52	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY		SHARES				NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Road & Rail
AMERCO			(714	)			(233,107	)		—		0.0	(a)
Heartland Express, Inc.			(34,035	)			(662,661	)		—		0.0	(a)
Hertz Global Holdings, Inc.*			(9,996	)			(137,451	)		—		0.0	(a)

			(44,745	)			(1,033,219	)		—		0.0	(a)

Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.*			(21,525	)			(391,970	)		—		0.0	(a)
Cree, Inc.*			(16,498	)			(640,452	)		—		0.0	(a)
MACOM Technology Solutions Holdings, Inc.*			(34,818	)			(489,889	)		—		0.0	(a)
MaxLinear, Inc.*			(32,811	)			(636,862	)		—		0.0	(a)
Power Integrations, Inc.			(8,175	)			(460,416	)		—		0.0	(a)
Universal Display Corp.			(5,040	)			(619,971	)		—		0.0	(a)

			(118,867	)			(3,239,560	)		—		0.0	(a)

Software
2U, Inc.*			(8,375	)			(526,871	)		—		0.0	(a)
Alarm.com Holdings, Inc.*			(12,452	)			(553,865	)		—		0.0	(a)
Appian Corp.*			(21,716	)			(558,318	)		—		0.0	(a)
Autodesk, Inc.*			(4,642	)			(599,979	)		—		0.0	(a)
Box, Inc.*			(9,515	)			(171,270	)		—		0.0	(a)
FireEye, Inc.*			(23,461	)			(433,794	)		—		0.0	(a)
ForeScout Technologies, Inc.*			(14,744	)			(406,050	)		—		0.0	(a)
Instructure, Inc.*			(19,061	)			(711,738	)		—		0.0	(a)
Nutanix, Inc.*			(3,220	)			(133,662	)		—		0.0	(a)
Q2 Holdings, Inc.*			(3,453	)			(183,803	)		—		0.0	(a)
Trade Desk, Inc. (The)*			(4,548	)			(561,905	)		—		0.0	(a)
Yext, Inc.*			(29,243	)			(562,051	)		—		0.0	(a)

			(154,430	)			(5,403,306	)		—		0.0	(a)

Specialty Retail
CarMax, Inc.*			(4,622	)			(313,880	)		—		0.0	(a)
Floor & Decor Holdings, Inc.*			(20,777	)			(531,476	)		—		0.0	(a)
L Brands, Inc.			(20,338	)			(659,358	)		—		0.0	(a)
Murphy USA, Inc.*			(7,311	)			(589,486	)		—		0.0	(a)
National Vision Holdings, Inc.*			(13,816	)			(572,397	)		—		0.0	(a)
Ulta Beauty, Inc.*			(2,053	)			(563,589	)		—		0.0	(a)

			(68,917	)			(3,230,186	)		—		0.0	(a)

Technology Hardware, Storage & Peripherals
3D Systems Corp.*			(32,996	)			(398,592	)		—		0.0	(a)
Cray, Inc.*			(4,061	)			(92,144	)		—		0.0	(a)
Electronics For Imaging, Inc.*			(16,071	)			(489,362	)		—		0.0	(a)
	��
			(53,128	)			(980,098	)		—		0.0	(a)

Thrifts & Mortgage Finance
Kearny Financial Corp.			(46,913	)			(607,054	)		—		0.0	(a)
LendingTree, Inc.*			(2,912	)			(587,321	)		—		0.0	(a)

			(49,825	)			(1,194,375	)		—		0.0	(a)

Trading Companies & Distributors					��
Herc Holdings, Inc.*			(2,521	)			(80,828	)		—		0.0	(a)
MRC Global, Inc.*			(29,712	)			(470,341	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	53

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Trading Companies & Distributors — continued
NOW, Inc.*		(36,396	)		(467,325	)		—		0.0	(a)
SiteOne Landscape Supply, Inc.*		(524	)		(35,653	)		—		0.0	(a)

		(69,153	)		(1,054,147	)		—		0.0	(a)

Transportation Infrastructure
Macquarie Infrastructure Corp.		(8,409	)		(310,713	)		—		0.0	(a)

Water Utilities
American Water Works Co., Inc.		(1,830	)		(161,921	)		—		0.0	(a)
Aqua America, Inc.		(4,465	)		(145,247	)		—		0.0	(a)
California Water Service Group		(7,878	)		(330,876	)		—		0.0	(a)

		(14,173	)		(638,044	)		—		0.0	(a)

Total Short Positions of Total Return Basket Swaps		(3,921,203	)		(84,780,903	)		—		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		(3,509,997	)		(63,379,342	)		—		0.0	(a)


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.		3/12/2021	$	5,761,809	$	—	$	—	$	—


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Auto Components
Magna International, Inc.		8,111		399,312		—		0.0	(a)

Banks
Canadian Imperial Bank of Commerce		7,967		687,978		—		0.0	(a)

Chemicals
Methanex Corp.		7,734		500,834		—		0.0	(a)

Construction & Engineering
Aecon Group, Inc.		52,321		752,354		—		0.0	(a)

Food & Staples Retailing
Loblaw Cos. Ltd.		13,098		655,074		—		0.0	(a)

IT Services
CGI Group, Inc.*		8,983		554,763		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



54	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Leisure Products
BRP, Inc.		8,606			346,214			—		0.0	(a)

Metals & Mining
Hudbay Minerals, Inc.		145,598			571,797			—		0.0	(a)

Oil, Gas & Consumable Fuels
Cameco Corp.		59,633			638,706			—		0.0	(a)
Enerplus Corp.		56,753			528,105			—		0.0	(a)
Imperial Oil Ltd.		18,195			568,330			—		0.0	(a)
Parex Resources, Inc.*		38,585			561,871			—		0.0	(a)
Suncor Energy, Inc.		16,515			553,992			—		0.0	(a)

		189,681			2,851,004			—		0.0	(a)

Paper & Forest Products
Canfor Corp.*		27,223			391,042			—		0.0	(a)
Norbord, Inc.		17,502			446,308			—		0.0	(a)
West Fraser Timber Co. Ltd.		9,436			474,076			—		0.0	(a)

		54,161			1,311,426			—		0.0	(a)

Real Estate Management & Development
First Capital Realty, Inc.		16,259			242,567			—		0.0	(a)

Textiles, Apparel & Luxury Goods
Gildan Activewear, Inc.		15,556			464,984			—		0.0	(a)

Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		7,356			241,447			—		0.0	(a)

Total Long Positions of Total Return Basket Swaps		535,431			9,579,754			—		0.0	(a)


Short Positions

Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(151,744	)		(367,704	)		—		0.0	(a)

Capital Markets
Brookfield Asset Management, Inc.		(16,122	)		(657,886	)		—		0.0	(a)

Food Products
Saputo, Inc.		(19,509	)		(594,406	)		—		0.0	(a)

Metals & Mining
First Quantum Minerals Ltd.		(28,685	)		(286,316	)		—		0.0	(a)
Franco-Nevada Corp.		(2,247	)		(140,338	)		—		0.0	(a)

		(30,932	)		(426,654	)		—		0.0	(a)

Multi-Utilities
Algonquin Power & Utilities Corp.		(67,246	)		(671,209	)		—		0.0	(a)
Canadian Utilities Ltd.		(25,340	)		(601,138	)		—		0.0	(a)

		(92,586	)		(1,272,347	)		—		0.0	(a)

Oil, Gas & Consumable Fuels
PrairieSky Royalty Ltd.		(32,842	)		(498,948	)		—		0.0	(a)

Total Short Positions of Total Return Basket Swaps		(343,735	)		(3,817,945	)		—		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		191,696			5,761,809			—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	55

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in CHF based on the local currencies of the positions within the swaps.		3/12/2021	$	(1,024,813	)	$	(70	)	$	—	$	(70	)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Machinery
Georg Fischer AG (Registered)		442			411,213			(220	)		0.0	(a)

Pharmaceuticals
Roche Holding AG		2,181			530,981			(4	)		0.0	(a)

Real Estate Management & Development
Swiss Prime Site AG (Registered)*		602			48,848			(46	)		0.0	(a)

Textiles, Apparel & Luxury Goods
Swatch Group AG (The)		1,078			364,120			(654	)		0.0	(a)

Total Long Positions of Total Return Basket Swaps		4,303			1,355,162			(924	)		0.0	(a)


Short Positions

Common Stocks
Building Products
dormakaba Holding AG*		(804	)		(580,039	)		320			0.0	(a)

Construction Materials
LafargeHolcim Ltd. (Registered)*		(13,629	)		(631,165	)		113			0.0	(a)

Household Durables
Forbo Holding AG (Registered)		(259	)		(380,158	)		184			0.0	(a)

Marine
Kuehne + Nagel International AG (Registered)		(4,267	)		(593,047	)		515			0.0	(a)

Semiconductors & Semiconductor Equipment
ams AG*		(5,020	)		(195,566	)		(278	)		0.0	(a)

Total Short Positions of Total Return Basket Swaps		(23,979	)		(2,379,975	)		854			0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		(19,676	)		(1,024,813	)		(70	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



56	J.P. MORGAN FUNDS	OCTOBER 31, 2018


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.		3/12/2021	$	12,295,182	$	(48,689	)	$	—	$	(48,689	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Auto Components
Keihin Corp.		30,300		596,605		(1,956	)		0.0	(a)
TS Tech Co. Ltd.		8,200		235,997		(189	)		0.0	(a)

		38,500		832,602		(2,145	)		0.0	(a)

Banks
Aozora Bank Ltd.		17,500		603,862		(228	)		0.0	(a)
Resona Holdings, Inc.		122,900		646,458		(1,616	)		0.0	(a)

		140,400		1,250,320		(1,844	)		0.0	(a)

Beverages
Kirin Holdings Co. Ltd.		28,300		675,310		(1,497	)		0.0	(a)

Chemicals
Daicel Corp.		53,500		565,977		(624	)		0.0	(a)
Denka Co. Ltd.		19,400		630,941		(1,770	)		0.0	(a)
KH Neochem Co. Ltd.*		16,900		479,974		690			0.0	(a)
Mitsubishi Gas Chemical Co., Inc.		9,200		154,433		(565	)		0.0	(a)
Sumitomo Bakelite Co. Ltd.		13,800		498,280		(1,325	)		0.0	(a)
Sumitomo Chemical Co. Ltd.		117,000		586,099		(794	)		0.0	(a)
Teijin Ltd.		32,900		570,377		(1,112	)		0.0	(a)
Tokuyama Corp.		23,100		516,556		(2,214	)		0.0	(a)
Zeon Corp.		68,000		656,733		(1,964	)		0.0	(a)

		353,800		4,659,370		(9,678	)		0.0	(a)

Construction & Engineering
Hazama Ando Corp.		87,000		600,767		900			0.0	(a)
Kyowa Exeo Corp.		25,200		679,282		343			0.0	(a)
Maeda Corp.		47,200		533,344		(419	)		0.0	(a)
Sumitomo Mitsui Construction Co. Ltd.*		88,100		552,686		(891	)		0.0	(a)
Taisei Corp.		12,600		538,883		(1,029	)		0.0	(a)

		260,100		2,904,962		(1,096	)		0.0	(a)

Construction Materials
Taiheiyo Cement Corp.		20,800		612,075		(2,699	)		0.0	(a)

Containers & Packaging
Rengo Co. Ltd.*		75,200		655,514		383			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	57

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Diversified Financial Services
Mitsubishi UFJ Lease & Finance Co. Ltd.		115,100		591,523		(1,139	)		0.0	(a)
ORIX Corp.		41,600		677,706		(1,034	)		0.0	(a)

		156,700		1,269,229		(2,173	)		0.0	(a)

Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		14,800		610,332		(12,702	)		0.0	(a)

Electric Utilities
Chubu Electric Power Co., Inc.		46,500		670,562		(553	)		0.0	(a)
Kansai Electric Power Co., Inc. (The)		18,400		281,621		(571	)		0.0	(a)

		64,900		952,183		(1,124	)		0.0	(a)

Electrical Equipment
Fuji Electric Co. Ltd.		19,000		579,984		(2,637	)		0.0	(a)

Electronic Equipment, Instruments & Components
Japan Aviation Electronics Industry Ltd.*		37,700		499,222		(2,287	)		0.0	(a)
Maruwa Co. Ltd.		10,400		587,755		633			0.0	(a)

		48,100		1,086,977		(1,654	)		0.0	(a)

Entertainment
Capcom Co. Ltd.		25,000		521,124		1,781			0.0	(a)
GungHo Online Entertainment, Inc.*		269,400		487,039		2,365			0.0	(a)

		294,400		1,008,163		4,146			0.0	(a)

Food & Staples Retailing
Matsumotokiyoshi Holdings Co. Ltd.		1,500		54,231		125			0.0	(a)
Seven & i Holdings Co. Ltd.		13,800		597,540		(886	)		0.0	(a)

		15,300		651,771		(761	)		0.0	(a)

Food Products
Fuji Oil Holdings, Inc.		23,200		669,148		(113	)		0.0	(a)

Health Care Providers & Services
Alfresa Holdings Corp.		23,000		613,448		(1,122	)		0.0	(a)
Suzuken Co. Ltd.		12,900		652,939		(1,007	)		0.0	(a)

		35,900		1,266,387		(2,129	)		0.0	(a)

Hotels, Restaurants & Leisure
Round One Corp.		50,700		601,344		1,041			0.0	(a)

Household Durables
Nikon Corp.		27,500		479,398		3			0.0	(a)
Sony Corp.		8,700		470,815		(2,601	)		0.0	(a)

		36,200		950,213		(2,598	)		0.0	(a)

IT Services
NET One Systems Co. Ltd.		25,900		542,250		79			0.0	(a)
Nihon Unisys Ltd.		23,500		514,985		(63	)		0.0	(a)
TIS, Inc.		13,300		594,073		(2,356	)		0.0	(a)

		62,700		1,651,308		(2,340	)		0.0	(a)

Leisure Products
Sankyo Co. Ltd.		16,200		618,528		448			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



58	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Machinery
DMG Mori Co. Ltd.		38,800		559,813		(2,406	)		0.0	(a)
Fuji Corp/Aichi		38,900		542,185		(2,522	)		0.0	(a)
Hitachi Construction Machinery Co. Ltd.		21,500		570,834		(2,702	)		0.0	(a)
Japan Steel Works Ltd. (The)		27,700		585,366		(2,585	)		0.0	(a)
OKUMA Corp.		12,300		614,146		(1,753	)		0.0	(a)
Takeuchi Manufacturing Co. Ltd.*		23,700		490,167		(700	)		0.0	(a)
Tsugami Corp.		74,000		663,324		(2,338	)		0.0	(a)

		236,900		4,025,835		(15,006	)		0.0	(a)

Media
Fuji Media Holdings, Inc.*		34,200		555,065		(210	)		0.0	(a)

Metals & Mining
Nisshin Steel Co. Ltd.		56,500		737,472		(1,607	)		0.0	(a)

Oil, Gas & Consumable Fuels
JXTG Holdings, Inc.		93,500		631,778		(5,615	)		0.0	(a)

Pharmaceuticals
Astellas Pharma, Inc.		36,200		559,298		(1,179	)		0.0	(a)
Kaken Pharmaceutical Co. Ltd.		1,500		75,211		(31	)		0.0	(a)
Sumitomo Dainippon Pharma Co. Ltd.		26,100		545,326		(1,031	)		0.0	(a)
Taisho Pharmaceutical Holdings Co. Ltd.		5,800		618,434		(452	)		0.0	(a)

		69,600		1,798,269		(2,693	)		0.0	(a)

Road & Rail
Sankyu, Inc.		12,600		593,896		(2,408	)		0.0	(a)
Seino Holdings Co. Ltd.		37,900		524,853		(477	)		0.0	(a)

		50,500		1,118,749		(2,885	)		0.0	(a)

Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		26,700		488,653		(1,405	)		0.0	(a)
Canon, Inc.		16,500		469,976		(1,181	)		0.0	(a)

		43,200		958,629		(2,586	)		0.0	(a)

Trading Companies & Distributors
ITOCHU Corp.		31,200		578,634		(654	)		0.0	(a)
Kanamoto Co. Ltd.		17,200		574,750		70			0.0	(a)
Marubeni Corp.		66,800		541,661		(803	)		0.0	(a)
Mitsubishi Corp.		19,400		546,019		(726	)		0.0	(a)
Mitsui & Co. Ltd.		33,600		561,409		(55	)		0.0	(a)
Sojitz Corp.		192,400		647,034		(921	)		0.0	(a)
Sumitomo Corp.		8,200		124,367		(157	)		0.0	(a)

		368,800		3,573,874		(3,246	)		0.0	(a)

Wireless Telecommunication Services
KDDI Corp.		26,000		629,196		(19,335	)		0.0	(a)
NTT DOCOMO, Inc.		3,800		94,236		(1,560	)		0.0	(a)

		29,800		723,432		(20,895	)		0.0	(a)

Total Long Positions of Total Return Basket Swaps		2,738,200		37,628,823		(95,915	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	59

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)

Short Positions

Common Stocks
Air Freight & Logistics
Yamato Holdings Co. Ltd.		(9,100	)		(248,779	)		425			0.0	(a)

Auto Components
Toyo Tire & Rubber Co. Ltd.		(29,500	)		(492,105	)		2,023			0.0	(a)

Banks
Japan Post Bank Co. Ltd.		(52,500	)		(612,084	)		691			0.0	(a)
Seven Bank Ltd.		(208,900	)		(652,866	)		670			0.0	(a)

		(261,400	)		(1,264,950	)		1,361			0.0	(a)

Building Products
TOTO Ltd.		(13,900	)		(497,290	)		1,624			0.0	(a)

Chemicals
Air Water, Inc.		(36,000	)		(583,165	)		1,015			0.0	(a)
Hitachi Chemical Co. Ltd.		(33,700	)		(531,181	)		744			0.0	(a)
JSR Corp.		(31,900	)		(475,411	)		1,244			0.0	(a)

		(101,600	)		(1,589,757	)		3,003			0.0	(a)

Commercial Services & Supplies
Park24 Co. Ltd.		(18,900	)		(497,224	)		422			0.0	(a)
Sohgo Security Services Co. Ltd.		(14,000	)		(623,576	)		521			0.0	(a)

		(32,900	)		(1,120,800	)		943			0.0	(a)

Construction & Engineering
Chiyoda Corp.		(84,100	)		(418,478	)		401			0.0	(a)

Construction Materials
Sumitomo Osaka Cement Co. Ltd.		(13,900	)		(516,426	)		967			0.0	(a)

Consumer Finance
Acom Co. Ltd.		(63,200	)		(232,633	)		933			0.0	(a)
Aiful Corp.*		(134,900	)		(355,783	)		491			0.0	(a)

		(198,100	)		(588,416	)		1,424			0.0	(a)

Containers & Packaging
FP Corp.		(10,800	)		(553,474	)		716			0.0	(a)

Electrical Equipment
Fujikura Ltd.		(108,800	)		(469,344	)		242			0.0	(a)
GS Yuasa Corp.		(25,600	)		(525,496	)		865			0.0	(a)
Mabuchi Motor Co. Ltd.		(13,300	)		(473,098	)		744			0.0	(a)

		(147,700	)		(1,467,938	)		1,851			0.0	(a)

Food & Staples Retailing
Cosmos Pharmaceutical Corp.		(3,000	)		(613,192	)		182			0.0	(a)

Food Products
Calbee, Inc.		(20,000	)		(663,545	)		1,143			0.0	(a)
Kewpie Corp.		(6,800	)		(156,309	)		561			0.0	(a)

		(26,800	)		(819,854	)		1,704			0.0	(a)

Health Care Providers & Services
Japan Lifeline Co. Ltd.*		(31,900	)		(465,071	)		(1,704	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



60	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)

Short Positions — continued

Common Stocks — continued
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(5,600	)		(170,556	)		(574	)		0.0	(a)
Kyoritsu Maintenance Co. Ltd.		(3,700	)		(164,379	)		(95	)		0.0	(a)
Toridoll Holdings Corp.*		(20,900	)		(353,999	)		(31	)		0.0	(a)

		(30,200	)		(688,934	)		(700	)		0.0	(a)

Household Durables
Fujitsu General Ltd.		(29,600	)		(443,406	)		(1,380	)		0.0	(a)

Industrial Conglomerates
Toshiba Corp.*		(21,400	)		(641,413	)		(370	)		0.0	(a)

Interactive Media & Services
LINE Corp.*		(12,100	)		(385,771	)		(1,866	)		0.0	(a)

IT Services
Itochu Techno-Solutions Corp.		(30,100	)		(570,818	)		51			0.0	(a)

Machinery
Daifuku Co. Ltd.		(12,000	)		(515,355	)		1,506			0.0	(a)
Kawasaki Heavy Industries Ltd.		(22,700	)		(537,954	)		1,004			0.0	(a)
Kurita Water Industries Ltd.		(21,900	)		(539,400	)		749			0.0	(a)
MISUMI Group, Inc.		(25,300	)		(507,032	)		1,053			0.0	(a)
Mitsui E&S Holdings Co. Ltd.*		(37,900	)		(636,422	)		1,767			0.0	(a)
Miura Co. Ltd.		(19,400	)		(473,785	)		1,608			0.0	(a)
Nabtesco Corp.		(23,800	)		(522,431	)		2,357			0.0	(a)
NGK Insulators Ltd.		(37,600	)		(529,185	)		(349	)		0.0	(a)

		(200,600	)		(4,261,564	)		9,695			0.0	(a)

Marine
Kawasaki Kisen Kaisha Ltd.*		(30,600	)		(407,760	)		1,469			0.0	(a)
Nippon Yusen KK		(34,400	)		(554,732	)		1,656			0.0	(a)

		(65,000	)		(962,492	)		3,125			0.0	(a)

Metals & Mining
Daido Steel Co. Ltd.		(12,300	)		(506,398	)		493			0.0	(a)
Hitachi Metals Ltd.		(49,200	)		(578,539	)		2,259			0.0	(a)
Mitsubishi Materials Corp.		(19,500	)		(539,856	)		1,067			0.0	(a)
UACJ Corp.		(9,100	)		(198,364	)		1,080			0.0	(a)

		(90,100	)		(1,823,157	)		4,899			0.0	(a)

Multiline Retail
Takashimaya Co. Ltd.		(29,000	)		(456,393	)		1,089			0.0	(a)

Paper & Forest Products
Nippon Paper Industries Co. Ltd.		(32,000	)		(579,771	)		1,325			0.0	(a)

Pharmaceuticals
Nippon Shinyaku Co. Ltd.		(9,200	)		(528,553	)		2,240			0.0	(a)
Ono Pharmaceutical Co. Ltd.		(21,300	)		(483,374	)		2,145			0.0	(a)

		(30,500	)		(1,011,927	)		4,385			0.0	(a)

Professional Services
Persol Holdings Co. Ltd.		(26,600	)		(504,645	)		1,730			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	61

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)

Short Positions — continued

Common Stocks — continued
Road & Rail
Keikyu Corp.		(41,100	)		(608,276	)		383			0.0	(a)
Odakyu Electric Railway Co. Ltd.		(6,500	)		(137,415	)		34			0.0	(a)

		(47,600	)		(745,691	)		417			0.0	(a)

Semiconductors & Semiconductor Equipment
Renesas Electronics Corp.*		(30,600	)		(161,200	)		973			0.0	(a)
Rohm Co. Ltd.		(6,200	)		(435,887	)		396			0.0	(a)

		(36,800	)		(597,087	)		1,369			0.0	(a)

Technology Hardware, Storage & Peripherals
Seiko Epson Corp.		(29,900	)		(481,726	)		1,613			0.0	(a)

Wireless Telecommunication Services
SoftBank Group Corp.		(6,600	)		(522,316	)		6,924			0.0	(a)

Total Short Positions of Total Return Basket Swaps		(1,682,800	)		(25,333,641	)		47,226			0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		1,055,400			12,295,182			(48,689	)		0.0	(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in AUD based on the local currencies of the positions within the swaps.		3/12/2021	$	(3,069,855	)	$	(10,135	)	$	—	$	(10,135	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Food & Staples Retailing
Metcash Ltd.		55,480		108,433		391		0.0	(a)

Metals & Mining
BlueScope Steel Ltd.		1,648		16,893		123		0.0	(a)
Evolution Mining Ltd.		328,188		694,640		2,069		0.0	(a)
OZ Minerals Ltd.		64,971		416,786		1,322		0.0	(a)
Regis Resources Ltd.		40,365		121,084		458		0.0	(a)

		435,172		1,249,403		3,972		0.0	(a)

Total Long Positions of Total Return Basket Swaps		490,652		1,357,836		4,363		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



62	J.P. MORGAN FUNDS	OCTOBER 31, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)

Short Positions

Common Stocks
Chemicals
Orica Ltd.		(49,428	)		(602,223	)		(1,582	)		0.0	(a)

Construction Materials
Boral Ltd.		(132,483	)		(527,782	)		(1,464	)		0.0	(a)

Diversified Financial Services
Challenger Ltd.		(73,602	)		(536,033	)		(1,269	)		0.0	(a)

Food Products
Costa Group Holdings Ltd.		(118,964	)		(515,452	)		(1,561	)		0.0	(a)

Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(13,371	)		(512,467	)		(1,064	)		0.0	(a)

IT Services
NEXTDC Ltd.*		(123,479	)		(516,176	)		(2,893	)		0.0	(a)

Metals & Mining
Mineral Resources Ltd.		(57,815	)		(586,643	)		(3,224	)		0.0	(a)

Transportation Infrastructure
Qube Holdings Ltd.		(362,816	)		(630,915	)		(1,441	)		0.0	(a)

Total Short Positions of Total Return Basket Swaps		(931,958	)		(4,427,691	)		(14,498	)		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		(441,306	)		(3,069,855	)		(10,135	)		0.0	(a)


The following reference rates, and their values as of period-end, are used for security descriptions:	VALUE
BA		2.08	%
BBR		1.85
BBSW		1.85
CDOR		2.08
CHF LIBOR		(0.78	)
EURIBOR		(0.37	)
EUR LIBOR		(0.40	)
GBP LIBOR		0.73
JPY LIBOR		(0.10	)
USD LIBOR		2.31


Summary of total swap contracts outstanding as of October 31, 2018:
	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Assets
OTC Total return swap contracts outstanding		—		2,379
Total return basket swaps contracts outstanding		—		95,650

Total OTC swap contracts outstanding		—		98,029

Liabilities

Total return basket swaps contracts outstanding		—		(138,610	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	63

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)


Abbreviations
AUD		Australian Dollar
BA		Banker’s Acceptance Rate
BBR		Bank Bill Rate
BBSW		ASX Australia Bank Bill Swap Rate
CAD		Canadian Dollar
CDOR		Canada Dollar Offered Rate
CHF		Swiss Franc
CVR		Contingent Value Rights
EUR		Euro
EURIBOR		Euro Interbank Offered Rate
GBP		British Pound
JPY		Japanese Yen
LIBOR		London Interbank Offered Rate
OYJ		Public Limited Company
REIT		Real Estate Investment Trust
SCA		Limited partnership with share capital
USD		United States Dollar




(1)		Notional value represents market value, as of October 31, 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.
(a)		Amount rounds to less than 0.1% of net assets.
(b)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



64	J.P. MORGAN FUNDS	OCTOBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK



OCTOBER 31, 2018	J.P. MORGAN FUNDS	65

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018


	JPMorgan Systematic Alpha Fund
ASSETS:
Investments in non-affiliates, at value	$	221,364,577
Investments in affiliates, at value		231,232,143
Restricted cash for OTC derivatives		598
Cash		10,376,369
Foreign currency, at value		7,308,331
Deposits at broker for futures contracts		16,861,000
Receivables:
Investment securities sold		145,978
Fund shares sold		55,551
Interest and dividends from non-affiliates		155,353
Dividends from affiliates		391,543
Tax reclaims		44,145
Unrealized appreciation on forward foreign currency exchange contracts		2,591,964
Outstanding OTC swap contracts, at value		98,029
Due from counterparty for swap contracts		2,931,971

Total Assets		493,557,552


LIABILITIES:
Payables:
Due to broker, at value		3,030,000
Investment securities purchased		4,195,025
Fund shares redeemed		85,707
Variation margin on futures contracts		1,000,099
Unrealized depreciation on forward foreign currency exchange contracts		1,233,254
Outstanding OTC swap contracts, at value		138,610
Accrued liabilities:
Investment advisory fees		162,326
Administration fees		4,926
Distribution fees		2,107
Service fees		39,837
Custodian and accounting fees		46,213
Trustees’ and Chief Compliance Officer’s fees		24,886
Other		235,873

Total Liabilities		10,198,863

Net Assets	$	483,358,689

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



66	J.P. MORGAN FUNDS	OCTOBER 31, 2018


	JPMorgan Systematic Alpha Fund
NET ASSETS:
Paid-in-Capital	$	481,733,951
Total distributable earnings (loss) (a)		1,624,738

Total Net Assets	$	483,358,689


Net Assets:
Class A	$	8,210,471
Class C		119,850
Class I		185,478,154
Class R6		289,550,214

Total	$	483,358,689


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		587,919
Class C		8,798
Class I		12,872,279
Class R6		20,200,975

Net Asset Value (b):
Class A — Redemption price per share	$	13.97
Class C — Offering price per share (c)		13.62
Class I — Offering and redemption price per share		14.41
Class R6 — Offering and redemption price per share		14.33
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	14.63


Cost of investments in non-affiliates	$	218,264,401
Cost of investments in affiliates		231,232,143
Cost of foreign currency		7,323,877

(a)	Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	67

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2018


	JPMorgan Systematic Alpha Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	3,654,765
Dividend income from affiliates		3,276,232
Interest income from non-affiliates		569,371
Interest income from affiliates		12,048
Foreign taxes withheld		(56,267	)

Total investment income		7,456,149


EXPENSES:
Investment advisory fees		4,050,330
Administration fees		449,743
Distribution fees:
Class A		58,757
Class C		928
Service fees:
Class A		58,757
Class C		310
Class I		426,555
Custodian and accounting fees		140,447
Interest expense to affiliates		6,246
Professional fees		194,114
Trustees’ and Chief Compliance Officer’s fees		78,288
Printing and mailing costs		59,442
Registration and filing fees		82,176
Transfer agency fees (See Note 2.H.)		4,890
Other		37,180

Total expenses		5,648,163

Less fees waived		(1,905,248	)
Less earnings credits		(526	)
Less expense reimbursements		(1,753	)

Net expenses		3,740,636

Net investment income (loss)		3,715,513


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		11,500,491
Futures contracts		(18,228,722	)
Foreign currency transactions		99,279
Forward foreign currency exchange contracts		(1,441,542	)
Swaps		(17,672,185	)

Net realized gain (loss)		(25,742,679	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(12,614,926	)
Futures contracts		1,800,629
Foreign currency translations		(247,551	)
Forward foreign currency exchange contracts		1,524,703
Swaps		(5,443	)

Change in net unrealized appreciation/depreciation		(9,542,588	)

Net realized/unrealized gains (losses)		(35,285,267	)

Change in net assets resulting from operations	$	(31,569,754	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



68	J.P. MORGAN FUNDS	OCTOBER 31, 2018

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan Systematic Alpha Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,715,513		$	2,447,148
Net realized gain (loss)		(25,742,679	)		(7,333,155	)
Change in net unrealized appreciation/depreciation		(9,542,588	)		9,283,819

Change in net assets resulting from operations		(31,569,754	)		4,397,812


DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		—			(83,124	)
Class C		—			(1,193	)
Class I		—			(116,389	)
Class R6		—			(1,080,846	)

Total distributions to shareholders		—			(1,281,552	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		41,829,502			134,120,198


NET ASSETS:
Change in net assets		10,259,748			137,236,458
Beginning of period		473,098,941			335,862,483

End of period	$	483,358,689		$	473,098,941

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:


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	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	69

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Systematic Alpha Fund
	Year Ended October 31, 2018			Year Ended October 31, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	5,228,907		$	32,952,328
Distributions reinvested		—			83,124
Cost of shares redeemed		(32,913,646	)		(38,464,433	)

Change in net assets resulting from Class A capital transactions	$	(27,684,739	)	$	(5,428,981	)

Class C
Proceeds from shares issued	$	42,758		$	311,362
Distributions reinvested		—			1,193
Cost of shares redeemed		(249,635	)		(748,831	)

Change in net assets resulting from Class C capital transactions	$	(206,877	)	$	(436,276	)

Class I
Proceeds from shares issued	$	102,124,397		$	154,782,803
Distributions reinvested		—			76,067
Cost of shares redeemed		(54,868,739	)		(38,672,056	)

Change in net assets resulting from Class I capital transactions	$	47,255,658		$	116,186,814

Class R6
Proceeds from shares issued	$	32,250,091		$	32,746,928
Distributions reinvested		—			1,080,846
Cost of shares redeemed		(9,784,631	)		(10,029,133	)

Change in net assets resulting from Class R6 capital transactions	$	22,465,460		$	23,798,641

Total change in net assets resulting from capital transactions	$	41,829,502		$	134,120,198


SHARE TRANSACTIONS:
Class A
Issued		360,156			2,184,437
Reinvested		—			5,508
Redeemed		(2,299,086	)		(2,563,239	)

Change in Class A Shares		(1,938,930	)		(373,294	)

Class C
Issued		3,018			21,044
Reinvested		—			80
Redeemed		(17,131	)		(50,473	)

Change in Class C Shares		(14,113	)		(29,349	)

Class I
Issued		6,917,333			10,024,006
Reinvested		—			4,900
Redeemed		(3,735,404	)		(2,501,526	)

Change in Class I Shares		3,181,929			7,527,380

Class R6
Issued		2,196,620			2,134,447
Reinvested		—			70,226
Redeemed		(667,183	)		(655,828	)

Change in Class R6 Shares		1,529,437			1,548,845

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



70	J.P. MORGAN FUNDS	OCTOBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK



OCTOBER 31, 2018	J.P. MORGAN FUNDS	71

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Systematic Alpha Fund
Class A
Year Ended October 31, 2018	$	14.98	$	0.05		$	(1.06	)	$	(1.01	)	$	—		$	—		$	—
Year Ended October 31, 2017		14.85		0.04			0.12			0.16			—			(0.03	)		(0.03	)
Year Ended October 31, 2016		15.27		0.03			(0.14	)		(0.11	)		(0.31	)(d)		—			(0.31	)
Year Ended October 31, 2015		15.16		(0.01	)		0.29			0.28			(0.15	)		(0.02	)		(0.17	)
Year Ended October 31, 2014		15.60		(0.11	)(e)		0.79			0.68			(1.12	)		—			(1.12	)

Class C
Year Ended October 31, 2018		14.68		(0.02	)		(1.04	)		(1.06	)		—			—			—
Year Ended October 31, 2017		14.63		(0.04	)		0.12			0.08			—			(0.03	)		(0.03	)
Year Ended October 31, 2016		15.14		(0.04	)		(0.14	)		(0.18	)		(0.33	)(d)		—			(0.33	)
Year Ended October 31, 2015		15.10		(0.07	)		0.27			0.20			(0.14	)		(0.02	)		(0.16	)
Year Ended October 31, 2014		15.55		(0.12	)(e)		0.72			0.60			(1.05	)		—			(1.05	)

Class I
Year Ended October 31, 2018		15.41		0.10			(1.10	)		(1.00	)		—			—			—
Year Ended October 31, 2017		15.26		0.08			0.11			0.19			(0.01	)		(0.03	)		(0.04	)
Year Ended October 31, 2016		15.33		0.06			(0.13	)		(0.07	)		—	(d)		—			—
Year Ended October 31, 2015		15.19		0.04			0.28			0.32			(0.16	)		(0.02	)		(0.18	)
Year Ended October 31, 2014		15.63		(0.05	)(e)		0.76			0.71			(1.15	)		—			(1.15	)

Class R6
Year Ended October 31, 2018		15.29		0.13			(1.09	)		(0.96	)		—			—			—
Year Ended October 31, 2017		15.13		0.12			0.11			0.23			(0.04	)		(0.03	)		(0.07	)
Year Ended October 31, 2016		15.56		0.11			(0.15	)		(0.04	)		(0.39	)(d)		—			(0.39	)
Year Ended October 31, 2015		15.21		0.09			0.28			0.37			—			(0.02	)		(0.02	)
Year Ended October 31, 2014		15.64		0.01	(e)		0.73			0.74			(1.17	)		—			(1.17	)

(a)	Calculated based upon average shares outstanding.

(b)

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

(d)	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.

(e)	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.

(f)	Expenses without waivers, reimbursements and earnings credits may appear disproportionate among classes due to changes in the relative size of the classes.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



72	J.P. MORGAN FUNDS	OCTOBER 31, 2018


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period		Net expenses (c)			Net investment income (loss) (c)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate


$	13.97		(6.74	)%	$	8,210,471		1.18	%		0.36	%		1.57	%		154	%
	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	)(e)		1.66	(f)		113


	13.62		(7.22	)		119,850		1.67			(0.15	)		2.09			154
	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	)(e)		5.85	(f)		113


	14.41		(6.49	)		185,478,154		0.92			0.66			1.32			154
	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	)(e)		2.97	(f)		113


	14.33		(6.28	)		289,550,214		0.67			0.89			1.07			154
	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	(e)		4.84	(f)		113

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	73

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018

1. Organization

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, thus, 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.

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.



74	J.P. MORGAN FUNDS	OCTOBER 31, 2018

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of fixed income instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

Futures contracts 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.

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.

•

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
Airlines	$	—	$	415,414	$	—	$	415,414
Chemicals		2,768,310		369,296		—		3,137,606
Food & Staples Retailing		1,911,453		949,666		—		2,861,119
Household Durables		2,086,988		1,802,115		—		3,889,103
Leisure Products		—		1,734,845		—		1,734,845
Media		1,504,688		532,718		—		2,037,406
Metals & Mining		2,364,373		941,873		—		3,306,246
Pharmaceuticals		8,930,563		2,215,594		—		11,146,157
Real Estate Management & Development		441,167		2,175,755		—		2,616,922
Software		14,601,131		1,722,219		—		16,323,350
Wireless Telecommunication Services		—		488,537		—		488,537
Other Common Stocks		151,387,889		—		—		151,387,889

Total Common Stocks		185,996,562		13,348,032		—		199,344,594

Convertible Preferred Stocks
Banks		939,741		—		—		939,741
Equity Real Estate Investment Trusts (REITs)		258,720		—		—		258,720
Health Care Equipment & Supplies		528,030		—		—		528,030
Machinery		431,225		—		—		431,225
Multi-Utilities		431,550		—		—		431,550
Oil, Gas & Consumable Fuels		463,476		—		—		463,476

Total Convertible Preferred Stocks		3,052,742		—		—		3,052,742



OCTOBER 31, 2018	J.P. MORGAN FUNDS	75

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Debt Securities
Convertible Bonds
Other Convertible Bonds	$	—		$	18,967,241		$	—	$	18,967,241
Short-Term Investments
Investment Companies		231,232,143			—			—		231,232,143

Total Investments in Securities	$	420,281,447		$	32,315,273		$	—	$	452,596,720

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	2,591,964		$	—	$	2,591,964
Futures Contracts		7,066,758			230,208			—		7,296,966
Swaps		—			95,650			2,379		98,029

Total Appreciation in Other Financial Instruments	$	7,066,758		$	2,917,822		$	2,379	$	9,986,959

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(1,233,254	)	$	—	$	(1,233,254	)
Futures Contracts		(6,621,750	)		(173,725	)		—		(6,795,475	)
Swaps		—			(138,610	)		—		(138,610	)

Total Depreciation in Other Financial Instruments	$	(6,621,750	)	$	(1,545,589	)	$	—	$	(8,167,339	)

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 October 31, 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. Securities Lending — Effective October 5, 2018, the Fund became authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N. A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e. a net payment to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Consolidated Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Consolidated Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).

The value of securities out on loan is recorded as an asset on the Consolidated Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Consolidated Statement of Assets and Liabilities and details of Collateral Investments are disclosed in the CSOI.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.

The Fund did not lend out any securities during the period October 5, 2018 through October 31, 2018.



76	J.P. MORGAN FUNDS	OCTOBER 31, 2018

D. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below.


	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)	$	193,204,806	$	491,122,773	$	453,095,436	$	—	$	—	$	231,232,143		231,232,143	$	3,276,232	$	—

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of October 31, 2018.

E. 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 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 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 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, while cash deposited, which is considered restricted, 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



OCTOBER 31, 2018	J.P. MORGAN FUNDS	77

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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.

(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 are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”), that 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, while cash deposited, which is considered restricted, is recorded on the CSAL. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the CSAL. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the CSOP. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

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,



78	J.P. MORGAN FUNDS	OCTOBER 31, 2018

accrued financing costs, and net dividends become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty for swap contract on the CSAL and as Net realized gain (loss) on transactions from swaps on the CSOP.

Each swap involves additional risks than if the Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of the Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Fund’s activities in each total return basket swap are concentrated with a single counterparty. Investing in swaps results in a form of leverage (i.e., the Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL).

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable. The value of each swap is reflected on the CSAL as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the CSOP.

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of October 31, 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	$	331,090		$	—		$	—		$	331,090
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		5,708,826			—			98,029			5,806,855
Foreign exchange contracts	Receivables		—			2,591,964			—			2,591,964
Commodity contracts	Receivables, Net Assets — Unrealized Appreciation		1,257,050			—			—			1,257,050

Total		$	7,296,966		$	2,591,964		$	98,029		$	9,986,959


Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,508,453	)	$	—		$	—		$	(1,508,453	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(195,878	)		—			(138,610	)		(334,488	)
Foreign exchange contracts	Payables		—			(1,233,254	)		—			(1,233,254	)
Commodity contracts	Payables, Net Assets — Unrealized Depreciation		(5,091,144	)		—			—			(5,091,144	)

Total		$	(6,795,475	)	$	(1,233,254	)	$	(138,610	)	$	(8,167,339	)

(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.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	79

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)


Counterparty	Gross Amount of Derivative Assets Presented on the CSAL (a)		Derivatives Available for offset			Collateral Received			Net Amount Due From Counterparty (Not less than zero)
Bank of America, NA	$	84,122	$	(37,339	)	$	—		$	46,783
Barclays Bank plc		7,872		—			—			7,872
BNP Paribas		595,555		(9,274	)		—			586,281
Citibank, NA		640,894		(310,596	)		—			330,298
Deutsche Bank AG		8,086		—			—			8,086
Goldman Sachs International		104,371		(1,773	)		—			102,598
HSBC Bank, NA		503,465		(189,150	)		—			314,315
Merrill Lynch International		273,601		—			—			273,601
State Street Corp.		454,930		(454,930	)		—			—
TD Bank Financial Group		3,190		(3,190	)		—			—
Union Bank of Switzerland AG		13,907		(13,907	)		—			—

	$	2,689,993	$	(1,020,159	)	$	—		$	1,669,834


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	$	37,339	$	(37,339	)	$	—		$	—
BNP Paribas		9,274		(9,274	)		—			—
Citibank, NA		310,596		(310,596	)		—			—
Goldman Sachs International		1,773		(1,773	)		—			—
HSBC Bank, NA		189,150		(189,150	)		—			—
National Australia Bank Ltd.		18,411		—			—			18,411
Royal Bank of Canada		195		—			—			195
State Street Corp.		684,929		(454,930	)		—			229,999
TD Bank Financial Group		18,926		(3,190	)		—			15,736
Union Bank of Switzerland AG		101,271		(13,907	)		(598	)		86,766

	$	1,371,864	$	(1,020,159	)	$	(598	)	$	351,107

(a)	For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the CSAL.

The following table presents the effect of derivatives on the CSOP for the year ended October 31, 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	$	(5,200,557	)	$	—		$	—		$	(5,200,557	)
Equity contracts		(12,234,112	)		—			(17,672,185	)		(29,906,297	)
Foreign exchange contracts		—			(1,441,542	)		—			(1,441,542	)
Commodity contracts		(794,053	)		—			—			(794,053	)

Total	$	(18,228,722	)	$	(1,441,542	)	$	(17,672,185	)	$	(37,342,449	)


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	$	(424,936	)	$	—		$	—		$	(424,936	)
Equity contracts		6,974,097			—			(5,443	)		6,968,654
Foreign exchange contracts		—			1,524,703			—			1,524,703
Commodity contracts		(4,748,532	)		—			—			(4,748,532	)

Total	$	1,800,629		$	1,524,703		$	(5,443	)	$	3,319,889



80	J.P. MORGAN FUNDS	OCTOBER 31, 2018

The Fund’s derivatives contracts held at October 31, 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 year ended October 31, 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	$	53,823,184
Average Notional Balance Short		53,758,605
Ending Notional Balance Long		49,316,216
Ending Notional Balance Short		62,201,363

Equity
Average Notional Balance Long	$	15,039,816
Average Notional Balance Short		83,282,234
Ending Notional Balance Long		4,062,481
Ending Notional Balance Short		91,588,598

Interest
Average Notional Balance Long	$	260,607,362
Average Notional Balance Short		273,524,630
Ending Notional Balance Long		180,379,210
Ending Notional Balance Short		259,647,884

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	91,649,491
Average Settlement Value Sold		142,089,960
Ending Settlement Value Purchased		79,422,522
Ending Settlement Value Sold		149,042,439

Total Return Swaps:
Average Notional Balance Long	$	48,548
Ending Notional Balance Long		48,548

Total Return Basket Swaps:
Average Notional Balance Long	$	333,940,949
Average Notional Balance Short		303,799,100
Ending Notional Balance Long		326,718,222
Ending Notional Balance Short		282,603,973

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.

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 the Fund first learns of the dividend.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	81

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Fund for the year ended October 31, 2018 are as follows:


	Class A		Class C		Class I		Class R6		Total
Transfer agency fees	$	632	$	23	$	2,101	$	2,134	$	4,890

I. 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 (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 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 remain subject to examination by the Internal Revenue Service.

For Federal income tax purposes, taxable income of the Fund and the Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of the Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

K. Distributions to Shareholders — Distributions from net investment income or net realized capital gains, if any, are generally declared and paid annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:


Paid-in-Capital	Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$(28,937,787)	$	5,803,425	$	23,134,362

The reclassifications for the Fund relate primarily to investments in swaps, investments in contingent payment debt securities, net operating losses, foreign currency gains or losses and investment in the subsidiary.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and the Subsidiary and for such services is paid a fee. The fee for services to the Fund is accrued daily and paid monthly at an annual rate of 0.75% of the Fund’s average daily net assets.

The Subsidiary has entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.75% of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.

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

B. Administration Fees — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund and the Subsidiary. In consideration of these services for the Fund, the Administrator receives a fee accrued daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 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 effective rate of 0.09% of the average daily net assets of the Subsidiary.



82	J.P. MORGAN FUNDS	OCTOBER 31, 2018

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.

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.

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 of 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 year ended October 31, 2018, and is in place until at least February 28, 2019.

For the year ended October 31, 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
$	1,098,229	$	387,349	$	2,505	$	1,488,083	$	1,753

The amount of waivers resulting from investments in these money market funds for the year ended October 31, 2018 was $417,165.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	83

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

The Fund may use related party broker-dealers. For the year ended October 31, 2018, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

4. Investment Transactions

During the year ended October 31, 2018, purchases and sales of investments (excluding short-term investments) were as follows:


Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	367,074,169	$	405,919,833

During the year ended October 31, 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 October 31, 2018 were as follows:


Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$	471,348,078	$	15,932,002	$	(22,817,550	)	$	(6,885,548	)

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

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 $(9,355,121), which, if realized, is not deductible for income tax purposes.

During the year ended October 31, 2018, the Fund did not make any distributions.

The tax character of distributions paid during the year ended October 31, 2017 was as follows:


Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	1,208,130	$	73,422	$	1,281,552

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

As of October 31, 2018, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:


Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	—	$	142,256	$	1,499,205

The cumulative timing differences primarily consist of mark to market of futures contracts, wash sale loss deferrals, mark to market of forward foreign currency contracts, late year ordinary loss deferrals and straddle loss deferrals.

During the year ended October 31, 2018, the subsidiary had $4,928,425 of net losses for tax purposes. The subsidiary’s net losses for the current year are not available to offset its future taxable income.



84	J.P. MORGAN FUNDS	OCTOBER 31, 2018

6. Borrowings

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 4, 2019.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 2018.

The Fund did not utilize the Credit Facility during the year ended October 31, 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 brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 2018, the Fund had two non-affiliated omnibus accounts, which owned 23.2% of the Fund’s outstanding shares.

In addition, as of October 31, 2018, the J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate, 53.4% of the net assets of the Fund.

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

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

The Fund will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss.

Derivatives, including swap agreements, commodity options, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk and to the credit risk of the derivative counterparty.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap and option contracts, credit linked notes, exchange-traded notes and forward foreign currency exchange contracts.

The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	85

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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 been raising 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 Pronouncements

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Fund’s net assets or results of operation.



86	J.P. MORGAN FUNDS	OCTOBER 31, 2018

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Systematic Alpha Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, of JPMorgan Systematic Alpha Fund (one of the funds constituting JPMorgan Trust I, referred to hereafter as the “Fund”) as of October 31, 2018, the related consolidated statement of operations for the year ended October 31, 2018, the consolidated statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2018 and the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

December 21, 2018

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



OCTOBER 31, 2018	J.P. MORGAN FUNDS	87

TRUSTEES

(Unaudited)


Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	136	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	136	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher* (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	136	Non-Executive Director, Legal & General Investment Management (Holdings) and Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	136	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).

Dennis P. Harrington** (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (serving in various roles 1984-2012).	136	None

Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	136	None



88	J.P. MORGAN FUNDS	OCTOBER 31, 2018

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner*** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	136	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	136	None

Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	136	None

Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	136	None

Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	136	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	136	Trustee, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	136	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



OCTOBER 31, 2018	J.P. MORGAN FUNDS	89

TRUSTEES

(Unaudited) (continued)

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

(2)

*	Ms. Gallagher became a Trustee effective November 1, 2018.

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

****

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



90	J.P. MORGAN FUNDS	OCTOBER 31, 2018

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014–present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016; Chief Financial Officer and Head of Valuation, Aberdeen Asset Management PLC (previously Artio Global Management) (2009 to September 2013).

Noah Greenhill (1969), Secretary (2018)		Managing Director and General Counsel, JPMorgan Asset Management (2015 – present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Carmine Lekstutis (1980), Assistant Secretary (2011)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Gregory S. Samuels (1980), Assistant Secretary (2010)		Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Pamela L. Woodley (1971), Assistant Secretary (2012)		Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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



OCTOBER 31, 2018	J.P. MORGAN FUNDS	91

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2018 and continued to hold your shares at the end of the reporting period, October 31, 2018.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value May 1, 2018		Ending Account Value October 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
Systematic Alpha Fund
Class A
Actual	$	1,000.00	$	971.50	$	5.71		1.15	%
Hypothetical		1,000.00		1,019.41		5.85		1.15
Class C
Actual		1,000.00		968.70		8.14		1.64
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class I
Actual		1,000.00		973.00		4.43		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R6
Actual		1,000.00		973.50		3.18		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64

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



92	J.P. MORGAN FUNDS	OCTOBER 31, 2018

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 15, 2018.

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

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is

Nature, Extent and Quality of Services Provided by the Adviser



OCTOBER 31, 2018	J.P. MORGAN FUNDS	93

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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

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

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

Fall-Out Benefits

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

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented fee waivers and contractual expense limitations

(“Fee Caps”) which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

Investment Performance



94	J.P. MORGAN FUNDS	OCTOBER 31, 2018

same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one- and three-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance for Class A shares was in the fifth quintile based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2017. The Trustees noted that the performance for Class I shares was in the fifth and fourth quintiles based upon the Universe, for the one- and three-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be

reviewed with the members of the Board’s money market and alternative products committee at each of its regularly scheduled meetings over the course of the next year.

Advisory Fees and Expense Ratios

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



OCTOBER 31, 2018	J.P. MORGAN FUNDS	95

LOGO

Rev. January 2011


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


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

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


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


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



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

LOGO


Page 2


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


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


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

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.

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.

LOGO


		^© JPMorgan Chase & Co., 2018. All rights reserved. October 2018.		AN-SA-1018

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.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Effective October 31, 2017, Dennis P. Harrington replaced James Schonbachler as the audit committee financial expert. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2018 – $1,215,508

2017 – $1,465,997

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2018 – $222,110

2017 – $280,317

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2018 – $296,057

2017 – $372,639

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2018 and 2017, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2018 – Not applicable

2017 – Not applicable

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the

“Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2018 – 0.0%

2017 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable—Less than 50%.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2018—$32.5 million

2017—$29.0 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6.

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.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(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
		December 28, 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
		December 28, 2018

By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		December 28, 2018

Name (Year of Birth);
Positions With
the Funds (1)

Principal Occupation
During Past 5 Years

Number of
Funds in Fund
Complex Overseen
by Trustee (2)

Other Directorships Held
During the Past 5 Years

Independent Trustees (continued)

James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.

Retired; Managing Director of Bankers Trust Company (financial services) (serving in various roles 1968-1998).