JPMorgan Core Bond Fund (WOBDX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04236

JPMorgan Trust II

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2012 through October 31, 2013

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 International Equity Funds

October 31, 2013

JPMorgan Emerging Economies Fund

JPMorgan Emerging Markets Equity Fund

JPMorgan Global Equity Income Fund

JPMorgan Global Research Enhanced Index Fund

JPMorgan International Equity Fund

JPMorgan International Equity Index Fund

JPMorgan International Opportunities Fund

JPMorgan International Unconstrained Equity Fund

JPMorgan International Value Fund

JPMorgan Intrepid International Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries/Summary:
JPMorgan Emerging Economies Fund	3
JPMorgan Emerging Markets Equity Fund	6
JPMorgan Global Equity Income Fund	9
JPMorgan Global Research Enhanced Index Fund	12
JPMorgan International Equity Fund	15
JPMorgan International Equity Index Fund	18
JPMorgan International Opportunities Fund	20
JPMorgan International Unconstrained Equity Fund	24
JPMorgan International Value Fund	27
JPMorgan Intrepid International Fund	31
Schedules of Portfolio Investments	34
Financial Statements	82
Financial Highlights	106
Notes to Financial Statements	126
Report of Independent Registered Public Accounting Firm	148
Trustees	149
Officers	151
Schedule of Shareholder Expenses	152
Board Approval of Investment Advisory Agreement	156
Tax Letter	160
Privacy Notice — Located at the back of this Annual Report

Investments in a Fund are not bank 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 a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectus for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury yields fell from their reporting period peak in early September

2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well-diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

Developed Markets

The global financial markets experienced periods of volatility during the reporting period. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. Global developed equity markets were generally highly resilient during the reporting period given overall robust investor demand and continued accommodative monetary policy. All told, the MSCI Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) returned 26.88% for the twelve months ended October 31, 2013.

Emerging Markets

While emerging market stocks generated a positive return, they underperformed international developed equities during the reporting period. For the twelve months ended October 31, 2013, the MSCI Emerging Markets Index (net of foreign withholding taxes) gained 6.53%. Headwinds facing emerging market stocks included concerns regarding the trajectory of growth in China, generally weakening commodity prices and rising U.S. interest rates.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	7.04%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)	6.53%
Net Assets as of 10/31/2013 (In Thousands)	$1,029,586

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 (Select Class Shares) outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s security selection in the consumer discretionary sector and in the financials sector contributed to relative performance. The Fund’s security selection in the information technology sector detracted from relative performance, as did security selection in the consumer staples sector.

Individual contributors to relative performance included the Fund’s overweight positions versus the Benchmark in Great Wall Motor Co., Ltd. and Turk Hava Yollari. The Fund’s holdings in SJM Holdings Limited, which was not held by the Benchmark, also contributed to relative performance. Great Wall Motor Co., Ltd., a Chinese automobile manufacturer, reported a sharp increase in sales during the reporting period. Shares of Turkish airline Turk Hava Yollari benefited from strong growth in passenger volume. SJM Holdings Limited, an operator of casinos in Macao (near Hong Kong), reported solid gains in revenue and earnings.

Individual detractors from relative performance included Benchmark holdings Tencent Holdings Ltd., a Chinese online

social media company, and Naspers Limited, a South Africa-based multinational media company. Both companies reported strong operating results during the reporting period, and the Fund not having a position in either company negatively impacted relative performance. Also detracting from relative performance was the Fund’s overweight position in Korea Zinc Co., Ltd, which manufactures non-ferrous metal products. The company’s shares slid as commodity prices fell.

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, at the end of the reporting period the Fund’s largest overweight versus the Benchmark was in the consumer discretionary sector and the Fund’s largest underweight versus the Benchmark was in the materials sector.

* 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, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Samsung Electronics Co., Ltd. (South Korea)	5.5	%
	2.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	3.2
	3.	China Construction Bank Corp., Class H (China)	2.4
	4.	Industrial & Commercial Bank of China Ltd., Class H (China)	2.4
	5.	China Mobile Ltd. (Hong Kong)	2.3
	6.	Itau Unibanco Holding S.A. (Preference Shares), ADR (Brazil)	2.2
	7.	Hyundai Motor Co. (South Korea)	2.0
	8.	Lukoil OAO, ADR (Russia)	1.9
	9.	CNOOC Ltd. (China)	1.8
	10.	Cia de Bebidas das Americas (Preference Shares), ADR (Brazil)	1.7

PORTFOLIO COMPOSITION BY COUNTRY*
China	17.4	%
South Korea	15.2
Brazil	12.9
Taiwan	11.7
Russia	9.7
India	6.5
Hong Kong	5.4
Turkey	4.9
South Africa	4.3
Poland	4.3
Indonesia	1.8
United Arab Emirates	1.5
Hungary	1.0
Others (each less than 1.0%)	2.0
Short-Term Investment	1.4

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		2/28/08
Without Sales Charge				6.67	%		15.79	%		(0.16	)%
With Sales Charge*				1.10			14.53			(1.11	)
CLASS C SHARES		2/28/08
Without CDSC				6.25			15.24			(0.66	)
With CDSC**				5.25			15.24			(0.66	)
CLASS R5 SHARES		2/28/08		7.21			16.32			0.29
SELECT CLASS SHARES		2/28/08		7.04			16.10			0.09

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/08 TO 10/31/13)

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

The Fund commenced operations on February 28, 2008.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Economies Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from February 28, 2008 to October 31, 2013. 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 nonresident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The

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

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

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

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*	5.47%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)	6.53%
Net Assets as of 10/31/2013 (In Thousands)	$3,411,693

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Equity Fund (the “Fund”) seeks to provide high total return from a portfolio of equity securities from emerging markets issuers.

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

The Fund (Institutional Class Shares) underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s stock selection in the consumer discretionary, financials and materials sectors detracted from relative performance. An overweight position and stock selection in the information technology sector contributed to relative performance, as did stock selection in the consumer staples and energy sectors.

Individual detractors from relative performance included the Fund’s overweight positions in Astra International Tbk PT and Kumba Iron Ore Ltd. Shares of Astra International Tbk PT, an Indonesian automotive distributor, declined as company earnings were hurt by rising labor costs and increased competition. South African issuer Kumba Iron Ore Ltd., a supplier of iron ore to the global steel industry, was hurt by falling commodity prices. Also detracting from relative performance was the Fund’s underweight position relative to the Benchmark in Tencent Holdings Ltd., a Chinese online social media company. The company’s shares rose as the firm reported strong operating results during the twelve-month period.

Individual contributors to relative performance included the Fund’s overweight positions versus the Benchmark in Magnit

OAO, Tata Consultancy Services Ltd. and Delta Electronics, Inc. Shares of Russian food retailer Magnit OAO benefited from the company’s strong sales. Tata Consultancy Services Ltd. is an Indian information technology services and consulting firm. Its shares rallied as the company won a number of large new contracts and announced a special dividend payment. Delta Electronics, Inc., a Taiwan-based power management solutions provider, reported better-than-expected earnings, which helped boost the stock.

HOW WAS THE FUND POSITIONED?

The Fund employed an active strategy in which portfolio construction was focused on the highest-conviction ideas found at the stock 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, at the end of the reporting period, the Fund’s largest overweight versus the Benchmark was in the consumer staples sector and the Fund’s largest underweight versus the Benchmark was in the materials sector.

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

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

6 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Samsung Electronics Co., Ltd. (South Korea)	4.0	%
	2.	Housing Development Finance Corp. (India)	3.6
	3.	AIA Group Ltd. (Hong Kong)	2.7
	4.	Hyundai Motor Co. (South Korea)	2.6
	5.	Tata Consultancy Services Ltd. (India)	2.5
	6.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	2.4
	7.	MTN Group Ltd. (South Africa)	2.1
	8.	CNOOC Ltd. (China)	2.0
	9.	Infosys Ltd., ADR (India)	2.0
	10.	Bidvest Group Ltd. (South Africa)	2.0

PORTFOLIO COMPOSITION BY COUNTRY*
India	15.9	%
South Africa	14.8
Brazil	10.7
South Korea	7.6
Hong Kong	7.2
China	6.5
Taiwan	5.6
Russia	4.2
Thailand	3.5
United Kingdom	3.3
Indonesia	3.3
Turkey	3.0
Mexico	2.7
Luxembourg	1.9
Colombia	1.5
Peru	1.4
Malaysia	1.0
Cyprus	1.0
Others (each less than 1.0%)	0.8
Short-Term Investment	4.1

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		9/28/01
Without Sales Charge				5.03	%		13.41	%		12.49	%
With Sales Charge*				(0.49	)		12.20			11.88
CLASS B SHARES		9/28/01
Without CDSC				4.57			12.86			12.04
With CDSC**				(0.43	)		12.61			12.04
CLASS C SHARES		2/28/06
Without CDSC				4.51			12.84			11.93
With CDSC***				3.51			12.84			11.93
INSTITUTIONAL CLASS SHARES		11/15/93		5.47			13.87			12.98
SELECT CLASS SHARES		9/10/01		5.29			13.68			12.77

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/03 TO 10/31/13)

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

Returns for Class C Shares prior to its inception date were based on the performance of Class B Shares. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have expenses similar to those of Class B Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Emerging Markets Equity Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from October 31, 2003 to October 31, 2013. 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 maximum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident 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 defined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

Because Class B shares automatically convert to Class A shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion.

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

8 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan Global Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	21.73%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)	25.77%
Net Assets as of 10/31/2013 (In Thousands)	$107,684

INVESTMENT OBJECTIVE**

The JPMorgan Global 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 (Select Class Shares) underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s security selection in the industrial cyclical, transport services and consumer cyclicals and banks-capital markets sectors detracted from relative performance, as did an underweight position in the automotive sector. Contributing to relative performance were underweight positions and security selection in the basic industries and technology-software sectors, as well as security selection in the utilities sector.

Individual detractors from relative performance included the Fund’s overweight positions in Merck & Co., Inc., Pearson Plc and Daito Trust Construction Co., Ltd. Shares of Merck & Co., Inc., a pharmaceutical company, underperformed during the period. Having been a strong performer in the prior twelve-month period ending October 31, 2012, the stock declined during the reporting period, as test results for some of the company’s experimental treatments proved disappointing. Pearson Plc, a British multinational publishing and education company, forecasted weaker-than-expected operating profits as the shift to digital and e-based learning materials undermined demand for college textbooks in its key North American education division. Shares of Daito Trust Construction Co., Ltd., a building construction and real estate company, underperformed, held back by questions about how successful Japanese Prime Minister Abe’s government will be in terms of stimulating domestic demand.

Individual contributors to relative performance included the Fund’s overweight positions in Electricite de France SA, ConocoPhillips and BASF SE. Shares of Electricite de France SA, a French power generator, moved higher, driven in part by the prospect that economic activity in the euro zone would improve. The company was also recently granted permission to raise tariffs, even as it continues to cut costs and pay down debt. Shares of ConocoPhillips, an oil and gas producer, performed well on the back of better-than-expected production and earnings results. The company also continued to seek to revamp its portfolio of assets, focusing on its most profitable holdings. Shares of BASF SE, a German chemical company, rallied as cost cuts, recent acquisitions and a focus on more profitable businesses boosted company profits.

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.

In addition, the Fund employed futures and currency forwards to help manage cash flows and attempt to keep the Fund’s currency exposure in line with the Benchmark.

* 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, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Global Equity Income Fund

FUND SUMMARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Microsoft Corp.	2.8	%
	2.	Australia & New Zealand Banking Group Ltd. (Australia)	2.6
	3.	Royal Dutch Shell plc, Class A (Netherlands)	2.5
	4.	Vodafone Group plc (United Kingdom)	2.5
	5.	Swiss Re AG (Switzerland)	2.4
	6.	ConocoPhillips	2.3
	7.	Johnson & Johnson	2.3
	8.	Eni S.p.A. (Italy)	2.2
	9.	Time Warner, Inc.	2.0
	10.	Singapore Telecommunications Ltd. (Singapore)	1.9

PORTFOLIO COMPOSITION BY COUNTRY*
United States	31.9	%
United Kingdom	10.7
France	10.2
Japan	6.8
Switzerland	5.5
Germany	5.5
Australia	5.2
Sweden	3.3
Singapore	2.6
Netherlands	2.5
Italy	2.2
China	1.9
Canada	1.9
Brazil	1.7
Denmark	1.5
Others (each less than 1.0%)	3.0
Short-Term Investment	3.6

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		2/28/11
Without Sales Charge				21.40	%		7.34	%
With Sales Charge*				15.04			5.19
CLASS C SHARES		2/28/11
Without CDSC				20.74			6.80
With CDSC**				19.74			6.80
CLASS R2 SHARES		2/28/11		21.12			7.08
CLASS R5 SHARES		2/28/11		21.94			7.82
SELECT CLASS SHARES		2/28/11		21.73			7.61

* 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 10/31/13)

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 Select Class Shares of the JPMorgan Global Equity Income Fund, the MSCI World Index and the Lipper Global Equity Income Funds Index, from February 28, 2011 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. These expenses are not identical to the expenses incurred by the Fund. The performance of the Lipper Global Equity Income Funds Index includes expenses associated with a mutual fund, such as investment management fees. 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 Equity Income 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. Investors cannot invest directly in an index.

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

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

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan Global Research Enhanced Index Fund

FUND SUMMARY

FOR THE PERIOD FEBRUARY 28, 2013 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		15.80%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		15.79%
Net Assets as of 10/31/2013 (In Thousands)	$	1,895,199

INVESTMENT OBJECTIVE**

The Fund seeks to provide long-term capital appreciation.

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

The Fund (Select Class Shares) modestly outperformed the MSCI World Index¹ (net of foreign withholding taxes) (the “Benchmark”) for the period February 28, 2013 through October 31, 2013 (the “reporting period”). The Fund’s security selection in the health care, banks (banks and finance) and utilities sectors contributed to the Fund’s relative performance. The Fund’s security selection in the property, industrial cyclical and technology-semiconductor sectors detracted from the Fund’s relative performance.

Individual contributors to the Fund’s relative performance for the reporting period included the Fund’s overweight positions versus the Benchmark in Electricite de France SA, Biogen Idec, Inc. and Air Products and Chemicals, Inc. Shares of Electricite de France SA, a French power generator, rose amid ongoing cost cutting and growing demand abroad for its nuclear expertise. Biogen Idec, Inc.‘s shares benefited from the biotechnology company’s news of improving revenue growth, which was boosted by robust sales for its AVONEX drug. Air Products and Chemicals, Inc. sells gases and chemicals for industrial use. Its shares rallied as the company raised its quarterly dividend. In addition, in July 2013, activist investor William Ackman’s firm Pershing Square Capital Management announced that it had acquired nearly a 10% position in the company.

Individual detractors from the Fund’s relative performance for the reporting period included its underweight positions versus the Benchmark in The Boeing Co. and Gilead Sciences, Inc., along with an overweight position in Broadcom Corp. Shares of The Boeing Co., a U.S.-based defense and aerospace company, moved sharply higher on record sales of its 777 and 787

passenger jets. Gilead Sciences, Inc. is a U.S. biotechnology company that discovers, develops and commercializes therapeutics. Its shares rallied as the company increased its revenue outlook and reported successful results from a trial of an experimental cancer drug. Shares of Broadcom Corp., a U.S. semiconductor company in the wireless and broadband communication business, fell sharply due to a poor earnings report and weaker outlook.

HOW WAS THE FUND POSITIONED?

The Fund seeks to outperform the Benchmark over time while maintaining similar risk characteristics. In implementing its strategy, the Fund primarily invests in securities included within the universe of the Benchmark. However, the Fund modestly overweights securities in the Benchmark that it considers undervalued, while modestly underweighting or not holding securities in the Benchmark that it considers overvalued. Under normal circumstances, while the Fund anticipates that it will only own a portion, which may represent a minority, of the securities included in the Benchmark, it seeks to achieve similar sector, geographic and risk characteristics to the Benchmark. By owning a large number of securities within the Benchmark, with an emphasis on those that appear undervalued, the Fund seeks returns that modestly exceed those of the Benchmark over the long term with a modest level of tracking error to the Benchmark.

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

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

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

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Apple, Inc. (United States)	1.5	%
	2.	Google, Inc., Class A (United States)	1.2
	3.	Exxon Mobil Corp. (United States)	1.2
	4.	Johnson & Johnson (United States)	1.1
	5.	Microsoft Corp. (United States)	1.0
	6.	Wells Fargo & Co. (United States)	1.0
	7.	Procter & Gamble Co. (The) (United States)	0.8
	8.	Chevron Corp. (United States)	0.8
	9.	Nestle S.A. (Switzerland)	0.8
	10.	Roche Holding AG (Switzerland)	0.8

PORTFOLIO COMPOSITION BY COUNTRY*
United States	50.9	%
Japan	8.3
United Kingdom	8.0
Switzerland	4.5
France	3.8
Germany	3.6
Australia	3.2
Canada	3.1
Netherlands	1.9
Spain	1.7
Hong Kong	1.2
Others (each less than 1.0%)	5.3
Short-Term Investment	4.5

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan Global Research Enhanced Index Fund

FUND SUMMARY

FOR THE PERIOD FEBRUARY 28, 2013 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		SINCE INCEPTION
CLASS A SHARES		2/28/13
Without Sales Charge				15.53	%
With Sales Charge*				9.48
CLASS C SHARES		2/28/13
Without CDSC				15.20
With CDSC**				14.20
CLASS R2 SHARES		2/28/13		15.33
SELECT CLASS SHARES		2/28/13		15.80

* 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 (2/28/13 TO 10/31/13)

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

The Fund commenced operations on February 28, 2013.

The graph illustrates comparative performance for $1,000,000 invested in the Select Class Shares of the JPMorgan Global Research Enhanced Index Fund and MSCI World Index from February 28, 2013 to October 31, 2013. 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 MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Investors cannot invest directly in an index.

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

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

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

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect 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, 2013

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		21.23%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		26.88%
Net Assets as of 10/31/2013 (In Thousands)	$	2,004,954

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 (Select Class Shares) underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s security selection in the financials, energy and information technology sectors was the major detractor from relative performance. Security selection in the consumer discretionary sector also lagged but was partially offset by the Fund’s overweight position in the sector, which was additive to relative performance. The Fund’s underweight position in the utilities sector contributed positively to relative performance.

Individual detractors from the Fund’s relative performance included its overweight positions versus the Benchmark in Tullow Oil plc and Standard Chartered plc. Shares of Tullow Oil plc fell sharply as new projects yielded disappointing results. Standard Chartered plc, a British multinational banking and financial services company that derives a significant portion of its earnings from emerging markets, saw earnings slow at its key business units. Also detracting from relative performance was Benchmark holding Softbank Corp., a Japanese telecommunications firm. The company’s shares rallied sharply in response to its majority purchase of Sprint Corp, as well as increased domestic market share gains, and not having a position in the stock detracted from relative return.

Contributing to relative performance versus the Benchmark were the Fund’s overweight positions in Daikin Industries, Ltd., WPP plc and Sands China Ltd. Shares of Daikin Industries, Ltd., a Japanese multinational air conditioning manufacturer, performed strongly on the back of market share gains in China, a weaker yen and improving economic conditions in Japan. WPP plc, a British advertising and public relations company, reported solid revenue growth, as economic conditions in the key U.S. and UK markets continued to improve. Shares of Sands China Ltd., a developer and operator of casinos in Macao (near Hong Kong), rose to record highs as increased capacity and growing consumer affluence in Asia continued to fuel revenue growth.

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 well-managed companies with the potential to grow their earnings faster than their industry peers.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	2.8	%
	2.	HSBC Holdings plc (United Kingdom)	2.6
	3.	BG Group plc (United Kingdom)	2.2
	4.	Toyota Motor Corp. (Japan)	2.2
	5.	Nestle S.A. (Switzerland)	2.1
	6.	Novartis AG (Switzerland)	2.0
	7.	Roche Holding AG (Switzerland)	2.0
	8.	Standard Chartered plc (United Kingdom)	2.0
	9.	Vodafone Group plc (United Kingdom)	1.9
	10.	Prudential plc (United Kingdom)	1.7

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	23.1	%
Japan	16.9
Switzerland	14.0
France	12.0
Germany	9.6
Netherlands	5.5
Hong Kong	3.7
China	3.2
Australia	2.1
South Korea	1.6
Belgium	1.4
Others (each less than 1.0%)	3.8
Short-Term Investment	3.1

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

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

*** Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		2/28/02
Without Sales Charge				20.85	%		11.82	%		7.17	%
With Sales Charge*				14.51			10.63			6.60
CLASS B SHARES		2/28/02
Without CDSC				20.26			11.24			6.71
With CDSC**				15.26			10.98			6.71
CLASS C SHARES		1/31/03
Without CDSC				20.25			11.25			6.60
With CDSC***				19.25			11.25			6.60
CLASS R2 SHARES		11/3/08		20.58			11.53			7.03
CLASS R5 SHARES		5/15/06		21.42			12.31			7.61
CLASS R6 SHARES		11/30/10		21.47			12.34			7.63
SELECT CLASS SHARES		1/1/97		21.23			12.11			7.46

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/03 TO 10/31/13)

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

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2003 to October 31, 2013. 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 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.

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

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

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

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas

markets may not be as politically and economically stable as the United States and other nations.

Because Class B Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class B reflects Class A performance for the period after conversion.

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, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Equity Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		26.18%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) GDP Index		29.17%
Net Assets as of 10/31/2013 (In Thousands)	$	598,976

INVESTMENT OBJECTIVE**

The JPMorgan International Equity Index Fund (the “Fund”) seeks to provide investment results that correspond to the aggregate price and dividend performance of the securities in the MSCI EAFE Gross Domestic Product (“GDP”) Index¹ (the “Benchmark”).

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

The Fund (Select Class Shares) underperformed the Benchmark for the twelve months ended October 31, 2013. The Fund’s exposure to emerging market securities, which are not held in the Benchmark, drove the Fund’s relative underperformance as emerging market securities underperformed international developed markets securities during the reporting period.

The Fund’s strategy is not a full replication approach. The Fund seeks to achieve a correlation of 0.90 with the Benchmark, without taking into account the Fund’s expenses. Perfect correlation would be 1.00. The tracking error (a measure of how closely the return of a portfolio follows the return of an index to which it is benchmarked) of this strategy during the reporting period can be attributed to the Fund not owning all the names in the Benchmark and the Fund’s exposure to emerging market securities.

HOW WAS THE FUND POSITIONED?

Effective February 28, 2013, the Fund’s portfolio management team changed. The Fund’s portfolio managers constructed the Fund with country weightings based on GDP rather than equity market capitalization. Each country was weighted by GDP, because the Fund’s portfolio managers believed that this measure served as a better indication of each country’s potential earning power than traditional market capitalization.

During the reporting period, the Fund’s portfolio managers used a combination of exchange-traded funds and futures to help manage cash flows. The Fund sought returns that modestly exceed those of the Benchmark over the long term with a modest level of risk relative to the Benchmark, and attempted to provide broad international exposure for investors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Eni S.p.A. (Italy)	1.8	%
	2.	Banco Santander S.A. (Spain)	1.4
	3.	Bayer AG (Germany)	1.3
	4.	Toyota Motor Corp. (Japan)	1.2
	5.	Siemens AG (Germany)	1.2
	6.	SAP AG (Germany)	1.1
	7.	BASF SE (Germany)	1.1
	8.	Allianz SE (Germany)	1.1
	9.	Anheuser-Busch InBev N.V. (Belgium)	1.0
	10.	Telefonica S.A. (Spain)	1.0

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	20.1	%
Germany	12.9
France	8.8
United Kingdom	8.2
Italy	7.3
Spain	5.9
Australia	4.8
Netherlands	3.5
Switzerland	2.9
Belgium	2.2
Sweden	1.6
Austria	1.5
Finland	1.4
Norway	1.4
Hong Kong	1.1
Portugal	1.1
Denmark	1.0
Others (each less than 1.0%)	11.0
Short-Term Investment	3.3

¹  MSCI EAFE Gross Domestic Product (“GDP”) Index is a registered service mark of Morgan Stanley Capital International, which does not sponsor and is in no way affiliated with the Fund.

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

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

*** Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		4/23/93
Without Sales Charge				25.84	%		10.60	%		7.36	%
With Sales Charge*				19.20			9.41			6.78
CLASS B SHARES		1/14/94
Without CDSC				25.13			9.83			6.74
With CDSC**				20.13			9.55			6.74
CLASS C SHARES		11/4/97
Without CDSC				25.09			9.83			6.60
With CDSC***				24.09			9.83			6.60
CLASS R2 SHARES		11/3/08		25.52			10.31			7.08
SELECT CLASS SHARES		10/28/92		26.18			10.87			7.63

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/03 To 10/31/13)

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

Returns for Class R2 Shares prior to its inception date were based on the performance of the Select Class Shares. Class R2 Shares performance has been adjusted to reflect the difference in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Index Fund, the MSCI EAFE GDP Index and Lipper International Multi-Cap Core Funds Index from October 31, 2003 to October 31, 2013. 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 GDP 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 GDP Index is a country weighted index that is designed to measure the size of developed market economies, excluding the U.S. & Canada. The Lipper International Multi-Cap Core Funds Index is 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.

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

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

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

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

Because Class B Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class B reflects Class A performance for the period after conversion.

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*	25.60%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)	26.88%
Net Assets as of 10/31/2013 (In Thousands)	$1,437,767

INVESTMENT OBJECTIVE**

The JPMorgan International Opportunities Fund (the “Fund”) seeks to provide high total return from a portfolio of equity securities of foreign companies in developed and, to a lesser extent, emerging markets.

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

The Fund (Institutional Class Shares) underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s security selection in the energy and technology-hardware sectors detracted from its relative performance. The Fund’s security selection in the telecommunications and basic industries sectors contributed to relative performance.

Individual detractors from the Fund’s relative performance included its out-of-Benchmark positions in Hon Hai Precision Industry Co., Ltd. and Belle International Holdings Limited. An overweight position in Tullow Oil plc was also negative for performance. Shares of Hon Hai Precision Industry Co., Ltd. fell due to concerns about slowing sales of Apple products. Apple is the largest client of the Taiwanese consumer electronics manufacturer. Shares of Belle International Holdings Limited, a Chinese footwear retailer, fell sharply in the wake of slower Chinese growth and a poor profit report. Tullow Oil plc is engaged in the exploration, development and production of natural gas and oil. The company’s shares fell sharply as new projects yielded disappointing results.

Individual contributors to the Fund’s relative performance included its overweight positions versus the Benchmark in Softbank Corp. and Sands China Ltd., as well as out-of-Benchmark holding Valeo SA. Shares of Softbank Corp., a

Japanese telecommunications firm, rallied sharply in response to the company’s majority purchase of Sprint Corp., as well as increased domestic market share gains. Shares of Sands China Ltd., a developer and operator of casinos in Macao (near Hong Kong), rose to record highs as increased capacity and growing consumer affluence in Asia continued to fuel revenue growth. Shares of Valeo SA, a French automotive parts manufacturer, rose on growing exports to China and North America and the prospect of an improving European economy.

HOW WAS THE FUND POSITIONED?

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

In addition, the Fund employed futures and currency forwards to help manage cash flows and attempt to keep the Fund’s currency exposure in line with that of its Benchmark.

* 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.

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	HSBC Holdings plc (United Kingdom)	2.7	%
	2.	Roche Holding AG (Switzerland)	2.6
	3.	Novartis AG (Switzerland)	2.6
	4.	Bayer AG (Germany)	2.3
	5.	Vodafone Group plc (United Kingdom)	2.3
	6.	BG Group plc (United Kingdom)	1.9
	7.	British American Tobacco plc (United Kingdom)	1.9
	8.	Toyota Motor Corp. (Japan)	1.8
	9.	Japan Tobacco, Inc. (Japan)	1.7
	10.	Honda Motor Co., Ltd. (Japan)	1.7

PORTFOLIO COMPOSITION BY COUNTRY*
United Kingdom	21.1	%
Japan	19.2
Germany	11.9
France	11.3
Switzerland	9.3
Netherlands	4.7
Hong Kong	4.3
Sweden	3.4
Australia	2.1
Denmark	1.7
South Korea	1.6
Belgium	1.3
Canada	1.2
Finland	1.1
China	1.1
Spain	1.1
Others (each less than 1.0%)	2.2
Short-Term Investment	1.4

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		9/10/01
Without Sales Charge				25.09	%		11.54	%		7.34	%
With Sales Charge*				18.53			10.35			6.77
CLASS B SHARES		9/10/01
Without CDSC				24.45			10.98			6.91
With CDSC**				19.45			10.72			6.91
CLASS C SHARES		7/31/07
Without CDSC				24.41			10.99			6.80
With CDSC***				23.41			10.99			6.80
CLASS R6 SHARES		11/30/10		25.71			12.09			7.93
INSTITUTIONAL CLASS SHARES		2/26/97		25.60			12.02			7.90
SELECT CLASS SHARES		9/10/01		25.38			11.82			7.67

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/03 TO 10/31/13)

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

Returns for Class C Shares prior to its inception date were based on the performance of Class B Shares. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have expenses similar to those of Class B Shares.

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan International Opportunities Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2003 to October 31, 2013. 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 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.

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

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

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

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.

Because Class B shares automatically convert to Class A shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion.

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, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Unconstrained Equity Fund

FUND SUMMARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	22.49%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)	26.88%
Morgan Stanley Capital International (“MSCI”) All Country World Index, ex-U.S. (net of foreign withholding taxes)	20.29%
Net Assets as of 10/31/2013 (In Thousands)	$4,296

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 (Select Class Shares) underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve-month period ended October 31, 2013. The Fund’s underweight position versus the Benchmark in Japan, in particular its lack of exposure to Japanese companies that cater to domestic Japanese demand, was a major detractor from relative performance. The Fund’s exposure to emerging market equities, which are not represented in the Benchmark and underperformed their developed country counterparts, also weighed on performance. Stock selection in the UK and Pacific (ex-Japan) regions contributed to relative return. From a sector perspective, stock selection in the financials and information technology sectors detracted from relative performance. Stock selection and an overweight position versus the Benchmark in the consumer discretionary sector contributed positively to relative return, as did lack of any exposure to the utilities sector.

Individual detractors from the Fund’s relative performance included overweight positions versus the Benchmark in HDFC Bank, Nitto Denko Corp. and Rio Tinto Plc. Shares of HDFC Bank struggled, as did Indian banks in general, as the Reserve Bank of India raised interest rates and tightened lenders’ access to cash in an effort to stabilize the rupee. Shares of Nitto Denko Corp., a Japanese chemical and materials company, underperformed as operating profits rose less than expected and management’s full year projections fell short of Wall Street estimates. Shares of Rio Tinto Plc, one of the world’s leading

mining companies, fell as concerns about global growth, particularly in China, weighed on commodity prices.

Individual contributors to the Fund’s relative performance included its overweight positions versus the Benchmark in Prudential Plc and Sands China Ltd. Shares of Prudential Plc, a UK-based insurance group, performed well as growth in the company’s Asian operations stimulated earnings, enabling the company to raise dividends. Shares of Sands China Ltd., a developer and operator of casinos in Macao (near Hong Kong), rose to record highs as increased capacity and growing consumer affluence in Asia continued to fuel revenue growth. Also contributing to relative performance was the Fund’s position in out-of-Benchmark holding Atresmedia Corporacion De Medios De Comunicacion Sa. Shares of Atresmedia Corporacion De Medios De Comunicacion Sa, a Spanish television broadcaster, performed well as Spain’s economy emerged from recession and the company received the go-ahead to merge with smaller rival, La Sexta.

HOW WAS THE FUND POSITIONED?

The Fund primarily invested in equity securities of international companies and was generally unconstrained by any particular capitalization, style or sector. The Fund invested in companies across capitalization sizes, sectors and geographic locations, including emerging markets.

* 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.

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Cie Financiere Richemont S.A. (Switzerland)	3.3	%
	2.	Prudential plc (United Kingdom)	3.2
	3.	Standard Chartered plc (United Kingdom)	3.2
	4.	Rio Tinto plc (United Kingdom)	3.0
	5.	Roche Holding AG (Switzerland)	3.0
	6.	HSBC Holdings plc (United Kingdom)	3.0
	7.	Cheung Kong Holdings Ltd. (Hong Kong)	2.9
	8.	Kering (France)	2.8
	9.	Toyota Motor Corp. (Japan)	2.7
	10.	UBS AG (Switzerland)	2.6

PORTFOLIO COMPOSITION BY COUNTRY*
United Kingdom	26.6	%
France	11.9
Japan	11.3
Switzerland	10.8
Germany	10.4
Canada	4.7
Hong Kong	4.7
South Korea	4.4
Spain	3.9
United States	2.4
India	2.2
Sweden	2.2
Russia	2.0
Belgium	1.5
South Africa	1.0

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan International Unconstrained Equity Fund

FUND SUMMARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		11/30/11
Without Sales Charge				22.23	%		19.51	%
With Sales Charge*				15.80			16.20
CLASS C SHARES		11/30/11
Without CDSC				21.61			18.90
With CDSC**				20.61			18.90
CLASS R2 SHARES		11/30/11		21.92			19.20
CLASS R5 SHARES		11/30/11		22.76			20.03
CLASS R6 SHARES		11/30/11		22.80			20.08
SELECT CLASS SHARES		11/30/11		22.49			19.78

* 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 10/31/13)

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

The Fund commenced operations on November 30, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Unconstrained Equity Fund, the MSCI EAFE Index and the MSCI All Country World Index, ex-U.S. from November 30, 2011 to October 31, 2013. 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 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 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 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. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through May 30, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

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

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		26.72%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)		27.79%
Net Assets as of 10/31/2013 (In Thousands)	$	3,076,523

INVESTMENT OBJECTIVE**

The JPMorgan International Value Fund (the “Fund”) seeks to provide high total return from a portfolio of foreign company equity securities.

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

The Fund (Institutional Class Shares) underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s security selection in the technology-hardware, transport services and consumer cyclicals and energy sectors detracted from relative performance. Contributing to relative performance versus the Benchmark was security selection in the basic industries, property and insurance sectors.

Individual detractors from relative performance included the Fund’s out-of-Benchmark positions in China Shenhua Energy Co., Ltd., First Quantum Minerals Ltd. and Nitto Denko Corp. Shares of China Shenhua Energy Co., Ltd., a coal mining and energy company, fell on the back of weak coal prices and moderating economic growth in the People’s Republic of China. First Quantum Minerals Ltd. is a mining company. Its shares struggled as concerns about growth, particularly in China, weighed on commodity prices. Shares of Nitto Denko Corp., a Japanese chemical and materials company, underperformed as operating profits rose less than expected and management’s full year projections fell short of estimates.

Individual contributors to relative performance included the Fund’s out-of-Benchmark position in European Aeronautic Defence and Space Company N.V. and overweight positions relative to the Benchmark in Electricite de France SA, and Sumitomo Mitsui Financial Group, Inc. European Aeronautic

Defence and Space Company N.V. is an aerospace company. Its shares rose on the back of strong orders for commercial aircraft. Shares of Electricite de France SA, a French power generator, rose during the reporting period, driven in part by the prospect that economic activity in the euro zone would improve. The company was also recently granted permission to raise tariffs, even as it continues to cut costs and pay down debt. Sumitomo Mitsui Financial Group, Inc. is a Japanese banking and financial services company. Its shares moved sharply higher as economic prospects for Japan improved in the wake of the election of a new pro-growth government.

HOW WAS THE FUND POSITIONED?

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

In addition, the Fund employed futures and currency forwards to help manage cash flows and attempt to keep the Fund’s currency exposure in line with the U.S.-dollar denominated Benchmark.

* 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, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	HSBC Holdings plc (United Kingdom)	3.4	%
	2.	Vodafone Group plc (United Kingdom)	3.3
	3.	Royal Dutch Shell plc, Class A (Netherlands)	2.9
	4.	BNP Paribas S.A. (France)	2.4
	5.	Mitsubishi UFJ Financial Group, Inc. (Japan)	2.3
	6.	Eni S.p.A. (Italy)	2.3
	7.	Bayer AG (Germany)	2.0
	8.	Toyota Motor Corp. (Japan)	1.9
	9.	Novartis AG (Switzerland)	1.8
	10.	Swiss Re AG (Switzerland)	1.8

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	21.2	%
United Kingdom	16.7
France	15.5
Germany	11.4
Switzerland	6.1
Netherlands	4.6
Italy	3.9
Hong Kong	2.9
Sweden	2.6
Australia	2.4
Spain	1.5
Belgium	1.3
China	1.3
Finland	1.1
Denmark	1.1
South Korea	1.0
Others (each less than 1.0%)	2.6
Short-Term Investment	2.8

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		9/28/01
Without Sales Charge				26.13	%		11.00	%		8.63	%
With Sales Charge*				19.55			9.82			8.05
CLASS B SHARES		9/28/01
Without CDSC				25.64			10.46			8.20
With CDSC**				20.64			10.19			8.20
CLASS C SHARES		7/11/06
Without CDSC				25.58			10.46			8.10
With CDSC***				24.58			10.46			8.10
CLASS R2 SHARES		11/3/08		25.91			10.73			8.50
CLASS R6 SHARES		11/30/10		26.84			11.52			9.14
INSTITUTIONAL CLASS SHARES		11/4/93		26.72			11.46			9.11
SELECT CLASS SHARES		9/10/01		26.46			11.27			8.88

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/03 TO 10/31/13)

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 performance of Class C Shares prior to its inception date is based on the performance of Class B Shares of the Fund. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have expenses similar to those of Class B Shares.

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

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan International Value Fund, the MSCI EAFE Value Index and the Lipper International Large-Cap Value Funds Average from October 31, 2003 to October 31, 2013. 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.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

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

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

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

Because Class B shares automatically convert to Class A shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion.

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

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan Intrepid International Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		26.90%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		26.88%
Net Assets as of 10/31/2013 (In Thousands)	$	657,879

INVESTMENT OBJECTIVE**

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

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

The Fund (Institutional Class Shares) modestly outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s portfolio managers attempted to construct the Fund so that security selection and style factors (i.e., growth and value characteristics) would be the primary drivers of returns. Security selection in the industrials and health care sectors was a key contributor to performance relative to the Benchmark. Security selection and an overweight position versus the Benchmark in the consumer discretionary sector also contributed to results. Detracting from relative performance was security selection in the financials, information technology and energy sectors.

Individual contributors to performance relative to the Benchmark included the Fund’s overweights in easyJet plc, ITV Plc and AXA S.A. Shares of European discount airline company easyJet plc benefited from stronger profits. The company increased its efforts to attract more passengers by offering preferred seating, flexible tickets and higher frequencies on key routes. Shares of ITV Plc, a British media company, rose on strong revenue. The company has been reducing its dependence on advertising by investing more in content creation. Shares of AXA S.A., a French insurance company, rallied as Europe’s economy stabilized and began to show signs of strength. The prospect of higher interest rates in the U.S. also helped to boost the stock.

Individual detractors from performance relative to the Benchmark included the Fund’s positioning in Daimler Ag, Petroleo Brasiliero Sa Pfd and Nokia Oyj. The Fund was underweight shares in Daimler Ag, a German automobile manufacturer, which benefited from an improving European economy and expansion in China, now the world’s largest automobile market. Shares of out-of-Benchmark holding Petroleo Brasiliero Sa Pfd, a Brazilian energy company, struggled amid weak commodity prices and concerns about government intervention in the company’s operations. The Fund had no position in Benchmark holding Nokia Oyj, a Finnish telecommunications company, whose shares moved sharply higher after it agreed to sell its core cell phone operations to Microsoft.

HOW WAS THE FUND POSITIONED?

The Fund’s strategy is rooted in the notion that investor behavior is influenced by human emotion and this influence gives rise to persistent growth and value anomalies within the market. During the reporting period, the Fund’s portfolio managers sought to exploit these anomalies by utilizing a series of style screens designed to identify securities with attractive growth and/or value characteristics, targeting names that possessed high earnings momentum, strong price momentum, low price-to-book ratios and low price-to-earnings ratios.

* 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, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan Intrepid International Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Vodafone Group plc (United Kingdom)	1.9	%
	2.	Roche Holding AG (Switzerland)	1.8
	3.	Royal Dutch Shell plc, Class B (Netherlands)	1.7
	4.	Novartis AG (Switzerland)	1.6
	5.	Toyota Motor Corp. (Japan)	1.6
	6.	HSBC Holdings plc (United Kingdom)	1.4
	7.	Bayer AG (Germany)	1.4
	8.	Total S.A. (France)	1.3
	9.	Nestle S.A. (Switzerland)	1.3
	10.	BHP Billiton Ltd. (Australia)	1.2

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	19.5	%
United Kingdom	19.4
Switzerland	12.1
France	10.4
Germany	9.6
Netherlands	5.6
Australia	5.5
Sweden	2.7
Spain	2.2
Hong Kong	1.7
Finland	1.4
China	1.3
Others (each less than 1.0%)	6.4
Short-Term Investment	2.2

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		4/30/01
Without Sales Charge				26.25	%		11.15	%		6.24	%
With Sales Charge*				19.63			9.95			5.67
CLASS C SHARES		2/28/06
Without CDSC				25.60			10.60			5.83
With CDSC**				24.60			10.60			5.83
CLASS R2 SHARES		11/3/08		26.02			10.88			6.11
INSTITUTIONAL CLASS SHARES		4/30/01		26.90			11.72			6.79
SELECT CLASS SHARES		2/28/06		26.56			11.44			6.59

* 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 (10/31/03 TO 10/31/13)

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Intrepid International Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from October 31, 2003 to October 31, 2013. 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 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.

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

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

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.4%
		Brazil — 12.7%
	981	Banco do Brasil S.A. (m)		13,029
	218	Cia Brasileira de Distribuicao Grupo Pao de Acucar (Preference Shares), ADR (m)		10,986
	482	Cia de Bebidas das Americas (Preference Shares), ADR (m)		17,924
	1,224	Embraer S.A. (m)		8,930
	1,135	Even Construtora e Incorporadora S.A. (m)		4,229
	272	Ez Tec Empreendimentos e Participacoes S.A. (m)		3,999
	317	Grendene S.A. (m)		2,869
	1,451	Itau Unibanco Holding S.A. (Preference Shares), ADR (m)		22,365
	115	M. Dias Branco S.A. (m)		5,377
	281	Petroleo Brasileiro S.A., ADR (m)		4,906
	390	Porto Seguro S.A. (m)		4,899
	584	Sul America S.A. (m)		4,272
	517	Telefonica Brasil S.A., ADR (m)		11,462
	1,206	Tim Participacoes S.A. (m)		6,147
	555	Vale S.A., ADR (m)		8,881
				130,275
		China — 17.4%
	32,182	Bank of China Ltd., Class H (m)		15,110
	31,296	China Construction Bank Corp., Class H (m)		24,349
	6,079	China Merchants Bank Co., Ltd., Class H (m)		12,088
	3,737	China Minsheng Banking Corp., Ltd., Class H (m)		4,282
	18,705	China Petroleum & Chemical Corp., Class H (m)		15,142
	6,447	China Shanshui Cement Group Ltd. (m)		2,296
	9,035	CNOOC Ltd. (m)		18,377
	6,580	Dongyue Group (m)		3,106
	406	Giant Interactive Group, Inc., ADR (m)		3,595
	1,817	Great Wall Motor Co., Ltd., Class H (m)		10,680
	3,296	Guangzhou R&F Properties Co., Ltd., Class H (m)		5,775
	34,627	Industrial & Commercial Bank of China Ltd., Class H (m)		24,274
	11,780	Lenovo Group Ltd. (m)		12,619
	141	NetEase, Inc., ADR (m)		9,530
	134	Perfect World Co., Ltd., ADR (m)		2,348
	1,373	Ping An Insurance Group Co. of China Ltd., Class H (m)		10,827
	172	WuXi PharmaTech Cayman, Inc., ADR (a) (m)		5,033
				179,431
		Hong Kong — 5.4%
	12,458	Bosideng International Holdings Ltd. (m)		2,876
	2,696	Chaoda Modern Agriculture Holdings Ltd. (a) (i)		—
	2,288	China Mobile Ltd. (m)		23,771

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — Continued
	7,260	Geely Automobile Holdings Ltd. (m)		3,660
	23,223	Shenzhen International Holdings Ltd. (m)		2,845
	6,552	Shougang Fushan Resources Group Ltd. (m)		2,206
	3,932	SJM Holdings Ltd. (m)		12,714
	9,368	Skyworth Digital Holdings Ltd. (m)		4,544
	4,872	Truly International Holdings (m)		3,091
				55,707
		Hungary — 1.0%
	474	OTP Bank plc (m)		9,829
		India — 6.5%
	364	HCL Technologies Ltd. (m)		6,496
	1,036	Housing Development Finance Corp. (m)		14,391
	328	Infosys Ltd., ADR (m)		17,404
	1,955	Oil & Natural Gas Corp., Ltd. (m)		9,343
	283	Oil India Ltd. (m)		2,179
	230	Punjab National Bank (m)		2,035
	939	Rural Electrification Corp. Ltd. (m)		2,962
	402	Tata Motors Ltd., ADR (m)		12,597
				67,407
		Indonesia — 1.8%
	7,158	Bank Rakyat Indonesia Persero Tbk PT (m)		5,023
	5,351	Indofood Sukses Makmur Tbk PT (m)		3,153
	48,435	Telekomunikasi Indonesia Persero Tbk PT (m)		10,075
				18,251
		Mexico — 0.6%
	3,366	Compartamos S.A.B. de C.V. (m)		6,558
		Netherlands — 0.4%
	263	VimpelCom Ltd., ADR (m)		3,778
		Poland — 4.3%
	240	Eurocash S.A. (m)		3,684
	257	KGHM Polska Miedz S.A. (m)		10,383
	1,407	Polskie Gornictwo Naftowe i Gazownictwo S.A. (m)		2,587
	1,147	Powszechna Kasa Oszczednosci Bank Polski S.A. (m)		15,189
	79	Powszechny Zaklad Ubezpieczen S.A. (m)		11,982
				43,825
		Qatar — 0.5%
	118	Industries Qatar QSC (m)		5,185
		Russia — 9.7%
	282	CTC Media, Inc. (m)		3,570
	296	Lukoil OAO, ADR (m)		19,375
	19	Magnit OJSC (m)		5,210
	777	MMC Norilsk Nickel OJSC, ADR (m)		11,731

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Russia — Continued
	308	Mobile Telesystems OJSC (m)		3,264
	494	Mobile Telesystems OJSC, ADR (m)		11,269
	1,637	Rosneft OAO, Reg.S, GDR (m)		12,914
	967	Sberbank of Russia (m)		3,101
	1,310	Sberbank of Russia, ADR (m)		16,703
	307	Tatneft OAO, ADR (m)		12,599
				99,736
		South Africa — 4.3%
	827	African Bank Investments Ltd. (m)		1,401
	634	AVI Ltd. (m)		3,728
	668	Clicks Group Ltd. (m)		4,164
	3,564	FirstRand Ltd. (m)		12,794
	466	Imperial Holdings Ltd. (m)		9,906
	386	MTN Group Ltd. (m)		7,673
	156	Tiger Brands Ltd. (m)		4,563
				44,229
		South Korea — 15.2%
	258	DGB Financial Group, Inc. (m)		4,140
	20	GS Home Shopping, Inc. (m)		4,547
	93	Halla Visteon Climate Control Corp. (m)		3,484
	40	Hyosung Corp. (m)		2,726
	87	Hyundai Motor Co. (m)		20,639
	173	Kangwon Land, Inc. (m)		4,759
	253	Kia Motors Corp. (m)		14,722
	170	KT&G Corp. (m)		12,385
	193	Partron Co. Ltd. (m)		3,106
	41	Samsung Electronics Co., Ltd. (m)		56,301
	28	SK Holdings Co., Ltd. (m)		5,057
	260	SK Hynix, Inc. (a) (m)		7,837
	30	SK Telecom Co., Ltd. (m)		6,592
	901	Woori Finance Holdings Co., Ltd. (m)		10,677
				156,972
		Taiwan — 11.7%
	976	Catcher Technology Co., Ltd. (m)		5,675
	1,330	Chicony Electronics Co., Ltd. (m)		3,316
	2,157	Chipbond Technology Corp. (m)		4,359
	8,584	Fubon Financial Holding Co., Ltd. (m)		12,580
	4,083	Hon Hai Precision Industry Co., Ltd. (m)		10,381
	886	Hon Hai Precision Industry Co., Ltd., Reg.S, GDR (m)		4,394
	1,021	Huaku Development Co., Ltd. (m)		2,859
	3,292	Inventec Corp. (m)		2,947
	2,083	Kenda Rubber Industrial Co., Ltd. (m)		4,096
	4,608	Lite-On Technology Corp. (m)		8,067
	4,579	Pou Chen Corp. (m)		5,578

SHARES		SECURITY DESCRIPTION	VALUE($)
		Taiwan — Continued
	2,036	Realtek Semiconductor Corp. (m)		4,733
	1,769	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		32,566
	542	TPK Holding Co., Ltd. (m)		3,805
	6,412	Uni-President Enterprises Corp. (m)		12,210
	2,501	Vanguard International Semiconductor Corp. (m)		2,703
				120,269
		Thailand — 0.5%
	7,221	Krung Thai Bank PCL, NVDR (m)		4,723
		Turkey — 4.9%
	706	Arcelik A.S. (m)		4,499
	2,589	Eregli Demir ve Celik Fabrikalari TAS (m)		3,579
	208	Ford Otomotiv Sanayi A.S. (m)		2,927
	257	Koza Altin Isletmeleri A.S. (m)		4,547
	632	Tofas Turk Otomobil Fabrikasi A.S. (m)		4,177
	360	Tupras Turkiye Petrol Rafinerileri A.S. (m)		8,145
	1,007	Turk Hava Yollari (m)		3,928
	532	Turkcell Iletisim Hizmetleri A.S. (a) (m)		3,300
	1,035	Turkiye Halk Bankasi A.S. (m)		8,313
	2,760	Turkiye Is Bankasi, Class C (m)		7,541
				50,956
		United Arab Emirates — 1.5%
	5,608	Air Arabia PJSC (m)		2,213
	948	Dragon Oil plc (m)		8,976
	1,062	First Gulf Bank PJSC (m)		4,692
				15,881
		Total Common Stocks (Cost $957,829)		1,013,012
	Preferred Stock — 0.3%
		Brazil — 0.3%
	425	Banco do Estado do Rio Grande do Sul S.A., Class B (m) (Cost $3,586)		3,063
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	14,082	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $14,082)		14,082
		Total Investments — 100.1% (Cost $975,497)		1,030,157
		Liabilities in Excess of Other Assets — (0.1)%		(571	)
		NET ASSETS — 100.0%	$	1,029,586

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		20.4	%
Oil, Gas & Consumable Fuels		11.1
Semiconductors & Semiconductor Equipment		10.5
Automobiles		6.7
Wireless Telecommunication Services		6.4
Metals & Mining		4.0
Computers & Peripherals		3.2
Insurance		3.1
Diversified Financial Services		2.9
Food Products		2.8
Electronic Equipment, Instruments & Components		2.4
Food & Staples Retailing		2.3

INDUSTRY	PERCENTAGE
IT Services		2.3	%
Diversified Telecommunication Services		2.1
Beverages		1.7
Hotels, Restaurants & Leisure		1.7
Household Durables		1.7
Thrifts & Mortgage Finance		1.4
Tobacco		1.2
Textiles, Apparel & Luxury Goods		1.1
Industrial Conglomerates		1.0
Distributors		1.0
Others (each less than 1.0%)		7.6
Short Term Investment		1.4

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.6%
		Brazil — 9.9%
	6,256	CCR S.A. (m)		52,025
	1,427	Cia de Bebidas das Americas (Preference Shares), ADR (m)		53,073
	1,280	Cielo S.A. (m)		38,843
	2,098	Itau Unibanco Holding S.A. (Preference Shares), ADR (m)		32,337
	956	Lojas Renner S.A. (m)		28,812
	850	Marcopolo S.A. (m)		2,125
	2,002	Ultrapar Participacoes S.A. (m)		53,340
	3,411	Vale S.A. (Preference Shares), ADR (m)		49,938
	2,184	WEG S.A. (m)		28,364
				338,857
		China — 6.5%
	33,803	CNOOC Ltd. (m)		68,754
	27,255	Sun Art Retail Group Ltd. (m)		44,642
	596	Tencent Holdings Ltd. (m)		32,500
	4,110	Tsingtao Brewery Co., Ltd., Class H (m)		33,659
	11,458	Wynn Macau Ltd. (m)		43,986
				223,541
		Colombia — 1.5%
	2,419	Pacific Rubiales Energy Corp. (m)		50,043
		Cyprus — 1.0%
	392	Eurasia Drilling Co., Ltd., Reg. S, GDR (m)		16,581
	1,078	Globaltrans Investment plc, Reg. S, GDR (m)		16,387
				32,968
		Hong Kong — 7.3%
	18,562	AIA Group Ltd. (m)		94,255
	5,177	China Mobile Ltd. (m)		53,797
	854	Jardine Matheson Holdings Ltd. (m)		46,555
	7,585	Sands China Ltd. (m)		53,929
				248,536
		India — 16.0%
	1,689	ACC Ltd. (m)		31,155
	5,472	Ambuja Cements Ltd. (m)		16,738
	1,900	Asian Paints Ltd. (m)		16,649
	1,467	HDFC Bank Ltd., ADR (m)		53,193
	8,798	Housing Development Finance Corp. (m)		122,247
	48	Infosys Ltd. (m)		2,538
	1,284	Infosys Ltd., ADR (m)		68,123
	10,793	ITC Ltd. (m)		58,745
	1,478	Kotak Mahindra Bank Ltd. (m)	��	18,088
	1,785	Larsen & Toubro Ltd. (m)		28,258
	3,843	Mahindra & Mahindra Financial Services Ltd. (m)		17,650

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — Continued
	1,894	Mahindra & Mahindra Ltd. (m)		27,327
	2,524	Tata Consultancy Services Ltd. (m)		86,708
				547,419
		Indonesia — 3.3%
	87,490	Astra International Tbk PT (m)		51,583
	87,388	Bank Rakyat Indonesia Persero Tbk PT (m)		61,331
				112,914
		Luxembourg — 1.9%
	1,387	Tenaris S.A., ADR (m)		64,931
		Malaysia — 1.0%
	5,935	Public Bank Bhd (m)		34,446
		Mexico — 2.7%
	11,517	Fibra Uno Administracion S.A. de C.V. (m)		35,822
	4,092	Grupo Financiero Banorte S.A.B. de C.V., Class O (m)		26,116
	11,957	Wal-Mart de Mexico S.A.B. de C.V., Series V, (m)		31,085
				93,023
		Panama — 0.5%
	113	Copa Holdings S.A., Class A (m)		16,853
		Peru — 1.5%
	364	Credicorp Ltd. (m)		49,763
		Poland — 0.3%
	644	Eurocash S.A. (m)		9,892
		Russia — 4.2%
	759	Magnit OJSC, Reg. S, GDR (m)		48,775
	2,735	Mobile Telesystems OJSC (m)		28,971
	10,507	Sberbank of Russia (m)		33,696
	2,445	Sberbank of Russia, ADR (m)		31,183
				142,625
		South Africa — 14.9%
	6,827	African Bank Investments Ltd. (m)		11,561
	799	African Rainbow Minerals Ltd. (m)		15,288
	2,552	Bidvest Group Ltd. (m)		68,005
	820	Capitec Bank Holdings Ltd. (m)		17,483
	14,912	FirstRand Ltd. (m)		53,533
	680	Imperial Holdings Ltd. (m)		14,453
	684	Kumba Iron Ore Ltd. (m)		28,588
	1,285	Massmart Holdings Ltd. (m)		20,599
	2,263	Mr Price Group Ltd. (m)		35,612
	3,654	MTN Group Ltd. (m)		72,633
	2,526	Remgro Ltd. (m)		51,444
	3,547	Shoprite Holdings Ltd. (m)	��	64,947

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		South Africa — Continued
	7,033	Woolworths Holdings Ltd. (m)		52,900
				507,046
		South Korea — 7.6%
	118	Hyundai Mobis (m)		33,311
	376	Hyundai Motor Co. (m)		89,623
	99	Samsung Electronics Co., Ltd. (m)		136,520
				259,454
		Taiwan — 5.6%
	12,734	Delta Electronics, Inc. (m)		66,223
	5,800	President Chain Store Corp. (m)		42,305
	4,563	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		83,998
				192,526
		Thailand — 3.5%
	3,916	Advanced Info Service PCL, NVDR (m)		32,070
	8,942	Siam Commercial Bank PCL (The) (m)		47,412
	11,532	Total Access Communication PCL, NVDR (m)		41,653
				121,135
		Turkey — 3.0%
	6,113	KOC Holding A.S. (m)		29,939
	3,378	TAV Havalimanlari Holding A.S. (m)		24,439
	11,918	Turkiye Garanti Bankasi A.S. (m)		47,788
				102,166
		United Kingdom — 3.4%
	1,228	SABMiller plc (m)		64,045
	2,113	Standard Chartered plc (m)		50,740
				114,785
		Total Common Stocks (Cost $2,758,496)		3,262,923
	Preferred Stocks — 0.9%
		Brazil — 0.9%
	1,184	Itau Unibanco Holding S.A. (m)		18,281
	4,129	Marcopolo S.A. (m)		10,653
		Total Preferred Stocks (Cost $24,691)		28,934

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.1%
		Investment Company — 4.1%
	141,356	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $141,356)		141,356
		Total Investments — 100.6% (Cost $2,924,543)		3,433,213
		Liabilities in Excess of Other Assets — (0.6)%		(21,520	)
		NET ASSETS — 100.0%	$	3,411,693

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		14.7	%
Food & Staples Retailing		7.6
Wireless Telecommunication Services		6.7
Semiconductors & Semiconductor Equipment		6.4
IT Services		5.7
Oil, Gas & Consumable Fuels		5.0
Automobiles		4.9
Beverages		4.4
Industrial Conglomerates		4.2
Diversified Financial Services		3.9
Thrifts & Mortgage Finance		3.6
Hotels, Restaurants & Leisure		2.9
Insurance		2.7
Metals & Mining		2.7
Multiline Retail		2.4
Energy Equipment & Services		2.4
Transportation Infrastructure		2.2
Electronic Equipment, Instruments & Components		1.9
Tobacco		1.7
Construction Materials		1.4
Machinery		1.2
Real Estate Investment Trusts (REITs)		1.0
Specialty Retail		1.0
Auto Components		1.0
Others (each less than 1.0%)		4.3
Short-Term Investment		4.1

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.7%
		Australia — 5.2%
	86	Australia & New Zealand Banking Group Ltd. (m)		2,768
	261	Goodman Group (m)		1,248
	230	Transurban Group (m)		1,546
				5,562
		Belgium — 0.8%
	5	Solvay S.A. (m)		856
		Brazil — 1.7%
	20	Cia de Bebidas das Americas (Preference Shares), ADR (m)		730
	117	Cia Energetica de Minas Gerais, ADR (m)		1,053
				1,783
		Canada — 1.9%
	29	Bank of Montreal (m)		2,041
		China — 1.9%
	323	China Shenhua Energy Co., Ltd., Class H (m)		981
	286	Wynn Macau Ltd. (m)		1,098
				2,079
		Denmark — 1.5%
	176	TDC A/S (m)		1,585
		Finland — 0.2%
	16	UPM-Kymmene OYJ (m)		254
		France — 10.2%
	51	AXA S.A. (m)		1,276
	18	BNP Paribas S.A. (m)		1,308
	54	Electricite de France S.A. (m)		1,900
	68	GDF Suez (m)		1,693
	11	Schneider Electric S.A. (m)		915
	21	Total S.A. (m)		1,269
	6	Unibail-Rodamco SE (m)		1,588
	16	Vinci S.A. (m)		1,046
				10,995
		Germany — 5.5%
	16	BASF SE (m)		1,635
	18	Daimler AG (m)		1,505
	122	Deutsche Telekom AG (m)		1,913
	19	ProSiebenSat.1 Media AG (m)		890
				5,943
		Hong Kong — 0.8%
	72	Hutchison Whampoa Ltd. (m)		897
		Italy — 2.2%
	93	Eni S.p.A. (m)		2,369

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — 6.9%
	55	Japan Tobacco, Inc. (m)		2,001
	55	Seven & I Holdings Co., Ltd. (m)		2,047
	27	Sumitomo Mitsui Financial Group, Inc. (m)		1,315
	31	Toyota Motor Corp. (m)		2,029
				7,392
		Netherlands — 2.5%
	82	Royal Dutch Shell plc, Class A (m)		2,738
		Norway — 0.9%
	39	Telenor ASA (m)		930
		Singapore — 2.6%
	84	Keppel Corp., Ltd. (m)		733
	681	Singapore Telecommunications Ltd. (m)		2,068
				2,801
		Sweden — 3.3%
	38	Electrolux AB, Series B, (m)		932
	51	Swedbank AB, Class A (m)		1,327
	113	Telefonaktiebolaget LM Ericsson, Class B (m)		1,348
				3,607
		Switzerland — 5.6%
	20	Novartis AG (m)		1,519
	7	Roche Holding AG (m)		1,807
	30	Swiss Re AG (a) (m)		2,653
				5,979
		Taiwan — 0.3%
	296	Siliconware Precision Industries Co. (m)		360
		United Kingdom — 10.7%
	72	British Sky Broadcasting Group plc (m)		1,075
	218	Centrica plc (m)		1,231
	233	Direct Line Insurance Group plc (m)		839
	69	GlaxoSmithKline plc (m)		1,822
	147	HSBC Holdings plc (m)		1,607
	56	Pearson plc (m)		1,168
	56	Persimmon plc (a) (m)		1,124
	739	Vodafone Group plc (m)		2,706
				11,572
		United States — 32.0%
	96	Applied Materials, Inc. (m)		1,716
	32	Bristol-Myers Squibb Co. (m)		1,697
	7	Chevron Corp. (m)		887
	85	Cisco Systems, Inc. (m)		1,915
	19	CME Group, Inc. (m)		1,408
	34	ConocoPhillips (m)		2,472

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		United States — Continued
	26	Dow Chemical Co. (The) (m)		1,043
	14	Home Depot, Inc. (The) (m)		1,074
	27	Johnson & Johnson (m)		2,465
	28	Lorillard, Inc. (m)		1,417
	48	Masco Corp. (m)		1,013
	20	McDonald’s Corp. (m)		1,889
	18	Merck & Co., Inc. (m)		799
	20	MetLife, Inc. (m)		933
	85	Microsoft Corp. (m)		2,991
	27	PACCAR, Inc. (m)		1,486
	15	Sempra Energy (m)		1,386
	31	Time Warner, Inc. (m)		2,154
	10	United Technologies Corp. (m)		1,077
	28	Verizon Communications, Inc. (m)		1,393
	35	Wells Fargo & Co. (m)		1,489
	19	Williams Cos., Inc. (The) (m)		682
	37	Xcel Energy, Inc. (m)		1,073
				34,459
		Total Common Stocks (Cost $91,573)		104,202
	Short-Term Investment — 3.7%
		Investment Company — 3.7%
	3,942	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $3,942)		3,942
		Total Investments — 100.4% (Cost $95,515)		108,144
		Liabilities in Excess of Other Assets — (0.4)%		(460	)
		NET ASSETS — 100.0%	$	107,684

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		11.0	%
Oil, Gas & Consumable Fuels		10.5
Pharmaceuticals		9.3
Diversified Telecommunication Services		7.3
Insurance		5.3
Media		4.9
Multi-Utilities		4.0
Electric Utilities		3.7
Automobiles		3.3
Chemicals		3.3
Tobacco		3.2
Communications Equipment		3.0
Software		2.8
Hotels, Restaurants & Leisure		2.8
Real Estate Investment Trusts (REITs)		2.6
Wireless Telecommunication Services		2.5
Semiconductors & Semiconductor Equipment		1.9
Household Durables		1.9
Food & Staples Retailing		1.9
Industrial Conglomerates		1.5
Transportation Infrastructure		1.4
Machinery		1.4
Diversified Financial Services		1.3
Aerospace & Defense		1.0
Specialty Retail		1.0
Construction & Engineering		1.0
Others (each less than 1.0%)		2.6
Short-Term Investments		3.6

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	2,294,561	CAD	Citibank, N.A.		12/20/13	$	2,219	$	2,198	$	(21	)
	676,791	CHF	TD Bank Financial Group		12/20/13		725		746		21
	662,170	EUR	Citibank, N.A.		12/20/13		900		899		(1	)
	211,568	EUR	Societe Generale		12/20/13		285		287		2
	278,609	GBP	Royal Bank of Canada		12/20/13		449		447		(2	)
	124,026	GBP	Societe Generale		12/20/13		198		199		1
	196,374	GBP	State Street Corp.		12/20/13		316		315		(1	)
	287,304	GBP	Westpac Banking Corp.		12/20/13		457		460		3
	2,076,922	HKD	BNP Paribas		12/20/13		268		268		—	(h)
	1,819,316	HKD	State Street Corp.		12/20/13		235		235		—	(h)
	139,559,395	JPY	Credit Suisse International		12/20/13		1,424		1,420		(4	)
	55,559,217	JPY	Royal Bank of Canada		12/20/13		572		565		(7	)
	241,873	NZD	Merrill Lynch International		12/20/13		197		199		2
						$	8,245	$	8,238	$	(7	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,835,317	AUD	Merrill Lynch International		12/20/13	$	1,705	$	1,729	$	(24	)
	2,165,679	CHF	Morgan Stanley		12/20/13		2,339		2,388		(49	)
	935,948	DKK	Goldman Sachs International		12/20/13		168		171		(3	)
	308,263	EUR	Barclays Bank plc		12/20/13		420		418		2
	192,158	EUR	BNP Paribas		12/20/13		260		260		—	(h)
	317,666	EUR	HSBC Bank, N.A.		12/20/13		435		432		3
	342,317	EUR	Royal Bank of Canada		12/20/13		465		465		—	(h)
	727,229	EUR	State Street Corp.		12/20/13		983		987		(4	)
	4,245,110	EUR	Westpac Banking Corp.		12/20/13		5,707		5,765		(58	)
	144,563	GBP	BNP Paribas		12/20/13		232		232		—	(h)
	2,724,767	GBP	Goldman Sachs International		12/20/13		4,332		4,367		(35	)
	403,960	GBP	Morgan Stanley		12/20/13		649		647		2
	231,073	GBP	Royal Bank of Scotland		12/20/13		368		371		(3	)
	2,251,352	HKD	BNP Paribas		12/20/13		291		291		—	(h)
	12,166,419	HKD	Credit Suisse International		12/20/13		1,569		1,569		—	(h)
	30,130,325	JPY	Royal Bank of Canada		12/20/13		311		306		5
	3,435,056	NOK	Morgan Stanley		12/20/13		581		576		5
	12,996,076	SEK	Morgan Stanley		12/20/13		2,005		2,003		2
	638,041	SGD	BNP Paribas		12/20/13		511		514		(3	)
	1,931,139	SGD	Credit Suisse International		12/20/13		1,532		1,555		(23	)
						$	24,863	$	25,046	$	(183	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.1%
		Australia — 3.2%
	51	AGL Energy Ltd. (m)		752
	14	ALS Ltd. (m)		128
	119	Amcor Ltd. (m)		1,220
	106	AMP Ltd. (m)		477
	16	APA Group (m)		94
	108	Asciano Ltd. (m)		591
	159	Aurizon Holdings Ltd. (m)		721
	173	Australia & New Zealand Banking Group Ltd. (m)		5,534
	178	BHP Billiton Ltd. (m)		6,283
	77	Brambles Ltd. (m)		678
	19	Coca-Cola Amatil Ltd. (m)		227
	99	Commonwealth Bank of Australia (m)		7,163
	50	Computershare Ltd. (m)		508
	4	Crown Ltd. (m)		56
	35	CSL Ltd. (m)		2,307
	328	Dexus Property Group (m)		336
	78	Echo Entertainment Group Ltd. (m)		196
	302	Federation Centres Ltd. (m)		708
	154	Fortescue Metals Group Ltd. (m)		757
	139	Goodman Group (m)		664
	217	GPT Group (m)		756
	239	Incitec Pivot Ltd. (m)		602
	102	Insurance Australia Group Ltd. (m)		593
	74	Lend Lease Group (m)		793
	13	Macquarie Group Ltd. (m)		605
	438	Mirvac Group (m)		719
	120	National Australia Bank Ltd. (m)		4,000
	18	Newcrest Mining Ltd. (m)		178
	30	Origin Energy Ltd. (m)		418
	74	QBE Insurance Group Ltd. (m)		1,037
	12	Ramsay Health Care Ltd. (m)		445
	34	Rio Tinto Ltd. (m)		2,048
	75	Santos Ltd. (m)		1,067
	7	Seek Ltd. (m)		85
	13	Stockland (m)		49
	115	Suncorp Group Ltd. (m)		1,455
	188	Telstra Corp., Ltd. (m)		918
	61	Toll Holdings Ltd. (m)		332
	77	Transurban Group (m)		515
	71	Wesfarmers Ltd. (m)		2,888
	146	Westfield Group (m)		1,493
	237	Westfield Retail Trust (m)		691
	158	Westpac Banking Corp. (m)		5,134
	50	Woodside Petroleum Ltd. (m)		1,832
	68	Woolworths Ltd. (m)		2,251

SHARES		SECURITY DESCRIPTION	VALUE($)
		Australia — Continued
	15	WorleyParsons Ltd. (m)		322
				60,626
		Austria — 0.1%
	14	Andritz AG (m)		850
	161	Telekom Austria AG (m)		1,326
				2,176
		Belgium — 0.5%
	29	Anheuser-Busch InBev N.V. (m)		2,966
	24	Solvay S.A. (m)		3,694
	32	UCB S.A. (m)		2,119
				8,779
		Bermuda — 0.3%
	38	Axis Capital Holdings Ltd. (m)		1,812
	3	Everest Re Group Ltd. (m)		445
	33	Genpact Ltd. (a) (m)		662
	75	Marvell Technology Group Ltd. (m)		905
	5	PartnerRe Ltd. (m)		536
	19	RenaissanceRe Holdings Ltd. (m)		1,797
				6,157
		Canada — 3.1%
	9	Agnico-Eagle Mines Ltd. (m)		271
	8	Agrium, Inc. (m)		669
	7	Alimentation Couche Tard, Inc., Class B (m)		476
	16	ARC Resources Ltd. (m)		416
	34	Bank of Montreal (m)		2,400
	62	Bank of Nova Scotia (m)		3,741
	55	Barrick Gold Corp. (m)		1,061
	13	BCE, Inc. (m)		587
	75	Bombardier, Inc., Class B (m)		343
	30	Brookfield Asset Management, Inc., Class A (m)		1,175
	21	Cameco Corp. (m)		407
	22	Canadian Imperial Bank of Commerce (m)		1,854
	23	Canadian National Railway Co. (m)		2,543
	58	Canadian Natural Resources Ltd. (m)		1,854
	25	Canadian Oil Sands Ltd. (m)		491
	9	Canadian Pacific Railway Ltd. (m)		1,308
	41	Cenovus Energy, Inc. (m)		1,206
	19	Crescent Point Energy Corp. (m)		727
	37	Eldorado Gold Corp. (m)		250
	40	Enbridge, Inc. (m)		1,738
	39	Encana Corp. (m)		704
	24	First Quantum Minerals Ltd. (m)		461
	10	Fortis, Inc. (m)		310

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Canada — Continued
	8		Franco-Nevada Corp. (m)		356
	44		Goldcorp, Inc. (m)		1,110
	15		Great-West Lifeco, Inc. (m)		469
	18		Husky Energy, Inc. (m)		508
	16		Imperial Oil Ltd. (m)		706
	7		Intact Financial Corp. (m)		437
	62		Kinross Gold Corp. (m)		313
	11		Lululemon Athletica, Inc. (a) (m)		734
	17		Magna International, Inc. (m)		1,440
	96		Manulife Financial Corp. (m)		1,701
	5		Metro, Inc. (m)		325
	9		National Bank of Canada (m)		757
	16		Pembina Pipeline Corp. (m)		515
	45		Potash Corp. of Saskatchewan, Inc. (m)		1,409
	18		Power Corp. of Canada (m)		542
	13		Power Financial Corp. (m)		428
	20		Rogers Communications, Inc., Class B (m)		929
	78		Royal Bank of Canada (m)		5,247
	7		Saputo, Inc. (m)		345
	20		Shaw Communications, Inc., Class B (m)		482
	11		Shoppers Drug Mart Corp. (m)		639
	19		Silver Wheaton Corp. (m)		435
	8		SNC-Lavalin Group, Inc. (m)		346
	32		Sun Life Financial, Inc. (m)		1,071
	85		Suncor Energy, Inc. (m)		3,076
	57		Talisman Energy, Inc. (m)		709
	31		Teck Resources Ltd., Class B (m)		828
	8		Tim Hortons, Inc. (m)		492
	49		Toronto-Dominion Bank (The) (m)		4,517
	38		TransCanada Corp. (m)		1,691
	42		Yamana Gold, Inc. (m)		412
					57,961
			China — 0.0% (g)
	16		AAC Technologies Holdings, Inc. (m)		69
	75		MGM China Holdings Ltd. (m)		259
					328
			Colombia — 0.0% (g)
	—	(h)	Pacific Rubiales Energy Corp. (m)		1
			Denmark — 0.7%
	—	(h)	AP Moeller - Maersk A/S, Class B (m)		1,364
	13		Carlsberg A/S, Class B (m)		1,257
	115		Danske Bank A/S (a) (m)		2,694
	37		Novo Nordisk A/S, Class B (m)		6,164
	167		TDC A/S (m)		1,507
					12,986

SHARES		SECURITY DESCRIPTION	VALUE($)
		Finland — 0.2%
	42	Nokian Renkaat OYJ (m)		2,109
	160	UPM-Kymmene OYJ (m)		2,544
				4,653
		France — 3.8%
	16	Air Liquide S.A. (m)		2,129
	25	AtoS (m)		2,151
	230	AXA S.A. (m)		5,722
	70	BNP Paribas S.A. (m)		5,180
	43	Bouygues S.A. (m)		1,659
	60	Cie de St-Gobain (m)		3,146
	28	Cie Generale des Etablissements Michelin (m)		2,867
	96	Electricite de France S.A. (m)		3,366
	81	European Aeronautic Defence and Space Co. N.V. (m)		5,573
	140	GDF Suez (m)		3,459
	20	Lafarge S.A. (m)		1,410
	9	LVMH Moet Hennessy Louis Vuitton S.A. (m)		1,707
	63	Orange S.A. (m)		868
	25	Renault S.A. (m)		2,194
	57	Sanofi (m)		6,041
	69	Schneider Electric S.A. (m)		5,787
	74	Societe Generale S.A. (m)		4,181
	23	Sodexo (m)		2,234
	66	Thales S.A. (m)		4,071
	117	Total S.A. (m)		7,189
	4	Unibail-Rodamco SE (m)		1,041
				71,975
		Germany — 3.4%
	39	Allianz SE (m)		6,487
	69	BASF SE (m)		7,121
	70	Bayer AG (m)		8,651
	28	Bayerische Motoren Werke AG (m)		3,176
	16	Brenntag AG (m)		2,723
	26	Continental AG (m)		4,814
	44	Daimler AG (m)		3,595
	63	Deutsche Bank AG (m)		3,048
	129	Deutsche Telekom AG (m)		2,024
	110	E.ON SE (m)		1,999
	46	HeidelbergCement AG (m)		3,585
	6	Linde AG (m)		1,210
	47	Metro AG (m)		2,222
	8	Muenchener Rueckversicherungs AG (m)		1,600
	17	RWE AG (m)		629
	83	SAP AG (m)		6,510
	28	Siemens AG (m)		3,532

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Germany — Continued
	25	ThyssenKrupp AG (a) (m)		630
				63,556
		Hong Kong — 1.2%
	639	AIA Group Ltd. (m)		3,247
	235	BOC Hong Kong Holdings Ltd. (m)		767
	115	Cheung Kong Holdings Ltd. (m)		1,796
	90	Cheung Kong Infrastructure Holdings Ltd. (m)		626
	56	CLP Holdings Ltd. (m)		447
	156	Galaxy Entertainment Group Ltd. (a) (m)		1,164
	62	Hang Seng Bank Ltd. (m)		1,027
	273	HKT Trust/HKT Ltd. (m)		253
	248	Hong Kong & China Gas Co., Ltd. (m)		578
	39	Hong Kong Exchanges and Clearing Ltd. (m)		624
	154	Hutchison Whampoa Ltd. (m)		1,919
	67	Kerry Properties Ltd. (m)		291
	92	Li & Fung Ltd. (m)		130
	154	Link REIT (The) (m)		775
	8	Michael Kors Holdings Ltd. (a) (m)		616
	186	MTR Corp., Ltd. (m)		719
	123	Noble Group Ltd. (m)		102
	254	NWS Holdings Ltd. (m)		397
	80	Orient Overseas International Ltd. (m)		413
	106	Power Assets Holdings Ltd. (m)		883
	191	Sands China Ltd. (m)		1,359
	416	Sino Land Co., Ltd. (m)		583
	76	SJM Holdings Ltd. (m)		246
	77	Sun Hung Kai Properties Ltd. (m)		1,009
	133	Wharf Holdings Ltd. (m)		1,119
	89	Wheelock & Co., Ltd. (m)		454
	172	Yue Yuen Industrial Holdings Ltd. (m)		471
				22,015
		Ireland — 0.5%
	16	Accenture plc, Class A (m)		1,209
	54	Eaton Corp. plc (m)		3,841
	2	Mallinckrodt plc (a) (m)		76
	103	Shire plc (m)		4,567
				9,693
		Italy — 0.9%
	78	Assicurazioni Generali S.p.A. (m)		1,821
	367	Enel S.p.A. (m)		1,621
	236	Eni S.p.A. (m)		6,000
	918	Intesa Sanpaolo S.p.A. (m)		2,277
	1,163	Telecom Italia S.p.A. (m)		1,134
	468	UniCredit SpA (m)		3,514
				16,367

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — 8.3%
	71	77 Bank Ltd. (The) (m)		351
	23	Aeon Co., Ltd. (m)		310
	19	Aisin Seiki Co., Ltd. (m)		776
	60	Ajinomoto Co., Inc. (m)		840
	1	Alfresa Holdings Corp. (m)		55
	28	ANA Holdings, Inc. (m)		58
	25	Arcs Co., Ltd. (m)		474
	10	Asahi Group Holdings Ltd. (m)		260
	128	Asahi Kasei Corp. (m)		974
	42	Astellas Pharma, Inc. (m)		2,364
	106	Bank of Yokohama Ltd. (The) (m)		585
	44	Bridgestone Corp. (m)		1,512
	52	Canon, Inc. (m)		1,641
	12	Central Japan Railway Co. (m)		1,543
	21	Chubu Electric Power Co., Inc. (m)		317
	22	Chugoku Electric Power Co., Inc. (The) (m)		340
	67	Citizen Holdings Co., Ltd. (m)		481
	34	Coca-Cola West Co., Ltd. (m)		698
	69	Dai-ichi Life Insurance Co., Ltd. (The) (m)		986
	10	Daiichi Sankyo Co., Ltd. (m)		182
	22	Daikin Industries Ltd. (m)		1,277
	114	Dainippon Screen Manufacturing Co., Ltd. (a) (m)		655
	6	Daito Trust Construction Co., Ltd. (m)		562
	49	Daiwa House Industry Co., Ltd. (m)		982
	43	Daiwa Securities Group, Inc. (m)		393
	122	Denki Kagaku Kogyo KK (m)		512
	14	Denso Corp. (m)		683
	23	Dentsu, Inc. (m)		869
	5	Disco Corp. (m)		322
	51	DMG Mori Seiki Co., Ltd. (m)		831
	28	East Japan Railway Co. (m)		2,467
	25	Electric Power Development Co., Ltd. (m)		799
	8	FANUC Corp. (m)		1,315
	3	Fast Retailing Co., Ltd. (m)		1,043
	14	Fuji Heavy Industries Ltd. (m)		383
	12	Fuji Media Holdings, Inc. (m)		231
	188	Fujitsu Ltd. (a) (m)		808
	37	Fukuoka Financial Group, Inc. (m)		167
	236	Furukawa Electric Co., Ltd. (m)		547
	74	Gunma Bank Ltd. (The) (m)		428
	3	Hajime Construction Co. Ltd. (m)		181
	7	Hirose Electric Co., Ltd. (m)		1,129
	1	Hisamitsu Pharmaceutical Co., Inc. (m)		27
	338	Hitachi Ltd. (m)		2,364
	279	Hokuhoku Financial Group, Inc. (m)		575

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Japan — Continued
	114	Honda Motor Co., Ltd. (m)		4,532
	31	Ibiden Co., Ltd. (m)		532
	99	Inpex Corp. (m)		1,141
	21	Isetan Mitsukoshi Holdings Ltd. (m)		318
	24	Isuzu Motors Ltd. (m)		149
	18	ITOCHU Corp. (m)		220
	23	Itochu Techno-Solutions Corp. (m)		891
	6	Japan Exchange Group, Inc. (m)		128
	91	Japan Tobacco, Inc. (m)		3,282
	39	JFE Holdings, Inc. (m)		887
	298	JX Holdings, Inc. (m)		1,472
	56	Kansai Electric Power Co., Inc. (The) (a) (m)		713
	14	Kao Corp. (m)		453
	179	Kawasaki Heavy Industries Ltd. (m)		699
	37	KDDI Corp. (m)		2,015
	72	Keio Corp. (m)		499
	1	Keyence Corp. (m)		257
	9	Kintetsu World Express, Inc. (m)		347
	30	Kirin Holdings Co., Ltd. (m)		438
	205	Kobe Steel Ltd. (a) (m)		362
	51	Komatsu Ltd. (m)		1,112
	7	Konica Minolta, Inc. (m)		54
	108	Kubota Corp. (m)		1,599
	21	Kyocera Corp. (m)		1,070
	63	Kyowa Hakko Kirin Co., Ltd. (m)		696
	46	Kyushu Electric Power Co., Inc. (a) (m)		649
	6	LIXIL Group Corp. (m)		134
	11	Mabuchi Motor Co., Ltd. (m)		558
	9	Makita Corp. (m)		460
	111	Marubeni Corp. (m)		869
	74	Marui Group Co., Ltd. (m)		705
	57	Mazda Motor Corp. (a) (m)		257
	39	Medipal Holdings Corp. (m)		529
	1	Miraca Holdings, Inc. (m)		36
	79	Mitsubishi Corp. (m)		1,604
	131	Mitsubishi Electric Corp. (m)		1,440
	46	Mitsubishi Estate Co., Ltd. (m)		1,315
	94	Mitsubishi Gas Chemical Co., Inc. (m)		768
	264	Mitsubishi Heavy Industries Ltd. (m)		1,678
	9	Mitsubishi Logistics Corp. (m)		125
	7	Mitsubishi Motors Corp. (a) (m)		82
	887	Mitsubishi UFJ Financial Group, Inc. (m)		5,649
	166	Mitsui & Co., Ltd. (m)		2,373
	222	Mitsui Chemicals, Inc. (m)		590
	74	Mitsui Fudosan Co., Ltd. (m)		2,451
	35	Mitsui Mining & Smelting Co., Ltd. (m)		89

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — Continued
	165	Mitsui OSK Lines Ltd. (m)		698
	1,016	Mizuho Financial Group, Inc. (m)		2,133
	13	MS&AD Insurance Group Holdings (m)		323
	4	Murata Manufacturing Co., Ltd. (m)		305
	34	NGK Spark Plug Co., Ltd. (m)		776
	21	Nikon Corp. (m)		390
	3	Nintendo Co., Ltd. (m)		304
	37	Nippon Meat Packers, Inc. (m)		542
	6	Nippon Paper Industries Co., Ltd. (m)		100
	677	Nippon Steel & Sumitomo Metal Corp. (m)		2,234
	34	Nippon Telegraph & Telephone Corp. (m)		1,757
	159	Nishi-Nippon City Bank Ltd. (The) (m)		430
	154	Nissan Motor Co., Ltd. (m)		1,544
	22	Nitto Denko Corp. (m)		1,164
	17	NKSJ Holdings, Inc. (m)		427
	287	Nomura Holdings, Inc. (m)		2,117
	26	Nomura Research Institute Ltd. (m)		886
	129	North Pacific Bank Ltd. (m)		561
	60	NSK Ltd. (m)		641
	48	NTT DOCOMO, Inc. (m)		763
	23	NTT Urban Development Corp. (m)		297
	21	Olympus Corp. (a) (m)		678
	21	Omron Corp. (m)		813
	34	Onward Holdings Co., Ltd. (m)		281
	96	ORIX Corp. (m)		1,665
	4	Otsuka Corp. (m)		480
	50	Otsuka Holdings Co., Ltd. (m)		1,433
	127	Panasonic Corp. (m)		1,300
	129	Resona Holdings, Inc. (m)		670
	77	Ricoh Co., Ltd. (m)		813
	6	Rinnai Corp. (m)		441
	1	Ryohin Keikaku Co., Ltd. (m)		80
	11	Sanrio Co., Ltd. (m)		626
	2	Santen Pharmaceutical Co., Ltd. (m)		86
	22	Sanwa Holdings Corp. (m)		141
	5	SBI Holdings, Inc. (m)		56
	7	Secom Co., Ltd. (m)		446
	32	Sega Sammy Holdings, Inc. (m)		823
	28	Seiko Epson Corp. (m)		459
	77	Sekisui Chemical Co., Ltd. (m)		895
	31	Sekisui House Ltd. (m)		445
	40	Seven & I Holdings Co., Ltd. (m)		1,462
	2	Shimamura Co., Ltd. (m)		236
	10	Shin-Etsu Chemical Co., Ltd. (m)		577
	37	Shinko Electric Industries Co., Ltd. (m)		327
	7	Shiseido Co., Ltd. (m)		115

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Japan — Continued
	3	SMC Corp. (m)		605
	69	SoftBank Corp. (m)		5,116
	70	Sony Corp. (m)		1,225
	245	Sumitomo Bakelite Co., Ltd. (m)		883
	202	Sumitomo Chemical Co., Ltd. (m)		740
	90	Sumitomo Corp. (m)		1,176
	26	Sumitomo Electric Industries Ltd. (m)		393
	82	Sumitomo Mitsui Financial Group, Inc. (m)		3,973
	208	Sumitomo Mitsui Trust Holdings, Inc. (m)		1,027
	12	Sumitomo Realty & Development Co., Ltd. (m)		568
	47	Sumitomo Rubber Industries Ltd. (m)		657
	16	Sundrug Co., Ltd. (m)		778
	28	Suzuken Co., Ltd. (m)		1,015
	21	Suzuki Motor Corp. (m)		531
	2	Sysmex Corp. (m)		113
	58	T&D Holdings, Inc. (m)		696
	6	Taisho Pharmaceutical Holdings Co., Ltd. (m)		442
	32	Taiyo Yuden Co., Ltd. (m)		408
	5	Takashimaya Co., Ltd. (m)		48
	35	Takeda Pharmaceutical Co., Ltd. (m)		1,682
	4	Terumo Corp. (m)		208
	12	Tohoku Electric Power Co., Inc. (a) (m)		143
	55	Tokio Marine Holdings, Inc. (m)		1,790
	37	Tokyo Electric Power Co., Inc. (a) (m)		196
	245	Tokyo Gas Co., Ltd. (m)		1,329
	117	Tokyu Corp. (m)		797
	125	Tokyu Fudosan Holdings Corp. (a) (m)		1,228
	301	Toshiba Corp. (m)		1,279
	10	Toyo Suisan Kaisha Ltd. (m)		318
	9	Toyota Industries Corp. (m)		415
	176	Toyota Motor Corp. (m)		11,431
	1	Tsumura & Co. (m)		19
	7	Unicharm Corp. (m)		437
	9	West Japan Railway Co. (m)		381
	17	Yakult Honsha Co., Ltd. (m)		879
	9	Yamaha Motor Co., Ltd. (m)		142
	16	Yamato Holdings Co., Ltd. (m)		342
	23	Zeon Corp. (m)		274
				157,948
		Luxembourg — 0.1%
	121	ArcelorMittal (m)		1,911
		Netherlands — 1.8%
	343	Aegon N.V. (m)		2,729
	23	ASML Holding N.V. (m)		2,216
	131	ING Groep N.V., CVA (a) (m)		1,665

SHARES		SECURITY DESCRIPTION	VALUE($)
		Netherlands — Continued
	154	Koninklijke Ahold N.V. (m)		2,919
	169	Koninklijke KPN N.V. (a) (m)		539
	124	Koninklijke Philips N.V. (m)		4,389
	261	Royal Dutch Shell plc, Class A (m)		8,694
	149	Royal Dutch Shell plc, Class B (m)		5,144
	178	TNT Express N.V. (m)		1,645
	130	Unilever N.V., CVA (m)		5,163
				35,103
		New Zealand — 0.0% (g)
	234	Telecom Corp. of New Zealand Ltd. (m)		453
		Norway — 0.1%
	34	Statoil ASA (m)		798
	86	Telenor ASA (m)		2,076
				2,874
		Portugal — 0.2%
	843	EDP - Energias de Portugal S.A. (m)		3,103
		Singapore — 0.8%
	84	Avago Technologies Ltd. (m)		3,828
	247	CapitaMalls Asia Ltd. (m)		401
	10	City Developments Ltd. (m)		83
	134	DBS Group Holdings Ltd. (m)		1,807
	199	Genting Singapore plc (m)		243
	280	Global Logistic Properties Ltd. (m)		695
	1,446	Golden Agri-Resources Ltd. (m)		698
	399	Hutchison Port Holdings Trust, Class U (m)		291
	11	Jardine Cycle & Carriage Ltd. (m)		324
	125	Keppel Corp., Ltd. (m)		1,091
	90	Keppel Land Ltd. (m)		268
	176	Oversea-Chinese Banking Corp., Ltd. (m)		1,472
	31	Sembcorp Industries Ltd. (m)		133
	46	Singapore Airlines Ltd. (m)		386
	101	Singapore Exchange Ltd. (m)		596
	38	Singapore Press Holdings Ltd. (m)		130
	499	Singapore Telecommunications Ltd. (m)		1,515
	52	United Overseas Bank Ltd. (m)		871
	110	Wilmar International Ltd. (m)		306
				15,138
		Spain — 1.7%
	36	Amadeus IT Holding S.A., Class A (m)		1,333
	374	Banco Bilbao Vizcaya Argentaria S.A. (m)		4,375
	547	Banco Santander S.A. (a) (m)		4,853
	540	Bankia S.A. (a) (m)		809
	380	Distribuidora Internacional de Alimentacion S.A. (m)		3,460

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Spain — Continued
	593	Iberdrola S.A. (m)		3,720
	21	Inditex S.A. (m)		3,451
	173	Repsol S.A. (m)		4,645
	322	Telefonica S.A. (m)		5,663
				32,309
		Sweden — 0.8%
	134	Electrolux AB, Series B, (m)		3,296
	350	Nordea Bank AB (m)		4,475
	27	Svenska Handelsbanken AB, Class A (m)		1,221
	87	Swedbank AB, Class A (m)		2,268
	129	Tele2 AB, Class B (m)		1,549
	181	Telefonaktiebolaget LM Ericsson, Class B (m)		2,161
				14,970
		Switzerland — 4.5%
	72	ACE Ltd. (m)		6,884
	50	Cie Financiere Richemont S.A., Class A (m)		5,107
	82	Credit Suisse Group AG (a) (m)		2,543
	641	Glencore Xstrata plc (a) (m)		3,488
	56	Holcim Ltd. (a) (m)		4,138
	206	Nestle S.A. (m)		14,842
	38	Noble Corp. (m)		1,415
	163	Novartis AG (m)		12,614
	53	Roche Holding AG (m)		14,520
	60	Swiss Re AG (a) (m)		5,235
	9	Syngenta AG (m)		3,752
	19	TE Connectivity Ltd. (m)		958
	7	Transocean Ltd. (m)		342
	46	Tyco International Ltd. (m)		1,671
	210	UBS AG (a) (m)		4,062
	59	Wolseley plc (m)		3,154
	2	Zurich Insurance Group AG (a) (m)		660
				85,385
		United Kingdom — 8.0%
	405	3i Group plc (m)		2,418
	53	Anglo American plc (m)		1,259
	7	Aon plc (m)		520
	89	ARM Holdings plc (m)		1,397
	119	Associated British Foods plc (m)		4,318
	52	AstraZeneca plc (m)		2,731
	952	Barclays plc (m)		4,005
	191	BG Group plc (m)		3,900
	128	BHP Billiton plc (m)		3,965
	1,076	BP plc (m)		8,351
	141	British American Tobacco plc (m)		7,799

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — Continued
	813	BT Group plc (m)		4,920
	15	Bunzl plc (m)		334
	80	Burberry Group plc (m)		1,976
	510	Centrica plc (m)		2,884
	182	Diageo plc (m)		5,814
	90	easyJet plc (m)		1,896
	61	Ensco plc, Class A (m)		3,542
	188	GlaxoSmithKline plc (m)		4,967
	1,062	HSBC Holdings plc (m)		11,641
	137	Imperial Tobacco Group plc (m)		5,107
	95	InterContinental Hotels Group plc (m)		2,781
	1,357	ITV plc (m)		4,150
	432	J Sainsbury plc (m)		2,734
	2,958	Lloyds Banking Group plc (a) (m)		3,659
	218	Marks & Spencer Group plc (m)		1,761
	342	Meggitt plc (m)		3,139
	128	Pearson plc (m)		2,671
	71	Petrofac Ltd. (m)		1,673
	211	Prudential plc (m)		4,322
	21	Randgold Resources Ltd. (m)		1,526
	88	Rio Tinto plc (m)		4,446
	249	Rolls-Royce Holdings plc (a) (m)		4,588
	105	SABMiller plc (m)		5,472
	13	SSE plc (m)		304
	123	Standard Chartered plc (m)		2,962
	131	Standard Life plc (m)		740
	196	Tate & Lyle plc (m)		2,487
	331	Tesco plc (m)		1,930
	34	Tullow Oil plc (m)		511
	2,781	Vodafone Group plc (m)		10,188
	48	Whitbread plc (m)		2,641
	286	William Hill plc (m)		1,837
	308	WM Morrison Supermarkets plc (m)		1,391
				151,657
		United States — 50.9%
	10	3M Co. (m)		1,220
	178	Abbott Laboratories (m)		6,499
	30	Actavis plc (a) (m)		4,586
	93	Adobe Systems, Inc. (a) (m)		5,035
	3	Aflac, Inc. (m)		172
	15	AGCO Corp. (m)		856
	24	Air Products & Chemicals, Inc. (m)		2,622
	301	Alcoa, Inc. (m)		2,792
	34	Alexion Pharmaceuticals, Inc. (a) (m)		4,179
	43	Allergan, Inc. (m)		3,869

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			United States — Continued
	11		Alliance Data Systems Corp. (a) (m)		2,584
	26		Amazon.com, Inc. (a) (m)		9,601
	16		Ameren Corp. (m)		575
	8		American Campus Communities, Inc. (m)		264
	17		American Express Co. (m)		1,427
	38		American Water Works Co., Inc. (m)		1,633
	3		Amgen, Inc. (m)		293
	61		Anadarko Petroleum Corp. (m)		5,805
	51		Apartment Investment & Management Co., Class A (m)		1,431
	53		Apple, Inc. (m)		27,892
	196		Applied Materials, Inc. (m)		3,503
	131		Archer-Daniels-Midland Co. (m)		5,339
	188		AT&T, Inc. (m)		6,797
	10		AutoNation, Inc. (a) (m)		502
	7		AutoZone, Inc. (a) (m)		3,069
	6		Avery Dennison Corp. (m)		279
	7		Avnet, Inc. (m)		264
	25		Axiall Corp. (m)		965
	16		Baker Hughes, Inc. (m)		954
	42		Ball Corp. (m)		2,066
	952		Bank of America Corp. (m)		13,297
	54		Baxter International, Inc. (m)		3,533
	47		Berkshire Hathaway, Inc., Class B (a) (m)		5,422
	33		Biogen Idec, Inc. (a) (m)		8,101
	8		BioMarin Pharmaceutical, Inc. (a) (m)		477
	2		Boeing Co. (The) (m)		313
	1		BorgWarner, Inc. (m)		123
	11		Boston Properties, Inc. (m)		1,163
	92		Brandywine Realty Trust (m)		1,308
	206		Bristol-Myers Squibb Co. (m)		10,839
	94		Broadcom Corp., Class A (m)		2,508
	20		CA, Inc. (m)		645
	26		Camden Property Trust (m)		1,672
	56		Cameron International Corp. (a) (m)		3,086
	81		Capital One Financial Corp. (m)		5,562
	—	(h)	Catamaran Corp. (a) (m)		1
	15		Caterpillar, Inc. (m)		1,285
	71		CBL & Associates Properties, Inc. (m)		1,397
	88		CBS Corp. (Non-Voting), Class B (m)		5,187
	55		Celgene Corp. (a) (m)		8,099
	26		Cerner Corp. (a) (m)		1,440
	4		CF Industries Holdings, Inc. (m)		768
	29		Cheniere Energy, Inc. (a) (m)		1,134
	129		Chevron Corp. (m)		15,481
	20		Cigna Corp. (m)		1,509

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — Continued
	500	Cisco Systems, Inc. (m)		11,258
	6	CIT Group, Inc. (a) (m)		291
	281	Citigroup, Inc. (m)		13,709
	29	Citrix Systems, Inc. (a) (m)		1,652
	107	CMS Energy Corp. (m)		2,951
	250	Coca-Cola Co. (The) (m)		9,897
	34	Coca-Cola Enterprises, Inc. (m)		1,410
	46	Cognizant Technology Solutions Corp., Class A (a) (m)		4,024
	26	Colgate-Palmolive Co. (m)		1,651
	258	Comcast Corp., Class A (m)		12,222
	62	Comerica, Inc. (m)		2,684
	39	ConocoPhillips (m)		2,845
	89	Corning, Inc. (m)		1,519
	2	Costco Wholesale Corp. (m)		283
	40	Crown Holdings, Inc. (a) (m)		1,759
	246	CSX Corp. (m)		6,421
	144	CVS Caremark Corp. (m)		8,941
	33	DaVita HealthCare Partners, Inc. (a) (m)		1,845
	21	Deere & Co. (m)		1,694
	37	Delta Air Lines, Inc. (m)		979
	22	Denbury Resources, Inc. (a) (m)		427
	32	Digital Realty Trust, Inc. (m)		1,542
	44	DISH Network Corp., Class A (m)		2,122
	158	Dow Chemical Co. (The) (m)		6,239
	69	Dr. Pepper Snapple Group, Inc. (m)		3,275
	44	DTE Energy Co. (m)		3,061
	32	E.I. du Pont de Nemours & Co. (m)		1,974
	104	eBay, Inc. (a) (m)		5,473
	67	Edison International (m)		3,307
	153	EMC Corp. (m)		3,690
	115	Emerson Electric Co. (m)		7,721
	30	EOG Resources, Inc. (m)		5,351
	33	Extra Space Storage, Inc. (m)		1,504
	247	Exxon Mobil Corp. (m)		22,108
	83	Facebook, Inc., Class A (a) (m)		4,149
	16	FedEx Corp. (m)		2,151
	18	Fidelity National Information Services, Inc. (m)		879
	17	Flowserve Corp. (m)		1,149
	77	Fluor Corp. (m)		5,732
	118	Freeport-McMoRan Copper & Gold, Inc. (m)		4,342
	23	Freescale Semiconductor Ltd. (a) (m)		355
	13	Gap, Inc. (The) (m)		492
	29	General Dynamics Corp. (m)		2,513
	434	General Electric Co. (m)		11,334
	137	General Mills, Inc. (m)		6,924

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			United States — Continued
	183		General Motors Co. (a) (m)		6,751
	38		Gilead Sciences, Inc. (a) (m)		2,681
	41		Goldman Sachs Group, Inc. (The) (m)		6,540
	22		Google, Inc., Class A (a) (m)		22,280
	67		Halliburton Co. (m)		3,554
	—	(h)	Harris Corp. (m)		2
	64		Hartford Financial Services Group, Inc. (m)		2,143
	61		HCP, Inc. (m)		2,529
	182		Hewlett-Packard Co. (m)		4,440
	34		Highwoods Properties, Inc. (m)		1,315
	11		HollyFrontier Corp. (m)		527
	137		Home Depot, Inc. (The) (m)		10,679
	100		Honeywell International, Inc. (m)		8,643
	77		Host Hotels & Resorts, Inc. (m)		1,423
	40		Humana, Inc. (m)		3,701
	91		Intel Corp. (m)		2,232
	17		IntercontinentalExchange, Inc. (a) (m)		3,269
	53		International Business Machines Corp. (m)		9,574
	40		International Paper Co. (m)		1,801
	2		Intuitive Surgical, Inc. (a) (m)		914
	117		Invesco Ltd. (m)		3,964
	223		Johnson & Johnson (m)		20,640
	109		Johnson Controls, Inc. (m)		5,051
	1		KBR, Inc. (m)		30
	44		Kimberly-Clark Corp. (m)		4,781
	93		Kimco Realty Corp. (m)		1,991
	11		KLA-Tencor Corp. (m)		717
	59		Kroger Co. (The) (m)		2,515
	10		L-3 Communications Holdings, Inc. (m)		1,018
	46		Lam Research Corp. (a) (m)		2,519
	33		Lennar Corp., Class A (m)		1,186
	36		Lincoln National Corp. (m)		1,634
	12		LinkedIn Corp., Class A (a) (m)		2,731
	31		Lorillard, Inc. (m)		1,586
	143		Lowe’s Cos., Inc. (m)		7,105
	75		Macy’s, Inc. (m)		3,447
	88		Marathon Oil Corp. (m)		3,112
	60		Marathon Petroleum Corp. (m)		4,280
	26		Marriott International, Inc., Class A (m)		1,166
	97		Marsh & McLennan Cos., Inc. (m)		4,436
	172		Masco Corp. (m)		3,636
	9		MasterCard, Inc., Class A (m)		6,749
	37		McDonald’s Corp. (m)		3,579
	11		McGraw Hill Financial, Inc. (m)		792
	25		McKesson Corp. (m)		3,897
	139		Merck & Co., Inc. (m)		6,266

SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — Continued
	145		MetLife, Inc. (m)		6,879
	15		Mettler-Toledo International, Inc. (a) (m)		3,791
	—	(h)	Micron Technology, Inc. (a) (m)		7
	548		Microsoft Corp. (m)		19,373
	215		Mondelez International, Inc., Class A (m)		7,232
	5		Monsanto Co. (m)		512
	176		Morgan Stanley (m)		5,048
	21		Mosaic Co. (The) (m)		981
	7		National Fuel Gas Co. (m)		515
	15		NetApp, Inc. (m)		564
	76		NextEra Energy, Inc. (m)		6,452
	130		NiSource, Inc. (m)		4,093
	37		Nordstrom, Inc. (m)		2,233
	70		Norfolk Southern Corp. (m)		6,009
	6		NYSE Euronext (m)		255
	83		Occidental Petroleum Corp. (m)		8,014
	18		Omnicom Group, Inc. (m)		1,253
	313		Oracle Corp. (m)		10,484
	9		O’Reilly Automotive, Inc. (a) (m)		1,137
	25		Owens-Illinois, Inc. (a) (m)		783
	108		PACCAR, Inc. (m)		5,982
	9		Parker Hannifin Corp. (m)		1,067
	126		PepsiCo, Inc. (m)		10,613
	13		Perrigo Co. (m)		1,751
	3		PetSmart, Inc. (m)		202
	230		Pfizer, Inc. (m)		7,069
	145		Philip Morris International, Inc. (m)		12,899
	30		Phillips 66 (m)		1,954
	63		PNC Financial Services Group, Inc. (The) (m)		4,627
	28		Post Properties, Inc. (m)		1,260
	5		priceline.com, Inc. (a) (m)		5,101
	193		Procter & Gamble Co. (The) (m)		15,573
	46		Prudential Financial, Inc. (m)		3,723
	129		PulteGroup, Inc. (m)		2,270
	142		QUALCOMM, Inc. (m)		9,891
	58		Questar Corp. (m)		1,382
	6		Range Resources Corp. (m)		476
	146		Regions Financial Corp. (m)		1,409
	—	(h)	Rock Tenn Co., Class A (m)		4
	25		Ross Stores, Inc. (m)		1,936
	53		Royal Caribbean Cruises Ltd. (m)		2,224
	31		SanDisk Corp. (m)		2,166
	122		Schlumberger Ltd. (m)		11,422
	10		Sealed Air Corp. (m)		293
	53		Sempra Energy (m)		4,848
	7		Sherwin-Williams Co. (The) (m)		1,233

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		United States — Continued
	28	Simon Property Group, Inc. (m)		4,351
	5	Snap-on, Inc. (m)		541
	44	Southwest Airlines Co. (m)		760
	13	Splunk, Inc. (a) (m)		838
	33	SPX Corp. (m)		3,008
	7	St. Jude Medical, Inc. (m)		404
	45	Starbucks Corp. (m)		3,649
	14	Starwood Hotels & Resorts Worldwide, Inc. (m)		1,031
	92	State Street Corp. (m)		6,439
	8	Stryker Corp. (m)		583
	8	Superior Energy Services, Inc. (a) (m)		217
	7	SVB Financial Group (a) (m)		690
	72	Target Corp. (m)		4,684
	72	TD Ameritrade Holding Corp. (m)		1,965
	55	Teradyne, Inc. (a) (m)		953
	18	Textron, Inc. (m)		512
	47	Thermo Fisher Scientific, Inc. (m)		4,629
	20	Thomson Reuters Corp. (m)		752
	36	Time Warner Cable, Inc. (m)		4,315
	131	Time Warner, Inc. (m)		9,033
	111	TJX Cos., Inc. (m)		6,734
	18	Toll Brothers, Inc. (a) (m)		583
	7	Travelers Cos., Inc. (The) (m)		578
	14	TRW Automotive Holdings Corp. (a) (m)		1,047
	8	Twenty-First Century Fox, Inc., Class A (m)		283
	19	Tyson Foods, Inc., Class A (m)		539
	10	UGI Corp. (m)		405
	57	Union Pacific Corp. (m)		8,659
	22	United Continental Holdings, Inc. (a) (m)		756
	9	United Parcel Service, Inc., Class B (m)		928
	47	United States Steel Corp. (m)		1,175
	102	United Technologies Corp. (m)		10,795
	127	UnitedHealth Group, Inc. (m)		8,649
	13	URS Corp. (m)		731
	24	V.F. Corp. (m)		5,163
	35	Valeant Pharmaceuticals International, Inc. (a) (m)		3,750
	62	Valero Energy Corp. (m)		2,532
	37	Ventas, Inc. (m)		2,420
	218	Verizon Communications, Inc. (m)		11,034
	38	Vertex Pharmaceuticals, Inc. (a) (m)		2,711
	4	Viacom, Inc., Class B (m)		322
	40	Visa, Inc., Class A (m)		7,843
	10	VMware, Inc., Class A (a) (m)		778
	18	W.W. Grainger, Inc. (m)		4,825
	56	Wal-Mart Stores, Inc. (m)		4,273

SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — Continued
	135		Walt Disney Co. (The) (m)		9,281
	419		Wells Fargo & Co. (m)		17,882
	83		Williams Cos., Inc. (The) (m)		2,974
	156		Xcel Energy, Inc. (m)		4,506
	48		Xilinx, Inc. (m)		2,181
	47		Yum! Brands, Inc. (m)		3,153
	—	(h)	Zoetis, Inc. (m)		—	(h)
					964,932
			Total Common Stocks (Cost $1,644,253)		1,803,056
	Preferred Stocks — 0.3%
			Germany — 0.3%
	52		Henkel AG & Co. KGaA (m)		5,582
			United Kingdom — 0.0% (g)
	21,417		Rolls-Royce Holdings plc (a) (m)		34
			Total Preferred Stocks (Cost $4,985)		5,616
	Short-Term Investment — 4.5%
			Investment Company — 4.5%
	85,564		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $85,564)		85,564
			Total Investments — 99.9% (Cost $1,734,802)		1,894,236
			Other Assets in Excess of Liabilities — 0.1%		963
			NET ASSETS — 100.0%	$	1,895,199

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		7.8	%
Oil, Gas & Consumable Fuels		7.5
Pharmaceuticals		6.8
Insurance		4.3
Media		2.8
Food Products		2.7
Software		2.4
Metals & Mining		2.3
Diversified Telecommunication Services		2.3
Chemicals		2.2
Beverages		2.2
Aerospace & Defense		2.2
IT Services		2.1
Food & Staples Retailing		2.1
Computers & Peripherals		2.1
Capital Markets		2.1
Specialty Retail		2.0
Diversified Financial Services		1.9
Automobiles		1.8
Internet Software & Services		1.8

INDUSTRY	PERCENTAGE
Real Estate Investment Trusts (REITs)		1.7	%
Road & Rail		1.7
Electric Utilities		1.6
Tobacco		1.6
Biotechnology		1.5
Hotels, Restaurants & Leisure		1.5
Household Products		1.5
Energy Equipment & Services		1.4
Machinery		1.3
Industrial Conglomerates		1.3
Multi-Utilities		1.3
Semiconductors & Semiconductor Equipment		1.3
Communications Equipment		1.2
Auto Components		1.2
Health Care Providers & Services		1.1
Wireless Telecommunication Services		1.1
Electrical Equipment		1.1
Others (each less than 1.0%)		10.7
Short-Term Investment		4.5

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	60	TOPIX Index		12/12/13	$	7,319	$	(50	)
	102	S&P/TSX 60 Index		12/19/13		14,989		717
	35	SPI 200 Index		12/19/13		4,479		156
	284	Dow Jones Euro STOXX 50 Index		12/20/13		11,796		326
	482	E-mini S&P 500		12/20/13		42,199		1,081
	27	FTSE 100 Index		12/20/13		2,904		36
							$	2,266

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.2%
		Australia — 2.1%
	630	BHP Billiton Ltd. (m)		22,259
	317	Rio Tinto Ltd. (m)		19,092
				41,351
		Belgium — 1.4%
	274	Anheuser-Busch InBev N.V. (m)		28,445
		China — 3.1%
	21,433	China Construction Bank Corp., Class H (m)		16,676
	8,387	CNOOC Ltd. (m)		17,059
	24,396	Industrial & Commercial Bank of China Ltd., Class H (m)		17,102
	1,571	Ping An Insurance Group Co. of China Ltd., Class H (m)		12,388
				63,225
		France — 12.0%
	462	Accor S.A. (m)		20,634
	960	AXA S.A. (m)		23,922
	272	BNP Paribas S.A. (m)		20,098
	109	Essilor International S.A. (m)		11,654
	9	Groupe Fnac (a) (m)		258
	132	Imerys S.A. (m)		10,575
	100	Kering (m)		22,641
	258	Lafarge S.A. (m)		17,789
	119	LVMH Moet Hennessy Louis Vuitton S.A. (m)		22,928
	123	Pernod-Ricard S.A. (m)		14,804
	319	Sanofi (m)		34,021
	156	Schneider Electric S.A. (m)		13,144
	168	Technip S.A. (m)		17,573
	166	Total S.A. (m)		10,181
				240,222
		Germany — 7.1%
	170	Allianz SE (m)		28,586
	250	Bayer AG (m)		31,022
	163	Fresenius Medical Care AG & Co. KGaA (m)		10,805
	80	Linde AG (m)		15,167
	16	Osram Licht AG (a) (m)		805
	436	SAP AG (m)		34,109
	170	Siemens AG (m)		21,719
				142,213
		Hong Kong — 3.7%
	5,818	Belle International Holdings Ltd. (m)		8,204
	1,986	Cheung Kong Holdings Ltd. (m)		31,015
	4,874	Hang Lung Properties Ltd. (m)		16,051
	2,706	Sands China Ltd. (m)		19,240
				74,510

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 0.5%
	302	HDFC Bank Ltd., ADR (m)		10,958
		Indonesia — 0.4%
	14,658	Astra International Tbk PT (m)		8,642
		Israel — 0.7%
	387	Teva Pharmaceutical Industries Ltd., ADR (m)		14,364
		Japan — 16.9%
	413	Astellas Pharma, Inc. (m)		22,995
	315	Canon, Inc. (m)		9,933
	347	Daikin Industries Ltd. (m)		19,935
	241	East Japan Railway Co. (m)		20,919
	94	FANUC Corp. (m)		15,062
	697	Honda Motor Co., Ltd. (m)		27,841
	717	Japan Tobacco, Inc. (m)		25,958
	870	Komatsu Ltd. (m)		19,086
	1,360	Kubota Corp. (m)		20,137
	300	Makita Corp. (m)		15,176
	789	Mitsubishi Corp. (m)		15,952
	95	Nidec Corp. (m)		9,239
	270	Nitto Denko Corp. (m)		14,175
	258	Shin-Etsu Chemical Co., Ltd. (m)		14,582
	89	SMC Corp. (m)		20,721
	1,030	Sumitomo Corp. (m)		13,405
	684	Toyota Motor Corp. (m)		44,336
	1,855	Yahoo! Japan Corp. (m)		8,653
				338,105
		Netherlands — 5.5%
	284	Akzo Nobel N.V. (m)		20,607
	88	ASML Holding N.V. (m)		8,365
	1,976	ING Groep N.V., CVA (a) (m)		25,110
	1,670	Royal Dutch Shell plc, Class A (m)		55,643
				109,725
		South Korea — 1.6%
	42	Hyundai Mobis (m)		11,791
	30	Samsung Electronics Co., Ltd., Reg. S., GDR (m)		20,647
				32,438
		Spain — 0.9%
	1,479	Banco Bilbao Vizcaya Argentaria S.A. (m)		17,288
		Sweden — 0.6%
	459	Atlas Copco AB, Class A (m)		12,721
		Switzerland — 14.0%
	841	ABB Ltd. (a) (m)		21,439
	177	Cie Financiere Richemont S.A., Class A (m)		18,081
	828	Credit Suisse Group AG (a) (m)		25,770

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Switzerland — Continued
	3,798	Glencore Xstrata plc (a) (m)		20,671
	194	Holcim Ltd. (a) (m)		14,410
	586	Nestle S.A. (m)		42,267
	512	Novartis AG (m)		39,716
	143	Roche Holding AG (m)		39,582
	3	SGS S.A. (m)		6,448
	1,402	UBS AG (a) (m)		27,111
	89	Zurich Insurance Group AG (a) (m)		24,608
				280,103
		Taiwan — 0.7%
	747	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		13,752
		United Kingdom — 23.0%
	351	Aggreko plc (m)		9,051
	6,505	Barclays plc (m)		27,368
	2,201	BG Group plc (m)		44,896
	589	BHP Billiton plc (m)		18,160
	416	British American Tobacco plc (m)		22,940
	815	Burberry Group plc (m)		20,016
	2,364	Centrica plc (m)		13,373
	4,764	HSBC Holdings plc (m)		52,088
	462	Imperial Tobacco Group plc (m)		17,237
	2,079	Marks & Spencer Group plc (m)		16,761
	1,366	Meggitt plc (m)		12,537
	1,702	Prudential plc (m)		34,805
	358	Rio Tinto plc (m)		18,090
	1,631	Standard Chartered plc (m)		39,152
	2,714	Tesco plc (m)		15,830
	579	Tullow Oil plc (m)		8,745
	556	Unilever plc (m)		22,556
	10,343	Vodafone Group plc (m)		37,882
	1,408	WPP plc (m)		29,904
				461,391
		Total Common Stocks (Cost $1,491,174)		1,889,453
	Preferred Stocks — 2.5%
		Germany — 2.5%
	184	Henkel AG & Co. KGaA (m)		19,824
	117	Volkswagen AG (m)		29,648
		Total Preferred Stocks (Cost $32,506)		49,472

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.1%
		Investment Company — 3.1%
	61,450	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $61,450)		61,450
		Total Investments — 99.8% (Cost $1,585,130)		2,000,375
		Other Assets in Excess of Liabilities — 0.2%		4,579
		NET ASSETS — 100.0%	$	2,004,954

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		10.0	%
Pharmaceuticals		9.1
Oil, Gas & Consumable Fuels		6.8
Insurance		6.2
Automobiles		5.5
Machinery		5.1
Metals & Mining		4.9
Textiles, Apparel & Luxury Goods		4.2
Tobacco		3.3
Food Products		3.2
Chemicals		3.2
Capital Markets		2.6
Real Estate Management & Development		2.4
Electrical Equipment		2.2
Beverages		2.2
Construction Materials		2.1
Semiconductors & Semiconductor Equipment		2.1
Hotels, Restaurants & Leisure		2.0
Wireless Telecommunication Services		1.9
Software		1.7
Media		1.5
Trading Companies & Distributors		1.5
Diversified Financial Services		1.3
Industrial Conglomerates		1.1
Road & Rail		1.0
Building Products		1.0
Household Products		1.0
Others (each less than 1.0%)		7.8
Short-Term Investment		3.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.6%
		Australia — 4.7%
	24	AGL Energy Ltd. (m)		350
	10	ALS Ltd. (m)		96
	81	Alumina Ltd. (a) (m)		79
	36	Amcor Ltd. (m)		372
	86	AMP Ltd. (m)		386
	28	APA Group (m)		163
	33	Asciano Ltd. (m)		183
	6	ASX Ltd. (m)		209
	79	Aurizon Holdings Ltd. (m)		358
	72	Australia & New Zealand Banking Group Ltd. (m)		2,308
	14	Bendigo and Adelaide Bank Ltd. (m)		144
	449	BGP Holdings plc (a) (i)		—
	84	BHP Billiton Ltd. (m)		2,958
	25	Boral Ltd. (m)		119
	46	Brambles Ltd. (m)		407
	4	Caltex Australia Ltd. (m)		70
	71	CFS Retail Property Trust Group (m)		139
	20	Coca-Cola Amatil Ltd. (m)		247
	2	Cochlear Ltd. (m)		97
	42	Commonwealth Bank of Australia (m)		3,043
	15	Computershare Ltd. (m)		153
	14	Crown Ltd. (m)		221
	14	CSL Ltd. (m)		922
	157	Dexus Property Group (m)		161
	24	Echo Entertainment Group Ltd. (m)		60
	45	Federation Centres Ltd. (m)		105
	2	Flight Centre Ltd. (m)		86
	58	Fortescue Metals Group Ltd. (m)		283
	74	Goodman Group (m)		354
	112	GPT Group (m)		389
	18	Harvey Norman Holdings Ltd. (m)		56
	14	Iluka Resources Ltd. (m)		137
	126	Incitec Pivot Ltd. (m)		316
	61	Insurance Australia Group Ltd. (m)		357
	5	Leighton Holdings Ltd. (m)		85
	10	Macquarie Group Ltd. (m)		470
	120	Mirvac Group (m)		197
	54	National Australia Bank Ltd. (m)		1,807
	18	Newcrest Mining Ltd. (m)		179
	13	Orica Ltd. (m)		251
	32	Origin Energy Ltd. (m)		445
	35	QBE Insurance Group Ltd. (m)		490
	4	Ramsay Health Care Ltd. (m)		161
	13	Rio Tinto Ltd. (m)		783
	28	Santos Ltd. (m)		401
	13	Sonic Healthcare Ltd. (m)		195

SHARES		SECURITY DESCRIPTION	VALUE($)
		Australia — Continued
	48	SP AusNet (m)		57
	96	Stockland (m)		365
	38	Suncorp Group Ltd. (m)		483
	6	Sydney Airport (m)		26
	24	Tabcorp Holdings Ltd. (m)		82
	82	Telstra Corp., Ltd. (m)		403
	23	Toll Holdings Ltd. (m)		126
	20	Treasury Wine Estates Ltd. (m)		89
	27	Wesfarmers Ltd. (m)		1,085
	64	Westfield Group (m)		656
	73	Westpac Banking Corp. (m)		2,365
	16	Whitehaven Coal Ltd. (a) (m)		24
	20	Woodside Petroleum Ltd. (m)		720
	30	Woolworths Ltd. (m)		974
	7	WorleyParsons Ltd. (m)		147
				28,394
		Austria — 1.5%
	18	Andritz AG (m)		1,137
	50	Erste Group Bank AG (m)		1,752
	193	IMMOFINANZ AG (a) (m)		846
	37	OMV AG (m)		1,777
	13	Raiffeisen Bank International AG (m)		483
	63	Telekom Austria AG (m)		514
	15	Verbund AG (m)		357
	10	Vienna Insurance Group AG Wiener Versicherung Gruppe (m)		531
	28	Voestalpine AG (m)		1,312
				8,709
		Belgium — 2.1%
	58	Anheuser-Busch InBev N.V. (m)		6,018
	5	Belgacom S.A. (m)		124
	2	Colruyt S.A. (m)		121
	3	Delhaize Group S.A. (m)		194
	6	Groupe Bruxelles Lambert S.A. (m)		543
	12	KBC Groep N.V. (m)		666
	16	Solvay S.A. (m)		2,516
	38	UCB S.A. (m)		2,498
	3	Umicore S.A. (m)		164
				12,844
		Bermuda — 0.1%
	14	Seadrill Ltd. (m)		661
		Brazil — 0.2%
	12	BM&FBovespa S.A. (m)		68
	6	BRF S.A. (m)		146

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Brazil — Continued
	2		Natura Cosmeticos S.A. (m)		44
	35		Petroleo Brasileiro S.A. (m)		303
	24		Vale S.A. (m)		385
					946
			Chile — 0.5%
	4,284		Banco Santander Chile (m)		263
	8		CAP S.A. (m)		163
	68		Cencosud S.A. (m)		279
	185		Empresa Nacional de Electricidad S.A. (m)		283
	70		Empresas CMPC S.A. (m)		208
	29		Empresas COPEC S.A. (m)		431
	531		Enersis S.A. (m)		178
	19		Enersis S.A., ADR (m)		305
	9		ENTEL Chile S.A. (m)		138
	12		Latam Airlines Group S.A. (m)		196
	40		S.A.C.I. Falabella (m)		397
					2,841
			China — 0.7%
	556		Bank of China Ltd., Class H (m)		261
	99		BYD Co., Ltd., Class H (a) (m)		488
	326		China Construction Bank Corp., Class H (m)		254
	82		China Life Insurance Co., Ltd., Class H (m)		216
	119		CNOOC Ltd. (m)		242
	452		Datang International Power Generation Co., Ltd., Class H (m)		207
	184		Huaneng Power International, Inc., Class H (m)		192
	460		Industrial & Commercial Bank of China Ltd., Class H (m)		322
	16		MGM China Holdings Ltd. (m)		54
	197		PetroChina Co., Ltd., Class H (m)		224
	22		Ping An Insurance Group Co. of China Ltd., Class H (m)		170
	10		Tencent Holdings Ltd. (m)		529
	84		Tingyi Cayman Islands Holding Corp. (m)		237
	24		Wynn Macau Ltd. (m)		91
	54		Yangzijiang Shipbuilding Holdings Ltd. (m)		51
	155		Yanzhou Coal Mining Co., Ltd., Class H (m)		161
	247		Zhejiang Expressway Co., Ltd., Class H (m)		228
					3,927
			Denmark — 1.0%
	—	(h)	AP Moeller - Maersk A/S, Class A (m)		208
	—	(h)	AP Moeller - Maersk A/S, Class B (m)		610
	5		Carlsberg A/S, Class B (m)		491
	30		Danske Bank A/S (a) (m)		691
	8		DSV A/S (m)		220

SHARES			SECURITY DESCRIPTION	VALUE($)
			Denmark — Continued
	17		Novo Nordisk A/S, Class B (m)		2,821
	11		Novozymes A/S, Class B (m)		449
	52		TDC A/S (m)		473
					5,963
			Finland — 1.4%
	24		Fortum OYJ (m)		543
	3		Kesko OYJ, Class B (m)		89
	8		Kone OYJ, Class B (m)		689
	7		Metso OYJ (m)		294
	5		Neste Oil OYJ (m)		102
	210		Nokia OYJ (a) (m)		1,598
	6		Nokian Renkaat OYJ (m)		317
	6		Pohjola Bank plc, Class A (m)		118
	23		Sampo, Class A (m)		1,083
	34		Stora Enso OYJ, Class R (m)		319
	98		UPM-Kymmene OYJ (m)		1,556
	35		Wartsila OYJ Abp (m)		1,543
					8,251
			France — 8.7%
	7		Accor S.A. (m)		320
	15		Air Liquide S.A. (m)		2,049
	10		Alstom S.A. (m)		389
	3		Arkema S.A. (m)		366
	84		AXA S.A. (m)		2,082
	47		BNP Paribas S.A. (m)		3,493
	10		Bouygues S.A. (m)		382
	7		Cap Gemini S.A. (m)		487
	28		Carrefour S.A. (m)		1,013
	3		Casino Guichard Perrachon S.A. (m)		311
	2		Christian Dior S.A. (m)		471
	19		Cie de St-Gobain (m)		1,012
	8		Cie Generale des Etablissements Michelin (m)		790
	48		Credit Agricole S.A. (a) (m)		582
	6		Danone (m)		412
	9		Edenred (m)		306
	12		Electricite de France S.A. (m)		416
	1		Essilor International S.A. (m)		156
	2		Eurazeo (m)		115
	51		European Aeronautic Defence and Space Co. N.V. (m)		3,525
	1		Fonciere Des Regions (m)		101
	60		GDF Suez (m)		1,480
	1		Gecina S.A. (m)		121
	21		Groupe Eurotunnel S.A. (m)		199
	—	(h)	Groupe Fnac (a) (m)		10

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		France — Continued
	1	ICADE (m)		88
	1	Iliad S.A. (m)		206
	1	Imerys S.A. (m)		110
	3	Kering (m)		735
	9	Lafarge S.A. (m)		628
	5	Lagardere S.C.A (m)		188
	11	Legrand S.A. (m)		644
	2	L’Oreal S.A. (m)		383
	7	LVMH Moet Hennessy Louis Vuitton S.A. (m)		1,386
	85	Orange S.A. (m)		1,167
	1	Pernod Ricard S.A. (m)		173
	9	Peugeot S.A. (a) (m)		117
	9	Publicis Groupe S.A. (m)		707
	27	Renault S.A. (m)		2,360
	4	Rexel S.A. (m)		112
	11	Safran S.A. (m)		700
	49	Sanofi (m)		5,196
	20	Schneider Electric S.A. (m)		1,672
	57	SCOR SE (m)		2,023
	1	Societe BIC S.A. (m)		150
	33	Societe Generale S.A. (m)		1,881
	5	Sodexo (m)		469
	12	Suez Environnement Co. (m)		202
	5	Technip S.A. (m)		514
	95	Total S.A. (m)		5,835
	5	Unibail-Rodamco SE (m)		1,436
	5	Vallourec S.A. (m)		309
	22	Vinci S.A. (m)		1,399
	10	Vivendi S.A. (m)		254
	1	Wendel S.A. (m)		178
	1	Zodiac Aerospace (m)		214
				52,024
		Germany — 11.5%
	14	Adidas AG (m)		1,631
	37	Allianz SE (m)		6,153
	2	Axel Springer AG (m)		140
	59	BASF SE (m)		6,165
	62	Bayer AG (m)		7,714
	22	Bayerische Motoren Werke AG (m)		2,540
	2	Beiersdorf AG (m)		228
	4	Brenntag AG (m)		595
	50	Commerzbank AG (a) (m)		636
	19	Continental AG (m)		3,526
	34	Daimler AG (m)		2,750
	56	Deutsche Bank AG (m)		2,729

SHARES		SECURITY DESCRIPTION	VALUE($)
		Germany — Continued
	14	Deutsche Boerse AG (m)		1,036
	18	Deutsche Lufthansa AG (a) (m)		347
	25	Deutsche Post AG (m)		854
	190	Deutsche Telekom AG (m)		2,989
	121	E.ON SE (m)		2,204
	6	Fresenius Medical Care AG & Co. KGaA (m)		380
	3	Fresenius SE & Co. KGaA (m)		431
	12	GEA Group AG (m)		511
	2	Hannover Rueck SE (m)		121
	9	HeidelbergCement AG (m)		699
	8	Henkel AG & Co. KGaA (m)		757
	2	Hochtief AG (m)		161
	1	Hugo Boss AG (m)		180
	72	Infineon Technologies AG (m)		693
	12	K+S AG (m)		298
	2	Lanxess AG (m)		139
	11	Linde AG (m)		2,060
	4	Merck KGaA (m)		686
	10	Metro AG (m)		452
	12	Muenchener Rueckversicherungs AG (m)		2,556
	4	Osram Licht AG (a) (m)		199
	34	RWE AG (m)		1,243
	2	Salzgitter AG (m)		102
	86	SAP AG (m)		6,692
	53	Siemens AG (m)		6,753
	5	Suedzucker AG (m)		164
	26	ThyssenKrupp AG (a) (m)		675
	6	United Internet AG (m)		236
	2	Volkswagen AG (m)		434
				68,859
		Greece — 0.4%
	205	OPAP S.A. (m)		2,551
		Hong Kong — 1.1%
	146	AIA Group Ltd. (m)		742
	3	ASM Pacific Technology Ltd. (m)		27
	109	Belle International Holdings Ltd. (m)		154
	56	BOC Hong Kong Holdings Ltd. (m)		183
	14	Cathay Pacific Airways Ltd. (m)		28
	40	Cheung Kong Holdings Ltd. (m)		627
	20	Cheung Kong Infrastructure Holdings Ltd. (m)		139
	41	China Mobile Ltd. (m)		425
	17	CLP Holdings Ltd. (m)		136
	32	First Pacific Co., Ltd. (m)		36
	62	Galaxy Entertainment Group Ltd. (a) (m)		463
	35	Hang Lung Properties Ltd. (m)		115

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Hong Kong — Continued
	33	Hang Seng Bank Ltd. (m)		553
	15	Henderson Land Development Co., Ltd. (m)		91
	36	HKT Trust/HKT Ltd. (m)		33
	20	Hong Kong Exchanges and Clearing Ltd. (m)		316
	8	Hopewell Holdings Ltd. (m)		26
	29	Hutchison Whampoa Ltd. (m)		364
	9	Hysan Development Co., Ltd. (m)		42
	11	Kerry Properties Ltd. (m)		46
	94	Li & Fung Ltd. (m)		133
	37	Link REIT (The) (m)		186
	20	MTR Corp., Ltd. (m)		78
	92	Noble Group Ltd. (m)		76
	23	NWS Holdings Ltd. (m)		36
	3	Orient Overseas International Ltd. (m)		14
	54	PCCW Ltd. (m)		25
	22	Power Assets Holdings Ltd. (m)		183
	38	Sands China Ltd. (m)		267
	20	Shangri-La Asia Ltd. (m)		37
	225	Sino Land Co., Ltd. (m)		316
	26	SJM Holdings Ltd. (m)		84
	10	Swire Pacific Ltd., Class A (m)		120
	48	Wharf Holdings Ltd. (m)		407
	3	Wing Hang Bank Ltd. (m)		36
	10	Yue Yuen Industrial Holdings Ltd. (m)		28
				6,572
		Hungary — 0.7%
	146	Magyar Telekom Telecommunications plc (m)		200
	16	MOL Hungarian Oil and Gas plc (m)		1,099
	86	OTP Bank plc (m)		1,785
	54	Richter Gedeon Nyrt. (m)		1,022
				4,106
		India — 0.5%
	18	Bharat Heavy Electricals Ltd. (m)		41
	22	Housing Development Finance Corp. (m)		299
	5	ICICI Bank Ltd., ADR (m)		200
	19	IDFC Ltd. (m)		32
	6	Infosys Ltd. (m)		345
	123	ITC Ltd., Reg. S., GDR (m)		666
	68	Jaiprakash Associates Ltd. (m)		53
	5	Larsen & Toubro Ltd., Reg. S., GDR (m)		76
	8	Mahindra & Mahindra Ltd. (m)		112
	30	NTPC Ltd. (m)		73
	23	Oil & Natural Gas Corp., Ltd. (m)		112
	9	Ranbaxy Laboratories Ltd., Reg. S., GDR (a) (m)		56
	19	Reliance Industries Ltd. (m)		284

SHARES			SECURITY DESCRIPTION	VALUE($)
			India — Continued
	5		Reliance Industries Ltd., GDR (e) (m)		152
	41		Sesa Sterlite Ltd. (m)		133
	21		Sun Pharmaceutical Industries Ltd. (m)		206
	25		Tata Motors Ltd. (m)		155
	48		Tata Power Co., Ltd. (m)		63
	48		UPL Ltd. (m)		128
					3,186
			Ireland — 0.7%
	83		CRH plc (m)		2,015
	41		Elan Corp. plc (a) (m)		682
	22		Elan Corp. plc, ADR (a) (m)		361
	10		Kerry Group plc, Class A (m)		661
	1		Prothena Corp. plc (a) (m)		30
	10		Shire plc (m)		432
					4,181
			Israel — 0.6%
	66		Bank Hapoalim BM (m)		354
	63		Bank Leumi Le-Israel BM (a) (m)		242
	97		Bezeq Israeli Telecommunication Corp., Ltd. (m)		168
	—	(h)	Delek Group Ltd. (m)		80
	23		Israel Chemicals Ltd. (m)		186
	—	(h)	Israel Corp., Ltd. (The) (a) (m)		59
	—	(h)	Koor Industries Ltd. (a) (m)		—	(h)
	2		Mellanox Technologies Ltd. (a) (m)		66
	6		Mizrahi Tefahot Bank Ltd. (m)		74
	3		NICE Systems Ltd. (m)		119
	42		Teva Pharmaceutical Industries Ltd. (m)		1,569
	17		Teva Pharmaceutical Industries Ltd., ADR (m)		630
					3,547
			Italy — 7.0%
	150		Assicurazioni Generali S.p.A. (m)		3,512
	40		Atlantia S.p.A. (m)		867
	902		Banca Monte dei Paschi di Siena S.p.A. (a) (m)		285
	266		Banco Popolare SC (a) (m)		528
	280		Enel Green Power S.p.A. (m)		682
	999		Enel S.p.A. (m)		4,410
	425		Eni S.p.A. (m)		10,797
	12		Exor S.p.A. (m)		463
	142		Fiat S.p.A (a) (m)		1,112
	71		Finmeccanica S.p.A. (a) (m)		523
	1,804		Intesa Sanpaolo S.p.A. (m)		4,397
	20		Luxottica Group S.p.A. (m)		1,096
	1		Mediaset S.p.A. (a) (m)		7
	75		Mediobanca S.p.A. (m)		687

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Italy — Continued
	38	Pirelli & C. S.p.A. (m)		534
	31	Prysmian S.p.A. (m)		756
	43	Saipem S.p.A. (m)		1,015
	274	Snam S.p.A. (m)		1,411
	2,452	Telecom Italia S.p.A. (m)		2,393
	215	Terna Rete Elettrica Nazionale S.p.A. (m)		1,066
	616	UniCredit S.p.A. (m)		4,627
	141	Unione di Banche Italiane ScpA (m)		971
				42,139
		Japan — 19.9%
	40	77 Bank Ltd. (The) (m)		198
	1	ABC-Mart, Inc. (m)		60
	20	Acom Co., Ltd. (a) (m)		78
	3	AEON Financial Service Co., Ltd. (m)		93
	4	Aeon Mall Co., Ltd. (m)		111
	7	Air Water, Inc. (m)		100
	9	Aisin Seiki Co., Ltd. (m)		353
	30	Ajinomoto Co., Inc. (m)		420
	2	Alfresa Holdings Corp. (m)		115
	17	Amada Co., Ltd. (m)		147
	55	ANA Holdings, Inc. (m)		115
	28	Aozora Bank Ltd. (m)		81
	33	Asahi Glass Co., Ltd. (m)		206
	18	Asahi Group Holdings Ltd. (m)		475
	156	Asahi Kasei Corp. (m)		1,191
	27	Astellas Pharma, Inc. (m)		1,488
	15	Bank of Kyoto Ltd. (The) (m)		132
	41	Bank of Yokohama Ltd. (The) (m)		226
	3	Benesse Holdings, Inc. (m)		107
	31	Bridgestone Corp. (m)		1,048
	11	Brother Industries Ltd. (m)		130
	3	Calbee, Inc. (m)		84
	53	Canon, Inc. (m)		1,672
	12	Casio Computer Co., Ltd. (m)		111
	13	Central Japan Railway Co. (m)		1,621
	50	Chiba Bank Ltd. (The) (m)		356
	8	Chiyoda Corp. (m)		101
	29	Chubu Electric Power Co., Inc. (m)		434
	13	Chugai Pharmaceutical Co., Ltd. (m)		313
	9	Chugoku Bank Ltd. (The) (m)		129
	15	Chugoku Electric Power Co., Inc. (The) (m)		224
	17	Coca-Cola West Co., Ltd. (m)		353
	30	Cosmo Oil Co., Ltd. (a) (m)		53
	8	Credit Saison Co., Ltd. (m)		214
	37	Dai Nippon Printing Co., Ltd. (m)		392

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — Continued
	13	Daicel Corp. (m)		113
	14	Daido Steel Co., Ltd. (m)		81
	10	Daihatsu Motor Co., Ltd. (m)		194
	44	Dai-ichi Life Insurance Co., Ltd. (The) (m)		631
	10	Daiichi Sankyo Co., Ltd. (m)		184
	12	Daikin Industries Ltd. (m)		713
	7	Dainippon Sumitomo Pharma Co., Ltd. (m)		94
	23	Daiwa House Industry Co., Ltd. (m)		467
	83	Daiwa Securities Group, Inc. (m)		762
	5	Dena Co., Ltd. (m)		113
	21	Denki Kagaku Kogyo KK (m)		90
	23	Denso Corp. (m)		1,105
	12	Dentsu, Inc. (m)		465
	44	DMG Mori Seiki Co., Ltd. (m)		717
	3	Don Quijote Co., Ltd. (m)		166
	16	East Japan Railway Co. (m)		1,399
	22	Electric Power Development Co., Ltd. (m)		703
	6	FANUC Corp. (m)		1,018
	3	Fast Retailing Co., Ltd. (m)		951
	28	Fuji Electric Co., Ltd. (m)		126
	30	Fuji Heavy Industries Ltd. (m)		820
	21	FUJIFILM Holdings Corp. (m)		514
	101	Fujitsu Ltd. (a) (m)		435
	38	Fukuoka Financial Group, Inc. (m)		170
	30	Furukawa Electric Co., Ltd. (m)		70
	5	Gree, Inc. (m)		40
	18	Gunma Bank Ltd. (The) (m)		102
	21	Hachijuni Bank Ltd. (The) (m)		130
	3	Hamamatsu Photonics KK (m)		123
	47	Hankyu Hanshin Holdings, Inc. (m)		264
	21	Hisamitsu Pharmaceutical Co., Inc. (m)		1,109
	6	Hitachi Chemical Co., Ltd. (m)		84
	3	Hitachi High-Technologies Corp. (m)		71
	271	Hitachi Ltd. (m)		1,896
	9	Hokkaido Electric Power Co., Inc. (a) (m)		110
	9	Hokuriku Electric Power Co. (m)		124
	76	Honda Motor Co., Ltd. (m)		3,027
	20	Hoya Corp. (m)		472
	11	Hulic Co., Ltd. (m)		181
	5	Ibiden Co., Ltd. (m)		94
	2	Idemitsu Kosan Co., Ltd. (m)		142
	85	IHI Corp. (m)		360
	64	Inpex Corp. (m)		744
	21	Isetan Mitsukoshi Holdings Ltd. (m)		311
	18	ITOCHU Corp. (m)		217
	1	Itochu Techno-Solutions Corp. (m)		45

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Japan — Continued
	13		Iyo Bank Ltd. (The) (m)		136
	23		J. Front Retailing Co., Ltd. (m)		180
	3		Japan Airlines Co., Ltd. (m)		175
	1		Japan Petroleum Exploration Co. (m)		49
	—	(h)	Japan Retail Fund Investment Corp. (m)		194
	16		Japan Steel Works Ltd. (The) (m)		89
	48		Japan Tobacco, Inc. (m)		1,740
	30		JFE Holdings, Inc. (m)		672
	9		JSR Corp. (m)		164
	10		JTEKT Corp. (m)		134
	117		JX Holdings, Inc. (m)		580
	41		Kajima Corp. (m)		173
	10		Kamigumi Co., Ltd. (m)		91
	30		Kansai Electric Power Co., Inc. (The) (a) (m)		375
	11		Kansai Paint Co., Ltd. (m)		148
	9		Kao Corp. (m)		303
	95		Kawasaki Heavy Industries Ltd. (m)		372
	25		KDDI Corp. (m)		1,365
	23		Keikyu Corp. (m)		218
	27		Keio Corp. (m)		187
	14		Keisei Electric Railway Co., Ltd. (m)		145
	8		Kikkoman Corp. (m)		143
	6		Kinden Corp. (m)		68
	69		Kintetsu Corp. (m)		252
	44		Kirin Holdings Co., Ltd. (m)		639
	5		Koito Manufacturing Co., Ltd. (m)		91
	44		Komatsu Ltd. (m)		958
	23		Konica Minolta, Inc. (m)		190
	2		Kubota Corp. (m)		33
	5		Kurita Water Industries Ltd. (m)		118
	7		Kyocera Corp. (m)		339
	53		Kyowa Hakko Kirin Co., Ltd. (m)		581
	27		Kyushu Electric Power Co., Inc. (a) (m)		386
	18		LIXIL Group Corp. (m)		411
	—	(h)	M3, Inc. (m)		90
	1		Mabuchi Motor Co., Ltd. (m)		58
	7		Makita Corp. (m)		367
	88		Marubeni Corp. (m)		688
	59		Marui Group Co., Ltd. (m)		567
	3		Maruichi Steel Tube Ltd. (m)		61
	126		Mazda Motor Corp. (a) (m)		567
	3		McDonald’s Holdings Co., Japan Ltd. (m)		86
	7		Medipal Holdings Corp. (m)		90
	3		Miraca Holdings, Inc. (m)		117
	57		Mitsubishi Chemical Holdings Corp. (m)		267
	66		Mitsubishi Corp. (m)		1,332

SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — Continued
	90		Mitsubishi Electric Corp. (m)		985
	61		Mitsubishi Estate Co., Ltd. (m)		1,753
	20		Mitsubishi Gas Chemical Co., Inc. (m)		162
	144		Mitsubishi Heavy Industries Ltd. (m)		917
	6		Mitsubishi Logistics Corp. (m)		79
	51		Mitsubishi Materials Corp. (m)		201
	592		Mitsubishi UFJ Financial Group, Inc. (m)		3,770
	29		Mitsubishi UFJ Lease & Finance Co., Ltd. (m)		162
	81		Mitsui & Co., Ltd. (m)		1,158
	58		Mitsui Fudosan Co., Ltd. (m)		1,912
	51		Mitsui OSK Lines Ltd. (m)		216
	771		Mizuho Financial Group, Inc. (m)		1,618
	26		MS&AD Insurance Group Holdings (m)		683
	10		Murata Manufacturing Co., Ltd. (m)		787
	5		Nabtesco Corp. (m)		129
	9		Namco Bandai Holdings, Inc. (m)		166
	86		NEC Corp. (m)		193
	6		Nexon Co., Ltd. (m)		64
	8		NGK Spark Plug Co., Ltd. (m)		193
	8		NHK Spring Co., Ltd. (m)		79
	5		Nidec Corp. (m)		473
	11		Nikon Corp. (m)		209
	—	(h)	Nippon Building Fund, Inc. (m)		297
	39		Nippon Express Co., Ltd. (m)		195
	8		Nippon Meat Packers, Inc. (m)		121
	495		Nippon Steel & Sumitomo Metal Corp. (m)		1,634
	21		Nippon Telegraph & Telephone Corp. (m)		1,076
	108		Nippon Yusen KK (m)		330
	32		Nishi-Nippon City Bank Ltd. (The) (m)		86
	116		Nissan Motor Co., Ltd. (m)		1,166
	2		Nitori Holdings Co., Ltd. (m)		159
	14		Nitto Denko Corp. (m)		742
	17		NKSJ Holdings, Inc. (m)		448
	5		NOK Corp. (m)		83
	169		Nomura Holdings, Inc. (m)		1,248
	5		Nomura Real Estate Holdings, Inc. (m)		124
	—	(h)	Nomura Real Estate Office Fund, Inc. (m)		69
	5		Nomura Research Institute Ltd. (m)		171
	8		NTT Data Corp. (m)		256
	71		NTT DOCOMO, Inc. (m)		1,131
	6		NTT Urban Development Corp. (m)		70
	32		Obayashi Corp. (m)		208
	37		OJI Paper Co., Ltd. (m)		170
	14		Olympus Corp. (a) (m)		450
	14		Omron Corp. (m)		527
	2		Oracle Corp. Japan (m)		77

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Japan — Continued
	51	ORIX Corp. (m)		882
	88	Osaka Gas Co., Ltd. (m)		371
	1	Otsuka Corp. (m)		104
	34	Otsuka Holdings Co., Ltd. (m)		974
	83	Panasonic Corp. (m)		850
	97	Resona Holdings, Inc. (m)		504
	24	Ricoh Co., Ltd. (m)		255
	2	Rinnai Corp. (m)		116
	8	Sanrio Co., Ltd. (m)		429
	4	Santen Pharmaceutical Co., Ltd. (m)		188
	12	SBI Holdings, Inc. (m)		141
	11	Secom Co., Ltd. (m)		661
	36	Sega Sammy Holdings, Inc. (m)		928
	35	Seven & I Holdings Co., Ltd. (m)		1,306
	26	Seven Bank Ltd. (m)		93
	8	Shikoku Electric Power Co., Inc. (a) (m)		146
	12	Shimadzu Corp. (m)		118
	1	Shimamura Co., Ltd. (m)		124
	6	Shimano, Inc. (m)		499
	27	Shimizu Corp. (m)		136
	11	Shin-Etsu Chemical Co., Ltd. (m)		634
	74	Shinsei Bank Ltd. (m)		173
	10	Shionogi & Co., Ltd. (m)		214
	23	Shiseido Co., Ltd. (m)		396
	69	Showa Denko KK (m)		94
	9	Showa Shell Sekiyu KK (m)		94
	3	SMC Corp. (m)		675
	42	SoftBank Corp. (m)		3,143
	55	Sojitz Corp. (m)		108
	25	Sony Corp. (m)		439
	9	Sony Financial Holdings, Inc. (m)		159
	7	Stanley Electric Co., Ltd. (m)		158
	6	Sumco Corp. (m)		56
	88	Sumitomo Corp. (m)		1,151
	38	Sumitomo Electric Industries Ltd. (m)		577
	27	Sumitomo Heavy Industries Ltd. (m)		118
	24	Sumitomo Metal Mining Co., Ltd. (m)		334
	63	Sumitomo Mitsui Financial Group, Inc. (m)		3,026
	153	Sumitomo Mitsui Trust Holdings, Inc. (m)		756
	19	Sumitomo Realty & Development Co., Ltd. (m)		912
	8	Sumitomo Rubber Industries Ltd. (m)		111
	22	Suzuken Co., Ltd. (m)		798
	26	Suzuki Motor Corp. (m)		649
	4	Sysmex Corp. (m)		232
	26	T&D Holdings, Inc. (m)		315
	54	Taiheiyo Cement Corp. (m)		229

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — Continued
	2	Taisho Pharmaceutical Holdings Co., Ltd. (m)		124
	11	Taiyo Nippon Sanso Corp. (m)		75
	12	Takashimaya Co., Ltd. (m)		115
	37	Takeda Pharmaceutical Co., Ltd. (m)		1,758
	7	Terumo Corp. (m)		347
	6	THK Co., Ltd. (m)		127
	67	Tobu Railway Co., Ltd. (m)		349
	5	Toho Co., Ltd. (m)		108
	20	Toho Gas Co., Ltd. (m)		104
	30	Tohoku Electric Power Co., Inc. (a) (m)		358
	19	Tokio Marine Holdings, Inc. (m)		610
	8	Tokyo Electron Ltd. (m)		424
	184	Tokyo Gas Co., Ltd. (m)		998
	14	TonenGeneral Sekiyu KK (m)		130
	27	Toppan Printing Co., Ltd. (m)		215
	191	Toshiba Corp. (m)		811
	7	Toyo Suisan Kaisha Ltd. (m)		223
	3	Toyoda Gosei Co., Ltd. (m)		76
	3	Toyota Boshoku Corp. (m)		40
	11	Toyota Industries Corp. (m)		468
	113	Toyota Motor Corp. (m)		7,295
	14	Toyota Tsusho Corp. (m)		400
	3	Tsumura & Co. (m)		91
	4	Unicharm Corp. (m)		270
	6	Ushio, Inc. (m)		69
	11	USS Co., Ltd. (m)		158
	7	West Japan Railway Co. (m)		305
	44	Yamada Denki Co., Ltd. (m)		122
	9	Yamaguchi Financial Group, Inc. (m)		85
	8	Yamaha Corp. (m)		115
	13	Yamaha Motor Co., Ltd. (m)		204
	17	Yamato Holdings Co., Ltd. (m)		371
	2	Yamato Kogyo Co., Ltd. (m)		70
	11	Yaskawa Electric Corp. (m)		142
	10	Yokogawa Electric Corp. (m)		128
				119,075
		Luxembourg — 0.4%
	45	ArcelorMittal (m)		717
	1	Millicom International Cellular S.A., SDR, (m)		122
	2	SES S.A. (m)		59
	77	Tenaris S.A. (m)		1,808
				2,706
		Mexico — 0.6%
	80	Alfa S.A.B. de C.V., Class A (m)		221
	926	America Movil S.A.B. de C.V., Series L, (m)		994

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Mexico — Continued
	241	Cemex S.A.B. de C.V. (a) (m)		256
	57	Fomento Economico Mexicano S.A.B. de C.V. (m)		536
	65	Grupo Bimbo S.A.B. de C.V., Series A, (m)		218
	12	Grupo Carso S.A.B. de C.V., Series A1, (m)		67
	116	Grupo Mexico S.A.B. de C.V., Series B, (m)		367
	72	Grupo Televisa S.A.B. (m)		440
	62	Kimberly-Clark de Mexico S.A.B. de C.V., Class A (m)		190
	12	Minera Frisco S.A.B. de C.V., Class A1 (a) (m)		32
	140	Wal-Mart de Mexico S.A.B. de C.V., Series V, (m)		363
				3,684
		Netherlands — 3.4%
	96	Aegon N.V. (m)		765
	12	Akzo Nobel N.V. (m)		850
	16	ASML Holding N.V. (m)		1,559
	7	Delta Lloyd N.V. (m)		158
	3	Fugro N.V., CVA (m)		206
	3	Heineken N.V. (m)		203
	213	ING Groep N.V., CVA (a) (m)		2,706
	48	Koninklijke Ahold N.V. (m)		906
	3	Koninklijke Boskalis Westminster N.V. (m)		152
	2	Koninklijke DSM N.V. (m)		162
	174	Koninklijke KPN N.V. (a) (m)		557
	58	Koninklijke Philips N.V. (m)		2,053
	1	Koninklijke Vopak N.V. (m)		56
	18	QIAGEN N.V. (a) (m)		411
	2	Randstad Holding N.V. (m)		105
	9	Reed Elsevier N.V. (m)		175
	100	Royal Dutch Shell plc, Class A (m)		3,342
	52	Royal Dutch Shell plc, Class B (m)		1,816
	16	TNT Express N.V. (m)		152
	85	Unilever N.V., CVA (m)		3,390
	18	Wolters Kluwer N.V. (m)		490
	7	Ziggo N.V. (m)		311
				20,525
		New Zealand — 0.5%
	206	Auckland International Airport Ltd. (m)		584
	81	Contact Energy Ltd. (m)		350
	135	Fletcher Building Ltd. (m)		1,113
	382	Telecom Corp. of New Zealand Ltd. (m)		742
				2,789
		Norway — 1.4%
	12	Aker Solutions ASA (m)		162
	81	DNB ASA (m)		1,432

SHARES		SECURITY DESCRIPTION	VALUE($)
		Norway — Continued
	18	Gjensidige Forsikring ASA (m)		337
	33	Norsk Hydro ASA (m)		148
	63	Orkla ASA (m)		509
	68	Statoil ASA (m)		1,609
	138	Telenor ASA (m)		3,312
	14	Yara International ASA (m)		618
				8,127
		Philippines — 0.7%
	28	Ayala Corp. (m)		391
	754	Ayala Land, Inc. (m)		513
	144	Bank of the Philippine Islands (m)		333
	123	BDO Unibank, Inc. (m)		231
	6	Globe Telecom, Inc. (m)		240
	126	Jollibee Foods Corp. (m)		518
	56	Manila Electric Co. (m)		391
	7	Philippine Long Distance Telephone Co. (m)		458
	34	SM Investments Corp. (m)		670
	1,109	SM Prime Holdings, Inc. (m)		491
				4,236
		Portugal — 1.1%
	419	Banco Espirito Santo S.A. (a) (m)		550
	808	EDP - Energias de Portugal S.A. (m)		2,974
	86	Galp Energia SGPS S.A., Class B (m)		1,462
	50	Jeronimo Martins SGPS S.A. (m)		915
	142	Portugal Telecom SGPS S.A. (m)		641
				6,542
		Singapore — 0.7%
	138	CapitaMalls Asia Ltd. (m)		224
	12	City Developments Ltd. (m)		100
	46	ComfortDelgro Corp., Ltd. (m)		71
	44	DBS Group Holdings Ltd. (m)		592
	71	Genting Singapore plc (m)		87
	54	Global Logistic Properties Ltd. (m)		134
	173	Golden Agri-Resources Ltd. (m)		84
	125	Hutchison Port Holdings Trust, Class U (m)		91
	3	Jardine Cycle & Carriage Ltd. (m)		92
	28	Keppel Corp., Ltd. (m)		247
	18	Keppel Land Ltd. (m)		54
	43	Olam International Ltd. (m)		53
	61	Oversea-Chinese Banking Corp., Ltd. (m)		513
	23	Sembcorp Industries Ltd. (m)		98
	22	Sembcorp Marine Ltd. (m)		80
	18	Singapore Airlines Ltd. (m)		152
	24	Singapore Exchange Ltd. (m)		142

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Singapore — Continued
	43		Singapore Press Holdings Ltd. (m)		148
	40		Singapore Technologies Engineering Ltd. (m)		136
	188		Singapore Telecommunications Ltd. (m)		569
	15		StarHub Ltd. (m)		54
	32		United Overseas Bank Ltd. (m)		532
	11		UOL Group Ltd. (m)		57
	54		Wilmar International Ltd. (m)		150
					4,460
			South Africa — 0.7%
	1		Anglo American Platinum Ltd. (a) (m)		28
	4		AngloGold Ashanti Ltd. (m)		65
	7		Barclays Africa Group Ltd. (m)		107
	7		Bidvest Group Ltd. (m)		183
	72		FirstRand Ltd. (m)		259
	16		Gold Fields Ltd. (m)		72
	13		Impala Platinum Holdings Ltd. (m)		160
	34		MTN Group Ltd. (m)		682
	9		Naspers Ltd., Class N (m)		824
	32		PPC Ltd. (m)		102
	44		Sanlam Ltd. (m)		236
	12		Sasol Ltd. (m)		624
	10		Shoprite Holdings Ltd. (m)		179
	13		Sibanye Gold Ltd. (m)		19
	20		Standard Bank Group Ltd. (m)		257
	32		Steinhoff International Holdings Ltd. (a) (m)		125
	5		Tiger Brands Ltd. (m)		146
					4,068
			South Korea — 0.7%
	2		Daelim Industrial Co., Ltd. (m)		194
	7		Daewoo Shipbuilding & Marine Engineering Co., Ltd. (m)		212
	1		E-Mart Co., Ltd. (m)		137
	1		Hyundai Mobis (m)		275
	1		Hyundai Motor Co. (m)		273
	4		KB Financial Group, Inc. (m)		154
	1		LG Chem Ltd. (m)		392
	3		LG Electronics, Inc. (m)		212
	1		POSCO (m)		243
	1		Samsung Electronics Co., Ltd. (m)		1,211
	2		Samsung Fire & Marine Insurance Co., Ltd. (m)		395
	5		Shinhan Financial Group Co., Ltd. (m)		232
	—	(h)	Shinsegae Co., Ltd. (m)		39
	7		SK Hynix, Inc. (a) (m)		222
	1		SK Innovation Co., Ltd. (m)		99
	1		SK Telecom Co., Ltd. (m)		170
					4,460

SHARES		SECURITY DESCRIPTION	VALUE($)
		Spain — 5.9%
	19	Abertis Infraestructuras S.A. (m)		412
	1	Acciona S.A. (m)		69
	14	ACS Actividades de Construccion y Servicios S.A. (m)		449
	24	Amadeus IT Holding S.A., Class A (m)		906
	451	Banco Bilbao Vizcaya Argentaria S.A. (m)		5,271
	178	Banco de Sabadell S.A. (m)		456
	54	Banco Popular Espanol S.A. (a) (m)		307
	934	Banco Santander S.A. (a) (m)		8,284
	229	Distribuidora Internacional de Alimentacion S.A. (m)		2,088
	8	Enagas S.A. (m)		207
	35	Ferrovial S.A. (m)		669
	30	Gas Natural SDG S.A. (m)		717
	7	Grifols S.A. (m)		302
	522	Iberdrola S.A. (m)		3,277
	19	Inditex S.A. (m)		3,096
	9	Red Electrica Corp. S.A. (m)		577
	73	Repsol S.A. (m)		1,959
	334	Telefonica S.A. (m)		5,882
	12	Zardoya Otis S.A. (m)		202
				35,130
		Sweden — 1.6%
	8	Atlas Copco AB, Class B (m)		209
	7	Boliden AB (m)		95
	6	Electrolux AB, Series B, (m)		142
	6	Hexagon AB, Class B (m)		172
	10	Husqvarna AB, Class B (m)		57
	3	Industrivarden AB, Class C (m)		60
	5	Investment AB Kinnevik, Class B (m)		191
	14	Investor AB, Class B (m)		435
	6	Lundin Petroleum AB (a) (m)		114
	271	Nordea Bank AB (m)		3,464
	5	Ratos AB, Class B (m)		42
	29	Sandvik AB (m)		394
	7	Scania AB, Class B (m)		133
	9	Securitas AB, Class B (m)		97
	42	Skandinaviska Enskilda Banken AB, Class A (m)		507
	7	Skanska AB, Class B (m)		137
	11	SKF AB, Class B (m)		292
	16	Svenska Cellulosa AB SCA, Class B (m)		455
	14	Svenska Handelsbanken AB, Class A (m)		634
	79	Telefonaktiebolaget LM Ericsson, Class B (m)		947
	54	TeliaSonera AB (m)		447
	39	Volvo AB, Class B (m)		495
				9,519

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Switzerland — 2.8%
	24		ABB Ltd. (a) (m)		603
	1		Actelion Ltd. (a) (m)		86
	—	(h)	Aryzta AG (a) (m)		11
	—	(h)	Banque Cantonale Vaudoise (m)		24
	—	(h)	Barry Callebaut AG (a) (m)		24
	6		Cie Financiere Richemont S.A., Class A (m)		582
	16		Credit Suisse Group AG (a) (m)		509
	—	(h)	EMS-Chemie Holding AG (m)		41
	—	(h)	Geberit AG (m)		87
	—	(h)	Givaudan S.A. (a) (m)		132
	148		Glencore Xstrata plc (a) (m)		803
	22		Holcim Ltd. (a) (m)		1,608
	2		Julius Baer Group Ltd. (a) (m)		114
	—	(h)	Kuehne & Nagel International AG (m)		54
	—	(h)	Lindt & Spruengli AG (m)		50
	38		Nestle S.A. (m)		2,714
	35		Novartis AG (m)		2,725
	—	(h)	Pargesa Holding S.A. (m)		24
	—	(h)	Partners Group Holding AG (m)		46
	8		Roche Holding AG (m)		2,240
	—	(h)	SGS S.A. (m)		133
	1		Sonova Holding AG (a) (m)		77
	—	(h)	Sulzer AG (m)		31
	1		Swatch Group AG (The) (m)		260
	—	(h)	Swiss Life Holding AG (a) (m)		69
	29		Swiss Re AG (a) (m)		2,531
	—	(h)	Swisscom AG (m)		105
	4		Transocean Ltd. (m)		181
	46		UBS AG (a) (m)		890
	4		Wolseley plc (m)		207
					16,961
			Taiwan — 0.6%
	19		Asustek Computer, Inc. (m)		141
	135		Cathay Financial Holding Co., Ltd. (m)		203
	215		China Steel Corp. (m)		187
	22		Chunghwa Telecom Co., Ltd. (m)		71
	196		CTBC Financial Holding Co., Ltd. (m)		133
	143		Far Eastern New Century Corp. (m)		165
	69		Formosa Plastics Corp. (m)		187
	109		Hon Hai Precision Industry Co., Ltd. (m)		276
	6		HTC Corp. (m)		30
	21		MediaTek, Inc. (m)		288
	66		Nan Ya Plastics Corp. (m)		150
	89		Pegatron Corp. (m)		124
	87		Quanta Computer, Inc. (m)		206
	470		Taishin Financial Holding Co., Ltd. (m)		237

SHARES		SECURITY DESCRIPTION	VALUE($)
		Taiwan — Continued
	91	Taiwan Cement Corp. (m)		132
	49	Taiwan Mobile Co., Ltd. (m)		168
	153	Taiwan Semiconductor Manufacturing Co., Ltd. (m)		565
	195	United Microelectronics Corp. (m)		83
				3,346
		Thailand — 0.6%
	32	Advanced Info Service PCL (m)		263
	37	Bangkok Bank PCL (m)		244
	141	Banpu PCL (m)		131
	186	Charoen Pokphand Foods PCL (m)		145
	85	Kasikornbank PCL (m)		532
	275	Krung Thai Bank PCL (m)		180
	84	PTT Exploration & Production PCL (m)		455
	93	PTT Global Chemical PCL (m)		233
	41	PTT PCL (m)		412
	27	Siam Cement PCL (The) (m)		375
	96	Siam Commercial Bank PCL (The) (m)		509
	32	Thai Oil PCL (m)		64
				3,543
		Turkey — 0.5%
	107	Akbank TAS (m)		418
	15	Anadolu Efes Biracilik Ve Malt Sanayii A.S. (m)		194
	10	BIM Birlesik Magazalar A.S. (m)		214
	114	Eregli Demir ve Celik Fabrikalari TAS (m)		157
	42	Haci Omer Sabanci Holding A.S. (m)		197
	31	KOC Holding A.S. (m)		152
	9	Tupras Turkiye Petrol Rafinerileri A.S. (m)		206
	66	Turkcell Iletisim Hizmetleri A.S. (a) (m)		408
	141	Turkiye Garanti Bankasi A.S. (m)		565
	27	Turkiye Halk Bankasi A.S. (m)		219
	91	Turkiye Is Bankasi, Class C (m)		249
	66	Yapi ve Kredi Bankasi A.S. (m)		152
				3,131
		United Kingdom — 8.1%
	14	3i Group plc (m)		84
	12	Aberdeen Asset Management plc (m)		83
	22	Anglo American plc (m)		530
	6	Antofagasta plc (m)		76
	15	ARM Holdings plc (m)		236
	57	Associated British Foods plc (m)		2,059
	20	AstraZeneca plc (m)		1,051
	208	Barclays plc (m)		874
	54	BG Group plc (m)		1,103
	34	BHP Billiton plc (m)		1,038

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		United Kingdom — Continued
	303	BP plc (m)		2,352
	51	British American Tobacco plc (m)		2,810
	126	BT Group plc (m)		765
	6	Burberry Group plc (m)		154
	83	Centrica plc (m)		471
	139	CNH Industrial N.V. (a) (m)		1,648
	14	Cobham plc (m)		66
	2	Croda International plc (m)		76
	81	Diageo plc (m)		2,591
	113	Domino’s Pizza Group plc (m)		1,062
	4	Eurasian Natural Resources Corp. plc (a) (m)		14
	5	Evraz plc (a) (m)		9
	79	GlaxoSmithKline plc (m)		2,087
	3	Hargreaves Lansdown plc (m)		64
	274	HSBC Holdings plc (m)		2,998
	8	ICAP plc (m)		46
	6	Inmarsat plc (m)		74
	43	InterContinental Hotels Group plc (m)		1,240
	8	Investec plc (m)		54
	919	ITV plc (m)		2,811
	17	J Sainsbury plc (m)		111
	3	Johnson Matthey plc (m)		139
	3	Kazakhmys plc (m)		12
	33	Kingfisher plc (m)		197
	755	Lloyds Banking Group plc (a) (m)		933
	2	London Stock Exchange Group plc (m)		64
	22	Marks & Spencer Group plc (m)		178
	11	Meggitt plc (m)		102
	14	Pearson plc (m)		294
	4	Petrofac Ltd. (m)		83
	86	Prudential plc (m)		1,760
	1	Randgold Resources Ltd. (m)		88
	11	Rexam plc (m)		89
	21	Rio Tinto plc (m)		1,080
	30	Rolls-Royce Holdings plc (a) (m)		554
	29	Royal Bank of Scotland Group plc (a) (m)		171
	47	SABMiller plc (m)		2,443
	175	Salamander Energy plc (a) (m)		301
	2	Schroders plc (m)		65
	12	Smith & Nephew plc (m)		158
	16	SSE plc (m)		370
	34	Standard Chartered plc (m)		821
	10	Subsea 7 S.A. (m)		212
	99	Tate & Lyle plc (m)		1,252
	120	Tesco plc (m)		699
	13	Tullow Oil plc (m)		191
	783	Vodafone Group plc (m)		2,866

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — Continued
	98	WH Smith plc (m)		1,410
	39	Whitbread plc (m)		2,134
	144	WM Morrison Supermarkets plc (m)		648
	22	WPP plc (m)		465
				48,416
		United States — 0.0% (g)
	5	Sims Metal Management Ltd. (a) (m)		51
		Total Common Stocks (Cost $338,941)		560,470
	Preferred Stocks — 1.9%
		Brazil — 0.5%
	29	Banco Bradesco S.A. (Preference Shares) (m)		414
	6	Cia de Bebidas das Americas (m)		238
	6	Cia Energetica de Minas Gerais (m)		55
	69	Itau Unibanco Holding S.A. (m)		1,068
	52	Petroleo Brasileiro S.A. (m)		478
	36	Vale S.A. (m)		530
				2,783
		Chile — 0.0% (g)
	6	Sociedad Quimica y Minera de Chile S.A., Class B (m)		161
		Germany — 1.3%
	3	Bayerische Motoren Werke AG (m)		230
	35	Henkel AG & Co. KGaA (m)		3,825
	10	Porsche Automobil Holding SE (m)		948
	2	RWE AG (m)		56
	10	Volkswagen AG (m)		2,503
				7,562
		Italy — 0.1%
	970	Telecom Italia S.p.A. (m)		759
		United Kingdom — 0.0% (g)
	2,588	Rolls-Royce Holdings plc (a) (m)		4
		Total Preferred Stocks (Cost $5,904)		11,269
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	19,452	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $19,452)		19,452
		Total Investments — 98.7% (Cost $364,297)		591,191
		Other Assets in Excess of Liabilities — 1.3%		7,785
		NET ASSETS — 100.0%	$	598,976

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		13.8	%
Oil, Gas & Consumable Fuels		7.1
Pharmaceuticals		6.4
Insurance		5.1
Automobiles		4.7
Diversified Telecommunication Services		4.1
Chemicals		3.7
Electric Utilities		3.1
Metals & Mining		2.8
Beverages		2.5
Machinery		2.5
Food Products		2.3
Wireless Telecommunication Services		2.1
Food & Staples Retailing		2.1
Industrial Conglomerates		2.0
Hotels, Restaurants & Leisure		1.7
Real Estate Management & Development		1.6

INDUSTRY	PERCENTAGE
Auto Components		1.6	%
Diversified Financial Services		1.5
Capital Markets		1.4
Construction Materials		1.2
Media		1.2
Software		1.2
Specialty Retail		1.2
Electrical Equipment		1.1
Textiles, Apparel & Luxury Goods		1.1
Trading Companies & Distributors		1.0
Multi-Utilities		1.0
Road & Rail		1.0
Aerospace & Defense		1.0
Electronic Equipment, Instruments & Components		1.0
Others (each less than 1.0%)		12.6
Short-Term Investments		3.3

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	52	TOPIX Index		12/12/13	$	6,343	$	96
	52	SPI 200 Index		12/19/13		6,655		215
	147	Dow Jones Euro STOXX 50 Index		12/20/13		6,105		356
	38	FTSE 100 Index		12/20/13		4,088		55
							$	722

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.8%
		Australia — 2.1%
	655	Australia & New Zealand Banking Group Ltd. (m)		20,970
	2,014	Goodman Group (m)		9,625
				30,595
		Belgium — 1.3%
	121	Solvay S.A. (m)		18,961
		Canada — 1.2%
	920	First Quantum Minerals Ltd. (m)		17,455
		China — 1.1%
	3,052	China Shenhua Energy Co., Ltd., Class H (m)		9,282
	1,006	ENN Energy Holdings Ltd. (m)		5,965
				15,247
		Denmark — 1.7%
	465	Danske Bank A/S (a) (m)		10,858
	78	Novo Nordisk A/S, Class B (m)		12,999
				23,857
		Finland — 1.1%
	244	Afarak Group OYJ (a) (i)		116
	819	Stora Enso OYJ, Class R (m)		7,601
	526	UPM-Kymmene OYJ (m)		8,354
				16,071
		France — 11.2%
	718	AXA S.A. (m)		17,897
	287	BNP Paribas S.A. (m)		21,138
	392	Cie de St-Gobain (m)		20,588
	293	Electricite de France S.A. (m)		10,257
	389	GDF Suez (m)		9,637
	227	Schneider Electric S.A. (m)		19,091
	230	Sodexo (m)		22,318
	513	Suez Environnement Co. (m)		8,941
	65	Unibail-Rodamco SE (m)		17,024
	140	Valeo S.A. (m)		13,897
				160,788
		Germany — 9.7%
	126	Allianz SE (m)		21,149
	205	BASF SE (m)		21,305
	265	Bayer AG (m)		32,867
	108	Continental AG (m)		19,810
	284	Deutsche Bank AG (m)		13,714
	128	Deutsche Boerse AG (m)		9,623
	267	SAP AG (m)		20,926
				139,394

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — 4.3%
	7,237	Belle International Holdings Ltd. (m)		10,204
	2,922	China Overseas Land & Investment Ltd. (m)		9,055
	1,386	Hutchison Whampoa Ltd. (m)		17,270
	2,143	Sands China Ltd. (m)		15,236
	1,129	Wharf Holdings Ltd. (m)		9,501
				61,266
		Ireland — 0.8%
	259	Shire plc (m)		11,471
		Italy — 0.9%
	568	Assicurazioni Generali S.p.A. (m)		13,290
		Japan — 19.1%
	314	Daikin Industries Ltd. (m)		18,071
	118	East Japan Railway Co. (m)		10,207
	2,073	Hitachi Ltd. (m)		14,501
	609	Honda Motor Co., Ltd. (m)		24,311
	158	Japan Airlines Co., Ltd. (m)		9,253
	674	Japan Tobacco, Inc. (m)		24,373
	2,614	Kawasaki Heavy Industries Ltd. (m)		10,214
	318	Mitsubishi Estate Co., Ltd. (m)		9,088
	3,686	Mitsubishi UFJ Financial Group, Inc. (m)		23,471
	153	Nitto Denko Corp. (m)		7,997
	1,327	Nomura Holdings, Inc. (m)		9,800
	267	Nomura Research Institute Ltd. (m)		8,965
	1,207	Sekisui Chemical Co., Ltd. (m)		14,024
	525	Seven & I Holdings Co., Ltd. (m)		19,441
	929	Sumitomo Electric Industries Ltd. (m)		13,913
	483	Sumitomo Mitsui Financial Group, Inc. (m)		23,361
	391	Toyota Motor Corp. (m)		25,339
	364	Yamato Holdings Co., Ltd. (m)		7,830
				274,159
		Netherlands — 4.7%
	235	ASML Holding N.V. (m)		22,295
	639	Royal Dutch Shell plc, Class A (m)		21,279
	603	Unilever N.V., CVA (m)		23,904
				67,478
		South Korea — 1.6%
	31	LG Chem Ltd. (m)		8,635
	11	Samsung Electronics Co., Ltd. (m)		14,672
				23,307
		Spain — 1.0%
	566	Repsol S.A. (m)		15,163
		Sweden — 3.3%
	506	Electrolux AB, Series B, (m)		12,480

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Sweden — Continued
	684	Swedbank AB, Class A (m)		17,805
	1,476	Telefonaktiebolaget LM Ericsson, Class B (m)		17,659
				47,944
		Switzerland — 9.3%
	215	Cie Financiere Richemont S.A., Class A (m)		21,935
	477	Novartis AG (m)		37,006
	136	Roche Holding AG (m)		37,588
	161	Swiss Re AG (a) (m)		14,141
	1,170	UBS AG (a) (m)		22,636
				133,306
		Taiwan — 0.5%
	1,397	Hon Hai Precision Industry Co., Ltd., Reg.S, GDR (m)		6,931
		United Kingdom — 20.9%
	1,336	BG Group plc (m)		27,256
	485	British American Tobacco plc (m)		26,783
	2,691	BT Group plc (m)		16,282
	1,641	Centrica plc (m)		9,284
	498	Diageo plc (m)		15,868
	3,488	HSBC Holdings plc (m)		38,236
	762	InterContinental Hotels Group plc (m)		22,214
	2,505	Kingfisher plc (m)		15,152
	626	Pearson plc (m)		13,096
	253	Persimmon plc (a) (m)		5,125
	427	Petrofac Ltd. (m)		10,005
	1,183	Prudential plc (m)		24,184

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — Continued
	326	Rio Tinto plc (m)		16,491
	346	SABMiller plc (m)		18,044
	701	Tullow Oil plc (m)		10,597
	8,848	Vodafone Group plc (m)		32,409
				301,026
		Total Common Stocks (Cost $1,146,177)		1,377,709
	Preferred Stocks — 2.1%
		Germany — 2.1%
	124	Henkel AG & Co. KGaA (m)		13,419
	66	Volkswagen AG (m)		16,648
		Total Preferred Stocks (Cost $18,365)		30,067
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	19,578	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $19,578)		19,578
		Total Investments — 99.3% (Cost $1,184,120)		1,427,354
		Other Assets in Excess of Liabilities — 0.7%		10,413
		NET ASSETS — 100.0%	$	1,437,767

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		10.9	%
Pharmaceuticals		9.2
Insurance		6.4
Oil, Gas & Consumable Fuels		5.9
Automobiles		4.6
Hotels, Restaurants & Leisure		4.2
Chemicals		4.0
Tobacco		3.6
Capital Markets		3.2
Building Products		2.7
Semiconductors & Semiconductor Equipment		2.6
Metals & Mining		2.4
Beverages		2.4
Auto Components		2.4
Electrical Equipment		2.3
Wireless Telecommunication Services		2.3

INDUSTRY	PERCENTAGE
Household Durables		2.2	%
Multi-Utilities		2.0
Real Estate Management & Development		1.9
Real Estate Investment Trusts (REITs)		1.9
Specialty Retail		1.8
Food Products		1.7
Textiles, Apparel & Luxury Goods		1.5
Electronic Equipment, Instruments & Components		1.5
Software		1.5
Food & Staples Retailing		1.4
Communications Equipment		1.2
Industrial Conglomerates		1.2
Diversified Telecommunication Services		1.1
Paper & Forest Products		1.1
Others (each less than 1.0%)		7.5
Short-Term Investment		1.4

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,253,492	CHF
	2,233,084	for GBP	Merrill Lynch International		11/06/13	$	3,581	#	$	3,586	#	$	5
	2,261,024	EUR
	1,968,755	for GBP	Citibank, N.A.		11/06/13		3,157	#		3,070	#		(87	)
	2,180,063	EUR
	283,539,251	for JPY	BNP Paribas		11/06/13		2,883	#		2,960	#		77
	2,778,290	GBP
	33,687,700	for HKD	Credit Suisse International		11/06/13		4,346	#		4,455	#		109
	340,077,695	JPY
	3,591,940	for CAD	Credit Suisse International		11/06/13		3,444	#		3,458	#		14
	75,091,974	AUD	Australia and New Zealand Banking Group Limited		11/06/13		67,617			70,963			3,346
	7,226,027	AUD	BNP Paribas		11/06/13		6,770			6,829			59
	4,849,544	AUD	Credit Suisse International		11/06/13		4,414			4,583			169
	1,374,674	CHF	Credit Suisse International		11/06/13		1,487			1,515			28
	16,994,614	CHF	Westpac Banking Corp.		11/06/13		18,531			18,730			199
	12,977,808	EUR	BNP Paribas		11/06/13		17,559			17,621			62
	16,860,747	EUR	Credit Suisse International		11/06/13		22,493			22,893			400
	7,832,476	EUR	Royal Bank of Scotland		11/06/13		10,528			10,635			107
	2,366,675	EUR	TD Bank Financial Group		11/06/13		3,134			3,213			79
	2,062,667	EUR	Union Bank of Switzerland AG		11/06/13		2,783			2,800			17
	2,004,012	GBP	Barclays Bank plc		11/06/13		3,077			3,213			136
	10,848,098	GBP	BNP Paribas		11/06/13		17,573			17,393			(180	)
	7,143,149	GBP	Citibank, N.A.		11/06/13		11,410			11,453			43
	1,916,365	GBP	Commonwealth Bank of Australia		11/06/13		3,061			3,073			12
	1,724,477	GBP	Credit Suisse International		11/06/13		2,774			2,765			(9	)

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,995,200	GBP	HSBC Bank, N.A.		11/06/13	$	3,130	$	3,199	$	69
	2,260,472	GBP	Royal Bank of Scotland		11/06/13		3,607		3,624		17
	6,507,999	GBP	State Street Corp.		11/06/13		10,165		10,435		270
	1,749,876	GBP	Westpac Banking Corp.		11/06/13		2,787		2,806		19
	3,236,512	GBP	Citibank, N.A.		02/04/14		5,195		5,186		(9	)
	27,394,096	HKD	State Street Corp.		11/06/13		3,533		3,533		—	(h)
	538,488,595	JPY	Australia and New Zealand Banking Group Limited		11/06/13		5,493		5,476		(17	)
	1,506,944,399	JPY	BNP Paribas		11/06/13		15,299		15,326		27
	1,793,232,345	JPY	Citibank, N.A.		11/06/13		18,256		18,237		(19	)
	268,577,243	JPY	Credit Suisse International		11/06/13		2,772		2,732		(40	)
	327,944,525	JPY	Goldman Sachs International		11/06/13		3,344		3,335		(9	)
	399,402,284	JPY	State Street Corp.		11/06/13		4,113		4,062		(51	)
	517,329,707	JPY	Union Bank of Switzerland AG		11/06/13		5,288		5,261		(27	)
	563,633,542	JPY	Westpac Banking Corp.		11/06/13		5,682		5,732		50
	2,706,260,109	JPY	State Street Corp.		02/04/14		27,560		27,539		(21	)
	50,268,235	NOK	Barclays Bank plc		11/06/13		8,432		8,444		12
	11,021,062	NOK	Credit Suisse International		11/06/13		1,859		1,851		(8	)
	25,146,406	SGD	Goldman Sachs International		11/06/13		19,802		20,244		442
						$	356,939	$	362,230	$	5,291

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,276,731	CAD	State Street Corp.		11/06/13	$	4,142	$	4,101	$	41
	6,096,405	CAD	Union Bank of Switzerland AG		11/06/13		5,920		5,847		73
	6,044,868	CHF	Australia and New Zealand Banking Group Limited		11/06/13		6,685		6,663		22
	2,839,156	CHF	Goldman Sachs International		11/06/13		3,039		3,129		(90	)
	10,955,871	CHF	State Street Corp.		11/06/13		12,071		12,075		(4	)
	6,601,728	CHF	Union Bank of Switzerland AG		11/06/13		7,254		7,276		(22	)
	3,425,502	CHF	Westpac Banking Corp.		11/06/13		3,682		3,775		(93	)
	24,162,319	DKK	BNP Paribas		02/04/14		4,481		4,402		79
	25,872,481	DKK	State Street Corp.		02/04/14		4,787		4,713		74
	18,371,072	DKK	Union Bank of Switzerland AG		02/04/14		3,403		3,347		56
	14,933,737	EUR	Australia and New Zealand Banking Group Limited		11/06/13		20,196		20,276		(80	)
	29,064,212	EUR	Citibank, N.A.		11/06/13		38,777		39,462		(685	)
	11,758,297	EUR	Goldman Sachs International		11/06/13		15,738		15,965		(227	)
	2,401,963	EUR	Royal Bank of Canada		11/06/13		3,245		3,261		(16	)
	7,017,002	EUR	State Street Corp.		11/06/13		9,634		9,528		106
	2,751,823	EUR	Union Bank of Switzerland AG		11/06/13		3,735		3,737		(2	)
	2,626,208	EUR	Citibank, N.A.		02/04/14		3,615		3,566		49
	9,030,557	GBP	Australia and New Zealand Banking Group Limited		11/06/13		14,639		14,479		160
	17,753,965	GBP	Citibank, N.A.		11/06/13		27,173		28,467		(1,294	)
	4,371,509	GBP	Goldman Sachs International		11/06/13		6,864		7,009		(145	)
	9,631,219	GBP	State Street Corp.		11/06/13		15,561		15,442		119
	30,329,229	HKD	Australia and New Zealand Banking Group Limited		11/06/13		3,911		3,911		—	(h)
	233,716,300	HKD	TD Bank Financial Group		11/06/13		30,145		30,146		(1	)
	642,111,587	JPY	Australia and New Zealand Banking Group Limited		11/06/13		6,408		6,530		(122	)
	1,489,322,192	JPY	Goldman Sachs International		11/06/13		15,229		15,146		83
	2,904,248,709	JPY	State Street Corp.		11/06/13		29,573		29,536		37

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	936,408,596	JPY	Westpac Banking Corp.		11/06/13	$	9,595	$	9,523	$	72
	425,003,520	JPY	Credit Suisse International		02/04/14		4,344		4,325		19
	316,153,434	JPY	State Street Corp.		02/04/14		3,232		3,218		14
	28,165,515	SEK	Barclays Bank plc		11/06/13		4,294		4,346		(52	)
						$	321,372	$	323,201	$	(1,829	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 10/31/13 of the currency being sold, and the value at 10/31/13 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.8%
			Belgium — 1.5%
	1		Anheuser-Busch InBev N.V. (m)		64
			Canada — 4.7%
	1		Canadian National Railway Co. (m)		96
	3		Suncor Energy, Inc. (m)		105
					201
			France — 11.7%
	2		Accor S.A. (m)		93
	2		European Aeronautic Defence and Space Co. N.V. (m)		110
	1		Kering (m)		120
	1		Sanofi (m)		98
	1		Schneider Electric S.A. (m)		82
					503
			Germany — 10.2%
	1		Allianz SE (m)		90
	3		Deutsche Post AG (m)		98
	1		Fresenius SE & Co. KGaA (m)		86
	1		Henkel AG & Co. KGaA (m)		85
	1		SAP AG (m)		81
					440
			Hong Kong — 4.6%
	8		Cheung Kong Holdings Ltd. (m)		125
	10		Sands China Ltd. (m)		74
					199
			India — 2.2%
	3		HDFC Bank Ltd., ADR (m)		95
			Japan — 11.2%
	1		East Japan Railway Co. (m)		87
	2		Japan Tobacco, Inc. (m)		87
	3		Komatsu Ltd. (m)		68
	1		Nitto Denko Corp. (m)		68
	2		Toyota Motor Corp. (m)		117
	11		Yahoo! Japan Corp. (m)		53
					480
			Russia — 1.9%
	7		Sberbank of Russia, ADR (m)		84
			South Africa — 1.0%
	1		Tiger Brands Ltd. (m)		42
			South Korea — 4.4%
	—	(h)	Hyundai Mobis (m)		88
	—	(h)	Samsung Electronics Co., Ltd., Reg. S., GDR (m)		100
					188

SHARES			SECURITY DESCRIPTION	VALUE($)
			Spain — 3.8%
	6		Atresmedia Corp de Medios de Comunicaion S.A. (m)		93
	6		Banco Bilbao Vizcaya Argentaria S.A. (m)		72
					165
			Sweden — 2.2%
	3		Svenska Cellulosa AB SCA, Class B (m)		93
			Switzerland — 10.7%
	1		Cie Financiere Richemont S.A. (m)		141
	1		Novartis AG (m)		81
	—	(h)	Roche Holding AG (m)		128
	6		UBS AG (a) (m)		110
					460
			United Kingdom — 26.3%
	4		BG Group plc (m)		89
	32		Home Retail Group plc (m)		102
	12		HSBC Holdings plc (m)		127
	8		International Consolidated Airlines Group S.A. (a) (m)		45
	2		Intertek Group plc (m)		84
	9		Meggitt plc (m)		87
	7		Partnership Assurance Group plc (a) (m)		47
	4		Persimmon plc (a) (m)		72
	7		Prudential plc (m)		136
	3		Rio Tinto plc (m)		129
	6		Standard Chartered plc (m)		135
	4		WPP plc (m)		77
					1,130
			United States — 2.4%
	37		Samsonite International S.A. (m)		102
			Total Investments — 98.8% (Cost $3,417)		4,246
			Other Assets in Excess of Liabilities — 1.2%		50
			NET ASSETS — 100.0%	$	4,296

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		12.1	%
Textiles, Apparel & Luxury Goods		8.5
Pharmaceuticals		7.2
Insurance		6.4
Aerospace & Defense		4.6
Oil, Gas & Consumable Fuels		4.6
Road & Rail		4.3
Household Products		4.2
Media		4.0
Hotels, Restaurants & Leisure		3.9
Metals & Mining		3.0
Real Estate Management��& Development		3.0
Automobiles		2.7
Capital Markets		2.6
Internet & Catalog Retail		2.4

INDUSTRY	PERCENTAGE
Semiconductors & Semiconductor Equipment		2.4	%
Air Freight & Logistics		2.3
Auto Components		2.1
Tobacco		2.1
Health Care Providers & Services		2.0
Professional Services		2.0
Electrical Equipment		1.9
Software		1.9
Household Durables		1.7
Chemicals		1.6
Machinery		1.6
Beverages		1.5
Internet Software & Services		1.3
Airlines		1.1
Food Products		1.0

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.4%
		Australia — 2.4%
	1,719	Australia & New Zealand Banking Group Ltd. (m)		55,009
	3,757	Goodman Group (m)		17,954
				72,963
		Belgium — 1.3%
	263	Solvay S.A. (m)		41,157
		Brazil — 0.6%
	2,099	Cia Energetica de Minas Gerais, ADR (m)		18,830
		Canada — 0.5%
	759	First Quantum Minerals Ltd. (m)		14,398
		China — 1.3%
	19,084	China Construction Bank Corp., Class H (m)		14,848
	8,289	China Shenhua Energy Co., Ltd., Class H (m)		25,212
				40,060
		Denmark — 1.1%
	1,423	Danske Bank A/S (a) (m)		33,246
		Finland — 1.1%
	871	Afarak Group OYJ (a) (i)		414
	2,084	UPM-Kymmene OYJ (m)		33,081
				33,495
		France — 15.4%
	2,201	AXA S.A. (m)		54,848
	977	BNP Paribas S.A. (m)		72,077
	949	Cie de St-Gobain (m)		49,831
	1,098	Electricite de France S.A. (m)		38,439
	565	European Aeronautic Defence and Space Co. N.V. (m)		38,692
	1,031	GDF Suez (m)		25,550
	332	Lafarge S.A. (m)		22,918
	410	Sanofi (m)		43,762
	415	Schneider Electric S.A. (m)		34,934
	794	Societe Generale S.A. (m)		44,853
	341	Sodexo (m)		33,127
	844	Suez Environnement Co. (m)		14,724
				473,755
		Germany — 10.3%
	264	Allianz SE (m)		44,361
	481	BASF SE (m)		49,942
	487	Bayer AG (m)		60,457
	632	Daimler AG (m)		51,755
	602	Deutsche Bank AG (m)		29,092
	3,167	Deutsche Telekom AG (m)		49,772
	663	Metro AG (m)		31,108
				316,487

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — 2.9%
	7,912	China Overseas Land & Investment Ltd. (m)		24,519
	3,264	Hutchison Whampoa Ltd. (m)		40,672
	2,837	Wharf Holdings Ltd. (m)		23,874
				89,065
		India — 0.6%
	459	ICICI Bank Ltd., ADR (m)		17,138
		Italy — 3.9%
	1,292	Assicurazioni Generali S.p.A. (m)		30,213
	2,726	Eni S.p.A. (m)		69,212
	2,758	UniCredit SpA (m)		20,706
				120,131
		Japan — 21.0%
	714	Bridgestone Corp. (m)		24,485
	1,278	Daiwa House Industry Co., Ltd. (m)		25,603
	341	East Japan Railway Co. (m)		29,614
	6,557	Hitachi Ltd. (m)		45,867
	785	Honda Motor Co., Ltd. (m)		31,335
	1,115	Japan Tobacco, Inc. (m)		40,352
	6,252	Kawasaki Heavy Industries Ltd. (m)		24,430
	11,043	Mitsubishi UFJ Financial Group, Inc. (m)		70,324
	539	Mitsui Fudosan Co., Ltd. (m)		17,855
	451	Nitto Denko Corp. (m)		23,635
	2,628	Nomura Holdings, Inc. (m)		19,413
	3,069	ORIX Corp. (m)		53,153
	1,855	Ricoh Co., Ltd. (m)		19,590
	1,010	Seven & I Holdings Co., Ltd. (m)		37,368
	1,640	Sumitomo Corp. (m)		21,343
	1,827	Sumitomo Electric Industries Ltd. (m)		27,371
	1,065	Sumitomo Mitsui Financial Group, Inc. (m)		51,483
	886	Toyota Motor Corp. (m)		57,440
	1,186	Yamato Holdings Co., Ltd. (m)		25,502
				646,163
		Netherlands — 4.5%
	249	ASML Holding N.V. (m)		23,542
	2,262	ING Groep N.V., CVA (a) (m)		28,745
	2,631	Royal Dutch Shell plc, Class A (m)		87,639
				139,926
		Norway — 0.9%
	1,217	Telenor ASA (m)		29,233
		South Korea — 1.0%
	22	Samsung Electronics Co., Ltd. (m)		30,182
		Spain — 1.5%
	1,715	Repsol S.A. (m)		45,980

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Sweden — 2.6%
	838	Electrolux AB, Series B, (m)		20,676
	1,906	Nordea Bank AB (m)		24,376
	2,862	Telefonaktiebolaget LM Ericsson, Class B (m)		34,230
				79,282
		Switzerland — 6.0%
	719	Credit Suisse Group AG (a) (m)		22,374
	726	Novartis AG (m)		56,365
	107	Roche Holding AG (m)		29,691
	634	Swiss Re AG (a) (m)		55,682
	1,101	UBS AG (a) (m)		21,293
				185,405
		United Kingdom — 16.5%
	8,214	Barclays plc (m)		34,560
	1,716	BG Group plc (m)		35,010
	4,852	Centrica plc (m)		27,442
	9,508	HSBC Holdings plc (m)		104,220
	1,189	InterContinental Hotels Group plc (m)		34,654
	3,875	Kingfisher plc (m)		23,443
	1,163	Pearson plc (m)		24,322
	2,285	Prudential plc (m)		46,729
	854	Rio Tinto plc (m)		43,216
	359	SABMiller plc (m)		18,696
	1,145	Tullow Oil plc (m)		17,314
	27,091	Vodafone Group plc (m)		99,227
				508,833
		Total Common Stocks (Cost $2,320,146)		2,935,729
	Preferred Stock — 1.0%
		Germany — 1.0%
	120	Volkswagen AG (m) (Cost $11,037)		30,312
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	84,112	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $84,112)		84,112
		Total Investments — 99.1% (Cost $2,415,295)		3,050,153
		Other Assets in Excess of Liabilities — 0.9%		26,370
		NET ASSETS — 100.0%	$	3,076,523

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		17.8	%
Oil, Gas & Consumable Fuels		9.2
Insurance		7.6
Pharmaceuticals		6.2
Automobiles		5.6
Chemicals		3.8
Wireless Telecommunication Services		3.3
Capital Markets		3.0
Real Estate Management & Development		3.0
Diversified Financial Services		2.7
Diversified Telecommunication Services		2.6
Food & Staples Retailing		2.2
Hotels, Restaurants & Leisure		2.2
Multi-Utilities		2.2
Electrical Equipment		2.0
Metals & Mining		1.9
Electric Utilities		1.9
Semiconductors & Semiconductor Equipment		1.8
Building Products		1.6
Electronic Equipment, Instruments & Components		1.5
Industrial Conglomerates		1.3
Tobacco		1.3
Aerospace & Defense		1.3
Communications Equipment		1.1
Paper & Forest Products		1.1
Road & Rail		1.0
Others (each less than 1.0%)		8.0
Short-Term Investment		2.8

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	560	Dow Jones Euro STOXX 50 Index		12/20/13	$	23,259	$	98
	131	FTSE 100 Index		12/20/13		14,091		(7	)
							$	91

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
	13,114,636	AUD
	1,202,638,350	for JPY	Royal Bank of Scotland		11/29/13	$	12,232	#	$	12,375	#	$	143
	6,277,715	EUR
	5,301,028	for GBP	TD Bank Financial Group		11/29/13		8,498	#		8,524	#		26
	7,118,271	EUR
	945,342,045	for JPY	State Street Corp.		11/29/13		9,615	#		9,665	#		50
	5,701,639	GBP
	6,691,515	for EUR	Australia and New Zealand Banking Group Limited		11/29/13		9,085	#		9,140	#		55
	4,875,148	GBP
	768,845,002	for JPY	Deutsche Bank AG		11/29/13		7,821	#		7,816	#		(5	)
	1,134,301,744	JPY
	10,433,239	for CHF	Union Bank of Switzerland AG		11/29/13		11,501	#		11,537	#		36
	63,112,148	NOK
	1,023,938,113	for JPY	Goldman Sachs International		11/29/13		10,414	#		10,592	#		178
	161,659,837	AUD	Australia and New Zealand Banking Group Limited		11/29/13		145,858			152,542			6,684
	8,346,017	AUD	HSBC Bank, N.A.		11/29/13		7,991			7,875			(116	)
	4,935,962	EUR	Australia and New Zealand Banking Group Limited		11/29/13		6,551			6,702			151
	14,218,305	EUR	Barclays Bank plc		11/29/13		19,369			19,306			(63	)
	15,382,354	EUR	Citibank, N.A.		11/29/13		20,836			20,887			51
	4,288,776	EUR	Credit Suisse International		11/29/13		5,819			5,824			5
	8,933,790	EUR	Merrill Lynch International		11/29/13		12,218			12,131			(87	)
	6,047,644	EUR	Morgan Stanley		11/29/13		8,076			8,212			136
	6,351,459	EUR	Societe Generale		11/29/13		8,411			8,624			213
	6,126,976	EUR	Union Bank of Switzerland AG		11/29/13		8,268			8,319			51
	16,913,986	EUR	Westpac Banking Corp.		11/29/13		22,734			22,966			232
	12,291,062	GBP	Deutsche Bank AG		11/29/13		19,517			19,704			187
	4,585,396	GBP	Goldman Sachs International		11/29/13		7,199			7,351			152
	4,082,475	GBP	Merrill Lynch International	��	11/29/13		6,455			6,545			90
	7,167,117	GBP	Royal Bank of Scotland		11/29/13		11,435			11,489			54
	5,442,212	GBP	State Street Corp.		11/29/13		8,432			8,724			292
	38,850,813	GBP	TD Bank Financial Group		11/29/13		60,839			62,282			1,443
	4,811,232	GBP	Westpac Banking Corp.		11/29/13		7,722			7,713			(9	)
	584,758,292	JPY	BNP Paribas		11/29/13		5,978			5,948			(30	)
	2,704,734,833	JPY	Citibank, N.A.		11/29/13		27,533			27,510			(23	)
	1,227,052,653	JPY	Credit Suisse International		11/29/13		12,642			12,480			(162	)
	1,316,882,765	JPY	Merrill Lynch International		11/29/13		13,377			13,394			17
	1,796,656,767	JPY	State Street Corp.		11/29/13		18,379			18,274			(105	)
	33,630,243	NOK	Merrill Lynch International		11/29/13		5,608			5,644			36

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	154,961,790	SEK	Citibank, N.A.		11/29/13	$	23,795	$	23,899	$	104
	60,498,296	SGD	Goldman Sachs International		11/29/13		47,404		48,703		1,299
						$	611,612	$	622,697	$	11,085

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,259,576	CAD	State Street Corp.		11/29/13	$	4,102	$	4,083	$	19
	5,722,286	CHF	Societe Generale		11/29/13		6,191		6,308		(117	)
	36,931,441	CHF	Union Bank of Switzerland AG		11/29/13		40,137		40,711		(574	)
	17,294,905	CHF	Westpac Banking Corp.		11/29/13		18,545		19,064		(519	)
	8,030,735	EUR	Citibank, N.A.		11/29/13		10,885		10,904		(19	)
	10,964,487	EUR	Goldman Sachs International		11/29/13		14,655		14,888		(233	)
	64,923,884	EUR	Merrill Lynch International		11/29/13		87,159		88,155		(996	)
	7,082,404	EUR	Royal Bank of Canada		11/29/13		9,613		9,617		(4	)
	26,095,072	EUR	Royal Bank of Scotland		11/29/13		34,883		35,433		(550	)
	27,160,177	EUR	Societe Generale		11/29/13		36,439		36,879		(440	)
	4,798,061	GBP	Goldman Sachs International		11/29/13		7,681		7,692		(11	)
	12,335,417	GBP	Royal Bank of Scotland		11/29/13		19,655		19,775		(120	)
	7,455,294	GBP	Societe Generale		11/29/13		11,910		11,951		(41	)
	60,956,547	HKD	Merrill Lynch International		11/29/13		7,863		7,862		1
	87,544,282	HKD	State Street Corp.		11/29/13		11,292		11,293		(1	)
	205,089,155	HKD	Westpac Banking Corp.		11/29/13		26,456		26,455		1
	1,433,108,147	JPY	Merrill Lynch International		11/29/13		14,512		14,576		(64	)
	4,176,025,461	JPY	Morgan Stanley		11/29/13		42,955		42,474		481
	2,483,162,191	JPY	National Australia Bank		11/29/13		25,075		25,257		(182	)
	1,773,926,115	JPY	Royal Bank of Canada		11/29/13		18,041		18,043		(2	)
	78,430,256	SEK	Credit Suisse International		11/29/13		12,186		12,096		90
						$	460,235	$	463,516	$	(3,281	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 10/31/13 of the currency being sold, and the value at 10/31/13 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.6%
		Australia — 5.5%
	279	Asciano Ltd. (m)		1,532
	198	Australia & New Zealand Banking Group Ltd. (m)		6,343
	218	BHP Billiton Ltd. (m)		7,725
	334	Challenger Ltd. (m)		1,897
	47	Commonwealth Bank of Australia (m)		3,362
	38	Flight Centre Ltd. (m)		1,846
	50	Macquarie Group Ltd. (m)		2,427
	167	Suncorp Group Ltd. (m)		2,102
	61	Wesfarmers Ltd. (m)		2,462
	191	Westpac Banking Corp. (m)		6,212
				35,908
		Austria — 0.4%
	5	ams AG (m)		501
	47	Voestalpine AG (m)		2,199
				2,700
		Belgium — 0.9%
	37	Anheuser-Busch InBev N.V. (m)		3,866
	32	Delhaize Group S.A. (m)		2,013
				5,879
		Bermuda — 0.3%
	26	Signet Jewelers Ltd. (m)		1,968
		China — 1.3%
	4,154	China Construction Bank Corp., Class H (m)		3,232
	1,090	CNOOC Ltd. (m)		2,217
	4,260	Industrial & Commercial Bank of China Ltd., Class H (m)		2,986
				8,435
		Denmark — 0.7%
	55	Pandora A/S (m)		2,604
	216	TDC A/S (m)		1,950
				4,554
		Finland — 1.4%
	95	Elisa OYJ (m)		2,383
	48	Sampo, Class A (m)		2,289
	248	Stora Enso OYJ, Class R (m)		2,304
	154	UPM-Kymmene OYJ (m)		2,448
				9,424
		France — 10.4%
	272	AXA S.A. (m)		6,768
	78	BNP Paribas S.A. (m)		5,736
	60	Bouygues S.A. (m)		2,332
	43	Cap Gemini S.A. (m)		2,815

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — Continued
	34	Cie de St-Gobain (m)		1,791
	78	Electricite de France S.A. (m)		2,740
	42	European Aeronautic Defence and Space Co. N.V. (m)		2,848
	139	Orange S.A. (m)		1,911
	66	Plastic Omnium S.A. (m)		1,900
	27	Renault S.A. (m)		2,322
	38	Safran S.A. (m)		2,412
	41	Sanofi (m)		4,424
	38	Schneider Electric S.A. (m)		3,156
	70	SCOR SE (m)		2,473
	53	Societe Generale S.A. (m)		3,001
	42	Teleperformance (m)		2,212
	42	Thales S.A. (m)		2,547
	135	Total S.A. (m)		8,280
	28	Valeo S.A. (m)		2,749
	48	Vinci S.A. (m)		3,040
	17	Zodiac Aerospace (m)		2,652
				68,109
		Germany — 8.6%
	33	Allianz SE (m)		5,571
	57	BASF SE (m)		5,882
	73	Bayer AG (m)		8,998
	25	Bayerische Motoren Werke AG (m)		2,863
	20	Bilfinger Berger SE (m)		2,209
	13	Continental AG (m)		2,425
	64	Daimler AG (m)		5,200
	78	Deutsche Bank AG (m)		3,785
	96	Deutsche Post AG (m)		3,236
	183	Deutsche Telekom AG (m)		2,875
	80	Freenet AG (a) (m)		2,072
	12	Fresenius SE & Co. KGaA (m)		1,621
	62	GEA Group AG (m)		2,692
	15	Merck KGaA (m)		2,492
	2	Osram Licht AG (a) (m)		90
	43	Stada Arzneimittel AG (m)		2,492
	35	Wincor Nixdorf AG (m)		2,318
				56,821
		Hong Kong — 1.7%
	145	Cheung Kong Holdings Ltd. (m)		2,264
	748	China Overseas Land & Investment Ltd. (m)		2,318
	217	Hutchison Whampoa Ltd. (m)		2,704
	342	Sands China Ltd. (m)		2,435
	140	Swire Pacific Ltd., Class A (m)		1,612
				11,333

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		India — 0.7%
	81	HDFC Bank Ltd., ADR (m)		2,953
	283	Yes Bank Ltd. (m)		1,697
				4,650
		Ireland — 0.8%
	66	Shire plc (m)		2,923
	102	Smurfit Kappa Group plc (m)		2,476
				5,399
		Italy — 0.9%
	78	Azimut Holding S.p.A. (m)		1,988
	165	Eni S.p.A. (m)		4,183
				6,171
		Japan — 19.5%
	68	Asahi Group Holdings Ltd. (m)		1,836
	35	Astellas Pharma, Inc. (m)		1,962
	79	Bridgestone Corp. (m)		2,715
	81	Century Tokyo Leasing Corp. (m)		2,566
	251	Chiba Bank Ltd. (The) (m)		1,789
	86	Coca-Cola West Co., Ltd. (m)		1,740
	233	Daicel Corp. (m)		1,964
	46	Daikin Industries Ltd. (m)		2,641
	103	Daiwa House Industry Co., Ltd. (m)		2,064
	32	East Japan Railway Co. (m)		2,754
	552	Fuji Electric Co., Ltd. (m)		2,475
	78	Fuji Media Holdings, Inc. (m)		1,553
	86	Fuji Oil Co., Ltd. (m)		1,567
	424	Fukuoka Financial Group, Inc. (m)		1,912
	23	HIS Co., Ltd. (m)		1,251
	420	Hitachi Ltd. (m)		2,938
	102	Honda Motor Co., Ltd. (m)		4,057
	173	ITOCHU Corp. (m)		2,078
	87	Japan Tobacco, Inc. (m)		3,152
	826	Kawasaki Kisen Kaisha Ltd. (m)		1,894
	52	KDDI Corp. (m)		2,800
	152	Kubota Corp. (m)		2,251
	307	Marubeni Corp. (m)		2,404
	126	Mitsubishi Corp. (m)		2,555
	1,052	Mitsubishi UFJ Financial Group, Inc. (m)		6,698
	75	Mitsui Fudosan Co., Ltd. (m)		2,484
	143	Nippon Paint Co., Ltd. (m)		2,405
	44	Nippon Telegraph & Telephone Corp. (m)		2,303
	268	Nissan Motor Co., Ltd. (m)		2,694
	461	OJI Paper Co., Ltd. (m)		2,107
	66	Omron Corp. (m)		2,515
	225	ORIX Corp. (m)		3,894

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — Continued
	149	Ricoh Co., Ltd. (m)		1,574
	21	Ryohin Keikaku Co., Ltd. (m)		2,125
	106	Seiko Epson Corp. (m)		1,722
	210	Sekisui Chemical Co., Ltd. (m)		2,440
	52	Seven & I Holdings Co., Ltd. (m)		1,924
	61	SoftBank Corp. (m)		4,585
	94	Sony Corp. (m)		1,636
	147	Sumitomo Corp. (m)		1,914
	156	Sumitomo Electric Industries Ltd. (m)		2,330
	117	Sumitomo Mitsui Financial Group, Inc. (m)		5,650
	448	Sumitomo Mitsui Trust Holdings, Inc. (m)		2,213
	483	Sumitomo Osaka Cement Co., Ltd. (m)		1,949
	152	T&D Holdings, Inc. (m)		1,825
	315	Tokyo Gas Co., Ltd. (m)		1,709
	162	TOTO Ltd. (m)		2,291
	74	Toyoda Gosei Co., Ltd. (m)		1,858
	157	Toyota Motor Corp. (m)		10,173
				127,936
		Netherlands — 5.6%
	358	Aegon N.V. (m)		2,847
	31	ASML Holding N.V. (m)		2,935
	334	ING Groep N.V., CVA (a) (m)		4,245
	140	Koninklijke Ahold N.V. (m)		2,662
	28	Koninklijke DSM N.V. (m)		2,147
	78	Koninklijke Philips N.V. (m)		2,772
	45	Nutreco N.V. (m)		2,201
	481	PostNL N.V. (a) (m)		2,513
	15	Randstad Holding N.V. (m)		926
	330	Royal Dutch Shell plc, Class B (m)		11,423
	104	SBM Offshore N.V. (a) (m)		2,187
				36,858
		Norway — 0.8%
	145	DNB ASA (m)		2,577
	112	Telenor ASA (m)		2,684
				5,261
		Portugal — 0.3%
	518	EDP - Energias de Portugal S.A. (m)		1,908
		South Korea — 0.3%
	9	Hyundai Motor Co. (m)		2,171
		Spain — 2.2%
	67	Amadeus IT Holding S.A., Class A (m)		2,487
	76	Endesa S.A. (a) (m)		2,201
	114	Ferrovial S.A. (m)		2,182

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Spain — Continued
	99	Gas Natural SDG S.A. (m)		2,332
	406	Iberdrola S.A. (m)		2,551
	102	Repsol S.A. (m)		2,735
				14,488
		Sweden — 2.7%
	78	NCC AB, Class B (m)		2,410
	181	Securitas AB, Class B (m)		2,059
	91	Svenska Cellulosa AB SCA, Class B (m)		2,588
	59	Svenska Handelsbanken AB, Class A (m)		2,654
	103	Swedbank AB, Class A (m)		2,692
	249	Telefonaktiebolaget LM Ericsson, Class B (m)		2,978
	127	Trelleborg AB, Class B (m)		2,402
				17,783
		Switzerland — 12.0%
	194	ABB Ltd. (a) (m)		4,937
	18	Actelion Ltd. (a) (m)		1,365
	41	Cie Financiere Richemont S.A., Class A (m)		4,159
	147	Credit Suisse Group AG (a) (m)		4,576
	511	Ferrexpo plc (m)		1,484
	3	Galenica AG (m)		2,390
	106	GAM Holding AG (a) (m)		1,990
	3	Georg Fischer AG (a) (m)		1,829
	942	Glencore Xstrata plc (a) (m)		5,125
	27	Lonza Group AG (a) (m)		2,428
	114	Nestle S.A. (m)		8,251
	136	Novartis AG (m)		10,548
	155	OC Oerlikon Corp. AG (a) (m)		2,161
	42	Roche Holding AG (m)		11,718
	10	Straumann Holding AG (m)		2,082
	4	Swatch Group AG (The) (m)		2,693
	9	Swiss Life Holding AG (a) (m)		1,840
	26	Swiss Re AG (a) (m)		2,282
	232	UBS AG (a) (m)		4,483
	10	Zurich Insurance Group AG (a) (m)		2,650
				78,991
		Taiwan — 0.3%
	95	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		1,749
		United Kingdom — 19.3%
	329	3i Group plc (m)		1,968
	164	ARM Holdings plc (m)		2,565
	63	Associated British Foods plc (m)		2,292
	386	Aviva plc (m)		2,770
	1,386	Barclays plc (m)		5,830

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — Continued
	233	BG Group plc (m)		4,750
	22	BHP Billiton plc (m)		688
	504	BP plc (m)		3,911
	95	British American Tobacco plc (m)		5,255
	183	British Land Co. plc (m)		1,828
	177	Britvic plc (m)		1,771
	503	BT Group plc (m)		3,042
	211	BTG plc (a) (m)		1,419
	80	Burberry Group plc (m)		1,965
	273	Carillion plc (m)		1,329
	393	Centrica plc (m)		2,224
	155	Daily Mail & General Trust plc, Class A (m)		2,017
	128	Diageo plc (m)		4,080
	169	Drax Group plc (m)		1,723
	101	easyJet plc (m)		2,124
	106	Hikma Pharmaceuticals plc (m)		2,042
	525	Home Retail Group plc (m)		1,674
	828	HSBC Holdings plc (m)		9,079
	219	Inchcape plc (m)		2,237
	866	ITV plc (m)		2,647
	344	J Sainsbury plc (m)		2,178
	387	Kingfisher plc (m)		2,344
	790	Legal & General Group plc (m)		2,739
	3,220	Lloyds Banking Group plc (a) (m)		3,983
	241	Meggitt plc (m)		2,211
	100	Persimmon plc (a) (m)		2,030
	270	Prudential plc (m)		5,524
	123	Rio Tinto plc (m)		6,230
	204	St. James’s Place plc (m)		2,213
	195	Standard Chartered plc (m)		4,676
	1,316	Taylor Wimpey plc (m)		2,323
	87	Travis Perkins plc (m)		2,588
	3,322	Vodafone Group plc (m)		12,167
	362	WM Morrison Supermarkets plc (m)		1,635
	130	WPP plc (m)		2,770
				126,841
		Total Common Stocks (Cost $502,174)		635,337
	Preferred Stocks — 0.9%
		Germany — 0.9%
	22	Henkel AG & Co. KGaA (m)		2,397
	14	Volkswagen AG (m)		3,677
		Total Preferred Stocks (Cost $3,672)		6,074

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	14,340	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $14,340)		14,340
		Total Investments — 99.7% (Cost $520,186)		655,751
		Other Assets in Excess of Liabilities — 0.3%		2,128
		NET ASSETS — 100.0%	$	657,879

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		13.0	%
Pharmaceuticals		7.8
Insurance		6.7
Oil, Gas & Consumable Fuels		5.7
Automobiles		5.1
Metals & Mining		3.6
Wireless Telecommunication Services		3.3
Capital Markets		3.2
Diversified Telecommunication Services		2.6
Food Products		2.2
Beverages		2.0
Electrical Equipment		2.0
Food & Staples Retailing		2.0
Aerospace & Defense		1.9
Diversified Financial Services		1.9
Chemicals		1.9
Auto Components		1.8
Trading Companies & Distributors		1.8
Textiles, Apparel & Luxury Goods		1.7
Machinery		1.7
Construction & Engineering		1.7
Real Estate Management & Development		1.6
Electric Utilities		1.4
Media		1.4
Household Durables		1.3
Tobacco		1.3
Semiconductors & Semiconductor Equipment		1.2
Paper & Forest Products		1.0
Building Products		1.0
Others (each less than 1.0%)		14.0
Short-Term Investments		2.2

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

J.P. Morgan International Equity Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CVA	—  Dutch Certification
DKK	—  Danish Krone
EUR	—  Euro
GBP	—  British Pound
GDR	—  Global Depositary Receipt
HKD	—  Hong Kong Dollar
JPY	—  Japanese Yen
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
NVDR	—  Non Voting Depository Receipt
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REIT	—  Real Estate Investment Trust
SDR	—  Swedish Depositary Receipt
SEK	—  Swedish Krona
SGD	—  Singapore Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(i)	—  Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—  The rate shown is the current yield as of October 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A of the notes to financial statements are as follows (amounts in thousands):

Fund	Value		Percentage
Emerging Economies Fund	$	774,489		75.2	%
Emerging Markets Equity Fund		2,444,138		71.2
Global Equity Income Fund		65,919		61.0
Global Research Enhanced Index Fund		754,913		39.9
International Equity Fund		1,879,204		93.9
International Equity Index Fund		559,577		94.7
International Opportunities Fund		1,390,322		97.4
International Unconstrained Equity Fund		3,850		90.7
International Value Fund		2,915,675		95.6
Intrepid International Fund		636,708		97.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

(Amounts in thousands, except per share amounts)

	Emerging Economies Fund			Emerging Markets Equity Fund		Global Equity Income Fund			Global Research Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	1,016,075		$	3,291,857	$	104,202		$	1,808,672
Investments in affiliates, at value		14,082			141,356		3,942			85,564
Total investment securities, at value		1,030,157			3,433,213		108,144			1,894,236
Cash		518			14,758		342			238
Foreign currency, at value		4,044			24,699		759			2,805
Deposits at broker for futures contracts		—			—		—			4,325
Receivables:
Investment securities sold		—			14,289		1,599			6,435
Fund shares sold		511			5,591		274			4,257
Dividends from non-affiliates		1,052			2,370		183			2,437
Dividends from affiliates		—	(a)		2		—	(a)		1
Tax reclaims		—			—		85			139
Variation margin on futures contracts		—			—		—			56
Unrealized appreciation on forward foreign currency exchange contracts		—			—		48			—
Deferred offering costs		—			—		—			13
Total Assets		1,036,282			3,494,922		111,434			1,914,942
LIABILITIES:
Payables:
Distributions		—			—		26			—
Investment securities purchased		5,418			69,252		3,184			6,701
Fund shares redeemed		171			3,696		129			12,346
Unrealized depreciation on forward foreign currency exchange contracts		—			—		238			—
Accrued liabilities:
Investment advisory fees		834			2,832		37			309
Administration fees		—			191		—			132
Shareholder servicing fees		57			286		17			35
Distribution fees		17			106		11			—	(a)
Custodian and accounting fees		131			554		34			136
Trustees’ and Chief Compliance Officer’s fees		1			1		—			—	(a)
Deferred India capital gains tax		—			5,585		—			—
Other		67			726		74			84
Total Liabilities		6,696			83,229		3,750			19,743
Net Assets	$	1,029,586		$	3,411,693	$	107,684		$	1,895,199

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

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Emerging Economies Fund			Emerging Markets Equity Fund			Global Equity Income Fund			Global Research Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	1,031,264		$	2,985,578		$	94,337		$	1,712,015
Accumulated undistributed (distributions in excess of) net investment income		12,415			20,153			61			14,318
Accumulated net realized gains (losses)		(68,818	)		(97,632	)		834			7,156
Net unrealized appreciation (depreciation)		54,725			503,594			12,452			161,710
Total Net Assets	$	1,029,586		$	3,411,693		$	107,684		$	1,895,199
Net Assets:
Class A	$	69,690		$	327,090		$	49,118		$	58
Class B		—			4,245			—			—
Class C		5,089			56,119			1,957			58
Class R2		—			—			558			58
Class R5		676,985			—			566			—
Institutional Class		—			1,123,600			—			—
Select Class		277,822			1,900,639			55,485			1,895,025
Total	$	1,029,586		$	3,411,693		$	107,684		$	1,895,199
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		5,112			14,194			2,946			3
Class B		—			187			—			—
Class C		379			2,505			118			3
Class R2		—			—			33			3
Class R5		49,372			—			34			—
Institutional Class		—			47,341			—			—
Select Class		20,326			80,991			3,321			109,125
Net Asset Value (a):
Class A — Redemption price per share	$	13.63		$	23.05		$	16.67		$	17.33
Class B — Offering price per share (b)		—			22.57			—			—
Class C — Offering price per share (b)		13.44			22.41			16.63			17.28
Class R2 — Offering and redemption price per share		—			—			16.67			17.30
Class R5 — Offering and redemption price per share		13.71			—			16.72			—
Institutional Class — Offering and redemption price per share		—			23.73			—			—
Select Class — Offering and redemption price per share		13.67			23.47			16.71			17.37
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	14.39		$	24.32		$	17.59		$	18.29
Cost of investments in non-affiliates	$	961,415		$	2,783,187		$	91,573		$	1,649,238
Cost of investments in affiliates		14,082			141,356			3,942			85,564
Cost of foreign currency		4,003			24,423			747			2,804

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except per share amounts)

	International Equity Fund			International Equity Index Fund			International Opportunities Fund
ASSETS:
Investments in non-affiliates, at value	$	1,938,925		$	571,739		$	1,407,776
Investments in affiliates, at value		61,450			19,452			19,578
Total investment securities, at value		2,000,375			591,191			1,427,354
Cash		108			376			57
Foreign currency, at value		19			4,368			23
Deposits at broker for futures contracts		—			1,311			—
Receivables:
Investment securities sold		—			559			3,597
Fund shares sold		1,368			226			924
Dividends from non-affiliates		3,537			951			2,452
Dividends from affiliates		1			—	(a)		1
Tax reclaims		1,630			622			1,256
Unrealized appreciation on forward foreign currency exchange contracts		—			—			6,772
Prepaid expenses		—			—			25
Total Assets		2,007,038			599,604			1,442,461
LIABILITIES:
Payables:
Fund shares redeemed		372			176			286
Variation margin on futures contracts		—			—	(a)		—
Unrealized depreciation on forward foreign currency exchange contracts		—			—			3,310
Accrued liabilities:
Investment advisory fees		1,184			90			713
Administration fees		—			—	(a)		101
Shareholder servicing fees		142			—	(a)		41
Distribution fees		55			39			27
Custodian and accounting fees		97			141			89
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1			1
Audit fees		50			53			53
Transfer agent fees		131			80			54
Printing & mailing costs		44			37			17
Other		9			11			2
Total Liabilities		2,084			628			4,694
Net Assets	$	2,004,954		$	598,976		$	1,437,767

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

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Equity Fund			International Equity Index Fund			International Opportunities Fund
NET ASSETS:
Paid-in-Capital	$	1,621,392		$	363,811		$	1,244,386
Accumulated undistributed (distributions in excess of) net investment income		2,096			7,888			12,024
Accumulated net realized gains (losses)		(33,835	)		(432	)		(65,385	)
Net unrealized appreciation (depreciation)		415,301			227,709			246,742
Total Net Assets	$	2,004,954		$	598,976		$	1,437,767
Net Assets:
Class A	$	188,590		$	108,193		$	123,807
Class B		1,711			2,751			484
Class C		23,655			21,802			1,109
Class R2		1,230			1,957			—
Class R5		106,963			—			—
Class R6		1,248,489			—			1,204,314
Institutional Class		—			—			60,310
Select Class		434,316			464,273			47,743
Total	$	2,004,954		$	598,976		$	1,437,767
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		11,845			5,103			8,120
Class B		111			140			32
Class C		1,556			1,063			74
Class R2		78			94			—
Class R5		6,631			—			—
Class R6		77,422			—			77,372
Institutional Class		—			—			3,874
Select Class		26,934			21,734			3,081
Net Asset Value (a):
Class A — Redemption price per share	$	15.92		$	21.20		$	15.25
Class B — Offering price per share (b)		15.39			19.57			15.29
Class C — Offering price per share (b)		15.20			20.51			14.88
Class R2 — Offering and redemption price per share		15.87			20.91			—
Class R5 — Offering and redemption price per share		16.13			—			—
Class R6 — Offering and redemption price per share		16.13			—			15.57
Institutional Class — Offering and redemption price per share		—			—			15.57
Select Class — Offering and redemption price per share		16.13			21.36			15.50
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	16.80		$	22.37		$	16.09
Cost of investments in non-affiliates	$	1,523,680		$	344,845		$	1,164,542
Cost of investments in affiliates		61,450			19,452			19,578
Cost of foreign currency		19			4,304			19

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except per share amounts)

	International Unconstrained Equity Fund			International Value Fund		Intrepid International Fund
ASSETS:
Investments in non-affiliates, at value	$	4,246		$	2,966,041	$	641,411
Investments in affiliates, at value		—			84,112		14,340
Total investment securities, at value		4,246			3,050,153		655,751
Cash		90			118		189
Foreign currency, at value		3			256		9
Receivables:
Investment securities sold		—			4,861		1,230
Fund shares sold		—	(a)		16,592		3,753
Dividends from non-affiliates		6			6,728		1,212
Dividends from affiliates		—			1		—	(a)
Tax reclaims		6			2,218		545
Variation margin on futures contracts		—			91		—
Unrealized appreciation on forward foreign currency exchange contracts		—			12,277		—
Due from Adviser		16			—		—
Total Assets		4,367			3,093,295		662,689
LIABILITIES:
Payables:
Investment securities purchased		—			1		4,181
Fund shares redeemed		—			9,310		41
Unrealized depreciation on forward foreign currency exchange contracts		—			4,473		—
Accrued liabilities:
Investment advisory fees		—			1,516		399
Administration fees		—			115		—
Shareholder servicing fees		1			479		16
Distribution fees		—	(a)		61		13
Custodian and accounting fees		16			178		52
Trustees’ and Chief Compliance Officer’s fees		—	(a)		4		1
Audit fees		47			52		56
Transfer agent fees		3			443		31
Other		4			140		20
Total Liabilities		71			16,772		4,810
Net Assets	$	4,296		$	3,076,523	$	657,879

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

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
NET ASSETS:
Paid-in-Capital	$	3,148		$	2,875,720		$	1,076,021
Accumulated undistributed (distributions in excess of) net investment income		44			32,103			7,237
Accumulated net realized gains (losses)		275			(474,158	)		(560,967	)
Net unrealized appreciation (depreciation)		829			642,858			135,588
Total Net Assets	$	4,296		$	3,076,523		$	657,879
Net Assets:
Class A	$	83		$	221,077		$	60,135
Class B		—			2,476			—
Class C		76			22,682			1,131
Class R2		70			1,249			98
Class R5		71			—			—
Class R6		71			107,313			—
Institutional Class		—			1,087,334			582,599
Select Class		3,925			1,634,392			13,916
Total	$	4,296		$	3,076,523		$	657,879
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		4			14,717			3,038
Class B		—			166			—
Class C		4			1,553			57
Class R2		3			84			5
Class R5		3			—			—
Class R6		3			7,019			—
Institutional Class		—			71,134			28,799
Select Class		190			107,602			679
Net Asset Value (a):
Class A — Redemption price per share	$	20.59		$	15.02		$	19.79
Class B — Offering price per share (b)		—			14.86			—
Class C — Offering price per share (b)		20.47			14.61			19.92
Class R2 — Offering and redemption price per share		20.53			14.78			19.61
Class R5 — Offering and redemption price per share		20.69			—			—
Class R6 — Offering and redemption price per share		20.70			15.29			—
Institutional Class — Offering and redemption price per share		—			15.29			20.23
Select Class — Offering and redemption price per share		20.64			15.19			20.51
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	21.73		$	15.85		$	20.89
Cost of investments in non-affiliates	$	3,417		$	2,331,183		$	505,846
Cost of investments in affiliates		—			84,112			14,340
Cost of foreign currency		3			249			9

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

(Amounts in thousands)

	Emerging Economies Fund			Emerging Markets Equity Fund			Global Equity Income Fund			Global Research Enhanced Index Fund (a)
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	—		$	—		$	—	(b)
Dividend income from non-affiliates		22,987			69,019			2,976			17,059
Dividend income from affiliates		8			38			1			14
Foreign taxes withheld		(1,885	)		(4,646	)		(194	)		(876	)
Total investment income		21,110			64,411			2,783			16,197
EXPENSES:
Investment advisory fees		7,067			28,679			552			1,571
Administration fees		596			2,420			58			662
Distribution fees:
Class A		126			810			70			—	(b)
Class B		—			39			—			—
Class C		27			373			8			1
Class R2		—			—			3			—	(b)
Shareholder servicing fees:
Class A		126			810			70			—	(b)
Class B		—			13			—			—
Class C		9			124			3			—	(b)
Class R2		—			—			1			—	(b)
Class R5		242			—			—	(b)		—
Institutional Class		—			846			—			—
Select Class		423			4,108			98			1,963
Custodian and accounting fees		624			2,089			118			316
Interest expense to affiliates		—	(b)		3			—	(b)		—	(b)
Professional fees		90			121			76			79
Trustees’ and Chief Compliance Officer’s fees		8			31			1			6
Printing and mailing costs		28			377			7			17
Registration and filing fees		56			144			67			4
Transfer agent fees		144			3,099			33			40
Offering costs		—			—			—			27
Other		11			35			7			8
Total expenses		9,577			44,121			1,172			4,694
Less amounts waived		(878	)		(796	)		(406	)		(2,080	)
Less expense reimbursements		—			—			—			(15	)
Net expenses		8,699			43,325			766			2,599
Net investment income (loss)		12,411			21,086			2,017			13,598
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(9,074	)		(1,903	)(c)		1,497			2,891
Futures		—			—			71			4,179
Foreign currency transactions		541			(157	)		(136	)		806
Net realized gain (loss)		(8,533	)		(2,060	)		1,432			7,876
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		42,164			113,518			10,169			159,434
Futures		—			—			—			2,266
Foreign currency translations		37			471			(194	)		10
Change in net unrealized appreciation/depreciation		42,201			113,989			9,975			161,710
Net realized/unrealized gains (losses)		33,668			111,929			11,407			169,586
Change in net assets resulting from operations	$	46,079		$	133,015		$	13,424		$	183,184

(a) Commencement of operations was February 28, 2013.

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

(c) Net of India Capital Gains of approximately $5,585,000 for Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Equity Fund			International Equity Index Fund			International Opportunities Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	5		$	—
Dividend income from non-affiliates		41,040			15,281			34,786
Dividend income from affiliates		22			2			16
Foreign taxes withheld		(2,811	)		(1,386	)		(2,073	)
Total investment income		38,251			13,902			32,729
EXPENSES:
Investment advisory fees		11,628			2,870			6,491
Administration fees		1,227			440			913
Distribution fees:
Class A		342			249			231
Class B		15			22			3
Class C		152			140			6
Class R2		4			6			—
Shareholder servicing fees:
Class A		342			249			231
Class B		5			7			1
Class C		51			47			2
Class R2		2			3			—
Class R5		46			—			—
Institutional Class		—			—			53
Select Class		678			998			97
Custodian and accounting fees		354			437			309
Interest expense to affiliates		—	(a)		6			—
Professional fees		133			172			145
Trustees’ and Chief Compliance Officer’s fees		15			5			11
Printing and mailing costs		102			75			43
Registration and filing fees		93			64			63
Transfer agent fees		519			325			206
Other		34			19			14
Total expenses		15,742			6,134			8,819
Less amounts waived		(2,422	)		(2,985	)		(74	)
Net expenses		13,320			3,149			8,745
Net investment income (loss)		24,931			10,753			23,984
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,321	)		90,395			20,735
Futures		—			2,236			3,902
Foreign currency transactions		369			63			(9,677	)
Net realized gain (loss)		(952	)		92,694			14,960
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		251,548			22,305			201,141
Futures		—			716			40
Foreign currency translations		40			77			5,503
Change in net unrealized appreciation/depreciation		251,588			23,098			206,684
Net realized/unrealized gains (losses)		250,636			115,792			221,644
Change in net assets resulting from operations	$	275,567		$	126,545		$	245,628

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013(continued)

(Amounts in thousands)

	International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	93		$	87,082		$	14,217
Dividend income from affiliates		—			34			5
Foreign taxes withheld		(8	)		(6,507	)		(1,053	)
Total investment income		85			80,609			13,169
EXPENSES:
Investment advisory fees		31			15,852			3,869
Administration fees		3			2,230			389
Distribution fees:
Class A		—	(a)		396			105
Class B		—			20			—
Class C		1			126			8
Class R2		—	(a)		6			—	(a)
Shareholder servicing fees:
Class A		—	(a)		396			105
Class B		—			7			—
Class C		—	(a)		42			3
Class R2		—	(a)		3			—	(a)
Class R5		—	(a)		—			—
Institutional Class		—			837			407
Select Class		9			3,927			28
Custodian and accounting fees		58			664			189
Interest expense to affiliates		—	(a)		—	(a)		—
Professional fees		74			182			157
Trustees’ and Chief Compliance Officer’s fees		—	(a)		27			5
Printing and mailing costs		8			351			15
Registration and filing fees		83			170			68
Transfer agent fees		10			2,922			115
Offering costs		3			—			—
Other		8			39			7
Total expenses		288			28,197			5,470
Less amounts waived		(34	)		(325	)		(732	)
Less expense reimbursements		(213	)		—	(a)		—	(a)
Net expenses		41			27,872			4,738
Net investment income (loss)		44			52,737			8,431
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		275			126,083			11,475
Futures		—			8,568			—
Foreign currency transactions		—	(a)		(12,452	)		(48	)
Net realized gain (loss)		275			122,199			11,427
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		465			444,689			91,020
Futures		—			(235	)		—
Foreign currency translations		—	(a)		7,950			43
Change in net unrealized appreciation/depreciation		465			452,404			91,063
Net realized/unrealized gains (losses)		740			574,603			102,490
Change in net assets resulting from operations	$	784		$	627,340		$	110,921

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

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	12,411		$	7,095		$	21,086		$	12,842
Net realized gain (loss)		(8,533	)		(41,237	)		(2,060	)		(85,083	)
Change in net unrealized appreciation/depreciation		42,201			45,964			113,989			161,686
Change in net assets resulting from operations		46,079			11,822			133,015			89,445
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(283	)		(404	)		(1,014	)		—
Class B
From net investment income		—			—			(2	)		—
Class C
From net investment income		(13	)		(7	)		(15	)		—
Class R5
From net investment income		(4,485	)		(3,406	)		—			—
Institutional Class
From net investment income		—			—			(4,645	)		(1,158	)
Select Class
From net investment income		(1,651	)		(1,054	)		(7,568	)		(767	)
Total distributions to shareholders		(6,432	)		(4,871	)		(13,244	)		(1,925	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		544,006			92,749			1,039,436			1,200
NET ASSETS:
Change in net assets		583,653			99,700			1,159,207			88,720
Beginning of period		445,933			346,233			2,252,486			2,163,766
End of period	$	1,029,586		$	445,933		$	3,411,693		$	2,252,486
Accumulated undistributed (distributions in excess of) net investment income	$	12,415		$	5,893		$	20,153		$	12,468

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Equity Income Fund						Global Research Enhanced Index Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Period Ended 10/31/2013 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,017		$	941		$	13,598
Net realized gain (loss)		1,432			(439	)		7,876
Change in net unrealized appreciation/depreciation		9,975			2,661			161,710
Change in net assets resulting from operations		13,424			3,163			183,184
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(734	)		(55	)		—
From net realized gains		(33	)		—			—
Class C
From net investment income		(23	)		(15	)		—
From net realized gains		(1	)		—			—
Class R2
From net investment income		(12	)		(13	)		—
From net realized gains		(1	)		—			—
Class R5
From net investment income		(15	)		(16	)		—
From net realized gains		(1	)		—			—
Select Class
From net investment income		(1,109	)		(846	)		—
From net realized gains		(46	)		—			—
Total distributions to shareholders		(1,975	)		(945	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		58,368			32,705			1,712,015
NET ASSETS:
Change in net assets		69,817			34,923			1,895,199
Beginning of period		37,867			2,944			—
End of period	$	107,684		$	37,867		$	1,895,199
Accumulated undistributed (distributions in excess of) net investment income	$	61		$	72		$	14,318

(a) Commencement of operations was February 28, 2013.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Equity Fund						International Equity Index Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	24,931		$	18,557		$	10,753		$	14,237
Net realized gain (loss)		(952	)		(8,818	)		92,694			(7,270	)
Change in net unrealized appreciation/depreciation		251,588			65,355			23,098			22,755
Change in net assets resulting from operations		275,567			75,094			126,545			29,722
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,844	)		(1,450	)		(2,307	)		(2,361	)
Class B
From net investment income		(19	)		(29	)		(53	)		(68	)
Class C
From net investment income		(216	)		(225	)		(289	)		(261	)
Class R2
From net investment income		(9	)		(4	)		(19	)		(11	)
Class R5
From net investment income		(1,634	)		(1,179	)		—			—
Class R6
From net investment income		(16,840	)		(11,257	)		—			—
Select Class
From net investment income		(4,056	)		(3,509	)		(11,791	)		(13,654	)
Total distributions to shareholders		(24,618	)		(17,653	)		(14,459	)		(16,355	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		677,970			313,506			(98,503	)		(49,829	)
NET ASSETS:
Change in net assets		928,919			370,947			13,583			(36,462	)
Beginning of period		1,076,035			705,088			585,393			621,855
End of period	$	2,004,954		$	1,076,035		$	598,976		$	585,393
Accumulated undistributed (distributions in excess of) net investment income	$	2,096		$	1,414		$	7,888		$	9,952

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Opportunities Fund						International Unconstrained Equity Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Period Ended 10/31/2012 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	23,984		$	16,165		$	44		$	42
Net realized gain (loss)		14,960			(14,779	)		275			57
Change in net unrealized appreciation/depreciation		206,684			47,450			465			364
Change in net assets resulting from operations		245,628			48,836			784			463
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,582	)		(1,463	)		—	(b)		—
From net realized gains		—			—			(1	)		—
Class B
From net investment income		(7	)		(11	)		—			—
Class C
From net investment income		(9	)		(11	)		—	(b)		—
From net realized gains		—			—			(1	)		—
Class R2
From net investment income		—			—			—	(b)		—
From net realized gains		—			—			(1	)		—
Class R5
From net investment income		—			—			(1	)		—
From net realized gains		—			—			(1	)		—
Class R6
From net investment income		(17,272	)		(12,897	)		(1	)		—
From net realized gains		—			—			(1	)		—
Institutional Class
From net investment income		(1,013	)		(1,204	)		—			—
Select Class
From net investment income		(770	)		(791	)		(27	)		—
From net realized gains		—			—			(65	)		—
Total distributions to shareholders		(20,653	)		(16,377	)		(99	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		377,607			312,142			148			3,000
NET ASSETS:
Change in net assets		602,582			344,601			833			3,463
Beginning of period		835,185			490,584			3,463			—
End of period	$	1,437,767		$	835,185		$	4,296		$	3,463
Accumulated undistributed (distributions in excess of) net investment income	$	12,024		$	18,370		$	44		$	29

(a) Commencement of operations was November 30, 2011.

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

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Value Fund						Intrepid International Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	52,737		$	61,129		$	8,431		$	5,914
Net realized gain (loss)		122,199			(141,463	)		11,427			(13,167	)
Change in net unrealized appreciation/depreciation		452,404			186,329			91,063			24,766
Change in net assets resulting from operations		627,340			105,995			110,921			17,513
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,974	)		(3,673	)		(482	)		(328	)
Class B
From net investment income		(50	)		(89	)		—			—
Class C
From net investment income		(259	)		(433	)		(8	)		(2	)
Class R2
From net investment income		(20	)		(20	)		(1	)		(1	)
Class R6
From net investment income		(725	)		(2	)		—			—
Institutional Class
From net investment income		(17,591	)		(19,820	)		(5,812	)		(3,168	)
Select Class
From net investment income		(38,102	)		(48,068	)		(148	)		(144	)
Total distributions to shareholders		(59,721	)		(72,105	)		(6,451	)		(3,643	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		241,482			139,907			207,180			108,810
NET ASSETS:
Change in net assets		809,101			173,797			311,650			122,680
Beginning of period		2,267,422			2,093,625			346,229			223,549
End of period	$	3,076,523		$	2,267,422		$	657,879		$	346,229
Accumulated undistributed (distributions in excess of) net investment income	$	32,103		$	50,317		$	7,237		$	5,150

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	57,902		$	17,345		$	200,902		$	115,445
Distributions reinvested		282			404			957			—
Cost of shares redeemed		(21,023	)		(31,488	)		(166,780	)		(110,590	)
Change in net assets resulting from Class A capital transactions	$	37,161		$	(13,739	)	$	35,079		$	4,855
Class B
Proceeds from shares issued	$	—		$	—		$	145		$	212
Distributions reinvested		—			—			2			—
Cost of shares redeemed		—			—			(2,229	)		(1,932	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(2,082	)	$	(1,720	)
Class C
Proceeds from shares issued	$	3,668		$	2,046		$	22,299		$	10,193
Distributions reinvested		13			7			13			—
Cost of shares redeemed		(831	)		(483	)		(12,872	)		(10,395	)
Change in net assets resulting from Class C capital transactions	$	2,850		$	1,570		$	9,440		$	(202	)
Class R5
Proceeds from shares issued	$	347,403		$	175,434		$	—		$	—
Distributions reinvested		4,485			3,406			—			—
Cost of shares redeemed		(33,394	)		(80,783	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	318,494		$	98,057		$	—		$	—
Institutional Class
Proceeds from shares issued	$	—		$	—		$	615,869		$	208,354
Distributions reinvested		—			—			3,816			934
Cost of shares redeemed		—			—			(174,724	)		(200,452	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	444,961		$	8,836
Select Class
Proceeds from shares issued	$	195,678		$	32,183		$	1,137,145		$	507,533
Distributions reinvested		149			64			5,164			569
Cost of shares redeemed		(10,326	)		(25,386	)		(590,271	)		(518,671	)
Change in net assets resulting from Select Class capital transactions	$	185,501		$	6,861		$	552,038		$	(10,569	)
Total change in net assets resulting from capital transactions	$	544,006		$	92,749		$	1,039,436		$	1,200

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
SHARE TRANSACTIONS:
Class A
Issued		4,298			1,350			8,879			5,368
Reinvested		20			35			41			—
Redeemed		(1,564	)		(2,467	)		(7,504	)		(5,178	)
Change in Class A Shares		2,754			(1,082	)		1,416			190
Class B
Issued		—			—			6			10
Reinvested		—			—			—	(a)		—
Redeemed		—			—			(101	)		(92	)
Change in Class B Shares		—			—			(95	)		(82	)
Class C
Issued		277			160			1,012			479
Reinvested		1			1			1			—
Redeemed		(63	)		(38	)		(590	)		(501	)
Change in Class C Shares		215			123			423			(22	)
Class R5
Issued		25,974			13,598			—			—
Reinvested		328			292			—			—
Redeemed		(2,509	)		(6,289	)		—			—
Change in Class R5 Shares		23,793			7,601			—			—
Institutional Class
Issued		—			—			26,863			9,474
Reinvested		—			—			160			46
Redeemed		—			—			(7,462	)		(9,257	)
Change in Institutional Class Shares		—			—			19,561			263
Select Class
Issued		14,733			2,538			49,291			23,388
Reinvested		11			5			218			28
Redeemed		(804	)		(1,977	)		(26,170	)		(24,162	)
Change in Select Class Shares		13,940			566			23,339			(746	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Equity Income Fund						Global Research Enhanced Index Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Period Ended 10/31/2013 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	41,913		$	9,224		$	50
Distributions reinvested		294			55			—
Cost of shares redeemed		(6,671	)		(450	)		—
Change in net assets resulting from Class A capital transactions	$	35,536		$	8,829		$	50
Class C
Proceeds from shares issued	$	1,304		$	530		$	50
Distributions reinvested		24			14			—
Cost of shares redeemed		(202	)		—	(b)		—
Change in net assets resulting from Class C capital transactions	$	1,126		$	544		$	50
Class R2
Proceeds from shares issued	$	—		$	367		$	50
Distributions reinvested		13			13			—
Change in net assets resulting from Class R2 capital transactions	$	13		$	380		$	50
Class R5
Proceeds from shares issued	$	—		$	367		$	—
Distributions reinvested		16			16			—
Change in net assets resulting from Class R5 capital transactions	$	16		$	383		$	—
Select Class
Proceeds from shares issued	$	23,134		$	21,742		$	1,763,157
Distributions reinvested		935			839			—
Cost of shares redeemed		(2,392	)		(12	)		(51,292	)
Change in net assets resulting from Select Class capital transactions	$	21,677		$	22,569		$	1,711,865
Total change in net assets resulting from capital transactions	$	58,368		$	32,705		$	1,712,015

(a) Commencement of operations was February 28, 2013.

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

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Global Equity Income Fund						Global Research Enhanced Index Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Period Ended 10/31/2013 (a)
SHARE TRANSACTIONS:
Class A
Issued		2,719			656			3
Reinvested		19			4			—
Redeemed		(429	)		(32	)		—
Change in Class A Shares		2,309			628			3
Class C
Issued		83			41			3
Reinvested		2			1			—
Redeemed		(13	)		—	(b)		—
Change in Class C Shares		72			42			3
Class R2
Issued		—			29			3
Reinvested		—	(b)		1			—
Change in Class R2 Shares		—	(b)		30			3
Class R5
Issued		—			29			—
Reinvested		1			1			—
Change in Class R5 Shares		1			30			—
Select Class
Issued		1,481			1,669			112,224
Reinvested		61			62			—
Redeemed		(150	)		(1	)		(3,099	)
Change in Select Class Shares		1,392			1,730			109,125

(a) Commencement of operations was February 28, 2013.

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Equity Fund						International Equity Index Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	105,812		$	45,000		$	26,970		$	26,703
Distributions reinvested		1,255			1,404			2,228			2,272
Cost of shares redeemed		(40,285	)		(57,239	)		(37,925	)		(33,906	)
Change in net assets resulting from Class A capital transactions	$	66,782		$	(10,835	)	$	(8,727	)	$	(4,931	)
Class B
Proceeds from shares issued	$	21		$	50		$	11		$	42
Distributions reinvested		15			23			51			67
Cost of shares redeemed		(833	)		(853	)		(959	)		(1,257	)
Change in net assets resulting from Class B capital transactions	$	(797	)	$	(780	)	$	(897	)	$	(1,148	)
Class C
Proceeds from shares issued	$	6,897		$	2,504		$	6,413		$	4,855
Distributions reinvested		149			149			280			245
Cost of shares redeemed		(4,742	)		(5,942	)		(5,069	)		(4,620	)
Change in net assets resulting from Class C capital transactions	$	2,304		$	(3,289	)	$	1,624		$	480
Class R2
Proceeds from shares issued	$	1,194		$	662		$	1,192		$	539
Distributions reinvested		5			2			4			3
Cost of shares redeemed		(834	)		(57	)		(310	)		(243	)
Change in net assets resulting from Class R2 capital transactions	$	365		$	607		$	886		$	299
Class R5
Proceeds from shares issued	$	37,375		$	22,598		$	—		$	—
Distributions reinvested		1,634			1,179			—			—
Cost of shares redeemed		(11,484	)		(9,719	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	27,525		$	14,058		$	—		$	—
Class R6
Proceeds from shares issued	$	408,248		$	329,320		$	—		$	—
Subscriptions in-kind (See Note 8)		47,211			—			—			—
Distributions reinvested		16,840			11,257			—			—
Cost of shares redeemed		(64,207	)		(37,992	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	408,092		$	302,585		$	—		$	—
Select Class
Proceeds from shares issued	$	235,602		$	63,016		$	178,267		$	45,653
Distributions reinvested		2,411			2,202			1,263			1,712
Cost of shares redeemed		(64,314	)		(54,058	)		(270,919	)		(91,894	)
Change in net assets resulting from Select Class capital transactions	$	173,699		$	11,160		$	(91,389	)	$	(44,529	)
Total change in net assets resulting from capital transactions	$	677,970		$	313,506		$	(98,503	)	$	(49,829	)

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Equity Fund						International Equity Index Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
SHARE TRANSACTIONS:
Class A
Issued		7,127			3,527			1,430			1,627
Reinvested		88			111			125			148
Redeemed		(2,725	)		(4,441	)		(2,032	)		(2,081	)
Change in Class A Shares		4,490			(803	)		(477	)		(306	)
Class B
Issued		1			3			1			2
Reinvested		1			2			3			5
Redeemed		(58	)		(69	)		(56	)		(83	)
Change in Class B Shares		(56	)		(64	)		(52	)		(76	)
Class C
Issued		487			207			347			304
Reinvested		11			12			16			16
Redeemed		(341	)		(492	)		(277	)		(291	)
Change in Class C Shares		157			(273	)		86			29
Class R2
Issued		80			53			65			33
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		(56	)		(4	)		(17	)		(15	)
Change in Class R2 Shares		24			49			48			18
Class R5
Issued		2,576			1,799			—			—
Reinvested		113			92			—			—
Redeemed		(774	)		(757	)		—			—
Change in Class R5 Shares		1,915			1,134			—			—
Class R6
Issued		27,104			25,388			—			—
Subscriptions in-kind (See Note 8)		3,203			—			—			—
Reinvested		1,159			881			—			—
Redeemed		(4,564	)		(2,974	)		—			—
Change in Class R6 Shares		26,902			23,295			—			—
Select Class
Issued		15,550			4,933			9,085			2,866
Reinvested		166			172			71			111
Redeemed		(4,340	)		(4,163	)		(14,437	)		(5,614	)
Change in Select Class Shares		11,376			942			(5,281	)		(2,637	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Opportunities Fund						International Unconstrained Equity Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013		Period Ended 10/31/2012 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	59,075		$	37,212		$	15	$	50
Distributions reinvested		1,575			1,455			1		—
Cost of shares redeemed		(23,430	)		(21,984	)		—		—
Change in net assets resulting from Class A capital transactions	$	37,220		$	16,683		$	16	$	50
Class B
Proceeds from shares issued	$	135		$	19		$	—	$	—
Distributions reinvested		6			10			—		—
Cost of shares redeemed		(216	)		(289	)		—		—
Change in net assets resulting from Class B capital transactions	$	(75	)	$	(260	)	$	—	$	—
Class C
Proceeds from shares issued	$	530		$	87		$	5	$	50
Distributions reinvested		7			9			1		—
Cost of shares redeemed		(109	)		(166	)		—		—
Change in net assets resulting from Class C capital transactions	$	428		$	(70	)	$	6	$	50
Class R2
Proceeds from shares issued	$	—		$	—		$	—	$	50
Distributions reinvested		—			—			1		—
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	1	$	50
Class R5
Proceeds from shares issued	$	—		$	—		$	—	$	50
Distributions reinvested		—			—			2		—
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	2	$	50
Class R6
Proceeds from shares issued	$	376,122		$	312,227		$	—	$	50
Distributions reinvested		17,272			12,897			2		—
Cost of shares redeemed		(67,810	)		(33,425	)		—		—
Change in net assets resulting from Class R6 capital transactions	$	325,584		$	291,699		$	2	$	50
Institutional Class
Proceeds from shares issued	$	20,744		$	9,873		$	—	$	—
Distributions reinvested		699			788			—		—
Cost of shares redeemed		(13,670	)		(10,083	)		—		—
Change in net assets resulting from Institutional Class capital transactions	$	7,773		$	578		$	—	$	—
Select Class
Proceeds from shares issued	$	12,030		$	13,694		$	29	$	2,750
Distributions reinvested		549			516			92		—
Cost of shares redeemed		(5,902	)		(10,698	)		—		—
Change in net assets resulting from Select Class capital transactions	$	6,677		$	3,512		$	121	$	2,750
Total change in net assets resulting from capital transactions	$	377,607		$	312,142		$	148	$	3,000

(a) Commencement of operations was November 30, 2011.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Opportunities Fund						International Unconstrained Equity Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Period Ended 10/31/2012 (a)
SHARE TRANSACTIONS:
Class A
Issued		4,282			3,125			1			3
Reinvested		122			132			—	(b)		—
Redeemed		(1,702	)		(1,828	)		—			—
Change in Class A Shares		2,702			1,429			1			3
Class B
Issued		10			1			—			—
Reinvested		—	(b)		1			—			—
Redeemed		(15	)		(24	)		—			—
Change in Class B Shares		(5	)		(22	)		—			—
Class C
Issued		37			8			1			3
Reinvested		1			1			—	(b)		—
Redeemed		(8	)		(14	)		—			—
Change in Class C Shares		30			(5	)		1			3
Class R2
Issued		—			—			—			3
Reinvested		—			—			—	(b)		—
Change in Class R2 Shares		—			—			—	(b)		3
Class R5
Issued		—			—			—			3
Reinvested		—			—			—	(b)		—
Change in Class R5 Shares		—			—			—	(b)		3
Class R6
Issued		26,629			25,578			—			3
Reinvested		1,310			1,153			—	(b)		—
Redeemed		(5,104	)		(2,807	)		—			—
Change in Class R6 Shares		22,835			23,924			—	(b)		3
Institutional Class
Issued		1,473			808			—			—
Reinvested		53			70			—			—
Redeemed		(927	)		(828	)		—			—
Change in Institutional Class Shares		599			50			—			—
Select Class
Issued		859			1,131			2			183
Reinvested		42			46			5			—
Redeemed		(433	)		(908	)		—			—
Change in Select Class Shares		468			269			7			183

(a) Commencement of operations was November 30, 2011.

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Value Fund						Intrepid International Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	112,329		$	49,899		$	32,402		$	8,357
Distributions reinvested		2,655			3,261			466			317
Cost of shares redeemed		(52,869	)		(44,716	)		(14,316	)		(9,553	)
Change in net assets resulting from Class A capital transactions	$	62,115		$	8,444		$	18,552		$	(879	)
Class B
Proceeds from shares issued	$	45		$	43		$	—		$	—
Distributions reinvested		44			75			—			—
Cost of shares redeemed		(1,120	)		(770	)		—			—
Change in net assets resulting from Class B capital transactions	$	(1,031	)	$	(652	)	$	—		$	—
Class C
Proceeds from shares issued	$	9,020		$	2,699		$	238		$	154
Distributions reinvested		184			274			7			2
Cost of shares redeemed		(4,410	)		(5,245	)		(208	)		(332	)
Change in net assets resulting from Class C capital transactions	$	4,794		$	(2,272	)	$	37		$	(176	)
Class R2
Proceeds from shares issued	$	612		$	385		$	—	(a)	$	2
Distributions reinvested		8			10			1			1
Cost of shares redeemed		(490	)		(222	)		(4	)		(32	)
Change in net assets resulting from Class R2 capital transactions	$	130		$	173		$	(3	)	$	(29	)
Class R6
Proceeds from shares issued	$	68,474		$	33,126		$	—		$	—
Distributions reinvested		2			2			—			—
Cost of shares redeemed		(292	)		(9,200	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	68,184		$	23,928		$	—		$	—
Institutional Class
Proceeds from shares issued	$	495,944		$	256,917		$	198,991		$	115,082
Distributions reinvested		14,688			14,739			5,184			2,649
Cost of shares redeemed		(243,260	)		(190,594	)		(17,590	)		(4,834	)
Change in net assets resulting from Institutional Class capital transactions	$	267,372		$	81,062		$	186,585		$	112,897
Select Class
Proceeds from shares issued	$	778,419		$	551,695		$	4,584		$	1,207
Distributions reinvested		22,937			29,315			41			20
Cost of shares redeemed		(961,438	)		(551,786	)		(2,616	)		(4,230	)
Change in net assets resulting from Select Class capital transactions	$	(160,082	)	$	29,224		$	2,009		$	(3,003	)
Total change in net assets resulting from capital transactions	$	241,482		$	139,907		$	207,180		$	108,810

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

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Value Fund						Intrepid International Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
SHARE TRANSACTIONS:
Class A
Issued		8,194			4,264			1,795			551
Reinvested		210			297			28			22
Redeemed		(3,928	)		(3,776	)		(812	)		(631	)
Change in Class A Shares		4,476			785			1,011			(58	)
Class B
Issued		4			4			—			—
Reinvested		3			7			—			—
Redeemed		(85	)		(66	)		—			—
Change in Class B Shares		(78	)		(55	)		—			—
Class C
Issued		666			236			12			12
Reinvested		15			26			1			—	(a)
Redeemed		(337	)		(462	)		(11	)		(23	)
Change in Class C Shares		344			(200	)		2			(11	)
Class R2
Issued		46			33			—	(a)		—	(a)
Reinvested		1			1			—	(a)		—	(a)
Redeemed		(36	)		(19	)		—	(a)		(2	)
Change in Class R2 Shares		11			15			—	(a)		(2	)
Class R6
Issued		4,945			2,821			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(21	)		(730	)		—			—
Change in Class R6 Shares		4,924			2,091			—			—
Institutional Class
Issued		35,943			21,768			10,861			7,445
Reinvested		1,146			1,323			306			184
Redeemed		(17,638	)		(15,861	)		(1,063	)		(315	)
Change in Institutional Class Shares		19,451			7,230			10,104			7,314
Select Class
Issued		57,568			46,604			248			77
Reinvested		1,797			2,644			2			1
Redeemed		(70,321	)		(46,673	)		(146	)		(274	)
Change in Select Class Shares		(10,956	)		2,575			104			(196	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Emerging Economies Fund
Class A
Year Ended October 31, 2013	$	12.88	$	0.19	(d)	$	0.67		$	0.86		$	(0.11	)	$	—
Year Ended October 31, 2012		12.65		0.17	(d)		0.21			0.38			(0.15	)		—
Year Ended October 31, 2011		13.91		0.20	(d)		(1.44	)		(1.24	)		(0.02	)		—	(e)
Year Ended October 31, 2010		10.47		0.11	(d)		3.60			3.71			(0.27	)		—
Year Ended October 31, 2009		7.14		0.18			3.42			3.60			(0.27	)		—
Class C
Year Ended October 31, 2013		12.72		0.13	(d)		0.66			0.79			(0.07	)		—
Year Ended October 31, 2012		12.58		0.15	(d)		0.15			0.30			(0.16	)		—
Year Ended October 31, 2011		13.87		0.08	(d)		(1.37	)		(1.29	)		—			—	(e)
Year Ended October 31, 2010		10.46		0.05	(d)		3.59			3.64			(0.23	)		—
Year Ended October 31, 2009		7.11		0.14			3.43			3.57			(0.22	)		—
Class R5
Year Ended October 31, 2013		12.94		0.25	(d)		0.68			0.93			(0.16	)		—
Year Ended October 31, 2012		12.71		0.25	(d)		0.18			0.43			(0.20	)		—
Year Ended October 31, 2011		13.93		0.30	(d)		(1.47	)		(1.17	)		(0.05	)		—	(e)
Year Ended October 31, 2010		10.48		0.17	(d)		3.59			3.76			(0.31	)		—
Year Ended October 31, 2009		7.16		0.22			3.41			3.63			(0.31	)		—
Select Class
Year Ended October 31, 2013		12.91		0.21	(d)		0.70			0.91			(0.15	)		—
Year Ended October 31, 2012		12.68		0.22	(d)		0.18			0.40			(0.17	)		—
Year Ended October 31, 2011		13.92		0.25	(d)		(1.45	)		(1.20	)		(0.04	)		—	(e)
Year Ended October 31, 2010		10.48		0.14	(d)		3.59			3.73			(0.29	)		—
Year Ended October 31, 2009		7.15		0.20			3.42			3.62			(0.29	)		—

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

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

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		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 (c)
$	13.63		6.67	%	$	69,690		1.60	%		1.45	%		1.72	%		43	%
	12.88		3.15			30,356		1.65			1.37			1.76			72
	12.65		(8.93	)		43,519		1.75			1.50			1.75			84
	13.91		36.12			49		1.85			0.96			3.99			156
	10.47		52.59			36		1.85			2.27			5.59			141
	13.44		6.25			5,089		2.10			1.02			2.22			43
	12.72		2.54			2,088		2.12			1.21			2.27			72
	12.58		(9.30	)		516		2.28			0.57			2.32			84
	13.87		35.33			49		2.35			0.46			4.49			156
	10.46		51.98			36		2.35			1.77			6.08			141
	13.71		7.21			676,985		1.15			1.84			1.27			43
	12.94		3.53			331,032		1.19			1.99			1.31			72
	12.71		(8.45	)		228,411		1.31			2.14			1.32			84
	13.93		36.66			50		1.40			1.41			3.54			156
	10.48		53.31			37		1.40			2.72			5.13			141
	13.67		7.04			277,822		1.35			1.61			1.47			43
	12.91		3.34			82,457		1.39			1.70			1.51			72
	12.68		(8.65	)		73,787		1.52			1.76			1.55			84
	13.92		36.35			7,313		1.60			1.21			3.74			156
	10.48		53.07			5,360		1.60			2.52			5.33			141

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Emerging Markets Equity Fund
Class A
Year Ended October 31, 2013	$	22.01	$	0.10	(d)	$	1.02		$	1.12		$	(0.08	)	$	—
Year Ended October 31, 2012		21.09		0.07	(d)		0.85			0.92			—			—
Year Ended October 31, 2011		23.45		0.06	(d)		(2.33	)		(2.27	)		(0.09	)		—	(e)
Year Ended October 31, 2010		18.79		(0.01	)(d)		4.71			4.70			(0.04	)		—	(e)
Year Ended October 31, 2009		12.66		0.07	(d)		6.31			6.38			(0.25	)		—	(e)
Class B
Year Ended October 31, 2013		21.59		(0.04	)(d)		1.03			0.99			(0.01	)		—
Year Ended October 31, 2012		20.80		(0.05	)(d)		0.84			0.79			—			—
Year Ended October 31, 2011		23.15		(0.07	)(d)		(2.28	)		(2.35	)		—			—	(e)
Year Ended October 31, 2010		18.60		(0.12	)(d)		4.67			4.55			—			—	(e)
Year Ended October 31, 2009		12.46		—	(d)(e)		6.25			6.25			(0.11	)		—	(e)
Class C
Year Ended October 31, 2013		21.44		(0.01	)(d)		0.99			0.98			(0.01	)		—
Year Ended October 31, 2012		20.65		(0.04	)(d)		0.83			0.79			—			—
Year Ended October 31, 2011		23.01		(0.05	)(d)		(2.29	)		(2.34	)		(0.02	)		—	(e)
Year Ended October 31, 2010		18.49		(0.11	)(d)		4.63			4.52			—			—	(e)
Year Ended October 31, 2009		12.42		(0.01	)(d)		6.23			6.22			(0.15	)		—	(e)
Institutional Class
Year Ended October 31, 2013		22.65		0.20	(d)		1.04			1.24			(0.16	)		—
Year Ended October 31, 2012		21.66		0.16	(d)		0.87			1.03			(0.04	)		—
Year Ended October 31, 2011		24.04		0.16	(d)		(2.40	)		(2.24	)		(0.14	)		—	(e)
Year Ended October 31, 2010		19.23		0.08	(d)		4.82			4.90			(0.09	)		—	(e)
Year Ended October 31, 2009		12.97		0.14	(d)		6.45			6.59			(0.33	)		—	(e)
Select Class
Year Ended October 31, 2013		22.40		0.17	(d)		1.03			1.20			(0.13	)		—
Year Ended October 31, 2012		21.42		0.13	(d)		0.86			0.99			(0.01	)		—
Year Ended October 31, 2011		23.80		0.13	(d)		(2.38	)		(2.25	)		(0.13	)		—	(e)
Year Ended October 31, 2010		19.04		0.05	(d)		4.77			4.82			(0.06	)		—	(e)
Year Ended October 31, 2009		12.84		0.11	(d)		6.39			6.50			(0.30	)		—	(e)

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

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

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		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 (c)
$	23.05		5.08	%	$	327,090		1.76	%		0.46	%		1.79	%		34	%
	22.01		4.36			281,194		1.82			0.33			1.82			20
	21.09		(9.73	)		265,458		1.79			0.28			1.80			9
	23.45		25.08			253,037		1.82			(0.03	)		1.83			14
	18.79		51.49			121,638		1.85			0.45			1.85			10
	22.57		4.57			4,245		2.26			(0.18	)		2.29			34
	21.59		3.80			6,100		2.32			(0.23	)		2.32			20
	20.80		(10.15	)		7,572		2.29			(0.32	)		2.30			9
	23.15		24.46			10,812		2.31			(0.58	)		2.32			14
	18.60		50.70			10,535		2.36			(0.02	)		2.37			10
	22.41		4.56			56,119		2.26			(0.06	)		2.29			34
	21.44		3.83			44,643		2.32			(0.17	)		2.32			20
	20.65		(10.18	)		43,437		2.29			(0.23	)		2.30			9
	23.01		24.45			40,757		2.32			(0.52	)		2.33			14
	18.49		50.72			19,803		2.35			(0.06	)		2.35			10
	23.73		5.47			1,123,600		1.36			0.88			1.39			34
	22.65		4.80			629,223		1.41			0.73			1.42			20
	21.66		(9.37	)		596,147		1.38			0.68			1.41			9
	24.04		25.55			513,904		1.40			0.37			1.43			14
	19.23		52.20			325,849		1.43			0.93			1.46			10
	23.47		5.34			1,900,639		1.51			0.74			1.54			34
	22.40		4.65			1,291,326		1.57			0.60			1.57			20
	21.42		(9.51	)		1,251,152		1.55			0.56			1.56			9
	23.80		25.38			925,631		1.57			0.23			1.58			14
	19.04		51.88			330,903		1.61			0.73			1.62			10

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Global Equity Income Fund
Class A
Year Ended October 31, 2013	$	14.12	$	0.43	(f)	$	2.55		$	2.98		$	(0.41	)	$	(0.02	)	$	(0.43	)
Year Ended October 31, 2012		13.37		0.31	(f)		0.88			1.19			(0.44	)		—			(0.44	)
February 28, 2011(g) through October 31, 2011		15.00		0.33	(f)		(1.64	)		(1.31	)		(0.32	)		—			(0.32	)
Class C
Year Ended October 31, 2013		14.11		0.34	(f)		2.55			2.89			(0.35	)		(0.02	)		(0.37	)
Year Ended October 31, 2012		13.35		0.36	(f)		0.77			1.13			(0.37	)		—			(0.37	)
February 28, 2011(g) through October 31, 2011		15.00		0.30	(f)		(1.66	)		(1.36	)		(0.29	)		—			(0.29	)
Class R2
Year Ended October 31, 2013		14.12		0.40	(f)		2.54			2.94			(0.37	)		(0.02	)		(0.39	)
Year Ended October 31, 2012		13.36		0.40	(f)		0.76			1.16			(0.40	)		—			(0.40	)
February 28, 2011(g) through October 31, 2011		15.00		0.32	(f)		(1.66	)		(1.34	)		(0.30	)		—			(0.30	)
Class R5
Year Ended October 31, 2013		14.15		0.51	(f)		2.54			3.05			(0.46	)		(0.02	)		(0.48	)
Year Ended October 31, 2012		13.38		0.50	(f)		0.76			1.26			(0.49	)		—			(0.49	)
February 28, 2011(g) through October 31, 2011		15.00		0.38	(f)		(1.65	)		(1.27	)		(0.35	)		—			(0.35	)
Select Class
Year Ended October 31, 2013		14.14		0.47	(f)		2.55			3.02			(0.43	)		(0.02	)		(0.45	)
Year Ended October 31, 2012		13.37		0.47	(f)		0.76			1.23			(0.46	)		—			(0.46	)
February 28, 2011(g) through October 31, 2011		15.00		0.37	(f)		(1.66	)		(1.29	)		(0.34	)		—			(0.34	)

(a) Annualized for periods less than one year.

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

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

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Commencement of operations.

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

(i) Certain non-recurring expense incurred by the Fund were not annualized for the period ended October 31, 2011.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000's)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	16.67		21.40	%	$	49,118		1.24	%		2.77	%		1.82	%		63	%
	14.12		9.09			9,003		1.25			2.21			2.31			52
	13.37		(8.77	)		127		1.25	(h)		3.53	(h)		10.16	(h)(i)		40
	16.63		20.74			1,957		1.74			2.16			2.32			63
	14.11		8.66			646		1.75			2.69			2.95			52
	13.35		(9.12	)		60		1.75	(h)		3.17	(h)		10.82	(h)(i)		40
	16.67		21.12			558		1.49			2.60			2.11			63
	14.12		8.87			461		1.50			2.95			2.70			52
	13.36		(8.97	)		45		1.50	(h)		3.36	(h)		10.72	(h)(i)		40
	16.72		21.94			566		0.79			3.31			1.41			63
	14.15		9.62			465		0.80			3.65			2.00			52
	13.38		(8.52	)		46		0.80	(h)		4.05	(h)		10.05	(h)(i)		40
	16.71		21.73			55,485		0.99			3.04			1.59			63
	14.14		9.43			27,292		1.00			3.44			2.20			52
	13.37		(8.68	)		2,666		1.00	(h)		3.85	(h)		10.23	(h)(i)		40

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations
Global Research Enhanced Index Fund
Class A
February 28, 2013(f) through October 31, 2013	$	15.00	$	0.19	(g)	$	2.14	$	2.33
Class C
February 28, 2013(f) through October 31, 2013		15.00		0.14	(g)		2.14		2.28
Class R2
February 28, 2013(f) through October 31, 2013		15.00		0.17	(g)		2.13		2.30
Select Class
February 28, 2013(f) through October 31, 2013		15.00		0.19	(g)		2.18		2.37

(a) Annualized for periods less than one year

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

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

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Commencement of operations.

(g) Calculated based upon average shares outstanding.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000's)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	17.33		15.53	%	$	58		0.58	%(h)		1.79	%(h)		1.62	%(h)(i)		25	%
	17.28		15.20			58		1.08	(h)		1.29	(h)		2.12	(h)(i)		25
	17.30		15.33			58		0.83	(h)		1.54	(h)		1.87	(h)(i)		25
	17.37		15.80			1,895,025		0.33	(h)		1.73	(h)		0.60	(h)(i)		25

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 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			Total distributions			Redemption fees
International Equity Fund
Class A
Year Ended October 31, 2013	$	13.36	$	0.20	(f)	$	2.56		$	2.76		$	(0.20	)	$	—		$	(0.20	)	$	—
Year Ended October 31, 2012		12.61		0.22	(f)		0.74			0.96			(0.21	)		—			(0.21	)		—
Year Ended October 31, 2011		13.40		0.22	(f)		(0.80	)		(0.58	)		(0.21	)		—			(0.21	)		—	(g)
Year Ended October 31, 2010		12.33		0.18	(f)		1.07			1.25			(0.18	)		—			(0.18	)		—	(g)
Year Ended October 31, 2009		18.28		0.20	(f)		1.98			2.18			(0.20	)		(7.93	)		(8.13	)		—	(g)
Class B
Year Ended October 31, 2013		12.93		0.11	(f)		2.49			2.60			(0.14	)		—			(0.14	)		—
Year Ended October 31, 2012		12.22		0.16	(f)		0.70			0.86			(0.15	)		—			(0.15	)		—
Year Ended October 31, 2011		13.00		0.14	(f)		(0.77	)		(0.63	)		(0.15	)		—			(0.15	)		—	(g)
Year Ended October 31, 2010		11.97		0.11	(f)		1.04			1.15			(0.12	)		—			(0.12	)		—	(g)
Year Ended October 31, 2009		18.01		0.14	(f)		1.92			2.06			(0.17	)		(7.93	)		(8.10	)		—	(g)
Class C
Year Ended October 31, 2013		12.78		0.12	(f)		2.45			2.57			(0.15	)		—			(0.15	)		—
Year Ended October 31, 2012		12.08		0.16	(f)		0.69			0.85			(0.15	)		—			(0.15	)		—
Year Ended October 31, 2011		12.85		0.14	(f)		(0.76	)		(0.62	)		(0.15	)		—			(0.15	)		—	(g)
Year Ended October 31, 2010		11.85		0.11	(f)		1.01			1.12			(0.12	)		—			(0.12	)		—	(g)
Year Ended October 31, 2009		17.92		0.14	(f)		1.89			2.03			(0.17	)		(7.93	)		(8.10	)		—	(g)
Class R2
Year Ended October 31, 2013		13.31		0.11	(f)		2.61			2.72			(0.16	)		—			(0.16	)		—
Year Ended October 31, 2012		12.58		0.15	(f)		0.77			0.92			(0.19	)		—			(0.19	)		—
Year Ended October 31, 2011		13.37		0.18	(f)		(0.79	)		(0.61	)		(0.18	)		—			(0.18	)		—	(g)
Year Ended October 31, 2010		12.31		0.15	(f)		1.06			1.21			(0.15	)		—			(0.15	)		—	(g)
November 3, 2008(h) through October 31, 2009		18.29		0.18	(f)		1.96			2.14			(0.19	)		(7.93	)		(8.12	)		—	(g)
Class R5
Year Ended October 31, 2013		13.52		0.27	(f)		2.60			2.87			(0.26	)		—			(0.26	)		—
Year Ended October 31, 2012		12.75		0.29	(f)		0.74			1.03			(0.26	)		—			(0.26	)		—
Year Ended October 31, 2011		13.55		0.23	(f)		(0.76	)		(0.53	)		(0.27	)		—			(0.27	)		—	(g)
Year Ended October 31, 2010		12.47		0.23	(f)		1.09			1.32			(0.24	)		—			(0.24	)		—	(g)
Year Ended October 31, 2009		18.38		0.25	(f)		2.01			2.26			(0.24	)		(7.93	)		(8.17	)		—	(g)
Class R6
Year Ended October 31, 2013		13.52		0.28	(f)		2.59			2.87			(0.26	)		—			(0.26	)		—
Year Ended October 31, 2012		12.75		0.29	(f)		0.74			1.03			(0.26	)		—			(0.26	)		—
November 30, 2010(h) through October 31, 2011		12.85		0.28	(f)		(0.10	)		0.18			(0.28	)		—			(0.28	)		—	(g)
Select Class
Year Ended October 31, 2013		13.52		0.23	(f)		2.61			2.84			(0.23	)		—			(0.23	)		—
Year Ended October 31, 2012		12.76		0.26	(f)		0.74			1.00			(0.24	)		—			(0.24	)		—
Year Ended October 31, 2011		13.56		0.24	(f)		(0.80	)		(0.56	)		(0.24	)		—			(0.24	)		—	(g)
Year Ended October 31, 2010		12.47		0.22	(f)		1.08			1.30			(0.21	)		—			(0.21	)		—	(g)
Year Ended October 31, 2009		18.38		0.24	(f)		2.00			2.24			(0.22	)		(7.93	)		(8.15	)		—	(g)

(a) Annualized for periods less than one year

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

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

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.01.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000's)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	15.92		20.85	%	$	188,590		1.30	%		1.33	%		1.47	%		8	%
	13.36		7.70			98,274		1.30			1.72			1.51			5
	12.61		(4.49	)		102,866		1.31			1.63			1.52			18
	13.40		10.42			131,125		1.31			1.44			1.54			15
	12.33		27.39			114,557		1.31			1.90			1.62			14
	15.39		20.26			1,711		1.80			0.80			1.97			8
	12.93		7.15			2,164		1.80			1.31			2.01			5
	12.22		(4.99	)		2,817		1.81			1.08			2.02			18
	13.00		9.82			4,543		1.86			0.89			2.04			15
	11.97		26.72			5,303		1.87			1.44			2.12			14
	15.20		20.25			23,655		1.80			0.83			1.97			8
	12.78		7.16			17,873		1.80			1.31			2.01			5
	12.08		(4.93	)		20,193		1.81			1.09			2.02			18
	12.85		9.69			23,370		1.86			0.88			2.04			15
	11.85		26.76			22,934		1.87			1.46			2.12			14
	15.87		20.58			1,230		1.55			0.78			1.72			8
	13.31		7.45			721		1.55			1.16			1.74			5
	12.58		(4.73	)		67		1.56			1.33			1.77			18
	13.37		10.07			70		1.56			1.17			1.79			15
	12.31		26.95			64		1.56			1.76			1.85			14
	16.13		21.42			106,963		0.85			1.79			1.02			8
	13.52		8.19			63,767		0.85			2.24			1.05			5
	12.75		(4.07	)		45,680		0.86			1.69			1.08			18
	13.55		10.86			242,131		0.86			1.86			1.10			15
	12.47		27.92			144,494		0.86			2.39			1.16			14
	16.13		21.47			1,248,489		0.80			1.85			0.97			8
	13.52		8.23			682,861		0.80			2.26			1.00			5
	12.75		1.20			347,040		0.81			2.23			1.01			18
	16.13		21.23			434,316		1.05			1.51			1.22			8
	13.52		7.91			210,375		1.05			2.02			1.25			5
	12.76		(4.26	)		186,425		1.06			1.76			1.27			18
	13.56		10.72			241,123		1.06			1.74			1.29			15
	12.47		27.73			260,814		1.06			2.28			1.37			14

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions			Redemption fees
International Equity Index Fund
Class A
Year Ended October 31, 2013	$	17.24	$	0.38	(f)	$	4.00		$	4.38		$	(0.42	)	$	—		$	(0.42	)	$	—
Year Ended October 31, 2012		16.83		0.37	(f)		0.45			0.82			(0.41	)		—			(0.41	)		—
Year Ended October 31, 2011		19.03		0.40	(f)		(2.16	)		(1.76	)		(0.44	)		—			(0.44	)		—	(g)
Year Ended October 31, 2010		17.89		0.33	(f)		1.10			1.43			(0.29	)		—			(0.29	)		—	(g)
Year Ended October 31, 2009		16.27		0.36	(f)		3.52			3.88			(0.70	)		(1.56	)		(2.26	)		—	(g)
Class B
Year Ended October 31, 2013		15.91		0.25	(f)		3.70			3.95			(0.29	)		—			(0.29	)		—
Year Ended October 31, 2012		15.52		0.23	(f)		0.43			0.66			(0.27	)		—			(0.27	)		—
Year Ended October 31, 2011		17.57		0.24	(f)		(1.99	)		(1.75	)		(0.30	)		—			(0.30	)		—	(g)
Year Ended October 31, 2010		16.54		0.18	(f)		1.02			1.20			(0.17	)		—			(0.17	)		—	(g)
Year Ended October 31, 2009		15.13		0.24	(f)		3.25			3.49			(0.52	)		(1.56	)		(2.08	)		—	(g)
Class C
Year Ended October 31, 2013		16.68		0.27	(f)		3.86			4.13			(0.30	)		—			(0.30	)		—
Year Ended October 31, 2012		16.27		0.25	(f)		0.44			0.69			(0.28	)		—			(0.28	)		—
Year Ended October 31, 2011		18.41		0.26	(f)		(2.09	)		(1.83	)		(0.31	)		—			(0.31	)		—	(g)
Year Ended October 31, 2010		17.35		0.20	(f)		1.06			1.26			(0.20	)		—			(0.20	)		—	(g)
Year Ended October 31, 2009		15.78		0.24	(f)		3.41			3.65			(0.52	)		(1.56	)		(2.08	)		—	(g)
Class R2
Year Ended October 31, 2013		17.03		0.35	(f)		3.92			4.27			(0.39	)		—			(0.39	)		—
Year Ended October 31, 2012		16.66		0.32	(f)		0.45			0.77			(0.40	)		—			(0.40	)		—
Year Ended October 31, 2011		18.86		0.32	(f)		(2.12	)		(1.80	)		(0.40	)		—			(0.40	)		—	(g)
Year Ended October 31, 2010		17.76		0.28	(f)		1.10			1.38			(0.28	)		—			(0.28	)		—	(g)
November 3, 2008(h) through October 31, 2009		16.32		0.27	(f)		3.48			3.75			(0.75	)		(1.56	)		(2.31	)		—	(g)
Select Class
Year Ended October 31, 2013		17.36		0.40	(f)		4.06			4.46			(0.46	)		—			(0.46	)		—
Year Ended October 31, 2012		16.96		0.41	(f)		0.45			0.86			(0.46	)		—			(0.46	)		—
Year Ended October 31, 2011		19.17		0.45	(f)		(2.17	)		(1.72	)		(0.49	)		—			(0.49	)		—	(g)
Year Ended October 31, 2010		18.01		0.37	(f)		1.12			1.49			(0.33	)		—			(0.33	)		—	(g)
Year Ended October 31, 2009		16.39		0.42	(f)		3.51			3.93			(0.75	)		(1.56	)		(2.31	)		—	(g)

(a) Annualized for periods less than one year

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

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

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.01.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000's)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	21.20		25.84	%	$	108,193		0.75	%		2.04	%		1.35	%		51	%
	17.24		5.16			96,191		1.07			2.27			1.31			19
	16.83		(9.45	)		99,046		1.07			2.16			1.31			40
	19.03		8.09			124,178		1.07			1.89			1.34			39
	17.89		27.74			109,441		1.07			2.40			1.37			37
	19.57		25.13			2,751		1.34			1.42			1.85			51
	15.91		4.43			3,060		1.79			1.54			1.82			19
	15.52		(10.11	)		4,154		1.78			1.41			1.81			40
	17.57		7.32			6,503		1.80			1.11			1.83			39
	16.54		26.78			8,179		1.80			1.72			1.87			37
	20.51		25.09			21,802		1.30			1.49			1.85			51
	16.68		4.43			16,291		1.79			1.57			1.81			19
	16.27		(10.08	)		15,428		1.78			1.46			1.81			40
	18.41		7.34			18,148		1.80			1.19			1.83			39
	17.35		26.74			16,231		1.80			1.63			1.87			37
	20.91		25.52			1,957		0.95			1.88			1.61			51
	17.03		4.94			786		1.32			1.97			1.56			19
	16.66		(9.72	)		463		1.32			1.77			1.55			40
	18.86		7.88			251		1.32			1.62			1.59			39
	17.76		26.96			234		1.32			1.77			1.62			37
	21.36		26.18			464,273		0.53			2.10			1.09			51
	17.36		5.40			469,065		0.82			2.51			1.06			19
	16.96		(9.21	)		502,764		0.82			2.40			1.05			40
	19.17		8.37			516,537		0.82			2.08			1.08			39
	18.01		28.02			772,784		0.82			2.76			1.12			37

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Opportunities Fund
Class A
Year Ended October 31, 2013	$	12.45	$	0.25	(f)	$	2.83		$	3.08		$	(0.28	)	$	—
Year Ended October 31, 2012		12.00		0.23	(f)		0.56			0.79			(0.34	)		—
Year Ended October 31, 2011		13.20		0.19	(f)		(1.08	)		(0.89	)		(0.31	)		—	(g)
Year Ended October 31, 2010		12.10		0.15	(f)		1.24			1.39			(0.29	)		—	(g)
Year Ended October 31, 2009		9.95		0.19	(f)		2.16			2.35			(0.20	)		—	(g)
Class B
Year Ended October 31, 2013		12.46		0.18	(f)		2.83			3.01			(0.18	)		—
Year Ended October 31, 2012		11.93		0.18	(f)		0.56			0.74			(0.21	)		—
Year Ended October 31, 2011		13.09		0.15	(f)		(1.10	)		(0.95	)		(0.21	)		—	(g)
Year Ended October 31, 2010		12.03		0.08	(f)		1.23			1.31			(0.25	)		—	(g)
Year Ended October 31, 2009		9.83		0.14	(f)		2.16			2.30			(0.10	)		—	(g)
Class C
Year Ended October 31, 2013		12.15		0.16	(f)		2.77			2.93			(0.20	)		—
Year Ended October 31, 2012		11.65		0.18	(f)		0.55			0.73			(0.23	)		—
Year Ended October 31, 2011		12.84		0.15	(f)		(1.07	)		(0.92	)		(0.27	)		—	(g)
Year Ended October 31, 2010		11.82		0.09	(f)		1.20			1.29			(0.27	)		—	(g)
Year Ended October 31, 2009		9.77		0.13	(f)		2.11			2.24			(0.19	)		—	(g)
Class R6
Year Ended October 31, 2013		12.69		0.32	(f)		2.88			3.20			(0.32	)		—
Year Ended October 31, 2012		12.20		0.31	(f)		0.56			0.87			(0.38	)		—
November 30, 2010 (h) through October 31, 2011		12.78		0.27	(f)		(0.48	)		(0.21	)		(0.37	)		—	(g)
Institutional Class
Year Ended October 31, 2013		12.69		0.31	(f)		2.88			3.19			(0.31	)		—
Year Ended October 31, 2012		12.20		0.30	(f)		0.56			0.86			(0.37	)		—
Year Ended October 31, 2011		13.42		0.23	(f)		(1.09	)		(0.86	)		(0.36	)		—	(g)
Year Ended October 31, 2010		12.29		0.22	(f)		1.24			1.46			(0.33	)		—	(g)
Year Ended October 31, 2009		10.13		0.25	(f)		2.18			2.43			(0.27	)		—	(g)
Select Class
Year Ended October 31, 2013		12.64		0.29	(f)		2.87			3.16			(0.30	)		—
Year Ended October 31, 2012		12.15		0.28	(f)		0.56			0.84			(0.35	)		—
Year Ended October 31, 2011		13.37		0.26	(f)		(1.14	)		(0.88	)		(0.34	)		—	(g)
Year Ended October 31, 2010		12.24		0.19	(f)		1.25			1.44			(0.31	)		—	(g)
Year Ended October 31, 2009		10.07		0.22	(f)		2.18			2.40			(0.23	)		—	(g)

(a) Annualized for periods less than one year

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

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

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.01.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		Ratios/Supplemental data
								Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)				Net assets, end of period (000's)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	15.25		25.09	%		$	123,807		1.25	%		1.78	%		1.26	%		36	%
	12.45		6.95				67,472		1.29			1.91			1.30			45
	12.00		(6.91	)	��		47,855		1.28			1.45			1.28			76
	13.20		11.67				13,904		1.34			1.23			1.36			57
	12.10		24.17				13,773		1.41			1.84			1.42			85
	15.29		24.45				484		1.73			1.28			1.76			36
	12.46		6.46				462		1.79			1.54			1.80			45
	11.93		(7.40	)			702		1.78			1.18			1.79			76
	13.09		11.01				949		1.85			0.65			1.86			57
	12.03		23.62				1,716		1.91			1.34			1.92			85
	14.88		24.41				1,109		1.75			1.19			1.76			36
	12.15		6.47				531		1.79			1.55			1.80			45
	11.65		(7.37	)			576		1.78			1.14			1.79			76
	12.84		11.05				849		1.85			0.77			1.86			57
	11.82		23.50				636		1.91			1.20			1.92			85
	15.57		25.71				1,204,314		0.75			2.27			0.76			36
	12.69		7.59				692,117		0.79			2.58			0.79			45
	12.20		(1.85	)			373,613		0.78			2.27			0.78			76
	15.57		25.60				60,310		0.85			2.18			0.86			36
	12.69		7.45				41,574		0.89			2.47			0.90			45
	12.20		(6.59	)			39,362		0.89			1.73			0.90			76
	13.42		12.12				272,487		0.91			1.75			0.96			57
	12.29		24.70				161,023		0.92			2.41			1.02			85
	15.50		25.38				47,743		0.99			2.04			1.01			36
	12.64		7.28				33,029		1.04			2.35			1.05			45
	12.15		(6.77	)			28,476		1.03			1.97			1.04			76
	13.37		11.93				30,537		1.09			1.56			1.11			57
	12.24		24.41				28,588		1.16			2.12			1.17			85

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 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)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
International Unconstrained Equity Fund
Class A
Year Ended October 31, 2013	$	17.28	$	0.15	$	3.62	$	3.77	$	(0.11	)	$	(0.35	)	$	(0.46	)
November 30, 2011(f) through October 31, 2012		15.00		0.17		2.11		2.28		—			—			—
Class C
Year Ended October 31, 2013		17.20		0.07		3.59		3.66		(0.04	)		(0.35	)		(0.39	)
November 30, 2011(f) through October 31, 2012		15.00		0.10		2.10		2.20		—			—			—
Class R2
Year Ended October 31, 2013		17.24		0.12		3.59		3.71		(0.07	)		(0.35	)		(0.42	)
November 30, 2011(f) through October 31, 2012		15.00		0.14		2.10		2.24		—			—			—
Class R5
Year Ended October 31, 2013		17.35		0.25		3.61		3.86		(0.17	)		(0.35	)		(0.52	)
November 30, 2011(f) through October 31, 2012		15.00		0.24		2.11		2.35		—			—			—
Class R6
Year Ended October 31, 2013		17.36		0.26		3.61		3.87		(0.18	)		(0.35	)		(0.53	)
November 30, 2011(f) through October 31, 2012		15.00		0.25		2.11		2.36		—			—			—
Select Class
Year Ended October 31, 2013		17.32		0.21		3.60		3.81		(0.14	)		(0.35	)		(0.49	)
November 30, 2011(f) through October 31, 2012		15.00		0.21		2.11		2.32		—			—			—

(a) Annualized for periods less than one year

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

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

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2012 and year ended October 31, 2013.

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000's)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	20.59		22.23	%	$	83		1.32	%(g)		0.89	%(g)		7.99	%(g)		65	%
	17.28		15.20			58		1.32	(g)		1.17	(g)		6.99	(g)		40
	20.47		21.61			76		1.82	(g)		0.40	(g)		8.35	(g)		65
	17.20		14.67			57		1.82	(g)		0.67	(g)		7.47	(g)		40
	20.53		21.92			70		1.57	(g)		0.67	(g)		8.01	(g)		65
	17.24		14.93			57		1.57	(g)		0.92	(g)		7.23	(g)		40
	20.69		22.76			71		0.87	(g)		1.37	(g)		7.31	(g)		65
	17.35		15.67			58		0.87	(g)		1.62	(g)		6.54	(g)		40
	20.70		22.80			71		0.82	(g)		1.42	(g)		7.26	(g)		65
	17.36		15.73			58		0.82	(g)		1.67	(g)		6.49	(g)		40
	20.64		22.49			3,925		1.07	(g)		1.17	(g)		7.52	(g)		65
	17.32		15.47			3,175		1.07	(g)		1.42	(g)		6.74	(g)		40

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Value Fund
Class A
Year Ended October 31, 2013	$	12.18	$	0.22	(f)	$	2.91		$	3.13		$	(0.29	)	$	—
Year Ended October 31, 2012		12.05		0.31	(f)		0.21			0.52			(0.39	)		—
Year Ended October 31, 2011		13.36		0.28	(f)		(1.17	)		(0.89	)		(0.42	)		—	(g)
Year Ended October 31, 2010		12.27		0.17	(f)		1.20			1.37			(0.28	)		—	(g)
Year Ended October 31, 2009		10.32		0.23	(f)		2.06			2.29			(0.34	)		—	(g)
Class B
Year Ended October 31, 2013		12.03		0.17	(f)		2.87			3.04			(0.21	)		—
Year Ended October 31, 2012		11.89		0.25	(f)		0.20			0.45			(0.31	)		—
Year Ended October 31, 2011		13.18		0.21	(f)		(1.16	)		(0.95	)		(0.34	)		—	(g)
Year Ended October 31, 2010		12.10		0.11	(f)		1.18			1.29			(0.21	)		—	(g)
Year Ended October 31, 2009		10.12		0.18	(f)		2.03			2.21			(0.23	)		—	(g)
Class C
Year Ended October 31, 2013		11.84		0.16	(f)		2.83			2.99			(0.22	)		—
Year Ended October 31, 2012		11.72		0.25	(f)		0.19			0.44			(0.32	)		—
Year Ended October 31, 2011		13.01		0.21	(f)		(1.14	)		(0.93	)		(0.36	)		—	(g)
Year Ended October 31, 2010		11.96		0.11	(f)		1.17			1.28			(0.23	)		—	(g)
Year Ended October 31, 2009		10.04		0.18	(f)		2.02			2.20			(0.28	)		—	(g)
Class R2
Year Ended October 31, 2013		11.99		0.18	(f)		2.88			3.06			(0.27	)		—
Year Ended October 31, 2012		11.86		0.28	(f)		0.19			0.47			(0.34	)		—
Year Ended October 31, 2011		13.21		0.24	(f)		(1.15	)		(0.91	)		(0.44	)		—	(g)
Year Ended October 31, 2010		12.19		0.11	(f)		1.21			1.32			(0.30	)		—	(g)
November 3, 2008(h) through October 31, 2009		10.33		0.09	(f)		2.15			2.24			(0.38	)		—	(g)
Class R6
Year Ended October 31, 2013		12.38		0.30	(f)		2.96			3.26			(0.35	)		—
Year Ended October 31, 2012		12.26		0.37	(f)		0.21			0.58			(0.46	)		—
November 30, 2010(h) through October 31, 2011		12.72		0.32	(f)		(0.30	)		0.02			(0.48	)		—	(g)
Institutional Class
Year Ended October 31, 2013		12.38		0.29	(f)		2.95			3.24			(0.33	)		—
Year Ended October 31, 2012		12.26		0.36	(f)		0.20			0.56			(0.44	)		—
Year Ended October 31, 2011		13.59		0.33	(f)		(1.19	)		(0.86	)		(0.47	)		—	(g)
Year Ended October 31, 2010		12.47		0.25	(f)		1.19			1.44			(0.32	)		—	(g)
Year Ended October 31, 2009		10.47		0.28	(f)		2.10			2.38			(0.38	)		—	(g)
Select Class
Year Ended October 31, 2013		12.31		0.27	(f)		2.93			3.20			(0.32	)		—
Year Ended October 31, 2012		12.19		0.34	(f)		0.21			0.55			(0.43	)		—
Year Ended October 31, 2011		13.50		0.31	(f)		(1.18	)		(0.87	)		(0.44	)		—	(g)
Year Ended October 31, 2010		12.40		0.23	(f)		1.18			1.41			(0.31	)		—	(g)
Year Ended October 31, 2009		10.42		0.25	(f)		2.10			2.35			(0.37	)		—	(g)

(a) Annualized for periods less than one year

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

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

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.01.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		Ratios/Supplemental data
					Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000's)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	15.02		26.13	%	$	221,077		1.33	%		1.66	%		1.35	%		66	%
	12.18		4.64			124,691		1.35			2.66			1.37			62
	12.05		(6.91	)		113,976		1.34			2.15			1.36			60
	13.36		11.35			143,259		1.34			1.41			1.35			92
	12.27		23.08			134,648		1.36			2.20			1.36			98
	14.86		25.64			2,476		1.82			1.29			1.85			66
	12.03		4.04			2,932		1.85			2.20			1.87			62
	11.89		(7.42	)		3,557		1.84			1.61			1.86			60
	13.18		10.81			5,337		1.84			0.91			1.85			92
	12.10		22.50			6,517		1.86			1.80			1.86			98
	14.61		25.58			22,682		1.83			1.19			1.85			66
	11.84		4.04			14,311		1.85			2.23			1.87			62
	11.72		(7.38	)		16,510		1.84			1.60			1.86			60
	13.01		10.81			19,646		1.84			0.89			1.85			92
	11.96		22.60			18,081		1.86			1.77			1.86			98
	14.78		25.91			1,249		1.59			1.39			1.60			66
	11.99		4.27			881		1.60			2.43			1.62			62
	11.86		(7.12	)		694		1.59			1.84			1.61			60
	13.21		11.00			856		1.60			0.90			1.61			92
	12.19		22.73			423		1.60			0.76			1.60			98
	15.29		26.84			107,313		0.84			2.12			0.85			66
	12.38		5.11			25,945		0.84			3.06			0.87			62
	12.26		(0.10	)		50		0.84			2.57			0.86			60
	15.29		26.72			1,087,334		0.94			2.08			0.95			66
	12.38		5.00			639,798		0.94			3.03			0.97			62
	12.26		(6.56	)		545,034		0.94			2.48			0.96			60
	13.59		11.79			421,538		0.92			2.04			0.95			92
	12.47		23.75			347,238		0.95			2.60			0.96			98
	15.19		26.46			1,634,392		1.09			1.99			1.10			66
	12.31		4.87			1,458,864		1.10			2.92			1.12			62
	12.19		(6.65	)		1,413,804		1.09			2.37			1.12			60
	13.50		11.56			943,998		1.09			1.84			1.10			92
	12.40		23.51			1,132,171		1.11			2.42			1.11			98

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 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			Redemption fees
Intrepid International Fund
Class A
Year Ended October 31, 2013	$	15.90	$	0.25	(f)	$	3.88		$	4.13		$	(0.24	)	$	—
Year Ended October 31, 2012		15.32		0.25	(f)		0.49			0.74			(0.16	)		—
Year Ended October 31, 2011		16.59		0.24	(f)		(1.27	)		(1.03	)		(0.24	)		—	(g)
Year Ended October 31, 2010		14.99		0.12	(f)		1.73			1.85			(0.25	)		—	(g)
Year Ended October 31, 2009		13.51		0.19	(f)		2.40			2.59			(1.11	)		—	(g)
Class C
Year Ended October 31, 2013		16.00		0.17	(f)		3.90			4.07			(0.15	)		—
Year Ended October 31, 2012		15.36		0.18	(f)		0.50			0.68			(0.04	)		—
Year Ended October 31, 2011		16.61		0.15	(f)		(1.26	)		(1.11	)		(0.14	)		—	(g)
Year Ended October 31, 2010		14.99		0.05	(f)		1.73			1.78			(0.16	)		—	(g)
Year Ended October 31, 2009		13.37		0.13	(f)		2.41			2.54			(0.92	)		—	(g)
Class R2
Year Ended October 31, 2013		15.74		0.20	(f)		3.86			4.06			(0.19	)		—
Year Ended October 31, 2012		15.21		0.19	(f)		0.50			0.69			(0.16	)		—
Year Ended October 31, 2011		16.46		0.17	(f)		(1.22	)		(1.05	)		(0.20	)		—	(g)
Year Ended October 31, 2010		14.86		0.08	(f)		1.72			1.80			(0.20	)		—	(g)
November 3, 2008 (i) through October 31, 2009		13.56		0.16	(f)		2.32			2.48			(1.18	)		—	(g)
Institutional Class
Year Ended October 31, 2013		16.24		0.34	(f)		3.97			4.31			(0.32	)		—
Year Ended October 31, 2012		15.66		0.33	(f)		0.50			0.83			(0.25	)		—
Year Ended October 31, 2011		16.94		0.32	(f)		(1.29	)		(0.97	)		(0.31	)		—	(g)
Year Ended October 31, 2010		15.27		0.19	(f)		1.78			1.97			(0.30	)		—	(g)
Year Ended October 31, 2009		13.76		0.25	(f)		2.46			2.71			(1.20	)		—	(g)
Select Class
Year Ended October 31, 2013		16.46		0.31	(f)		4.01			4.32			(0.27	)		—
Year Ended October 31, 2012		15.85		0.30	(f)		0.51			0.81			(0.20	)		—
Year Ended October 31, 2011		16.99		0.26	(f)		(1.28	)		(1.02	)		(0.12	)		—	(g)
Year Ended October 31, 2010		15.31		0.15	(f)		1.79			1.94			(0.26	)		—	(g)
Year Ended October 31, 2009		13.72		0.23	(f)		2.45			2.68			(1.09	)		—	(g)

(a) Annualized for periods less than one year

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

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

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.01.

(h) Includes interest expense of 0.01%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000's)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	19.79		26.25	%	$	60,135		1.47	%		1.42	%		1.54	%		49	%
	15.90		4.97			32,231		1.50			1.65			1.62			46
	15.32		(6.30	)		31,942		1.50			1.42			1.61			79
	16.59		12.54			23,960		1.50			0.78			1.73			92
	14.99		21.38			23,506		1.51	(h)		1.51			1.63			95
	19.92		25.60			1,131		1.98			0.94			2.04			49
	16.00		4.45			875		2.00			1.18			2.12			46
	15.36		(6.75	)		1,018		2.00			0.91			2.11			79
	16.61		12.01			1,489		2.00			0.30			2.24			92
	14.99		20.77			1,489		2.00	(h)		1.03			2.13			95
	19.61		26.02			98		1.72			1.16			1.79			49
	15.74		4.64			81		1.75			1.29			1.87			46
	15.21		(6.48	)		106		1.75			1.04			1.85			79
	16.46		12.26			68		1.75			0.53			1.99			92
	14.86		20.61			60		1.75	(h)		1.29			1.87			95
	20.23		26.90			582,599		0.97			1.88			1.14			49
	16.24		5.50			303,575		1.00			2.16			1.21			46
	15.66		(5.85	)		178,258		1.00			1.88			1.20			79
	16.94		13.11			99,766		1.00			1.21			1.31			92
	15.27		22.05			112,905		1.01	(h)		1.90			1.22			95
	20.51		26.56			13,916		1.23			1.68			1.29			49
	16.46		5.24			9,467		1.25			1.94			1.37			46
	15.85		(6.08	)		12,225		1.25			1.51			1.37			79
	16.99		12.86			26,408		1.25			0.93			1.37			92
	15.31		21.65			330,843		1.25	(h)		1.81			1.38			95

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

1. Organization

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

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

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

* Class R6 Shares commenced operations on December 23, 2013 for Emerging Markets Equity Fund.

Global Research Enhanced Index Fund commenced operations on February 28, 2013.

International Unconstrained Equity Fund commenced operations on November 30, 2011. Prior to May 31, 2013, the Fund was not publicly offered for investment.

The investment objective of Emerging Economies Fund is to seek long-term capital growth.

The investment objective of Emerging Markets Equity Fund is to seek to provide high total return from a portfolio of equity securities from emerging markets issuers.

The investment objective of Global Equity Income Fund is to seek to provide both current income and long-term capital appreciation.

The investment objective of Global Research Enhanced Index Fund is to seek to provide long-term capital appreciation.

The investment objective of International Equity Fund is to seek total return from long-term capital growth and income. Total return consists of capital growth and current income.

The investment objective of International Equity Index Fund is to seek to provide investment results that correspond to the aggregate price and dividend performance of the securities in the MSCI EAFE Gross Domestic Product Index.

The investment objective of International Opportunities Fund is to seek to provide high total return from a portfolio of equity securities of foreign companies in developed and, to a lesser extent, emerging markets.

The investment objective of International Unconstrained Equity Fund is to seek to provide long-term capital appreciation.

The investment objective of International Value Fund is to seek to provide high total return from a portfolio of foreign company equity securities.

The investment objective of Intrepid International Fund is to seek to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.

Effective November 1, 2009, Class B Shares of Emerging Markets Equity Fund, International Equity Fund, International Equity Index Fund, International Opportunities Fund and International Value Fund may not be purchased or acquired by new or existing shareholders, except through exchanges from Class B Shares of another J.P. Morgan Fund and dividend reinvestments. Shareholders who invested in Class B Shares prior to November 1, 2009 may continue to hold their Class B Shares until they convert automatically to Class A Shares.

Class A Shares generally provide for a front-end sales charge while Class B and Class C Shares provide for a contingent deferred sales charge (“CDSC”). Class B Shares automatically convert to Class A Shares after eight years. No sales charges are assessed with respect to Class R2, Class R5, Class R6, Select Class and Institutional Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Funds are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Funds may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Funds to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Funds’ securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”) and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Funds’ Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Funds’ valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use 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. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Funds apply fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in their portfolios by utilizing the quotations of an independent pricing service, unless the Adviser determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time a Fund calculates its net asset values.

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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

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 fair value of the Funds’ investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Funds’ own 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 securities are not necessarily an indication of the risk associated with investing in those securities.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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

Emerging Economies Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Brazil	$	130,275	$	—	$	—		$	130,275
China		20,506		158,925		—			179,431
Hong Kong		—		55,707		—	(a)		55,707
Hungary		—		9,829		—			9,829
India		32,180		35,227		—			67,407
Indonesia		—		18,251		—			18,251
Mexico		6,558		—		—			6,558
Netherlands		3,778		—		—			3,778
Poland		—		43,825		—			43,825
Qatar		5,185		—		—			5,185
Russia		14,839		84,897		—			99,736
South Africa		5,129		39,100		—			44,229
South Korea		16,932		140,040		—			156,972
Taiwan		36,960		83,309		—			120,269
Thailand		—		4,723		—			4,723
Turkey		—		50,956		—			50,956
United Arab Emirates		—		15,881		—			15,881
Total Common Stocks		272,342		740,670		—	(a)		1,013,012
Preferred Stocks
Brazil		3,063		—		—			3,063
Short-Term Investment
Investment Company		14,082		—		—			14,082
Total Investments in Securities	$	289,487	$	740,670	$	—	(a)	$	1,030,157

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
Brazil	$	338,857	$	—	$	—	$	338,857
China		—		223,541		—		223,541
Colombia		50,043		—		—		50,043
Cyprus		16,387		16,581		—		32,968
Hong Kong		—		248,536		—		248,536
India		121,316		426,103		—		547,419
Indonesia		—		112,914		—		112,914
Luxembourg		64,931		—		—		64,931
Malaysia		—		34,446		—		34,446
Mexico		93,023		—		—		93,023
Panama		16,853		—		—		16,853
Peru		49,763		—		—		49,763
Poland		—		9,892		—		9,892
Russia		—		142,625		—		142,625
South Africa		29,044		478,002		—		507,046
South Korea		—		259,454		—		259,454
Taiwan		83,998		108,528		—		192,526
Thailand		—		121,135		—		121,135
Turkey		—		102,166		—		102,166
United Kingdom		—		114,785		—		114,785
Total Common Stocks		864,215		2,398,708		—		3,262,923

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Emerging Markets Equity Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Preferred Stocks
Brazil	$	28,934	$	—	$	—	$	28,934
Short-Term Investment
Investment Company		141,356		—		—		141,356
Total Investments in Securities	$	1,034,505	$	2,398,708	$	—	$	3,433,213

Global 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	$	—	$	5,562		$	—	$	5,562
Belgium		—		856			—		856
Brazil		1,783		—			—		1,783
Canada		2,041		—			—		2,041
China		—		2,079			—		2,079
Denmark		1,585		—			—		1,585
Finland		—		254			—		254
France		—		10,995			—		10,995
Germany		—		5,943			—		5,943
Hong Kong		—		897			—		897
Italy		—		2,369			—		2,369
Japan		—		7,392			—		7,392
Netherlands		—		2,738			—		2,738
Norway		—		930			—		930
Singapore		—		2,801			—		2,801
Sweden		—		3,607			—		3,607
Switzerland		—		5,979			—		5,979
Taiwan		—		360			—		360
United Kingdom		839		10,733			—		11,572
United States		34,459		—			—		34,459
Total Common Stocks		40,707		63,495			—		104,202
Short-Term Investment
Investment Company		3,942		—			—		3,942
Total Investments in Securities	$	44,649	$	63,495		$	—	$	108,144
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	48		$	—	$	48
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(238	)	$	—	$	(238	)

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (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	$	—		$	60,626	$	—		$	60,626
Austria		—			2,176		—			2,176
Belgium		—			8,779		—			8,779
Bermuda		6,157			—		—			6,157
Canada		57,961			—		—			57,961
China		—			328		—			328
Colombia		1			—		—			1
Denmark		1,507			11,479		—			12,986
Finland		—			4,653		—			4,653
France		2,234			69,741		—			71,975
Germany		—			63,556		—			63,556
Hong Kong		616			21,399		—			22,015
Ireland		5,126			4,567		—			9,693
Italy		—			16,367		—			16,367
Japan		1,228			156,720		—			157,948
Luxembourg		—			1,911		—			1,911
Netherlands		539			34,564		—			35,103
New Zealand		—			453		—	��		453
Norway		—			2,874		—			2,874
Portugal		—			3,103		—			3,103
Singapore		3,828			11,310		—			15,138
Spain		925			31,384		—			32,309
Sweden		—			14,970		—			14,970
Switzerland		10,928			74,457		—			85,385
United Kingdom		4,062			147,595		—			151,657
United States		964,932			—		—			964,932
Total Common Stocks		1,060,044			743,012		—			1,803,056
Preferred Stocks
Germany		—			5,582		—			5,582
United Kingdom		34			—		—			34
Total Preferred Stocks		34			5,582		—			5,616
Short-Term Investment
Investment Company		85,564			—		—			85,564
Total Investments in Securities	$	1,145,642		$	748,594	$	—		$	1,894,236
Appreciation in Other Financial Instruments
Futures Contracts	$	2,316		$	—	$	—		$	2,316
Depreciation in Other Financial Instruments
Futures Contracts	$	(50	)	$	—	$	—		$	(50	)

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan 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	$	—	$	41,351	$	—	$	41,351
Belgium		—		28,445		—		28,445
China		—		63,225		—		63,225
France		258		239,964		—		240,222
Germany		805		141,408		—		142,213
Hong Kong		—		74,510		—		74,510
India		10,958		—		—		10,958
Indonesia		—		8,642		—		8,642
Israel		14,364		—		—		14,364
Japan		—		338,105		—		338,105
Netherlands		—		109,725		—		109,725
South Korea		—		32,438		—		32,438
Spain		—		17,288		—		17,288
Sweden		—		12,721		—		12,721
Switzerland		—		280,103		—		280,103
Taiwan		13,752		—		—		13,752
United Kingdom		—		461,391		—		461,391
Total Common Stocks		40,137		1,849,316		—		1,889,453
Preferred Stocks
Germany		—		49,472		—		49,472
Short-Term Investment
Investment Company		61,450		—		—		61,450
Total Investments in Securities	$	101,587	$	1,898,788	$	—	$	2,000,375

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

International Equity Index Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	105	$	28,289	$	—	(a)	$	28,394
Austria		—		8,709		—			8,709
Belgium		—		12,844		—			12,844
Bermuda		—		661		—			661
Brazil		946		—		—			946
Chile		2,841		—		—			2,841
China		—		3,927		—			3,927
Denmark		473		5,490		—			5,963
Finland		—		8,251		—			8,251
France		797		51,227		—			52,024
Germany		199		68,660		—			68,859
Greece		—		2,551		—			2,551
Hong Kong		25		6,547		—			6,572
Hungary		200		3,906		—			4,106
India		256		2,930		—			3,186
Ireland		1,052		3,129		—			4,181
Israel		696		2,851		—			3,547
Italy		—		42,139		—			42,139
Japan		126		118,949		—			119,075
Luxembourg		—		2,706		—			2,706
Mexico		3,684		—		—			3,684
Netherlands		557		19,968		—			20,525
New Zealand		—		2,789		—			2,789
Norway		—		8,127		—			8,127
Philippines		—		4,236		—			4,236
Portugal		—		6,542		—			6,542
Singapore		—		4,460		—			4,460
South Africa		102		3,966		—			4,068
South Korea		—		4,460		—			4,460
Spain		197		34,933		—			35,130
Sweden		—		9,519		—			9,519
Switzerland		74		16,887		—			16,961
Taiwan		—		3,346		—			3,346
Thailand		—		3,543		—			3,543
Turkey		—		3,131		—			3,131
United Kingdom		1,860		46,556		—			48,416
United States		—		51		—			51
Total Common Stocks		14,190		546,280		—	(a)		560,470
Preferred Stocks
Brazil		2,783		—		—			2,783
Chile		161		—		—			161
Germany		—		7,562		—			7,562
Italy		—		759		—			759
United Kingdom		4		—		—			4
Total Preferred Stocks		2,948		8,321		—			11,269
Short-Term Investment
Investment Company		19,452		—		—			19,452
Total Investments in Securities	$	36,590	$	554,601	$	—	(a)	$	591,191
Appreciation in Other Financial Instruments
Futures Contracts	$	722	$	—	$	—		$	722

132 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

International Opportunities Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	30,595		$	—	$	30,595
Belgium		—		18,961			—		18,961
Canada		17,455		—			—		17,455
China		—		15,247			—		15,247
Denmark		—		23,857			—		23,857
Finland		—		15,955			116		16,071
France		22,318		138,470			—		160,788
Germany		—		139,394			—		139,394
Hong Kong		—		61,266			—		61,266
Ireland		—		11,471			—		11,471
Italy		—		13,290			—		13,290
Japan		—		274,159			—		274,159
Netherlands		—		67,478			—		67,478
South Korea		—		23,307			—		23,307
Spain		—		15,163			—		15,163
Sweden		—		47,944			—		47,944
Switzerland		—		133,306			—		133,306
Taiwan		6,931		—			—		6,931
United Kingdom		—		301,026			—		301,026
Total Common Stocks		46,704		1,330,889			116		1,377,709
Preferred Stocks
Germany		—		30,067			—		30,067
Short-Term Investment
Investment Company		19,578		—			—		19,578
Total Investments in Securities	$	66,282	$	1,360,956		$	116	$	1,427,354
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	6,772		$	—	$	6,772
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(3,310	)	$	—	$	(3,310	)
International Unconstrained Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	64		$	—	$	64
Canada		201		—			—		201
France		—		503			—		503
Germany		—		440			—		440
Hong Kong		—		199			—		199
India		95		—			—		95
Japan		—		480			—		480
Russia		—		84			—		84
South Africa		—		42			—		42
South Korea		—		188			—		188
Spain		—		165			—		165
Sweden		—		93			—		93
Switzerland		—		460			—		460
United Kingdom		47		1,083			—		1,130
United States		—		102			—		102
Total Common Stocks		343		3,903			—		4,246
Total Investments in Securities	$	343	$	3,903		$	—	$	4,246

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

International Value Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	72,963		$	—	$	72,963
Belgium		—			41,157			—		41,157
Brazil		18,830			—			—		18,830
Canada		14,398			—			—		14,398
China		—			40,060			—		40,060
Denmark		—			33,246			—		33,246
Finland		—			33,081			414		33,495
France		33,127			440,628			—		473,755
Germany		—			316,487			—		316,487
Hong Kong		—			89,065			—		89,065
India		17,138			—			—		17,138
Italy		—			120,131			—		120,131
Japan		—			646,163			—		646,163
Netherlands		—			139,926			—		139,926
Norway		—			29,233			—		29,233
South Korea		—			30,182			—		30,182
Spain		—			45,980			—		45,980
Sweden		—			79,282			—		79,282
Switzerland		—			185,405			—		185,405
United Kingdom		—			508,833			—		508,833
Total Common Stocks		83,493			2,851,822			414		2,935,729
Preferred Stock
Germany		—			30,312			—		30,312
Short-Term Investment
Investment Company		84,112			—			—		84,112
Total Investments in Securities	$	167,605		$	2,882,134		$	414	$	3,050,153
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	12,277		$	—	$	12,277
Futures Contracts		98			—			—		98
Total Appreciation in Other Financial Instruments	$	98		$	12,277		$	—	$	12,375
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(4,473	)	$	—	$	(4,473	)
Futures Contracts		(7	)		—			—		(7	)
Total Depreciation in Other Financial Instruments	$	(7	)	$	(4,473	)	$	—	$	(4,480	)

134 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Intrepid International Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	35,908	$	—	$	35,908
Austria		501		2,199		—		2,700
Belgium		—		5,879		—		5,879
Bermuda		—		1,968		—		1,968
China		—		8,435		—		8,435
Denmark		4,554		—		—		4,554
Finland		—		9,424		—		9,424
France		—		68,109		—		68,109
Germany		90		56,731		—		56,821
Hong Kong		—		11,333		—		11,333
India		2,953		1,697		—		4,650
Ireland		—		5,399		—		5,399
Italy		—		6,171		—		6,171
Japan		—		127,936		—		127,936
Netherlands		—		36,858		—		36,858
Norway		—		5,261		—		5,261
Portugal		—		1,908		—		1,908
South Korea		—		2,171		—		2,171
Spain		—		14,488		—		14,488
Sweden		—		17,783		—		17,783
Switzerland		—		78,991		—		78,991
Taiwan		1,749	��	—		—		1,749
United Kingdom		1,771		125,070		—		126,841
Total Common Stocks		11,618		623,719		—		635,337
Preferred Stocks
Germany		—		6,074		—		6,074
Short-Term Investment
Investment Company		14,340		—		—		14,340
Total Investments in Securities	$	25,958	$	629,793	$	—	$	655,751

(a) Value is zero.

There were no transfers between any levels during the year ended October 31, 2013.

B. Restricted and Illiquid Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds. As of October 31, 2013, 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.

The following are the values and percentages of net assets of illiquid securities as of October 31, 2013 (amounts in thousands):

	Value			Percentage
Emerging Economies Fund	$	—	(a)		—	%
International Equity Index Fund		—	(a)		—
International Opportunities Fund		116			0.0	(b)
International Value Fund		414			0.0	(b)

(a) Value is zero.

(b) Amount rounds to less than 0.1%.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

C. Futures Contracts — The Global Equity Income Fund, Global Research Enhanced Index Fund, International Equity Index Fund, International Opportunities Fund and International Value Fund use index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Funds also buy futures contracts to immediately invest incoming cash in the market or sell futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; theref re, 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 liquid tion of positions.

The Funds’ futures contracts are not subject to master netting agreements.

The table below discloses the volume of the Funds’ futures contracts activity during the year ended October 31, 2013 (amounts in thousands):

	Global Equity Income Fund		Global Research Enhanced Index Fund		International Equity Index Fund		International Opportunities Fund		International Value Fund
Futures Contracts:
Average Notional Balance Long	$	982	$	37,435	$	11,177	$	5,953	$	21,451
Ending Notional Balance Long		—		83,686		23,191		—		37,350

D. Forward Foreign Currency Exchange Contracts — The Global Equity Income Fund, International Opportunities Fund and International Value Fund may be exposed to foreign currency risks associated with portfolio investments and therefore use forward foreign currency exchange cont acts to hedge or manage these exposures. 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 cash 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 forw rd 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 table below discloses the volume of the Funds’ forward foreign currency exchange contracts activity during the year ended October 31, 2013 (amounts in thousands):

	Global Equity Income Fund		International Opportunities Fund		International Value Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	6,508	$	232,176	$	511,544
Average Settlement Value Sold		17,679		193,869		401,180
Ending Settlement Value Purchased		8,245		356,939		611,612
Ending Settlement Value Sold		24,863		321,372		460,235

136 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

E. Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 2013, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Global Equity Income Fund

Derivative Contract	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	48
Gross Liabilities:
Foreign exchange contracts	Payables	$	(238	)

Global Research Enhanced Index Fund

Derivative Contract	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,316
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(50	)

International Equity Index Fund

Derivative Contract	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	722

International Opportunities Fund

Derivative Contract	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	6,772
Gross Liabilities:
Foreign Currency Contracts	Payables	$	(3,310	)

International Value Fund

Derivative Contract	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	—		$	12,277
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		98			—
Total		$	98		$	12,277
Gross Liabilities:
Foreign exchange contracts	Payables	$	—		$	(4,473	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(7	)		—
Total		$	(7	)	$	(4,473	)

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2013, by primary underlying risk exposure (amounts in thousands):

Global Equity Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Foreign exchange contracts	$	—	$	(172	)	$	(172	)
Equity contracts		71		—			71
Total	$	71	$	(172	)	$	(101	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(208	)
Total	$	(208	)

Global Research Enhanced Index Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts
Equity contracts	$	4,179

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts
Equity contracts	$	2,266

International Equity Index Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts
Equity contracts	$	2,236

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts
Equity contracts	$	716

International Opportunities Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Foreign exchange contracts	$	—	$	(10,145	)	$	(10,145	)
Equity contracts		3,902		—			3,902
Total	$	3,902	$	(10,145	)	$	(6,243	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Foreign exchange contracts	$	—	$	5,423	$	5,423
Equity contracts		40		—		40
Total	$	40	$	5,423	$	5,463

138 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

International Value Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Foreign exchange contracts	$	—	$	(11,467	)	$	(11,467	)
Equity contracts		8,568		—			8,568
Total	$	8,568	$	(11,467	)	$	(2,899	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Foreign exchange contracts	$	—		$	7,749	$	7,749
Equity contracts		(235	)		—		(235	)
Total	$	(235	)	$	7,749	$	7,514

The Funds’ derivatives contracts held at October 31, 2013 are not accounted for as hedging instruments under GAAP.

F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held or sold during the period. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, purchase of foreign currency in certain countries that impose a tax on such purchases, 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. Unrealized foreign currency gains and losses arise from changes (due to changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end.

G. Offering and Organizational Costs — Total offering costs of approximately $40,000 and $39,000 incurred in connection with the offering of shares of Global Research Enhanced Index Fund and International Unconstrained Equity Fund, respectively, are amortized on a straight line basis over 12 months from the date the Funds commenced operations. Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as part of Professional fees in the Statements of Operations. For the year ended October 31, 2013, total offering costs paid were (amounts in thousands):

	Offering Costs
Global Research Enhanced Index Fund	$	27
International Unconstrained Equity Fund		3

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

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

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain 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, 2013, 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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. The Funds are subject to a tax imposed on short-term capital gains on securities of issuers domiciled in India. The Funds record an estimated deferred tax liability for these securities that have been held for less than one year at the end of the reporting period, assuming those positions were disposed of at the end of the period. This amount, if any, is reported as Deferred India capital gains tax in the accompanying Statements of Assets and Liabilities. Short-term realized capital losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short-term realized capital gains.

India has recently enacted rules imposing a tax on indirect transfers of Indian shares, although additional guidance from the Indian tax authorities is awaited. At present, management does not believe that such tax will be applicable to the Funds. However, management’s conclusion, regarding this and other foreign tax matters, may be subject to future review based on changes in, or the interpretation of, the accounting standards and the tax laws and regulations.

L. Distributions to Shareholders — Distributions from net investment income if any, are generally declared and paid annually, except for Global Equity Income Fund, which are declared and paid monthly and for International Equity Fund, which are declared and paid quarterly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

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	$	—		$	543		$	(543	)
Emerging Markets Equity Fund		—			(157	)		157
Global Equity Income Fund		—	(a)		(135	)		135
Global Research Enhanced Index Fund		—	(a)		720			(720	)
International Equity Fund		—			369			(369	)
International Equity Index Fund		—			1,642			(1,642	)
International Opportunities Fund		—	(a)		(9,677	)		9,677
International Unconstrained Equity Fund		—			—	(a)		—	(a)
International Value Fund		—			(11,230	)		11,230
Intrepid International Fund		—			107			(107	)

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

The reclassifications for the Funds relate primarily to foreign currency gains or losses and investments in passive foreign investment companies (“PFICs”).

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets.

The annual rate for each Fund is as follows:

Emerging Economies Fund	1.00	%
Emerging Markets Equity Fund	1.00
Global Equity Income Fund	0.80
Global Research Enhanced Index Fund	0.20
International Equity Fund	0.80
International Equity Index Fund	0.55
International Opportunities Fund	0.60
International Unconstrained Equity Fund	0.80
International Value Fund	0.60
Intrepid International Fund	0.80	(a)

(a) Prior to September 1, 2013, the investment advisory fee was 0.85%.

140 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

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, 2013, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trusts’ exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class B, Class C and Class R2 Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class B			Class C			Class R2
Emerging Economies Fund		0.25	%		n/a			0.75	%		n/a
Emerging Markets Equity Fund		0.25			0.75	%		0.75			n/a
Global Equity Income Fund		0.25			n/a			0.75			0.50	%
Global Research Enhanced Index Fund		0.25			n/a			0.75			0.50
International Equity Fund		0.25			0.75			0.75			0.50
International Equity Index Fund		0.25			0.75			0.75			0.50
International Opportunities Fund		0.25			0.75			0.75			n/a
International Unconstrained Equity Fund		0.25			n/a			0.75			0.50
International Value Fund		0.25			0.75			0.75			0.50
Intrepid International Fund		0.25			n/a			0.75			0.50

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class B and Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2013, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge		CDSC
Emerging Economies Fund	$	27	$	—	(a)
Emerging Markets Equity Fund		100		9
Global Equity Income Fund		11		—	(a)
International Equity Fund		38		1
International Equity Index Fund		40		1
International Opportunities Fund		4		—	(a)
International Value Fund		174		—	(a)
Intrepid International Fund		1		—

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

	Class A			Class B			Class C			Class R2			Class R5			Institutional Class			Select Class
Emerging Economies Fund		0.25	%		n/a			0.25	%		n/a			0.05	%		n/a			0.25	%
Emerging Markets Equity Fund		0.25			0.25	%		0.25			n/a			n/a			0.10	%		0.25
Global Equity Income Fund		0.25			n/a			0.25			0.25	%		0.05			n/a			0.25
Global Research Enhanced Index Fund		0.25			n/a			0.25			0.25			n/a			n/a			0.25
International Equity Fund		0.25			0.25			0.25			0.25			0.05			n/a			0.25
International Equity Index Fund		0.25			0.25			0.25			0.25			n/a			n/a			0.25
International Opportunities Fund		0.25			0.25			0.25			n/a			n/a			0.10			0.25
International Unconstrained Equity Fund		0.25			n/a			0.25			0.25			0.05			n/a			0.25
International Value Fund		0.25			0.25			0.25			0.25			n/a			0.10			0.25
Intrepid International Fund		0.25			n/a			0.25			0.25			n/a			0.10			0.25

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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

The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. The Funds earn interest on uninvested cash balances held by the custodian.

Interest income, if any, earned on cash balances at the custodian, is included as Interest income from affiliates in the Statements of Operations.

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

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

	Class A			Class B			Class C			Class R2			Class R5			Class R6		Institutional Class			Select Class
Emerging Economies Fund		1.60	%		n/a			2.10	%		n/a			1.15	%		n/a		n/a			1.35	%
Emerging Markets Equity Fund		1.70	*		2.20	*%		2.20	*		n/a			n/a			n/a		1.30	*%		1.45	*
Global Equity Income Fund		1.25			n/a			1.75			1.50	%		0.80			n/a		n/a			1.00
Global Research Enhanced Index Fund		0.59			n/a			1.09			0.84			n/a			n/a		n/a			0.34
International Equity Fund		1.31			1.81			1.81			1.56			0.86			0.81		n/a			1.06
International Equity Index Fund		0.60	**		1.10	**		1.10	**		0.85	**		n/a			n/a		n/a			0.35	**
International Opportunities Fund		1.31			1.92			1.92			n/a			n/a			0.81		0.91			1.06
International Unconstrained Equity Fund		1.32			n/a			1.82			1.57			0.87			0.82		n/a			1.07
International Value Fund		1.35			1.85			1.85			1.60			n/a			0.85		0.95			1.10
Intrepid International Fund		1.40	***		n/a			1.90	***		1.65	***		n/a			n/a		0.90	***		1.15	***

* Prior to September 1, 2013, the contractual expense limitations for Emerging Markets Equity Fund were 2.00%, 2.50%, 2.50%, 1.45% and 1.75% for Class A, Class B, Class C, Institutional Class and Select Class, respectively.

** Prior to February 28, 2013, the contractual expense limitations for International Equity Index Fund were 1.07%, 1.80%, 1.80%, 1.32% and 0.82% for Class A, Class B, Class C, Class R2 and Select Class, respectively.

*** Prior to September 1, 2013, the contractual expense limitations for Intrepid International Fund were 1.50%, 2.00%, 1.75%, 1.00% and 1.25% for Class A, Class C, Class R2, Institutional Class and Select Class, respectively.

The expense limitation agreements were in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014. In addition, the Funds’ service providers have voluntarily waived fees during the year ended October 31, 2013. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the year ended October 31, 2013, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Emerging Economies Fund	$	5	$	491	$	354	$	850	$	—
Emerging Markets Equity Fund		—		49		511		560		—
Global Equity Income Fund		310		58		34		402		—
Global Research Enhanced Index Fund		54		130		1,848		2,032		15
International Equity Fund		1,106		1,227		—		2,333		—
International Equity Index Fund		1,441		278		1,248		2,967		—
International Unconstrained Equity Fund		31		3		—		34		213
International Value Fund		—		136		—		136		—	(a)
Intrepid International Fund		37		268		407		712		—	(a)

	Voluntary Waivers
	Investment Advisory			Shareholder Servicing			Total
Emerging Economies Fund	$	—	(a)	$	—	(a)	$	—	(a)
Emerging Markets Equity Fund		21			80			101

142 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Voluntary Waivers
	Investment Advisory			Shareholder Servicing		Total
International Equity Index Fund	$	1		$	—	$	1
International Opportunities Fund		6			6		12
International Value Fund		—	(a)		58		58
Intrepid International Fund		—			1		1

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

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Funds’ investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2013 were as follows (amounts in thousands):

Emerging Economies Fund	$	28
Emerging Markets Equity Fund		135
Global Equity Income Fund		4
Global Research Enhanced Index Fund		48
International Equity Fund		89
International Equity Index Fund		17
International Opportunities Fund		62
International Value Fund		131
Intrepid International Fund		19

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

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

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

During the year ended October 31, 2013, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2013, the following Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Emerging Economies Fund	$	—	(a)
Emerging Markets Equity Fund		16
Global Equity Income Fund		—	(a)
Global Research Enhanced Index Fund		—	(a)
International Equity Fund		—	(a)
International Opportunities Fund		3
International Value Fund		1
Intrepid International Fund		—	(a)

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

4. Investment Transactions

During the year ended October 31, 2013, 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	$	849,162	$	296,166
Emerging Markets Equity Fund		1,928,950		942,824
Global Equity Income Fund		97,916		41,832
Global Research Enhanced Index Fund		1,917,151		270,804
International Equity Fund		712,263		106,416
International Equity Index Fund		258,919		378,477
International Opportunities Fund		757,099		379,256
International Unconstrained Equity Fund		2,488		2,439
International Value Fund		1,858,913		1,682,216
Intrepid International Fund		419,419		218,298

During the year ended October 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	984,170	$	77,260	$	31,273	$	45,987
Emerging Markets Equity Fund		2,926,232		570,865		63,884		506,981
Global Equity Income Fund		95,632		13,130		618		12,512
Global Research Enhanced Index Fund		1,738,346		169,177		13,287		155,890
International Equity Fund		1,589,525		423,809		12,959		410,850
International Equity Index Fund		376,946		220,709		6,464		214,245
International Opportunities Fund		1,187,694		253,438		13,778		239,660
International Unconstrained Equity Fund		3,417		872		43		829
International Value Fund		2,462,503		619,254		31,604		587,650
Intrepid International Fund		536,754		120,798		1,801		118,997

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

The tax character of distributions paid during the year ended October 31, 2013 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
Emerging Economies Fund	$	6,432	$	—	$	6,432
Emerging Markets Equity Fund		13,244		—		13,244
Global Equity Income Fund		1,893		82		1,975
International Equity Fund		24,618		—		24,618
International Equity Index Fund		14,459		—		14,459
International Opportunities Fund		20,653		—		20,653
International Unconstrained Equity Fund		99		—		99
International Value Fund		59,721		—		59,721
Intrepid International Fund		6,451		—		6,451

The tax character of distributions paid during the year ended October 31, 2012 was as follows (amounts in thousands):

	Ordinary Income		Total Distributions Paid
Emerging Economies Fund	$	4,871	$	4,871
Emerging Markets Equity Fund		1,925		1,925
Global Equity Income Fund		945		945
International Equity Fund		17,653		17,653

144 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Ordinary Income		Total Distributions Paid
International Equity Index Fund	$	16,355	$	16,355
International Opportunities Fund		16,377		16,377
International Value Fund		72,105		72,105
Intrepid International Fund		3,643		3,643

At October 31, 2013, the 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 Loss Carryover)			Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	12,420	$	(60,147	)	$	46,052
Emerging Markets Equity Fund		20,089		(95,944	)		501,999
Global Equity Income Fund		—		877			12,497
Global Research Enhanced Index Fund		23,867		2,595			156,723
International Equity Fund		2,166		(29,440	)		410,905
International Equity Index Fund		10,968		9,577			214,649
International Opportunities Fund		15,665		(62,738	)		240,465
International Unconstrained Equity Fund		115		204			829
International Value Fund		60,196		(448,422	)		589,055
Intrepid International Fund		9,268		(546,420	)		119,021

For the Funds the cumulative timing differences primarily consist of mark to market of forward foreign currency contracts, mark to market of futures contracts, mark to market of PFICs and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At October 31, 2013, the Funds had post-enactment net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Emerging Economies Fund	$	21,522	$	20,005
Emerging Markets Equity Fund		34,939		51,160
International Equity Fund		1,775		9,226
International Value Fund		16,490		7,146
Intrepid International Fund		1,733		—

At October 31, 2013, the Funds had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains as follows (amounts in thousands):

	2016		2017		2018		2019		Total
Emerging Economies Fund	$	—	$	1,890	$	—	$	16,730	$	18,620
Emerging Markets Equity Fund		—		9,845		—		—		9,845
International Equity Fund		—		7,942		7,185		3,312		18,439
International Opportunities Fund		13,180		39,131		441		9,986		62,738
International Value Fund		119,474		241,545		63,767		—		424,786
Intrepid International Fund		293,716		250,971		—		—		544,687

During the year ended October 31, 2013, the Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Pre-Enactment Capital Loss Carryforwards Utilized
Global Equity Income Fund	$	142
International Equity Index Fund		54,145
International Opportunities Fund		5,544

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

	Post-Enactment Capital Loss Carryforwards Utilized
	Short-Term		Long-Term
Emerging Markets Equity Fund	$	—	$	8,437
Global Equity Income Fund		418		65
International Equity Index Fund		4,418		10,234
International Opportunities Fund		8,636		10,241
International Value Fund		58,851		70,457
Intrepid International Fund		9,765		758

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 series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013. Average borrowings from the Facility for, or at any time during, the year ended October 31, 2013, were as follows (amounts in thousands):

	Average Borrowings		Number of Days Outstanding		Interest Paid
Emerging Markets Equity Fund	$	49,591		8	$	2
International Equity Index Fund		22,709		8		1
International Value Fund		24,536		1		—	(a)

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

Interest expense paid, if any, as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statements of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

One or more affiliates of the Adviser have investment discretion with respect to their clients’ holdings in the Funds, which collectively represent a significant portion of the Fund’s assets for each of the Emerging Markets Equity Fund, Global Equity Income Fund, Global Research Enhanced Index Fund, International Equity Index Fund and International Value Fund.

In addition, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, own, in the aggregate more than 10% of the net assets of certain of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Emerging Economies Fund		22.5	%		57.6	%
Emerging Markets Equity Fund		n/a			21.02
Global Research Enhanced Index Fund		16.3			n/a
International Equity Fund		10.3			47.5
International Equity Index Fund		57.7			n/a
International Opportunities Fund		n/a			66.5
Intrepid International Fund		n/a			79.4

Additionally, the Adviser owns a significant portion of the outstanding shares of Emerging Markets Equity Fund, Global Equity Income Fund and International Value Fund.

146 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Global Equity Income Fund and International Value Fund have a shareholder, which is an account maintained by a financial intermediary on behalf of its clients, that owns a significant portion of the Fund’s outstanding shares.

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

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

As of October 31, 2013, a significant portion of each Funds’ net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of October 31, 2013, the Funds had the following country allocations representing greater than 10% of total investments.

	Brazil			China			France			Germany			India			Japan
Emerging Economies Fund		12.9	%		17.4	%		—			—			—			—
Emerging Markets Equity Fund		10.7			—			—			—			15.9	%		—
Global Equity Income Fund		—			—			10.2	%		—			—			—
International Equity Fund		—			—			12.0			—			—			16.9	%
International Equity Index Fund		—			—			—			12.9	%		—			20.1
International Opportunities Fund		—			—			11.3			11.9			—			19.2
International Unconstrained Equity Fund		—			—			11.9			10.4			—			11.3
International Value Fund		—			—			15.5			11.4			—			21.2
Intrepid International Fund		—			—			10.4			—			—			19.5

	South Africa			South Korea			Switzerland			United Kingdom			United States			Taiwan
Emerging Economies Fund		—			15.2	%		—			—			—			11.7	%
Emerging Markets Equity Fund		14.8	%		—			—			—			—			—
Global Equity Income Fund		—			—			—			10.7	%		31.9	%		—
Global Research Enhanced Index Fund		—			—			—			—			50.9			—
International Equity Fund		—			—			14.0	%		23.1			—			—
International Opportunities Fund		—			—			—			21.1			—			—
International Unconstrained Equity Fund		—			—			10.8			26.6			—			—
International Value Fund		—			—			—			16.7			—			—
Intrepid International Fund		—			—			12.1			19.4			—			—

8. Transfers-In-Kind

On January 11, 2013, certain shareholders of International Equity Fund purchased shares and International Equity Fund received portfolio securities primarily by means of a subscription in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as of the close of business on the date and at the market value listed below (amounts in thousands):

Market Value		Type
$	47,211		Subscription-in-kind

9. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of these changes on the Funds’ (excluding the Global Research Enhanced Index Fund, which was effective upon inception date) financial statement disclosures.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 147

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and the Shareholders of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Global Equity Income Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan International Equity Fund, JPMorgan International Equity Index Fund, JPMorgan International Opportunities Fund, JPMorgan International Unconstrained Equity Fund, JPMorgan International Value Fund and JPMorgan Intrepid International Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Global Equity Income Fund, JPMorgan International Equity Fund, JPMorgan International Opportunities Fund, JPMorgan International Value Fund and JPMorgan Intrepid International Fund (each a separate Fund of JPMorgan Trust I), and JPMorgan International Equity Index Fund (a separate Fund of JPMorgan Trust II) at October 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, the financial position of JPMorgan International Unconstrained Equity Fund (a separate fund of JPMorgan Trust I) at October 31, 2013, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period November 30, 2011 (commencement of operations) through October 31, 2012, and the financial position of JPMorgan Global Research Enhanced Index Fund (a separate fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at October 31, 2013, and the results of its operations, the changes in its net assets and the financial highlights for the period February 28, 2013 (commencement of operations) through October 31, 2013, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

148 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

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 Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 149

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
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).	171	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trusts since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Funds’ investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with subadvisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

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

150 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management. Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
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 until 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 since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

  ** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 151

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value, May 1, 2013		Ending October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Economies Fund
Class A
Actual	$	1,000.00	$	987.70	$	8.02		1.60	%
Hypothetical		1,000.00		1,017.14		8.13		1.60
Class C
Actual		1,000.00		986.10		10.51		2.10
Hypothetical		1,000.00		1,014.62		10.66		2.10
Class R5
Actual		1,000.00		989.90		5.77		1.15
Hypothetical		1,000.00		1,019.41		5.85		1.15
Select Class
Actual		1,000.00		989.10		6.77		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Emerging Markets Equity Fund
Class A
Actual		1,000.00		979.60		8.68		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class B
Actual		1,000.00		977.10		11.11		2.23
Hypothetical		1,000.00		1,013.96		11.32		2.23
Class C
Actual		1,000.00		976.90		11.16		2.24
Hypothetical		1,000.00		1,013.91		11.37		2.24
Institutional Class
Actual		1,000.00		981.00		6.69		1.34
Hypothetical		1,000.00		1,018.45		6.82		1.34
Select Class
Actual		1,000.00		980.40		7.44		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49

152 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Beginning Account Value, May 1, 2013		Ending October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Global Equity Income Fund
Class A
Actual	$	1,000.00	$	1,064.40	$	6.45		1.24	%
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		1,061.40		9.04		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class R2
Actual		1,000.00		1,062.90		7.75		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R5
Actual		1,000.00		1,066.40		4.11		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Select Class
Actual		1,000.00		1,066.10		5.16		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Global Research Enhanced Index Fund
Class A
Actual		1,000.00		1,097.50		3.07		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
Class C
Actual		1,000.00		1,095.80		5.71		1.08
Hypothetical		1,000.00		1,019.76		5.50		1.08
Class R2
Actual		1,000.00		1,096.30		4.39		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Select Class
Actual		1,000.00		1,100.10		1.75		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
International Equity Fund
Class A
Actual		1,000.00		1,076.20		6.80		1.30
Hypothetical		1,000.00		1,018.65		6.61		1.30
Class B
Actual		1,000.00		1,073.80		9.41		1.80
Hypothetical		1,000.00		1,016.13		9.15		1.80
Class C
Actual		1,000.00		1,073.50		9.41		1.80
Hypothetical		1,000.00		1,016.13		9.15		1.80
Class R2
Actual		1,000.00		1,074.90		8.11		1.55
Hypothetical		1,000.00		1,017.39		7.88		1.55
Class R5
Actual		1,000.00		1,078.90		4.45		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class R6
Actual		1,000.00		1,079.10		4.19		0.80
Hypothetical		1,000.00		1,021.17		4.08		0.80
Select Class
Actual		1,000.00		1,078.00		5.50		1.05
Hypothetical		1,000.00		1,019.91		5.35		1.05

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 153

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value, May 1, 2013		Ending October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
International Equity Index Fund
Class A
Actual	$	1,000.00	$	1,092.80	$	3.17		0.60	%
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class B
Actual		1,000.00		1,090.30		5.80		1.10
Hypothetical		1,000.00		1,019.66		5.60		1.10
Class C
Actual		1,000.00		1,090.40		5.80		1.10
Hypothetical		1,000.00		1,019.66		5.60		1.10
Class R2
Actual		1,000.00		1,091.90		4.48		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Select Class
Actual		1,000.00		1,094.30		1.85		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
International Opportunities Fund
Class A
Actual		1,000.00		1,091.60		6.59		1.25
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class B
Actual		1,000.00		1,088.30		9.00		1.71
Hypothetical		1,000.00		1,016.59		8.69		1.71
Class C
Actual		1,000.00		1,088.50		9.16		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class R6
Actual		1,000.00		1,094.20		3.96		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Institutional Class
Actual		1,000.00		1,093.40		4.49		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Select Class
Actual		1,000.00		1,092.30		5.22		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
International Unconstrained Equity Fund
Class A
Actual		1,000.00		1,105.20		7.00		1.32
Hypothetical		1,000.00		1,018.55		6.72		1.32
Class C
Actual		1,000.00		1,102.30		9.64		1.82
Hypothetical		1,000.00		1,016.03		9.25		1.82
Class R2
Actual		1,000.00		1,103.80		8.33		1.57
Hypothetical		1,000.00		1,017.29		7.98		1.57
Class R5
Actual		1,000.00		1,107.60		4.62		0.87
Hypothetical		1,000.00		1,020.82		4.43		0.87
Class R6
Actual		1,000.00		1,107.50		4.36		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Select Class
Actual		1,000.00		1,106.10		5.68		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07

154 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Beginning Account Value, May 1, 2013		Ending October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
International Value Fund
Class A
Actual	$	1,000.00	$	1,086.00	$	6.99		1.33	%
Hypothetical		1,000.00		1,018.50		6.77		1.33
Class B
Actual		1,000.00		1,083.90		9.51		1.81
Hypothetical		1,000.00		1,016.08		9.20		1.81
Class C
Actual		1,000.00		1,083.80		9.61		1.83
Hypothetical		1,000.00		1,015.98		9.30		1.83
Class R2
Actual		1,000.00		1,085.20		8.36		1.59
Hypothetical		1,000.00		1,017.19		8.08		1.59
Class R6
Actual		1,000.00		1,089.00		4.42		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Institutional Class
Actual		1,000.00		1,089.00		4.95		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Select Class
Actual		1,000.00		1,088.10		5.68		1.08
Hypothetical		1,000.00		1,019.76		5.50		1.08
Intrepid International Fund
Class A
Actual		1,000.00		1,093.40		7.65		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45
Class C
Actual		1,000.00		1,090.90		10.33		1.96
Hypothetical		1,000.00		1,015.32		9.96		1.96
Class R2
Actual		1,000.00		1,092.50		9.02		1.71
Hypothetical		1,000.00		1,016.59		8.69		1.71
Institutional Class
Actual		1,000.00		1,096.50		5.07		0.96
Hypothetical		1,000.00		1,020.37		4.89		0.96
Select Class
Actual		1,000.00		1,095.00		6.39		1.21
Hypothetical		1,000.00		1,019.11		6.16		1.21

* 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, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 155

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. 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) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 20, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Funds’ performance compared to the performance of the Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of the peer groups. 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 certain J.P. Morgan Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreements with representatives of the Adviser and with counsels to the Trusts and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their

consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trusts and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of each Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser

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

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser 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

156 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

organizational and operational changes designed to improve investment results and the services provided to each Fund.

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. 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. The Board 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 noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints. The

Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Funds benefit from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Funds’ Senior Officer/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the International Equity Fund and International Equity Index Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the Senior Officer’s report in determining whether to continue the Advisory Agreements.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Emerging Economies Fund, Emerging Markets Equity Fund, Global Equity Income Fund, Global Research Enhanced Index Fund, International Opportunities Fund, International Value Fund and Intrepid International Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of each Fund. The Trustees also considered the complexity of investment management for the Funds relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. 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 for Funds which had at least one full year of performance at the time of the review in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of those Funds which had at least one full year of performance at the time of the review within a performance universe made up of funds with the same Lipper investment classification and objective (the

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 157

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

“Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The 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 independent consultant and also considered the special analysis prepared by the independent consultant. The 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 was in the third and first quintiles for both Class A and Select Class shares for the one- and three-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the Emerging Markets Equity Fund’s performance was in the third, third and second quintiles for Class A shares and in the third, third and second quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted the performance of the Global Equity Income Fund was in the second quintile for both Class A and Select Class shares for the one-year period ending December 31, 2012, and the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted the performance of the Global Research Enhanced Index Fund since its inception on February 28, 2013 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the International Equity Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three- and five-year periods ended December 31, 2012, and that the independent consultant indicated that overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the International Equity Index Fund’s performance was in the second, fifth and fifth quintiles for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.

The Trustees noted that the International Opportunities Fund’s performance was in the second quintile for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted the performance of the International Unconstrained Equity Fund since its inception on November 30, 2011 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the International Value Fund’s performance was in the third, second and second quintiles for Class A and in the second, first and second quintiles for Select Class shares for the one-, three- and five- year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the Intrepid International Fund’s performance was in the second, third and fourth quintiles for Class A shares and in the second, second, and fourth quintiles for Select Class shares for the one-, three- and five- year periods ended December 31, 2012, respectively, and that the

158 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

independent consultant indicated that the overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

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

The Trustees noted that the Emerging Economies Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Emerging Markets Equity Fund’s net advisory fee for Class A and Select Class shares was in the third and fourth quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the fourth quintile of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Global Equity Income Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile and that the actual total expenses for both Class A and Select Class shares were in the second quintile of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Global Research Enhanced Index Fund’s estimated net advisory fees and total expenses, which were considered on a class-by-class basis, were in line with

identified peer funds. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Equity Fund’s net advisory fee for Class A and Select Class shares was in the second and third quintiles, respectively, and that actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Equity Index Fund’s net advisory fee for both Class A and Select Class shares was in the fifth quintile, and that the actual total expenses for Class A and Select Class shares were in the second and fourth quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Opportunities Fund’s net advisory fee for Class A and Select Class shares was in the second and third quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the second and third quintiles of their Universe Group, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Unconstrained Equity Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for both Class A and Select Class shares were in the third quintile of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the International Value Fund’s net advisory fee for both Class A and Select Class shares was in the second quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Intrepid International Fund’s net advisory fee for Class A and Select Class shares was in the third and fourth quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the fourth and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 159

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, 2013. 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, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be received under separate cover.

Dividend Received Deductions (DRD)

Each Fund hereby designates the following percentage or the maximum allowable percentage as ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended October 31, 2013:

	Dividend Received Deduction
Global Equity Income Fund		36.9	%

Qualified Dividend Income (QDI)

For the fiscal year ended October 31, 2013, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. Each Fund hereby designates the following amount or maximum allowable amount of ordinary income distributions treated as qualified dividends (amounts in thousands):

	Qualified Dividend Income
Emerging Economies Fund	$	6,432
Emerging Markets Equity Fund		13,244
Global Equity Income Fund		1,893
International Equity Fund		24,618
International Equity Index Fund		14,459
International Opportunities Fund		20,653
International Unconstrained Equity Fund		99
International Value Fund		59,721
Intrepid International Fund		6,451

Long Term Capital Gain Designation — 20%

Each Fund hereby designates the following amount or maximum allowable amount as long-term capital gain distributions for the purposes of the dividend paid deduction on its respective tax return for the fiscal year ended October 31, 2013 (amounts in thousands):

	Long-Term Capital Gain Distribution
Global Equity Income Fund	$	82
Global Research Enhanced Index Fund		2,596

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2013, the Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
Emerging Economies Fund	$	21,102	$	1,932
Emerging Markets Equity Fund		64,344		4,655
Global Equity Income Fund		2,074		180
International Equity Fund		35,264		2,749
International Equity Index Fund		13,696		1,367
International Opportunities Fund		32,713		2,021
International Unconstrained Equity Fund		86		8
International Value Fund		80,574		5,866
Intrepid International Fund		13,163		1,054

The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December, 2013. These shareholders will receive more detailed information along with their 2013 Form 1099-DIV.

160 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

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

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

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

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2013.  All rights reserved. October 2013. AN-INTEQ-1013

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial expert is Mitchell Merin. 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

2013 – $41,583

2012 – $37,500

(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

2013 – $19,530

2012 – $18,730

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

2013 – $9,932

2012 – $8,650

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, 2013 and 2012, 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

2013 – Not applicable

2012 – 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.

2013 – 0.0%

2012 – 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.

None.

(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:

2012 – $31.6 million

2011 – $33.6 million

These amounts also include the aggregate non audit fees billed by the Independent Registered Public Accounting firm for services rendered to J.P. Morgan Chase & Co. (“JPMC”) and certain related entities.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust II
By:	/s/ Robert L. Young
	Robert L. Young President and Principal Executive Officer December 27, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Robert L. Young
	Robert L. Young President and Principal Executive Officer December 27, 2013

By:	/s/ Joy C. Dowd
	Joy C. Dowd Treasurer and Principal Financial Officer December 27, 2013