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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04236

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: June 30

Date of reporting period: July 1, 2014 through December 31, 2014

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Semi-Annual Report

J.P. Morgan Small Cap Funds

December 31, 2014 (Unaudited)

JPMorgan Dynamic Small Cap Growth Fund

JPMorgan Small Cap Core Fund

JPMorgan Small Cap Equity Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Value Fund

JPMorgan U.S. Small Company Fund

CONTENTS

CEO’s Letter	1
Market Overview	3
Fund Commentaries:
JPMorgan Dynamic Small Cap Growth Fund	4
JPMorgan Small Cap Core Fund	6
JPMorgan Small Cap Equity Fund	8
JPMorgan Small Cap Growth Fund	10
JPMorgan Small Cap Value Fund	12
JPMorgan U.S. Small Company Fund	14
Schedules of Portfolio Investments	16
Financial Statements	48
Financial Highlights	62
Notes to Financial Statements	82
Schedule of Shareholder Expenses	91
Board Approval of Investment Advisory Agreement	94

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

JANUARY 11, 2015 (Unaudited)

Dear Shareholder,

A growing divergence in the economic trajectories of U.S. and other developed markets and plummeting global energy prices provided a mixed backdrop for the latter half of 2014. The U.S. economy accelerated at a steady pace amid continued strength in corporate earnings, gains in employment and consumer spending and falling oil prices for the six months ended December 31, 2014. Gross domestic product (GDP) in the U.S. climbed by 5.0% in the third quarter of 2014 and unemployment dropped to 5.6% in December, a level not seen since June 2008.

  “Amid uncertainty about the global economy recovery, equity markets in the U.S., China and Japan provided investors with solid returns and served to emphasize the prudence of holding a broadly diversified portfolio and a long-term outlook.”

In response to the continued improvement in the domestic economy, the U.S. Federal Reserve Bank proceeded to taper down its monthly purchases of bonds under its quantitative easing program and finally closed the program in October.

In stark contrast, the European Central Bank (ECB) took unprecedented steps to counter the threat of price deflation in the euro zone and the Bank of Japan stunned markets with a massive stimulus program as Japan’s economy slid into recession.

Another key development in the latter half of 2014 was a precipitous drop in global petroleum prices. A supply glut driven by new production in the U.S. and increased output from other nations, along with decreasing demand from China, Europe and Japan led to a 50% drop in the price of crude oil between July and December.

Amid this backdrop, U.S. equity markets outperformed most other assets classes over the six month period, with large cap stocks providing better returns than small caps and defensive sectors overtaking cyclical sectors. Notably, U.S. equities fell to six-month lows in mid October only to rebound 8.4%, driving the Standard & Poor’s 500 Index (“S&P 500”) to a new closing high of 2,018.05 points on October 31, 2014. In December, the Dow Jones Industrial Average closed above 18,000 points for the first time following the news that third quarter GDP showed the fastest growth in 11 years. The S&P 500 closed at a new high of 2,090.57 points on December 29, 2014, and returned 6.1% for the six months ended December 31, 2014.

Prices for U.S. Treasury securities with longer maturities rose during the six month period as investors sought safe havens amid deteriorating energy prices and geopolitical concerns.

While declining oil prices helped bolster consumer spending in developed nations, energy related sectors came under pressure and yield spreads on high-yield debt — also known as junk bonds — widened. Nations dependent on oil exports experienced volatility in bond yield spreads and currency valuations.

Meanwhile, weak growth in the euro zone raised concerns about the potential for a destructive deflationary spiral. Even after the ECB had cut its deposit rate to negative 0.1% to encourage banks to extend lending by effectively charging them for parking excess cash with the central bank, growth remained tepid and inflation was well below the ECB’s target of just below 2%. The inflation rate averaged 0.4% from July to October and then fell 0.3% in November and was estimated at -0.2% for December. Unemployment across the euro zone remained stubbornly high at 11.5%.

Japan’s economy retreated into recession during the six month period following two quarters of economic contraction, partly attributed to an increase in the national consumption tax earlier in the year. Responding to the crisis, the Bank of Japan surprised global markets on October 31 by unveiling plans to buy 8 trillion to 12 trillion yen ($71 billion to $107 billion) of Japanese government bonds per month, while also tripling its purchases of exchange-traded funds. The announcement drove Tokyo stocks to seven-year highs. For the six months ended December 31, 2014, the MSCI Europe, Australasia and Far East Index returned -9.2%.

Elsewhere, China’s economy continued to grow but at a slower pace for the six month period. At 7.3%, China’s GDP showed the slowest growth in five years, though it was slightly better than economists had expected. The weaker GDP growth was partly attributed to a slowdown in the property sector. However, Chinese equity securities performed well over the six months ended December 31, 2014, amid expectations that policy makers may ease monetary policy to spur growth. Chinese equity markets received an additional boost when regulators increased access to Chinese financial markets by allowing foreign investors in Hong Kong to buy shares in Shanghai.

Russia’s economy, already straining under Western economic sanctions following its annexation of Crimea, began sliding toward recession as prices plummeted for oil and natural gas, its biggest exports. In response, the Russian Central Bank spent heavily from its reserves and raised its key interest rate sharply in a largely unsuccessful effort to halt the ruble’s slide. The MSCI Emerging Markets Index returned -7.7% for the six months ended December 31, 2014.

During the six month period, financial market volatility returned after being largely absent in the first half of 2014. Meanwhile, economic growth outside the U.S. began to falter and the relative strength of the U.S. economy drove the dollar higher against other major currencies. Amid uncertainty about the global economy recovery, equity markets in the U.S., China

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 1

CEO’S LETTER

(Unaudited) (continued)

and Japan provided investors with solid returns and served to emphasize the prudence of holding a broadly diversified portfolio and a long-term outlook.

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

2 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

U.S equity markets performed strongly during the six month reporting period amid accommodative central bank policies, falling energy prices and steady overall improvement in the U.S. economy. While the second half of 2014 was marked by the return of volatility in financial markets and a sharp sell-off in mid-October, key U.S. equity indexes rebounded to closing highs in the final months of 2014. The Standard & Poor’s 500 Index (“S&P 500”) broke through the 2,000-point closing level for the first time on the final day of October and hit new closing highs in the final weeks of December. Also in late December, the Dow Jones Industrial Average closed above 18,000 points for the first time. U.S. Treasury securities with longer maturities also performed well during the six month reporting period, as geopolitical risks and concerns about weakness in the global economy pushed investors into so-called safe haven bonds.

Overall, U.S. large cap stocks outperformed small cap stocks and growth stocks outperformed value stocks during the reporting period. For the six months ended December 31, 2014, the Russell 2000 Index, a measure of small cap stocks, returned 1.65%, underperforming both the Russell Midcap Index and the Russell 1000 Index, which returned 4.18% and 5.57%, respectively.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 3

JPMorgan Dynamic Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		3.08%
Russell 2000 Growth Index		3.31%
Net Assets as of 12/31/2014 (In Thousands)	$	539,139

INVESTMENT OBJECTIVE**

The JPMorgan Dynamic Small Cap Growth Fund (the “Fund”) seeks capital growth over the long term.

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

The Fund (Class A Shares, without a sales charge) underperformed the Russell 2000 Growth Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the consumer discretionary sector and its security selection and underweight position in the consumer staples sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection and overweight position in the health care sector and its security selection in the producer durables sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Laredo Petroleum Holdings Inc., Oasis Petroleum Inc. and Forum Energy Technologies Inc. Shares of Laredo Petroleum, an independent oil and natural gas exploration and production company not held in the Benchmark, fell amid a decline in global oil prices. Shares of Oasis Petroleum, an oil exploration and production company not held in the Benchmark, weakened amid company plans to sharply cut capital spending in the wake of falling oil prices. Shares of Forum Energy, an oilfield services company, fell amid overall weakness in the energy sector due to falling oil prices.

Individual contributors to relative performance included the Fund’s overweight positions in Puma Biotechnology Inc., Receptos Inc. and Trex Inc. Shares of Puma Biotechnology, a development-stage biopharmaceutical company, rose on positive clinical trial results for its lung cancer drug candidate. Shares of Receptos, a biopharmaceutical company, strengthened on the back of positive clinical trial results for its bowel disorder drug candidate. Share of Trex, a maker of plastic/wood composite products for the home improvement market, rose on an improved quarterly revenue forecast.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Middleby Corp. (The)	2.2	%
	2.	Acuity Brands, Inc.	2.1
	3.	Acadia Healthcare Co., Inc.	1.8
	4.	Trex Co., Inc.	1.7
	5.	Watsco, Inc.	1.6
	6.	Wolverine World Wide, Inc.	1.5
	7.	Insulet Corp.	1.4
	8.	Lithia Motors, Inc., Class A	1.4
	9.	Old Dominion Freight Line, Inc.	1.4
	10.	Monolithic Power Systems, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	25.7	%
Information Technology	24.5
Industrials	19.5
Consumer Discretionary	14.4
Financials	8.3
Energy	2.7
Consumer Staples	1.2
Telecommunication Services	1.0
Materials	0.9
Short-Term Investment	1.8

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 19, 1997
Without Sales Charge			3.08	%		(0.45	)%		16.03	%		7.54	%
With Sales Charge**			(2.33	)		(5.68	)		14.79			6.97
CLASS B SHARES	May 19, 1997
Without CDSC			2.83			(0.92	)		15.42			7.05
With CDSC***			(2.17	)		(5.92	)		15.20			7.05
CLASS C SHARES	January 7, 1998
Without CDSC			2.78			(0.97	)		15.40			6.95
With CDSC****			1.78			(1.97	)		15.40			6.95
SELECT CLASS SHARES	April 5, 1999		3.19			(0.17	)		16.40			7.94

* Not annualized.

** 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 (12/31/04 TO 12/31/14)

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Dynamic Small Cap Growth Fund, the Russell 2000 Growth Index and the Lipper Small-Cap Growth Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher

forecasted growth values. The Lipper Small-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

Because Class B Shares automatically convert to Class A Shares after eight 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.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 5

JPMorgan Small Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		3.47%
Russell 2000 Index		1.65%
Net Assets as of 12/31/2014 (In Thousands)	$	726,636

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Core Fund seeks capital growth over the long term.

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

The JPMorgan Small Cap Core Fund (Select Class Shares) outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the pharmaceutical and energy sectors was a leading contributor to performance relative to the Benchmark, while security selection in the semiconductors and finance sectors was a leading detractor from relative performance.

Individual contributors to relative performance included the Fund’s overweight positions in Hawaiian Holdings Inc., Skyworks Solutions Inc. and Kite Pharma Inc. Shares of Hawaiian Holdings, owner/operator of Hawaiian Airlines, strengthened on expectations that lower fuel prices will bolster earnings. Shares of Skyworks Solutions, a producer of radio frequency semiconductors not held in the Benchmark, rose on increased demand for its products from smartphone makers, particularly Apple Inc. Shares of Kite Pharma, a drug maker focused on cancer immunotherapy, rose on investor expectations for its pipeline of drug candidates.

Individual detractors from relative performance included the Fund’s overweight positions in First Solar Inc., Tower International Inc. and Warren Resources Inc. Shares of First Solar, a maker of solar energy technology not held in the Benchmark, declined amid concerns about demand for the company’s products amid falling global oil prices. Shares of Tower International, a supplier of components to auto makers, fell after the company lowered its revenue forecast and postponed an offering of $250 million in short-term debt. Shares of Warren Resources, an independent oil exploration and production company, fell amid declining global oil prices and the resignation of its chief executive/chairman in early December.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of its relative performance versus the Benchmark. The Fund’s portfolio

managers employ a bottom-up approach to stock selection, using quantitative screening and proprietary analysis to construct a portfolio of companies that they believe are attractively valued and possess strong fundamentals. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Office Depot, Inc.	1.3	%
	2.	Dynegy, Inc.	1.2
	3.	NuVasive, Inc.	1.1
	4.	Unisys Corp.	1.1
	5.	Hawaiian Holdings, Inc.	1.1
	6.	Deluxe Corp.	1.0
	7.	Sanmina Corp.	1.0
	8.	Inteliquent, Inc.	0.9
	9.	Skyworks Solutions, Inc.	0.9
	10.	Take-Two Interactive Software, Inc.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.7	%
Information Technology	17.3
Industrials	15.1
Health Care	14.2
Consumer Discretionary	13.0
Consumer Staples	4.2
Energy	4.0
Materials	3.3
Utilities	3.3
Telecommunication Services	1.4
Short-Term Investment	1.5

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

6 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
SELECT CLASS SHARES		January 1, 1997		3.47	%		9.73	%		17.89	%		8.05	%

* Not annualized.

TEN YEAR PERFORMANCE (12/31/04 TO 12/31/14)

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Small Cap Core Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from December 31, 2004 to December 31, 2014. 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 Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-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 Russell

2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

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.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 7

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		2.56%
Russell 2000 Index		1.65%
Net Assets as of 12/31/2014 (In Thousands)	$	3,435,206

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Equity Fund (the “Fund”) seeks capital growth over the long term.

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

The Fund (Class A Shares, without a sales charge) outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the consumer discretionary and materials & processing sector was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position in the health care sector and its security selection in the producer durables sector detracted from relative performance.

Individual contributors to relative performance included the Fund’s overweight positions in Jarden Corp., Brinker International Inc. and Imperva Inc. Shares of Jarden, a consumer products company not held in the Benchmark, rose after the company raised its forecast for earnings amid healthy consumer spending the in U.S. Shares of Brinker International, an owner and franchiser of restaurant chains that was not held in the Benchmark, strengthened amid better-than-expected restaurant sales and expectations that falling gasoline prices would boost consumer spending. Shares of Imperva, a data security technology provider, rebounded on positive investor reaction to the company’s new chief executive and management team.

Individual detractors from relative performance included the Fund’s overweight positions in Oasis Petroleum Inc., Laredo Petroleum Holdings Inc. and Resolute Energy Corp. Shares of Oasis Petroleum, an oil exploration and production company, weakened amid company plans to sharply cut capital spending in the wake of falling oil prices. Shares of Laredo Petroleum, an independent oil and natural gas exploration and production company, fell amid a decline in global oil prices. Shares of Resolute Energy, an independent oil and gas exploration and production company, declined on the company’s reduced production forecast and its inability to escalate drilling as expected.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing portfolios based on

company fundamentals and proprietary analysis. The Fund’s portfolio managers looked for companies that, in their view, had leading competitive advantages, predictable and durable business models, and sustainable free cash flow generation with management teams committed to increasing intrinsic value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Jarden Corp.	2.8	%
	2.	Waste Connections, Inc.	2.7
	3.	Brinker International, Inc.	2.1
	4.	Spectrum Brands Holdings, Inc.	2.0
	5.	Silgan Holdings, Inc.	1.9
	6.	AptarGroup, Inc.	1.9
	7.	Crown Holdings, Inc.	1.8
	8.	RLJ Lodging Trust	1.8
	9.	IDEXX Laboratories, Inc.	1.8
	10.	Toro Co. (The)	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Financials	21.2	%
Consumer Discretionary	19.2
Industrials	17.0
Information Technology	12.4
Health Care	10.8
Materials	5.6
Consumer Staples	3.3
Energy	3.2
Utilities	3.0
Mutual Funds	0.4
Short-Term Investment	3.9

* 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 December 31, 2014. The Fund’s portfolio composition is subject to change.

8 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
Without Sales Charge			2.56	%		7.00	%		17.21	%		11.30	%
With Sales Charge**			(2.82	)		1.38			15.94			10.70
CLASS B SHARES	March 28, 1995
Without CDSC			2.31			6.48			16.62			10.86
With CDSC***			(2.69	)		1.48			16.41			10.86
CLASS C SHARES	February 19, 2005
Without CDSC			2.29			6.47			16.62			10.75
With CDSC****			1.29			5.47			16.62			10.75
CLASS R2 SHARES	November 3, 2008		2.44			6.73			16.91			11.13
CLASS R5 SHARES	May 15, 2006		2.82			7.55			17.79			11.86
SELECT CLASS SHARES	May 7, 1996		2.71			7.33			17.56			11.67

* Not annualized.

** 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 (12/31/04 TO 12/31/14)

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

Returns for Class C Shares prior to its inception date are based on the performance of the Class B Shares, whose expenses are substantially similar to those of Class C Shares. Returns for Class R5 Shares prior to its inception date are 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 are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Equity Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-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 Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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.

Because Class B Shares automatically convert to Class A Shares after eight 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.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 9

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		3.14%
Russell 2000 Growth Index		3.31%
Net Assets as of 12/31/2014 (In Thousands)	$	1,160,972

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Growth Fund (the “Fund”) seeks long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

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

The Fund (Class A Shares, without a sales charge) underperformed the Russell 2000 Growth Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the consumer discretionary sectors and its security selection and underweight position in the consumer staples sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection and overweight position in the health care sector and its security selection in the producer durables sector were leading contributors to relative performance.

Individual detractors from relative performance included the Fund’s overweight positions in Laredo Petroleum Holdings Inc., Oasis Petroleum Inc. and Forum Energy Technologies Inc. Shares of Laredo Petroleum, an oil and natural gas exploration and production company not held in the Benchmark, fell amid a decline in global oil prices. Shares of Oasis Petroleum, an oil exploration and production company not held in the Benchmark, weakened amid company plans to sharply cut capital spending in the wake of falling oil prices. Shares of Forum Energy, an oilfield services company, fell amid overall weakness in the energy sector due to falling oil prices.

Individual contributors to relative performance included the Fund’s overweight positions in Puma Biotechnology Inc., Receptos Inc. and Trex Inc. Shares of Puma Biotechnology, a development-stage biopharmaceutical company, rose on positive clinical trial results for its lung cancer drug candidate. Shares of Receptos, a biopharmaceutical company, strengthened on the back of positive clinical trial results for its bowel disorder drug candidate. Share of Trex, a maker of plastic/wood composite products for the home improvement market, rose on an improved quarterly revenue forecast.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Middleby Corp. (The)	2.3	%
	2.	Acuity Brands, Inc.	2.1
	3.	Acadia Healthcare Co., Inc.	1.9
	4.	Trex Co., Inc.	1.7
	5.	Watsco, Inc.	1.6
	6.	Wolverine World Wide, Inc.	1.5
	7.	Insulet Corp.	1.5
	8.	Lithia Motors, Inc., Class A	1.4
	9.	Old Dominion Freight Line, Inc.	1.4
	10.	Monolithic Power Systems, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	26.0	%
Information Technology	24.7
Industrials	19.7
Consumer Discretionary	14.6
Financials	8.4
Energy	2.7
Consumer Staples	1.2
Telecommunication Services	1.0
Materials	0.9
Short-Term Investment	0.8

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
Without Sales Charge			3.14	%		(0.22	)%		16.40	%		8.83	%
With Sales Charge**			(2.25	)		(5.46	)		15.16			8.25
CLASS B SHARES	September 12, 1994
Without CDSC			2.87			(0.73	)		15.80			8.32
With CDSC***			(2.13	)		(5.73	)		15.58			8.32
CLASS C SHARES	November 4, 1997
Without CDSC			2.88			(0.79	)		15.81			8.23
With CDSC****			1.88			(1.79	)		15.81			8.23
CLASS R2 SHARES	November 3, 2008		2.97			(0.51	)		16.12			8.54
CLASS R6 SHARES	November 30, 2010		3.41			0.25			16.97			9.30
INSTITUTIONAL CLASS SHARES	February 19, 2005		3.36			0.19			16.88			9.26
SELECT CLASS SHARES	March 26, 1996		3.28			0.05			16.71			9.11

* Not annualized.

** 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 (12/31/04 TO 12/31/14)

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 Institutional Class Shares prior to their inception date are based on the performance of Select Class Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares from February 19, 2005 through inception and on the performance of Select Class Shares prior to February 19, 2005. The actual returns for Institutional Class Shares and Class R6 Shares would have been different than those shown because Institutional Class Shares and Class R6 Shares have different expenses than the class on which the earlier performance is based. Returns for Class R2 Shares prior to its inception date are based on the performance of Class A Shares. All prior class performance for Class R2 Shares has been adjusted to reflect the differences in expenses between classes.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Growth Fund, the Russell 2000 Growth Index and the Lipper Small-Cap Growth Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of

the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Small-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

Because Class B Shares automatically convert to Class A Shares after eight 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.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 11

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		0.64%
Russell 2000 Value Index		0.01%
Net Assets as of 12/31/2014 (In Thousands)	$	1,623,197

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Value Fund (the “Fund”) seeks long-term capital growth primarily by investing in equity securities of small-capitalization companies.

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

The Fund (Select Class Shares) outperformed the Russell 2000 Value Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the industrial cyclical and pharmaceutical sectors was a leading contributor to performance relative to the Benchmark, while security selection in the finance and retail sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Spansion Inc., Western Refining Inc. and Helix Energy Solutions Inc. Shares of Spansion, a provider of flash memory technology not held in the Benchmark, rose on news that the company would be acquired by Cypress Semiconductor Corp. Shares of Western Refining, a crude oil refining and marketing company not held in the Benchmark, rose on better-than-expected earnings and revenue. Shares of Helix Energy, an offshore oilfield services company, strengthened after the company raised its earnings forecast.

Individual detractors from relative performance included the Fund’s overweight positions in Ocwen Financial Corp., Cloud Peak Energy Inc. and PhotoMedex Inc. Shares of Ocwen, a mortgage loan servicing and origination company not held in the Benchmark, fell amid the ouster of the company’s influential chairman in a $150 million settlement with the New York State Department of Finance following an investigation of foreclosure and accounting practices. Shares of Cloud Peak, a coal company, weakened on investor concerns about coal demand amid falling global oil prices. Shares of PhotoMedex, a provider of skin care products, fell amid declining sales and purported class action lawsuits related to its key hair removal product.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of its relative

performance versus the Benchmark. The Fund’s portfolio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek companies that exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Portland General Electric Co.	1.2	%
	2.	CYS Investments, Inc.	1.1
	3.	Rite Aid Corp.	1.1
	4.	Spansion, Inc., Class A	1.0
	5.	Dana Holding Corp.	1.0
	6.	DCT Industrial Trust, Inc.	1.0
	7.	CNO Financial Group, Inc.	0.9
	8.	Helix Energy Solutions Group, Inc.	0.9
	9.	AAR Corp.	0.9
	10.	Dillard’s, Inc., Class A	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	38.0	%
Industrials	14.3
Information Technology	10.6
Consumer Discretionary	9.8
Utilities	6.4
Health Care	5.2
Energy	4.3
Materials	3.8
Consumer Staples	3.8
Telecommunication Services	0.7
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 December 31, 2014. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	January 27, 1995
Without Sales Charge			0.49	%		4.00	%		15.40	%		7.71	%
With Sales Charge**			(4.79	)		(1.46	)		14.16			7.13
CLASS B SHARES	January 27, 1995
Without CDSC			0.22			3.40			14.71			7.18
With CDSC***			(4.78	)		(1.60	)		14.48			7.18
CLASS C SHARES	March 22, 1999
Without CDSC			0.20			3.36			14.69			7.06
With CDSC****			(0.80	)		2.36			14.69			7.06
CLASS R2 SHARES	November 3, 2008		0.36			3.76			15.12			7.44
CLASS R5 SHARES	May 15, 2006		0.68			4.38			15.79			8.06
CLASS R6 SHARES	February 22, 2005		0.71			4.43			15.84			8.13
SELECT CLASS SHARES	January 27, 1995		0.64			4.29			15.70			7.98

* Not annualized.

** 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 (12/31/04 TO 12/31/14)

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, Class R5 and Class R6 Shares prior to their inception dates are based on the performance of the Select Class Shares, the original class offered. All prior class performance for Class R2 Shares has been adjusted to reflect the differences in expenses between classes. The actual returns of Class R5 Shares and Class R6 Shares would have been different than those shown because Class R5 Shares and Class R6 Shares have different expenses than Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Small Cap Value Fund, the Russell 2000 Value Index and the Lipper Small-Cap Value Funds Index from December 31, 2004 to December 31, 2014. 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 Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable.

The performance of the Lipper Small-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Small-Cap Value 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.

Because Class B Shares automatically convert to Class A Shares after eight 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.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 13

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		3.65%
Russell 2000 Index		1.65%
Net Assets as of 12/31/2014 (In Thousands)	$	720,604

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Small Company Fund (the “Fund”) seeks to provide high total return from a portfolio of small company stocks.

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

The Fund (Institutional Class Shares) outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection and overweight position in the pharmaceuticals sector and security selection in the industrial cyclical sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and underweight position in the finance sector and its underweight position in the real estate investment trust sector were leading detractors from relative performance.

Individual contributors to relative performance included the Fund’s overweight positions in Puma Biotechnology Inc., Taser International Inc. and Strayer Education Inc. Shares of Puma Biotechnology, a development stage biopharmaceutical company not held in the Benchmark, rose on positive clinical trial results for its lung cancer drug candidate. Shares of Taser International, maker of Taser brand electronic weapons that was not held in the Benchmark, strengthened on strong demand for its products. Shares of Strayer Education, owner/operator of for-profit Strayer University that was not held in the Benchmark, rose on better-than-expected quarterly earnings.

Individual detractors from relative performance included the Fund’s overweight positions in PhotoMedex Inc., H.H. Gregg Inc. and Ocwen Financial Corp. Shares of PhotoMedex, a provider of skin care products, fell amid declining sales and purported class action lawsuits related to its key hair removal product. Shares of H.H. Gregg, a retailer of housewares and consumer electronics, declined after the company forecast weak sales in stores open more than one year. Shares of Ocwen, a mortgage loan servicing and origination company not held in the Benchmark, fell amid the ouster of the company’s influential chairman in a $150 million settlement with the New York State Department of Finance following an investigation of foreclosure and accounting practices.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so

that stock selection is typically the primary driver of its relative performance versus the Benchmark. The Fund’s portfolio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek companies that exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Outerwall, Inc.	1.3	%
	2.	Pantry, Inc. (The)	1.2
	3.	Rite Aid Corp.	1.2
	4.	Strayer Education, Inc.	1.1
	5.	Alaska Air Group, Inc.	1.1
	6.	Dana Holding Corp.	1.0
	7.	Iconix Brand Group, Inc.	1.0
	8.	United Stationers, Inc.	1.0
	9.	Dillard’s, Inc., Class A	1.0
	10.	AAR Corp.	1.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	21.4	%
Information Technology	18.0
Health Care	14.5
Consumer Discretionary	13.0
Industrials	13.0
Consumer Staples	4.8
Energy	3.9
Utilities	3.0
Materials	2.9
Telecommunication Services	0.8
Short-Term Investment	4.7

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
Without Sales Charge			3.39	%		8.12	%		17.33	%		8.20	%
With Sales Charge**			(2.03	)		2.45			16.08			7.62
CLASS C SHARES	November 1, 2007
Without CDSC			3.09			7.57			16.76			7.82
With CDSC***			2.09			6.57			16.76			7.82
CLASS R2 SHARES	November 1, 2011		3.23			7.85			17.17			8.13
CLASS R6 SHARES	November 1, 2011		3.64			8.71			17.89			8.63
INSTITUTIONAL CLASS SHARES	November 4, 1993		3.65			8.66			17.85			8.61
SELECT CLASS SHARES	September 10, 2001		3.56			8.48			17.65			8.42

* Not annualized.

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

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

TEN YEAR PERFORMANCE (12/31/04 TO 12/31/14)

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

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

Returns for Class R2 Shares prior to their inception date are based on the performances of the Class A Shares from November 1, 2007 to October 31, 2011 and the performance of Select Class Shares prior to November 1, 2007. Returns for Class R6 Shares prior to their inception date are based on the performance of the Institutional Class Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares and Select Class Shares. The actual returns of Class R6 Shares would have been different than these shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan U.S. Small Company Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from December 31, 2004 to December 31, 2014. 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 Russell 2000 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-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 Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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 redemptions of Fund shares.

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

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 15

JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.3%
		Consumer Discretionary — 14.4%
		Distributors — 0.5%
	44	Pool Corp. (m)		2,799
		Diversified Consumer Services — 1.3%
	346	2U, Inc. (a)		6,811
		Hotels, Restaurants & Leisure — 1.0%
	165	Boyd Gaming Corp. (a) (m)		2,107
	242	Scientific Games Corp., Class A (a)		3,081
				5,188
		Household Durables — 0.5%
	188	TRI Pointe Homes, Inc. (a)		2,863
		Internet & Catalog Retail — 2.3%
	270	Coupons.com, Inc. (a)		4,793
	75	HomeAway, Inc. (a)		2,226
	186	RetailMeNot, Inc. (a)		2,722
	124	Wayfair, Inc., Class A (a)		2,454
				12,195
		Specialty Retail — 5.7%
	137	Container Store Group, Inc. (The) (a)		2,625
	145	Five Below, Inc. (a)		5,931
	89	Lithia Motors, Inc., Class A		7,727
	112	Men’s Wearhouse, Inc. (The)		4,946
	84	Penske Automotive Group, Inc.		4,120
	115	Vitamin Shoppe, Inc. (a)		5,603
				30,952
		Textiles, Apparel & Luxury Goods — 3.1%
	159	Kate Spade & Co. (a) (m)		5,101
	180	Vera Bradley, Inc. (a)		3,670
	272	Wolverine World Wide, Inc.		8,011
				16,782
		Total Consumer Discretionary		77,590
		Consumer Staples — 1.2%
		Food Products — 1.2%
	84	Diamond Foods, Inc. (a)		2,376
	241	Freshpet, Inc. (a)		4,120
		Total Consumer Staples		6,496
		Energy — 2.7%
		Energy Equipment & Services — 1.5%
	53	Dril-Quip, Inc. (a)		4,047
	181	Forum Energy Technologies, Inc. (a)		3,749
				7,796

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — 1.2%
	126	Delek U.S. Holdings, Inc.		3,430
	137	Eclipse Resources Corp. (a)		963
	216	Laredo Petroleum, Inc. (a)		2,232
				6,625
		Total Energy		14,421
		Financials — 8.3%
		Banks — 1.8%
	39	Signature Bank (a)		4,901
	85	Texas Capital Bancshares, Inc. (a)		4,643
				9,544
		Capital Markets — 2.6%
	193	Financial Engines, Inc.		7,039
	198	FXCM, Inc., Class A		3,282
	372	PennantPark Investment Corp.		3,540
				13,861
		Diversified Financial Services — 0.3%
	80	On Deck Capital, Inc. (a)		1,803
		Insurance — 0.7%
	72	AmTrust Financial Services, Inc.		4,047
		Real Estate Investment Trusts (REITs) — 1.0%
	40	EastGroup Properties, Inc. (m)		2,562
	62	Highwoods Properties, Inc. (m)		2,743
				5,305
		Real Estate Management & Development — 0.7%
	114	RE/MAX Holdings, Inc., Class A		3,897
		Thrifts & Mortgage Finance — 1.2%
	84	BofI Holding, Inc. (a)		6,533
		Total Financials		44,990
		Health Care — 25.8%
		Biotechnology — 11.3%
	132	ACADIA Pharmaceuticals, Inc. (a)		4,183
	81	Acceleron Pharma, Inc. (a)		3,159
	66	Aegerion Pharmaceuticals, Inc. (a)		1,378
	237	Arrowhead Research Corp. (a)		1,747
	66	Avalanche Biotechnologies, Inc. (a)		3,585
	60	Bellicum Pharmaceuticals, Inc. (a)		1,387
	98	Chimerix, Inc. (a)		3,957
	133	Coherus Biosciences, Inc. (a)		2,173
	130	Exact Sciences Corp. (a)		3,555
	326	Halozyme Therapeutics, Inc. (a)		3,145
	201	Ignyta, Inc. (a)		1,377
	215	Insmed, Inc. (a)		3,325

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	90	Intrexon Corp. (a)		2,474
	50	Isis Pharmaceuticals, Inc. (a)		3,108
	219	Keryx Biopharmaceuticals, Inc. (a)		3,092
	67	Kite Pharma, Inc. (a)		3,843
	108	Portola Pharmaceuticals, Inc. (a)		3,069
	20	Puma Biotechnology, Inc. (a)		3,720
	37	Receptos, Inc. (a)		4,591
	24	Synageva BioPharma Corp. (a)		2,231
	80	Versartis, Inc. (a)		1,800
				60,899
		Health Care Equipment & Supplies — 6.8%
	441	GenMark Diagnostics, Inc. (a)		6,008
	169	Insulet Corp. (a)		7,799
	202	K2M Group Holdings, Inc. (a)		4,224
	47	Nevro Corp. (a)		1,806
	454	Novadaq Technologies, Inc., (Canada) (a)		7,541
	382	Syneron Medical Ltd., (Israel) (a)		3,561
	1,742	Unilife Corp. (a)		5,836
				36,775
		Health Care Providers & Services — 3.9%
	162	Acadia Healthcare Co., Inc. (a)		9,893
	129	Surgical Care Affiliates, Inc. (a)		4,343
	81	WellCare Health Plans, Inc. (a)		6,635
				20,871
		Health Care Technology — 1.0%
	207	Veeva Systems, Inc., Class A (a)		5,458
		Life Sciences Tools & Services — 1.3%
	206	Fluidigm Corp. (a)		6,955
		Pharmaceuticals — 1.5%
	232	Nektar Therapeutics (a)		3,595
	89	Revance Therapeutics, Inc. (a)		1,511
	114	Sagent Pharmaceuticals, Inc. (a)		2,853
				7,959
		Total Health Care		138,917
		Industrials — 19.5%
		Aerospace & Defense — 1.9%
	103	HEICO Corp. (m)		6,227
	100	Hexcel Corp. (a)		4,132
				10,359
		Air Freight & Logistics — 1.1%
	141	XPO Logistics, Inc. (a)		5,779

SHARES		SECURITY DESCRIPTION	VALUE($)
		Airlines — 1.3%
	92	Spirit Airlines, Inc. (a)		6,975
		Building Products — 3.7%
	139	Fortune Brands Home & Security, Inc.		6,285
	59	Masonite International Corp. (a)		3,621
	46	Norcraft Cos., Inc. (a)		896
	215	Trex Co., Inc. (a)		9,152
				19,954
		Electrical Equipment — 2.1%
	80	Acuity Brands, Inc.		11,273
		Industrial Conglomerates — 1.1%
	63	Carlisle Cos., Inc. (m)		5,641
		Machinery — 2.9%
	43	Graco, Inc. (m)		3,422
	121	Middleby Corp. (The) (a)		12,033
				15,455
		Marine — 0.8%
	55	Kirby Corp. (a)		4,465
		Road & Rail — 1.4%
	99	Old Dominion Freight Line, Inc. (a)		7,684
		Trading Companies & Distributors — 3.2%
	96	H&E Equipment Services, Inc.		2,696
	200	Rush Enterprises, Inc., Class A (a)		6,401
	78	Watsco, Inc. (m)		8,387
				17,484
		Total Industrials		105,069
		Information Technology — 24.5%
		Communications Equipment — 3.2%
	258	Aruba Networks, Inc. (a)		4,688
	221	Ciena Corp. (a) (m)		4,283
	140	Infinera Corp. (a)		2,054
	23	Palo Alto Networks, Inc. (a)		2,785
	272	Ruckus Wireless, Inc. (a)		3,275
				17,085
		Electronic Equipment, Instruments & Components — 0.5%
	31	FEI Co. (m)		2,830
		Internet Software & Services — 7.3%
	99	ChannelAdvisor Corp. (a)		2,135
	130	Cornerstone OnDemand, Inc. (a)		4,583
	38	CoStar Group, Inc. (a)		6,918
	144	Dealertrack Technologies, Inc. (a)		6,369
	114	Demandware, Inc. (a)		6,570
��	126	Envestnet, Inc. (a)		6,168

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 17

JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Internet Software & Services — continued
	138	Marketo, Inc. (a)		4,519
	47	Trulia, Inc. (a)		2,142
				39,404
		Semiconductors & Semiconductor Equipment — 5.0%
	108	Cavium, Inc. (a)		6,651
	390	Inphi Corp. (a)		7,208
	152	Monolithic Power Systems, Inc.		7,565
	194	TriQuint Semiconductor, Inc. (a)		5,336
				26,760
		Software — 7.4%
	80	CommVault Systems, Inc. (a)		4,158
	125	FleetMatics Group plc, (Ireland) (a)		4,426
	209	Fortinet, Inc. (a)		6,402
	140	Guidewire Software, Inc. (a)		7,089
	66	HubSpot, Inc. (a)		2,203
	103	Imperva, Inc. (a)		5,073
	110	Proofpoint Inc (a)		5,292
	64	Tableau Software, Inc., Class A (a)		5,408
				40,051
		Technology Hardware, Storage & Peripherals — 1.1%
	213	Nimble Storage, Inc. (a)		5,859
		Total Information Technology		131,989

SHARES		SECURITY DESCRIPTION	VALUE($)
		Materials — 0.9%
		Construction Materials — 0.9%
	65	Eagle Materials, Inc.		4,949
		Telecommunication Services — 1.0%
		Wireless Telecommunication Services — 1.0%
	311	Boingo Wireless, Inc. (a)		2,384
	209	RingCentral, Inc., Class A (a)		3,114
		Total Telecommunication Services		5,498
		Total Common Stocks (Cost $379,260)		529,919
	Short-Term Investment — 1.8%
		Investment Company — 1.8%
	9,926	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $9,926)		9,926
		Total Investments — 100.1% (Cost $389,186)		539,845
		Liabilities in Excess of Other Assets — (0.1)%		(706	)
		NET ASSETS — 100.0%	$	539,139

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.3%
			Consumer Discretionary — 13.0%
			Auto Components — 1.4%
	146		Cooper Tire & Rubber Co.		5,063
	52		Stoneridge, Inc. (a)		669
	178		Tower International, Inc. (a)		4,545
					10,277
			Distributors — 0.3%
	37		Core-Mark Holding Co., Inc.		2,267
	9		VOXX International Corp. (a)		75
					2,342
			Diversified Consumer Services — 0.5%
	9		Capella Education Co.		669
	102		Chegg, Inc. (a)		708
	118		LifeLock, Inc. (a)		2,175
					3,552
			Hotels, Restaurants & Leisure — 1.4%
	71		Bloomin’ Brands, Inc. (a)		1,763
	29		Dave & Buster’s Entertainment, Inc. (a)		794
	56		Jack in the Box, Inc.		4,486
	165		Ruth’s Hospitality Group, Inc.		2,478
	33		Sonic Corp.		910
					10,431
			Household Durables — 1.8%
	88		Helen of Troy Ltd., (Bermuda) (a)		5,693
	27		Jarden Corp. (a)		1,300
	63		KB Home		1,049
	13		Libbey, Inc. (a)		409
	20		Lifetime Brands, Inc.		335
	9		NACCO Industries, Inc., Class A		540
	130		Skullcandy, Inc. (a)		1,191
	33		Universal Electronics, Inc. (a)		2,159
					12,676
			Internet & Catalog Retail — 0.4%
	15		Coupons.com, Inc. (a)		259
	45		Lands’ End, Inc. (a)		2,445
	13	��	Wayfair, Inc., Class A (a)		258
					2,962
			Leisure Products — 0.0% (g)
	13		Nautilus, Inc. (a)		200
			Media — 1.7%
	15		AMC Entertainment Holdings, Inc., Class A		380
	133		Dex Media, Inc. (a)		1,194
	225		E.W. Scripps Co. (The), Class A (a)		5,026

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	32	Entercom Communications Corp., Class A (a)		383
	80	Journal Communications, Inc., Class A (a)		915
	11	Live Nation Entertainment, Inc. (a)		298
	43	Nexstar Broadcasting Group, Inc., Class A		2,201
	73	Sinclair Broadcast Group, Inc., Class A		2,000
				12,397
		Multiline Retail — 0.4%
	24	Dillard’s, Inc., Class A		2,979
		Specialty Retail — 4.2%
	133	Barnes & Noble, Inc. (a)		3,093
	6	Boot Barn Holdings, Inc. (a)		105
	99	Brown Shoe Co., Inc.		3,170
	64	Cato Corp. (The), Class A		2,687
	9	Children’s Place, Inc. (The)		490
	43	Citi Trends, Inc. (a)		1,078
	190	Express, Inc. (a)		2,797
	71	Lithia Motors, Inc., Class A		6,190
	1,076	Office Depot, Inc. (a)		9,226
	13	Outerwall, Inc. (a)		955
	22	Systemax, Inc. (a)		301
				30,092
		Textiles, Apparel & Luxury Goods — 0.9%
	27	G-III Apparel Group Ltd. (a)		2,748
	115	Iconix Brand Group, Inc. (a)		3,889
				6,637
		Total Consumer Discretionary		94,545
		Consumer Staples — 4.2%
		Food & Staples Retailing — 2.1%
	47	Andersons, Inc. (The)		2,482
	673	Rite Aid Corp. (a)		5,064
	70	Smart & Final Stores, Inc. (a)		1,104
	178	SpartanNash Co.		4,643
	181	SUPERVALU, Inc. (a)		1,752
				15,045
		Food Products — 1.7%
	221	Chiquita Brands International, Inc. (a)		3,193
	20	Freshpet, Inc. (a)		340
	188	Pilgrim’s Pride Corp. (a)		6,151
	49	Pinnacle Foods, Inc.		1,716
	16	Sanderson Farms, Inc.		1,311
				12,711

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 19

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Personal Products — 0.4%
	26	Revlon, Inc., Class A (a)		874
	20	USANA Health Sciences, Inc. (a)		2,062
				2,936
		Total Consumer Staples		30,692
		Energy — 4.0%
		Energy Equipment & Services — 1.1%
	25	Basic Energy Services, Inc. (a)		174
	52	C&J Energy Services, Inc. (a)		691
	30	Dawson Geophysical Co.		364
	45	FMSA Holdings, Inc. (a)		313
	57	Forum Energy Technologies, Inc. (a)		1,188
	58	Helix Energy Solutions Group, Inc. (a)		1,261
	64	Matrix Service Co. (a)		1,419
	16	Pioneer Energy Services Corp. (a)		86
	61	Superior Energy Services, Inc.		1,228
	113	Tesco Corp.		1,445
				8,169
		Oil, Gas & Consumable Fuels — 2.9%
	497	Abraxas Petroleum Corp. (a)		1,461
	65	Carrizo Oil & Gas, Inc. (a)		2,721
	60	Delek U.S. Holdings, Inc.		1,634
	28	Energy XXI Bermuda Ltd., (Bermuda)		92
	147	Green Plains, Inc.		3,630
	44	Jones Energy, Inc., Class A (a)		507
	151	Pacific Ethanol, Inc. (a)		1,561
	186	Renewable Energy Group, Inc. (a)		1,806
	6	REX American Resources Corp. (a)		347
	9	SemGroup Corp., Class A		636
	45	Stone Energy Corp. (a)		758
	18	TransAtlantic Petroleum Ltd. (a)		95
	161	VAALCO Energy, Inc. (a)		732
	1,030	Warren Resources, Inc. (a)		1,658
	64	Western Refining, Inc.		2,403
	14	World Fuel Services Corp.		652
				20,693
		Total Energy		28,862
		Financials — 22.7%
		Banks — 8.2%
	17	Banco Latinoamericano de Comercio Exterior S.A., (Panama), Class E		506
	63	BBCN Bancorp, Inc.		912
	14	BNC Bancorp		248
	7	Bridge Bancorp, Inc.		179
	37	Cathay General Bancorp		952

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	12	Citizens & Northern Corp.		248
	8	Community Trust Bancorp, Inc.		301
	8	ConnectOne Bancorp, Inc.		145
	87	Customers Bancorp, Inc. (a)		1,700
	152	East West Bancorp, Inc.		5,875
	16	Fidelity Southern Corp.		258
	23	Financial Institutions, Inc.		573
	291	First BanCorp, (Puerto Rico) (a)		1,708
	8	First Business Financial Services, Inc.		383
	108	First Commonwealth Financial Corp.		992
	28	First Community Bancshares, Inc.		453
	25	First Financial Bancorp		472
	21	First Merchants Corp.		480
	43	First NBC Bank Holding Co. (a)		1,524
	161	FirstMerit Corp.		3,034
	156	Hanmi Financial Corp.		3,408
	64	Hilltop Holdings, Inc. (a)		1,269
	623	Huntington Bancshares, Inc.		6,553
	5	Iberiabank Corp.		350
	20	MainSource Financial Group, Inc.		416
	4	National Bankshares, Inc.		134
	14	NBT Bancorp, Inc.		375
	115	PacWest Bancorp		5,232
	46	Pinnacle Financial Partners, Inc.		1,823
	187	Popular, Inc., (Puerto Rico) (a)		6,374
	36	Preferred Bank		1,015
	24	PrivateBancorp, Inc.		792
	7	Prosperity Bancshares, Inc.		399
	27	Sierra Bancorp		469
	68	Southwest Bancorp, Inc.		1,187
	54	State Bank Financial Corp.		1,075
	65	Susquehanna Bancshares, Inc.		874
	7	SVB Financial Group (a)		859
	44	TriCo Bancshares		1,087
	70	TriState Capital Holdings, Inc. (a)		719
	13	WesBanco, Inc.		445
	20	West Bancorporation, Inc.		344
	307	Wilshire Bancorp, Inc.		3,114
	9	Yadkin Financial Corp. (a)		183
				59,439
		Capital Markets — 1.2%
	16	Arlington Asset Investment Corp., Class A		436
	290	BGC Partners, Inc., Class A		2,653
	107	Cowen Group, Inc., Class A (a)		513
	146	Investment Technology Group, Inc. (a)		3,048

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	76	Manning & Napier, Inc.		1,049
	6	Oppenheimer Holdings, Inc., Class A		128
	19	Piper Jaffray Cos. (a)		1,104
				8,931
		Consumer Finance — 1.6%
	81	Cash America International, Inc.		1,841
	45	Encore Capital Group, Inc. (a)		2,002
	74	Enova International, Inc. (a)		1,657
	271	Green Dot Corp., Class A (a)		5,549
	16	Nelnet, Inc., Class A		737
				11,786
		Insurance — 2.6%
	188	American Equity Investment Life Holding Co.		5,485
	35	Aspen Insurance Holdings Ltd., (Bermuda)		1,523
	53	Atlas Financial Holdings, Inc. (a)		868
	237	CNO Financial Group, Inc.		4,078
	13	Crawford & Co., Class B		128
	29	HCI Group, Inc.		1,263
	8	Horace Mann Educators Corp.		279
	131	Maiden Holdings Ltd., (Bermuda)		1,678
	7	Montpelier Re Holdings Ltd., (Bermuda)		240
	17	Selective Insurance Group, Inc.		467
	44	Stewart Information Services Corp.		1,624
	31	Symetra Financial Corp.		714
	19	United Fire Group, Inc.		562
	6	Validus Holdings Ltd., (Bermuda)		240
				19,149
		Real Estate Investment Trusts (REITs) — 8.5%
	5	Agree Realty Corp.		152
	21	American Campus Communities, Inc.		869
	449	Anworth Mortgage Asset Corp.		2,359
	20	Ashford Hospitality Prime, Inc.		338
	469	Ashford Hospitality Trust, Inc.		4,910
	329	Capstead Mortgage Corp.		4,036
	135	Chambers Street Properties		1,091
	43	Chatham Lodging Trust		1,234
	37	Chesapeake Lodging Trust		1,377
	55	CoreSite Realty Corp.		2,156
	122	Cousins Properties, Inc.		1,398
	35	DCT Industrial Trust, Inc.		1,234
	45	DDR Corp.		834
	77	DiamondRock Hospitality Co.		1,141
	15	EastGroup Properties, Inc.		969
	37	Education Realty Trust, Inc.		1,364

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	201	First Industrial Realty Trust, Inc.		4,139
	15	Franklin Street Properties Corp.		188
	95	Geo Group, Inc. (The)		3,814
	41	Glimcher Realty Trust		569
	25	Government Properties Income Trust		582
	7	Home Properties, Inc.		485
	30	LaSalle Hotel Properties		1,194
	19	LTC Properties, Inc.		812
	6	Mid-America Apartment Communities, Inc.		428
	16	Parkway Properties, Inc.		287
	37	Pebblebrook Hotel Trust		1,688
	79	Pennsylvania Real Estate Investment Trust		1,844
	92	PennyMac Mortgage Investment Trust		1,938
	101	Potlatch Corp.		4,237
	19	PS Business Parks, Inc.		1,535
	78	RAIT Financial Trust		597
	14	Ramco-Gershenson Properties Trust		257
	96	Redwood Trust, Inc.		1,893
	100	RLJ Lodging Trust		3,336
	27	Silver Bay Realty Trust Corp.		442
	148	Strategic Hotels & Resorts, Inc. (a)		1,957
	33	Summit Hotel Properties, Inc.		412
	7	Sun Communities, Inc.		411
	170	Sunstone Hotel Investors, Inc.		2,808
	28	UMH Properties, Inc.		271
				61,586
		Thrifts & Mortgage Finance — 0.6%
	11	BofI Holding, Inc. (a)		871
	95	Flagstar Bancorp, Inc. (a)		1,491
	29	HomeStreet, Inc.		500
	9	PennyMac Financial Services, Inc., Class A (a)		147
	40	Walker & Dunlop, Inc. (a)		707
	9	Washington Federal, Inc.		193
				3,909
		Total Financials		164,800
		Health Care — 14.1%
		Biotechnology — 6.3%
	22	Acceleron Pharma, Inc. (a)		842
	143	Achillion Pharmaceuticals, Inc. (a)		1,750
	5	Adamas Pharmaceuticals, Inc. (a)		82
	3	Agios Pharmaceuticals, Inc. (a)		280
	19	Alnylam Pharmaceuticals, Inc. (a)		1,814
	32	Applied Genetic Technologies Corp. (a)		671
	26	Ardelyx, Inc. (a)		485

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 21

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	188	ARIAD Pharmaceuticals, Inc. (a)		1,294
	42	Atara Biotherapeutics, Inc. (a)		1,129
	49	Auspex Pharmaceuticals, Inc. (a)		2,566
	8	Avalanche Biotechnologies, Inc. (a)		427
	36	Bellicum Pharmaceuticals, Inc. (a)		836
	36	Bluebird Bio, Inc. (a)		3,256
	37	Calithera Biosciences, Inc. (a)		739
	29	Cara Therapeutics, Inc. (a)		291
	80	Celladon Corp. (a)		1,557
	133	Celldex Therapeutics, Inc. (a)		2,427
	10	Clovis Oncology, Inc. (a)		571
	61	Dicerna Pharmaceuticals, Inc. (a)		1,003
	93	Eleven Biotherapeutics, Inc. (a)		1,100
	25	FibroGen, Inc. (a)		689
	15	Immune Design Corp. (a)		465
	76	Insmed, Inc. (a)		1,182
	2	Intercept Pharmaceuticals, Inc. (a)		328
	22	Isis Pharmaceuticals, Inc. (a)		1,327
	6	Karyopharm Therapeutics, Inc. (a)		213
	83	Kindred Biosciences, Inc. (a)		619
	66	Kite Pharma, Inc. (a)		3,818
	16	MacroGenics, Inc. (a)		547
	35	NPS Pharmaceuticals, Inc. (a)		1,255
	312	Oncothyreon, Inc. (a)		593
	6	Ophthotech Corp. (a)		256
	222	PDL BioPharma, Inc.		1,709
	24	Receptos, Inc. (a)		2,977
	5	Sage Therapeutics, Inc. (a)		194
	30	Synageva BioPharma Corp. (a)		2,821
	316	Threshold Pharmaceuticals, Inc. (a)		1,006
	48	Tokai Pharmaceuticals, Inc. (a)		703
	23	Ultragenyx Pharmaceutical, Inc. (a)		992
	48	Vitae Pharmaceuticals, Inc. (a)		792
	11	Zafgen, Inc. (a)		327
				45,933
		Health Care Equipment & Supplies — 3.3%
	132	Greatbatch, Inc. (a)		6,508
	77	Inogen, Inc. (a)		2,425
	65	Insulet Corp. (a)		2,998
	21	K2M Group Holdings, Inc. (a)		447
	32	Nevro Corp. (a)		1,241
	173	NuVasive, Inc. (a)		8,145
	50	Orthofix International N.V., (Curacao) (a)		1,512
	6	PhotoMedex, Inc. (a)		9
	29	Roka Bioscience, Inc. (a)		126

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — continued
	14	Sientra, Inc. (a)		240
	52	TransEnterix, Inc. (a)		151
	30	TriVascular Technologies, Inc. (a)		373
				24,175
		Health Care Providers & Services — 2.9%
	64	Amsurg Corp. (a)		3,505
	84	Civitas Solutions, Inc. (a)		1,424
	344	Cross Country Healthcare, Inc. (a)		4,289
	9	HealthEquity, Inc. (a)		234
	56	Kindred Healthcare, Inc.		1,011
	83	Molina Healthcare, Inc. (a)		4,448
	48	Owens & Minor, Inc.		1,668
	47	Select Medical Holdings Corp.		678
	22	Surgical Care Affiliates, Inc. (a)		730
	31	Trupanion, Inc. (a)		216
	35	WellCare Health Plans, Inc. (a)		2,897
				21,100
		Health Care Technology — 0.1%
	16	Castlight Health, Inc., Class B (a)		182
	23	Connecture, Inc. (a)		208
				390
		Life Sciences Tools & Services — 0.2%
	11	INC Research Holdings, Inc., Class A (a)		280
	33	PRA Health Sciences, Inc. (a)		794
	26	VWR Corp. (a)		678
				1,752
		Pharmaceuticals — 1.3%
	64	Amphastar Pharmaceuticals, Inc. (a)		738
	46	Catalent, Inc. (a)		1,274
	68	Egalet Corp. (a)		388
	17	Furiex Pharmaceuticals, Inc. (a) (i)		168
	83	Impax Laboratories, Inc. (a)		2,620
	5	Jazz Pharmaceuticals plc, (Ireland) (a)		753
	30	Lannett Co., Inc. (a)		1,295
	51	Medicines Co. (The) (a)		1,417
	33	Revance Therapeutics, Inc. (a)		556
	6	ZS Pharma, Inc. (a)		262
				9,471
		Total Health Care		102,821
		Industrials — 15.1%
		Aerospace & Defense — 1.3%
	76	AAR Corp.		2,122
	6	Curtiss-Wright Corp.		438

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Aerospace & Defense — continued
	134	Engility Holdings, Inc. (a)		5,752
	8	Esterline Technologies Corp. (a)		889
	3	Triumph Group, Inc.		175
				9,376
		Air Freight & Logistics — 0.3%
	19	Atlas Air Worldwide Holdings, Inc. (a)		941
	18	Park-Ohio Holdings Corp.		1,116
				2,057
		Airlines — 1.8%
	65	Alaska Air Group, Inc.		3,854
	308	Hawaiian Holdings, Inc. (a)		8,022
	26	Virgin America, Inc. (a)		1,133
				13,009
		Building Products — 0.7%
	103	American Woodmark Corp. (a)		4,149
	44	Gibraltar Industries, Inc. (a)		711
				4,860
		Commercial Services & Supplies — 4.3%
	158	ABM Industries, Inc.		4,538
	674	ACCO Brands Corp. (a)		6,070
	79	ARC Document Solutions, Inc. (a)		807
	61	Brady Corp., Class A		1,657
	12	Ceco Environmental Corp.		185
	407	Cenveo, Inc. (a)		855
	120	Deluxe Corp.		7,495
	12	Herman Miller, Inc.		365
	191	Kimball International, Inc., Class B		1,743
	56	Knoll, Inc.		1,185
	37	Matthews International Corp., Class A		1,806
	12	Quad/Graphics, Inc.		280
	139	Steelcase, Inc., Class A		2,490
	6	UniFirst Corp.		729
	19	United Stationers, Inc.		814
	18	Viad Corp.		477
				31,496
		Construction & Engineering — 0.9%
	70	Argan, Inc.		2,341
	52	EMCOR Group, Inc.		2,305
	74	Tutor Perini Corp. (a)		1,777
				6,423
		Electrical Equipment — 0.4%
	34	EnerSys		2,092
	16	Regal-Beloit Corp.		1,181
				3,273

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — 2.8%
	27	Barnes Group, Inc.		1,010
	23	Columbus McKinnon Corp.		642
	74	Federal Signal Corp.		1,140
	55	Global Brass & Copper Holdings, Inc.		724
	41	Greenbrier Cos., Inc. (The)		2,219
	18	Hyster-Yale Materials Handling, Inc.		1,332
	35	Kadant, Inc.		1,486
	25	LB Foster Co., Class A		1,234
	208	Meritor, Inc. (a)		3,151
	38	NN, Inc.		779
	5	Standex International Corp.		355
	45	TriMas Corp. (a)		1,418
	86	Wabash National Corp. (a)		1,068
	42	Wabtec Corp.		3,632
	6	Watts Water Technologies, Inc., Class A		355
				20,545
		Marine — 0.0% (g)
	7	Matson, Inc.		255
		Professional Services — 0.8%
	77	Barrett Business Services, Inc.		2,096
	17	Heidrick & Struggles International, Inc.		387
	9	Kelly Services, Inc., Class A		158
	19	Paylocity Holding Corp. (a)		499
	37	RPX Corp. (a)		503
	14	TriNet Group, Inc. (a)		438
	31	TrueBlue, Inc. (a)		688
	11	VSE Corp.		712
				5,481
		Road & Rail — 1.5%
	3	AMERCO		767
	120	ArcBest Corp.		5,555
	12	Avis Budget Group, Inc. (a)		789
	11	Quality Distribution, Inc. (a)		112
	18	Saia, Inc. (a)		972
	72	Swift Transportation Co. (a)		2,067
	12	Universal Truckload Services, Inc.		351
				10,613
		Trading Companies & Distributors — 0.3%
	35	Applied Industrial Technologies, Inc.		1,614
	40	General Finance Corp. (a)		396
				2,010
		Total Industrials		109,398

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 23

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Information Technology — 17.2%
		Communications Equipment — 1.1%
	10	Arista Networks, Inc. (a)		626
	186	ARRIS Group, Inc. (a)		5,600
	130	Extreme Networks, Inc. (a)		459
	100	Polycom, Inc. (a)		1,347
				8,032
		Electronic Equipment, Instruments & Components — 2.3%
	159	Benchmark Electronics, Inc. (a)		4,035
	67	Insight Enterprises, Inc. (a)		1,722
	143	Kimball Electronics, Inc. (a)		1,723
	12	Littelfuse, Inc.		1,141
	53	Newport Corp. (a)		1,009
	299	Sanmina Corp. (a)		7,035
				16,665
		Internet Software & Services — 2.1%
	171	Aerohive Networks, Inc. (a)		820
	13	Amber Road, Inc. (a)		136
	117	Carbonite, Inc. (a)		1,665
	70	Cornerstone OnDemand, Inc. (a)		2,447
	5	Five9, Inc. (a)		23
	51	Hortonworks, Inc. (a)		1,382
	31	Intralinks Holdings, Inc. (a)		369
	13	New Relic, Inc. (a)		439
	15	Q2 Holdings, Inc. (a)		275
	134	WebMD Health Corp. (a)		5,281
	46	Yelp, Inc. (a)		2,512
				15,349
		IT Services — 2.4%
	57	CSG Systems International, Inc.		1,439
	11	EVERTEC, Inc., (Puerto Rico)		250
	331	Global Cash Access Holdings, Inc. (a)		2,365
	32	Heartland Payment Systems, Inc.		1,737
	53	Science Applications International Corp.		2,625
	274	Unisys Corp. (a)		8,063
	33	VeriFone Systems, Inc. (a)		1,231
				17,710
		Semiconductors & Semiconductor Equipment — 4.6%
	36	Alpha & Omega Semiconductor Ltd. (a)		321
	116	Amkor Technology, Inc. (a)		824
	471	Audience, Inc. (a)		2,073
	32	Brooks Automation, Inc.		413
	67	First Solar, Inc. (a)		3,006
	71	Integrated Silicon Solution, Inc.		1,175
	58	Lattice Semiconductor Corp. (a)		400

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — continued
	21	Nanometrics, Inc. (a)		360
	77	OmniVision Technologies, Inc. (a)		1,999
	52	Pericom Semiconductor Corp. (a)		704
	29	Photronics, Inc. (a)		242
	143	Silicon Image, Inc. (a)		787
	92	Skyworks Solutions, Inc.		6,689
	186	Spansion, Inc., Class A (a)		6,379
	116	SunEdison, Inc. (a)		2,265
	34	Synaptics, Inc. (a)		2,368
	366	Ultra Clean Holdings, Inc. (a)		3,397
				33,402
		Software — 4.5%
	8	Aspen Technology, Inc. (a)		288
	282	AVG Technologies N.V., (Netherlands) (a)		5,567
	12	FireEye, Inc. (a)		366
	16	Globant S.A., (Luxembourg) (a)		248
	29	HubSpot, Inc. (a)		968
	8	Manhattan Associates, Inc. (a)		314
	36	Model N, Inc. (a)		379
	245	Pegasystems, Inc.		5,078
	42	PTC, Inc. (a)		1,536
	92	Qlik Technologies, Inc. (a)		2,848
	8	Rovi Corp. (a)		169
	235	Take-Two Interactive Software, Inc. (a)		6,590
	297	TeleCommunication Systems, Inc., Class A (a)		926
	48	Telenav, Inc. (a)		319
	49	Varonis Systems, Inc. (a)		1,622
	63	Verint Systems, Inc. (a)		3,689
	15	Yodlee, Inc. (a)		178
	61	Zendesk, Inc. (a)		1,477
				32,562
		Technology Hardware, Storage & Peripherals — 0.2%
	60	Avid Technology, Inc. (a)		846
	18	Super Micro Computer, Inc. (a)		624
				1,470
		Total Information Technology		125,190
		Materials — 3.3%
		Chemicals — 1.4%
	65	A Schulman, Inc.		2,651
	47	Axiall Corp.		1,987
	4	FutureFuel Corp.		57
	6	Innospec, Inc.		235
	37	Koppers Holdings, Inc.		948
	95	Kronos Worldwide, Inc.		1,236

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Chemicals — continued
	42	Minerals Technologies, Inc.		2,945
	67	OMNOVA Solutions, Inc. (a)		545
				10,604
		Containers & Packaging — 1.0%
	225	Graphic Packaging Holding Co. (a)		3,070
	67	Rock-Tenn Co., Class A		4,061
				7,131
		Metals & Mining — 0.6%
	144	Commercial Metals Co.		2,339
	71	Worthington Industries, Inc.		2,140
				4,479
		Paper & Forest Products — 0.3%
	30	Boise Cascade Co. (a)		1,122
	52	Resolute Forest Products, Inc., (Canada) (a)		923
				2,045
		Total Materials		24,259
		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 1.3%
	34	IDT Corp., Class B		697
	343	Inteliquent, Inc.		6,733
	123	magicJack VocalTec Ltd., (Israel) (a)		999
	93	Premiere Global Services, Inc. (a)		982
				9,411
		Wireless Telecommunication Services — 0.1%
	53	RingCentral, Inc., Class A (a)		791
		Total Telecommunication Services		10,202
		Utilities — 3.3%
		Electric Utilities — 1.4%
	7	El Paso Electric Co.		268
	19	Empire District Electric Co. (The)		571
	31	IDACORP, Inc.		2,045
	16	MGE Energy, Inc.		744
	151	Portland General Electric Co.		5,712
	8	Spark Energy, Inc., Class A		108
	11	Westar Energy, Inc.		450
				9,898

SHARES		SECURITY DESCRIPTION	VALUE($)
		Gas Utilities — 0.7%
	2	AGL Resources, Inc.		124
	8	Chesapeake Utilities Corp.		390
	18	Laclede Group, Inc. (The)		963
	31	New Jersey Resources Corp.		1,909
	8	Northwest Natural Gas Co.		414
	15	Southwest Gas Corp.		940
	10	WGL Holdings, Inc.		519
				5,259
		Independent Power & Renewable Electricity Producers — 1.2%
	285	Dynegy, Inc. (a)		8,656
	30	Vivint Solar, Inc. (a)		278
				8,934
		Total Utilities		24,091
		Total Common Stocks (Cost $509,442)		714,860
NUMBER OF WARRANTS
	Warrant — 0.0% (g)
		Financials — 0.0% (g)
		Consumer Finance — 0.0% (g)
	2	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (i) (Cost $—)		—
SHARES
	Short-Term Investment — 1.5%
		Investment Company — 1.5%
	10,650	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (Cost $10,650 )		10,650
		Total Investments — 99.8% (Cost $520,092)		725,510
		Other Assets in Excess of Liabilities — 0.2% (c)		1,126
		NET ASSETS — 100.0%	$	726,636

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT DECEMBER 31, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	97	E-mini Russell 2000		03/20/15	$	11,647	$	442

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 25

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.1%
		Consumer Discretionary — 19.3%
		Auto Components — 1.6%
	1,518	Dana Holding Corp.		32,994
	428	Drew Industries, Inc. (a)		21,837
				54,831
		Distributors — 1.6%
	848	Pool Corp.		53,779
		Diversified Consumer Services — 1.9%
	660	Ascent Capital Group, Inc., Class A (a)		34,938
	1,161	ServiceMaster Global Holdings, Inc. (a)		31,084
				66,022
		Hotels, Restaurants & Leisure — 3.5%
	1,233	Brinker International, Inc.		72,337
	725	Monarch Casino & Resort, Inc. (a)		12,020
	583	Papa John’s International, Inc.		32,556
	111	Zoe’s Kitchen, Inc. (a)		3,309
				120,222
		Household Durables — 2.8%
	2,042	Jarden Corp. (a)		97,755
		Leisure Products — 1.4%
	561	Brunswick Corp.		28,757
	934	Malibu Boats, Inc., Class A (a)		18,003
				46,760
		Media — 3.1%
	1,370	Cinemark Holdings, Inc.		48,732
	959	E.W. Scripps Co. (The), Class A (a)		21,424
	493	Morningstar, Inc.		31,872
	342	National CineMedia, Inc.		4,921
				106,949
		Specialty Retail — 1.8%
	1,859	American Eagle Outfitters, Inc.		25,801
	2,148	Chico’s FAS, Inc.		34,816
				60,617
		Textiles, Apparel & Luxury Goods — 1.6%
	2,801	Crocs, Inc. (a)		34,988
	596	Iconix Brand Group, Inc. (a)		20,134
				55,122
		Total Consumer Discretionary		662,057
		Consumer Staples — 3.3%
		Food Products — 1.3%
	406	J&J Snack Foods Corp.		44,161

SHARES		SECURITY DESCRIPTION	VALUE($)
		Household Products — 2.0%
	716	Spectrum Brands Holdings, Inc.		68,495
		Total Consumer Staples		112,656
		Energy — 3.2%
		Energy Equipment & Services — 1.8%
	268	Dril-Quip, Inc. (a)		20,537
	1,364	Patterson-UTI Energy, Inc.		22,633
	616	Tidewater, Inc.		19,950
				63,120
		Oil, Gas & Consumable Fuels — 1.4%
	235	Approach Resources, Inc. (a)		1,499
	235	Cimarex Energy Co.		24,874
	1,063	Laredo Petroleum, Inc. (a)		11,001
	570	Oasis Petroleum, Inc. (a)		9,425
				46,799
		Total Energy		109,919
		Financials — 21.3%
		Banks — 9.1%
	3,200	Associated Banc-Corp.		59,613
	1,160	BankUnited, Inc.		33,608
	1,513	First Financial Bancorp		28,128
	1,676	First Horizon National Corp. (m)		22,754
	604	First Republic Bank		31,487
	753	Glacier Bancorp, Inc.		20,921
	1,019	Great Western Bancorp, Inc. (a)		23,220
	390	Iberiabank Corp.		25,278
	1,924	Umpqua Holdings Corp.		32,730
	1,220	Western Alliance Bancorp (a)		33,927
				311,666
		Capital Markets — 4.4%
	688	Eaton Vance Corp.		28,149
	557	Greenhill & Co., Inc.		24,293
	1,392	HFF, Inc., Class A		50,014
	1,419	Janus Capital Group, Inc.		22,883
	773	Moelis & Co., Class A		27,002
				152,341
		Insurance — 1.7%
	1,274	ProAssurance Corp.		57,512
		Real Estate Investment Trusts (REITs) — 5.2%
	572	EastGroup Properties, Inc. (m)		36,205
	468	Mid-America Apartment Communities, Inc. (m)		34,959
	1,172	National Retail Properties, Inc. (m)		46,141
	1,838	RLJ Lodging Trust (m)		61,635
				178,940

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Management & Development — 0.9%
	85	Marcus & Millichap, Inc. (a)		2,840
	644	Realogy Holdings Corp. (a)		28,634
				31,474
		Total Financials		731,933
		Health Care — 10.9%
		Health Care Equipment & Supplies — 3.1%
	415	IDEXX Laboratories, Inc. (a)		61,578
	856	West Pharmaceutical Services, Inc.		45,575
				107,153
		Health Care Providers & Services — 6.1%
	432	Centene Corp. (a)		44,872
	845	Hanger, Inc. (a)		18,505
	193	HealthEquity, Inc. (a)		4,922
	899	HealthSouth Corp.		34,589
	422	Magellan Health, Inc. (a)		25,303
	337	MWI Veterinary Supply, Inc. (a)		57,240
	312	WellCare Health Plans, Inc. (a)		25,589
				211,020
		Health Care Technology — 0.3%
	254	Omnicell, Inc. (a)		8,427
		Pharmaceuticals — 1.4%
	1,710	Catalent, Inc. (a)		47,680
		Total Health Care		374,280
		Industrials — 17.0%
		Air Freight & Logistics — 0.7%
	438	Forward Air Corp.		22,044
		Building Products — 0.3%
	824	Ply Gem Holdings, Inc. (a)		11,521
		Commercial Services & Supplies — 5.1%
	1,110	Herman Miller, Inc.		32,667
	1,150	KAR Auction Services, Inc.		39,850
	252	US Ecology, Inc.		10,094
	2,130	Waste Connections, Inc.		93,696
				176,307
		Construction & Engineering — 0.7%
	1,405	Comfort Systems USA, Inc.		24,060
		Electrical Equipment — 2.0%
	935	Generac Holdings, Inc. (a)		43,717
	304	Regal-Beloit Corp.		22,828
				66,545

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — 6.6%
	1,150	Allison Transmission Holdings, Inc.		38,988
	885	Altra Industrial Motion Corp.		25,111
	1,119	Douglas Dynamics, Inc.		23,972
	653	RBC Bearings, Inc.		42,155
	1,282	Rexnord Corp. (a)		36,178
	959	Toro Co. (The)		61,214
				227,618
		Road & Rail — 1.0%
	1,055	Knight Transportation, Inc.		35,497
		Trading Companies & Distributors — 0.6%
	201	Watsco, Inc.		21,557
		Total Industrials		585,149
		Information Technology — 12.5%
		Electronic Equipment, Instruments & Components — 1.7%
	263	Anixter International, Inc. (a)		23,306
	390	FEI Co.		35,211
				58,517
		Internet Software & Services — 1.5%
	780	GrubHub, Inc. (a)		28,323
	1,249	Q2 Holdings, Inc. (a)		23,536
				51,859
		IT Services — 1.2%
	1,255	CoreLogic, Inc. (a)		39,651
		Semiconductors & Semiconductor Equipment — 1.2%
	1,588	Freescale Semiconductor Ltd. (a)		40,063
		Software — 6.9%
	1,153	Advent Software, Inc.		35,331
	222	FactSet Research Systems, Inc.		31,262
	338	Guidewire Software, Inc. (a)		17,108
	597	Imperva, Inc. (a)		29,528
	1,533	Monotype Imaging Holdings, Inc.		44,210
	185	NetSuite, Inc. (a)		20,201
	2,183	Rovi Corp. (a)		49,320
	192	Splunk, Inc. (a)		11,344
				238,304
		Total Information Technology		428,394
		Materials — 5.6%
		Containers & Packaging — 5.6%
	960	AptarGroup, Inc.		64,197
	1,220	Crown Holdings, Inc. (a) (m)		62,077
	1,223	Silgan Holdings, Inc.		65,550
		Total Materials		191,824

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 27

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 3.0%
		Electric Utilities — 1.5%
	1,414	Portland General Electric Co.		53,507
		Multi-Utilities — 1.5%
	895	NorthWestern Corp.		50,624
		Total Utilities		104,131
		Total Common Stocks (Cost $2,110,105)		3,300,343
	Exchange Traded Fund — 0.4%
		U.S. Equity — 0.4%
	131	iShares Russell 2000 ETF (Cost $14,909)		15,661
	Short-Term Investment — 3.9%
		Investment Company — 3.9%
	134,277	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $134,277)		134,277
		Total Investments — 100.4% (Cost $2,259,291)		3,450,281
		Liabilities in Excess of Other Assets — (0.4)%		(15,075	)
		NET ASSETS — 100.0%	$	3,435,206

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.4%
		Consumer Discretionary — 14.6%
		Distributors — 0.5%
	96	Pool Corp. (m)		6,105
		Diversified Consumer Services — 1.3%
	754	2U, Inc. (a)		14,831
		Hotels, Restaurants & Leisure — 1.0%
	360	Boyd Gaming Corp. (a) (m)		4,600
	528	Scientific Games Corp., Class A (a)		6,718
				11,318
		Household Durables — 0.5%
	409	TRI Pointe Homes, Inc. (a)		6,243
		Internet & Catalog Retail — 2.3%
	588	Coupons.com, Inc. (a)		10,443
	163	HomeAway, Inc. (a)		4,859
	406	RetailMeNot, Inc. (a)		5,937
	270	Wayfair, Inc., Class A (a)		5,351
				26,590
		Specialty Retail — 5.8%
	299	Container Store Group, Inc. (The) (a)		5,724
	316	Five Below, Inc. (a)		12,916
	194	Lithia Motors, Inc., Class A		16,823
	244	Men’s Wearhouse, Inc. (The)		10,774
	183	Penske Automotive Group, Inc. (m)		8,978
	251	Vitamin Shoppe, Inc. (a)		12,204
				67,419
		Textiles, Apparel & Luxury Goods — 3.2%
	347	Kate Spade & Co. (a) (m)		11,111
	392	Vera Bradley, Inc. (a)		7,999
	592	Wolverine World Wide, Inc.		17,441
				36,551
		Total Consumer Discretionary		169,057
		Consumer Staples — 1.2%
		Food Products — 1.2%
	184	Diamond Foods, Inc. (a)		5,185
	526	Freshpet, Inc. (a)		8,977
		Total Consumer Staples		14,162
		Energy — 2.7%
		Energy Equipment & Services — 1.5%
	115	Dril-Quip, Inc. (a)		8,819
	394	Forum Energy Technologies, Inc. (a)		8,173
				16,992

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — 1.2%
	274	Delek U.S. Holdings, Inc.		7,477
	300	Eclipse Resources Corp. (a)		2,105
	471	Laredo Petroleum, Inc. (a)		4,873
				14,455
		Total Energy		31,447
		Financials — 8.4%
		Banks — 1.8%
	85	Signature Bank (a)		10,677
	186	Texas Capital Bancshares, Inc. (a)		10,115
				20,792
		Capital Markets — 2.6%
	419	Financial Engines, Inc.		15,327
	432	FXCM, Inc., Class A		7,153
	810	PennantPark Investment Corp.		7,718
				30,198
		Diversified Financial Services — 0.3%
	166	On Deck Capital, Inc. (a)		3,712
		Insurance — 0.8%
	157	AmTrust Financial Services, Inc.		8,817
		Real Estate Investment Trusts (REITs) — 1.0%
	88	EastGroup Properties, Inc. (m)		5,587
	135	Highwoods Properties, Inc. (m)		5,983
				11,570
		Real Estate Management & Development — 0.7%
	248	RE/MAX Holdings, Inc., Class A		8,492
		Thrifts & Mortgage Finance — 1.2%
	183	BofI Holding, Inc. (a)		14,224
		Total Financials		97,805
		Health Care — 26.0%
		Biotechnology — 11.4%
	287	ACADIA Pharmaceuticals, Inc. (a)		9,114
	177	Acceleron Pharma, Inc. (a)		6,886
	144	Aegerion Pharmaceuticals, Inc. (a)		3,013
	517	Arrowhead Research Corp. (a)		3,818
	145	Avalanche Biotechnologies, Inc. (a)		7,814
	129	Bellicum Pharmaceuticals, Inc. (a)		2,981
	214	Chimerix, Inc. (a)		8,624
	291	Coherus Biosciences, Inc. (a)		4,747
	282	Exact Sciences Corp. (a)		7,750
	711	Halozyme Therapeutics, Inc. (a)		6,858
	440	Ignyta, Inc. (a)		3,012
	469	Insmed, Inc. (a)		7,249

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 29

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	196	Intrexon Corp. (a)		5,398
	110	Isis Pharmaceuticals, Inc. (a)		6,776
	476	Keryx Biopharmaceuticals, Inc. (a)		6,742
	145	Kite Pharma, Inc. (a)		8,375
	236	Portola Pharmaceuticals, Inc. (a)		6,690
	43	Puma Biotechnology, Inc. (a)		8,107
	82	Receptos, Inc. (a)		10,000
	52	Synageva BioPharma Corp. (a)		4,868
	175	Versartis, Inc. (a)		3,932
				132,754
		Health Care Equipment & Supplies — 6.9%
	961	GenMark Diagnostics, Inc. (a)		13,084
	369	Insulet Corp. (a)		16,980
	441	K2M Group Holdings, Inc. (a)		9,204
	102	Nevro Corp. (a)		3,945
	945	Novadaq Technologies, Inc., (Canada) (a)		15,700
	832	Syneron Medical Ltd., (Israel) (a)		7,761
	3,794	Unilife Corp. (a)		12,710
				79,384
		Health Care Providers & Services — 3.9%
	352	Acadia Healthcare Co., Inc. (a)		21,533
	281	Surgical Care Affiliates, Inc. (a)		9,464
	176	WellCare Health Plans, Inc. (a)		14,448
				45,445
		Health Care Technology — 1.0%
	450	Veeva Systems, Inc., Class A (a)		11,887
		Life Sciences Tools & Services — 1.3%
	449	Fluidigm Corp. (a)		15,146
		Pharmaceuticals — 1.5%
	505	Nektar Therapeutics (a)		7,835
	195	Revance Therapeutics, Inc. (a)		3,304
	248	Sagent Pharmaceuticals, Inc. (a)		6,222
				17,361
		Total Health Care		301,977
		Industrials — 19.7%
		Aerospace & Defense — 2.0%
	225	HEICO Corp. (m)		13,562
	217	Hexcel Corp. (a)		9,003
				22,565
		Air Freight & Logistics — 1.1%
	308	XPO Logistics, Inc. (a)		12,586

SHARES		SECURITY DESCRIPTION	VALUE($)
		Airlines — 1.3%
	201	Spirit Airlines, Inc. (a)		15,188
		Building Products — 3.7%
	302	Fortune Brands Home & Security, Inc.		13,685
	128	Masonite International Corp. (a)		7,892
	95	Norcraft Cos., Inc. (a)		1,830
	468	Trex Co., Inc. (a)		19,924
				43,331
		Electrical Equipment — 2.1%
	175	Acuity Brands, Inc.		24,537
		Industrial Conglomerates — 1.1%
	136	Carlisle Cos., Inc. (m)		12,285
		Machinery — 2.9%
	93	Graco, Inc. (m)		7,459
	264	Middleby Corp. (The) (a)		26,190
				33,649
		Marine — 0.8%
	120	Kirby Corp. (a)		9,725
		Road & Rail — 1.4%
	215	Old Dominion Freight Line, Inc. (a)		16,730
		Trading Companies & Distributors — 3.3%
	209	H&E Equipment Services, Inc.		5,879
	435	Rush Enterprises, Inc., Class A (a)		13,939
	171	Watsco, Inc. (m)		18,258
				38,076
		Total Industrials		228,672
		Information Technology — 24.8%
		Communications Equipment — 3.2%
	562	Aruba Networks, Inc. (a)		10,212
	481	Ciena Corp. (a) (m)		9,331
	303	Infinera Corp. (a)		4,454
	50	Palo Alto Networks, Inc. (a)		6,074
	594	Ruckus Wireless, Inc. (a)		7,141
				37,212
		Electronic Equipment, Instruments & Components — 0.6%
	68	FEI Co. (m)		6,171
		Internet Software & Services — 7.4%
	216	ChannelAdvisor Corp. (a)		4,661
	284	Cornerstone OnDemand, Inc. (a)		9,984
	82	CoStar Group, Inc. (a)		15,065
	313	Dealertrack Technologies, Inc. (a)		13,870
	249	Demandware, Inc. (a)		14,306
	273	Envestnet, Inc. (a)		13,431

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Internet Software & Services — continued
	301	Marketo, Inc. (a)		9,845
	102	Trulia, Inc. (a)		4,673
				85,835
		Semiconductors & Semiconductor Equipment — 5.0%
	234	Cavium, Inc. (a)		14,483
	849	Inphi Corp. (a)		15,697
	331	Monolithic Power Systems, Inc.		16,470
	422	TriQuint Semiconductor, Inc. (a)		11,623
				58,273
		Software — 7.5%			��
	175	CommVault Systems, Inc. (a)		9,061
	272	FleetMatics Group plc, (Ireland) (a)		9,641
	455	Fortinet, Inc. (a)		13,941
	305	Guidewire Software, Inc. (a)		15,436
	143	HubSpot, Inc. (a)		4,808
	224	Imperva, Inc. (a)		11,051
	239	Proofpoint, Inc. (a)		11,526
	139	Tableau Software, Inc., Class A (a)		11,779
				87,243
		Technology Hardware, Storage & Peripherals — 1.1%
	464	Nimble Storage, Inc. (a)		12,759
		Total Information Technology		287,493

SHARES		SECURITY DESCRIPTION	VALUE($)
		Materials — 1.0%
		Construction Materials — 1.0%
	142	Eagle Materials, Inc.		10,781
		Telecommunication Services — 1.0%
		Wireless Telecommunication Services — 1.0%
	647	Boingo Wireless, Inc. (a)		4,963
	455	RingCentral, Inc., Class A (a)		6,789
		Total Telecommunication Services		11,752
		Total Common Stocks (Cost $850,048)		1,153,146
	Short-Term Investment — 0.8%
		Investment Company — 0.8%
	9,864	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $9,864 )		9,864
		Total Investments — 100.2% (Cost $859,912)		1,163,010
		Liabilities in Excess of Other Assets — (0.2)%		(2,038	)
		NET ASSETS — 100.0%	$	1,160,972

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 31

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
		Consumer Discretionary — 9.8%
		Auto Components — 1.2%
	745	Dana Holding Corp.		16,201
	103	Fuel Systems Solutions, Inc. (a)		1,127
	61	Spartan Motors, Inc.		323
	215	Stoneridge, Inc. (a)		2,762
				20,413
		Distributors — 0.0% (g)
	82	VOXX International Corp. (a)		721
		Diversified Consumer Services — 0.9%
	67	2U, Inc. (a)		1,321
	41	Chegg, Inc. (a)		281
	377	K12, Inc. (a)		4,472
	479	Regis Corp. (a)		8,033
				14,107
		Hotels, Restaurants & Leisure — 0.5%
	54	Dave & Buster’s Entertainment, Inc. (a)		1,472
	201	Isle of Capri Casinos, Inc. (a)		1,684
	18	Jack in the Box, Inc.		1,399
	254	Ruth’s Hospitality Group, Inc.		3,805
	30	Scientific Games Corp., Class A (a)		383
				8,743
		Household Durables — 0.4%
	99	CSS Industries, Inc.		2,739
	89	Leggett & Platt, Inc.		3,771
	94	Skullcandy, Inc. (a)		868
				7,378
		Internet & Catalog Retail — 0.3%
	38	Coupons.com, Inc. (a)		667
	439	Orbitz Worldwide, Inc. (a)		3,616
	31	Wayfair, Inc., Class A (a)		606
				4,889
		Leisure Products — 0.2%
	192	Nautilus, Inc. (a)		2,917
		Media — 1.1%
	432	E.W. Scripps Co. (The), Class A (a)		9,655
	168	Entercom Communications Corp., Class A (a)		2,045
	319	Journal Communications, Inc., Class A (a)		3,643
	261	Lee Enterprises, Inc. (a)		961
	325	McClatchy Co. (The), Class A (a)		1,079
	8	Saga Communications, Inc., Class A		362
				17,745

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multiline Retail — 1.0%
	149	Bon-Ton Stores, Inc. (The)		1,102
	116	Dillard’s, Inc., Class A		14,496
				15,598
		Specialty Retail — 3.0%
	579	Barnes & Noble, Inc. (a)		13,449
	7	Boot Barn Holdings, Inc. (a)		124
	286	Brown Shoe Co., Inc.		9,201
	252	Children’s Place, Inc. (The)		14,381
	203	Guess?, Inc.		4,284
	909	hhgregg, Inc. (a)		6,880
				48,319
		Textiles, Apparel & Luxury Goods — 1.2%
	426	Iconix Brand Group, Inc. (a)		14,408
	149	Unifi, Inc. (a)		4,430
				18,838
		Total Consumer Discretionary		159,668
		Consumer Staples — 3.8%
		Food & Staples Retailing — 1.8%
	181	Pantry, Inc. (The) (a)		6,719
	2,302	Rite Aid Corp. (a)		17,312
	169	Smart & Final Stores, Inc. (a)		2,655
	79	SpartanNash Co.		2,052
				28,738
		Food Products — 1.0%
	406	Chiquita Brands International, Inc. (a)		5,877
	22	Farmer Bros Co. (a)		657
	96	Fresh Del Monte Produce, Inc.		3,231
	7	John B Sanfilippo & Son, Inc.		323
	141	Pinnacle Foods, Inc.		4,963
	5	Sanderson Farms, Inc.		420
	20	Seneca Foods Corp., Class A (a)		527
				15,998
		Household Products — 0.3%
	536	Central Garden & Pet Co., Class A (a)		5,117
		Tobacco — 0.7%
	174	Alliance One International, Inc. (a)		275
	244	Universal Corp.		10,722
				10,997
		Total Consumer Staples		60,850
		Energy — 4.3%
		Energy Equipment & Services — 2.0%
	31	Dawson Geophysical Co.		381

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	143	Exterran Holdings, Inc.		4,662
	71	FMSA Holdings, Inc. (a)		490
	688	Helix Energy Solutions Group, Inc. (a)		14,919
	46	Key Energy Services, Inc. (a)		76
	43	Mitcham Industries, Inc. (a)		257
	288	Parker Drilling Co. (a)		883
	623	Pioneer Energy Services Corp. (a)		3,450
	104	SEACOR Holdings, Inc. (a)		7,669
				32,787
		Oil, Gas & Consumable Fuels — 2.3%
	4	Adams Resources & Energy, Inc.		200
	85	Alon USA Energy, Inc.		1,080
	725	Cloud Peak Energy, Inc. (a)		6,658
	252	Comstock Resources, Inc.		1,715
	855	EXCO Resources, Inc.		1,856
	198	Frontline Ltd., (Bermuda) (a)		498
	421	Midstates Petroleum Co., Inc. (a)		635
	32	Pacific Ethanol, Inc. (a)		332
	140	REX American Resources Corp. (a)		8,663
	67	Stone Energy Corp. (a)		1,126
	876	VAALCO Energy, Inc. (a)		3,996
	257	W&T Offshore, Inc.		1,884
	296	Warren Resources, Inc. (a)		477
	206	Western Refining, Inc.		7,798
				36,918
		Total Energy		69,705
		Financials — 38.0%
		Banks — 14.7%
	91	1st Source Corp.		3,136
	6	American National Bankshares, Inc.		146
	66	BancFirst Corp.		4,177
	348	BancorpSouth, Inc.		7,836
	153	Bank of Hawaii Corp.		9,045
	57	Banner Corp.		2,469
	329	BBCN Bancorp, Inc.		4,732
	18	Bridge Capital Holdings (a)		401
	216	Capital Bank Financial Corp., Class A (a)		5,794
	77	Cascade Bancorp (a)		402
	192	Cathay General Bancorp		4,918
	411	Central Pacific Financial Corp.		8,839
	8	Century Bancorp, Inc., Class A		304
	67	Chemical Financial Corp.		2,065
	18	Citizens & Northern Corp.		370
	135	City Holding Co.		6,272

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	91	CoBiz Financial, Inc.		1,195
	51	Columbia Banking System, Inc.		1,403
	126	Community Bank System, Inc.		4,816
	114	Community Trust Bancorp, Inc.		4,168
	20	ConnectOne Bancorp, Inc.		371
	21	Customers Bancorp, Inc. (a)		415
	14	East West Bancorp, Inc.		540
	65	Financial Institutions, Inc.		1,632
	28	First Bancorp		521
	1,190	First BanCorp, (Puerto Rico) (a)		6,984
	387	First Busey Corp.		2,517
	8	First Citizens BancShares, Inc., Class A		1,947
	1,186	First Commonwealth Financial Corp.		10,932
	43	First Community Bancshares, Inc.		710
	126	First Financial Bancorp		2,340
	71	First Financial Bankshares, Inc.		2,107
	103	First Interstate BancSystem, Inc.		2,865
	170	Flushing Financial Corp.		3,446
	434	FNB Corp.		5,776
	198	Glacier Bancorp, Inc.		5,490
	34	Great Southern Bancorp, Inc.		1,353
	24	Guaranty Bancorp		351
	310	Hancock Holding Co.		9,517
	50	Heartland Financial USA, Inc.		1,366
	23	Heritage Financial Corp.		397
	65	Hudson Valley Holding Corp.		1,758
	57	Lakeland Bancorp, Inc.		672
	26	Lakeland Financial Corp.		1,130
	172	MainSource Financial Group, Inc.		3,600
	112	MB Financial, Inc.		3,667
	55	Metro Bancorp, Inc. (a)		1,426
	44	National Penn Bancshares, Inc.		459
	525	OFG Bancorp, (Puerto Rico)		8,735
	73	Pacific Continental Corp.		1,035
	145	PacWest Bancorp		6,592
	16	Preferred Bank		455
	18	Republic Bancorp, Inc., Class A		452
	20	S&T Bancorp, Inc.		605
	16	Sierra Bancorp		279
	70	Simmons First National Corp., Class A		2,854
	16	Southside Bancshares, Inc.		452
	142	Southwest Bancorp, Inc.		2,456
	54	State Bank Financial Corp.		1,071
	12	Stock Yards Bancorp, Inc.		390
	16	Suffolk Bancorp		366
	334	Susquehanna Bancshares, Inc.		4,488

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 33

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Banks — continued
	411	TCF Financial Corp.		6,526
	37	Tompkins Financial Corp.		2,041
	134	Trustmark Corp.		3,288
	174	UMB Financial Corp.		9,922
	550	Umpqua Holdings Corp.		9,348
	392	Union Bankshares Corp.		9,451
	70	Valley National Bancorp		684
	35	Washington Trust Bancorp, Inc.		1,422
	104	Webster Financial Corp.		3,386
	39	West Bancorporation, Inc.		657
	175	Westamerica Bancorporation		8,564
	605	Wilshire Bancorp, Inc.		6,130
				238,426
		Capital Markets — 1.4%
	96	Arlington Asset Investment Corp., Class A		2,555
	673	Cowen Group, Inc., Class A (a)		3,230
	32	GAMCO Investors, Inc., Class A		2,846
	429	Investment Technology Group, Inc. (a)		8,932
	62	Janus Capital Group, Inc.		1,005
	52	Oppenheimer Holdings, Inc., Class A		1,211
	44	Piper Jaffray Cos. (a)		2,568
				22,347
		Consumer Finance — 1.0%
	103	Nelnet, Inc., Class A		4,749
	137	World Acceptance Corp. (a)		10,869
				15,618
		Diversified Financial Services — 0.1%
	87	Marlin Business Services Corp.		1,792
		Insurance — 5.0%
	357	American Equity Investment Life Holding Co.		10,409
	32	Arch Capital Group Ltd., (Bermuda) (a)		1,870
	104	Argo Group International Holdings Ltd., (Bermuda)		5,779
	886	CNO Financial Group, Inc.		15,257
	11	Global Indemnity plc, (Ireland) (a)		303
	68	Hallmark Financial Services (a)		822
	218	Horace Mann Educators Corp.		7,240
	157	Meadowbrook Insurance Group, Inc.		1,330
	11	Navigators Group, Inc. (The) (a)		807
	192	Platinum Underwriters Holdings Ltd., (Bermuda)		14,111
	101	Primerica, Inc.		5,486
	163	ProAssurance Corp.		7,368
	59	StanCorp Financial Group, Inc.		4,150
	294	Symetra Financial Corp.		6,781
				81,713

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — 13.6%
	21	American Assets Trust, Inc.		852
	2,636	Anworth Mortgage Asset Corp.		13,836
	183	Apartment Investment & Management Co., Class A		6,799
	122	Ashford Hospitality Prime, Inc.		2,090
	609	Ashford Hospitality Trust, Inc.		6,383
	1,009	Capstead Mortgage Corp.		12,394
	390	CBL & Associates Properties, Inc.		7,576
	450	Chambers Street Properties		3,629
	310	CoreSite Realty Corp.		12,117
	511	CubeSmart		11,280
	2,015	CYS Investments, Inc.		17,570
	444	DCT Industrial Trust, Inc.		15,816
	296	DiamondRock Hospitality Co.		4,400
	81	Education Realty Trust, Inc.		2,976
	70	EPR Properties		4,028
	660	FelCor Lodging Trust, Inc.		7,141
	117	First Industrial Realty Trust, Inc.		2,405
	454	First Potomac Realty Trust		5,605
	151	Franklin Street Properties Corp.		1,847
	135	Getty Realty Corp.		2,458
	68	Gladstone Commercial Corp.		1,166
	28	Glimcher Realty Trust		389
	319	Government Properties Income Trust		7,329
	54	Highwoods Properties, Inc.		2,400
	61	Home Properties, Inc.		4,015
	148	Hospitality Properties Trust		4,588
	74	LaSalle Hotel Properties		2,979
	92	LTC Properties, Inc.		3,954
	13	Mid-America Apartment Communities, Inc.		999
	140	Parkway Properties, Inc.		2,575
	119	Pebblebrook Hotel Trust		5,448
	212	Pennsylvania Real Estate Investment Trust		4,981
	283	Potlatch Corp.		11,853
	33	PS Business Parks, Inc.		2,641
	878	RAIT Financial Trust		6,737
	4	Saul Centers, Inc.		217
	70	Strategic Hotels & Resorts, Inc. (a)		927
	402	Sunstone Hotel Investors, Inc.		6,639
	13	Taubman Centers, Inc.		970
	72	Urstadt Biddle Properties, Inc., Class A		1,582
	274	Washington Real Estate Investment Trust		7,571
				221,162
		Real Estate Management & Development — 1.1%
	190	Alexander & Baldwin, Inc.		7,475

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Management & Development — continued
	253	Forestar Group, Inc. (a)		3,890
	335	St. Joe Co. (The) (a)		6,152
				17,517
		Thrifts & Mortgage Finance — 1.1%
	22	BankFinancial Corp.		266
	90	Beneficial Mutual Bancorp, Inc. (a)		1,109
	302	Charter Financial Corp.		3,458
	28	ESB Financial Corp.		532
	30	First Financial Northwest, Inc.		360
	25	Fox Chase Bancorp, Inc.		417
	13	Kearny Financial Corp. (a)		184
	459	Northfield Bancorp, Inc.		6,796
	52	OceanFirst Financial Corp.		895
	15	Territorial Bancorp, Inc.		317
	90	United Financial Bancorp, Inc.		1,292
	48	Walker & Dunlop, Inc. (a)		840
	24	WSFS Financial Corp.		1,815
				18,281
		Total Financials		616,856
		Health Care — 5.2%
		Biotechnology — 1.9%
	51	Agios Pharmaceuticals, Inc. (a)		5,759
	19	Applied Genetic Technologies Corp. (a)		391
	64	Ardelyx, Inc. (a)		1,207
	89	Auspex Pharmaceuticals, Inc. (a)		4,676
	20	Avalanche Biotechnologies, Inc. (a)		1,080
	77	Cara Therapeutics, Inc. (a)		771
	45	Dicerna Pharmaceuticals, Inc. (a)		741
	75	Eleven Biotherapeutics, Inc. (a)		893
	33	Epizyme, Inc. (a)		619
	18	Foundation Medicine, Inc. (a)		407
	38	Immune Design Corp. (a)		1,182
	116	Insmed, Inc. (a)		1,788
	15	Karyopharm Therapeutics, Inc. (a)		569
	28	Kite Pharma, Inc. (a)		1,626
	38	MacroGenics, Inc. (a)		1,333
	104	Radius Health, Inc. (a)		4,043
	13	Sage Therapeutics, Inc. (a)		483
	31	Ultragenyx Pharmaceutical, Inc. (a)		1,351
	93	Verastem, Inc. (a)		852
	27	Zafgen, Inc. (a)		823
				30,594
		Health Care Equipment & Supplies — 1.4%
	38	Inogen, Inc. (a)		1,176

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — continued
	83	NuVasive, Inc. (a)		3,928
	92	PhotoMedex, Inc. (a)		141
	70	Roka Bioscience, Inc. (a)		311
	174	SurModics, Inc. (a)		3,845
	49	Symmetry Surgical, Inc. (a)		379
	367	Thoratec Corp. (a)		11,903
	35	TriVascular Technologies, Inc. (a)		440
				22,123
		Health Care Providers & Services — 1.3%
	58	Centene Corp. (a)		6,065
	589	Cross Country Healthcare, Inc. (a)		7,347
	23	HealthEquity, Inc. (a)		578
	90	LHC Group, Inc. (a)		2,797
	25	Surgical Care Affiliates, Inc. (a)		851
	105	Triple-S Management Corp., (Puerto Rico), Class B (a)		2,499
	77	Trupanion, Inc. (a)		532
				20,669
		Health Care Technology — 0.2%
	145	MedAssets, Inc. (a)		2,865
		Life Sciences Tools & Services — 0.2%
	25	INC Research Holdings, Inc., Class A (a)		645
	75	PRA Health Sciences, Inc. (a)		1,826
	62	VWR Corp. (a)		1,609
				4,080
		Pharmaceuticals — 0.2%
	16	Achaogen, Inc. (a)		204
	158	Amphastar Pharmaceuticals, Inc. (a)		1,839
	41	Egalet Corp. (a)		231
	48	Revance Therapeutics, Inc. (a)		810
	16	ZS Pharma, Inc. (a)		644
				3,728
		Total Health Care		84,059
		Industrials — 14.3%
		Aerospace & Defense — 1.4%
	530	AAR Corp.		14,732
	201	Engility Holdings, Inc. (a)		8,620
				23,352
		Airlines — 1.0%
	160	Alaska Air Group, Inc.		9,544
	390	SkyWest, Inc.		5,174
	20	Virgin America, Inc. (a)		873
				15,591

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 35

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Building Products — 0.4%
	374	Gibraltar Industries, Inc. (a)		6,088
	19	Trex Co., Inc. (a)		800
				6,888
		Commercial Services & Supplies — 3.4%
	163	ABM Industries, Inc.		4,678
	1,073	ACCO Brands Corp. (a)		9,663
	682	ARC Document Solutions, Inc. (a)		6,974
	1,706	Cenveo, Inc. (a)		3,583
	23	Ennis, Inc.		307
	38	G&K Services, Inc., Class A		2,671
	110	HNI Corp.		5,601
	68	Kimball International, Inc., Class B		622
	80	Performant Financial Corp. (a)		533
	269	Quad/Graphics, Inc.		6,181
	155	R.R. Donnelley & Sons Co.		2,604
	42	Steelcase, Inc., Class A		747
	256	United Stationers, Inc.		10,806
				54,970
		Construction & Engineering — 1.4%
	234	Argan, Inc.		7,862
	131	Comfort Systems USA, Inc.		2,234
	285	EMCOR Group, Inc.		12,657
				22,753
		Electrical Equipment — 0.1%
	55	GrafTech International Ltd. (a)		279
	131	LSI Industries, Inc.		890
	17	Polypore International, Inc. (a)		786
				1,955
		Machinery — 2.9%
	89	AGCO Corp.		4,000
	503	Briggs & Stratton Corp.		10,277
	346	Douglas Dynamics, Inc.		7,423
	186	Federal Signal Corp.		2,867
	60	Hurco Cos., Inc.		2,039
	64	Hyster-Yale Materials Handling, Inc.		4,692
	122	Kadant, Inc.		5,225
	274	Mueller Water Products, Inc., Class A		2,804
	50	Standex International Corp.		3,832
	172	Wabash National Corp. (a)		2,124
	19	Watts Water Technologies, Inc., Class A		1,225
				46,508
		Marine — 0.6%
	54	International Shipholding Corp.		806

SHARES		SECURITY DESCRIPTION	VALUE($)
		Marine — continued
	242	Matson, Inc.		8,368
				9,174
		Professional Services — 1.7%
	278	Barrett Business Services, Inc.		7,623
	365	FTI Consulting, Inc. (a)		14,115
	28	Paylocity Holding Corp. (a)		734
	152	RPX Corp. (a)		2,097
	54	VSE Corp.		3,572
				28,141
		Road & Rail — 1.1%
	4	AMERCO		1,222
	200	ArcBest Corp.		9,269
	46	Celadon Group, Inc.		1,053
	23	PAM Transportation Services, Inc. (a)		1,171
	209	Quality Distribution, Inc. (a)		2,223
	120	USA Truck, Inc. (a)		3,397
				18,335
		Trading Companies & Distributors — 0.3%
	96	Applied Industrial Technologies, Inc.		4,361
		Total Industrials		232,028
		Information Technology — 10.6%
		Communications Equipment — 1.5%
	194	Black Box Corp.		4,629
	77	Calix, Inc. (a)		776
	140	Comtech Telecommunications Corp.		4,410
	651	Emulex Corp. (a)		3,690
	357	Harmonic, Inc. (a)		2,503
	637	Polycom, Inc. (a)		8,595
				24,603
		Electronic Equipment, Instruments & Components — 1.5%
	356	Benchmark Electronics, Inc. (a)		9,047
	64	Coherent, Inc. (a)		3,866
	153	Insight Enterprises, Inc. (a)		3,961
	51	Kimball Electronics, Inc. (a)		615
	144	Newport Corp. (a)		2,758
	84	Sanmina Corp. (a)		1,969
	132	Vishay Intertechnology, Inc.		1,862
				24,078
		Internet Software & Services — 0.8%
	25	Amber Road, Inc. (a)		259
	86	Benefitfocus, Inc. (a)		2,808
	578	EarthLink Holdings Corp.		2,536
	42	Five9, Inc. (a)		189
	565	Intralinks Holdings, Inc. (a)		6,728

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Internet Software & Services — continued
	2	OPOWER, Inc. (a)		31
	4	Q2 Holdings, Inc. (a)		72
				12,623
		IT Services — 2.0%
	111	CSG Systems International, Inc.		2,775
	32	EVERTEC, Inc., (Puerto Rico)		708
	57	Global Cash Access Holdings, Inc. (a)		405
	49	Hackett Group, Inc. (The)		428
	108	ManTech International Corp., Class A		3,277
	459	MoneyGram International, Inc. (a)		4,173
	314	NeuStar, Inc., Class A (a)		8,727
	116	Sykes Enterprises, Inc. (a)		2,718
	315	Unisys Corp. (a)		9,274
				32,485
		Semiconductors & Semiconductor Equipment — 2.9%
	439	Amkor Technology, Inc. (a)		3,118
	261	DSP Group, Inc. (a)		2,838
	96	First Solar, Inc. (a)		4,272
	62	IXYS Corp.		775
	73	Pericom Semiconductor Corp. (a)		984
	284	Photronics, Inc. (a)		2,360
	531	RF Micro Devices, Inc. (a)		8,809
	482	Spansion, Inc., Class A (a)		16,491
	126	SunPower Corp. (a)		3,242
	117	Ultra Clean Holdings, Inc. (a)		1,087
	428	Xcerra Corp. (a)		3,924
				47,900
		Software — 1.5%
	169	A10 Networks, Inc. (a)		739
	129	Actuate Corp. (a)		850
	117	Aspen Technology, Inc. (a)		4,104
	59	Fair Isaac Corp.		4,295
	36	Globant S.A., (Luxembourg) (a)		558
	47	Paycom Software, Inc. (a)		1,243
	43	Rubicon Project, Inc. (The) (a)		699
	388	Take-Two Interactive Software, Inc. (a)		10,864
	129	TeleCommunication Systems, Inc., Class A (a)		402
	13	Varonis Systems, Inc. (a)		437
				24,191
		Technology Hardware, Storage & Peripherals — 0.4%
	389	Avid Technology, Inc. (a)		5,531
	615	Quantum Corp. (a)		1,082
				6,613
		Total Information Technology		172,493

SHARES		SECURITY DESCRIPTION	VALUE($)
		Materials — 3.8%
		Chemicals — 1.4%
	185	Minerals Technologies, Inc.		12,876
	261	Olin Corp.		5,936
	136	Tredegar Corp.		3,050
				21,862
		Containers & Packaging — 0.6%
	587	Graphic Packaging Holding Co. (a)		7,992
	138	Myers Industries, Inc.		2,429
				10,421
		Metals & Mining — 0.8%
	5	Ampco-Pittsburgh Corp.		103
	250	Coeur Mining, Inc. (a)		1,276
	144	Commercial Metals Co.		2,339
	37	Schnitzer Steel Industries, Inc., Class A		826
	291	Worthington Industries, Inc.		8,744
				13,288
		Paper & Forest Products — 1.0%
	118	Domtar Corp., (Canada)		4,726
	35	PH Glatfelter Co.		895
	121	Resolute Forest Products, Inc., (Canada) (a)		2,131
	203	Schweitzer-Mauduit International, Inc.		8,582
				16,334
		Total Materials		61,905
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.6%
	108	FairPoint Communications, Inc. (a)		1,528
	255	Inteliquent, Inc.		4,996
	43	magicJack VocalTec Ltd., (Israel) (a)		350
	951	Vonage Holdings Corp. (a)		3,623
		Total Telecommunication Services		10,497
		Utilities — 6.4%
		Electric Utilities — 2.3%
	277	El Paso Electric Co.		11,077
	132	PNM Resources, Inc.		3,917
	532	Portland General Electric Co.		20,114
	48	Unitil Corp.		1,760
				36,868
		Gas Utilities — 1.9%
	79	AGL Resources, Inc.		4,306
	28	Chesapeake Utilities Corp.		1,413
	240	Laclede Group, Inc. (The)		12,747
	57	Northwest Natural Gas Co.		2,834

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 37

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Gas Utilities — continued
	42	Piedmont Natural Gas Co., Inc.		1,671
	140	Southwest Gas Corp.		8,647
				31,618
		Independent Power & Renewable Electricity Producers — 0.6%
	1,526	Atlantic Power Corp.		4,136
	137	Dynegy, Inc. (a)		4,146
	49	Ormat Technologies, Inc.		1,318
				9,600
		Multi-Utilities — 1.4%
	321	Avista Corp.		11,330
	201	NorthWestern Corp.		11,344
				22,674
		Water Utilities — 0.2%
	104	California Water Service Group		2,547
		Total Utilities		103,307
		Total Common Stocks (Cost $1,262,046)		1,571,368

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrant — 0.0% (g)
		Financials — 0.0% (g)
		Consumer Finance — 0.0% (g)
	3	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (i) (Cost $—)		—
SHARES
	Short-Term Investment — 3.1%
		Investment Company — 3.1%
	50,839	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (Cost $50,839)		50,839
		Total Investments — 99.9% (Cost $1,312,885)		1,622,207
		Other Assets in Excess of Liabilities — 0.1% (c)		990
		NET ASSETS — 100.0%	$	1,623,197

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT DECEMBER 31, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	435	E-mini Russell 2000		03/20/15	$	52,230	$	1,462

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.7%
		Consumer Discretionary — 13.2%
		Auto Components — 2.0%
	330	Dana Holding Corp.		7,178
	401	Stoneridge, Inc. (a)		5,162
	75	Tower International, Inc. (a)		1,909
				14,249
		Distributors — 0.1%
	101	VOXX International Corp. (a)		886
		Diversified Consumer Services — 1.8%
	14	Chegg, Inc. (a)		98
	286	Regis Corp. (a)		4,785
	109	Strayer Education, Inc. (a)		8,059
				12,942
		Hotels, Restaurants & Leisure — 1.5%
	31	Dave & Buster’s Entertainment, Inc. (a)		835
	5	DineEquity, Inc.		498
	40	Interval Leisure Group, Inc.		831
	14	Jack in the Box, Inc.		1,120
	28	Red Robin Gourmet Burgers, Inc. (a)		2,132
	205	Sonic Corp.		5,579
				10,995
		Household Durables — 0.4%
	35	CSS Industries, Inc.		965
	46	Leggett & Platt, Inc.		1,951
				2,916
		Internet & Catalog Retail — 0.1%
	14	Coupons.com, Inc. (a)		254
	16	Wayfair, Inc., Class A (a)		310
				564
		Leisure Products — 0.2%
	82	Nautilus, Inc. (a)		1,243
		Media — 1.1%
	34	Entercom Communications Corp., Class A (a)		410
	281	Lee Enterprises, Inc. (a)		1,032
	41	Nexstar Broadcasting Group, Inc., Class A		2,123
	78	Radio One, Inc., Class D (a)		130
	151	Sinclair Broadcast Group, Inc., Class A		4,121
				7,816
		Multiline Retail — 1.0%
	50	Bon-Ton Stores, Inc. (The)		367
	57	Dillard’s, Inc., Class A		7,098
				7,465

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 3.8%
	19	ANN, Inc. (a)		708
	180	Barnes & Noble, Inc. (a)		4,170
	5	Boot Barn Holdings, Inc. (a)		88
	111	Children’s Place, Inc. (The)		6,321
	74	Express, Inc. (a)		1,080
	40	Guess?, Inc.		839
	573	hhgregg, Inc. (a)		4,339
	130	Outerwall, Inc. (a)		9,756
	13	Systemax, Inc. (a)		178
				27,479
		Textiles, Apparel & Luxury Goods — 1.2%
	212	Iconix Brand Group, Inc. (a)		7,170
	42	Unifi, Inc. (a)		1,252
				8,422
		Total Consumer Discretionary		94,977
		Consumer Staples — 4.9%
		Food & Staples Retailing — 2.5%
	231	Pantry, Inc. (The) (a)		8,576
	1,139	Rite Aid Corp. (a)		8,565
	54	Smart & Final Stores, Inc. (a)		853
				17,994
		Food Products — 1.7%
	40	B&G Foods, Inc.		1,190
	212	Chiquita Brands International, Inc. (a)		3,067
	13	Freshpet, Inc. (a)		225
	89	Pilgrim’s Pride Corp. (a)		2,922
	65	Pinnacle Foods, Inc.		2,298
	24	Sanderson Farms, Inc.		2,025
	11	Seneca Foods Corp., Class A (a)		292
				12,019
		Personal Products — 0.5%
	10	Herbalife Ltd.		362
	10	Inter Parfums, Inc.		263
	7	Medifast, Inc. (a)		242
	29	USANA Health Sciences, Inc. (a)		2,985
				3,852
		Tobacco — 0.2%
	28	Universal Corp.		1,218
		Total Consumer Staples		35,083
		Energy — 3.9%
		Energy Equipment & Services — 1.5%
	188	Basic Energy Services, Inc. (a)		1,316

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 39

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	134	Exterran Holdings, Inc.		4,359
	29	FMSA Holdings, Inc. (a)		201
	142	Pioneer Energy Services Corp. (a)		787
	58	SEACOR Holdings, Inc. (a)		4,273
				10,936
		Oil, Gas & Consumable Fuels — 2.4%
	1,117	Abraxas Petroleum Corp. (a)		3,284
	10	Adams Resources & Energy, Inc.		479
	57	Alon USA Energy, Inc.		717
	30	Clayton Williams Energy, Inc. (a)		1,927
	181	Cloud Peak Energy, Inc. (a)		1,659
	42	Comstock Resources, Inc.		286
	12	Contango Oil & Gas Co. (a)		351
	3	Isramco, Inc. (a)		348
	32	Renewable Energy Group, Inc. (a)		315
	83	REX American Resources Corp. (a)		5,137
	40	Stone Energy Corp. (a)		668
	205	VAALCO Energy, Inc. (a)		933
	36	Western Refining, Inc.		1,368
				17,472
		Total Energy		28,408
		Financials — 21.7%
		Banks — 6.8%
	28	1st Source Corp.		950
	53	BancFirst Corp.		3,366
	117	BancorpSouth, Inc.		2,631
	28	Banner Corp.		1,192
	39	BBCN Bancorp, Inc.		554
	121	Capital Bank Financial Corp., Class A (a)		3,229
	46	Cathay General Bancorp		1,172
	222	Central Pacific Financial Corp.		4,767
	18	Chemical Financial Corp.		552
	12	Citizens & Northern Corp.		248
	29	City Holding Co.		1,354
	31	CoBiz Financial, Inc.		410
	198	CVB Financial Corp.		3,166
	4	East West Bancorp, Inc.		144
	316	First Commonwealth Financial Corp.		2,911
	7	First Financial Bancorp		128
	25	First Interstate BancSystem, Inc.		698
	60	Flushing Financial Corp.		1,212
	72	FNB Corp.		962
	19	Guaranty Bancorp		280
	19	MainSource Financial Group, Inc.		406

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	33	National Penn Bancshares, Inc.		342
	127	OFG Bancorp, (Puerto Rico)		2,106
	31	PacWest Bancorp		1,427
	13	Sierra Bancorp		232
	33	Simmons First National Corp., Class A		1,321
	8	Southside Bancshares, Inc.		233
	41	Southwest Bancorp, Inc.		705
	61	Suffolk Bancorp		1,394
	66	Susquehanna Bancshares, Inc.		889
	118	TCF Financial Corp.		1,875
	18	UMB Financial Corp.		1,024
	181	Union Bankshares Corp.		4,363
	11	Webster Financial Corp.		355
	52	West Bancorporation, Inc.		880
	14	Westamerica Bancorporation		706
	111	Wilshire Bancorp, Inc.		1,122
				49,306
		Capital Markets — 1.2%
	28	Arlington Asset Investment Corp., Class A		737
	236	Cowen Group, Inc., Class A (a)		1,132
	33	FBR & Co. (a)		799
	17	Federated Investors, Inc., Class B		553
	260	Investment Technology Group, Inc. (a)		5,420
				8,641
		Consumer Finance — 1.3%
	5	Credit Acceptance Corp. (a)		682
	49	Nelnet, Inc., Class A		2,289
	40	PRA Group, Inc. (a)		2,306
	47	World Acceptance Corp. (a)		3,734
				9,011
		Diversified Financial Services — 0.1%
	36	Marlin Business Services Corp.		741
		Insurance — 2.5%
	8	Ambac Financial Group, Inc. (a)		206
	130	American Equity Investment Life Holding Co.		3,798
	13	Aspen Insurance Holdings Ltd., (Bermuda)		578
	223	CNO Financial Group, Inc.		3,838
	11	Global Indemnity plc, (Ireland) (a)		306
	25	Navigators Group, Inc. (The) (a)		1,855
	52	Platinum Underwriters Holdings Ltd., (Bermuda)		3,803
	28	Primerica, Inc.		1,503
	40	ProAssurance Corp.		1,797
	7	Stewart Information Services Corp.		267
				17,951

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — 7.7%
	51	American Assets Trust, Inc.		2,014
	193	Anworth Mortgage Asset Corp.		1,011
	5	Ashford Hospitality Prime, Inc.		89
	22	Ashford Hospitality Trust, Inc.		226
	11	Associated Estates Realty Corp.		251
	28	BioMed Realty Trust, Inc.		597
	343	Capstead Mortgage Corp.		4,208
	55	CBL & Associates Properties, Inc.		1,076
	29	Chambers Street Properties		233
	165	CoreSite Realty Corp.		6,451
	14	Cousins Properties, Inc.		163
	774	CYS Investments, Inc.		6,747
	26	DCT Industrial Trust, Inc.		933
	54	DiamondRock Hospitality Co.		802
	30	EastGroup Properties, Inc.		1,912
	33	EPR Properties		1,873
	19	Equity LifeStyle Properties, Inc.		1,000
	29	FelCor Lodging Trust, Inc.		314
	20	First Industrial Realty Trust, Inc.		419
	47	Franklin Street Properties Corp.		575
	11	Gladstone Commercial Corp.		185
	30	Home Properties, Inc.		1,981
	55	Hospitality Properties Trust		1,717
	87	LTC Properties, Inc.		3,747
	21	National Retail Properties, Inc.		807
	54	Pennsylvania Real Estate Investment Trust		1,272
	29	Post Properties, Inc.		1,698
	100	Potlatch Corp.		4,187
	10	PS Business Parks, Inc.		772
	26	RAIT Financial Trust		202
	100	Ramco-Gershenson Properties Trust		1,874
	27	Saul Centers, Inc.		1,516
	258	Strategic Hotels & Resorts, Inc. (a)		3,412
	18	Taubman Centers, Inc.		1,376
				55,640
		Real Estate Management & Development — 0.7%
	70	Alexander & Baldwin, Inc.		2,744
	156	Forestar Group, Inc. (a)		2,401
	11	St. Joe Co. (The) (a)		199
				5,344
		Thrifts & Mortgage Finance — 1.4%
	13	Astoria Financial Corp.		176
	10	BankFinancial Corp.		117
	34	Beneficial Mutual Bancorp, Inc. (a)		412
	11	Capitol Federal Financial, Inc.		138

SHARES		SECURITY DESCRIPTION	VALUE($)
		Thrifts & Mortgage Finance — continued
	72	Charter Financial Corp.		821
	23	MGIC Investment Corp. (a)		212
	116	NMI Holdings, Inc., Class A (a)		1,056
	385	Northfield Bancorp, Inc.		5,692
	36	OceanFirst Financial Corp.		619
	41	Walker & Dunlop, Inc. (a)		717
				9,960
		Total Financials		156,594
		Health Care — 14.7%
		Biotechnology — 6.2%
	124	ACADIA Pharmaceuticals, Inc. (a)		3,921
	45	Adamas Pharmaceuticals, Inc. (a)		783
	5	Agios Pharmaceuticals, Inc. (a)		515
	46	Alnylam Pharmaceuticals, Inc. (a)		4,491
	8	Applied Genetic Technologies Corp. (a)		177
	27	Ardelyx, Inc. (a)		508
	112	Arrowhead Research Corp. (a)		828
	45	Atara Biotherapeutics, Inc. (a)		1,207
	4	Auspex Pharmaceuticals, Inc. (a)		231
	8	Avalanche Biotechnologies, Inc. (a)		416
	71	Bellicum Pharmaceuticals, Inc. (a)		1,624
	42	Calithera Biosciences, Inc. (a)		844
	33	Cara Therapeutics, Inc. (a)		329
	77	ChemoCentryx, Inc. (a)		525
	40	Chimerix, Inc. (a)		1,594
	22	Dicerna Pharmaceuticals, Inc. (a)		361
	28	Eleven Biotherapeutics, Inc. (a)		329
	28	FibroGen, Inc. (a)		755
	11	Foundation Medicine, Inc. (a)		240
	75	Immune Design Corp. (a)		2,296
	108	Infinity Pharmaceuticals, Inc. (a)		1,823
	9	Karyopharm Therapeutics, Inc. (a)		329
	11	Kite Pharma, Inc. (a)		611
	48	MacroGenics, Inc. (a)		1,694
	115	Merrimack Pharmaceuticals, Inc. (a)		1,294
	67	Mirati Therapeutics, Inc. (a)		1,245
	85	Neurocrine Biosciences, Inc. (a)		1,903
	88	NPS Pharmaceuticals, Inc. (a)		3,151
	65	Prothena Corp. plc, (Ireland) (a)		1,349
	48	PTC Therapeutics, Inc. (a)		2,501
	5	Sage Therapeutics, Inc. (a)		183
	25	Synageva BioPharma Corp. (a)		2,283
	72	Tokai Pharmaceuticals, Inc. (a)		1,055
	63	Trius Therapeutics, Inc. (a) (i)		—
	10	Ultragenyx Pharmaceutical, Inc. (a)		435

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 41

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	56	Versartis, Inc. (a)		1,260
	103	Xencor, Inc. (a)		1,652
	10	Zafgen, Inc. (a)		302
				45,044
		Health Care Equipment & Supplies — 3.0%
	190	Accuray, Inc. (a)		1,437
	100	CONMED Corp.		4,496
	35	Cynosure, Inc., Class A (a)		957
	18	Inogen, Inc. (a)		565
	31	Nevro Corp. (a)		1,179
	57	NuVasive, Inc. (a)		2,674
	66	PhotoMedex, Inc. (a)		101
	29	Roka Bioscience, Inc. (a)		127
	16	Sientra, Inc. (a)		262
	216	SurModics, Inc. (a)		4,765
	30	Symmetry Surgical, Inc. (a)		236
	70	Thoratec Corp. (a)		2,269
	98	Wright Medical Group, Inc. (a)		2,622
				21,690
		Health Care Providers & Services — 2.4%
	52	Centene Corp. (a)		5,379
	494	Cross Country Healthcare, Inc. (a)		6,168
	8	HealthEquity, Inc. (a)		209
	28	HealthSouth Corp.		1,065
	23	Molina Healthcare, Inc. (a)		1,221
	204	RadNet, Inc. (a)		1,739
	35	Surgical Care Affiliates, Inc. (a)		1,174
	29	Trupanion, Inc. (a)		200
				17,155
		Health Care Technology — 0.9%
	128	Castlight Health, Inc., Class B (a)		1,494
	23	Connecture, Inc. (a)		205
	93	HMS Holdings Corp. (a)		1,960
	133	MedAssets, Inc. (a)		2,620
	22	Veeva Systems, Inc., Class A (a)		570
				6,849
		Life Sciences Tools & Services — 0.4%
	34	Affymetrix, Inc. (a)		332
	11	INC Research Holdings, Inc., Class A (a)		272
	16	PAREXEL International Corp. (a)		872
	32	PRA Health Sciences, Inc. (a)		768
	30	VWR Corp. (a)		779
				3,023

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 1.8%
	70	Amphastar Pharmaceuticals, Inc. (a)		812
	65	BioDelivery Sciences International, Inc. (a)		780
	16	Egalet Corp. (a)		91
	16	Lannett Co., Inc. (a)		703
	5	Mallinckrodt plc (a)		495
	39	Pacira Pharmaceuticals, Inc. (a)		3,422
	28	Phibro Animal Health Corp., Class A		871
	72	Prestige Brands Holdings, Inc. (a)		2,510
	22	Revance Therapeutics, Inc. (a)		373
	89	Sagent Pharmaceuticals, Inc. (a)		2,237
	9	ZS Pharma, Inc. (a)		366
				12,660
		Total Health Care		106,421
		Industrials — 13.2%
		Aerospace & Defense — 1.9%
	253	AAR Corp.		7,031
	68	Engility Holdings, Inc. (a)		2,889
	141	TASER International, Inc. (a)		3,734
				13,654
		Air Freight & Logistics — 0.1%
	13	Park-Ohio Holdings Corp.		832
		Airlines — 1.1%
	131	Alaska Air Group, Inc.		7,847
	10	Virgin America, Inc. (a)		415
				8,262
		Building Products — 0.4%
	130	Gibraltar Industries, Inc. (a)		2,112
	11	Trex Co., Inc. (a)		464
				2,576
		Commercial Services & Supplies — 2.0%
	60	ACCO Brands Corp. (a)		541
	57	Deluxe Corp.		3,530
	19	G&K Services, Inc., Class A		1,374
	34	Quad/Graphics, Inc.		774
	25	R.R. Donnelley & Sons Co.		412
	24	Steelcase, Inc., Class A		433
	170	United Stationers, Inc.		7,167
				14,231
		Construction & Engineering — 1.3%
	114	Argan, Inc.		3,849
	118	EMCOR Group, Inc.		5,254
				9,103

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Electrical Equipment — 1.2%
	27		Acuity Brands, Inc.		3,712
	106		Polypore International, Inc. (a)		4,987
					8,699
			Machinery — 2.1%
	24		Blount International, Inc.		423
	174		Briggs & Stratton Corp.		3,545
	224		Douglas Dynamics, Inc.		4,805
	29		Hurco Cos., Inc.		985
	12		Hyster-Yale Materials Handling, Inc.		886
	65		Kadant, Inc.		2,779
	19		Standex International Corp.		1,463
	5		Watts Water Technologies, Inc., Class A		305
					15,191
			Marine — 0.8%
	169		Matson, Inc.		5,823
			Professional Services — 1.0%
	100		Barrett Business Services, Inc.		2,747
	19		Paylocity Holding Corp. (a)		507
	14		TriNet Group, Inc. (a)		450
	51		VSE Corp.		3,374
					7,078
			Road & Rail — 1.1%
	62		ArcBest Corp.		2,852
	18		Celadon Group, Inc.		409
	–	(h)	PAM Transportation Services, Inc. (a)		23
	65		Swift Transportation Co. (a)		1,864
	88		USA Truck, Inc. (a)		2,496
					7,644
			Trading Companies & Distributors — 0.2%
	40		Applied Industrial Technologies, Inc.		1,814
			Total Industrials		94,907
			Information Technology — 18.3%
			Communications Equipment — 2.7%
	11		Arista Networks, Inc. (a)		662
	77		Aruba Networks, Inc. (a)		1,400
	944		Emulex Corp. (a)		5,351
	529		Harmonic, Inc. (a)		3,709
	34		InterDigital, Inc.		1,783
	260		Polycom, Inc. (a)		3,514
	109		Ubiquiti Networks, Inc.		3,216
					19,635

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — 1.6%
	165	Benchmark Electronics, Inc. (a)		4,200
	51	Coherent, Inc. (a)		3,072
	18	Insight Enterprises, Inc. (a)		466
	83	InvenSense, Inc. (a)		1,351
	10	Newport Corp. (a)		182
	74	Sanmina Corp. (a)		1,729
	52	Vishay Intertechnology, Inc.		732
				11,732
		Internet Software & Services — 2.1%
	112	Bazaarvoice, Inc. (a)		900
	186	Blucora, Inc. (a)		2,569
	151	Demand Media, Inc. (a)		921
	589	EarthLink Holdings Corp.		2,587
	32	Five9, Inc. (a)		145
	12	Hortonworks, Inc. (a)		313
	199	Intralinks Holdings, Inc. (a)		2,366
	389	Marchex, Inc., Class B		1,785
	402	Millennial Media, Inc. (a)		643
	12	New Relic, Inc. (a)		425
	5	OPOWER, Inc. (a)		67
	14	Q2 Holdings, Inc. (a)		271
	246	Unwired Planet, Inc. (a)		246
	36	WebMD Health Corp. (a)		1,432
				14,670
		IT Services — 2.2%
	18	EVERTEC, Inc., (Puerto Rico)		398
	33	Heartland Payment Systems, Inc.		1,754
	145	ManTech International Corp., Class A		4,374
	61	MoneyGram International, Inc. (a)		558
	129	NeuStar, Inc., Class A (a)		3,586
	41	Science Applications International Corp.		2,031
	78	Unisys Corp. (a)		2,303
	29	Vantiv, Inc., Class A (a)		987
				15,991
		Semiconductors & Semiconductor Equipment — 4.1%
	274	Brooks Automation, Inc.		3,488
	48	DSP Group, Inc. (a)		524
	168	Fairchild Semiconductor International, Inc. (a)		2,827
	40	First Solar, Inc. (a)		1,775
	171	Integrated Device Technology, Inc. (a)		3,354
	37	Micrel, Inc.		541
	29	OmniVision Technologies, Inc. (a)		757
	164	Photronics, Inc. (a)		1,361
	172	PMC-Sierra, Inc. (a)		1,577

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 43

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	114	RF Micro Devices, Inc. (a)		1,898
	83	SunPower Corp. (a)		2,147
	222	TriQuint Semiconductor, Inc. (a)		6,108
	336	Ultra Clean Holdings, Inc. (a)		3,119
				29,476
		Software — 4.9%
	100	ACI Worldwide, Inc. (a)		2,017
	186	Aspen Technology, Inc. (a)		6,500
	324	AVG Technologies N.V., (Netherlands) (a)		6,400
	42	Fair Isaac Corp.		3,051
	18	Globant S.A., (Luxembourg) (a)		281
	30	HubSpot, Inc. (a)		1,012
	55	Manhattan Associates, Inc. (a)		2,256
	48	Paycom Software, Inc. (a)		1,269
	60	Qualys, Inc. (a)		2,272
	126	Rally Software Development Corp. (a)		1,437
	18	Rubicon Project, Inc. (The) (a)		290
	170	Take-Two Interactive Software, Inc. (a)		4,765
	353	TeleCommunication Systems, Inc., Class A (a)		1,101
	64	Varonis Systems, Inc. (a)		2,108
	16	Yodlee, Inc. (a)		190
				34,949
		Technology Hardware, Storage & Peripherals — 0.7%
	197	Avid Technology, Inc. (a)		2,792
	88	Nimble Storage, Inc. (a)		2,417
				5,209
		Total Information Technology		131,662
		Materials — 2.9%
		Chemicals — 1.0%
	81	Minerals Technologies, Inc.		5,604
	57	OM Group, Inc.		1,690
				7,294
		Containers & Packaging — 1.0%
	452	Graphic Packaging Holding Co. (a)		6,155
	58	Myers Industries, Inc.		1,017
				7,172
		Metals & Mining — 0.6%
	10	Ampco-Pittsburgh Corp.		185
	17	Commercial Metals Co.		274
	123	Worthington Industries, Inc.		3,698
				4,157

SHARES		SECURITY DESCRIPTION	VALUE($)
		Paper & Forest Products — 0.3%
	22	Domtar Corp., (Canada)		869
	99	Resolute Forest Products, Inc., (Canada) (a)		1,740
				2,609
		Total Materials		21,232
		Telecommunication Services — 0.8%
		Diversified Telecommunication Services — 0.6%
	63	Consolidated Communications Holdings, Inc.		1,742
	58	FairPoint Communications, Inc. (a)		822
	67	magicJack VocalTec Ltd., (Israel) (a)		544
	309	Vonage Holdings Corp. (a)		1,176
				4,284
		Wireless Telecommunication Services — 0.2%
	108	RingCentral, Inc., Class A (a)		1,617
		Total Telecommunication Services		5,901
		Utilities — 3.1%
		Electric Utilities — 1.1%
	55	El Paso Electric Co.		2,219
	41	PNM Resources, Inc.		1,215
	110	Portland General Electric Co.		4,146
				7,580
		Gas Utilities — 0.8%
	25	AGL Resources, Inc.		1,387
	33	Laclede Group, Inc. (The)		1,729
	31	Piedmont Natural Gas Co., Inc.		1,238
	28	Southwest Gas Corp.		1,712
				6,066
		Independent Power & Renewable Electricity Producers — 0.3%
	368	Atlantic Power Corp.		998
	33	Dynegy, Inc. (a)		986
	5	Ormat Technologies, Inc.		128
	34	Vivint Solar, Inc. (a)		310
				2,422
		Multi-Utilities — 0.9%
	110	NorthWestern Corp.		6,200
		Total Utilities		22,268
		Total Common Stocks (Cost $600,919)		697,453

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

NUMBER OF WARRANTS			SECURITY DESCRIPTION	VALUE($)
	Warrant — 0.0% (g)
			Financials — 0.0% (g)
			Consumer Finance — 0.0% (g)
	—	(h)	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (i) (Cost $—)		—

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.8%
		Investment Company — 4.8%
	34,245	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (Cost $34,245)		34,245
		Total Investments — 101.5% (Cost $635,164)		731,698
		Liabilities in Excess of Other Assets — (1.5)% (c)		(11,094	)
		NET ASSETS — 100.0%	$	720,604

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION		EXPIRATION DATE		NOTIONAL VALUE AT DECEMBER 31, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	163	E-mini Russell 2000	��		03/20/15	$	19,571	$	717

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 45

JPMorgan Small Cap Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

ETF	—  Exchange Traded Fund
(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.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.
(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 December 31, 2014.
(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/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands, except per share amounts)

	Dynamic Small Cap Growth Fund			Small Cap Core Fund			Small Cap Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	529,919		$	714,860		$	3,316,004
Investments in affiliates, at value		9,926			10,650			134,277
Total investment securities, at value		539,845			725,510			3,450,281
Cash		1			1			—
Deposits at broker for futures contracts		—			4,195			—
Receivables:
Investment securities sold		77			2,295			—
Fund shares sold		1,192			746			3,548
Dividends from non-affiliates		188			826			7,190
Dividends from affiliates		—	(a)		—	(a)		5
Total Assets		541,303			733,573			3,461,024
LIABILITIES:
Payables:
Investment securities purchased		—			5,900			—
Fund shares redeemed		1,478			263			22,195
Variation margin on futures contracts		—			94			—
Accrued liabilities:
Investment advisory fees		240			320			1,710
Administration fees		25			—			168
Distribution fees		47			—			174
Shareholder servicing fees		95			83			382
Custodian and accounting fees		26			19			54
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)		1
Transfer agent fees		175			191			974
Other		78			67			160
Total Liabilities		2,164			6,937			25,818
Net Assets	$	539,139		$	726,636		$	3,435,206

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

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

	Dynamic Small Cap Growth Fund			Small Cap Core Fund			Small Cap Equity Fund
NET ASSETS:
Paid-in-Capital	$	393,306		$	508,458		$	2,242,687
Accumulated undistributed (distributions in excess of) net investment income		(4,452	)		(115	)		237
Accumulated net realized gains (losses)		(374	)		12,433			1,292
Net unrealized appreciation (depreciation)		150,659			205,860			1,190,990
Total Net Assets	$	539,139		$	726,636		$	3,435,206
Net Assets:
Class A	$	70,889		$	—		$	693,617
Class B		405			—			3,455
Class C		50,706			—			36,750
Class R2		—			—			3,580
Class R5		—			—			1,163,640
Select Class		417,139			726,636			1,534,164
Total	$	539,139		$	726,636		$	3,435,206
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		2,986			—			16,269
Class B		20			—			102
Class C		2,524			—			1,088
Class R2		—			—			85
Class R5		—			—			24,240
Select Class		16,163			13,377			32,005
Net Asset Value (a):
Class A — Redemption price per share	$	23.74		$	—		$	42.63
Class B — Offering price per share (b)		20.14			—			33.92
Class C — Offering price per share (b)		20.09			—			33.79
Class R2 — Offering and redemption price per share		—			—			42.07
Class R5 — Offering and redemption price per share		—			—			48.00
Select Class — Offering and redemption price per share		25.81			54.32			47.94
Class A maximum sales charge		5.25	%		—	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	25.06		$	—		$	44.99
Cost of investments in non-affiliates	$	379,260		$	509,442		$	2,125,014
Cost of investments in affiliates		9,926			10,650			134,277

(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.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	Small Cap Growth Fund		Small Cap Value Fund			U.S. Small Company Fund
ASSETS:
Investments in non-affiliates, at value	$	1,153,146	$	1,571,368		$	697,453
Investments in affiliates, at value		9,864		50,839			34,245
Total investment securities, at value		1,163,010		1,622,207			731,698
Cash		—		—	(a)		1
Deposits at broker for futures contracts		—		2,242			1,515
Receivables:
Investment securities sold		165		5,837			1,761
Fund shares sold		1,284		1,787			5,461
Dividends from non-affiliates		408		3,253			722
Dividends from affiliates		1		2			1
Other assets		—		—			26
Total Assets		1,164,868		1,635,328			741,185
LIABILITIES:
Payables:
Investment securities purchased		—		2,878			18,064
Fund shares redeemed		2,688		7,024			1,771
Variation margin on futures contracts		—		422			174
Accrued liabilities:
Investment advisory fees		618		869			343
Administration fees		75		111			48
Distribution fees		84		159			54
Shareholder servicing fees		23		57			48
Custodian and accounting fees		29		60			44
Trustees’ and Chief Compliance Officer’s fees		1		—			—	(a)
Transfer agent fees		242		434			11
Other		136		117			24
Total Liabilities		3,896		12,131			20,581
Net Assets	$	1,160,972	$	1,623,197		$	720,604

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

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

	Small Cap Growth Fund			Small Cap Value Fund			U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital	$	867,629		$	1,310,034		$	623,795
Accumulated undistributed (distributions in excess of) net investment income		(7,374	)		(107	)		(58	)
Accumulated net realized gains (losses)		(2,381	)		2,486			(384	)
Net unrealized appreciation (depreciation)		303,098			310,784			97,251
Total Net Assets	$	1,160,972		$	1,623,197		$	720,604
Net Assets:
Class A	$	256,069		$	511,291		$	160,777
Class B		1,723			2,553			—
Class C		25,807			49,967			27,853
Class R2		27,702			48,050			10,895
Class R5		—			87,607			—
Class R6		425,988			512,599			49,853
Institutional Class		276,752			—			277,849
Select Class		146,931			411,130			193,377
Total	$	1,160,972		$	1,623,197		$	720,604
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		19,352			19,220			9,898
Class B		174			111			—
Class C		2,453			2,195			1,763
Class R2		2,135			1,817			677
Class R5		—			3,135			—
Class R6		29,221			18,325			3,019
Institutional Class		19,076			—			16,831
Select Class		10,326			14,711			11,694
Net Asset Value (a):
Class A — Redemption price per share	$	13.23		$	26.60		$	16.24
Class B — Offering price per share (b)		9.89			23.01			—
Class C — Offering price per share (b)		10.52			22.76			15.80
Class R2 — Offering and redemption price per share		12.98			26.44			16.08
Class R5 — Offering and redemption price per share		—			27.95			—
Class R6 — Offering and redemption price per share		14.58			27.97			16.51
Institutional Class — Offering and redemption price per share		14.51			—			16.51
Select Class — Offering and redemption price per share		14.23			27.95			16.54
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	13.96		$	28.07		$	17.14
Cost of investments in non-affiliates	$	850,048		$	1,262,046		$	600,919
Cost of investments in affiliates		9,864			50,839			34,245

(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.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 51

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

	Dynamic Small Cap Growth Fund			Small Cap Core Fund			Small Cap Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	1		$	—
Dividend income from non-affiliates		1,041			4,015			24,625
Dividend income from affiliates		1			1			15
Total investment income		1,042			4,017			24,640
EXPENSES:
Investment advisory fees		1,788			2,279			10,848
Administration fees		227			289			1,377
Distribution fees:
Class A		90			—			879
Class B		2			—			16
Class C		192			—			140
Class R2		—			—			9
Shareholder servicing fees:
Class A		90			—			879
Class B		1			—			5
Class C		64			—			47
Class R2		—			—			5
Class R5		—			—			286
Select Class		533			876			1,807
Custodian and accounting fees		24			25			52
Interest expense to affiliates		—	(a)		—			—
Professional fees		25			25			28
Trustees’ and Chief Compliance Officer’s fees		2			4			17
Printing and mailing costs		56			40			170
Registration and filing fees		45			13			75
Transfer agent fees		271			305			1,893
Other		117			10			246
Total expenses		3,527			3,866			18,779
Less fees waived		(496	)		(1,137	)		(2,135	)
Less expense reimbursements		(5	)		—			—
Net expenses		3,026			2,729			16,644
Net investment income (loss)		(1,984	)		1,288			7,996
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		16,193			31,868			79,431
Futures		—			(477	)		—
Net realized gain (loss)		16,193			31,391			79,431
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		2,014			(9,815	)		2,777
Futures		—			259			—
Change in net unrealized appreciation/depreciation		2,014			(9,556	)		2,777
Net realized/unrealized gains (losses)		18,207			21,835			82,208
Change in net assets resulting from operations	$	16,223		$	23,123		$	90,204

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

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

	Small Cap Growth Fund			Small Cap Value Fund			U.S. Small Company Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	2		$	1
Dividend income from non-affiliates		2,163			15,162			3,855
Dividend income from affiliates		3			9			3
Total investment income		2,166			15,173			3,859
EXPENSES:
Investment advisory fees		3,685			5,030			1,874
Administration fees		468			638			258
Distribution fees:
Class A		329			621			174
Class B		7			10			—
Class C		97			186			91
Class R2		70			116			23
Shareholder servicing fees:
Class A		329			621			174
Class B		2			3			—
Class C		32			62			30
Class R2		35			58			12
Class R5		—			21			—
Institutional Class		140			—			118
Select Class		183			495			211
Custodian and accounting fees		30			59			33
Professional fees		26			32			28
Trustees’ and Chief Compliance Officer’s fees		5			6			3
Printing and mailing costs		45			79			20
Registration and filing fees		51			77			68
Transfer agent fees		594			1,012			293
Other		14			11			25
Total expenses		6,142			9,137			3,435
Less fees waived		(677	)		(912	)		(289	)
Less expense reimbursements		(5	)		(4	)		—
Net expenses		5,460			8,221			3,146
Net investment income (loss)		(3,294	)		6,952			713
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		34,625			32,217			14,021
Futures		—			(1,907	)		151
Net realized gain (loss)		34,625			30,310			14,172
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		6,775			(23,378	)		11,798
Futures		—			48			205
Change in net unrealized appreciation/depreciation		6,775			(23,330	)		12,003
Net realized/unrealized gains (losses)		41,400			6,980			26,175
Change in net assets resulting from operations	$	38,106		$	13,932		$	26,888

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Dynamic Small Cap Growth Fund						Small Cap Core Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(1,984	)	$	(4,526	)	$	1,288		$	1,798
Net realized gain (loss)		16,193			59,230			31,391			80,341
Change in net unrealized appreciation/depreciation		2,014			39,546			(9,556	)		73,289
Change in net assets resulting from operations		16,223			94,250			23,123			155,428
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net realized gains		(5,692	)		(7,308	)		—			—
Class B
From net realized gains		(37	)		(72	)		—			—
Class C
From net realized gains		(4,687	)		(5,669	)		—			—
Select Class
From net investment income		—			—			(1,375	)		(3,196	)
From net realized gains		(32,531	)		(30,984	)		(72,101	)		(30,439	)
Total distributions to shareholders		(42,947	)		(44,033	)		(73,476	)		(33,635	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,839			(9,967	)		73,682			59,219
NET ASSETS:
Change in net assets		(20,885	)		40,250			23,329			181,012
Beginning of period		560,024			519,774			703,307			522,295
End of period	$	539,139		$	560,024		$	726,636		$	703,307
Accumulated undistributed (distributions in excess of) net investment income	$	(4,452	)	$	(2,468	)	$	(115	)	$	(28	)

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

	Small Cap Equity Fund						Small Cap Growth Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,996		$	16,224		$	(3,294	)	$	(6,681	)
Net realized gain (loss)		79,431			337,200			34,625			107,813
Distributions of capital gains received from investment company affiliates		—			1			—			—
Change in net unrealized appreciation/depreciation		2,777			297,373			6,775			79,679
Change in net assets resulting from operations		90,204			650,798			38,106			180,811
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,326	)		(1,154	)		—			—
From net realized gains		(72,144	)		(39,200	)		(20,645	)		(27,816	)
Class B
From net realized gains		(441	)		(468	)		(176	)		(372	)
Class C
From net realized gains		(4,673	)		(2,540	)		(2,503	)		(3,356	)
Class R2
From net realized gains		(372	)		(285	)		(2,202	)		(3,175	)
Class R5
From net investment income		(7,331	)		(5,697	)		—			—
From net realized gains		(107,883	)		(48,030	)		—			—
Class R6
From net realized gains		—			—			(30,237	)		(27,222	)
Institutional Class
From net realized gains		—			—			(20,050	)		(26,893	)
Select Class
From net investment income		(6,696	)		(4,998	)		—			—
From net realized gains		(140,920	)		(64,468	)		(10,568	)		(13,777	)
Total distributions to shareholders		(341,786	)		(166,840	)		(86,381	)		(102,611	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		277,343			228,662			51,933			147,196
NET ASSETS:
Change in net assets		25,761			712,620			3,658			225,396
Beginning of period		3,409,445			2,696,825			1,157,314			931,918
End of period	$	3,435,206		$	3,409,445		$	1,160,972		$	1,157,314
Accumulated undistributed (distributions in excess of) net investment income	$	237		$	7,594		$	(7,374	)	$	(4,080	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Small Cap Value Fund						U.S. Small Company Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,952		$	8,145		$	713		$	543
Net realized gain (loss)		30,310			93,483			14,172			16,977
Change in net unrealized appreciation/depreciation		(23,330	)		129,626			12,003			56,837
Change in net assets resulting from operations		13,932			231,254			26,888			74,357
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,994	)		(1,828	)		—			(72	)
From net realized gains		(24,585	)		(10,944	)		(5,065	)		(1,746	)
Class B
From net investment income		(7	)		(8	)		—			—
From net realized gains		(142	)		(101	)		—			—
Class C
From net investment income		(146	)		(123	)		—			—
From net realized gains		(2,788	)		(1,424	)		(879	)		(246	)
Class R2
From net investment income		(145	)		(82	)		—			(6	)
From net realized gains		(2,245	)		(741	)		(339	)		(98	)
Class R5
From net investment income		(439	)		(467	)		—			—
From net realized gains		(3,945	)		(1,547	)		—			—
Class R6
From net investment income		(2,693	)		(2,662	)		(152	)		(146	)
From net realized gains		(23,274	)		(8,043	)		(1,577	)		(738	)
Institutional Class
From net investment income		—			—			(689	)		(275	)
From net realized gains		—			—			(8,505	)		(1,543	)
Select Class
From net investment income		(1,917	)		(2,226	)		(184	)		(207	)
From net realized gains		(19,170	)		(8,523	)		(5,885	)		(2,006	)
Total distributions to shareholders		(83,490	)		(38,719	)		(23,275	)		(7,083	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		133,601			468,137			135,228			341,780
NET ASSETS:
Change in net assets		64,043			660,672			138,841			409,054
Beginning of period		1,559,154			898,482			581,763			172,709
End of period	$	1,623,197		$	1,559,154		$	720,604		$	581,763
Accumulated undistributed (distributions in excess of) net investment income	$	(107	)	$	282		$	(58	)	$	254

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

	Dynamic Small Cap Growth Fund						Small Cap Core Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	6,274		$	23,934		$	—		$	—
Distributions reinvested		4,072			5,262			���			—
Cost of shares redeemed		(22,061	)		(26,472	)		—			—
Change in net assets resulting from Class A capital transactions	$	(11,715	)	$	2,724		$	—		$	—
Class B
Proceeds from shares issued	$	5		$	23		$	—		$	—
Distributions reinvested		33			66			—			—
Cost of shares redeemed		(124	)		(427	)		—			—
Change in net assets resulting from Class B capital transactions	$	(86	)	$	(338	)	$	—		$	—
Class C
Proceeds from shares issued	$	8,447		$	19,447		$	—		$	—
Distributions reinvested		515			655			—			—
Cost of shares redeemed		(10,176	)		(22,674	)		—			—
Change in net assets resulting from Class C capital transactions	$	(1,214	)	$	(2,572	)	$	—		$	—
Select Class
Proceeds from shares issued	$	73,621		$	149,852		$	57,084		$	99,370
Distributions reinvested		32,251			30,591			69,335			31,856
Cost of shares redeemed		(87,018	)		(190,224	)		(52,737	)		(72,007	)
Change in net assets resulting from Select Class capital transactions	$	18,854		$	(9,781	)	$	73,682		$	59,219
Total change in net assets resulting from capital transactions	$	5,839		$	(9,967	)	$	73,682		$	59,219
SHARE TRANSACTIONS:
Class A
Issued		265			944			—			—
Reinvested		179			218			—			—
Redeemed		(923	)		(1,048	)		—			—
Change in Class A Shares		(479	)		114			—			—
Class B
Issued		—	(a)		1			—			—
Reinvested		1			3			—			—
Redeemed		(5	)		(19	)		—			—
Change in Class B Shares		(4	)		(15	)		—			—
Class C
Issued		423			893			—			—
Reinvested		27			32			—			—
Redeemed		(492	)		(1,034	)		—			—
Change in Class C Shares		(42	)		(109	)		—			—
Select Class
Issued		2,848			5,539			990			1,841
Reinvested		1,306			1,176			1,342			602
Redeemed		(3,393	)		(6,999	)		(936	)		(1,319	)
Change in Select Class Shares		761			(284	)		1,396			1,124

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Small Cap Equity Fund						Small Cap Growth Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	47,898		$	143,105		$	20,025		$	86,559
Distributions reinvested		66,061			36,174			19,785			26,847
Cost of shares redeemed		(102,373	)		(247,996	)		(52,749	)		(100,660	)
Change in net assets resulting from Class A capital transactions	$	11,586		$	(68,717	)	$	(12,939	)	$	12,746
Class B
Proceeds from shares issued	$	54		$	109		$	12		$	108
Distributions reinvested		405			440			165			299
Cost of shares redeemed		(2,062	)		(4,393	)		(370	)		(1,534	)
Change in net assets resulting from Class B capital transactions	$	(1,603	)	$	(3,844	)	$	(193	)	$	(1,127	)
Class C
Proceeds from shares issued	$	1,119		$	1,754		$	972		$	3,615
Distributions reinvested		3,928			2,078			2,095			2,792
Cost of shares redeemed		(4,168	)		(6,514	)		(3,414	)		(5,082	)
Change in net assets resulting from Class C capital transactions	$	879		$	(2,682	)	$	(347	)	$	1,325
Class R2
Proceeds from shares issued	$	431		$	1,876		$	1,663		$	9,894
Distributions reinvested		267			169			2,147			3,015
Cost of shares redeemed		(700	)		(3,854	)		(5,730	)		(10,303	)
Change in net assets resulting from Class R2 capital transactions	$	(2	)	$	(1,809	)	$	(1,920	)	$	2,606
Class R5
Proceeds from shares issued	$	89,745		$	341,675		$	—		$	—
Distributions reinvested		108,316			50,412			—			—
Cost of shares redeemed		(128,980	)		(187,973	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	69,081		$	204,114		$	—		$	—
Class R6
Proceeds from shares issued	$	—		$	—		$	76,255		$	107,896
Distributions reinvested		—			—			30,237			27,222
Cost of shares redeemed		—			—			(22,002	)		(52,030	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	84,490		$	83,088
Institutional Class
Proceeds from shares issued	$	—		$	—		$	33,498		$	127,596
Distributions reinvested		—			—			18,418			24,325
Cost of shares redeemed		—			—			(65,719	)		(97,844	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	(13,803	)	$	54,077
Select Class
Proceeds from shares issued	$	205,777		$	436,244		$	19,099		$	51,702
Distributions reinvested		136,721			63,813			9,680			12,567
Cost of shares redeemed		(145,096	)		(398,457	)		(32,134	)		(69,788	)
Change in net assets resulting from Select Class capital transactions	$	197,402		$	101,600		$	(3,355	)	$	(5,519	)
Total change in net assets resulting from capital transactions	$	277,343		$	228,662		$	51,933		$	147,196

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

	Small Cap Equity Fund						Small Cap Growth Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		1,078			3,257			1,491			6,045
Reinvested		1,602			848			1,564			2,002
Redeemed		(2,282	)		(5,680	)		(3,933	)		(7,045	)
Change in Class A Shares		398			(1,575	)		(878	)		1,002
Class B
Issued		2			3			1			11
Reinvested		12			13			17			29
Redeemed		(56	)		(121	)		(35	)		(139	)
Change in Class B Shares		(42	)		(105	)		(17	)		(99	)
Class C
Issued		34			49			93			311
Reinvested		120			60			208			255
Redeemed		(115	)		(180	)		(316	)		(437	)
Change in Class C Shares		39			(71	)		(15	)		129
Class R2
Issued		10			44			125			698
Reinvested		7			4			173			229
Redeemed		(16	)		(88	)		(430	)		(729	)
Change in Class R2 Shares		1			(40	)		(132	)		198
Class R5
Issued		1,798			7,041			—			—
Reinvested		2,321			1,058			—			—
Redeemed		(2,576	)		(3,834	)		—			—
Change in Class R5 Shares		1,543			4,265			—			—
Class R6
Issued		—			—			5,232			7,124
Reinvested		—			—			2,169			1,867
Redeemed		—			—			(1,496	)		(3,418	)
Change in Class R6 Shares		—			—			5,905			5,573
Institutional Class
Issued		—			—			2,293			8,158
Reinvested		—			—			1,328			1,674
Redeemed		—			—			(4,463	)		(6,418	)
Change in Institutional Class Shares		—			—			(842	)		3,414
Select Class
Issued		4,089			9,006			1,331			3,395
Reinvested		2,941			1,344			711			879
Redeemed		(2,908	)		(8,177	)		(2,220	)		(4,528	)
Change in Select Class Shares		4,122			2,173			(178	)		(254	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Small Cap Value Fund						U.S. Small Company Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	79,195		$	249,050		$	50,906		$	95,000
Distributions reinvested		24,983			12,217			4,623			1,637
Cost of shares redeemed		(86,061	)		(142,413	)		(22,677	)		(35,876	)
Change in net assets resulting from Class A capital transactions	$	18,117		$	118,854		$	32,852		$	60,761
Class B
Proceeds from shares issued	$	34		$	11		$	—		$	—
Distributions reinvested		146			106			—			—
Cost of shares redeemed		(535	)		(1,364	)		—			—
Change in net assets resulting from Class B capital transactions	$	(355	)	$	(1,247	)	$	—		$	—
Class C
Proceeds from shares issued	$	3,179		$	13,317		$	7,033		$	15,087
Distributions reinvested		2,601			1,374			772			203
Cost of shares redeemed		(5,762	)		(10,049	)		(2,548	)		(2,232	)
Change in net assets resulting from Class C capital transactions	$	18		$	4,642		$	5,257		$	13,058
Class R2
Proceeds from shares issued	$	8,132		$	35,618		$	3,120		$	7,974
Distributions reinvested		2,200			734			335			104
Cost of shares redeemed		(7,998	)		(8,241	)		(2,393	)		(979	)
Change in net assets resulting from Class R2 capital transactions	$	2,334		$	28,111		$	1,062		$	7,099
Class R5
Proceeds from shares issued	$	20,089		$	75,057		$	—		$	—
Distributions reinvested		3,921			987			—			—
Cost of shares redeemed		(12,704	)		(38,175	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	11,306		$	37,869		$	—		$	—
Class R6
Proceeds from shares issued	$	76,226		$	220,005		$	9,403		$	30,227
Distributions reinvested		25,967			10,705			1,450			884
Cost of shares redeemed		(23,401	)		(35,099	)		(6,732	)		(9,167	)
Change in net assets resulting from Class R6 capital transactions	$	78,792		$	195,611		$	4,121		$	21,944
Institutional Class
Proceeds from shares issued	$	—		$	—		$	72,978		$	200,414
Distributions reinvested		—			—			8,769			1,623
Cost of shares redeemed		—			—			(21,857	)		(34,113	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	59,890		$	167,924
Select Class
Proceeds from shares issued	$	75,609		$	180,916		$	43,103		$	99,637
Distributions reinvested		18,849			9,746			5,585			1,883
Cost of shares redeemed		(71,069	)		(106,365	)		(16,642	)		(30,526	)
Change in net assets resulting from Select Class capital transactions	$	23,389		$	84,297		$	32,046		$	70,994
Total change in net assets resulting from capital transactions	$	133,601		$	468,137		$	135,228		$	341,780

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

	Small Cap Value Fund						U.S. Small Company Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		2,972			9,457			3,231			6,312
Reinvested		982			470			298			111
Redeemed		(3,211	)		(5,425	)		(1,437	)		(2,385	)
Change in Class A Shares		743			4,502			2,092			4,038
Class B
Issued		1			1			—			—
Reinvested		7			5			—			—
Redeemed		(23	)		(60	)		—			—
Change in Class B Shares		(15	)		(54	)		—			—
Class C
Issued		139			584			456			1,017
Reinvested		120			61			51			14
Redeemed		(251	)		(441	)		(165	)		(150	)
Change in Class C Shares		8			204			342			881
Class R2
Issued		309			1,353			198			532
Reinvested		87			28			22			7
Redeemed		(302	)		(312	)		(150	)		(65	)
Change in Class R2 Shares		94			1,069			70			474
Class R5
Issued		719			2,744			—			—
Reinvested		147			36			—			—
Redeemed		(453	)		(1,358	)		—			—
Change in Class R5 Shares		413			1,422			—			—
Class R6
Issued		2,718			8,000			585			2,006
Reinvested		970			390			92			58
Redeemed		(831	)		(1,270	)		(419	)		(594	)
Change in Class R6 Shares		2,857			7,120			258			1,470
Institutional Class
Issued		—			—			4,520			12,964
Reinvested		—			—			554			107
Redeemed		—			—			(1,366	)		(2,213	)
Change in Institutional Class Shares		—			—			3,708			10,858
Select Class
Issued		2,751			6,600			2,680			6,536
Reinvested		705			356			354			125
Redeemed		(2,559	)		(3,845	)		(1,036	)		(1,971	)
Change in Select Class Shares		897			3,111			1,998			4,690

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 61

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 realized gain
Dynamic Small Cap Growth Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	25.11	$	(0.11	)(f)	$	0.78		$	0.67		$	(2.04	)
Year Ended June 30, 2014		23.10		(0.24	)(f)		4.44			4.20			(2.19	)
Year Ended June 30, 2013		18.83		(0.14	)(f)(g)		5.17			5.03			(0.76	)
Year Ended June 30, 2012		20.20		(0.13	)(f)(h)		(1.24	)		(1.37	)		—
Year Ended June 30, 2011		13.80		(0.16	)(f)		6.56			6.40			—
Year Ended June 30, 2010		11.89		(0.13	)(f)		2.04			1.91			—
Class B
Six Months Ended December 31, 2014 (Unaudited)		21.67		(0.14	)(f)		0.65			0.51			(2.04	)
Year Ended June 30, 2014		20.29		(0.32	)(f)		3.89			3.57			(2.19	)
Year Ended June 30, 2013		16.71		(0.22	)(f)(g)		4.56			4.34			(0.76	)
Year Ended June 30, 2012		18.01		(0.20	)(f)(h)		(1.10	)		(1.30	)		—
Year Ended June 30, 2011		12.37		(0.23	)(f)		5.87			5.64			—
Year Ended June 30, 2010		10.73		(0.19	)(f)		1.83			1.64			—
Class C
Six Months Ended December 31, 2014 (Unaudited)		21.61		(0.14	)(f)		0.66			0.52			(2.04	)
Year Ended June 30, 2014		20.25		(0.32	)(f)		3.87			3.55			(2.19	)
Year Ended June 30, 2013		16.68		(0.22	)(f)(g)		4.55			4.33			(0.76	)
Year Ended June 30, 2012		17.98		(0.20	)(f)(h)		(1.10	)		(1.30	)		—
Year Ended June 30, 2011		12.35		(0.23	)(f)		5.86			5.63			—
Year Ended June 30, 2010		10.71		(0.19	)(f)		1.83			1.64			—
Select Class
Six Months Ended December 31, 2014 (Unaudited)		27.08		(0.08	)(f)		0.85			0.77			(2.04	)
Year Ended June 30, 2014		24.70		(0.19	)(f)		4.76			4.57			(2.19	)
Year Ended June 30, 2013		20.02		(0.07	)(f)(g)		5.51			5.44			(0.76	)
Year Ended June 30, 2012		21.39		(0.06	)(f)(h)		(1.31	)		(1.37	)		—
Year Ended June 30, 2011		14.56		(0.11	)(f)		6.94			6.83			—
Year Ended June 30, 2010		12.50		(0.08	)(f)		2.14			2.06			—

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.20), $(0.27), $(0.27) and $(0.14) for Class A, Class B, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (1.00)%, (1.53)%, (1.51)% and (0.64)% for Class A, Class B, Class C and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.17), $(0.23), $(0.23) and $(0.10) for Class A, Class B, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.94)%, (1.43)%, (1.43)% and (0.53)% for Class A, Class B, Class C and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	23.74		3.04	%	$	70,889		1.25	%		(0.86	)%		1.46	%		26	%
	25.11		18.56			86,997		1.33			(0.95	)		1.38			65
	23.10		27.61			77,408		1.44			(0.70	)(g)		1.44			65
	18.83		(6.78	)		64,997		1.47			(0.72	)(h)		1.48			63
	20.20		46.38			159,290		1.42			(0.91	)		1.50			79
	13.80		16.06			72,134		1.49			(0.92	)		1.78			120
	20.14		2.78			405		1.75			(1.37	)		1.95			26
	21.67		18.00			521		1.84			(1.46	)		1.88			65
	20.29		26.97			793		1.94			(1.22	)(g)		1.95			65
	16.71		(7.22	)		1,055		1.97			(1.21	)(h)		1.98			63
	18.01		45.59			1,865		1.99			(1.48	)		2.04			79
	12.37		15.28			2,326		2.09			(1.58	)		2.39			120
	20.09		2.84			50,706		1.75			(1.36	)		2.01			26
	21.61		17.93			55,458		1.83			(1.45	)		1.88			65
	20.25		26.96			54,171		1.94			(1.20	)(g)		1.94			65
	16.68		(7.23	)		50,144		1.97			(1.21	)(h)		1.98			63
	17.98		45.59			64,298		1.98			(1.47	)		2.02			79
	12.35		15.31			45,949		2.09			(1.53	)		2.30			120
	25.81		3.19			417,139		1.00			(0.61	)		1.16			26
	27.08		18.87			417,048		1.06			(0.69	)		1.13			65
	24.70		28.02			387,402		1.09			(0.33	)(g)		1.19			65
	20.02		(6.40	)		219,805		1.10			(0.32	)(h)		1.22			63
	21.39		46.91			150,921		1.08			(0.57	)		1.24			79
	14.56		16.48			51,872		1.09			(0.52	)		1.53			120

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 63

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
Small Cap Core Fund
Select Class
Six Months Ended December 31, 2014 (Unaudited)	$	58.70	$	0.10		$	1.61		$	1.71		$	(0.10	)	$	(5.99	)	$	(6.09	)
Year Ended June 30, 2014		48.11		0.15	(f)		13.44			13.59			(0.27	)		(2.73	)		(3.00	)
Year Ended June 30, 2013		37.54		0.37	(g)		10.63			11.00			(0.43	)		—			(0.43	)
Year Ended June 30, 2012		39.44		0.27	(h)		(1.98	)		(1.71	)		(0.19	)		—			(0.19	)
Year Ended June 30, 2011		28.60		0.17			10.80			10.97			(0.13	)		—			(0.13	)
Year Ended June 30, 2010		23.28		0.09			5.47			5.56			(0.24	)		—			(0.24	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.09 and the net investment income (loss) ratio would have been 0.17% for Select Class Shares.

(g) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.19 and the net investment income (loss) ratio would have been 0.44% for Select Class Shares.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.14 and the net investment income (loss) ratio would have been 0.39% for Select Class Shares.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	54.32		3.47	%	$	726,636		0.78	%		0.37	%		1.10	%		27	%
	58.70		28.95			703,307		0.79			0.28	(f)		1.12			51
	48.11		29.50			522,295		0.79			0.84	(g)		1.19			55
	37.54		(4.29	)		406,590		0.80			0.64	(h)		1.02			45
	39.44		38.37			549,530		0.79			0.39			1.09			38
	28.60		23.89			491,061		0.80			0.40			1.09			40

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 65

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
Small Cap Equity Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	46.56	$	0.04	(f)(g)	$	0.97	$	1.01	$	(0.08	)	$	(4.86	)	$	(4.94	)
Year Ended June 30, 2014		39.94		0.10	(f)(h)		8.97		9.07		(0.07	)		(2.38	)		(2.45	)
Year Ended June 30, 2013		36.02		0.29	(f)(i)		7.39		7.68		(0.36	)		(3.40	)		(3.76	)
Year Ended June 30, 2012		36.72		0.07	(f)		1.09		1.16		(0.10	)		(1.76	)		(1.86	)
Year Ended June 30, 2011		27.54		0.14	(f)		10.15		10.29		(0.06	)		(1.05	)		(1.11	)
Year Ended June 30, 2010		23.59		0.05	(f)		3.94		3.99		(0.04	)		—			(0.04	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		38.08		(0.08	)(f)(g)		0.78		0.70		—			(4.86	)		(4.86	)
Year Ended June 30, 2014		33.16		(0.09	)(f)(h)		7.39		7.30		—			(2.38	)		(2.38	)
Year Ended June 30, 2013		30.51		0.09	(f)(i)		6.17		6.26		(0.21	)		(3.40	)		(3.61	)
Year Ended June 30, 2012		31.46		(0.09	)(f)		0.90		0.81		—			(1.76	)		(1.76	)
Year Ended June 30, 2011		23.79		(0.01	)(f)		8.73		8.72		—			(1.05	)		(1.05	)
Year Ended June 30, 2010		20.46		(0.08	)(f)		3.41		3.33		—			—			—
Class C
Six Months Ended December 31, 2014 (Unaudited)		37.96		(0.06	)(f)(g)		0.75		0.69		—			(4.86	)		(4.86	)
Year Ended June 30, 2014		33.06		(0.10	)(f)(h)		7.38		7.28		—			(2.38	)		(2.38	)
Year Ended June 30, 2013		30.46		0.09	(f)(i)		6.15		6.24		(0.24	)		(3.40	)		(3.64	)
Year Ended June 30, 2012		31.41		(0.08	)(f)		0.89		0.81		—			(1.76	)		(1.76	)
Year Ended June 30, 2011		23.75		(0.02	)(f)		8.73		8.71		—			(1.05	)		(1.05	)
Year Ended June 30, 2010		20.42		(0.08	)(f)		3.41		3.33		—			—			—
Class R2
Six Months Ended December 31, 2014 (Unaudited)		45.99		(0.02	)(f)(g)		0.96		0.94		—			(4.86	)		(4.86	)
Year Ended June 30, 2014		39.52		(0.01	)(f)(h)		8.86		8.85		—			(2.38	)		(2.38	)
Year Ended June 30, 2013		35.67		0.20	(f)(i)		7.31		7.51		(0.26	)		(3.40	)		(3.66	)
Year Ended June 30, 2012		36.41		(0.01	)(f)		1.07		1.06		(0.04	)		(1.76	)		(1.80	)
Year Ended June 30, 2011		27.33		0.07	(f)		10.06		10.13		—			(1.05	)		(1.05	)
Year Ended June 30, 2010		23.48		(0.04	)(f)		3.92		3.88		(0.03	)		—			(0.03	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.01), $(0.13), $(0.10), $(0.08), $0.11 and $0.07 for Class A, Class B, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.06)%, (0.65)%, (0.56)%, (0.32)%, 0.45% and 0.27% for Class A, Class B, Class C, Class R2, Class R5 and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.04), $(0.21), $(0.21), $(0.15), $0.20 and $0.10 for Class A, Class B, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.09)%, (0.58)%, (0.59)%, (0.34)%, 0.41% and 0.21% for Class A, Class B, Class C, Class R2, Class R5 and Select Class Shares, respectively.

(i) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.05, $(0.11), $(0.11), $(0.04), $0.26 and $0.18 for Class A, Class B, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.14%, (0.35)%, (0.36)%, (0.10)%, 0.62% and 0.44% for Class A, Class B, Class C, Class R2, Class R5 and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	42.63		2.56	%	$	693,617		1.29	%		0.19	%(g)		1.39	%		13	%
	46.56		23.27			738,967		1.29			0.23	(h)		1.37			30
	39.94		23.11			696,784		1.29			0.78	(i)		1.39			25
	36.02		3.79			618,705		1.30			0.21			1.41			27
	36.72		37.77			699,042		1.29			0.43			1.40			39
	27.54		16.91			528,676		1.29			0.16			1.38			44
	33.92		2.31			3,455		1.79			(0.40	)(g)		1.89			13
	38.08		22.67			5,469		1.78			(0.26	)(h)		1.87			30
	33.16		22.51			8,264		1.79			0.28	(i)		1.88			25
	30.51		3.26			10,036		1.80			(0.30	)		1.91			27	��
	31.46		37.10			13,032		1.79			(0.05	)		1.90			39
	23.79		16.28			12,890		1.79			(0.33	)		1.88			44
	33.79		2.29			36,750		1.79			(0.31	)(g)		1.88			13
	37.96		22.67			39,824		1.79			(0.26	)(h)		1.87			30
	33.06		22.50			37,039		1.79			0.28	(i)		1.88			25
	30.46		3.26			34,994		1.80			(0.29	)		1.91			27
	31.41		37.13			39,403		1.79			(0.06	)		1.90			39
	23.75		16.31			32,259		1.79			(0.33	)		1.88			44
	42.07		2.44			3,580		1.54			(0.07	)(g)		1.69			13
	45.99		22.95			3,883		1.54			(0.02	)(h)		1.62			30
	39.52		22.80			4,909		1.54			0.53	(i)		1.64			25
	35.67		3.51			5,587		1.55			(0.03	)		1.66			27
	36.41		37.46			5,109		1.54			0.22			1.65			39
	27.33		16.53			4,634		1.54			(0.16	)		1.63			44

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 67

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
Small Cap Equity Fund (Continued)
Class R5
Six Months Ended December 31, 2014 (Unaudited)	$	51.88	$	0.17	(f)(g)	$	1.11	$	1.28	$	(0.30	)	$	(4.86	)	$	(5.16	)
Year Ended June 30, 2014		44.21		0.36	(f)(h)		9.96		10.32		(0.27	)		(2.38	)		(2.65	)
Year Ended June 30, 2013		39.47		0.52	(f)(i)		8.16		8.68		(0.54	)		(3.40	)		(3.94	)
Year Ended June 30, 2012		40.04		0.28	(f)		1.19		1.47		(0.28	)		(1.76	)		(2.04	)
Year Ended June 30, 2011		29.92		0.31	(f)		11.06		11.37		(0.20	)		(1.05	)		(1.25	)
Year Ended June 30, 2010		25.60		0.19	(f)		4.27		4.46		(0.14	)		—			(0.14	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		51.78		0.13	(f)(g)		1.10		1.23		(0.21	)		(4.86	)		(5.07	)
Year Ended June 30, 2014		44.14		0.26	(f)(h)		9.94		10.20		(0.18	)		(2.38	)		(2.56	)
Year Ended June 30, 2013		39.41		0.44	(f)(i)		8.15		8.59		(0.46	)		(3.40	)		(3.86	)
Year Ended June 30, 2012		39.98		0.19	(f)		1.20		1.39		(0.20	)		(1.76	)		(1.96	)
Year Ended June 30, 2011		29.88		0.27	(f)		11.02		11.29		(0.14	)		(1.05	)		(1.19	)
Year Ended June 30, 2010		25.58		0.13	(f)		4.27		4.40		(0.10	)		—			(0.10	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.01), $(0.13), $(0.10), $(0.08), $0.11 and $0.07 for Class A, Class B, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.06)%, (0.65)%, (0.56)%, (0.32)%, 0.45% and 0.27% for Class A, Class B, Class C, Class R2, Class R5 and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.04), $(0.21), $(0.21), $(0.15), $0.20 and $0.10 for Class A, Class B, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.09)%, (0.58)%, (0.59)%, (0.34)%, 0.41% and 0.21% for Class A, Class B, Class C, Class R2, Class R5 and Select Class Shares, respectively.

(i) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.05, $(0.11), $(0.11), $(0.04), $0.26 and $0.18 for Class A, Class B, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.14%, (0.35)%, (0.36)%, (0.10)%, 0.62% and 0.44% for Class A, Class B, Class C, Class R2, Class R5 and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	48.00		2.82	%	$	1,163,640		0.79	%		0.70	%(g)		0.91	%		13	%
	51.88		23.90			1,177,534		0.79			0.73	(h)		0.92			30
	44.21		23.71			814,942		0.79			1.25	(i)		0.94			25
	39.47		4.31			696,200		0.79			0.73			0.96			27
	40.04		38.46			567,675		0.79			0.85			0.96			39
	29.92		17.44			256,458		0.79			0.63			0.93			44
	47.94		2.73			1,534,164		0.99			0.52	(g)		1.14			13
	51.78		23.65			1,443,768		0.99			0.53	(h)		1.12			30
	44.14		23.48			1,134,887		0.99			1.07	(i)		1.14			25
	39.41		4.09			1,076,509		1.00			0.51			1.16			27
	39.98		38.21			1,200,332		0.99			0.75			1.15			39
	29.88		17.21			935,388		0.99			0.45			1.13			44

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 69

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 realized gain
Small Cap Growth Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	13.96	$	(0.06	)(f)	$	0.45		$	0.39		$	(1.12	)
Year Ended June 30, 2014		13.00		(0.12	)(f)		2.52			2.40			(1.44	)
Year Ended June 30, 2013		11.13		(0.06	)(f)(g)		2.94			2.88			(1.01	)
Year Ended June 30, 2012		12.17		(0.05	)(f)(h)		(0.77	)		(0.82	)		(0.22	)
Year Ended June 30, 2011		8.28		(0.08	)(f)		3.97			3.89			—
Year Ended June 30, 2010		6.80		(0.06	)(f)		1.54			1.48			—
Class B
Six Months Ended December 31, 2014 (Unaudited)		10.75		(0.07	)(f)		0.33			0.26			(1.12	)
Year Ended June 30, 2014		10.35		(0.15	)(f)		1.99			1.84			(1.44	)
Year Ended June 30, 2013		9.10		(0.10	)(f)(g)		2.36			2.26			(1.01	)
Year Ended June 30, 2012		10.04		(0.09	)(f)(h)		(0.63	)		(0.72	)		(0.22	)
Year Ended June 30, 2011		6.87		(0.11	)(f)		3.28			3.17			—
Year Ended June 30, 2010		5.67		(0.09	)(f)		1.29			1.20			—
Class C
Six Months Ended December 31, 2014 (Unaudited)		11.36		(0.08	)(f)		0.36			0.28			(1.12	)
Year Ended June 30, 2014		10.87		(0.16	)(f)		2.09			1.93			(1.44	)
Year Ended June 30, 2013		9.51		(0.10	)(f)(g)		2.47			2.37			(1.01	)
Year Ended June 30, 2012		10.48		(0.09	)(f)(h)		(0.66	)		(0.75	)		(0.22	)
Year Ended June 30, 2011		7.17		(0.12	)(f)		3.43			3.31			—
Year Ended June 30, 2010		5.92		(0.09	)(f)		1.34			1.25			—
Class R2
Six Months Ended December 31, 2014 (Unaudited)		13.73		(0.07	)(f)		0.44			0.37			(1.12	)
Year Ended June 30, 2014		12.84		(0.16	)(f)		2.49			2.33			(1.44	)
Year Ended June 30, 2013		11.03		(0.09	)(f)(g)		2.91			2.82			(1.01	)
Year Ended June 30, 2012		12.09		(0.08	)(f)(h)		(0.76	)		(0.84	)		(0.22	)
Year Ended June 30, 2011		8.25		(0.11	)(f)		3.95			3.84			—
Year Ended June 30, 2010		6.79		(0.08	)(f)		1.54			1.46			—

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.09), $(0.12), $(0.13), $(0.12), $(0.04), $(0.05) and $(0.07) for Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.80)%, (1.30)%, (1.30)%, (1.04)%, (0.29)%, (0.40)% and (0.54)% for Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.07), $(0.11), $(0.11), $(0.10), $(0.02),(0.27)% and (0.40)% for Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.68)%, (1.18)%, (1.18)%, (0.92)%, (0.19)%, (0.03)% and (0.05)% for Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than $0.01.

(k) Amount rounds to less than 0.01%

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (b)(e)
$	13.23		3.14	%	$	256,069		1.25	%		(0.87	)%		1.40	%		26	%
	13.96		18.94			282,408		1.25			(0.86	)		1.37			58
	13.00		27.94			249,986		1.24			(0.50	)(g)		1.42			60
	11.13		(6.59	)		219,946		1.25			(0.46	)(h)		1.44			58
	12.17		46.98			271,606		1.24			(0.72	)		1.39			79
	8.28		21.76			144,214		1.25			(0.71	)		1.44			83
	9.89		2.87			1,723		1.75			(1.37	)		1.89			26
	10.75		18.34			2,048		1.75			(1.37	)		1.87			58
	10.35		27.32			3,005		1.74			(1.01	)(g)		1.92			60
	9.10		(7.00	)		3,690		1.75			(0.97	)(h)		1.94			58
	10.04		46.14			6,049		1.78			(1.26	)		1.89			79
	6.87		21.16			6,318		1.85			(1.33	)		1.94			83
	10.52		2.88			25,807		1.75			(1.37	)		1.88			26
	11.36		18.29			28,035		1.75			(1.36	)		1.87			58
	10.87		27.30			25,415		1.74			(1.00	)(g)		1.92			60
	9.51		(6.99	)		23,689		1.75			(0.97	)(h)		1.94			58
	10.48		46.16			31,665		1.78			(1.26	)		1.89			79
	7.17		21.11			19,472		1.85			(1.31	)		1.94			83
	12.98		3.05			27,702		1.50			(1.12	)		1.70			26
	13.73		18.62			31,119		1.50			(1.11	)		1.62			58
	12.84		27.64			26,561		1.49			(0.75	)(g)		1.67			60
	11.03		(6.80	)		22,514		1.50			(0.71	)(h)		1.69			58
	12.09		46.55			16,109		1.50			(0.98	)		1.64			79
	8.25		21.50			1,561		1.50			(0.89	)		1.66			83

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 71

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 realized gain
Small Cap Growth Fund (Continued)
Class R6
Six Months Ended December 31, 2014 (Unaudited)	$	15.23	$	(0.03	)(f)	$	0.50		$	0.47		$	(1.12	)
Year Ended June 30, 2014		14.00		(0.06	)(f)		2.73			2.67			(1.44	)
Year Ended June 30, 2013		11.85		—	(f)(g)(j)		3.16			3.16			(1.01	)
Year Ended June 30, 2012		12.88		—	(f)(g)(j)		(0.81	)		(0.81	)		(0.22	)
November 30, 2010 (i) through June 30, 2011		11.02		(0.02	)(f)		1.88			1.86			—
Institutional Class
Six Months Ended December 31, 2014 (Unaudited)		15.17		(0.03	)(f)		0.49			0.46			(1.12	)
Year Ended June 30, 2014		13.96		(0.07	)(f)		2.72			2.65			(1.44	)
Year Ended June 30, 2013		11.84		(0.01	)(f)(g)		3.14			3.13			(1.01	)
Year Ended June 30, 2012		12.87		(0.01	)(f)(h)		(0.80	)		(0.81	)		(0.22	)
Year Ended June 30, 2011		8.73		(0.04	)(f)		4.18			4.14			—
Year Ended June 30, 2010		7.13		(0.03	)(f)		1.63			1.60			—
Select Class
Six Months Ended December 31, 2014 (Unaudited)		14.91		(0.04	)(f)		0.48			0.44			(1.12	)
Year Ended June 30, 2014		13.77		(0.09	)(f)		2.67			2.58			(1.44	)
Year Ended June 30, 2013		11.70		(0.03	)(f)(g)		3.11			3.08			(1.01	)
Year Ended June 30, 2012		12.74		(0.02	)(f)(h)		(0.80	)		(0.82	)		(0.22	)
Year Ended June 30, 2011		8.65		(0.05	)(f)		4.14			4.09			—
Year Ended June 30, 2010		7.08		(0.04	)(f)		1.61			1.57			—

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.09), $(0.12), $(0.13), $(0.12), $(0.04), $(0.05) and $(0.07) for Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.80)%, (1.30)%, (1.30)%, (1.04)%, (0.29)%, (0.40)% and (0.54)% for Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.07), $(0.11), $(0.11), $(0.10), $(0.02),(0.27)% and (0.40)% for Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.68)%, (1.18)%, (1.18)%, (0.92)%, (0.19)%, (0.03)% and (0.05)% for Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than $0.01.

(k) Amount rounds to less than 0.01%

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (b)(e)
$	14.58		3.41	%	$	425,988		0.75	%		(0.36	)%		0.83	%		26	%
	15.23		19.55			355,032		0.75			(0.36	)		0.87			58
	14.00		28.63			248,415		0.75			—	(g)(k)		0.92			60
	11.85		(6.14	)		200,960		0.75			0.02	(h)		0.94			58
	12.88		16.88			83,457		0.74	(i)		(0.24	)(i)		0.88			79
	14.51		3.36			276,752		0.85			(0.47	)		0.96			26
	15.17		19.46			302,087		0.85			(0.46	)		0.97			58
	13.96		28.39			230,458		0.85			(0.11	)(g)		1.02			60
	11.84		(6.15	)		226,834		0.85			(0.06	)(h)		1.04			58
	12.87		47.42			207,977		0.85			(0.32	)		1.00			79
	8.73		22.44			146,161		0.85			(0.31	)		1.04			83
	14.23		3.28			146,931		1.00			(0.62	)		1.15			26
	14.91		19.20			156,585		1.00			(0.62	)		1.12			58
	13.77		28.30			148,078		1.00			(0.25	)(g)		1.17			60
	11.70		(6.29	)		123,887		1.00			(0.21	)(h)		1.19			58
	12.74		47.28			128,617		0.99			(0.47	)		1.14			79
	8.65		22.18			100,499		1.00			(0.46	)		1.19			83

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 73

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
Small Cap Value Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	27.98	$	0.10	(f)(g)	$	(0.04	)	$	0.06		$	(0.10	)	$	(1.34	)	$	(1.44	)
Year Ended June 30, 2014		23.77		0.12	(f)(h)		4.87			4.99			(0.11	)		(0.67	)		(0.78	)
Year Ended June 30, 2013		18.75		0.21	(f)(i)		5.04			5.25			(0.23	)		—			(0.23	)
Year Ended June 30, 2012		18.99		0.14	(f)		(0.22	)		(0.08	)		(0.16	)		—			(0.16	)
Year Ended June 30, 2011		14.53		0.12	(f)		4.46			4.58			(0.12	)		—			(0.12	)
Year Ended June 30, 2010		11.46		0.09	(f)		3.06			3.15			(0.08	)		—			(0.08	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		24.43		0.01	(f)(g)		(0.03	)		(0.02	)		(0.06	)		(1.34	)		(1.40	)
Year Ended June 30, 2014		20.92		(0.04	)(f)(h)		4.27			4.23			(0.05	)		(0.67	)		(0.72	)
Year Ended June 30, 2013		16.55		0.06	(f)(i)		4.44			4.50			(0.13	)		—			(0.13	)
Year Ended June 30, 2012		16.78		0.02	(f)		(0.18	)		(0.16	)		(0.07	)		—			(0.07	)
Year Ended June 30, 2011		12.88		0.01	(f)		3.95			3.96			(0.06	)		—			(0.06	)
Year Ended June 30, 2010		10.17		—	(f)(j)		2.72			2.72			(0.01	)		—			(0.01	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		24.19		0.01	(f)(g)		(0.03	)		(0.02	)		(0.07	)		(1.34	)		(1.41	)
Year Ended June 30, 2014		20.73		(0.03	)(f)(h)		4.22			4.19			(0.06	)		(0.67	)		(0.73	)
Year Ended June 30, 2013		16.40		0.06	(f)(i)		4.41			4.47			(0.14	)		—			(0.14	)
Year Ended June 30, 2012		16.64		0.03	(f)		(0.19	)		(0.16	)		(0.08	)		—			(0.08	)
Year Ended June 30, 2011		12.78		0.01	(f)		3.92			3.93			(0.07	)		—			(0.07	)
Year Ended June 30, 2010		10.10		—	(f)(j)		2.70			2.70			(0.02	)		—			(0.02	)
Class R2
Six Months Ended December 31, 2014 (Unaudited)		27.83		0.06	(f)(g)		(0.03	)		0.03			(0.08	)		(1.34	)		(1.42	)
Year Ended June 30, 2014		23.67		0.07	(f)(h)		4.83			4.90			(0.07	)		(0.67	)		(0.74	)
Year Ended June 30, 2013		18.68		0.15	(f)(i)		5.03			5.18			(0.19	)		—			(0.19	)
Year Ended June 30, 2012		18.93		0.10	(f)		(0.23	)		(0.13	)		(0.12	)		—			(0.12	)
Year Ended June 30, 2011		14.51		0.08	(f)		4.45			4.53			(0.11	)		—			(0.11	)
Year Ended June 30, 2010		11.45		0.06	(f)		3.06			3.12			(0.06	)		—			(0.06	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.07, $(0.02), $(0.01), $0.04, $0.12, $0.14 and $0.11 for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.52%, (0.14)%, (0.11)%, 0.26%, 0.88%, 0.96% and 0.77% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.11, $(0.05), $(0.05), $0.05, $0.22, $0.23 and $0.18 for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.41%, (0.21)%, (0.20)%, 0.20%, 0.79%, 0.82% and 0.66% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(i) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.12, $(0.01), $(0.01), $0.06, $0.19, $0.20 and $0.17 for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.57%, (0.08)%, (0.08)%, 0.27%, 0.86%, 0.89% and 0.77% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(j) Amount rounds to less than $0.01.

(k) Effective November 30, 2010 Ultra Shares were renamed Class R6 Shares.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (b)(e)
$	26.60		0.49	%	$	511,291		1.25	%		0.71	%(g)		1.42	%		15	%
	27.98		21.24			516,950		1.24			0.46	(h)		1.40			40
	23.77		28.08			332,177		1.24			0.98	(i)		1.39			38
	18.75		(0.36	)		184,920		1.25			0.79			1.41			38
	18.99		31.56			202,094		1.25			0.68			1.43			43
	14.53		27.50			150,297		1.25			0.64			1.48			50
	23.01		0.22			2,553		1.86			0.05	(g)		1.92			15
	24.43		20.50			3,071		1.83			(0.15	)(h)		1.89			40
	20.92		27.27			3,762		1.85			0.34	(i)		1.89			38
	16.55		(0.95	)		3,931		1.86			0.16			1.91			38
	16.78		30.75			6,611		1.85			0.06			1.93			43
	12.88		26.77			7,355		1.86			0.03			1.98			50
	22.76		0.20			49,967		1.86			0.08	(g)		1.91			15
	24.19		20.45			52,909		1.84			(0.15	)(h)		1.89			40
	20.73		27.35			41,108		1.85			0.34	(i)		1.89			38
	16.40		(0.96	)		28,834		1.86			0.18			1.91			38
	16.64		30.72			31,602		1.85			0.07			1.93			43
	12.78		26.74			23,499		1.86			0.03			1.98			50
	26.44		0.36			48,050		1.50			0.45	(g)		1.70			15
	27.83		20.95			47,939		1.49			0.25	(h)		1.66			40
	23.67		27.79			15,500		1.49			0.69	(i)		1.64			38
	18.68		(0.64	)		6,758		1.50			0.55			1.66			38
	18.93		31.22			6,082		1.49			0.45			1.64			43
	14.51		27.20			534		1.50			0.39			1.71			50

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 75

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
Small Cap Value Fund (Continued)
Class R5
Six Months Ended December 31, 2014 (Unaudited)	$	29.31	$	0.15	(f)(g)	$	(0.03	)	$	0.12		$	(0.14	)	$	(1.34	)	$	(1.48	)
Year Ended June 30, 2014		24.85		0.23	(f)(h)		5.09			5.32			(0.19	)		(0.67	)		(0.86	)
Year Ended June 30, 2013		19.58		0.29	(f)(i)		5.27			5.56			(0.29	)		—			(0.29	)
Year Ended June 30, 2012		19.82		0.20	(f)		(0.22	)		(0.02	)		(0.22	)		—			(0.22	)
Year Ended June 30, 2011		15.15		0.18	(f)		4.66			4.84			(0.17	)		—			(0.17	)
Year Ended June 30, 2010		11.94		0.15	(f)		3.19			3.34			(0.13	)		—			(0.13	)
Class R6 (k)
Six Months Ended December 31, 2014 (Unaudited)		29.33		0.16	(f)(g)		(0.03	)		0.13			(0.15	)		(1.34	)		(1.49	)
Year Ended June 30, 2014		24.87		0.24	(f)(h)		5.09			5.33			(0.20	)		(0.67	)		(0.87	)
Year Ended June 30, 2013		19.59		0.29	(f)(i)		5.29			5.58			(0.30	)		—			(0.30	)
Year Ended June 30, 2012		19.83		0.22	(f)		(0.23	)		(0.01	)		(0.23	)		—			(0.23	)
Year Ended June 30, 2011		15.15		0.20	(f)		4.65			4.85			(0.17	)		—			(0.17	)
Year Ended June 30, 2010		11.95		0.15	(f)		3.19			3.34			(0.14	)		—			(0.14	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		29.31		0.14	(f)(g)		(0.03	)		0.11			(0.13	)		(1.34	)		(1.47	)
Year Ended June 30, 2014		24.86		0.20	(f)(h)		5.09			5.29			(0.17	)		(0.67	)		(0.84	)
Year Ended June 30, 2013		19.58		0.26	(f)(i)		5.29			5.55			(0.27	)		—			(0.27	)
Year Ended June 30, 2012		19.82		0.19	(f)		(0.23	)		(0.04	)		(0.20	)		—			(0.20	)
Year Ended June 30, 2011		15.15		0.17	(f)		4.65			4.82			(0.15	)		—			(0.15	)
Year Ended June 30, 2010		11.94		0.13	(f)		3.20			3.33			(0.12	)		—			(0.12	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.07, $(0.02), $(0.01), $0.04, $0.12, $0.14 and $0.11 for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.52%, (0.14)%, (0.11)%, 0.26%, 0.88%, 0.96% and 0.77% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.11, $(0.05), $(0.05), $0.05, $0.22, $0.23 and $0.18 for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.41%, (0.21)%, (0.20)%, 0.20%, 0.79%, 0.82% and 0.66% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(i) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.12, $(0.01), $(0.01), $0.06, $0.19, $0.20 and $0.17 for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.57%, (0.08)%, (0.08)%, 0.27%, 0.86%, 0.89% and 0.77% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(j) Amount rounds to less than $0.01.

(k) Effective November 30, 2010 Ultra Shares were renamed Class R6 Shares.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (b)(e)
$	27.95		0.68	%	$	87,607		0.91	%		1.07	%(g)		0.95	%		15	%
	29.31		21.67			79,792		0.90			0.85	(h)		0.95			40
	24.85		28.53			32,304		0.90			1.28	(i)		0.94			38
	19.58		(0.03	)		15,668		0.91			1.09			0.95			38
	19.82		31.95			31,899		0.90			1.03			1.00			43
	15.15		27.96			48,135		0.91			0.98			1.02			50
	27.97		0.71			512,599		0.83			1.15	(g)		0.86			15
	29.33		21.71			453,645		0.85			0.87	(h)		0.90			40
	24.87		28.62			207,613		0.85			1.32	(i)		0.89			38
	19.59		0.02			180,853		0.86			1.21			0.91			38
	19.83		32.06			103,457		0.85			1.06			0.89			43
	15.15		27.91			23,660		0.86			1.02			0.98			50
	27.95		0.64			411,130		1.00			0.96	(g)		1.16			15
	29.31		21.52			404,848		0.99			0.71	(h)		1.15			40
	24.86		28.47			266,018		0.99			1.19	(i)		1.14			38
	19.58		(0.11	)		196,102		1.00			1.04			1.16			38
	19.82		31.86			190,632		0.99			0.92			1.18			43
	15.15		27.83			175,578		1.00			0.90			1.23			50

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 77

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
U.S. Small Company Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	16.25	$	—	(f)(g)(k)	$	0.53		$	0.53		$	—		$	(0.54	)	$	(0.54	)
Year Ended June 30, 2014		13.17		(0.01	)(f)(h)		3.39			3.38			(0.01	)		(0.29	)		(0.30	)
Year Ended June 30, 2013		10.31		0.04	(f)(i)		2.89			2.93			(0.07	)		—			(0.07	)
Year Ended June 30, 2012		10.62		0.02	(f)		(0.33	)(j)		(0.31	)		—			—			—
Year Ended June 30, 2011		7.79		—	(f)(k)		2.86			2.86			(0.03	)		—			(0.03	)
Year Ended June 30, 2010		6.17		0.01	(f)		1.68			1.69			(0.07	)		—			(0.07	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		15.86		(0.04	)(f)(g)		0.52			0.48			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		12.91		(0.08	)(f)(h)		3.32			3.24			—			(0.29	)		(0.29	)
Year Ended June 30, 2013		10.14		(0.02	)(f)(i)		2.83			2.81			(0.04	)		—			(0.04	)
Year Ended June 30, 2012		10.50		(0.02	)(f)		(0.34	)(j)		(0.36	)		—			—			—
Year Ended June 30, 2011		7.71		(0.05	)(f)		2.84			2.79			—			—			—
Year Ended June 30, 2010		6.14		(0.03	)(f)		1.68			1.65			(0.08	)		—			(0.08	)
Class R2
Six Months Ended December 31, 2014 (Unaudited)		16.12		(0.02	)(f)(g)		0.52			0.50			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		13.09		(0.05	)(f)(h)		3.38			3.33			(0.01	)		(0.29	)		(0.30	)
Year Ended June 30, 2013		10.25		(0.02	)(f)(i)		2.90			2.88			(0.04	)		—			(0.04	)
November 1, 2011 (l) through June 30, 2012		9.02		—	(f)(k)		1.27	(j)		1.27			(0.04	)		—			(0.04	)
Class R6
Six Months Ended December 31, 2014 (Unaudited)		16.52		0.04	(f)(g)		0.54			0.58			(0.05	)		(0.54	)		(0.59	)
Year Ended June 30, 2014		13.35		0.06	(f)(h)		3.46			3.52			(0.06	)		(0.29	)		(0.35	)
Year Ended June 30, 2013		10.43		0.11	(f)(i)		2.91			3.02			(0.10	)		—			(0.10	)
November 1, 2011(l) through June 30, 2012		9.13		0.05	(f)		1.29			1.34			(0.04	)		—			(0.04	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.01), $(0.05), $(0.03), $0.03, $0.03 and $0.01 for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.13)%, (0.63)%, (0.38)%, 0.37%, 0.31% and 0.12% for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.02), $(0.09), $(0.05), $0.06, $0.05 and $0.02 for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.12)%, (0.61)%, (0.36)%, 0.38%, 0.34% and 0.13% for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(i) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.01), $(0.07), $(0.07), $0.07, $0.05 and $0.03 for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.08)%, (0.57)%, (0.58)%, 0.56%, 0.41% and 0.25% for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(j) An affiliate of JPMorgan made a payment to the Fund for losses incurred from an operational error. Without this payment, the net realized and unrealized gains (losses) on investments per share would have been $(0.34), $(0.35), $1.28 and $(0.34) for Class A, Class C, Class R6 and Select Class Shares, respectively, and the total return would have been (3.01)%, (3.52)%, 14.66% and (2.70)% for Class A, Class C, Class R6 and Select Class Shares, respectively. The impact was less than $0.01 to the net realized and unrealized gains (losses) on investments per share and less than 0.01% to total return for Class R2 and Institutional Class Shares.

(k) Amount rounds to less than $0.01.

(l) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (b)(e)
$	16.24		3.39	%	$	160,777		1.25	%		(0.02	)%(g)		1.35	%		22	%
	16.25		25.86			126,858		1.25			(0.08	)(h)		1.34			51
	13.17		28.54			49,607		1.25			0.31	(i)		1.43			54
	10.31		(2.92	)(j)		8,411		1.26			0.17			1.59			74
	10.62		36.78			12,271		1.25			0.02			1.50			48
	7.79		27.48			576		1.26			0.06			1.67			56
	15.80		3.16			27,853		1.75			(0.52	)(g)		1.85			22
	15.86		25.27			22,539		1.75			(0.57	)(h)		1.84			51
	12.91		27.83			6,972		1.75			(0.18	)(i)		1.93			54
	10.14		(3.43	)(j)		1,247		1.76			(0.26	)		2.10			74
	10.50		36.19			1,173		1.75			(0.50	)		2.02			48
	7.71		26.81			381		1.76			(0.44	)		2.18			56
	16.08		3.23			10,895		1.50			(0.27	)(g)		1.61			22
	16.12		25.66			9,785		1.50			(0.32	)(h)		1.59			51
	13.09		28.19			1,744		1.50			(0.20	)(i)		1.65			54
	10.25		14.17	(j)		57		1.51			0.02			1.91			74
	16.51		3.64			49,853		0.75			0.48	(g)		0.80			22
	16.52		26.54			45,604		0.75			0.42	(h)		0.84			51
	13.35		29.17			17,232		0.75			0.95	(i)		0.97			54
	10.43		14.77	(j)		12,959		0.75			0.70			1.08			74

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 79

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
U.S. Small Company Fund (continued)
Institutional Class
Six Months Ended December 31, 2014 (Unaudited)	$	16.51	$	0.03	(f)(g)	$	0.55		$	0.58		$	(0.04	)	$	(0.54	)	$	(0.58	)
Year Ended June 30, 2014		13.35		0.06	(f)(h)		3.44			3.50			(0.05	)		(0.29	)		(0.34	)
Year Ended June 30, 2013		10.43		0.10	(f)(i)		2.92			3.02			(0.10	)		—			(0.10	)
Year Ended June 30, 2012		10.75		0.06	(f)		(0.34	)(j)		(0.28	)		(0.04	)		—			(0.04	)
Year Ended June 30, 2011		7.84		0.04	(f)		2.90			2.94			(0.03	)		—			(0.03	)
Year Ended June 30, 2010		6.20		0.04	(f)		1.68			1.72			(0.08	)		—			(0.08	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		16.53		0.02	(f)(g)		0.55			0.57			(0.02	)		(0.54	)		(0.56	)
Year Ended June 30, 2014		13.37		0.03	(f)(h)		3.45			3.48			(0.03	)		(0.29	)		(0.32	)
Year Ended June 30, 2013		10.45		0.08	(f)(i)		2.92			3.00			(0.08	)		—			(0.08	)
Year Ended June 30, 2012		10.76		0.05	(f)		(0.33	)(j)		(0.28	)		(0.03	)		—			(0.03	)
Year Ended June 30, 2011		7.86		0.03	(f)		2.89			2.92			(0.02	)		—			(0.02	)
Year Ended June 30, 2010		6.22		0.02	(f)		1.70			1.72			(0.08	)		—			(0.08	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.01), $(0.05), $(0.03), $0.03, $0.03 and $0.01 for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.13)%, (0.63)%, (0.38)%, 0.37%, 0.31% and 0.12% for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.02), $(0.09), $(0.05), $0.06, $0.05 and $0.02 for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.12)%, (0.61)%, (0.36)%, 0.38%, 0.34% and 0.13% for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(i) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.01), $(0.07), $(0.07), $0.07, $0.05 and $0.03 for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.08)%, (0.57)%, (0.58)%, 0.56%, 0.41% and 0.25% for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(j) An affiliate of JPMorgan made a payment to the Fund for losses incurred from an operational error. Without this payment, the net realized and unrealized gains (losses) on investments per share would have been $(0.34), $(0.35), $1.28 and $(0.34) for Class A, Class C, Class R6 and Select Class Shares, respectively, and the total return would have been (3.01)%, (3.52)%, 14.66% and (2.70)% for Class A, Class C, Class R6 and Select Class Shares, respectively. The impact was less than $0.01 to the net realized and unrealized gains (losses) on investments per share and less than 0.01% to total return for Class R2 and Institutional Class Shares.

(k) Amount rounds to less than $0.01.

(l) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (b)(e)
$	16.51		3.65	%	$	277,849		0.82	%		0.42	%(g)		0.92	%		22	%
	16.51		26.42			216,698		0.82			0.39	(h)		0.94			51
	13.35		29.08			30,226		0.82			0.79	(i)		1.05			54
	10.43		(2.59	)(j)		9,350		0.83			0.62			1.19			74
	10.75		37.58			20,763		0.82			0.42			1.13			48
	7.84		27.78			10,729		0.83			0.48			1.30			56
	16.54		3.56			193,377		1.00			0.23	(g)		1.09			22
	16.53		26.21			160,279		1.00			0.17	(h)		1.09			51
	13.37		28.81			66,928		1.00			0.64	(i)		1.21			54
	10.45		(2.60	)(j)		37,935		1.01			0.49			1.35			74
	10.76		37.14			34,944		1.00			0.27			1.29			48
	7.86		27.61			24,229		1.01			0.30			1.45			56

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 81

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

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 6 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
Dynamic Small Cap Growth Fund	Class A, Class B, Class C and Select Class	JPM I	Diversified
Small Cap Core Fund	Select Class	JPM I	Diversified
Small Cap Equity Fund	Class A, Class B, Class C, Class R2, Class R5 and Select Class	JPM I	Diversified
Small Cap Growth Fund	Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class	JPM II	Diversified
Small Cap Value Fund	Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class	JPM II	Diversified
U.S. Small Company Fund	Class A, Class C, Class R2, Class R6, Institutional Class and Select Class	JPM I	Diversified

The investment objectives of Dynamic Small Cap Growth Fund, Small Cap Core Fund and Small Cap Equity Fund are to seek capital growth over the long term.

The investment objective of Small Cap Growth Fund is to seek long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

The investment objective of Small Cap Value Fund is to seek long-term capital growth primarily by investing in equity securities of small-capitalization companies.

The investment objective of U.S. Small Company Fund is to seek to provide high total return from a portfolio of small company stocks.

All share classes of the Dynamic Small Cap Growth Fund, Small Cap Equity Fund and Small Cap Growth Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Funds unless they meet certain requirements as described in the Classes’ prospectuses.

Effective November 1, 2009, Class B Shares of the Dynamic Small Cap Growth Fund, Small Cap Equity Fund, Small Cap Growth Fund and Small Cap 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 automatically convert 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, Institutional Class and Select 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.

2. Significant Accounting Policies

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

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

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

82 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies, including J.P. Morgan Funds, (the “Underlying Funds”) are valued at each investment company’s NAV per share as of the report date.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

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

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

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

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

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

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

Dynamic Small Cap Growth Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	539,845		$—	$	—	$	539,845
Small Cap Core Fund
Investments in Securities
Common Stocks
Consumer Discretionary	$	94,545		$—	$	—	$	94,545
Consumer Staples		30,692		—		—		30,692
Energy		28,862		—		—		28,862
Financials		164,800		—		—		164,800
Health Care		102,653		—		168		102,821
Industrials		109,398		—		—		109,398
Information Technology		125,190		—		—		125,190
Materials		24,259		—		—		24,259
Telecommunication Services		10,202		—		—		10,202
Utilities		24,091		—		—		24,091
Total Common Stocks		714,692		—		168		714,860
Short-Term Investment
Investment Company	$	10,650		$—	$	—	$	10,650

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 83

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Warrant
Financials	$	—		$	—	$	—	(b)	$	—	(b)
Total Investments in Securities	$	725,342		$	—	$	168		$	725,510
Appreciation in Other Financial Instruments
Futures Contracts	$	442		$	—	$	—		$	442
Small Cap Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	3,450,281		$	—	$	—		$	3,450,281
Small Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	1,163,010		$	—	$	—		$	1,163,010
Small Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	159,668		$	—	$	—		$	159,668
Consumer Staples		60,850			—		—			60,850
Energy		69,705			—		—			69,705
Financials		616,856	��		—		—			616,856
Health Care		84,059			—		—			84,059
Industrials		232,028			—		—			232,028
Information Technology		172,493			—		—			172,493
Materials		61,905			—		—			61,905
Telecommunication Services		10,497			—		—			10,497
Utilities		103,307			—		—			103,307
Total Common Stocks		1,571,368			—		—			1,571,368
Short-Term Investment
Investment Company	$	50,839		$	—	$	—		$	50,839
Warrant
Financials		—			—		—	(b)		—	(b)
Total Investments in Securities	$	1,622,207		$	—	$	—	(b)	$	1,622,207
Appreciation in Other Financial Instruments
Futures Contracts	$	1,462		$	—	$	—		$	1,462

84 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

U.S. Small Company Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	94,977	$	—	$	—		$	94,977
Consumer Staples		35,083		—		—			35,083
Energy		28,408		—		—			28,408
Financials		156,594		—		—			156,594
Health Care		106,421		—		—	(b)		106,421
Industrials		94,907		—		—			94,907
Information Technology		131,662		—		—			131,662
Materials		21,232		—		—			21,232
Telecommunication Services		5,901		—		—			5,901
Utilities		22,268		—		—			22,268
Total Common Stocks		697,453		—		—	(b)		697,453
Short-Term Investment
Investment Company	$	34,245	$	—	$	—		$	34,245
Warrant
Financials		—		—		—	(b)		—	(b)
Total Investments in Securities	$	731,698	$	—	$	—	(b)	$	731,698
Appreciation in Other Financial Instruments
Futures Contracts	$	717	$	—	$	—		$	717

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

(b) Value is zero.

There were no transfers between Levels 1 and 2 during the six months ended December 31, 2014.

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 December 31, 2014, 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 December 31, 2014 (amounts in thousands):

	Value			Percentage
Small Cap Core Fund	$	168			—	(b)
Small Cap Value Fund		—	(a)		—
U.S. Small Company Fund		—	(a)		—

(a) Value is zero.

(b) Amount rounds to less than 0.1%.

C. Futures Contracts — Small Cap Core Fund, Small Cap Value Fund and U.S. Small Company 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. The use of futures contracts exposes the Funds to equity price risk.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 85

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

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 in the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded in the Statements of Assets and Liabilities.

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

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2014 (amounts in thousands):

	Small Cap Core Fund		��	Small Cap Value Fund		U.S. Small Company Fund
Futures Contracts:
Average Notional Balance Long	$	12,990		$	49,402	$	22,590
Ending Notional Balance Long		11,647			52,230		19,571

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

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

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

E. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the 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.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2014, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually, except for Small Cap Value Fund, which are generally 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.

86 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, J.P. Morgan Investment Management, Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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:

Dynamic Small Cap Growth Fund	0.65	%
Small Cap Core Fund	0.65
Small Cap Equity Fund	0.65
Small Cap Growth Fund	0.65
Small Cap Value Fund	0.65
U.S. Small Company Fund	0.60

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, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2014, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (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 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
Dynamic Small Cap Growth Fund		0.25	%		0.75	%		0.75	%		n/a
Small Cap Equity Fund		0.25			0.75			0.75			0.50	%
Small Cap Growth Fund		0.25			0.75			0.75			0.50
Small Cap Value Fund		0.25			0.75			0.75			0.50
U.S. Small Company 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 six months ended December 31, 2014, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Dynamic Small Cap Growth Fund	$	—	(a)	$	—
Small Cap Equity Fund		2			2
Small Cap Growth Fund		2			1
Small Cap Value Fund		12			—	(a)
U.S. Small Company Fund		6			—	(a)

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

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 87

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements 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
Dynamic Small Cap Growth Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			0.25	%
Small Cap Core Fund		n/a			n/a			n/a			n/a			n/a			n/a			0.25
Small Cap Equity Fund		0.25			0.25			0.25			0.25	%		0.05	%		n/a			0.25
Small Cap Growth Fund		0.25			0.25			0.25			0.25			n/a			0.10	%		0.25
Small Cap Value Fund		0.25			0.25			0.25			0.25			0.05			n/a			0.25
U.S. Small Company Fund		0.25			n/a			0.25			0.25			n/a			0.10			0.25

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. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, 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’s 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
Dynamic Small Cap Growth Fund		1.25	%*		1.75	%*		1.75	%*		n/a			n/a			n/a			n/a			1.00	%*
Small Cap Core Fund		n/a			n/a			n/a			n/a			n/a			n/a			n/a			0.80
Small Cap Equity Fund		1.30			1.80			1.80			1.55	%		0.80	%		n/a			n/a			1.00
Small Cap Growth Fund		1.25			1.75			1.75			1.50			n/a			0.75	%		0.85	%		1.00
Small Cap Value Fund		1.25			1.86			1.86			1.50			0.91			0.86			n/a			1.00
U.S. Small Company Fund		1.26			n/a			1.76			1.51			n/a			0.76			0.83			1.01

* Prior to March 1, 2014, the contractual expense limitations for Dynamic Small Cap Growth Fund were 1.50%, 2.10%, 2.10% and 1.10% for Class A, Class B, Class C and Select Class, respectively.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2014. The contractual expense limitation percentages in the table above are in place until at least October 31, 2015. In addition, the Funds’ service providers have voluntarily waived fees during the six months ended December 31, 2014. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the six months ended December 31, 2014, 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 reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Dynamic Small Cap Growth Fund	$	298	$	150	$	39	$	487	$	5
Small Cap Core Fund		699		290		136		1,125		—
Small Cap Equity Fund		790		499		713		2,002		—
Small Cap Growth Fund		284		188		189		661		5
Small Cap Value Fund		122		79		668		869		4
U.S. Small Company Fund		82		51		133		266		—

88 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

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 amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2014 was as follows (amounts in thousands):

Dynamic Small Cap Growth Fund	$	9
Small Cap Core Fund		12
Small Cap Equity Fund		133
Small Cap Growth Fund		16
Small Cap Value Fund		43
U.S. Small Company Fund		23

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 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 six months ended December 31, 2014, 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 six months ended December 31, 2014, Small Cap Core Fund and U.S. Small Company Fund incurred less than $1,000 in brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended December 31, 2014, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
Dynamic Small Cap Growth Fund	$	139,758	$	178,607	$	—	$	—
Small Cap Core Fund		183,753		183,265		—		915
Small Cap Equity Fund		410,705		474,608		—		—
Small Cap Growth Fund		290,947		314,707		—		—
Small Cap Value Fund		284,210		218,940		—		1,670
U.S. Small Company Fund		255,888		132,889		—		610

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2014 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Dynamic Small Cap Growth Fund	$	389,186	$	174,736	$	24,077	$	150,659
Small Cap Core Fund		520,092		232,880		27,462		205,418
Small Cap Equity Fund		2,259,291		1,280,070		89,080		1,190,990
Small Cap Growth Fund		859,912		360,760		57,662		303,098
Small Cap Value Fund		1,312,885		376,949		67,627		309,322
U.S. Small Company Fund		635,164		123,629		27,095		96,534

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 89

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after June 30, 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.

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

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 9, 2015.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2014 or at any time during the six months then ended.

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.

Dynamic Small Cap Growth Fund and U.S. Small Company Fund each have a shareholder, which is an account maintained by a financial intermediary on behalf of its clients, that owns a significant portion of the Funds’ outstanding shares.

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 Small Cap Core Fund and Small Cap Equity Fund.

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

	JPMorgan SmartRetirement Funds
Small Cap Growth Fund		21.5	%
Small Cap Value Fund		14.5

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

Small Cap Equity Fund invests in unaffiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indexes, as well as indexes relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

The Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

90 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

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, July 1, 2014, and continued to hold your shares at the end of the reporting period, December 31, 2014.

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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Dynamic Small Cap Growth Fund
Class A
Actual	$	1,000.00	$	1,030.40	$	6.40		1.25	%
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class B
Actual		1,000.00		1,027.80		8.94		1.75
Hypothetical		1,000.00		1,016.38		8.89		1.75
Class C
Actual		1,000.00		1,028.40		8.95		1.75
Hypothetical		1,000.00		1,016.38		8.89		1.75
Select Class
Actual		1,000.00		1,031.90		5.12		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Small Cap Core Fund
Select Class
Actual		1,000.00		1,034.70		4.00		0.78
Hypothetical		1,000.00		1,021.27		3.97		0.78
Small Cap Equity Fund
Class A
Actual		1,000.00		1,025.60		6.59		1.29
Hypothetical		1,000.00		1,018.70		6.56		1.29
Class B
Actual		1,000.00		1,023.10		9.13		1.79
Hypothetical		1,000.00		1,016.18		9.10		1.79
Class C
Actual		1,000.00		1,022.90		9.13		1.79
Hypothetical		1,000.00		1,016.18		9.10		1.79

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 91

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Small Cap Equity Fund (continued)
Class R2
Actual	$	1,000.00	$	1,024.40	$	7.86		1.54	%
Hypothetical		1,000.00		1,017.44		7.83		1.54
Class R5
Actual		1,000.00		1,028.20		4.04		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Select Class
Actual		1,000.00		1,027.30		5.06		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Small Cap Growth Fund
Class A
Actual		1,000.00		1,031.40		6.40		1.25
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class B
Actual		1,000.00		1,028.70		8.95		1.75
Hypothetical		1,000.00		1,016.38		8.89		1.75
Class C
Actual		1,000.00		1,028.80		8.95		1.75
Hypothetical		1,000.00		1,016.38		8.89		1.75
Class R2
Actual		1,000.00		1,030.50		7.68		1.50
Hypothetical		1,000.00		1,017.64		7.63		1.50
Class R6
Actual		1,000.00		1,034.10		3.85		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Institutional Class
Actual		1,000.00		1,033.60		4.36		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Select Class
Actual		1,000.00		1,032.80		5.12		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Small Cap Value Fund
Class A
Actual		1,000.00		1,004.90		6.32		1.25
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class B
Actual		1,000.00		1,002.20		9.39		1.86
Hypothetical		1,000.00		1,015.83		9.45		1.86
Class C
Actual		1,000.00		1,002.00		9.39		1.86
Hypothetical		1,000.00		1,015.83		9.45		1.86
Class R2
Actual		1,000.00		1,003.60		7.58		1.50
Hypothetical		1,000.00		1,017.64		7.63		1.50
Class R5
Actual		1,000.00		1,006.80		4.60		0.91
Hypothetical		1,000.00		1,020.62		4.63		0.91
Class R6
Actual		1,000.00		1,007.10		4.20		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Select Class
Actual		1,000.00		1,006.40		5.06		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00

92 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
U.S. Small Company Fund
Class A
Actual	$	1,000.00	$	1,033.90	$	6.41		1.25	%
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class C
Actual		1,000.00		1,031.60		8.96		1.75
Hypothetical		1,000.00		1,016.38		8.89		1.75
Class R2
Actual		1,000.00		1,032.30		7.68		1.50
Hypothetical		1,000.00		1,017.64		7.63		1.50
Class R6
Actual		1,000.00		1,036.40		3.85		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Institutional Class
Actual		1,000.00		1,036.50		4.21		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Select Class
Actual		1,000.00		1,035.60		5.13		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00

* 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).

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 93

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2014, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose semi-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, 2014.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in

executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

94 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

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

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

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

Fall-Out Benefits

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

The Trustees also considered that 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.

Economies of Scale

The Trustees considered the extent to which the Funds benefit from economies of scale. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fee schedule for the admin-

istrative 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 also noted that the Adviser and its affiliates have implemented fee waivers and expense limitations. 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 and its affiliates have in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that shareholders of the Funds effectively participated in the economies of scale through these fee waivers and expense limitations and administrative service fee breakpoints.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Small Cap Growth Fund and Small Cap Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Dynamic Small Cap Growth Fund, Small Cap Core Fund, Small Cap Equity Fund, and U.S. Small Company 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 the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 95

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ 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 Dynamic Small Cap Growth Fund’s performance was in the first, third, and third quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s 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. They requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the equity committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Small Cap Core Fund’s performance was in the first, first, and second quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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 Small Cap Equity Fund’s performance was in the third, first, and first quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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 Small Cap Growth Fund’s performance was in the first, third, and second quintiles for Class A shares and in the first, second, and second quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s 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. They requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the equity committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Small Cap Value Fund’s performance was in the third, second and third quintiles for Class A shares and in the third, first and third quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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 U.S. Small Company Fund’s performance was in the second, first, and first quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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.

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’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Dynamic Small Cap Growth 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 Class A and Select Class shares were in the first and second quintiles, respectively, of the Universe Group. After considering the

96 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2014

factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Small Cap Core Fund’s net advisory fee and actual total expenses for the Select Class shares were in the first quintile of the 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 Small Cap Equity Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the second quintile of the 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 Small Cap Growth 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 Class A and Select Class shares were in the first and second quintiles, respectively, of the 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 Small Cap Value Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, respectively, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, respectively, of the 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 U.S. Small Company 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 Class A and Select Class shares were in the first and second quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

DECEMBER 31, 2014 J.P. MORGAN SMALL CAP FUNDS 97

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., 2015.  All rights reserved. December 2014. SAN-SC-1214

Semi-Annual Report

J.P. Morgan Mid Cap/Multi-Cap Funds

December 31, 2014 (Unaudited)

JPMorgan Growth Advantage Fund

JPMorgan Mid Cap Equity Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Mid Cap Value Fund

JPMorgan Multi-Cap Market Neutral Fund

JPMorgan Value Advantage Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Growth Advantage Fund	3
JPMorgan Mid Cap Equity Fund	6
JPMorgan Mid Cap Growth Fund	8
JPMorgan Mid Cap Value Fund	10
JPMorgan Multi-Cap Market Neutral Fund	12
JPMorgan Value Advantage Fund	15
Schedules of Portfolio Investments	17
Financial Statements	40
Financial Highlights	56
Notes to Financial Statements	72
Schedule of Shareholder Expenses	81
Special Shareholder Meeting Results	84
Board Approval of Investment Advisory Agreements	88

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

January 11, 2015 (Unaudited)

Dear Shareholder,

A growing divergence in the economic trajectories of U.S. and other developed markets and plummeting global energy prices provided a mixed backdrop for the latter half of 2014. The U.S. economy accelerated at a steady pace amid continued strength in corporate earnings, gains in employment and consumer spending and falling oil prices for the six months ended December 31, 2014. Gross domestic product (GDP) in the U.S. climbed by 5.0% in the third quarter of 2014 and unemployment dropped to 5.6% in December, a level not seen since June 2008.

  “Amid uncertainty about the global economy recovery, equity markets in the U.S., China and Japan provided investors with solid returns and served to emphasize the prudence of holding a broadly diversified portfolio and a long-term outlook.”

In response to the continued improvement in the domestic economy, the U.S. Federal Reserve Bank proceeded to taper down its monthly purchases of bonds under its quantitative easing program and finally closed the program in October.

In stark contrast, the European Central Bank (ECB) took unprecedented steps to counter the threat of price deflation in the euro zone and the Bank of Japan stunned markets with a massive stimulus program as Japan’s economy slid into recession.

Another key development in the latter half of 2014 was a precipitous drop in global petroleum prices. A supply glut driven by new production in the U.S. and increased output from other nations, along with decreasing demand from China, Europe and Japan led to a 50% drop in the price of crude oil between July and December.

Amid this backdrop, U.S. equity markets outperformed most other assets classes over the six month period, with large cap stocks providing better returns than small caps and defensive sectors overtaking cyclical sectors. Notably, U.S. equities fell to six-month lows in mid October only to rebound 8.4%, driving the Standard & Poor’s 500 (“S&P 500”) Index to a new closing high of 2,018.05 points on October 31, 2014. In December, the Dow Jones Industrial Average closed above 18,000 points for the first time following the news that third quarter GDP showed the fastest growth in 11 years. The S&P 500 closed at a new high of 2,090.57 points on December 29, 2014, and returned 6.1% for the six months ended December 31, 2014.

Prices for U.S. Treasury securities with longer maturities rose during the six month period as investors sought safe havens amid deteriorating energy prices and geopolitical concerns. While declining oil prices helped bolster consumer spending in developed nations, energy related sectors came under pressure and yield spreads on high-yield debt — also known as junk bonds — widened. Nations dependent on oil exports experienced volatility in bond yield spreads and currency valuations.

Meanwhile, weak growth in the euro zone raised concerns about the potential for a destructive deflationary spiral. Even after the ECB had cut its deposit rate to negative 0.1% to encourage banks to extend lending by effectively charging them for parking excess cash with the central bank, growth

remained tepid and inflation was well below the ECB’s target of just below 2%. The inflation rate averaged 0.4% from July to October and then fell 0.3% in November and was estimated at -0.2% for December. Unemployment across the euro zone remained stubbornly high at 11.5%.

Japan’s economy retreated into recession during the six month period following two quarters of economic contraction, partly attributed to an increase in the national consumption tax earlier in the year. Responding to the crisis, the Bank of Japan surprised global markets on October 31 by unveiling plans to buy 8 trillion to 12 trillion yen ($71 billion to $107 billion) of Japanese government bonds per month, while also tripling its purchases of exchange-traded funds. The announcement drove Tokyo stocks to seven-year highs. For the six months ended December 31, 2014, the MSCI Europe, Australasia and Far East Index returned -9.2%.

Elsewhere, China’s economy continued to grow but at a slower pace for the six month period. At 7.3%, China’s GDP showed the slowest growth in five years, though it was slightly better than economists had expected. The weaker GDP growth was partly attributed to a slowdown in the property sector. However, Chinese equity securities performed well over the six months ended December 31, 2014, amid expectations that policy makers may ease monetary policy to spur growth. Chinese equity markets received an additional boost when regulators increased access to Chinese financial markets by allowing foreign investors in Hong Kong to buy shares in Shanghai.

Russia’s economy, already straining under Western economic sanctions following its annexation of Crimea, began sliding toward recession as prices plummeted for oil and natural gas, its biggest exports. In response, the Russian Central Bank spent heavily from its reserves and raised its key interest rate sharply in a largely unsuccessful effort to halt the ruble’s slide. The MSCI Emerging Markets Index returned -7.7% for the six months ended December 31, 2014.

During the six month period, financial market volatility returned after being largely absent in the first half of 2014. Meanwhile, economic growth outside the U.S. began to falter and the relative strength of the U.S. economy drove the dollar higher against other major currencies. Amid uncertainty about the global economy recovery, equity markets in the U.S., China and Japan provided investors with solid returns and served to emphasize the prudence of holding a broadly diversified portfolio and a long-term outlook.

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

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 1

J.P. Morgan Mid Cap/Multi-Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

U.S equity markets performed strongly during the six month reporting period amid accommodative central bank policies, falling energy prices and steady overall improvement in the U.S. economy. While the second half of 2014 was marked by the return of volatility in financial markets and a sharp sell-off in mid-October, key U.S. equity indexes rebounded to closing highs in the final months of 2014. The Standard & Poor’s 500 Index (“S&P 500”) broke through the 2,000-point closing level for the first time on the final day of October and hit new closing highs in the final weeks of December. Also in late December, the Dow Jones Industrial Average closed above 18,000 points for the first time. U.S. Treasury securities with longer maturities also performed well during the six month reporting period, as geopolitical risks and concerns about weakness in the global economy pushed investors into so-called safe haven bonds.

Overall, U.S. large cap stocks outperformed small cap stocks and growth stocks outperformed value stocks during the reporting period. For the six months ended December 31, 2014, mid cap stocks as measured by the Russell Midcap Index returned 4.18%, outperforming the Russell 2000 Index, which returned 1.65%. The S&P 500 Index returned 6.12%.

2 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		4.69%
Russell 3000 Growth Index		6.10%
Net Assets as of 12/31/2014 (In Thousands)	$	4,168,436

INVESTMENT OBJECTIVE**

The JPMorgan Growth Advantage Fund (the “Fund”) seeks to provide long-term capital growth.

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

The Fund (Class A Shares, without a sales charge) underperformed the Russell 3000 Growth Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the consumer discretionary and producer durables sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s underweight position in the energy sectors and its overweight position in the health care sector were leading contributors to relative performance.

Individual detractors from relative performance included the Fund’s underweight position in Apple Inc. and its overweight positions in Kirby Corp. and Antero Resources Corp. Shares of Apple, a maker of computers and mobile devices, rose on better-than-expected earnings and revenue, driven by sales of its iPhone and other products. Shares of Kirby, a tank and barge operator, fell after the company lowered its quarterly and full-year forecasts for earnings. Shares of Antero Resources, an independent oil and gas exploration and production company, declined amid falling global oil prices.

Leading individual contributors to relative performance included the Fund’s overweight positions in Regeneron Pharmaceuticals Inc. and Avago Technologies Inc., and its underweight position in Halliburton Co. Shares of Regeneron, a biopharmaceutical company, rose on investor expectations for its eye drug, Eylea, and advances in the company’s pipeline of potential new drugs. Shares of Avago, a Singapore producer of analog semiconductors, strengthened on revenue growth and increased demand for its radio frequency semiconductor chips, which are used by telecom operators upgrading their networks to accommodate so-called 4G smartphones. Shares of Halliburton, an oilfield services company not held by the Fund, declined amid falling global oil prices.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies across

market capitalizations in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	4.0	%
	2.	Facebook, Inc., Class A	3.9
	3.	Gilead Sciences, Inc.	3.4
	4.	Google, Inc., Class C	3.1
	5.	Acuity Brands, Inc.	2.4
	6.	MasterCard, Inc., Class A	2.3
	7.	Home Depot, Inc. (The)	2.0
	8.	CBRE Group, Inc., Class A	2.0
	9.	Celgene Corp.	1.8
	10.	Affiliated Managers Group, Inc.	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	29.0	%
Health Care	18.1
Consumer Discretionary	17.7
Industrials	13.4
Financials	9.0
Materials	4.6
Energy	3.6
Consumer Staples	1.2
Short-Term Investment	3.4

* 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 December 31, 2014. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	October 29, 1999
Without Sales Charge			4.69	%		9.54	%		16.88	%		10.59	%
With Sales Charge**			(0.81	)		3.82			15.62			9.99
CLASS B SHARES	October 29, 1999
Without CDSC			4.38			8.91			16.29			10.07
With CDSC***			(0.62	)		3.91			16.07			10.07
CLASS C SHARES	May 1, 2006
Without CDSC			4.37			8.90			16.27			9.97
With CDSC****			3.37			7.90			16.27			9.97
CLASS R5 SHARES	January 8, 2009		4.84			9.87			17.34			10.93
CLASS R6 SHARES	December 23, 2013		4.83			9.94			17.36			10.94
SELECT CLASS SHARES	May 1, 2006		4.74			9.66			17.10			10.80

* Not annualized.

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

*** Assumes 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 (12/31/04 TO 12/31/14)

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.

As of August 17, 2005, the Fund changed its name, investment objective, certain investment policies and benchmark. Prior to that time, the Fund operated as JPMorgan Mid Cap Growth Fund. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to August 17, 2005 might be less pertinent for investors considering whether to purchase shares of the Fund. Returns for the Class C Shares prior to its inception date are based on the performance of Class B Shares, whose expenses are substantially similar to those of Class C Shares. Returns for the Select Class Shares prior to its inception date are based on the performance of Class A Shares. During this period, the actual returns of Select Class Shares would have been different than those shown because Select Class Shares have different expenses than Class A Shares. Returns for Class R5 Shares prior to its inception date are based on the performance of Select Class Shares from May 1, 2006 to January 7, 2009 and Class A Shares prior to May 1, 2006. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class and Class A Shares. Returns for Class R6

Shares prior to its inception date are based on the performance of Class R5 Shares from January 8, 2009 to December 23, 2013, Select Class Shares from May 1, 2006 to January 8, 2009 and Class A Shares prior to May 1, 2006. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than the other classes.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund, the Russell 3000 Growth Index and the Lipper Multi-Cap Growth Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 3000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Growth Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with higher price-to-book ratios and higher forecasted growth values. The Lipper Multi-Cap Growth Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

4 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

Because Class B Shares automatically convert to Class A Shares after 8 years, the 10 year annual average 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.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		4.22%
Russell Midcap Index		4.18%
Net Assets as of 12/31/2014 (In Thousands)	$	3,075,048

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Equity 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 Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the materials & processing sector and its underweight position in the energy sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the health care and consumer discretionary sectors detracted from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Sherwin-Williams Co. and Delta Air Lines Inc. and its underweight position in Noble Energy Inc. Shares of Sherwin Williams, a manufacturer and retailer of paints and coatings, rose after the company increased its forecast for revenue and earnings. Shares of Delta Air Lines rose on overall improvement in the air line industry amid strong consumer spending and falling fuel prices. Shares of Noble Energy, an independent oil and natural exploration and production company not held by the Fund, fell after the company’s earnings fell below analysts’ estimates amid weakening global oil prices.

Leading individual detractors from relative performance included the Fund’s overweight positions in Laredo Petroleum Holdings Inc., Southwestern Energy Co. and Kirby Corp. Shares of Laredo Petroleum, an independent oil and natural gas exploration and production company, fell amid a decline in global oil prices. Shares of Southwestern Energy, an independent oil and natural gas exploration and production company, fell after the company lowered its cash flow forecast amid falling global oil prices. Shares of Kirby, a tank and barge operator, fell after the company lowered its quarter and full-year forecasts for earnings.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing a portfolio based on

company fundamentals, quantitative screening and proprietary fundamental analysis. The Fund’s portfolio managers sought to identify dominant franchises with predictable business models deemed capable of achieving, in their view, sustained growth, as well as undervalued companies with the potential to grow their intrinsic value per share.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Sherwin-Williams Co. (The)	1.4	%
	2.	Amphenol Corp., Class A	1.4
	3.	Carlisle Cos., Inc.	1.3
	4.	Humana, Inc.	1.3
	5.	Acuity Brands, Inc.	1.2
	6.	Fortune Brands Home & Security, Inc.	1.1
	7.	Mohawk Industries, Inc.	1.1
	8.	CBRE Group, Inc., Class A	1.1
	9.	Illumina, Inc.	1.1
	10.	Affiliated Managers Group, Inc.	1.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	20.2	%
Consumer Discretionary	19.0
Information Technology	16.5
Industrials	13.1
Health Care	10.7
Utilities	4.7
Materials	4.6
Consumer Staples	4.0
Energy	4.0
Short-Term Investment	3.2

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

6 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
Without Sales Charge			4.04	%		12.48	%		16.89	%		9.48	%
With Sales Charge**			(1.43	)		6.58			15.63			8.89
CLASS C SHARES	November 2, 2009
Without CDSC			3.77			11.92			16.31			9.20
With CDSC***			2.77			10.92			16.31			9.20
CLASS R2 SHARES	March 14, 2014		3.92			12.27			16.84			9.46
CLASS R5 SHARES	March 14, 2014		4.27			12.96			17.31			9.68
CLASS R6 SHARES	March 14, 2014		4.29			12.99			17.32			9.69
SELECT CLASS SHARES	January 1, 1997		4.22			12.86			17.29			9.67

* Not annualized.

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

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

TEN YEAR PERFORMANCE (12/31/04 TO 12/31/14)

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

Returns for Class A and Class C Shares prior to their inception date are based on the performance of Select Class Shares. The actual returns of Class A and Class C Shares would have been lower than those shown because Class A and Class C Shares have higher expenses than Select Class Shares. Returns for Class R2 Shares prior to their inception date are based of Class A Shares from November 2, 2009 to March 13, 2014 and Select Class Shares prior to November 2, 2009. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A and Select Class Shares. Returns for Class R5 and Class R6 Shares prior to their inception date are based on the performance of Select Class Shares. The actual returns of Class R5 and Class R6 Shares would have been different because Class R5 and Class R6 Shares have different expenses than Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in the Select Class Shares of JPMorgan Mid Cap Equity Fund, the Russell Midcap Index Lipper Mid-Cap Core Funds Index and the Lipper Mid-Cap Growth Funds Index from December 31, 2004 to December 31, 2014. 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 Russell Midcap Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-Cap Core Funds Index and Lipper Mid-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index and the Lipper Mid-Cap Growth Funds Index are indices based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

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.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		2.12%
Russell Midcap Growth Index		5.07%
Net Assets as of 12/31/2014 (In Thousands)	$	2,369,846

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Growth Fund (the “Fund”) seeks growth of capital.¹

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

The Fund (Select Class Shares) underperformed the Russell Midcap Growth Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while security selection in the technology sector and the materials & processing sector was a leading contributor to relative performance.

Leading individual detractors from relative performance included Laredo Petroleum Holdings Inc., Kirby Corp. and Concho Resources Inc. Shares of both Laredo Petroleum and Concho Resoiurces, independent oil and natural gas exploration and production companies, fell amid a decline in global oil prices. Shares of Kirby, a tank and barge operator, fell after the company lowered its quarter and full-year forecasts for earnings.

Leading individual contributors to relative performance included Delta Air Lines Inc., Avago Technologies Ltd. and Ulta Salon, Cosmetics & Fragrances Inc. Shares of Delta Air Lines, which was not held in the Benchmark, benefitted from improvement in the overall outlook for the airline industry, amid strong consumer spending and falling fuel prices. Shares of Avago, a Singapore producer of analog semiconductors, strengthened on revenue growth and increased demand for its radio frequency semiconductor chips, which are used by telecom operators upgrading their networks to accommodate so-called 4G smartphones. Shares of Ulta Salon, a cosmetics retail chain, strengthened after the company raised its forecast for earnings and sales.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct a portfolio of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high

quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Acuity Brands, Inc.	2.5	%
	2.	CBRE Group, Inc., Class A	2.1
	3.	Illumina, Inc.	2.1
	4.	Affiliated Managers Group, Inc.	2.1
	5.	Sherwin-Williams Co. (The)	2.1
	6.	Delta Air Lines, Inc.	2.0
	7.	Alliance Data Systems Corp.	1.8
	8.	Michael Kors Holdings Ltd., (Hong Kong)	1.7
	9.	Ulta Salon Cosmetics & Fragrance, Inc.	1.7
	10.	Amphenol Corp., Class A	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	24.3	%
Consumer Discretionary	20.4
Industrials	16.8
Health Care	14.8
Financials	10.8
Energy	4.2
Materials	3.0
Consumer Staples	2.5
Short-Term Investment	3.2

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

1 Effective July 23, 2014, following approval from the Fund’s Board of Trustees, shareholders approved the change to the Fund’s investment objective. The current investment objective is stated above. Prior to July 23, 2014, the Fund’s investment objective was to seek growth of capital and secondarily, current income by investing primarily in equity securities.

8 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
Without Sales Charge			1.95	%		10.64	%		16.34	%		9.38	%
With Sales Charge**			(3.39	)		4.85			15.10			8.79
CLASS B SHARES	January 14, 1994
Without CDSC			1.73			10.13			15.77			8.87
With CDSC***			(3.27	)		5.13			15.55			8.87
CLASS C SHARES	November 4, 1997
Without CDSC			1.69			10.13			15.77			8.77
With CDSC****			0.69			9.13			15.77			8.77
CLASS R2 SHARES	June 19, 2009		1.88			10.48			16.17			9.21
CLASS R5 SHARES	November 1, 2011		2.18			11.14			16.82			9.74
CLASS R6 SHARES	November 1, 2011		2.25			11.24			16.87			9.76
SELECT CLASS SHARES	March 2, 1989		2.12			11.00			16.71			9.69

* Not annualized.

** 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 (12/31/04 TO 12/31/14)

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 the Class R2, Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Select Class Shares. Prior performance for Class R2 Shares has been adjusted to reflect the differences in expenses between classes. The actual returns of Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Mid Cap Growth Fund, the Russell Midcap Growth Index and the Lipper Mid-Cap Growth Funds Index from December 31, 2004 to December 31, 2014. 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 Russell Midcap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The

performance of the Lipper Mid-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell Midcap Growth Index is an unmanaged index which measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Mid-Cap Growth Funds Index is an index based on total returns of certain mutual funds 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.

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.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		6.45%
Russell Midcap Value Index		3.25%
Net Assets as of 12/31/2014 (In Thousands)	$	15,993,084

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Value Fund (the “Fund”) seeks growth from capital appreciation.

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

The Fund (Institutional Class Shares) outperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the materials sector and its security selection and overweight position in the consumer discretionary sectors were leading contributors to performance relative to the Benchmark, while the Fund’s underweight positions in the telecommunication services (no holdings) and utilities sectors were leading detractors from relative performance.

Leading individual contributors to relative performance included Sigma-Aldrich Corp., Kroger Co. and PBF Energy Co. Shares of Sigma-Aldrich, a U.S. laboratory supply company, rose on the company’s $17 billion acquisition by German drug and chemical company, Merck KGaA. Shares of Kroger, a supermarket chain not held in the Benchmark, rose on better-than-expected earnings and the company’s revised profit forecast, partly due to acquisitions. Shares of PBF Energy, an independent petroleum refiner, rose on the initial public offering for the company’s PBF Logistics LP unit.

Leading individual detractors from relative performance included Albermarle Corp., Gap Inc. and Xilinx Inc. Shares of Albermarle, a specialty chemicals company, declined on the company’s acquisition of Rockwood Holdings Inc. Shares of Gap, a clothing retailer not held in the Benchmark, fell after the company lowered its earnings forecast. Shares of Xilinx, a semiconductor company not held in the Benchmark, fell on a weak outlook for revenue.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in their view, sustainable

levels of free cash flow. The Fund continued to have an overweight position in consumer discretionary stocks. The Fund’s largest underweight position was in the telecommunication services sector, where it had no holdings during the reporting period.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Kohl’s Corp.	1.6	%
	2.	Loews Corp.	1.6
	3.	Expedia, Inc.	1.6
	4.	Cigna Corp.	1.6
	5.	Gap, Inc. (The)	1.6
	6.	Arrow Electronics, Inc.	1.5
	7.	Jack Henry & Associates, Inc.	1.5
	8.	Fifth Third Bancorp	1.4
	9.	Questar Corp.	1.4
	10.	Ameriprise Financial, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	29.8	%
Consumer Discretionary	17.8
Industrials	9.4
Utilities	9.3
Information Technology	8.8
Health Care	6.7
Materials	6.1
Consumer Staples	5.5
Energy	3.8
Short-Term Investment	2.8

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
Without Sales Charge			6.20	%		14.60	%		17.69	%		9.47	%
With Sales Charge**			0.63			8.59			16.43			8.88
CLASS B SHARES	April 30, 2001
Without CDSC			5.88			13.98			17.08			9.03
With CDSC***			0.88			8.98			16.87			9.03
CLASS C SHARES	April 30, 2001
Without CDSC			5.92			14.02			17.09			8.92
With CDSC****			4.92			13.02			17.09			8.92
CLASS R2 SHARES	November 3, 2008		6.03			14.29			17.38			9.29
INSTITUTIONAL CLASS SHARES	November 13, 1997		6.45			15.14			18.26			10.01
SELECT CLASS SHARES	October 31, 2001		6.30			14.85			17.98			9.75

* Not annualized.

** 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 (12/31/04 TO 12/31/14)

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

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Mid Cap Value Fund, the Russell Midcap Value Index, the Lipper Mid-Cap Value Funds Index and the Lipper Multi-Cap Core Funds Index from December 31, 2004 to December 31, 2014. 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 Russell Midcap Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-Cap Value Funds Index and the Lipper 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 Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Mid-Cap Value Funds Index and the Lipper Multi-Cap Core Funds Index are indices based on total returns of certain mutual funds within the mid cap and multi cap fund categories, respectively, as determined 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.

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.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 11

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		1.78%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.01%
Net Assets as of 12/31/14 (In Thousands)	$	321,008

INVESTMENT OBJECTIVE**

The JPMorgan Multi-Cap Market Neutral Fund (the “Fund”) seeks long-term capital preservation and growth by using strategies designed to produce returns which have no correlation with general domestic market performance.

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

The Fund (Select Class Shares) outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection process produced positive returns in the information technology and health care sectors and negative returns in the energy and telecommunication services sectors.

Individual contributors to Fund returns included short positions in McDermott International Inc. and Transocean Ltd. and a long position in United Therapeutics Corp. Shares of both McDermott International and Transocean, both of which provide engineering and other services to the energy sector, declined amid investor concerns that falling global oil prices will hurt demand for their services. Shares of United Therapeutics, a drug maker, rose following a court ruling that blocked a competitor from selling a generic version of the company’s key hypertension drug.

Individual detractors from Fund returns included its long position in Patterson-UTI Energy Inc. and its short position in Norwegian Cruise Line Holdings Ltd. and Avago Technologies Ltd. Shares of Patterson-UTI, an owner/operator of oil drilling rigs, fell amid a decline in the global price of oil. Shares of Norwegian Cruise Lines, a cruise line operator, rose after the company raised its earnings forecast above analysts’ estimates. Shares of Avago, a Singapore maker of analog semiconductors, strengthened on revenue growth and increased demand for its radio frequency semiconductor chips as telecom operators upgraded their networks for so-called 4G smartphones.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing a portfolio based on company fundamentals, quantitative screening and proprietary fundamental analysis. The Fund’s portfolio managers sought to identify dominant franchises with predictable business models deemed capable of achieving, in their view, sustained growth, as well as undervalued companies with the potential to grow their intrinsic value per share. Companies that ranked lowest in the above factors were selected by the Fund’s portfolio managers for possible short sales.

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Express Scripts Holding Co.	1.2	%
	2.	RLJ Lodging Trust	1.1
	3.	Western Digital Corp.	1.1
	4.	Sealed Air Corp.	1.1
	5.	Stryker Corp.	1.1
	6.	Kroger Co. (The)	1.1
	7.	AT&T, Inc.	1.1
	8.	Pilgrim’s Pride Corp.	1.1
	9.	Restaurant Brands International, Inc.	1.1
	10.	Hewlett-Packard Co.	1.1

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	CarMax, Inc.	1.2	%
	2.	Praxair, Inc.	1.2
	3.	Dominion Resources, Inc.	1.2
	4.	LinkedIn Corp., Class A	1.2
	5.	Estee Lauder Cos., Inc. (The), Class A	1.2
	6.	Hain Celestial Group, Inc. (The)	1.1
	7.	Charter Communications, Inc., Class A	1.1
	8.	McCormick & Co., Inc. (Non-Voting)	1.1
	9.	Panera Bread Co., Class A	1.1
	10.	CoStar Group, Inc.	1.1

12 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	25.6	%
Consumer Discretionary	16.3
Industrials	14.0
Health Care	12.3
Consumer Staples	7.3
Financials	4.8
Materials	4.1
Utilities	3.5
Energy	3.0
Telecommunication Services	2.8
Short-Term Investment	6.3

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	24.0	%
Industrials	18.5
Consumer Discretionary	17.8
Health Care	12.0
Consumer Staples	8.3
Financials	5.5
Energy	4.9
Materials	4.2
Utilities	3.3
Telecommunication Services	1.5

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

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

*** Percentages indicated are based on total long investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 13

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		May 23, 2003
Without Sales Charge				1.61	%		1.41	%		0.06	%		0.82	%
With Sales Charge**				(3.73	)		(3.91	)		(1.02	)		0.28
CLASS B SHARES		May 23, 2003
Without CDSC				1.38			0.95			(0.58	)		0.22
With CDSC***				(3.62	)		(4.05	)		(0.99	)		0.22
CLASS C SHARES		May 23, 2003
Without CDSC				1.38			0.95			(0.58	)		0.12
With CDSC****				0.38			(0.05	)		(0.58	)		0.12
SELECT CLASS SHARES		May 23, 2003		1.78			1.68			0.31			1.07

* Not annualized.

** 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 (12/31/04 TO 12/31/14)

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Multi-Cap Market Neutral Fund, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and the Lipper Alternative Equity Market Neutral Funds Index from December 31, 2004 to December 31, 2014. 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 indices reflects an initial investment at the end of the month following the Fund’s inception. The performance of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Alternative Equity Market Neutral Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is

comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. The Lipper Alternative Equity Market Neutral Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

Because the Class B Shares automatically convert to Class A Shares after eight years, the since inception 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.

14 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		5.48%
Russell 3000 Value Index		4.39%
Net Assets as of 12/31/2014 (In Thousands)	$	9,854,695

INVESTMENT OBJECTIVE**

The JPMorgan Value Advantage Fund (the “Fund”) seeks to provide long-term total return from a combination of income and capital gains.

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

The Fund (Institutional Class Shares) outperformed the Russell 3000 Value Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection and underweight position in the energy sector and its security selection in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the financials sector and its security selection and underweight position in the health care sector were leading detractors from relative performance.

Leading individual contributors to relative performance included its underweight position in Chevron Corp. and its overweight positions in Bed Bath & Beyond and Home Depot Inc. Shares of Chevron, an integrated energy producer not held in the Fund, declined sharply along with the global price of oil. Shares of Bed Bath & Beyond, an operator of retail chains, rose on better-than-expected quarterly revenue and healthy earnings. Shares of Home Depot, a home improvement retail chain not held in the Benchmark, strengthened on better than expected quarterly sales.

Leading individual detractors from relative performance included The Fund’s overweight positions in Southwestern Energy Co. and Dover Corp and its underweight position in Berkshire Hathaway Inc. Shares of Southwestern Energy, an independent oil and natural gas exploration and production company not held in the Benchmark, fell after the company lowered its forecast of cash flow amid falling global oil prices. Shares of Dover, a manufacturer of pumps and compressors, declined on a lower forecast for quarterly earnings. Shares of Berkshire Hathaway, a financial holding company not held by the Fund, rose on the strength of the company’s core insurance and freight rail businesses.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in the portfolio managers’ view, significant levels of free cash flow. The Fund’s largest

overweight position continued to be in the consumer discretionary sector, where the Fund’s portfolio managers found what they believed to be compelling investment opportunities. The Fund’s largest underweight position was in the energy sector. In addition, the Fund’s relative performance was hindered by above-average cash holdings. The cash position accrued because the Fund’s portfolio managers believed valuations were stretched and did not want to invest in overvalued securities.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	3.3	%
	2.	Exxon Mobil Corp.	2.6
	3.	Pfizer, Inc.	2.1
	4.	Johnson & Johnson	2.0
	5.	Loews Corp.	1.8
	6.	Bank of America Corp.	1.7
	7.	DISH Network Corp., Class A	1.6
	8.	Capital One Financial Corp.	1.6
	9.	Merck & Co., Inc.	1.6
	10.	Kohl’s Corp.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Financials	32.2	%
Consumer Discretionary	14.9
Health Care	8.6
Industrials	8.3
Energy	7.1
Utilities	5.8
Information Technology	5.5
Consumer Staples	4.8
Materials	3.6
Telecommunication Services	1.1
Short-Term Investment	8.1

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 15

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		February 28, 2005
Without Sales Charge				5.18	%		13.30	%		16.48	%		9.80	%
With Sales Charge**				(0.36	)		7.35			15.23			9.20
CLASS C SHARES		February 28, 2005
Without CDSC				4.91			12.70			15.90			9.26
With CDSC***				3.91			11.70			15.90			9.26
INSTITUTIONAL CLASS SHARES		February 28, 2005		5.48			13.87			17.05			10.30
SELECT CLASS SHARES		February 28, 2005		5.31			13.57			16.77			10.08

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (2/28/05 TO 12/31/14)

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, 2005.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Value Advantage Fund, the Russell 3000 Value Index and the Lipper Multi-Cap Value Funds Index from February 28, 2005 to December 31, 2014. 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 Russell 3000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Multi-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment

management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Value Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with lower price-to-book ratios and lower forecasted growth values. The Lipper Multi-Cap Value Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

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.

16 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.5%
		Consumer Discretionary — 17.7%
		Auto Components — 0.9%
	671	BorgWarner, Inc.		36,882
		Automobiles — 2.0%
	590	Harley-Davidson, Inc.		38,887
	195	Tesla Motors, Inc. (a)		43,281
				82,168
		Hotels, Restaurants & Leisure — 2.2%
	1,717	Hilton Worldwide Holdings, Inc. (a)		44,786
	576	Starbucks Corp.		47,277
				92,063
		Household Durables — 0.9%
	229	Mohawk Industries, Inc. (a)		35,624
		Internet & Catalog Retail — 3.5%
	163	Amazon.com, Inc. (a)		50,680
	111	Netflix, Inc. (a)		37,782
	51	Priceline Group, Inc. (The) (a)		58,151
				146,613
		Specialty Retail — 6.1%
	204	Advance Auto Parts, Inc.		32,557
	963	GameStop Corp., Class A		32,553
	795	Home Depot, Inc. (The)		83,472
	475	Ulta Salon Cosmetics & Fragrance, Inc. (a)		60,775
	1,339	Urban Outfitters, Inc. (a)		47,036
				256,393
		Textiles, Apparel & Luxury Goods — 2.1%
	804	Michael Kors Holdings Ltd., (Hong Kong) (a)		60,395
	946	Wolverine World Wide, Inc.		27,888
				88,283
		Total Consumer Discretionary		738,026
		Consumer Staples — 1.2%
		Food & Staples Retailing — 1.2%
	1,423	Sprouts Farmers Market, Inc. (a)		48,364
		Energy — 3.6%
		Energy Equipment & Services — 1.5%
	260	Dril-Quip, Inc. (a)		19,965
	520	Schlumberger Ltd. (m)		44,448
				64,413
		Oil, Gas & Consumable Fuels — 2.1%
	486	Antero Resources Corp. (a)		19,734
	324	Concho Resources, Inc. (a)		32,309

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	494	Phillips 66		35,441
				87,484
		Total Energy		151,897
		Financials — 9.0%
		Banks — 1.8%
	872	East West Bancorp, Inc.		33,759
	336	Signature Bank (a)		42,348
				76,107
		Capital Markets — 3.8%
	332	Affiliated Managers Group, Inc. (a)		70,485
	750	Lazard Ltd., (Bermuda), Class A		37,497
	1,368	TD Ameritrade Holding Corp.		48,933
				156,915
		Diversified Financial Services — 0.9%
	389	Moody’s Corp.		37,308
		Insurance — 0.5%
	381	AmTrust Financial Services, Inc.		21,416
		Real Estate Management & Development — 2.0%
	2,389	CBRE Group, Inc., Class A (a)		81,834
		Total Financials		373,580
		Health Care — 18.1%
		Biotechnology — 10.0%
	235	Alexion Pharmaceuticals, Inc. (a)		43,464
	181	Biogen Idec, Inc. (a)		61,542
	671	Celgene Corp. (a)		75,092
	1,502	Gilead Sciences, Inc. (a)		141,578
	149	Regeneron Pharmaceuticals, Inc. (a)		61,127
	287	Vertex Pharmaceuticals, Inc. (a)		34,096
				416,899
		Health Care Equipment & Supplies — 0.6%
	1,566	Novadaq Technologies, Inc., (Canada) (a)		26,032
		Health Care Providers & Services — 2.6%
	750	Acadia Healthcare Co., Inc. (a)		45,901
	608	UnitedHealth Group, Inc.		61,412
				107,313
		Health Care Technology — 0.6%
	924	Veeva Systems, Inc., Class A (a)		24,398
		Life Sciences Tools & Services — 2.2%
	759	Fluidigm Corp. (a)		25,584
	360	Illumina, Inc. (a)		66,357
				91,941

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 17

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — 2.1%
	1,552	Nektar Therapeutics (a)		24,059
	451	Valeant Pharmaceuticals International, Inc. (a)		64,571
				88,630
		Total Health Care		755,213
		Industrials — 13.4%
		Airlines — 1.3%
	1,107	Delta Air Lines, Inc.		54,468
		Building Products — 2.2%
	1,264	Fortune Brands Home & Security, Inc.		57,203
	768	Trex Co., Inc. (a)		32,706
				89,909
		Electrical Equipment — 2.4%
	715	Acuity Brands, Inc.		100,122
		Industrial Conglomerates — 1.5%
	694	Carlisle Cos., Inc.		62,636
		Machinery — 1.5%
	605	Pall Corp.		61,232
		Marine — 0.7%
	344	Kirby Corp. (a)		27,783
		Road & Rail — 1.9%
	149	Canadian Pacific Railway Ltd., (Canada)		28,740
	677	Old Dominion Freight Line, Inc. (a)		52,527
				81,267
		Trading Companies & Distributors — 1.9%
	2,098	HD Supply Holdings, Inc. (a)		61,855
	565	Rush Enterprises, Inc., Class A (a)		18,108
				79,963
		Total Industrials		557,380
		Information Technology — 28.9%
		Communications Equipment — 1.5%
	1,511	Ciena Corp. (a)		29,327
	266	Palo Alto Networks, Inc. (a)		32,640
				61,967
		Electronic Equipment, Instruments & Components — 1.1%
	838	Amphenol Corp., Class A		45,087
		Internet Software & Services — 9.1%
	214	CoStar Group, Inc. (a)		39,260
	1,024	Dealertrack Technologies, Inc. (a)		45,391
	2,092	Facebook, Inc., Class A (a)		163,249
	247	Google, Inc., Class C (a)		130,232
				378,132

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — 3.8%
	221	Alliance Data Systems Corp. (a)		63,274
	1,090	MasterCard, Inc., Class A		93,880
				157,154
		Semiconductors & Semiconductor Equipment — 3.9%
	458	Avago Technologies Ltd., (Singapore)		46,090
	733	Lam Research Corp.		58,117
	780	NXP Semiconductors N.V., (Netherlands) (a)		59,615
				163,822
		Software — 5.6%
	652	Adobe Systems, Inc. (a)		47,364
	939	Electronic Arts, Inc. (a)		44,128
	643	Guidewire Software, Inc. (a)		32,560
	1,331	Microsoft Corp.		61,844
	403	ServiceNow, Inc. (a)		27,310
	267	Workday, Inc., Class A (a)		21,749
				234,955
		Technology Hardware, Storage & Peripherals — 3.9%
	1,498	Apple, Inc. (m)		165,310
		Total Information Technology		1,206,427
		Materials — 4.6%
		Chemicals — 3.9%
	245	Air Products & Chemicals, Inc. (m)		35,293
	294	PPG Industries, Inc. (m)		68,004
	216	Sherwin-Williams Co. (The)		56,791
				160,088
		Construction Materials — 0.7%
	399	Eagle Materials, Inc.		30,305
		Total Materials		190,393
		Total Common Stocks (Cost $2,922,439)		4,021,280
	Short-Term Investment — 3.4%
		Investment Company — 3.4%
	141,289	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $141,289)		141,289
		Total Investments — 99.9% (Cost $3,063,728)		4,162,569
		Other Assets in Excess of Liabilities — 0.1%		5,867
		NET ASSETS — 100.0%	$	4,168,436

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.7%
		Consumer Discretionary — 19.0%
		Auto Components — 0.6%
	324	BorgWarner, Inc.		17,826
		Automobiles — 1.3%
	272	Harley-Davidson, Inc.		17,910
	97	Tesla Motors, Inc. (a)		21,463
				39,373
		Hotels, Restaurants & Leisure — 2.5%
	19	Chipotle Mexican Grill, Inc. (a)		13,006
	624	Hilton Worldwide Holdings, Inc. (a)		16,272
	84	Marriott International, Inc., Class A		6,590
	307	Norwegian Cruise Line Holdings Ltd. (a)		14,345
	78	Panera Bread Co., Class A (a)		13,547
	174	Starwood Hotels & Resorts Worldwide, Inc.		14,097
				77,857
		Household Durables — 2.1%
	374	Jarden Corp. (a)		17,910
	216	Mohawk Industries, Inc. (a)		33,510
	347	Toll Brothers, Inc. (a)		11,882
				63,302
		Internet & Catalog Retail — 1.7%
	293	Expedia, Inc.		24,972
	60	Netflix, Inc. (a)		20,360
	94	TripAdvisor, Inc. (a)		7,003
				52,335
		Media — 1.5%
	143	CBS Corp. (Non-Voting), Class B (m)		7,911
	336	Clear Channel Outdoor Holdings, Inc., Class A		3,564
	224	DISH Network Corp., Class A (a)		16,291
	389	Gannett Co., Inc. (m)		12,430
	286	Time, Inc.		7,036
				47,232
		Multiline Retail — 1.5%
	210	Big Lots, Inc.		8,384
	413	Kohl’s Corp.		25,238
	151	Nordstrom, Inc.		12,025
				45,647
		Specialty Retail — 5.8%
	108	Advance Auto Parts, Inc.		17,266
	26	AutoZone, Inc. (a)		16,048
	161	Bed Bath & Beyond, Inc. (a)		12,285
	373	Best Buy Co., Inc.		14,527
	346	GameStop Corp., Class A		11,685

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	571	Gap, Inc. (The)		24,057
	240	GNC Holdings, Inc., Class A		11,266
	145	Tiffany & Co.		15,461
	201	Ulta Salon Cosmetics & Fragrance, Inc. (a)		25,696
	519	Urban Outfitters, Inc. (a)		18,216
	146	Williams-Sonoma, Inc.		11,070
				177,577
		Textiles, Apparel & Luxury Goods — 2.0%
	357	Michael Kors Holdings Ltd., (Hong Kong) (a)		26,841
	104	PVH Corp.		13,388
	79	Ralph Lauren Corp.		14,581
	95	V.F. Corp.		7,107
				61,917
		Total Consumer Discretionary		583,066
		Consumer Staples — 4.0%
		Beverages — 1.4%
	122	Constellation Brands, Inc., Class A (a)		11,961
	171	Dr. Pepper Snapple Group, Inc.		12,272
	187	Monster Beverage Corp. (a)		20,218
				44,451
		Food & Staples Retailing — 1.7%
	322	Kroger Co. (The)		20,698
	1,838	Rite Aid Corp. (a)		13,822
	515	Sprouts Farmers Market, Inc. (a)		17,507
				52,027
		Food Products — 0.5%
	138	Hershey Co. (The) (m)		14,326
		Household Products — 0.4%
	105	Energizer Holdings, Inc.		13,499
		Total Consumer Staples		124,303
		Energy — 4.0%
		Energy Equipment & Services — 0.3%
	122	Dril-Quip, Inc. (a)		9,361
		Oil, Gas & Consumable Fuels — 3.7%
	174	Antero Resources Corp. (a)		7,077
	181	Concho Resources, Inc. (a)		18,075
	307	Energen Corp.		19,588
	124	EQT Corp.		9,386
	523	Laredo Petroleum, Inc. (a)		5,413
	270	PBF Energy, Inc., Class A		7,186
	252	Plains All American Pipeline LP		12,917
	373	QEP Resources, Inc.		7,547
	203	Range Resources Corp.		10,834

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 19

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	540	Southwestern Energy Co. (a)		14,727
				112,750
		Total Energy		122,111
		Financials — 20.2%
		Banks — 4.1%
	322	Citizens Financial Group, Inc.		7,995
	138	City National Corp.		11,175
	392	East West Bancorp, Inc.		15,174
	1,083	Fifth Third Bancorp		22,074
	175	First Republic Bank		9,124
	370	Huntington Bancshares, Inc.		3,895
	136	M&T Bank Corp.		17,119
	138	Signature Bank (a)		17,420
	459	SunTrust Banks, Inc.		19,222
	149	Zions Bancorporation		4,247
				127,445
		Capital Markets — 4.9%
	149	Affiliated Managers Group, Inc. (a)		31,666
	151	Ameriprise Financial, Inc.		19,946
	344	Blackstone Group LP (The)		11,624
	381	Invesco Ltd.		15,066
	314	Lazard Ltd., (Bermuda), Class A		15,705
	169	Legg Mason, Inc.		9,038
	139	Northern Trust Corp.		9,356
	225	T. Rowe Price Group, Inc.		19,308
	572	TD Ameritrade Holding Corp.		20,448
				152,157
		Consumer Finance — 0.4%
	534	Ally Financial, Inc. (a)		12,607
		Diversified Financial Services — 0.7%
	213	Moody’s Corp.		20,369
		Insurance — 4.4%
	20	Alleghany Corp. (a)		9,435
	124	Chubb Corp. (The)		12,835
	406	Hartford Financial Services Group, Inc. (The)		16,943
	588	Loews Corp.		24,709
	362	Marsh & McLennan Cos., Inc.		20,700
	451	Old Republic International Corp.		6,604
	251	Progressive Corp. (The)		6,778
	364	Unum Group		12,696
	198	W.R. Berkley Corp.		10,140
	422	XL Group plc, (Ireland)		14,506
				135,346

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — 4.4%
	268	American Campus Communities, Inc. (m)		11,087
	101	AvalonBay Communities, Inc. (m)		16,472
	62	Boston Properties, Inc. (m)		8,037
	389	Brixmor Property Group, Inc. (m)		9,657
	491	General Growth Properties, Inc. (m)		13,811
	639	Kimco Realty Corp. (m)		16,073
	221	Outfront Media, Inc.		5,934
	310	Rayonier, Inc. (m)		8,668
	173	Regency Centers Corp. (m)		11,034
	158	Vornado Realty Trust (m)		18,568
	415	Weyerhaeuser Co. (m)		14,910
				134,251
		Real Estate Management & Development — 1.1%
	952	CBRE Group, Inc., Class A (a)		32,589
		Thrifts & Mortgage Finance — 0.2%
	622	Hudson City Bancorp, Inc.		6,298
		Total Financials		621,062
		Health Care — 10.6%
		Biotechnology — 1.3%
	61	Alexion Pharmaceuticals, Inc. (a)		11,305
	74	Receptos, Inc. (a)		9,115
	175	Vertex Pharmaceuticals, Inc. (a)		20,755
				41,175
		Health Care Equipment & Supplies — 1.5%
	296	CareFusion Corp. (a)		17,566
	240	Insulet Corp. (a)		11,045
	196	Sirona Dental Systems, Inc. (a)		17,151
				45,762
		Health Care Providers & Services — 5.3%
	194	Acadia Healthcare Co., Inc. (a)		11,881
	201	AmerisourceBergen Corp.		18,146
	809	Brookdale Senior Living, Inc. (a)		29,673
	230	Cigna Corp. (m)		23,637
	518	Envision Healthcare Holdings, Inc. (a)		17,955
	71	Henry Schein, Inc. (a)		9,675
	281	Humana, Inc. (m)		40,325
	315	Premier, Inc., Class A (a)		10,569
				161,861
		Health Care Technology — 0.2%
	261	Veeva Systems, Inc., Class A (a)		6,893
		Life Sciences Tools & Services — 1.0%
	176	Illumina, Inc. (a)		32,501

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — 1.3%
	73	Jazz Pharmaceuticals plc, (Ireland) (a)		11,985
	70	Perrigo Co. plc, (Ireland)		11,718
	110	Valeant Pharmaceuticals International, Inc. (a)		15,713
				39,416
		Total Health Care		327,608
		Industrials — 13.1%
		Airlines — 1.0%
	607	Delta Air Lines, Inc.		29,873
		Building Products — 1.6%
	276	A.O. Smith Corp.		15,552
	778	Fortune Brands Home & Security, Inc.		35,211
				50,763
		Commercial Services & Supplies — 0.6%
	139	Stericycle, Inc. (a)		18,227
		Electrical Equipment — 2.6%
	273	Acuity Brands, Inc.		38,211
	267	AMETEK, Inc.		14,073
	125	Hubbell, Inc., Class B		13,385
	174	Regal-Beloit Corp.		13,068
				78,737
		Industrial Conglomerates — 1.3%
	453	Carlisle Cos., Inc.		40,864
		Machinery — 2.7%
	219	IDEX Corp.		17,042
	164	Middleby Corp. (The) (a)		16,223
	249	Pall Corp.		25,193
	283	Rexnord Corp. (a)		7,991
	113	Snap-on, Inc.		15,502
				81,951
		Marine — 0.4%
	149	Kirby Corp. (a)		12,014
		Professional Services — 0.6%
	237	Equifax, Inc.		19,175
		Road & Rail — 0.7%
	55	Canadian Pacific Railway Ltd., (Canada)		10,637
	139	Landstar System, Inc.		10,067
				20,704
		Trading Companies & Distributors — 1.6%
	794	HD Supply Holdings, Inc. (a)		23,427
	167	MSC Industrial Direct Co., Inc., Class A		13,592

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — continued
	116	Watsco, Inc.		12,428
				49,447
		Total Industrials		401,755
		Information Technology — 16.5%
		Communications Equipment — 1.6%
	134	Arista Networks, Inc. (a)		8,142
	347	Aruba Networks, Inc. (a)		6,303
	568	Ciena Corp. (a)		11,032
	504	CommScope Holding Co., Inc. (a)		11,516
	109	Palo Alto Networks, Inc. (a)		13,348
				50,341
		Electronic Equipment, Instruments & Components — 2.1%
	772	Amphenol Corp., Class A		41,545
	400	Arrow Electronics, Inc. (a)		23,184
				64,729
		Internet Software & Services — 1.6%
	97	CoStar Group, Inc. (a)		17,849
	380	Dealertrack Technologies, Inc. (a)		16,829
	360	Twitter, Inc. (a)		12,920
				47,598
		IT Services — 2.7%
	95	Alliance Data Systems Corp. (a)		27,203
	162	Gartner, Inc. (a)		13,659
	368	Jack Henry & Associates, Inc.		22,883
	525	VeriFone Systems, Inc. (a)		19,523
				83,268
		Semiconductors & Semiconductor Equipment — 4.2%
	351	Analog Devices, Inc.		19,506
	694	Applied Materials, Inc.		17,295
	249	Avago Technologies Ltd., (Singapore)		25,077
	144	KLA-Tencor Corp.		10,131
	232	Lam Research Corp.		18,439
	285	NXP Semiconductors N.V., (Netherlands) (a)		21,743
	399	Xilinx, Inc.		17,270
				129,461
		Software — 3.8%
	278	Autodesk, Inc. (a)		16,703
	406	Electronic Arts, Inc. (a)		19,083
	247	Guidewire Software, Inc. (a)		12,500
	176	Mobileye N.V., (Israel) (a)		7,147
	92	NetSuite, Inc. (a)		10,055
	200	ServiceNow, Inc. (a)		13,597
	404	Synopsys, Inc. (a)		17,549

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 21

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	125	Tableau Software, Inc., Class A (a)		10,553
	130	Workday, Inc., Class A (a)		10,593
				117,780
		Technology Hardware, Storage & Peripherals — 0.5%
	160	SanDisk Corp.		15,647
		Total Information Technology		508,824
		Materials — 4.6%
		Chemicals — 2.7%
	172	Airgas, Inc.		19,844
	204	Albemarle Corp.		12,281
	167	Sherwin-Williams Co. (The)		43,991
	46	Sigma-Aldrich Corp.		6,343
				82,459
		Construction Materials — 0.4%
	186	Eagle Materials, Inc.		14,141
		Containers & Packaging — 1.5%
	256	Ball Corp.		17,431
	223	Rock-Tenn Co., Class A		13,619
	274	Silgan Holdings, Inc.		14,707
				45,757
		Total Materials		142,357
		Utilities — 4.7%
		Electric Utilities — 1.4%
	219	Edison International		14,362
	359	Westar Energy, Inc.		14,806
	391	Xcel Energy, Inc.		14,028
				43,196

SHARES		SECURITY DESCRIPTION	VALUE($)
		Gas Utilities — 1.0%
	146	National Fuel Gas Co.		10,159
	850	Questar Corp.		21,482
				31,641
		Multi-Utilities — 2.3%
	586	CenterPoint Energy, Inc.		13,723
	458	CMS Energy Corp. (m)		15,919
	151	NiSource, Inc.		6,422
	182	Sempra Energy		20,297
	239	Wisconsin Energy Corp.		12,587
				68,948
		Total Utilities		143,785
		Total Common Stocks (Cost $2,217,318)		2,974,871
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	97,564	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $97,564)		97,564
		Total Investments — 99.9% (Cost $2,314,882)		3,072,435
		Other Assets in Excess of Liabilities — 0.1%		2,613
		NET ASSETS — 100.0%	$	3,075,048

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.5%
		Consumer Discretionary — 20.3%
		Auto Components — 1.2%
	503	BorgWarner, Inc.		27,662
		Automobiles — 2.6%
	422	Harley-Davidson, Inc.		27,794
	150	Tesla Motors, Inc. (a)		33,406
				61,200
		Hotels, Restaurants & Leisure — 3.7%
	30	Chipotle Mexican Grill, Inc. (a)		20,193
	968	Hilton Worldwide Holdings, Inc. (a)		25,257
	476	Norwegian Cruise Line Holdings Ltd. (a)		22,272
	121	Panera Bread Co., Class A (a)		21,081
				88,803
		Household Durables — 1.6%
	130	Mohawk Industries, Inc. (a)		20,181
	538	Toll Brothers, Inc. (a)		18,451
				38,632
		Internet & Catalog Retail — 1.8%
	93	Netflix, Inc. (a)		31,599
	146	TripAdvisor, Inc. (a)		10,878
				42,477
		Multiline Retail — 0.5%
	326	Big Lots, Inc.		13,027
		Specialty Retail — 6.2%
	168	Advance Auto Parts, Inc.		26,807
	537	GameStop Corp., Class A		18,140
	366	GNC Holdings, Inc., Class A		17,197
	310	Ulta Salon Cosmetics & Fragrance, Inc. (a)		39,630
	795	Urban Outfitters, Inc. (a)		27,918
	227	Williams-Sonoma, Inc.		17,195
				146,887
		Textiles, Apparel & Luxury Goods — 2.7%
	540	Michael Kors Holdings Ltd., (Hong Kong) (a)		40,531
	122	Ralph Lauren Corp.		22,636
				63,167
		Total Consumer Discretionary		481,855
		Consumer Staples — 2.5%
		Beverages — 1.3%
	290	Monster Beverage Corp. (a)		31,378
		Food & Staples Retailing — 1.2%
	800	Sprouts Farmers Market, Inc. (a)		27,167
		Total Consumer Staples		58,545

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 4.1%
		Energy Equipment & Services — 0.6%
	190	Dril-Quip, Inc. (a)		14,540
		Oil, Gas & Consumable Fuels — 3.5%
	271	Antero Resources Corp. (a)		10,993
	277	Concho Resources, Inc. (a)		27,671
	813	Laredo Petroleum, Inc. (a)		8,419
	390	Plains All American Pipeline LP		19,989
	310	Range Resources Corp.		16,591
				83,663
		Total Energy		98,203
		Financials — 10.8%
		Banks — 2.1%
	584	East West Bancorp, Inc.		22,595
	215	Signature Bank (a)		27,044
				49,639
		Capital Markets — 5.2%
	232	Affiliated Managers Group, Inc. (a)		49,133
	534	Blackstone Group LP (The)		18,052
	486	Lazard Ltd., (Bermuda), Class A		24,294
	887	TD Ameritrade Holding Corp.		31,730
				123,209
		Diversified Financial Services — 1.4%
	330	Moody’s Corp.		31,608
		Real Estate Management & Development — 2.1%
	1,476	CBRE Group, Inc., Class A (a)		50,553
		Total Financials		255,009
		Health Care — 14.8%
		Biotechnology — 2.7%
	95	Alexion Pharmaceuticals, Inc. (a)		17,559
	116	Receptos, Inc. (a)		14,150
	271	Vertex Pharmaceuticals, Inc. (a)		32,207
				63,916
		Health Care Equipment & Supplies — 1.8%
	372	Insulet Corp. (a)		17,153
	305	Sirona Dental Systems, Inc. (a)		26,621
				43,774
		Health Care Providers & Services — 5.1%
	297	Acadia Healthcare Co., Inc. (a)		18,198
	675	Brookdale Senior Living, Inc. (a)		24,749
	803	Envision Healthcare Holdings, Inc. (a)		27,866
	226	Humana, Inc. (m)		32,520
	490	Premier, Inc., Class A (a)		16,413
				119,746

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 23

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Technology — 0.5%
	406	Veeva Systems, Inc., Class A (a)		10,712
		Life Sciences Tools & Services — 2.1%
	273	Illumina, Inc. (a)		50,409
		Pharmaceuticals — 2.6%
	114	Jazz Pharmaceuticals plc, (Ireland) (a)		18,583
	109	Perrigo Co. plc, (Ireland)		18,187
	170	Valeant Pharmaceuticals International, Inc. (a)		24,329
				61,099
		Total Health Care		349,656
		Industrials — 16.8%
		Airlines — 2.0%
	944	Delta Air Lines, Inc.		46,455
		Building Products — 2.5%
	428	A.O. Smith Corp.		24,132
	769	Fortune Brands Home & Security, Inc.		34,826
				58,958
		Commercial Services & Supplies — 1.2%
	216	Stericycle, Inc. (a)		28,283
		Electrical Equipment — 2.5%
	423	Acuity Brands, Inc.		59,278
		Industrial Conglomerates — 1.5%
	384	Carlisle Cos., Inc.		34,688
		Machinery — 2.7%
	254	Middleby Corp. (The) (a)		25,182
	386	Pall Corp. (m)		39,087
				64,269
		Marine — 0.8%
	230	Kirby Corp. (a)		18,578
		Road & Rail — 1.3%
	83	Canadian Pacific Railway Ltd., (Canada)		16,071
	216	Landstar System, Inc.		15,630
				31,701
		Trading Companies & Distributors — 2.3%
	1,233	HD Supply Holdings, Inc. (a)		36,347
	180	Watsco, Inc.		19,292
				55,639
		Total Industrials		397,849
		Information Technology — 24.2%
		Communications Equipment — 2.5%
	205	Arista Networks, Inc. (a)		12,480
	539	Aruba Networks, Inc. (a)		9,797

SHARES		SECURITY DESCRIPTION	VALUE($)
		Communications Equipment — continued
	883	Ciena Corp. (a)		17,135
	169	Palo Alto Networks, Inc. (a)		20,666
				60,078
		Electronic Equipment, Instruments & Components — 1.7%
	733	Amphenol Corp., Class A		39,443
		Internet Software & Services — 3.1%
	151	CoStar Group, Inc. (a)		27,691
	586	Dealertrack Technologies, Inc. (a)		25,966
	559	Twitter, Inc. (a)		20,055
				73,712
		IT Services — 3.9%
	147	Alliance Data Systems Corp. (a)		42,135
	252	Gartner, Inc. (a)		21,196
	814	VeriFone Systems, Inc. (a)		30,292
				93,623
		Semiconductors & Semiconductor Equipment — 5.4%
	1,074	Applied Materials, Inc. (m)		26,766
	384	Avago Technologies Ltd., (Singapore)		38,667
	361	Lam Research Corp. (m)		28,618
	442	NXP Semiconductors N.V., (Netherlands) (a)		33,746
				127,797
		Software — 6.6%
	430	Autodesk, Inc. (a) (m)		25,844
	630	Electronic Arts, Inc. (a) (m)		29,629
	383	Guidewire Software, Inc. (a)		19,412
	272	Mobileye N.V., (Israel) (a)		11,028
	143	NetSuite, Inc. (a)		15,600
	311	ServiceNow, Inc. (a)		21,108
	193	Tableau Software, Inc., Class A (a)		16,393
	202	Workday, Inc., Class A (a)		16,444
				155,458
		Technology Hardware, Storage & Peripherals — 1.0%
	248	SanDisk Corp.		24,299
		Total Information Technology		574,410
		Materials — 3.0%
		Chemicals — 2.1%
	185	Sherwin-Williams Co. (The)		48,583
		Construction Materials — 0.9%
	289	Eagle Materials, Inc.		21,950
		Total Materials		70,533
		Total Common Stocks (Cost $1,654,198)		2,286,060

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	76,415	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $76,415 )		76,415
		Total Investments — 99.7% (Cost $1,730,613)		2,362,475
		Other Assets in Excess of Liabilities — 0.3%		7,371
		NET ASSETS — 100.0%	$	2,369,846

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 25

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.6%
		Consumer Discretionary — 17.9%
		Hotels, Restaurants & Leisure — 1.4%
	978	Marriott International, Inc., Class A		76,299
	1,788	Starwood Hotels & Resorts Worldwide, Inc.		144,925
				221,224
		Household Durables — 2.5%
	3,897	Jarden Corp. (a)		186,612
	1,370	Mohawk Industries, Inc. (a)		212,824
				399,436
		Internet & Catalog Retail — 1.6%
	3,033	Expedia, Inc.		258,875
		Media — 3.2%
	1,469	CBS Corp. (Non-Voting), Class B		81,285
	3,534	Clear Channel Outdoor Holdings, Inc., Class A		37,422
	2,294	DISH Network Corp., Class A (a)		167,230
	4,712	Gannett Co., Inc.		150,455
	2,957	Time, Inc.		72,773
				509,165
		Multiline Retail — 2.4%
	4,288	Kohl’s Corp.		261,729
	1,573	Nordstrom, Inc.		124,913
				386,642
		Specialty Retail — 5.4%
	266	AutoZone, Inc. (a)		164,887
	1,677	Bed Bath & Beyond, Inc. (a)		127,720
	3,920	Best Buy Co., Inc.		152,820
	5,979	Gap, Inc. (The)		251,772
	1,518	Tiffany & Co.		162,208
				859,407
		Textiles, Apparel & Luxury Goods — 1.4%
	1,095	PVH Corp.		140,366
	1,067	V.F. Corp.		79,946
				220,312
		Total Consumer Discretionary		2,855,061
		Consumer Staples — 5.5%
		Beverages — 1.6%
	1,268	Constellation Brands, Inc., Class A (a)		124,510
	1,886	Dr. Pepper Snapple Group, Inc.		135,214
				259,724
		Food & Staples Retailing — 2.1%
	3,346	Kroger Co. (The)		214,857
	15,560	Rite Aid Corp. (a)		117,011
				331,868

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — 0.9%
	1,448	Hershey Co. (The)		150,460
		Household Products — 0.9%
	1,083	Energizer Holdings, Inc.		139,241
		Total Consumer Staples		881,293
		Energy — 3.8%
		Oil, Gas & Consumable Fuels — 3.8%
	3,217	Energen Corp.		205,099
	1,300	EQT Corp.		98,409
	2,651	PBF Energy, Inc., Class A		70,635
	3,903	QEP Resources, Inc.		78,915
	5,608	Southwestern Energy Co. (a)		153,049
		Total Energy		606,107
		Financials — 29.9%
		Banks — 6.5%
	3,344	Citizens Financial Group, Inc.		83,137
	1,553	City National Corp.		125,527
	11,271	Fifth Third Bancorp		229,650
	1,965	First Republic Bank		102,431
	3,866	Huntington Bancshares, Inc.		40,668
	1,674	M&T Bank Corp.		210,283
	4,786	SunTrust Banks, Inc.		200,545
	1,631	Zions Bancorporation		46,487
				1,038,728
		Capital Markets — 4.8%
	1,655	Ameriprise Financial, Inc.		218,872
	3,935	Invesco Ltd.		155,523
	1,751	Legg Mason, Inc.		93,444
	1,450	Northern Trust Corp.		97,752
	2,309	T. Rowe Price Group, Inc.		198,290
				763,881
		Consumer Finance — 0.7%
	4,995	Ally Financial, Inc. (a)		117,987
		Insurance — 8.8%
	214	Alleghany Corp. (a)		99,159
	1,275	Chubb Corp. (The)		131,878
	4,279	Hartford Financial Services Group, Inc. (The)		178,380
	6,215	Loews Corp.		261,157
	3,701	Marsh & McLennan Cos., Inc.		211,848
	4,727	Old Republic International Corp.		69,151
	2,582	Progressive Corp. (The)		69,696
	3,743	Unum Group		130,544
	2,039	W.R. Berkley Corp.		104,502
	4,448	XL Group plc, (Ireland)		152,877
				1,409,192

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — 8.7%
	2,783	American Campus Communities, Inc. (m)		115,124
	1,054	AvalonBay Communities, Inc. (m)		172,202
	649	Boston Properties, Inc. (m)		83,508
	4,041	Brixmor Property Group, Inc.		100,376
	5,105	General Growth Properties, Inc. (m)		143,597
	6,696	Kimco Realty Corp. (m)		168,327
	2,321	Outfront Media, Inc.		62,287
	2,993	Rayonier, Inc. (m)		83,626
	1,757	Regency Centers Corp. (m)		112,092
	1,636	Vornado Realty Trust (m)		192,540
	4,370	Weyerhaeuser Co. (m)		156,848
				1,390,527
		Thrifts & Mortgage Finance — 0.4%
	6,261	Hudson City Bancorp, Inc.		63,362
		Total Financials		4,783,677
		Health Care — 6.7%
		Health Care Equipment & Supplies — 1.2%
	3,133	CareFusion Corp. (a)		185,911
		Health Care Providers & Services — 5.5%
	2,159	AmerisourceBergen Corp.		194,670
	3,849	Brookdale Senior Living, Inc. (a)		141,145
	2,448	Cigna Corp.		251,899
	727	Henry Schein, Inc. (a)		99,016
	1,404	Humana, Inc.		201,645
				888,375
		Total Health Care		1,074,286
		Industrials — 9.4%
		Building Products — 0.8%
	2,939	Fortune Brands Home & Security, Inc.		133,045
		Electrical Equipment — 2.7%
	2,818	AMETEK, Inc.		148,297
	1,299	Hubbell, Inc., Class B		138,792
	1,815	Regal-Beloit Corp.		136,508
				423,597
		Industrial Conglomerates — 1.2%
	2,101	Carlisle Cos., Inc.		189,624
		Machinery — 2.6%
	2,297	IDEX Corp.		178,832
	2,958	Rexnord Corp. (a)		83,433
	1,165	Snap-on, Inc.		159,268
				421,533

SHARES		SECURITY DESCRIPTION	VALUE($)
		Professional Services — 1.2%
	2,462	Equifax, Inc.		199,134
		Trading Companies & Distributors — 0.9%
	1,718	MSC Industrial Direct Co., Inc., Class A		139,620
		Total Industrials		1,506,553
		Information Technology — 8.9%
		Communications Equipment — 0.7%
	5,188	CommScope Holding Co., Inc. (a)		118,436
		Electronic Equipment, Instruments & Components — 2.6%
	3,108	Amphenol Corp., Class A		167,249
	4,182	Arrow Electronics, Inc. (a)		242,081
				409,330
		IT Services — 1.5%
	3,796	Jack Henry & Associates, Inc.		235,912
		Semiconductors & Semiconductor Equipment — 2.9%
	3,617	Analog Devices, Inc.		200,826
	1,499	KLA-Tencor Corp.		105,401
	3,764	Xilinx, Inc.		162,936
				469,163
		Software — 1.2%
	4,249	Synopsys, Inc. (a)		184,724
		Total Information Technology		1,417,565
		Materials — 6.2%
		Chemicals — 3.2%
	1,770	Airgas, Inc.		203,900
	1,915	Albemarle Corp.		115,141
	505	Sherwin-Williams Co. (The)		132,757
	470	Sigma-Aldrich Corp.		64,552
				516,350
		Containers & Packaging — 3.0%
	2,626	Ball Corp.		179,014
	2,298	Rock-Tenn Co., Class A		140,157
	2,885	Silgan Holdings, Inc.		154,658
				473,829
		Total Materials		990,179
		Utilities — 9.3%
		Electric Utilities — 2.8%
	2,314	Edison International		151,537
	3,687	Westar Energy, Inc.		152,046
	4,011	Xcel Energy, Inc.		144,069
				447,652

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 27

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Gas Utilities — 2.0%
	1,521	National Fuel Gas Co.		105,732
	8,856	Questar Corp.		223,889
				329,621
		Multi-Utilities — 4.5%
	6,132	CenterPoint Energy, Inc.		143,667
	4,842	CMS Energy Corp.		168,264
	1,585	NiSource, Inc.		67,241
	1,885	Sempra Energy		209,915
	2,451	Wisconsin Energy Corp.		129,277
				718,364
		Total Utilities		1,495,637
		Total Common Stocks (Cost $9,995,548)		15,610,358

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.8%
		Investment Company — 2.8%
	448,474	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $448,474 )		448,474
		Total Investments — 100.4% (Cost $10,444,022		16,058,832
		Liabilities in Excess of Other Assets — (0.4)%		(65,748	)
		NET ASSETS — 100.0%	$	15,993,084

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.1% (j)
	Common Stocks — 92.8%
		Consumer Discretionary — 16.2%
		Auto Components — 0.4%
	57	Dana Holding Corp.		1,236
		Diversified Consumer Services — 1.7%
	67	Apollo Education Group, Inc. (a)		2,281
	63	DeVry Education Group, Inc.		2,979
				5,260
		Hotels, Restaurants & Leisure — 1.9%
	87	Restaurant Brands International, Inc., (Canada) (a)		3,400
	33	Royal Caribbean Cruises Ltd.		2,741
				6,141
		Household Durables — 1.1%
	1	NVR, Inc. (a)		733
	134	PulteGroup, Inc.		2,877
				3,610
		Internet & Catalog Retail — 0.8%
	15	Expedia, Inc.		1,319
	37	Liberty Interactive Corp., Class A (a)		1,096
				2,415
		Media — 1.8%
	52	Gannett Co., Inc.		1,652
	82	Live Nation Entertainment, Inc. (a)		2,133
	6	Regal Entertainment Group, Class A		138
	20	Time Warner, Inc.		1,749
	9	Time, Inc.		210
				5,882
		Multiline Retail — 1.8%
	51	Big Lots, Inc.		2,046
	19	Dillard’s, Inc., Class A		2,380
	21	Macy’s, Inc.		1,362
				5,788
		Specialty Retail — 5.1%
	26	Abercrombie & Fitch Co., Class A		750
	86	Best Buy Co., Inc.		3,354
	35	Foot Locker, Inc.		1,973
	65	GameStop Corp., Class A		2,188
	116	Guess?, Inc.		2,436
	45	Lowe’s Cos., Inc.		3,105
	147	Staples, Inc.		2,656
				16,462

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 1.6%
	31	Deckers Outdoor Corp. (a)		2,832
	21	Hanesbrands, Inc.		2,313
				5,145
		Total Consumer Discretionary		51,939
		Consumer Staples — 7.2%
		Beverages — 1.0%
	42	Molson Coors Brewing Co., Class B		3,097
		Food & Staples Retailing — 1.6%
	55	Kroger Co. (The)		3,500
	221	Rite Aid Corp. (a)		1,663
				5,163
		Food Products — 2.7%
	63	Archer-Daniels-Midland Co.		3,299
	25	Ingredion, Inc.		2,081
	105	Pilgrim’s Pride Corp. (a)		3,438
				8,818
		Household Products — 1.0%
	26	Energizer Holdings, Inc.		3,291
		Personal Products — 0.4%
	34	Herbalife Ltd.		1,286
		Tobacco — 0.5%
	25	Lorillard, Inc.		1,549
		Total Consumer Staples		23,204
		Energy — 3.0%
		Energy Equipment & Services — 0.8%
	18	Baker Hughes, Inc.		995
	81	Superior Energy Services, Inc.		1,636
				2,631
		Oil, Gas & Consumable Fuels — 2.2%
	19	ConocoPhillips		1,332
	53	Kosmos Energy Ltd., (Bermuda) (a)		447
	5	Marathon Petroleum Corp.		460
	21	Newfield Exploration Co. (a)		571
	17	Tesoro Corp.		1,261
	33	Valero Energy Corp.		1,625
	22	World Fuel Services Corp.		1,026
	15	WPX Energy, Inc. (a)		179
				6,901
		Total Energy		9,532

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 29

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Financials — 4.7%
		Banks — 0.7%
	78	KeyCorp		1,085
	37	Popular, Inc., (Puerto Rico) (a)		1,254
				2,339
		Capital Markets — 1.5%
	79	E*TRADE Financial Corp. (a)		1,909
	56	Lazard Ltd., (Bermuda), Class A		2,807
				4,716
		Consumer Finance — 0.5%
	28	Discover Financial Services		1,820
		Insurance — 0.8%
	14	Aspen Insurance Holdings Ltd., (Bermuda)		595
	3	Everest Re Group Ltd., (Bermuda)		453
	16	Prudential Financial, Inc.		1,456
				2,504
		Real Estate Investment Trusts (REITs) — 1.2%
	17	NorthStar Realty Finance Corp.		301
	107	RLJ Lodging Trust		3,585
				3,886
		Total Financials		15,265
		Health Care — 12.2%
		Biotechnology — 2.2%
	10	Amgen, Inc.		1,630
	15	Gilead Sciences, Inc. (a)		1,371
	12	United Therapeutics Corp. (a)		1,613
	21	Vertex Pharmaceuticals, Inc. (a)		2,448
				7,062
		Health Care Equipment & Supplies — 3.1%
	24	Alere, Inc. (a)		895
	11	Becton, Dickinson and Co.		1,568
	41	Hologic, Inc. (a)		1,104
	39	Medtronic, Inc.		2,826
	37	Stryker Corp.		3,504
				9,897
		Health Care Providers & Services — 5.9%
	20	Aetna, Inc.		1,770
	26	Anthem, Inc.		3,208
	41	Cardinal Health, Inc.		3,276
	12	Cigna Corp.		1,267
	45	Express Scripts Holding Co. (a)		3,787
	58	Health Net, Inc. (a)		3,111

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	3	Laboratory Corp. of America Holdings (a)		337
	29	Omnicare, Inc.		2,104
				18,860
		Pharmaceuticals — 1.0%
	107	Pfizer, Inc.		3,328
		Total Health Care		39,147
		Industrials — 13.9%
		Aerospace & Defense — 1.4%
	12	General Dynamics Corp.		1,703
	12	Huntington Ingalls Industries, Inc.		1,392
	10	Northrop Grumman Corp.		1,438
				4,533
		Air Freight & Logistics — 0.5%
	9	FedEx Corp.		1,606
		Airlines — 1.5%
	17	Alaska Air Group, Inc.		1,003
	22	Delta Air Lines, Inc.		1,090
	64	Southwest Airlines Co.		2,702
				4,795
		Commercial Services & Supplies — 1.1%
	128	Pitney Bowes, Inc.		3,126
	23	R.R. Donnelley & Sons Co.		387
				3,513
		Construction & Engineering — 1.5%
	101	AECOM Technology Corp. (a)		3,057
	109	KBR, Inc.		1,845
				4,902
		Electrical Equipment — 1.0%
	43	Regal-Beloit Corp.		3,221
		Machinery — 5.1%
	91	Allison Transmission Holdings, Inc.		3,072
	42	IDEX Corp.		3,244
	32	Illinois Tool Works, Inc.		3,052
	24	Joy Global, Inc.		1,123
	24	Parker-Hannifin Corp.		3,075
	32	SPX Corp.		2,707
				16,273
		Professional Services — 1.2%
	26	Dun & Bradstreet Corp. (The)		3,085
	12	ManpowerGroup, Inc.		816
				3,901

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Road & Rail — 0.6%
	26	Landstar System, Inc.		1,870
		Total Industrials		44,614
		Information Technology — 25.4%
		Communications Equipment — 2.5%
	103	ARRIS Group, Inc. (a)		3,112
	268	Brocade Communications Systems, Inc.		3,172
	5	Harris Corp.		346
	109	Polycom, Inc. (a)		1,474
				8,104
		Electronic Equipment, Instruments & Components — 0.4%
	81	Vishay Intertechnology, Inc.		1,144
		Internet Software & Services — 2.1%
	36	eBay, Inc. (a)		2,014
	23	LendingClub Corp. (a)		583
	23	VeriSign, Inc. (a)		1,288
	60	Yahoo!, Inc. (a)		3,018
				6,903
		IT Services — 4.8%
	63	Amdocs Ltd.		2,916
	69	Broadridge Financial Solutions, Inc.		3,207
	21	Computer Sciences Corp.		1,350
	13	Global Payments, Inc.		1,045
	71	Leidos Holdings, Inc.		3,088
	16	VeriFone Systems, Inc. (a)		598
	174	Western Union Co. (The)		3,117
				15,321
		Semiconductors & Semiconductor Equipment — 1.7%
	77	Broadcom Corp., Class A		3,315
	6	Lam Research Corp.		455
	82	NVIDIA Corp.		1,642
				5,412
		Software — 8.9%
	59	Activision Blizzard, Inc.		1,195
	27	Aspen Technology, Inc. (a)		953
	104	CA, Inc.		3,162
	59	Cadence Design Systems, Inc. (a)		1,112
	29	Citrix Systems, Inc. (a)		1,845
	70	Electronic Arts, Inc. (a)		3,280
	36	Intuit, Inc.		3,333
	213	Nuance Communications, Inc. (a)		3,034
	70	Oracle Corp.		3,128
	59	PTC, Inc. (a)		2,177

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	142	Rovi Corp. (a)		3,197
	80	Symantec Corp.		2,056
				28,472
		Technology Hardware, Storage & Peripherals — 5.0%
	30	Apple, Inc.		3,262
	84	Hewlett-Packard Co.		3,370
	67	Lexmark International, Inc., Class A		2,772
	77	NetApp, Inc.		3,198
	32	Western Digital Corp.		3,547
				16,149
		Total Information Technology		81,505
		Materials — 4.1%
		Chemicals — 0.2%
	9	Scotts Miracle-Gro Co. (The), Class A		544
		Containers & Packaging — 1.9%
	20	Ball Corp.		1,366
	83	Sealed Air Corp.		3,536
	21	Silgan Holdings, Inc.		1,103
				6,005
		Metals & Mining — 1.2%
	36	Steel Dynamics, Inc.		701
	78	United States Steel Corp.		2,090
	34	Worthington Industries, Inc.		1,014
				3,805
		Paper & Forest Products — 0.8%
	68	Domtar Corp., (Canada)		2,750
		Total Materials		13,104
		Telecommunication Services — 2.7%
		Diversified Telecommunication Services — 2.7%
	103	AT&T, Inc.		3,456
	80	CenturyLink, Inc.		3,174
	309	Frontier Communications Corp.		2,063
		Total Telecommunication Services		8,693
		Utilities — 3.4%
		Gas Utilities — 1.0%
	85	UGI Corp.		3,234
		Independent Power & Renewable Electricity Producers — 2.4%
	243	AES Corp.		3,346
	71	Calpine Corp. (a)		1,562

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 31

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Independent Power & Renewable Electricity Producers — continued
	95	Dynegy, Inc. (a)		2,871
				7,779
		Total Utilities		11,013
		Total Common Stocks (Cost $235,301)		298,016
	Short-Term Investment — 6.3%
		Investment Company— 6.3%
	20,186	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (Cost $20,186 )		20,186
		Total Investments — 99.1% (Cost $255,487)		318,202
		Other Assets in Excess of Liabilities — 0.9% (c)		2,806
		NET ASSETS — 100.0%	$	321,008
	Short Positions — 92.6%
	Common Stocks — 92.6%
		Consumer Discretionary — 16.5%
		Distributors — 1.0%
	113	LKQ Corp. (a)		3,186
		Hotels, Restaurants & Leisure — 3.7%
	6	McDonald’s Corp.		554
	67	Norwegian Cruise Line Holdings Ltd. (a)		3,139
	19	Panera Bread Co., Class A (a)		3,286
	36	Starbucks Corp.		2,929
	14	Wynn Resorts Ltd.		2,083
				11,991
		Household Durables — 1.1%
	13	Mohawk Industries, Inc. (a)		2,028
	41	Toll Brothers, Inc. (a)		1,411
				3,439
		Internet & Catalog Retail — 0.8%
	3	Amazon.com, Inc. (a)		1,063
	176	Groupon, Inc. (a)		1,456
				2,519
		Leisure Products — 0.2%
	19	Mattel, Inc.		583
		Media — 3.1%
	35	AMC Networks, Inc., Class A (a)		2,247
	20	Charter Communications, Inc., Class A (a)		3,353
	61	DreamWorks Animation SKG, Inc., Class A (a)		1,361
	40	Madison Square Garden Co. (The), Class A (a)		3,029
				9,990

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 5.4%
	228	American Eagle Outfitters, Inc.		3,166
	59	Cabela’s, Inc. (a)		3,109
	55	CarMax, Inc. (a)		3,693
	11	Restoration Hardware Holdings, Inc. (a)		1,020
	24	Signet Jewelers Ltd., (Bermuda)		3,147
	39	Tractor Supply Co.		3,065
				17,200
		Textiles, Apparel & Luxury Goods — 1.2%
	100	Kate Spade & Co. (a)		3,209
	12	Under Armour, Inc., Class A (a)		808
				4,017
		Total Consumer Discretionary		52,925
		Consumer Staples — 7.7%
		Beverages — 1.4%
	4	Boston Beer Co., Inc. (The), Class A (a)		1,231
	36	Brown-Forman Corp., Class B		3,152
				4,383
		Food & Staples Retailing — 1.6%
	55	Fresh Market, Inc. (The) (a)		2,264
	38	United Natural Foods, Inc. (a)		2,930
				5,194
		Food Products — 3.2%
	98	Darling Ingredients, Inc. (a)		1,788
	98	Flowers Foods, Inc.		1,889
	58	Hain Celestial Group, Inc. (The) (a)		3,390
	45	McCormick & Co., Inc. (Non-Voting)		3,322
				10,389
		Household Products — 0.4%
	12	Procter & Gamble Co. (The)		1,097
		Personal Products — 1.1%
	46	Estee Lauder Cos., Inc. (The), Class A		3,475
		Total Consumer Staples		24,538
		Energy — 4.5%
		Energy Equipment & Services — 1.4%
	503	McDermott International, Inc. (a)		1,465
	56	Noble Corp. plc, (United Kingdom)		931
	50	Seadrill Ltd., (Bermuda)		596
	74	Transocean Ltd., (Switzerland)		1,358
				4,350

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 3.1%
	59	Antero Resources Corp. (a)		2,379
	36	Cabot Oil & Gas Corp.		1,051
	7	Concho Resources, Inc. (a)		703
	80	CONSOL Energy, Inc.		2,696
	35	Diamondback Energy, Inc. (a)		2,113
	25	Golar LNG Ltd., (Bermuda)		896
	8	Whiting Petroleum Corp. (a)		278
				10,116
		Total Energy		14,466
		Financials — 5.1%
		Capital Markets — 1.3%
	51	Artisan Partners Asset Management, Inc., Class A		2,553
	19	T. Rowe Price Group, Inc.		1,654
				4,207
		Diversified Financial Services — 0.2%
	8	CME Group, Inc.		677
		Insurance — 1.2%
	4	Markel Corp. (a)		2,561
	132	MBIA, Inc. (a)		1,257
				3,818
		Real Estate Investment Trusts (REITs) — 1.5%
	20	Crown Castle International Corp.		1,610
	15	Lamar Advertising Co., Class A		793
	60	Plum Creek Timber Co., Inc.		2,573
				4,976
		Real Estate Management & Development — 0.2%
	15	Realogy Holdings Corp. (a)		672
		Thrifts & Mortgage Finance — 0.7%
	24	Ocwen Financial Corp. (a)		360
	117	People’s United Financial, Inc.		1,770
				2,130
		Total Financials		16,480
		Health Care — 11.1%
		Biotechnology — 1.8%
	8	Alnylam Pharmaceuticals, Inc. (a)		793
	60	Cepheid, Inc. (a)		3,251
	9	Pharmacyclics, Inc. (a)		1,067
	1	Regeneron Pharmaceuticals, Inc. (a)		574
				5,685

SHARES			SECURITY DESCRIPTION	VALUE($)
			Health Care Equipment & Supplies — 1.3%
	19		Cooper Cos., Inc. (The)		3,007
	14		Sirona Dental Systems, Inc. (a)		1,192
					4,199
			Health Care Providers & Services — 3.5%
	53		Acadia Healthcare Co., Inc. (a)		3,252
	5		Henry Schein, Inc. (a)		650
	19		Patterson Cos., Inc.		907
	57		Team Health Holdings, Inc. (a)		3,257
	62		Tenet Healthcare Corp. (a)		3,151
					11,217
			Health Care Technology — 0.7%
	76		Allscripts Healthcare Solutions, Inc. (a)		968
	10		athenahealth, Inc. (a)		1,504
					2,472
			Pharmaceuticals — 3.8%
	62		Akorn, Inc. (a)		2,241
	21		Eli Lilly & Co.		1,430
	18		Hospira, Inc. (a)		1,107
	18		Perrigo Co. plc, (Ireland)		3,012
	11		Salix Pharmaceuticals Ltd. (a)		1,241
	72		Zoetis, Inc.		3,106
					12,137
			Total Health Care		35,710
			Industrials — 17.1%
			Aerospace & Defense — 2.9%
	17		B/E Aerospace, Inc. (a)		991
	71		Hexcel Corp. (a)		2,930
	—	(h)	KLX, Inc. (a)		—	(h)
	11		Precision Castparts Corp.		2,707
	39		Triumph Group, Inc.		2,600
					9,228
			Airlines — 0.4%
	17		Spirit Airlines, Inc. (a)		1,275
			Building Products — 2.2%
	59		Armstrong World Industries, Inc. (a)		3,029
	45		Fortune Brands Home & Security, Inc.		2,046
	53		Owens Corning		1,888
					6,963
			Commercial Services & Supplies — 3.1%
	86		Copart, Inc. (a)		3,155

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 33

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Commercial Services & Supplies — continued
	51	Republic Services, Inc.		2,045
	22	Stericycle, Inc. (a)		2,857
	41	Waste Connections, Inc.		1,807
				9,864
		Construction & Engineering — 0.8%
	94	Quanta Services, Inc. (a)		2,669
		Electrical Equipment — 0.2%
	16	SolarCity Corp. (a)		852
		Machinery — 1.4%
	22	AGCO Corp.		1,001
	40	CLARCOR, Inc.		2,659
	16	Colfax Corp. (a)		808
				4,468
		Professional Services — 0.6%
	29	Verisk Analytics, Inc., Class A (a)		1,864
		Road & Rail — 2.7%
	13	Genesee & Wyoming, Inc., Class A (a)		1,179
	58	Hertz Global Holdings, Inc. (a)		1,438
	20	J.B. Hunt Transport Services, Inc.		1,693
	21	Kansas City Southern		2,547
	20	Ryder System, Inc.		1,849
				8,706
		Trading Companies & Distributors — 2.8%
	64	Fastenal Co.		3,049
	38	MSC Industrial Direct Co., Inc., Class A		3,110
	12	W.W. Grainger, Inc.		2,970
				9,129
		Total Industrials		55,018
		Information Technology — 22.3%
		Communications Equipment — 1.4%
	41	JDS Uniphase Corp. (a)		566
	11	Motorola Solutions, Inc.		750
	50	ViaSat, Inc. (a)		3,175
				4,491
		Electronic Equipment, Instruments & Components — 3.8%
	21	Amphenol Corp., Class A		1,154
	25	Arrow Electronics, Inc. (a)		1,429
	33	FEI Co.		2,952
	91	Ingram Micro, Inc., Class A (a)		2,513
	19	IPG Photonics Corp. (a)		1,386
	100	Trimble Navigation Ltd. (a)		2,654
				12,088

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — 3.9%
	18	CoStar Group, Inc. (a)		3,278
	15	LinkedIn Corp., Class A (a)		3,526
	124	Pandora Media, Inc. (a)		2,211
	12	Rackspace Hosting, Inc. (a)		566
	74	Twitter, Inc. (a)		2,672
	6	Yelp, Inc. (a)		335
				12,588
		IT Services — 3.8%
	35	Accenture plc, (Ireland), Class A		3,081
	27	Automatic Data Processing, Inc.		2,215
	61	CoreLogic, Inc. (a)		1,924
	11	FleetCor Technologies, Inc. (a)		1,688
	69	Paychex, Inc.		3,184
				12,092
		Semiconductors & Semiconductor Equipment — 1.6%
	200	Advanced Micro Devices, Inc. (a)		534
	22	Analog Devices, Inc.		1,238
	30	Avago Technologies Ltd., (Singapore)		3,040
	26	SunEdison, Inc. (a)		511
				5,323
		Software — 6.0%
	61	CommVault Systems, Inc. (a)		3,145
	101	FireEye, Inc. (a)		3,175
	28	NetSuite, Inc. (a)		3,043
	26	ServiceNow, Inc. (a)		1,740
	35	Splunk, Inc. (a)		2,037
	5	Tableau Software, Inc., Class A (a)		384
	22	Ultimate Software Group, Inc. (The) (a)		3,208
	931	Zynga, Inc., Class A (a)		2,475
				19,207
		Technology Hardware, Storage & Peripherals — 1.8%
	108	NCR Corp. (a)		3,136
	30	Stratasys Ltd. (a)		2,517
				5,653
		Total Information Technology		71,442
		Materials — 3.9%
		Chemicals — 2.8%
	18	Air Products & Chemicals, Inc.		2,591
	52	FMC Corp.		2,962
	28	Praxair, Inc.		3,617
				9,170

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Metals & Mining — 1.1%
	44	Carpenter Technology Corp.		2,184
	32	Southern Copper Corp.		894
	11	TimkenSteel Corp.		395
				3,473
		Total Materials		12,643
		Telecommunication Services — 1.4%
		Wireless Telecommunication Services — 1.4%
	376	Sprint Corp. (a)		1,562
	84	Telephone & Data Systems, Inc.		2,116
	18	United States Cellular Corp. (a)		703
		Total Telecommunication Services		4,381

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 3.0%
		Electric Utilities — 1.0%
	43	Southern Co. (The)		2,114
	30	Xcel Energy, Inc.		1,084
				3,198
		Multi-Utilities — 2.0%
	46	Dominion Resources, Inc.		3,550
	69	NiSource, Inc.		2,927
				6,477
		Total Utilities		9,675
		Total Securities Sold Short (Proceeds $291,535)	$	297,278

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT DECEMBER 31, 2014			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(7	)	S&P Mid Cap 400		03/20/15	$	(1,014	)	$	12
	(5	)	E-mini S&P 500		03/20/15		(513	)		6
									$	18

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 35

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 91.6%
		Consumer Discretionary — 14.9%
		Distributors — 0.4%
	369	Genuine Parts Co.		39,292
		Hotels, Restaurants & Leisure — 0.7%
	1,489	ClubCorp Holdings, Inc.		26,701
	2,166	La Quinta Holdings, Inc. (a)		47,773
				74,474
		Household Durables — 0.6%
	2,281	Brookfield Residential Properties, Inc., (Canada) (a)		54,874
		Internet & Catalog Retail — 1.3%
	1,485	Expedia, Inc.		126,726
		Media — 5.1%
	623	CBS Corp. (Non-Voting), Class B		34,477
	461	DIRECTV (a)		40,003
	2,199	DISH Network Corp., Class A (a)		160,278
	1,642	Entercom Communications Corp., Class A (a)		19,962
	1,275	Gannett Co., Inc.		40,724
	933	Omnicom Group, Inc.		72,256
	514	Time Warner, Inc.		43,880
	1,744	Time, Inc.		42,912
	1,287	Twenty-First Century Fox, Inc., Class B		47,463
				501,955
		Multiline Retail — 1.5%
	2,360	Kohl’s Corp.		144,024
		Specialty Retail — 4.4%
	153	AutoZone, Inc. (a)		94,922
	1,034	Bed Bath & Beyond, Inc. (a)		78,767
	2,673	Best Buy Co., Inc.		104,198
	1,835	Gap, Inc. (The)		77,280
	749	Home Depot, Inc. (The)		78,582
				433,749
		Textiles, Apparel & Luxury Goods — 0.9%
	654	Coach, Inc.		24,572
	597	Hanesbrands, Inc.		66,659
				91,231
		Total Consumer Discretionary		1,466,325
		Consumer Staples — 4.7%
		Beverages — 0.8%
	1,055	Dr. Pepper Snapple Group, Inc.		75,592
		Food & Staples Retailing — 1.5%
	809	CVS Health Corp.		77,886

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — continued
	1,131	Kroger Co. (The)		72,621
				150,507
		Food Products — 1.0%
	1,081	Post Holdings, Inc. (a)		45,279
	635	TreeHouse Foods, Inc. (a)		54,276
				99,555
		Household Products — 1.4%
	1,546	Procter & Gamble Co. (The)		140,816
		Total Consumer Staples		466,470
		Energy — 7.1%
		Oil, Gas & Consumable Fuels — 7.1%
	2,223	CONSOL Energy, Inc.		75,153
	1,205	Devon Energy Corp.		73,752
	2,718	Exxon Mobil Corp.		251,297
	1,049	Kinder Morgan, Inc.		44,375
	1,646	Marathon Oil Corp.		46,571
	1,923	PBF Energy, Inc., Class A		51,230
	1,444	Phillips 66		103,549
	1,868	Southwestern Energy Co. (a)		50,978
		Total Energy		696,905
		Financials — 32.1%
		Banks — 11.8%
	9,141	Bank of America Corp.		163,533
	2,322	Citigroup, Inc.		125,635
	2,042	Citizens Financial Group, Inc.		50,752
	3,593	Fifth Third Bancorp		73,208
	861	First Republic Bank		44,879
	429	M&T Bank Corp.		53,872
	1,154	National Bank Holdings Corp., Class A		22,394
	1,088	PNC Financial Services Group, Inc. (The)		99,258
	2,302	SunTrust Banks, Inc.		96,433
	2,397	U.S. Bancorp		107,732
	5,993	Wells Fargo & Co.		328,547
				1,166,243
		Capital Markets — 3.4%
	454	Ameriprise Financial, Inc.		60,002
	1,756	Legg Mason, Inc.		93,692
	726	Northern Trust Corp.		48,927
	1,549	T. Rowe Price Group, Inc.		133,025
				335,646
		Consumer Finance — 2.6%
	4,235	Ally Financial, Inc. (a)		100,021

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Consumer Finance — continued
	1,903	Capital One Financial Corp.		157,126
				257,147
		Insurance — 9.5%
	109	Alleghany Corp. (a)		50,681
	1,045	Allied World Assurance Co. Holdings AG, (Switzerland)		39,607
	2,368	American International Group, Inc.		132,648
	2,365	CNO Financial Group, Inc.		40,729
	2,511	Hartford Financial Services Group, Inc. (The)		104,688
	4,234	Loews Corp.		177,901
	1,106	Marsh & McLennan Cos., Inc.		63,279
	1,998	Old Republic International Corp.		29,231
	1,091	Prudential Financial, Inc.		98,692
	906	Travelers Cos., Inc. (The)		95,858
	2,041	Unum Group		71,179
	638	W.R. Berkley Corp.		32,709
				937,202
		Real Estate Investment Trusts (REITs) — 3.7%
	1,910	American Homes 4 Rent, Class A		32,527
	1,639	American Residential Properties, Inc. (a)		28,801
	2,328	Brixmor Property Group, Inc.		57,832
	488	EastGroup Properties, Inc.(m)		30,869
	2,245	Excel Trust, Inc.		30,057
	2,349	Kimco Realty Corp. (m)		59,044
	1,580	Rayonier, Inc. (m)		44,134
	2,196	Weyerhaeuser Co. (m)		78,796
				362,060
		Real Estate Management & Development — 0.7%
	1,260	Brookfield Asset Management, Inc., (Canada), Class A		63,164
		Thrifts & Mortgage Finance — 0.4%
	4,049	Hudson City Bancorp, Inc.		40,973
		Total Financials		3,162,435
		Health Care — 8.6%
		Health Care Providers & Services — 2.3%
	972	Aetna, Inc.		86,316
	480	National Healthcare Corp.		30,136
	1,108	UnitedHealth Group, Inc.		112,018
				228,470
		Pharmaceuticals — 6.3%
	1,900	Johnson & Johnson		198,714
	2,732	Merck & Co., Inc.		155,162
	6,659	Pfizer, Inc.		207,434

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — continued
	390	Valeant Pharmaceuticals International, Inc. (a)		55,842
				617,152
		Total Health Care		845,622
		Industrials — 8.3%
		Aerospace & Defense — 2.1%
	896	Honeywell International, Inc.		89,548
	1,024	United Technologies Corp.		117,737
				207,285
		Airlines — 1.0%
	1,986	Delta Air Lines, Inc.		97,677
		Industrial Conglomerates — 0.9%
	998	Carlisle Cos., Inc.		90,017
		Machinery — 2.4%
	537	Crane Co.		31,522
	1,512	Dover Corp.		108,412
	1,045	Illinois Tool Works, Inc.		98,933
				238,867
		Marine — 0.3%
	376	Kirby Corp. (a)		30,382
		Professional Services — 0.9%
	1,063	Equifax, Inc.		85,997
		Trading Companies & Distributors — 0.7%
	261	W.W. Grainger, Inc.		66,450
		Total Industrials		816,675
		Information Technology — 5.4%
		Communications Equipment — 1.9%
	4,243	Cisco Systems, Inc.		118,030
	896	QUALCOMM, Inc.		66,618
				184,648
		IT Services — 0.5%
	2,633	Western Union Co. (The)		47,164
		Semiconductors & Semiconductor Equipment — 1.9%
	1,016	Analog Devices, Inc.		56,419
	577	KLA-Tencor Corp.		40,554
	1,799	Texas Instruments, Inc.		96,200
				193,173
		Software — 0.5%
	1,130	Microsoft Corp.		52,483
		Technology Hardware, Storage & Peripherals — 0.6%
	1,516	Hewlett-Packard Co.		60,857
		Total Information Technology		538,325

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 37

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Materials — 3.6%
		Chemicals — 0.7%
	1,465	Mosaic Co. (The)		66,882
		Construction Materials — 1.0%
	892	Martin Marietta Materials, Inc.		98,445
		Containers & Packaging — 1.5%
	989	Ball Corp.		67,420
	1,427	Rock-Tenn Co., Class A		87,013
				154,433
		Paper & Forest Products — 0.4%
	1,303	KapStone Paper & Packaging Corp.		38,188
		Total Materials		357,948
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 1.1%
	2,385	Verizon Communications, Inc.		111,557
		Utilities — 5.8%
		Electric Utilities — 4.6%
	1,233	American Electric Power Co., Inc.		74,850
	1,049	Duke Energy Corp.		87,650
	1,025	Edison International		67,106
	851	NextEra Energy, Inc.		90,474
	1,013	Northeast Utilities		54,232
	2,204	Xcel Energy, Inc.		79,157
				453,469

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — 1.2%
	560	NiSource, Inc.		23,734
	819	Sempra Energy		91,158
				114,892
		Total Utilities		568,361
		Total Common Stocks (Cost $7,299,304)		9,030,623
	Short-Term Investment — 8.1%
		Investment Company — 8.1%
	794,754	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $794,754)		794,754
		Total Investments — 99.7% (Cost $8,094,058)		9,825,377
		Other Assets in Excess of Liabilities — 0.3%		29,318
		NET ASSETS — 100.0%	$	9,854,695

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

J.P. Morgan Mid Cap/Multi-Cap Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(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.
(c)	—  Included in this amount is cash segregated as collateral for future contracts.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(j)	—  All or a portion of these securities are segregated for short sales.

(l)	—  The rate shown is the current yield as of December 31, 2014
(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/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 39

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands, except per share amounts)

	Growth Advantage Fund			Mid Cap Equity Fund		Mid Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	4,021,280		$	2,974,871	$	2,286,060
Investments in affiliates, at value		141,289			97,564		76,415
Total investment securities, at value		4,162,569			3,072,435		2,362,475
Receivables:
Fund shares sold		10,650			3,558		13,304
Dividends from non-affiliates		860			3,163		333
Dividends from affiliates		5			3		4
Other assets		129			—		—
Total Assets		4,174,213			3,079,159		2,376,116
LIABILITIES:
Payables:
Investment securities purchased		145			—		—
Fund shares redeemed		2,043			1,552		3,589
Accrued liabilities:
Investment advisory fees		2,240			1,650		1,246
Administration fees		287			199		149
Distribution fees		304			53		210
Shareholder servicing fees		356			13		219
Custodian and accounting fees		43			53		33
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		—	(a)
Transfer agent fees		233			556		720
Other		126			34		104
Total Liabilities		5,777			4,111		6,270
Net Assets	$	4,168,436		$	3,075,048	$	2,369,846

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

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

	Growth Advantage Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	3,047,492		$	2,306,211		$	1,727,354
Accumulated undistributed (distributions in excess of) net investment income		(15,966	)		(991	)		(11,359	)
Accumulated net realized gains (losses)		38,069			12,275			21,989
Net unrealized appreciation (depreciation)		1,098,841			757,553			631,862
Total Net Assets	$	4,168,436		$	3,075,048		$	2,369,846
Net Assets:
Class A	$	872,880		$	185,853		$	844,077
Class B		2,295			—			4,247
Class C		194,883			22,366			53,753
Class R2		—			687			4,059
Class R5		47,921			589			44,142
Class R6		1,993,565			1,066,585			92,712
Select Class		1,056,892			1,798,968			1,326,856
Total	$	4,168,436		$	3,075,048		$	2,369,846
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		60,917			4,170			33,570
Class B		177			—			252
Class C		15,021			511			2,577
Class R2		—			15			149
Class R5		3,246			13			1,560
Class R6		134,927			23,779			3,270
Select Class		72,343			40,114			47,145
Net Asset Value (a):
Class A — Redemption price per share	$	14.33		$	44.57		$	25.14
Class B — Offering price per share (b)		12.96			—			16.85
Class C — Offering price per share (b)		12.97			43.77			20.86
Class R2 — Offering and redemption price per share		—			44.50			27.21
Class R5 — Offering and redemption price per share		14.77			44.85			28.30
Class R6 — Offering and redemption price per share		14.78			44.85			28.36
Select Class — Offering and redemption price per share		14.61			44.85			28.14
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	15.12		$	47.04		$	26.53
Cost of investments in non-affiliates	$	2,922,439		$	2,217,318		$	1,654,198
Cost of investments in affiliates		141,289			97,564			76,415

(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.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 41

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	Mid Cap Value Fund		Multi-Cap Market Neutral Fund			Value Advantage Fund
ASSETS:
Investments in non-affiliates, at value	$	15,610,358	$	298,016		$	9,030,623
Investments in affiliates, at value		448,474		20,186			794,754
Total investment securities, at value		16,058,832		318,202			9,825,377
Cash		—		123			—
Deposits at broker for futures contracts		—		210			—
Deposits at broker for securities sold short		—		299,435			—
Receivables:
Investment securities sold		—		5,369			—
Fund shares sold		22,268		1			34,949
Dividends from non-affiliates		31,078		374			8,772
Dividends from affiliates		15		2			24
Variation margin on futures contracts		—		40			—
Total Assets		16,112,193		623,756			9,869,122
LIABILITIES:
Payables:
Securities sold short, at value		—		297,278			—
Dividend expense to non-affiliates on securities sold short		—		133			—
Investment securities purchased		—		4,876			—
Fund shares redeemed		103,355		33			6,492
Accrued liabilities:
Investment advisory fees		8,007		273			4,966
Administration fees		712		—			536
Distribution fees		1,009		7			787
Shareholder servicing fees		901		71			986
Custodian and accounting fees		250		20			89
Trustees’ and Chief Compliance Officer’s fees		2		—	(a)		2
Other		4,873		57			569
Total Liabilities		119,109		302,748			14,427
Net Assets	$	15,993,084	$	321,008		$	9,854,695

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

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

	Mid Cap Value Fund			Multi-Cap Market Neutral Fund			Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	10,240,088		$	338,991		$	8,140,900
Accumulated undistributed (distributions in excess of) net investment income		(1,520	)		(4,446	)		(808	)
Accumulated net realized gains (losses)		139,706			(70,527	)		(16,716	)
Net unrealized appreciation (depreciation)		5,614,810			56,990			1,731,319
Total Net Assets	$	15,993,084		$	321,008		$	9,854,695
Net Assets:
Class A	$	2,700,548		$	7,007		$	2,151,927
Class B		8,990			156			—
Class C		613,455			7,655			552,738
Class R2		75,043			—			—
Institutional Class		10,164,312			—			4,179,965
Select Class		2,430,736			306,190			2,970,065
Total	$	15,993,084		$	321,008		$	9,854,695
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		74,051			696			72,533
Class B		252			16			—
Class C		17,335			803			18,658
Class R2		2,127			—			—
Institutional Class		273,625			—			140,235
Select Class		66,048			29,816			99,734
Net Asset Value (a):
Class A — Redemption price per share	$	36.47		$	10.07		$	29.67
Class B — Offering price per share (b)		35.73			9.52			—
Class C — Offering price per share (b)		35.39			9.53			29.62
Class R2 — Offering and redemption price per share		35.29			—			—
Institutional Class — Offering and redemption price per share		37.15			—			29.81
Select Class — Offering and redemption price per share		36.80			10.27			29.78
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)]	$	38.49		$	10.63		$	31.31
Cost of investments in non-affiliates	$	9,995,548		$	235,301		$	7,299,304
Cost of investments in affiliates		448,474			20,186			794,754
Proceeds from securities sold short		—			291,535			—

(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.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 43

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

	Growth Advantage Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	11,034		$	19,597		$	6,011
Dividend income from affiliates		11			10			13
Total investment income		11,045			19,607			6,024
EXPENSES:
Investment advisory fees		12,463			9,517			7,204
Administration fees		1,582			1,208			914
Distribution fees:
Class A		972			210			971
Class B		9			—			17
Class C		626			78			178
Class R2		—			2			7
Shareholder servicing fees:
Class A		972			210			971
Class B		3			—			6
Class C		209			26			59
Class R2		—			1			4
Class R5		166			—	(a)		8
Select Class		1,277			2,218			1,584
Custodian and accounting fees		54			51			35
Interest expense to affiliates		—	(a)		—			—
Professional fees		35			35			30
Trustees’ and Chief Compliance Officer’s fees		18			13			11
Printing and mailing costs		103			157			111
Registration and filing fees		133			93			55
Transfer agent fees		874			1,513			1,245
Other		178			284			17
Total expenses		19,674			15,616			13,427
Less fees waived		(449	)		(2,847	)		(1,850	)
Less expense reimbursements		—			(19	)		(2	)
Net expenses		19,225			12,750			11,575
Net investment income (loss)		(8,180	)		6,857			(5,551	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		64,047			62,348			61,706
Change in net unrealized appreciation/depreciation of investments in non-affiliates		129,273			59,933			(5,841	)
Net realized/unrealized gains (losses)		193,320			122,281			55,865
Change in net assets resulting from operations	$	185,140		$	129,138		$	50,314

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

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

	Mid Cap Value Fund			Multi-Cap Market Neutral Fund			Value Advantage Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	167,159		$	2,880		$	88,518
Dividend income from affiliates		42			9			67
Total investment income		167,201			2,889			88,585
EXPENSES:
Investment advisory fees		50,926			2,609			28,378
Administration fees		6,464			172			3,601
Distribution fees:
Class A		3,593			10			2,396
Class B		36			1			—
Class C		2,259			31			1,743
Class R2		180			—			—
Shareholder servicing fees:
Class A		3,593			10			2,396
Class B		12			—	(a)		—
Class C		753			10			581
Class R2		90			—			—
Institutional Class		4,510			—			1,803
Select Class		3,865			501			3,430
Custodian and accounting fees		235			18			109
Interest expense to affiliates		—			—	(a)		—
Professional fees		118			28			48
Trustees’ and Chief Compliance Officer’s fees		76			2			38
Printing and mailing costs		519			4			213
Registration and filing fees		157			24			172
Transfer agent fees		8,328			35			2,758
Other		723			7			381
Dividend expense to non-affiliates on securities sold short		—			2,304			—
Interest expense to non-affiliates on securities sold short		—			311			—
Total expenses		86,437			6,077			48,047
Less fees waived		(13,998	)		(852	)		(5,324	)
Less expense reimbursements		(19	)		—	(a)		—
Net expenses		72,420			5,225			42,723
Net investment income (loss)		94,781			(2,336	)		45,862
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		570,998			30,678			42,577
Futures		—			569			—
Securities sold short		—			(40,678	)		—
Net realized gain (loss)		570,998			(9,431	)		42,577
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		298,211			(10,409	)		402,206
Futures		—			39			—
Securities sold short		—			28,989			—
Change in net unrealized appreciation/depreciation		298,211			18,619			402,206
Net realized/unrealized gains (losses)		869,209			9,188			444,783
Change in net assets resulting from operations	$	963,990		$	6,852		$	490,645

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 45

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Growth Advantage Fund						Mid Cap Equity Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(8,180	)	$	(7,964	)	$	6,857		$	4,036
Net realized gain (loss)		64,047			223,546			62,348			135,142
Distributions of capital gains received from investment company affiliates		—			3			—			1
Change in net unrealized appreciation/depreciation		129,273			492,238			59,933			222,527
Change in net assets resulting from operations		185,140			707,823			129,138			361,706
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(206	)		(29	)
From net realized gains		(32,469	)		(21,773	)		(7,964	)		(4,217	)
Class B
From net realized gains		(98	)		(123	)		—			—
Class C
From net investment income		—			—			(3	)		—
From net realized gains		(7,969	)		(4,242	)		(987	)		(1,100	)
Class R2 (a)
From net investment income		—			—			(1	)		—	(b)
From net realized gains		—			—			(30	)		—
Class R5 (a)
From net investment income		—			—			(1	)		—	(b)
From net realized gains		(1,758	)		(54,106	)		(26	)		—
Class R6 (a)
From net investment income		—			—			(3,034	)		(913	)
From net realized gains		(73,271	)		—			(46,016	)		—
Select Class
From net investment income		—			—			(4,068	)		(3,282	)
From net realized gains		(39,626	)		(49,152	)		(78,884	)		(90,616	)
Total distributions to shareholders		(155,191	)		(129,396	)		(141,220	)		(100,157	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		573,280			987,358			313,960			1,551,394
NET ASSETS:
Change in net assets		603,229			1,565,785			301,878			1,812,943
Beginning of period		3,565,207			1,999,422			2,773,170			960,227
End of period	$	4,168,436		$	3,565,207		$	3,075,048		$	2,773,170
Accumulated undistributed (distributions in excess of) net investment income	$	(15,966	)	$	(7,786	)	$	(991	)	$	(535	)

(a) Commencement of offering of class of shares effective March 14, 2014 for Mid Cap Equity Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(5,551	)	$	(6,054	)	$	94,781		$	103,278
Net realized gain (loss)		61,706			314,124			570,998			1,068,473
Distributions of capital gains received from investment company affiliates		—			—	(a)		—			6
Change in net unrealized appreciation/depreciation		(5,841	)		225,799			298,211			1,889,585
Change in net assets resulting from operations		50,314			533,869			963,990			3,061,342
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(15,287	)		(14,338	)
From net realized gains		(80,615	)		(69,231	)		(197,218	)		(135,361	)
Class B
From net realized gains		(608	)		(943	)		(668	)		(524	)
Class C
From net investment income		—			—			(1,024	)		(38	)
From net realized gains		(6,222	)		(3,392	)		(45,175	)		(24,588	)
Class R2
From net investment income		—			—			(331	)		(201	)
From net realized gains		(345	)		(58	)		(5,603	)		(2,784	)
Class R5
From net realized gains		(3,427	)		(2,276	)		—			—
Class R6
From net realized gains		(7,943	)		(5,408	)		—			—
Institutional Class
From net investment income		—			—			(108,605	)		(69,637	)
From net realized gains		—			—			(711,308	)		(318,626	)
Select Class
From net investment income		—			—			(19,269	)		(17,743	)
From net realized gains		(119,065	)		(99,863	)		(172,337	)		(112,976	)
Total distributions to shareholders		(218,225	)		(181,171	)		(1,276,825	)		(696,816	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		355,953			251,309			660,334			18,077
NET ASSETS:
Change in net assets		188,042			604,007			347,499			2,382,603
Beginning of period		2,181,804			1,577,797			15,645,585			13,262,982
End of period	$	2,369,846		$	2,181,804		$	15,993,084		$	15,645,585
Accumulated undistributed (distributions in excess of) net investment income	$	(11,359	)	$	(5,808	)	$	(1,520	)	$	48,215

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 47

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(2,336	)	$	(4,373	)	$	45,862		$	83,781
Net realized gain (loss)		(9,431	)		9,737			42,577			278,242
Distributions of capital gains received from investment company affiliates		—			—	(a)		—			5
Change in net unrealized appreciation/depreciation		18,619			(136	)		402,206			747,106
Change in net assets resulting from operations		6,852			5,228			490,645			1,109,134
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(18,586	)		(6,931	)
From net realized gains		—			—			(49,085	)		(30,061	)
Class C
From net investment income		—			—			(2,882	)		(562	)
From net realized gains		—			—			(12,315	)		(7,282	)
Institutional Class
From net investment income		—			—			(51,909	)		(19,755	)
From net realized gains		—			—			(93,724	)		(54,303	)
Select Class
From net investment income		—			—			(31,036	)		(12,951	)
From net realized gains		—			—			(67,644	)		(42,336	)
Total distributions to shareholders		—			—			(327,181	)		(174,181	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(136,846	)		101,988			1,997,787			3,061,568
NET ASSETS:
Change in net assets		(129,994	)		107,216			2,161,251			3,996,521
Beginning of period		451,002			343,786			7,693,444			3,696,923
End of period	$	321,008		$	451,002		$	9,854,695		$	7,693,444
Accumulated undistributed (distributions in excess of) net investment income	$	(4,446	)	$	(2,110	)	$	(808	)	$	57,743

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

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

	Growth Advantage Fund						Mid Cap Equity Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	223,391		$	463,212		$	39,469		$	92,281
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			42,694
Distributions reinvested		31,822			21,355			8,101			4,242
Cost of shares redeemed		(104,576	)		(135,058	)		(16,733	)		(16,208	)
Change in net assets resulting from Class A capital transactions	$	150,637		$	349,509		$	30,837		$	123,009
Class B
Proceeds from shares issued	$	129		$	342		$	—		$	—
Distributions reinvested		94			118			—			—
Cost of shares redeemed		(344	)		(599	)		—			—
Change in net assets resulting from Class B capital transactions	$	(121	)	$	(139	)	$	—		$	—
Class C
Proceeds from shares issued	$	58,436		$	101,473		$	2,900		$	11,105
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			1,648
Distributions reinvested		6,954			3,500			988			1,100
Cost of shares redeemed		(14,461	)		(18,573	)		(1,386	)		(1,925	)
Change in net assets resulting from Class C capital transactions	$	50,929		$	86,400		$	2,502		$	11,928
Class R2 (a)
Proceeds from shares issued	$	—		$	—		$	131		$	51
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			632
Distributions reinvested		—			—			18			—	(b)
Cost of shares redeemed		—			—			(141	)		(28	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	8		$	655
Class R5 (a)
Proceeds from shares issued	$	63,965		$	540,555		$	481		$	1
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			87
Distributions reinvested		1,758			54,106			27			—	(b)
Cost of shares redeemed		(1,499,170	)		(225,926	)		(44	)		—
Change in net assets resulting from Class R5 capital transactions	$	(1,433,447	)	$	368,735		$	464		$	88
Class R6 (a)
Proceeds from shares issued	$	1,672,189		$	276,436		$	202,904		$	108,850
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			676,262
Distributions reinvested		70,799			—			48,799			906
Cost of shares redeemed		(11,553	)		(11,268	)		(6,760	)		(751	)
Change in net assets resulting from Class R6 capital transactions	$	1,731,435		$	265,168		$	244,943		$	785,267
Select Class
Proceeds from shares issued	$	164,859		$	429,743		$	160,248		$	490,477
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			390,167
Distributions reinvested		23,846			20,345			60,283			82,318
Cost of shares redeemed		(114,858	)		(532,403	)		(185,325	)		(332,515	)
Change in net assets resulting from Select Class capital transactions	$	73,847		$	(82,315	)	$	35,206		$	630,447
Total change in net assets resulting from capital transactions	$	573,280		$	987,358		$	313,960		$	1,551,394

(a) Commencement of offering of class of shares effective March 14, 2014 for Mid Cap Equity Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 49

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Growth Advantage Fund						Mid Cap Equity Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		15,587			34,641			886			2,197
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			995
Reinvested		2,270			1,645			188			107
Redeemed		(7,319	)		(10,120	)		(378	)		(381	)
Change in Class A Shares		10,538			26,166			696			2,918
Class B
Issued		10			28			—			—
Reinvested		7			10			—			—
Redeemed		(26	)		(50	)		—			—
Change in Class B Shares		(9	)		(12	)		—			—
Class C
Issued		4,483			8,282			67			269
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			39
Reinvested		547			295			23			28
Redeemed		(1,120	)		(1,524	)		(32	)		(46	)
Change in Class C Shares		3,910			7,053			58			290
Class R2 (a)
Issued		—			—			2			2
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			15
Reinvested		—			—			1			—	(b)
Redeemed		—			—			(4	)		(1	)
Change in Class R2 Shares		—			—			(1	)		16
Class R5 (a)
Issued		4,356			39,731			11			—	(b)
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			2
Reinvested		122			4,065			1			—	(b)
Redeemed		(100,595	)		(15,945	)		(1	)		—
Change in Class R5 Shares		(96,117	)		27,851			11			2
Class R6 (a)
Issued		112,242			19,372			4,579			2,551
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			15,676
Reinvested		4,896			—			1,121			20
Redeemed		(792	)		(791	)		(150	)		(18	)
Change in Class R6 Shares		116,346			18,581			5,550			18,229
Select Class
Issued		11,313			31,913			3,586			11,736
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			9,044
Reinvested		1,668			1,541			1,386			2,060
Redeemed		(7,901	)		(38,838	)		(4,137	)		(7,967	)
Change in Select Class Shares		5,080			(5,384	)		835			14,873

(a) Commencement of offering of class of shares effective March 14, 2014 for Mid Cap Equity Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	154,352		$	117,470		$	190,442		$	455,863
Distributions reinvested		76,908			65,053			195,292			139,350
Cost of shares redeemed		(88,838	)		(127,370	)		(1,035,632	)		(880,766	)
Change in net assets resulting from Class A capital transactions	$	142,422		$	55,153		$	(649,898	)	$	(285,553	)
Class B
Proceeds from shares issued	$	22		$	60		$	16		$	98
Distributions reinvested		593			905			639			502
Cost of shares redeemed		(1,061	)		(3,553	)		(2,136	)		(7,405	)
Change in net assets resulting from Class B capital transactions	$	(446	)	$	(2,588	)	$	(1,481	)	$	(6,805	)
Class C
Proceeds from shares issued	$	16,756		$	14,903		$	17,013		$	27,504
Distributions reinvested		5,274			2,860			36,724			19,472
Cost of shares redeemed		(4,181	)		(5,376	)		(36,801	)		(66,037	)
Change in net assets resulting from Class C capital transactions	$	17,849		$	12,387		$	16,936		$	(19,061	)
Class R2
Proceeds from shares issued	$	2,717		$	1,589		$	9,372		$	21,879
Distributions reinvested		345			58			5,637			2,790
Cost of shares redeemed		(599	)		(276	)		(10,283	)		(20,179	)
Change in net assets resulting from Class R2 capital transactions	$	2,463		$	1,371		$	4,726		$	4,490
Class R5
Proceeds from shares issued	$	18,990		$	11,177		$	—		$	—
Distributions reinvested		3,427			2,276			—			—
Cost of shares redeemed		(3,103	)		(8,354	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	19,314		$	5,099		$	—		$	—
Class R6
Proceeds from shares issued	$	20,429		$	33,802		$	—		$	—
Distributions reinvested		7,291			4,757			—			—
Cost of shares redeemed		(15,047	)		(12,254	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	12,673		$	26,305		$	—		$	—
Institutional Class
Proceeds from shares issued	$	—		$	—		$	1,906,087		$	1,953,853
Distributions reinvested		—			—			686,825			315,542
Cost of shares redeemed		—			—			(775,800	)		(1,555,034	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	1,817,112		$	714,361
Select Class
Proceeds from shares issued	$	172,723		$	235,397		$	874,338		$	551,560
Distributions reinvested		103,039			84,914			174,083			120,569
Cost of shares redeemed		(114,084	)		(166,729	)		(1,575,482	)		(1,061,484	)
Change in net assets resulting from Select Class capital transactions	$	161,678		$	153,582		$	(527,061	)	$	(389,355	)
Total change in net assets resulting from capital transactions	$	355,953		$	251,309		$	660,334		$	18,077

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 51

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		5,901			4,546			5,152			13,275
Reinvested		3,166			2,708			5,494			4,172
Redeemed		(3,335	)		(4,940	)		(27,993	)		(25,729	)
Change in Class A Shares		5,732			2,314			(17,347	)		(8,282	)
Class B
Issued		1			3			—	(a)		4
Reinvested		37			53			18			15
Redeemed		(56	)		(193	)		(57	)		(223	)
Change in Class B Shares		(18	)		(137	)		(39	)		(204	)
Class C
Issued		744			673			483			830
Reinvested		262			140			1,070			602
Redeemed		(187	)		(244	)		(1,025	)		(1,968	)
Change in Class C Shares		819			569			528			(536	)
Class R2
Issued		94			58			261			654
Reinvested		13			2			164			86
Redeemed		(21	)		(10	)		(289	)		(599	)
Change in Class R2 Shares		86			50			136			141
Class R5
Issued		639			397			—			—
Reinvested		125			86			—			—
Redeemed		(104	)		(293	)		—			—
Change in Class R5 Shares		660			190			—			—
Class R6
Issued		689			1,187			—			—
Reinvested		266			179			—			—
Redeemed		(503	)		(432	)		—			—
Change in Class R6 Shares		452			934			—			—
Institutional Class
Issued		—			—			49,420			55,438
Reinvested		—			—			18,860			9,240
Redeemed		—			—			(20,573	)		(44,220	)
Change in Institutional Class Shares		—			—			47,707			20,458
Select Class
Issued		5,934			8,322			23,375			15,917
Reinvested		3,790			3,204			4,839			3,571
Redeemed		(3,872	)		(5,903	)		(41,079	)		(30,426	)
Change in Select Class Shares		5,852			5,623			(12,865	)		(10,938	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	256		$	2,563		$	615,706		$	931,606
Distributions reinvested		—			—			63,610			34,685
Cost of shares redeemed		(3,682	)		(6,487	)		(264,402	)		(255,314	)
Change in net assets resulting from Class A capital transactions	$	(3,426	)	$	(3,924	)	$	414,914		$	710,977
Class B
Proceeds from shares issued	$	—		$	3		$	—		$	—
Cost of shares redeemed		(55	)		(325	)		—			—
Change in net assets resulting from Class B capital transactions	$	(55	)	$	(322	)	$	—		$	—
Class C
Proceeds from shares issued	$	367		$	505		$	154,592		$	164,051
Distributions reinvested		—			—			12,024			6,053
Cost of shares redeemed		(1,424	)		(3,141	)		(26,075	)		(28,716	)
Change in net assets resulting from Class C capital transactions	$	(1,057	)	$	(2,636	)	$	140,541		$	141,388
Institutional Class
Proceeds from shares issued	$	—		$	—		$	1,108,871		$	1,480,427
Distributions reinvested		—			—			134,005			69,075
Cost of shares redeemed		—			—			(173,103	)		(330,856	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	1,069,773		$	1,218,646
Select Class
Proceeds from shares issued	$	5,339		$	114,928		$	398,848		$	1,276,857
Distributions reinvested		—			—			87,369			49,543
Cost of shares redeemed		(137,647	)		(6,058	)		(113,658	)		(335,843	)
Change in net assets resulting from Select Class capital transactions	$	(132,308	)	$	108,870		$	372,559		$	990,557
Total change in net assets resulting from capital transactions	$	(136,846	)	$	101,988		$	1,997,787		$	3,061,568

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		25			262			21,021			34,698
Reinvested		—			—			2,177			1,320
Redeemed		(369	)		(663	)		(9,035	)		(9,483	)
Change in Class A Shares		(344	)		(401	)		14,163			26,535
Class B
Issued		—			1			—			—
Redeemed		(6	)		(36	)		—			—
Change in Class B Shares		(6	)		(35	)		—			—
Class C
Issued		39			54			5,285			6,062
Reinvested		—			—			414			232
Redeemed		(151	)		(338	)		(895	)		(1,062	)
Change in Class C Shares		(112	)		(284	)		4,804			5,232
Institutional Class
Issued		—			—			37,756			54,588
Reinvested		—			—			4,545			2,610
Redeemed		—			—			(5,853	)		(12,230	)
Change in Institutional Class Shares		—			—			36,448			44,968
Select Class
Issued		527			11,408			13,607			47,271
Reinvested		—			—			2,972			1,877
Redeemed		(13,502	)		(607	)		(3,865	)		(12,507	)
Change in Select Class Shares		(12,975	)		10,801			12,714			36,641

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 55

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Growth Advantage Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	14.24	$	(0.05	)(f)	$	0.71	$	0.66	$	—		$	(0.57	)	$	(0.57	)
Year Ended June 30, 2014		11.43		(0.07	)(f)		3.52		3.45		—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.49		0.01	(f)(g)		1.97		1.98		(0.01	)		(0.03	)		(0.04	)
Year Ended June 30, 2012		9.28		(0.03	)(f)(h)		0.24		0.21		—			—			—
Year Ended June 30, 2011		6.76		(0.04	)(f)		2.56		2.52		—			—			—
Year Ended June 30, 2010		5.88		(0.03	)(f)		0.91		0.88		—			—			—
Class B
Six Months Ended December 31, 2014 (Unaudited)		12.97		(0.08	)(f)		0.64		0.56		—			(0.57	)		(0.57	)
Year Ended June 30, 2014		10.50		(0.12	)(f)		3.23		3.11		—			(0.64	)		(0.64	)
Year Ended June 30, 2013		8.76		(0.04	)(f)(g)		1.81		1.77		—			(0.03	)		(0.03	)
Year Ended June 30, 2012		8.61		(0.07	)(f)(h)		0.22		0.15		—			—			—
Year Ended June 30, 2011		6.31		(0.07	)(f)		2.37		2.30		—			—			—
Year Ended June 30, 2010		5.51		(0.06	)(f)		0.86		0.80		—			—			—
Class C
Six Months Ended December 31, 2014 (Unaudited)		12.98		(0.08	)(f)		0.64		0.56		—			(0.57	)		(0.57	)
Year Ended June 30, 2014		10.51		(0.12	)(f)		3.23		3.11		—			(0.64	)		(0.64	)
Year Ended June 30, 2013		8.77		(0.04	)(f)(g)		1.81		1.77		—			(0.03	)		(0.03	)
Year Ended June 30, 2012		8.61		(0.07	)(f)(h)		0.23		0.16		—			—			—
Year Ended June 30, 2011		6.31		(0.08	)(f)		2.38		2.30		—			—			—
Year Ended June 30, 2010		5.52		(0.06	)(f)		0.85		0.79		—			—			—
Class R5
Six Months Ended December 31, 2014 (Unaudited)		14.63		(0.02	)(f)		0.73		0.71		—			(0.57	)		(0.57	)
Year Ended June 30, 2014		11.68		(0.02	)(f)		3.61		3.59		—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.69		0.06	(f)(g)		2.01		2.07		(0.05	)		(0.03	)		(0.08	)
Year Ended June 30, 2012		9.44		0.01	(f)(h)		0.24		0.25		—			—			—
Year Ended June 30, 2011		6.86		—	(f)(i)		2.58		2.58		—			—			—
Year Ended June 30, 2010		5.93		—	(f)(i)		0.93		0.93		—			—			—
Class R6
Six Months Ended December 31, 2014 (Unaudited)		14.64		(0.02	)(f)		0.73		0.71		—			(0.57	)		(0.57	)
December 23, 2013(j) through June 30, 2014		13.86		(0.01	)(f)		0.79		0.78		—			—			—
Select Class
Six Months Ended December 31, 2014 (Unaudited)		14.50		(0.04	)(f)		0.72		0.68		—			(0.57	)		(0.57	)
Year Ended June 30, 2014		11.60		(0.04	)(f)		3.58		3.54		—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.63		0.04	(f)(g)		1.98		2.02		(0.02	)		(0.03	)		(0.05	)
Year Ended June 30, 2012		9.39		(0.02	)(f)(h)		0.26		0.24		—			—			—
Year Ended June 30, 2011		6.83		(0.02	)(f)		2.58		2.56		—			—			—
Year Ended June 30, 2010		5.93		(0.01	)(f)		0.91		0.90		—			—			—

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.02), $(0.06), $(0.06), $0.03 and $0.01 for Class A, Class B, Class C, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.17)%, (0.66)%, (0.66)%, 0.27% and 0.09% for Class A, Class B, Class C, Class R5 and Select Class Shares, respectively.

(h) Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $(0.05), $(0.09), $(0.09), $(0.01) and $(0.03) for Class A, Class B, Class C, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.56)%, (1.08)%, (1.03)%, (0.12)% and (0.37)% for Class A, Class B, Class C, Class R5 and Select Class Shares, respectively.

(i) Amount rounds to less than $0.01.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	14.33		4.69	%	$	872,880		1.25	%		(0.67	)%		1.32	%		26	%
	14.24		30.69			717,564		1.24			(0.51	)		1.31			62
	11.43		20.95			276,670		1.24			0.11	(g)		1.28			76
	9.49		2.26			194,911		1.25			(0.37	)(h)		1.30			86
	9.28		37.28			176,492		1.25			(0.45	)		1.31			96
	6.76		14.97			101,814		1.31			(0.41	)		1.31			102
	12.96		4.38			2,295		1.75			(1.17	)		1.83			26
	12.97		30.15			2,417		1.74			(0.99	)		1.81			62
	10.50		20.29			2,081		1.74			(0.38	)(g)		1.78			76
	8.76		1.74			2,327		1.75			(0.89	)(h)		1.80			86
	8.61		36.45			3,157		1.75			(0.94	)		1.81			96
	6.31		14.52			3,070		1.81			(0.91	)		1.81			102
	12.97		4.37			194,883		1.75			(1.17	)		1.82			26
	12.98		30.12			144,229		1.74			(1.01	)		1.81			62
	10.51		20.27			42,655		1.74			(0.38	)(g)		1.78			76
	8.77		1.86			27,469		1.75			(0.84	)(h)		1.80			86
	8.61		36.45			20,676		1.75			(0.95	)		1.81			96
	6.31		14.31			12,811		1.81			(0.91	)		1.81			102
	14.77		4.91			47,921		0.85			(0.25	)		0.86			26
	14.63		31.25			1,453,864		0.85			(0.11	)		0.86			62
	11.68		21.49			835,233		0.83			0.55	(g)		0.84			76
	9.69		2.65			468,064		0.85			0.07	(h)		0.85			86
	9.44		37.61			179,677		0.86			(0.05	)		0.86			96
	6.86		15.68			76,767		0.86			0.05			0.86			102
	14.78		4.96			1,993,565		0.77			(0.21	)		0.78			26
	14.64		5.63			271,958		0.80			(0.15	)		0.82			62
	14.61		4.74			1,056,892		1.06			(0.49	)		1.07			26
	14.50		31.03			975,175		1.05			(0.30	)		1.06			62
	11.60		21.14			842,783		1.03			0.37	(g)		1.03			76
	9.63		2.56			662,786		1.05			(0.18	)(h)		1.05			86
	9.39		37.48			836,154		1.06			(0.27	)		1.06			96
	6.83		15.18			604,663		1.06			(0.16	)		1.06			102

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 57

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
Mid Cap Equity Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	44.91	$	0.03	(f)	$	1.71		$	1.74		$	(0.05	)	$	(2.03	)	$	(2.08	)
Year Ended June 30, 2014		38.10		(0.04	)(g)		10.25			10.21			(0.02	)		(3.38	)		(3.40	)
Year Ended June 30, 2013		30.97		0.10	(g)(h)		7.36			7.46			(0.07	)		(0.26	)		(0.33	)
Year Ended June 30, 2012		31.29		0.10	(g)(i)		(0.34	)		(0.24	)		(0.08	)		—			(0.08	)
Year Ended June 30, 2011		22.95		0.04	(g)		8.36			8.40			(0.06	)		—			(0.06	)
November 2, 2009 (j) through June 30, 2010		21.55		0.05			1.41			1.46			(0.06	)		—			(0.06	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		44.21		(0.06	)(f)		1.65			1.59			—	(k)		(2.03	)		(2.03	)
Year Ended June 30, 2014		37.71		(0.24	)(g)		10.12			9.88			—			(3.38	)		(3.38	)
Year Ended June 30, 2013		30.75		(0.07	)(g)(h)		7.29			7.22			—	(k)		(0.26	)		(0.26	)
Year Ended June 30, 2012		31.16		(0.05	)(g)(i)		(0.35	)		(0.40	)		(0.01	)		—			(0.01	)
Year Ended June 30, 2011		22.93		(0.12	)(g)		8.37			8.25			(0.02	)		—			(0.02	)
November 2, 2009 (j) through June 30, 2010		21.55		(0.03	)		1.41			1.38			—	(k)		—			—	(k)
Class R2
Six Months Ended December 31, 2014 (Unaudited)		44.87		(0.04	)(f)		1.72			1.68			(0.02	)		(2.03	)		(2.05	)
March 14, 2014 (j) through June 30, 2014		42.92		(0.05	)(g)		2.01			1.96			(0.01	)		—			(0.01	)
Class R5
Six Months Ended December 31, 2014 (Unaudited)		45.15		0.13	(f)		1.72			1.85			(0.12	)		(2.03	)		(2.15	)
March 14, 2014 (j) through June 30, 2014		43.14		0.04	(g)		2.02			2.06			(0.05	)		—			(0.05	)
Class R6
Six Months Ended December 31, 2014 (Unaudited)		45.15		0.13	(f)		1.73			1.86			(0.13	)		(2.03	)		(2.16	)
March 14, 2014 (j) through June 30, 2014		43.14		0.04	(g)		2.02			2.06			(0.05	)		—			(0.05	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		45.15		0.10	(f)		1.73			1.83			(0.10	)		(2.03	)		(2.13	)
Year Ended June 30, 2014		38.22		0.11	(g)		10.30			10.41			(0.10	)		(3.38	)		(3.48	)
Year Ended June 30, 2013		31.05		0.20	(g)(h)		7.40			7.60			(0.17	)		(0.26	)		(0.43	)
Year Ended June 30, 2012		31.36		0.19	(g)(i)		(0.33	)		(0.14	)		(0.17	)		—			(0.17	)
Year Ended June 30, 2011		22.97		0.14	(g)		8.37			8.51			(0.12	)		—			(0.12	)
Year Ended June 30, 2010		18.97		0.12			4.00			4.12			(0.12	)		—			(0.12	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.03), $(0.12), $(0.10), $0.07, $0.07 and $0.04 for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.16)%, (0.67)%, (0.43)%, 0.52%, 0.35% and 0.18% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(g) Calculated based upon average shares outstanding.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.03, $(0.14) and $0.14 for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.09%, (0.39)% and 0.39% for Class A, Class C and Select Class Shares, respectively.

(i) Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend the net investment income (loss) per share would have been $0.05, $(0.10) and $0.14 for Class A, Class C and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.18%, (0.33)% and 0.48% for Class A, Class C and Select Class Shares, respectively.

(j) Commencement of offering of class of shares.

(k) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	44.57		4.04	%	$	185,853		1.24	%		0.10	%(f)		1.41	%		18	%
	44.91		27.96			156,016		1.24			(0.08	)		1.41			47
	38.10		24.23			21,171		1.24			0.27	(h)		1.49			67
	30.97		(0.76	)		6,965		1.24			0.34	(i)		1.54			55
	31.29		36.60			2,918		1.24			0.14			1.53			88
	22.95		6.77			1,394		1.24			0.30			1.44			56
	43.77		3.77			22,366		1.74			(0.41	)(f)		1.89			18
	44.21		27.34			20,018		1.74			(0.57	)		1.93			47
	37.71		23.60			6,136		1.74			(0.21	)(h)		2.00			67
	30.75		(1.29	)		1,244		1.75			(0.18	)(i)		2.03			55
	31.16		35.98			447		1.74			(0.40	)		2.06			88
	22.93		6.40			65		1.74			(0.23	)		1.92			56
	44.50		3.92			687		1.49			(0.17	)(f)		1.63			18
	44.87		4.56			688		1.47			(0.41	)		1.60			47
	44.85		4.27			589		0.79			0.83	(f)		0.85			18
	45.15		4.77			91		0.78			0.27			0.91			47
	44.85		4.29			1,066,585		0.74			0.61	(f)		0.84			18
	45.15		4.78			823,036		0.73			0.34			0.86			47
	44.85		4.22			1,798,968		0.89			0.44	(f)		1.15			18
	45.15		28.45			1,773,321		0.89			0.27			1.18			47
	38.22		24.64			932,920		0.89			0.57	(h)		1.23			67
	31.05		(0.42	)		813,125		0.89			0.64	(i)		1.30			55
	31.36		37.09			568,854		0.89			0.50			1.27			88
	22.97		21.72			463,478		0.89			0.55			1.17			56

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 59

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 realized gain			Net asset value, end of period		Total return (excludes sales charge) (b)(c)
Mid Cap Growth Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	27.49	$	(0.09	)(f)	$	0.53		$	0.44		$	(2.79	)	$	25.14		1.95	%
Year Ended June 30, 2014		22.99		(0.13	)(f)(g)		7.42			7.29			(2.79	)		27.49		33.44
Year Ended June 30, 2013		19.52		(0.04	)(f)(h)		4.50			4.46			(0.99	)		22.99		23.70
Year Ended June 30, 2012		23.30		(0.05	)(f)(i)		(1.72	)		(1.77	)		(2.01	)		19.52		(6.61	)
Year Ended June 30, 2011		16.35		(0.09	)(f)		7.04			6.95			—			23.30		42.51
Year Ended June 30, 2010		13.68		(0.09	)(f)		2.76			2.67			—			16.35		19.52
Class B
Six Months Ended December 31, 2014 (Unaudited)		19.40		(0.11	)(f)		0.35			0.24			(2.79	)		16.85		1.73
Year Ended June 30, 2014		17.00		(0.18	)(f)(g)		5.37			5.19			(2.79	)		19.40		32.81
Year Ended June 30, 2013		14.76		(0.11	)(f)(h)		3.34			3.23			(0.99	)		17.00		22.99
Year Ended June 30, 2012		18.29		(0.12	)(f)(i)		(1.40	)		(1.52	)		(2.01	)		14.76		(7.08	)
Year Ended June 30, 2011		12.90		(0.16	)(f)		5.55			5.39			—			18.29		41.78
Year Ended June 30, 2010		10.85		(0.14	)(f)		2.19			2.05			—			12.90		18.89
Class C
Six Months Ended December 31, 2014 (Unaudited)		23.35		(0.14	)(f)		0.44			0.30			(2.79	)		20.86		1.69
Year Ended June 30, 2014		19.97		(0.22	)(f)(g)		6.39			6.17			(2.79	)		23.35		32.85
Year Ended June 30, 2013		17.17		(0.12	)(f)(h)		3.91			3.79			(0.99	)		19.97		23.03
Year Ended June 30, 2012		20.88		(0.13	)(f)(i)		(1.57	)		(1.70	)		(2.01	)		17.17		(7.06	)
Year Ended June 30, 2011		14.73		(0.18	)(f)		6.33			6.15			—			20.88		41.75
Year Ended June 30, 2010		12.39		(0.16	)(f)		2.50			2.34			—			14.73		18.89
Class R2
Six Months Ended December 31, 2014 (Unaudited)		29.54		(0.13	)(f)		0.59			0.46			(2.79	)		27.21		1.88
Year Ended June 30, 2014		24.56		(0.20	)(f)(g)		7.97			7.77			(2.79	)		29.54		33.25
Year Ended June 30, 2013		20.83		(0.07	)(f)(h)		4.79			4.72			(0.99	)		24.56		23.46
Year Ended June 30, 2012		24.73		(0.07	)(f)(i)		(1.82	)		(1.89	)		(2.01	)		20.83		(6.72	)
Year Ended June 30, 2011		17.38		(0.13	)(f)		7.48			7.35			—			24.73		42.29
Year Ended June 30, 2010		14.56		(0.12	)(f)		2.94			2.82			—			17.38		19.37

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.14), $(0.19), $(0.23), $(0.20), $(0.02), $(0.01) and $(0.06) for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.53)%, (1.00)%, (1.03)%, (0.73)%, (0.08)%, (0.03)% and (0.22)% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.09), $(0.15), $(0.17), $(0.13), $0.01, $0.02 and $(0.02) for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.42)%, (0.94)%, (0.92)%, (0.57)%, 0.04%, 0.09% and (0.10)% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(i) Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $(0.09), $(0.15), $(0.17), $(0.12), less than $0.01, $0.03 and $(0.03) for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.46)%, (0.99)%, (0.97)%, (0.57)%, (0.03)%, 0.24% and (0.14)% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
		Ratios to average net assets (a)
Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	844,077		1.24	%		(0.69	)%		1.36	%		26	%
	765,310		1.24			(0.51	)(g)		1.37			69
	586,787		1.23			(0.17	)(h)		1.45			70
	538,323		1.24			(0.23	)(i)		1.38			70
	696,334		1.24			(0.44	)		1.36			79
	560,054		1.24			(0.53	)		1.42			82
	4,247		1.74			(1.19	)		1.88			26
	5,243		1.72			(0.98	)(g)		1.87			69
	6,923		1.73			(0.69	)(h)		1.94			70
	9,948		1.75			(0.77	)(i)		1.88			70
	18,648		1.77			(0.97	)		1.86			79
	20,893		1.77			(1.07	)		1.92			82
	53,753		1.74			(1.19	)		1.87			26
	41,047		1.73			(1.01	)(g)		1.86			69
	23,745		1.73			(0.67	)(h)		1.95			70
	22,190		1.75			(0.75	)(i)		1.88			70
	29,187		1.77			(0.97	)		1.86			79
	23,389		1.77			(1.06	)		1.92			82
	4,059		1.40			(0.87	)		1.64			26
	1,852		1.40			(0.71	)(g)		1.59			69
	320		1.39			(0.32	)(h)		1.71			70
	230		1.40			(0.35	)(i)		1.63			70
	121		1.40			(0.59	)		1.60			79
	63		1.40			(0.69	)		1.67			82

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 61

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 realized gain			Net asset value, end of period		Total return (excludes sales charge) (b)(c)
Mid Cap Growth Fund (continued)
Class R5
Six Months Ended December 31, 2014 (Unaudited)	$	30.52	$	(0.04	)(f)	$	0.61		$	0.57		$	(2.79	)	$	28.30		2.18	%
Year Ended June 30, 2014		25.15		(0.02	)(f)(g)		8.18			8.16			(2.79	)		30.52		34.06
Year Ended June 30, 2013		21.18		0.06	(f)(h)		4.90			4.96			(0.99	)		25.15		24.22
November 1, 2011(j) through June 30, 2012		21.75		0.04	(f)(i)		1.40			1.44			(2.01	)		21.18		7.71
Class R6
Six Months Ended December 31, 2014 (Unaudited)		30.57		(0.03	)(f)		0.61			0.58			(2.79	)		28.36		2.21
Year Ended June 30, 2014		25.17		—	(f)(g)(k)		8.19			8.19			(2.79	)		30.57		34.16
Year Ended June 30, 2013		21.19		0.08	(f)(h)		4.89			4.97			(0.99	)		25.17		24.26
November 1, 2011(j) through June 30, 2012		21.75		0.08	(f)(i)		1.37			1.45			(2.01	)		21.19		7.76
Select Class
Six Months Ended December 31, 2014 (Unaudited)		30.39		(0.06	)(f)		0.60			0.54			(2.79	)		28.14		2.09
Year Ended June 30, 2014		25.08		(0.06	)(f)(g)		8.16			8.10			(2.79	)		30.39		33.91
Year Ended June 30, 2013		21.15		0.03	(f)(h)		4.89			4.92			(0.99	)		25.08		24.06
Year Ended June 30, 2012		24.97		0.02	(f)(i)		(1.83	)		(1.81	)		(2.01	)		21.15		(6.31	)
Year Ended June 30, 2011		17.47		(0.03	)(f)		7.53			7.50			—			24.97		42.93
Year Ended June 30, 2010		14.57		(0.04	)(f)		2.94			2.90			—			17.47		19.90

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.14), $(0.19), $(0.23), $(0.20), $(0.02), $(0.01) and $(0.06) for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.53)%, (1.00)%, (1.03)%, (0.73)%, (0.08)%, (0.03)% and (0.22)% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.09), $(0.15), $(0.17), $(0.13), $0.01, $0.02 and $(0.02) for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.42)%, (0.94)%, (0.92)%, (0.57)%, 0.04%, 0.09% and (0.10)% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(i) Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $(0.09), $(0.15), $(0.17), $(0.12), less than $0.01, $0.03 and $(0.03) for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.46)%, (0.99)%, (0.97)%, (0.57)%, (0.03)%, 0.24% and (0.14)% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(j) Commencement of offering of class of shares.

(k) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
		Ratios to average net assets (a)
Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	44,142		0.79	%		(0.25	)%		0.92	%		26	%
	27,454		0.79			(0.06	)(g)		0.92			69
	17,848		0.79			0.28	(h)		1.00			70
	14,837		0.78			0.31	(i)		0.92			70
	92,712		0.74			(0.19	)		0.84			26
	86,150		0.74			(0.01	)(g)		0.86			69
	47,434		0.74			0.34	(h)		0.98			70
	13,982		0.73			0.58	(i)		0.87			70
	1,326,856		0.93			(0.38	)		1.13			26
	1,254,748		0.93			(0.20	)(g)		1.12			69
	894,740		0.93			0.14	(h)		1.20			70
	827,306		0.93			0.09	(i)		1.13			70
	1,031,463		0.93			(0.13	)		1.10			79
	685,843		0.93			(0.22	)		1.17			82

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 63

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
Mid Cap Value Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	37.25	$	0.16	(f)(g)	$	2.05	$	2.21	$	(0.20	)	$	(2.79	)	$	(2.99	)
Year Ended June 30, 2014		31.68		0.15	(f)(h)		7.02		7.17		(0.15	)		(1.45	)		(1.60	)
Year Ended June 30, 2013		25.80		0.19	(f)(i)		6.20		6.39		(0.29	)		(0.22	)		(0.51	)
Year Ended June 30, 2012		24.76		0.20	(f)		1.00		1.20		(0.16	)		—			(0.16	)
Year Ended June 30, 2011		18.91		0.18	(f)		5.85		6.03		(0.18	)		—			(0.18	)
Year Ended June 30, 2010		15.24		0.19	(f)		3.48		3.67		—			—			—
Class B
Six Months Ended December 31, 2014 (Unaudited)		36.46		0.06	(f)(g)		2.00		2.06		—			(2.79	)		(2.79	)
Year Ended June 30, 2014		31.05		(0.03	)(f)(h)		6.89		6.86		—			(1.45	)		(1.45	)
Year Ended June 30, 2013		25.16		0.03	(f)(i)		6.08		6.11		—			(0.22	)		(0.22	)
Year Ended June 30, 2012		24.10		0.07	(f)		0.99		1.06		—			—			—
Year Ended June 30, 2011		18.38		0.07	(f)		5.69		5.76		(0.04	)		—			(0.04	)
Year Ended June 30, 2010		14.89		0.10	(f)		3.39		3.49		—			—			—
Class C
Six Months Ended December 31, 2014 (Unaudited)		36.19		0.07	(f)(g)		1.98		2.05		(0.06	)		(2.79	)		(2.85	)
Year Ended June 30, 2014		30.84		(0.03	)(f)(h)		6.83		6.80		—	(j)		(1.45	)		(1.45	)
Year Ended June 30, 2013		25.14		0.05	(f)(i)		6.03		6.08		(0.16	)		(0.22	)		(0.38	)
Year Ended June 30, 2012		24.13		0.07	(f)		0.98		1.05		(0.04	)		—			(0.04	)
Year Ended June 30, 2011		18.44		0.07	(f)		5.69		5.76		(0.07	)		—			(0.07	)
Year Ended June 30, 2010		14.94		0.10	(f)		3.40		3.50		—			—			—
Class R2
Six Months Ended December 31, 2014 (Unaudited)		36.14		0.12	(f)(g)		1.97		2.09		(0.15	)		(2.79	)		(2.94	)
Year Ended June 30, 2014		30.81		0.06	(f)(h)		6.82		6.88		(0.10	)		(1.45	)		(1.55	)
Year Ended June 30, 2013		25.18		0.12	(f)(i)		6.03		6.15		(0.30	)		(0.22	)		(0.52	)
Year Ended June 30, 2012		24.27		0.14	(f)		0.97		1.11		(0.20	)		—			(0.20	)
Year Ended June 30, 2011		18.63		0.12	(f)		5.76		5.88		(0.24	)		—			(0.24	)
Year Ended June 30, 2010		15.06		0.15	(f)		3.42		3.57		—			—			—

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.07, $(0.03), $(0.02), $0.03, $0.18 and $0.10 for Class A, Class B, Class C, Class R2, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.34%, (0.14)%, (0.12)%, 0.15%, 0.94% and 0.53% for Class A, Class B, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.14, $(0.03), $(0.03), $0.05, $0.32 and $0.23 for Class A, Class B, Class C, Class R2, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.41%, (0.10)%, (0.10)%, 0.16%, 0.90% and 0.66% for Class A, Class B, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

(i) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.16, $0.00, $0.01, $0.09, $0.31 and $0.23 for Class A, Class B, Class C, Class R2, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.55%, 0.00%, 0.04%, 0.31%, 1.04% and 0.80% for Class A, Class B, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

(j) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	36.47		6.20	%	$	2,700,548		1.23	%		0.84	%(g)		1.39	%		10	%
	37.25		23.25			3,404,974		1.23			0.42	(h)		1.37			25
	31.68		25.06			3,157,503		1.23			0.67	(i)		1.38			23
	25.80		4.92			1,986,930		1.24			0.83			1.41			30
	24.76		31.96			1,979,270		1.23			0.81			1.39			41
	18.91		24.08			1,705,572		1.23			1.04			1.40			34
	35.73		5.91			8,990		1.74			0.35	(g)		1.87			10
	36.46		22.67			10,619		1.72			(0.08	)(h)		1.87			25
	31.05		24.42			15,382		1.74			0.13	(i)		1.88			23
	25.16		4.40			57,100		1.75			0.30			1.91			30
	24.10		31.33			90,427		1.74			0.30			1.89			41
	18.38		23.44			96,966		1.74			0.53			1.90			34
	35.39		5.92			613,455		1.74			0.38	(g)		1.90			10
	36.19		22.63			608,283		1.74			(0.09	)(h)		1.87			25
	30.84		24.43			534,813		1.74			0.16	(i)		1.88			23
	25.14		4.38			370,781		1.75			0.32			1.91			30
	24.13		31.29			373,415		1.74			0.30			1.89			41
	18.44		23.43			309,513		1.74			0.53			1.90			34
	35.29		6.06			75,043		1.49			0.65	(g)		1.66			10
	36.14		22.94			71,958		1.49			0.17	(h)		1.62			25
	30.81		24.71			57,003		1.49			0.43	(i)		1.63			23
	25.18		4.65			14,824		1.49			0.59			1.66			30
	24.27		31.66			6,500		1.49			0.50			1.65			41
	18.63		23.71			1,441		1.49			0.77			1.65			34

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 65

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
Mid Cap Value Fund (continued)
Institutional Class
Six Months Ended December 31, 2014 (Unaudited)	$	37.99	$	0.28	(f)(g)	$	2.07	$	2.35	$	(0.40	)	$	(2.79	)	$	(3.19	)
Year Ended June 30, 2014		32.26		0.32	(f)(h)		7.17		7.49		(0.31	)		(1.45	)		(1.76	)
Year Ended June 30, 2013		26.24		0.34	(f)(i)		6.31		6.65		(0.41	)		(0.22	)		(0.63	)
Year Ended June 30, 2012		25.19		0.32	(f)		1.01		1.33		(0.28	)		—			(0.28	)
Year Ended June 30, 2011		19.22		0.30	(f)��		5.95		6.25		(0.28	)		—			(0.28	)
Year Ended June 30, 2010		15.43		0.29	(f)		3.52		3.81		(0.02	)		—			(0.02	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		37.61		0.19	(f)(g)		2.08		2.27		(0.29	)		(2.79	)		(3.08	)
Year Ended June 30, 2014		31.95		0.23	(f)(h)		7.10		7.33		(0.22	)		(1.45	)		(1.67	)
Year Ended June 30, 2013		26.01		0.27	(f)(i)		6.24		6.51		(0.35	)		(0.22	)		(0.57	)
Year Ended June 30, 2012		24.97		0.26	(f)		1.01		1.27		(0.23	)		—			(0.23	)
Year Ended June 30, 2011		19.07		0.24	(f)		5.90		6.14		(0.24	)		—			(0.24	)
Year Ended June 30, 2010		15.34		0.24	(f)		3.49		3.73		—	(j)		—			—	(j)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.07, $(0.03), $(0.02), $0.03, $0.18 and $0.10 for Class A, Class B, Class C, Class R2, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.34%, (0.14)%, (0.12)%, 0.15%, 0.94% and 0.53% for Class A, Class B, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.14, $(0.03), $(0.03), $0.05, $0.32 and $0.23 for Class A, Class B, Class C, Class R2, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.41%, (0.10)%, (0.10)%, 0.16%, 0.90% and 0.66% for Class A, Class B, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

(i) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.16, $0.00, $0.01, $0.09, $0.31 and $0.23 for Class A, Class B, Class C, Class R2, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.55%, 0.00%, 0.04%, 0.31%, 1.04% and 0.80% for Class A, Class B, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

(j) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	37.15		6.45	%	$	10,164,312		0.74	%		1.46	%(g)		0.95	%		10	%
	37.99		23.88			8,581,992		0.74			0.92	(h)		0.97			25
	32.26		25.68			6,627,529		0.74			1.16	(i)		0.98			23
	26.24		5.43			3,543,900		0.74			1.33			1.01			30
	25.19		32.66			2,812,296		0.74			1.29			0.99			41
	19.22		24.68			1,913,930		0.74			1.52			1.00			34
	36.80		6.30			2,430,736		0.98			1.00	(g)		1.11			10
	37.61		23.59			2,967,759		0.98			0.67	(h)		1.12			25
	31.95		25.35			2,870,752		0.98			0.92	(i)		1.13			23
	26.01		5.20			1,836,012		0.98			1.09			1.16			30
	24.97		32.29			1,513,926		0.98			1.05			1.14			41
	19.07		24.35			1,061,308		0.98			1.29			1.15			34

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 67

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			Net asset value, end of period		Total return (excludes sales charge) (b)(c)
Multi-Cap Market Neutral Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	9.91	$	(0.07	)(g)	$	0.23		$	0.16		$	10.07		1.61	%
Year Ended June 30, 2014		9.79		(0.13	)(g)		0.25			0.12			9.91		1.23
Year Ended June 30, 2013		9.69		(0.11	)(g)(h)		0.21			0.10			9.79		1.03
Year Ended June 30, 2012		9.81		(0.14	)(g)		0.02			(0.12	)		9.69		(1.22	)
Year Ended June 30, 2011		9.71		(0.16	)(g)		0.26			0.10			9.81		1.03
Year Ended June 30, 2010		10.21		(0.17	)(g)		(0.33	)		(0.50	)		9.71		(4.90	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		9.39		(0.09	)(g)		0.22			0.13			9.52		1.38
Year Ended June 30, 2014		9.31		(0.17	)(g)		0.25			0.08			9.39		0.86
Year Ended June 30, 2013		9.29		(0.17	)(g)(h)		0.19			0.02			9.31		0.22
Year Ended June 30, 2012		9.47		(0.20	)(g)		0.02			(0.18	)		9.29		(1.90	)
Year Ended June 30, 2011		9.44		(0.23	)(g)		0.26			0.03			9.47		0.32
Year Ended June 30, 2010		10.01		(0.23	)(g)		(0.34	)		(0.57	)		9.44		(5.69	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		9.40		(0.09	)(g)		0.22			0.13			9.53		1.38
Year Ended June 30, 2014		9.33		(0.17	)(g)		0.24			0.07			9.40		0.75
Year Ended June 30, 2013		9.30		(0.17	)(g)(h)		0.20			0.03			9.33		0.32
Year Ended June 30, 2012		9.48		(0.20	)(g)		0.02			(0.18	)		9.30		(1.90	)
Year Ended June 30, 2011		9.46		(0.23	)(g)		0.25			0.02			9.48		0.21
Year Ended June 30, 2010		10.02		(0.23	)(g)		(0.33	)		(0.56	)		9.46		(5.59	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		10.09		(0.06	)(g)		0.24			0.18			10.27		1.78
Year Ended June 30, 2014		9.94		(0.11	)(g)		0.26			0.15			10.09		1.51
Year Ended June 30, 2013		9.82		(0.09	)(g)(h)		0.21			0.12			9.94		1.22
Year Ended June 30, 2012		9.91		(0.12	)(g)		0.03			(0.09	)		9.82		(0.91	)
Year Ended June 30, 2011		9.79		(0.14	)(g)		0.26			0.12			9.91		1.23
Year Ended June 30, 2010		10.27		(0.14	)(g)		(0.34	)		(0.48	)		9.79		(4.67	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(e) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.49% and 1.93% for the six months ended December 31, 2014, 1.49% and 1.91% for the year ended June 30, 2014, 1.48% and 1.88% for 2013, 1.48% and 1.94% for 2012, 1.49% and 1.95% for 2011 and 1.49% and 1.94% for 2010; for Class B are 1.99% and 2.46% for the six months ended December 31, 2014, 1.99% and 2.41% for the year ended June 30, 2014, 2.16% and 2.38% for 2013, 2.23% and 2.45% for 2012, 2.24% and 2.45% for 2011 and 2.24% and 2.44% for 2010; for Class C are 1.99% and 2.43% for the six months ended December 31, 2014, 1.99% and 2.40% for the year ended June 30, 2014, 2.15% and 2.38% for 2013, 2.23% and 2.44% for 2012, 2.24% and 2.45% for 2011 and 2.24% and 2.44% for 2010; for Select Class are 1.23% and 1.64% for the six months ended December 31, 2014, 1.23% and 1.65% for the year ended June 30, 2014, 1.23% and 1.63% for 2013, 1.23% and 1.69% for 2012, 1.24% and 1.70% for 2011 and 1.24% and 1.69% for 2010, respectively.

(f) 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.

(g) Calculated based upon average shares outstanding.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.13),$(0.19),$(0.19) and $(0.11) for Class A,Class B,Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (1.38)%,(2.07)%,(2.06)% and (1.16)% for Class A,Class B,Class C and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
		Ratios to average net assets (a)
Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short)(d)(e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (e)			Portfolio turnover rate (b)(f)			Portfolio turnover rate (including short sales) (b)(f)
$	7,007		2.74	%		(1.35	)%		3.18	%		43	%		124	%
	10,301		2.78			(1.36	)		3.20			106			227
	14,101		3.04			(1.13	)(h)		3.44			94			251
	19,759		2.86			(1.42	)		3.32			151			316
	29,216		2.92			(1.65	)		3.38			145			339
	94,549		2.94			(1.65	)		3.39			146			348
	156		3.24			(1.83	)		3.71			43			124
	209		3.28			(1.88	)		3.70			106			227
	530		3.70			(1.82	)(h)		3.92			94			251
	1,401		3.61			(2.18	)		3.83			151			316
	3,484		3.67			(2.47	)		3.88			145			339
	7,849		3.69			(2.39	)		3.89			146			348
	7,655		3.23			(1.83	)		3.69			43			124
	8,602		3.28			(1.85	)		3.70			106			227
	11,181		3.69			(1.81	)(h)		3.92			94			251
	15,677		3.61			(2.17	)		3.82			151			316
	22,094		3.67			(2.46	)		3.88			145			339
	39,610		3.70			(2.39	)		3.89			146			348
	306,190		2.48			(1.10	)		2.89			43			124
	431,890		2.52			(1.07	)		2.94			106			227
	317,974		2.78			(0.90	)(h)		3.18			94			251
	476,803		2.61			(1.17	)		3.07			151			316
	491,653		2.67			(1.39	)		3.13			145			339
	433,539		2.70			(1.39	)		3.15			146			348

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 69

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
Value Advantage Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	29.15	$	0.12	(f)	$	1.37	$	1.49	$	(0.26	)	$	(0.71	)	$	(0.97	)
Year Ended June 30, 2014		24.64		0.34	(f)		5.03		5.37		(0.16	)		(0.70	)		(0.86	)
Year Ended June 30, 2013		19.96		0.22	(f)		4.75		4.97		(0.20	)		(0.09	)		(0.29	)
Year Ended June 30, 2012		19.07		0.25	(f)		0.84		1.09		(0.20	)		—			(0.20	)
Year Ended June 30, 2011		15.22		0.23	(f)		3.79		4.02		(0.17	)		—			(0.17	)
Year Ended June 30, 2010		12.01		0.23	(f)		3.17		3.40		(0.19	)		—			(0.19	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		29.08		0.04	(f)		1.37		1.41		(0.16	)		(0.71	)		(0.87	)
Year Ended June 30, 2014		24.61		0.20	(f)		5.02		5.22		(0.05	)		(0.70	)		(0.75	)
Year Ended June 30, 2013		19.91		0.11	(f)		4.74		4.85		(0.06	)		(0.09	)		(0.15	)
Year Ended June 30, 2012		19.01		0.16	(f)		0.84		1.00		(0.10	)		—			(0.10	)
Year Ended June 30, 2011		15.17		0.14	(f)		3.77		3.91		(0.07	)		—			(0.07	)
Year Ended June 30, 2010		11.97		0.15	(f)		3.17		3.32		(0.12	)		—			(0.12	)
Institutional Class
Six Months Ended December 31, 2014 (Unaudited)		29.31		0.19	(f)		1.40		1.59		(0.38	)		(0.71	)		(1.09	)
Year Ended June 30, 2014		24.74		0.48	(f)		5.04		5.52		(0.25	)		(0.70	)		(0.95	)
Year Ended June 30, 2013		19.99		0.34	(f)		4.75		5.09		(0.25	)		(0.09	)		(0.34	)
Year Ended June 30, 2012		19.11		0.35	(f)		0.83		1.18		(0.30	)		—			(0.30	)
Year Ended June 30, 2011		15.24		0.32	(f)		3.79		4.11		(0.24	)		—			(0.24	)
Year Ended June 30, 2010		12.01		0.31	(f)		3.18		3.49		(0.26	)		—			(0.26	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		29.27		0.15	(f)		1.39		1.54		(0.32	)		(0.71	)		(1.03	)
Year Ended June 30, 2014		24.72		0.42	(f)		5.03		5.45		(0.20	)		(0.70	)		(0.90	)
Year Ended June 30, 2013		20.00		0.28	(f)		4.75		5.03		(0.22	)		(0.09	)		(0.31	)
Year Ended June 30, 2012		19.12		0.30	(f)		0.83		1.13		(0.25	)		—			(0.25	)
Year Ended June 30, 2011		15.27		0.28	(f)		3.79		4.07		(0.22	)		—			(0.22	)
Year Ended June 30, 2010		12.04		0.27	(f)		3.19		3.46		(0.23	)		—			(0.23	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	29.67		5.18	%	$	2,151,927		1.24	%		0.79	%		1.36	%		9	%
	29.15		22.19			1,701,250		1.24			1.26			1.33			36
	24.64		25.09			784,359		1.24			0.98			1.33			22
	19.96		5.83			206,816		1.25			1.34			1.41			49
	19.07		26.45			232,103		1.24			1.28			1.34			33
	15.22		28.35			150,081		1.24			1.52			1.38			45
	29.62		4.91			552,738		1.74			0.30			1.82			9
	29.08		21.58			402,880		1.74			0.74			1.83			36
	24.61		24.45			212,198		1.74			0.49			1.83			22
	19.91		5.32			117,937		1.75			0.84			1.91			49
	19.01		25.82			131,743		1.74			0.78			1.84			33
	15.17		27.72			108,165		1.74			1.01			1.88			45
	29.81		5.48			4,179,965		0.74			1.30			0.90			9
	29.31		22.77			3,042,506		0.74			1.77			0.93			36
	24.74		25.73			1,455,125		0.74			1.50			0.93			22
	19.99		6.36			384,525		0.75			1.86			1.01			49
	19.11		27.06			284,433		0.74			1.79			0.94			33
	15.24		29.03			156,531		0.74			2.04			0.98			45
	29.78		5.31			2,970,065		0.99			1.03			1.06			9
	29.27		22.49			2,546,808		0.99			1.53			1.08			36
	24.72		25.38			1,245,241		0.99			1.23			1.08			22
	20.00		6.09			422,861		1.00			1.62			1.16			49
	19.12		26.75			270,562		0.99			1.53			1.09			33
	15.27		28.70			71,209		0.99			1.77			1.13			45

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) 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.

J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”), an open-end management investment company, was organized as a Massachusetts business trust on September 23, 1997.

J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG”, with JPM I, JPM II and JPMMFIT (the “Trusts”)), an open-end management investment company, was organized as a Maryland corporation on August 19, 1997.

The following are 6 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
Growth Advantage Fund	Class A, Class B, Class C, Class R5, Class R6* and Select Class	JPMMFIT	Diversified
Mid Cap Equity Fund	Class A, Class C, Class R2**, Class R5**, Class R6** and Select Class	JPM I	Diversified
Mid Cap Growth Fund	Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class	JPM II	Diversified
Mid Cap Value Fund	Class A, Class B, Class C, Class R2, Institutional Class and Select Class	JPMFMFG	Diversified
Multi-Cap Market Neutral Fund	Class A, Class B, Class C, and Select Class	JPM II	Diversified
Value Advantage Fund	Class A, Class C, Institutional Class and Select Class	JPM I	Diversified

* Class R6 Shares of Growth Advantage Fund commenced operations on December 23, 2013.

** Class R2, Class R5 and Class R6 Shares of Mid Cap Equity Fund commenced operations on March 14, 2014.

The investment objective of Growth Advantage Fund and Mid Cap Equity Fund is to seek to provide long-term capital growth.

The investment objective of Mid Cap Growth Fund is to seek growth of capital.

The investment objective of Mid Cap Value Fund is to seek growth from capital appreciation.

The investment objective of Multi-Cap Market Neutral Fund is to seek long-term capital preservation and growth by using strategies designed to produce returns which have no correlation with general domestic market performance.

The investment objective of Value Advantage Fund is to seek to provide long-term total return from a combination of income and capital gains.

Effective as of the close of business on January 3, 2014, all share classes of the Mid Cap Equity Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Classes’ prospectuses.

Effective as of the close of business on February 22, 2013, all share classes of the Mid Cap Value Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Classes’ prospectuses.

Effective November 1, 2009, Class B Shares of the Growth Advantage Fund, Mid Cap Growth Fund, Mid Cap Value Fund and Multi-Cap Market Neutral 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 automatically convert 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, Institutional Class and Select 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.

2. Significant Accounting Policies

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

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

72 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each investment company’s NAV per share as of the report date.

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

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

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

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

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

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

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

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

Growth Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,162,569	$	—	$	—	$	4,162,569
Mid Cap Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,072,435	$	—	$	—	$	3,072,435
Mid Cap Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,362,475	$	—	$	—	$	2,362,475
Mid Cap Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	16,058,832	$	—	$	—	$	16,058,832

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

Multi-Cap Market Neutral Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	318,202		$	—	$	—	$	318,202
Total Liabilities for Securities Sold Short (a)	$	(297,278	)	$	—	$	—	$	(297,278	)
Appreciation in Other Financial Instruments
Futures Contracts	$	18		$	—	$	—	$	18
Value Advantage Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	9,825,377		$	—	$	—	$	9,825,377

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

There were no transfers among any levels during the six months ended December 31, 2014.

B. Short Sales — Multi-Cap Market Neutral Fund engages in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as an asset on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted in the SOIs. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net income or fee is reported as interest income or interest expense, respectively, on securities sold short in the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as dividend expense on securities sold short.

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as change in net unrealized appreciation (depreciation) in the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

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

As of December 31, 2014, the Fund had outstanding short sales as listed on its SOI.

C. Futures Contracts — Multi-Cap Market Neutral Fund uses index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Fund also buys 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. The use of futures contracts exposes the Fund to equity price risk.

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

74 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

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

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended December 31, 2014 (amounts in thousands):

	Multi-Cap Market Neutral Fund
Futures Contracts:
Average Notional Balance Short	$	3,319
Ending Notional Balance Short		1,527

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

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

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

E. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the 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.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2014, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually, except for the Mid Cap Equity Fund, Mid Cap Growth Fund and Multi-Cap Market Neutral Fund, for which distributions are generally declared and paid at least quarterly. Distributions are declared separately for each class of each Fund. 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.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, J.P. Morgan Investment Management, Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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:

Growth Advantage Fund	0.65	%
Mid Cap Equity Fund	0.65
Mid Cap Growth Fund	0.65
Mid Cap Value Fund	0.65
Multi-Cap Market Neutral Fund	1.25
Value Advantage Fund	0.65

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, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2014, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (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 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
Growth Advantage Fund		0.25	%		0.75	%		0.75	%		n/a
Mid Cap Equity Fund		0.25			n/a			0.75			0.50	%
Mid Cap Growth Fund		0.25			0.75			0.75			0.50
Mid Cap Value Fund		0.25			0.75			0.75			0.50
Multi-Cap Market Neutral Fund		0.25			0.75			0.75			n/a
Value Advantage Fund		0.25			n/a			0.75			n/a

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 six months ended December 31, 2014, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	299	$	1
Mid Cap Equity Fund		89		—	(a)
Mid Cap Growth Fund		43		—	(a)
Mid Cap Value Fund		17		1
Multi-Cap Market Neutral Fund		1		—
Value Advantage Fund		297		1

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

76 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements 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
Growth Advantage Fund		0.25	%		0.25	%		0.25	%		n/a			0.05	%		n/a			0.25	%
Mid Cap Equity Fund		0.25			n/a			0.25			0.25	%		0.05			n/a			0.25
Mid Cap Growth Fund		0.25			0.25			0.25			0.25			0.05			n/a			0.25
Mid Cap Value Fund		0.25			0.25			0.25			0.25			n/a			0.10	%		0.25
Multi-Cap Market Neutral Fund		0.25			0.25			0.25			n/a			n/a			n/a			0.25
Value Advantage Fund		0.25			n/a			0.25			n/a			n/a			0.10			0.25

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. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, 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’s 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
Growth Advantage Fund		1.25	%		1.75	%		1.75	%		n/a			0.90	%		0.80	%		n/a			1.10	%
Mid Cap Equity Fund		1.25			n/a			1.75			1.50	%		0.80			0.75			n/a			0.90
Mid Cap Growth Fund		1.24			1.74			1.74			1.40			0.79			0.74			n/a			0.93
Mid Cap Value Fund		1.24			1.75			1.75			1.50			n/a			n/a			0.75	%		0.99
Multi-Cap Market Neutral Fund		1.50			2.00			2.00			n/a			n/a			n/a			n/a			1.25
Value Advantage Fund		1.25			n/a			1.75			n/a			n/a			n/a			0.75			1.00

The expense limitation agreements were in effect for the six months ended December 31, 2014. The contractual expense limitation percentages in the table above are in place until at least October 31, 2015, except Growth Advantage Fund Class R6 which is in place until December 31, 2014 and Mid Cap Equity Fund which is in place until October 31, 2016. Effective January 1, 2015, the contractual expense limitation for Growth Advantage Fund Class R6 was increased to 0.85% until at least October 31, 2015. In addition, the Funds’ service providers have voluntarily waived fees during the six months ended December 31, 2014. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the six months ended December 31, 2014, 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 reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Growth Advantage Fund	$	40	$	3	$	332	$	375	$	—
Mid Cap Equity Fund		816		545		1,396		2,757		19
Mid Cap Growth Fund		636		420		743		1,799		2
Mid Cap Value Fund		5,146		3,337		5,090		13,573		19
Multi-Cap Market Neutral Fund		635		172		3		810		—	(a)
Value Advantage Fund		1,563		1,009		2,184		4,756		—

(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.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2014 was as follows (amounts in thousands):

Growth Advantage Fund	$	74
Mid Cap Equity Fund		90
Mid Cap Growth Fund		51
Mid Cap Value Fund		425
Multi-Cap Market Neutral Fund		42
Value Advantage Fund		568

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 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 six months ended December 31, 2014, 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 six months ended December 31, 2014, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended December 31, 2014, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Growth Advantage Fund	$	1,255,468	$	953,897	$	—	$	—
Mid Cap Equity Fund		703,146		512,731		—		—
Mid Cap Growth Fund		678,546		551,646		—		—
Mid Cap Value Fund		1,550,189		1,883,654		—		—
Multi-Cap Market Neutral Fund		157,178		273,030		188,296		291,738
Value Advantage Fund		2,152,827		705,819		—		—

During the six months ended December 31, 2014, 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 December 31, 2014 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	3,063,728	$	1,147,279	$	48,438	$	1,098,841
Mid Cap Equity Fund		2,314,882		775,491		17,938		757,553
Mid Cap Growth Fund		1,730,613		692,528		60,666		631,862
Mid Cap Value Fund		10,444,022		5,738,724		123,914		5,614,810
Multi-Cap Market Neutral Fund		255,487		66,272		3,557		62,715
Value Advantage Fund		8,094,058		1,792,991		61,672		1,731,319

Under the Regulated Investment Company Modernization Act of 2010 (“the “Act”), net capital losses recognized by the Funds after June 30, 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.

78 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

At June 30, 2014, the Funds did not have post-enactment capital loss carryforwards.

At June 30, 2014, the following Funds had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2016		2017		2018			Total
Mid Cap Growth Fund	$	—	$	—	$	13,557	*	$	13,557	*
Mid Cap Value Fund		—		—		34,731	*		34,731	*
Multi-Cap Market Neutral Fund		29,615		—		—			29,615

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

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

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 9, 2015.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2014. Average borrowings from the Facility for the six months ended December 31, 2014, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Multi-Cap Market Neutral Fund	$	21,128		0.21	%		4	$	—	(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 Funds’ assets for each of the Growth Advantage Fund, Mid Cap Equity Fund and Mid Cap Growth Fund.

In addition, as of December 31, 2014, the J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, own in the aggregate, more than 10% of the net assets of the following Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Growth Advantage Fund		—			40.6	%
Mid Cap Equity Fund		—			30.0
Multi-Cap Market Neutral Fund		89.1	%		—
Value Advantage Fund		—			16.7

Additionally, Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund, Mid Cap Value Fund and Value Advantage Fund each have one or more shareholders, each of which is an account maintained by a financial intermediary on behalf of its clients, that owns a significant portion of that Fund’s outstanding shares.

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

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

As of December 31, 2014, the Multi-Cap Market Neutral Fund pledged substantially all of its assets for securities sold short to Citigroup Global Markets, Inc., who also held 100% of the Multi-Cap Market Neutral Fund’s cash proceeds for securities sold short.

8. Business Combinations

In November 2013, the Board of Trustees of JPM I approved management’s proposal to merge JPMorgan Mid Cap Core Fund (the “Target Fund”) into JPMorgan Mid Cap Equity Fund (the “Acquiring Fund”). The Agreement and Plan of Reorganization with respect to the Target Fund was approved by the Target Fund’s Board of Trustees on November 19-21, 2013. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on March 14, 2014. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $1,111,228,000 and identified cost of approximately $904,208,000 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The following is a summary of Shares Outstanding, Net Assets, NAV and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization (amounts in thousands, except per share amounts):

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Target Fund
Mid Cap Core Fund							$	207,020
Class A		1,967	$	42,694	$	21.70
Class C		77		1,648		21.48
Class R2		29		632		21.60
Class R5		4		87		21.87
Class R6		30,932		676,262		21.86
Select Class		17,884		390,167		21.82
Acquiring Fund
Mid Cap Equity Fund								407,160
Class A		1,999		85,802		42.92
Class C		386		16,354		42.32
Select Class		29,489		1,272,165		43.14

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Post Reorganization
Mid Cap Equity Fund							$	614,180
Class A		2,994	$	128,496	$	42.92
Class C		425		18,002		42.32
Class R2		15		632		42.92
Class R5		2		87		43.14
Class R6		15,676		676,262		43.14
Select Class		38,533		1,662,333		43.14

Expenses related to reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.

Assuming the reorganization had been completed on July 1, 2013, the beginning of the annual reporting period, the pro forma results of operations for the year ended June 30, 2014, are as follows (amounts in thousands):

Net investment income (loss)	$	7,170
Net realized/unrealized gains (losses)		555,924
Change in net assets resulting from operations	$	563,094

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Statements of Operations since March 14, 2014.

80 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2014, and continued to hold your shares at the end of the reporting period, December 31, 2014.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Expense Example

	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Growth Advantage Fund
Class A
Actual	$	1,000.00	$	1,046.90	$	6.45		1.25	%
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class B
Actual		1,000.00		1,043.80		9.02		1.75
Hypothetical		1,000.00		1,016.38		8.89		1.75
Class C
Actual		1,000.00		1,043.70		9.01		1.75
Hypothetical		1,000.00		1,016.38		8.89		1.75
Class R5
Actual		1,000.00		1,049.10		4.39		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class R6
Actual		1,000.00		1,049.60		3.98		0.77
Hypothetical		1,000.00		1,021.32		3.92		0.77
Select Class
Actual		1,000.00		1,047.40		5.47		1.06
Hypothetical		1,000.00		1,019.86		5.40		1.06
Mid Cap Equity Fund
Class A
Actual		1,000.00		1,040.40		6.38		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		1,037.70		8.94		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 81

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Mid Cap Equity Fund (continued)
Class R2
Actual	$	1,000.00	$	1,039.20	$	7.66		1.49	%
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R5
Actual		1,000.00		1,042.70		4.07		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R6
Actual		1,000.00		1,042.90		3.81		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Select Class
Actual		1,000.00		1,042.20		4.58		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Mid Cap Growth Fund
Class A
Actual		1,000.00		1,019.50		6.31		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class B
Actual		1,000.00		1,017.30		8.85		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class C
Actual		1,000.00		1,016.90		8.85		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class R2
Actual		1,000.00		1,018.80		7.12		1.40
Hypothetical		1,000.00		1,018.15		7.12		1.40
Class R5
Actual		1,000.00		1,021.80		4.03		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R6
Actual		1,000.00		1,022.10		3.77		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Select Class
Actual		1,000.00		1,020.90		4.74		0.93
Hypothetical		1,000.00		1,020.52		4.74		0.93
Mid Cap Value Fund
Class A
Actual		1,000.00		1,062.00		6.39		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class B
Actual		1,000.00		1,059.10		9.03		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class C
Actual		1,000.00		1,059.20		9.03		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class R2
Actual		1,000.00		1,060.60		7.74		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Institutional Class
Actual		1,000.00		1,064.50		3.85		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Select Class
Actual		1,000.00		1,063.00		5.10		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98

82 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Multi-Cap Market Neutral Fund
Class A
Actual	$	1,000.00	$	1,016.10	$	13.92		2.74	%
Hypothetical		1,000.00		1,011.39		13.89		2.74
Class B
Actual		1,000.00		1,013.80		16.45		3.24
Hypothetical		1,000.00		1,008.87		16.41		3.24
Class C
Actual		1,000.00		1,013.80		16.40		3.23
Hypothetical		1,000.00		1,008.92		16.36		3.23
Select Class
Actual		1,000.00		1,017.80		12.61		2.48
Hypothetical		1,000.00		1,012.70		12.58		2.48
Value Advantage Fund
Class A
Actual		1,000.00		1,051.80		6.41		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		1,049.10		8.99		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Institutional Class
Actual		1,000.00		1,054.80		3.83		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Select Class
Actual		1,000.00		1,053.10		5.12		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99

* 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).

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 83

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPM Trust I

JPM I held a special meeting of shareholders on June 10, 2014, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of JPM I, including Mid Cap Equity Fund and Value Advantage Fund. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		172,130,223
Withheld		1,157,495
Dr. Matthew Goldstein
In Favor		172,109,164
Withheld		1,178,553
Robert J. Higgins
In Favor		158,338,954
Withheld		14,948,763
Frankie D. Hughes
In Favor		172,148,985
Withheld		1,138,733
Peter C. Marshall
In Favor		172,124,473
Withheld		1,163,244
Mary E. Martinez
In Favor		172,132,763
Withheld		1,154,954
Marilyn McCoy
In Favor		172,123,615
Withheld		1,164,102

	Votes Received (Amounts in thousands)
Mitchell M. Merin
In Favor		172,132,812
Withheld		1,154,905
William G. Morton, Jr.
In Favor		172,111,749
Withheld		1,175,968
Robert A. Oden, Jr.
In Favor		172,098,600
Withheld		1,189,117
Marian U. Pardo
In Favor		172,162,159
Withheld		1,125,559
Frederick W. Ruebeck
In Favor		172,051,301
Withheld		1,236,416
James J. Schonbachler
In Favor		172,078,691
Withheld		1,209,026

84 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

J.P. Morgan Fleming Mutual Fund Group, Inc.

JPMFMFG held a special meeting of shareholders on June 10, 2014, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of JPMFMFG, including Mid Cap Value Fund. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		248,045
Withheld		2,166
Dr. Matthew Goldstein
In Favor		247,867
Withheld		2,343
Robert J. Higgins
In Favor		193,893
Withheld		56,317
Frankie D. Hughes
In Favor		247,973
Withheld		2,237
Peter C. Marshall
In Favor		247,787
Withheld		2,423
Mary E. Martinez
In Favor		247,969
Withheld		2,241
Marilyn McCoy
In Favor		248,057
Withheld		2,153

	Votes Received (Amounts in thousands)
Mitchell M. Merin
In Favor		248,056
Withheld		2,154
William G. Morton, Jr.
In Favor		247,904
Withheld		2,306
Robert A. Oden, Jr.
In Favor		247,855
Withheld		2,355
Marian U. Pardo
In Favor		248,110
Withheld		2,101
Frederick W. Ruebeck
In Favor		247,773
Withheld		2,437
James J. Schonbachler
In Favor		247,959
Withheld		2,251

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 85

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited) (continued)

J.P. Morgan Mutual Fund Investment Trust

JPMMFIT held a special meeting of shareholders on June 10, 2014, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of JPMMFIT, including Growth Advantage Fund. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		215,054
Withheld		617
Dr. Matthew Goldstein
In Favor		215,008
Withheld		662
Robert J. Higgins
In Favor		208,280
Withheld		7,391
Frankie D. Hughes
In Favor		215,086
Withheld		584
Peter C. Marshall
In Favor		215,045
Withheld		625
Mary E. Martinez
In Favor		215,037
Withheld		633
Marilyn McCoy
In Favor		215,057
Withheld		614

	Votes Received (Amounts in thousands)
Mitchell M. Merin
In Favor		215,054
Withheld		616
William G. Morton, Jr.
In Favor		215,030
Withheld		640
Robert A. Oden, Jr.
In Favor		215,047
Withheld		623
Marian U. Pardo
In Favor		215,021
Withheld		649
Frederick W. Ruebeck
In Favor		215,049
Withheld		621
James J. Schonbachler
In Favor		215,049
Withheld		622

86 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

JPM Trust II

JPM II held a special meeting of shareholders on June 10, 2014, for the purpose of considering and voting upon the following proposals.

Proposal 1: Election of Trustees

Trustees were elected by the shareholders of all of the series of the JPM II, including Mid Cap Growth Fund and Multi-Cap Market Neutral Fund. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		132,674,822
Withheld		508,692
Dr. Matthew Goldstein
In Favor		132,670,672
Withheld		512,842
Robert J. Higgins
In Favor		124,038,998
Withheld		9,144,516
Frankie D. Hughes
In Favor		132,681,734
Withheld		501,780
Peter C. Marshall
In Favor		132,663,579
Withheld		519,935
Mary E. Martinez
In Favor		132,682,318
Withheld		501,196
Marilyn McCoy
In Favor		132,681,993
Withheld		501,520

	Votes Received (Amounts in thousands)
Mitchell M. Merin
In Favor		132,664,715
Withheld		518,799
William G. Morton, Jr.
In Favor		132,650,698
Withheld		532,816
Robert A. Oden, Jr.
In Favor		132,664,727
Withheld		518,788
Marian U. Pardo
In Favor		132,690,792
Withheld		492,722
Frederick W. Ruebeck
In Favor		132,644,244
Withheld		539,269
James J. Schonbachler
In Favor		132,671,281
Withheld		512,233

Proposal 2: To approve the replacement of the fundamental investment objective for the Mid Cap Growth Fund with a new fundamental investment objective. The special meeting was adjourned because the proposal did not receive enough shareholder votes to pass.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
For		13,083
Against		326
Abstain		229
Broker Non Votes		15,311

The new fundamental investment objective was approved by shareholders of the Fund when the special meeting reconvened on July 23, 2014.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
For		39,826
Against		593
Abstain		529
Broker Non Votes		12,639

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 87

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2014, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose semi-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, 2014.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in

executive session with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

88 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

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

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

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

Fall-Out Benefits

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

The Trustees also considered that 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.

Economies of Scale

The Trustees considered the extent to which the Funds benefit from economies of scale. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not

contain breakpoints, but 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 also noted that the Adviser and its affiliates have implemented fee waivers and expense limitations. 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 and its affiliates have in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that shareholders of the Funds effectively participated in the economies of scale through these fee waivers and expense limitations and administrative service fee breakpoints.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Mid Cap Growth Fund, Mid Cap Value Fund and Multi-Cap Market Neutral Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Growth Advantage Fund, Mid Cap Equity Fund, and Value Advantage 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 the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 89

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

classification and objective (the “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 Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ 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 Growth Advantage Fund’s performance was in the first, first, and second quintiles for both Class A and Select Class shares for the one-, three- and five year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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 Mid Cap Equity Fund’s performance was in the third and first quintiles for Class A shares for the one- and three year periods ended December 31, 2013, respectively and in the second, first and third quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively and that the Trustees’ 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 various other factors, concluded that the performance was reasonable.

The Trustees noted that the Mid Cap Growth Fund’s performance was in the first, second and second quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that 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 that the Mid Cap Value Fund’s performance was in the fourth, first, and second quintiles for Class A shares and in the fourth, first, and first quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively and that the Trustees’ independent consultant indicated that the Fund’s overall performance was

attractive. 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 they were satisfied with the Adviser’s analysis of the Fund’s performance.

The Trustees noted that the Multi-Cap Market Neutral Fund’s performance was in the second, third and fourth quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ 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 they were satisfied with the Adviser’s analysis of the Fund’s performance.

The Trustees noted that the Value Advantage Fund’s performance was in the fourth, second, and second quintiles for Class A shares and in the third, first, and first quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively and that the Trustees’ 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 various other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance.

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’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the third and fourth quintiles, respectively, of the Universe Group After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

90 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2014

The Trustees noted that the Mid Cap Equity Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the second quintile of the 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 Mid Cap Growth 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 the 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 Mid Cap Value Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the third quintile of the 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 Multi-Cap Market Neutral Fund’s net advisory fee for both Class A and Select Class shares was in the fourth quintile, and that the actual total expenses for Class A and Select Class shares were in the second and 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 Value Advantage Fund’s net advisory fee for Class A and Select Class shares was in the third and second quintiles, respectively, 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 fees were reasonable.

DECEMBER 31, 2014 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 91

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., 2015.  All rights reserved. December 2014. SAN-MC-1214

Semi-Annual Report

J.P. Morgan Large Cap Funds

December 31, 2014 (Unaudited)

JPMorgan Disciplined Equity Fund

JPMorgan Dynamic Growth Fund

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Growth and Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Equity Fund

CONTENTS

CEO’s Letter	1
Market Overview	3
Fund Commentaries:
JPMorgan Disciplined Equity Fund	4
JPMorgan Dynamic Growth Fund	6
JPMorgan Equity Focus Fund	8
JPMorgan Equity Income Fund	10
JPMorgan Growth and Income Fund	12
JPMorgan Hedged Equity Fund	14
JPMorgan Large Cap Growth Fund	16
JPMorgan Large Cap Value Fund	18
JPMorgan U.S. Equity Fund.	20
Schedules of Portfolio Investments	22
Financial Statements	50
Financial Highlights	74
Notes to Financial Statements	98
Schedule of Shareholder Expenses	110
Special Shareholder Meeting Results	114
Board Approval of Investment Advisory Agreement	116

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

JANUARY 11, 2015 (Unaudited)

Dear Shareholder,

A growing divergence in the economic trajectories of U.S. and other developed markets and plummeting global energy prices provided a mixed backdrop for the latter half of 2014. The U.S. economy accelerated at a steady pace amid continued strength in corporate earnings, gains in employment and consumer spending and falling oil prices for the six months ended December 31, 2014. Gross domestic product (GDP) in the U.S. climbed by 5.0% in the third quarter of 2014 and unemployment dropped to 5.6% in December, a level not seen since June 2008.

  “Amid uncertainty about the global economy recovery, equity markets in the U.S., China and Japan provided investors with solid returns and served to emphasize the prudence of holding a broadly diversified portfolio and a long-term outlook.”

In response to the continued improvement in the domestic economy, the U.S. Federal Reserve Bank proceeded to taper down its monthly purchases of bonds under its quantitative easing program and finally closed the program in October.

In stark contrast, the European Central Bank (ECB) took unprecedented steps to counter the threat of price deflation in the euro zone and the Bank of Japan stunned markets with a massive stimulus program as Japan’s economy slid into recession.

Another key development in the latter half of 2014 was a precipitous drop in global petroleum prices. A supply glut driven by new production in the U.S. and increased output from other nations, along with decreasing demand from China, Europe and Japan led to a 50% drop in the price of crude oil between July and December.

Amid this backdrop, U.S. equity markets outperformed most other assets classes over the six month period, with large cap stocks providing better returns than small caps and defensive sectors overtaking cyclical sectors. Notably, U.S. equities fell to six-month lows in mid October only to rebound 8.4%, driving the Standard & Poor’s 500 Index (“S&P 500”) to a new closing high of 2,018.05 points on October 31, 2014. In December, the Dow Jones Industrial Average closed above 18,000 points for the first time following the news that third quarter GDP showed the fastest growth in 11 years. The S&P 500 closed at a new high of 2,090.57 points on December 29, 2014, and returned 6.1% for the six months ended December 31, 2014.

Prices for U.S. Treasury securities with longer maturities rose during the six month period as investors sought safe havens amid deteriorating energy prices and geopolitical concerns. While declining oil prices helped bolster consumer spending in developed nations, energy related sectors came under pressure

and yield spreads on high-yield debt — also known as junk bonds — widened. Nations dependent on oil exports experienced volatility in bond yield spreads and currency valuations.

Meanwhile, weak growth in the euro zone raised concerns about the potential for a destructive deflationary spiral. Even after the ECB had cut its deposit rate to negative 0.1% to encourage banks to extend lending by effectively charging them for parking excess cash with the central bank, growth remained tepid and inflation was well below the ECB’s target of just below 2%. The inflation rate averaged 0.4% from July to October and then fell 0.3% in November and was estimated at -0.2% for December. Unemployment across the euro zone remained stubbornly high at 11.5%.

Japan’s economy retreated into recession during the six month period following two quarters of economic contraction, partly attributed to an increase in the national consumption tax earlier in the year. Responding to the crisis, the Bank of Japan surprised global markets on October 31 by unveiling plans to buy 8 trillion to 12 trillion yen ($71 billion to $107 billion) of Japanese government bonds per month, while also tripling its purchases of exchange-traded funds. The announcement drove Tokyo stocks to seven-year highs. For the six months ended December 31, 2014, the MSCI Europe, Australasia and Far East Index returned -9.2%.

Elsewhere, China’s economy continued to grow but at a slower pace for the six month period. At 7.3%, China’s GDP showed the slowest growth in five years, though it was slightly better than economists had expected. The weaker GDP growth was partly attributed to a slowdown in the property sector. However, Chinese equity securities performed well over the six months ended December 31, 2014, amid expectations that policy makers may ease monetary policy to spur growth. Chinese equity markets received an additional boost when regulators increased access to Chinese financial markets by allowing foreign investors in Hong Kong to buy shares in Shanghai.

Russia’s economy, already straining under Western economic sanctions following its annexation of Crimea, began sliding toward recession as prices plummeted for oil and natural gas, its biggest exports. In response, the Russian Central Bank spent heavily from its reserves and raised its key interest rate sharply in a largely unsuccessful effort to halt the ruble’s slide. The MSCI Emerging Markets Index returned -7.7% for the six months ended December 31, 2014.

During the six month period, financial market volatility returned after being largely absent in the first half of 2014. Meanwhile, economic growth outside the U.S. began to falter and the relative strength of the U.S. economy drove the dollar higher against other major currencies. Amid uncertainty about the global economy recovery, equity markets in the U.S., China and Japan provided investors with solid returns and served to emphasize the prudence of holding a broadly diversified portfolio and a long-term outlook.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 1

CEO’S LETTER

(continued)

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

2 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

U.S equity markets performed strongly during the six month reporting period amid accommodative central bank policies, falling energy prices and steady overall improvement in the U.S. economy. While the second half of 2014 was marked by the return of volatility in financial markets and a sharp sell-off in mid-October, key U.S. equity indexes rebounded to closing highs in the final months of 2014. The Standard & Poor’s 500 Index (“S&P 500”) Index broke through the 2,000-point closing level for the first time on the final day of October and hit new closing highs in the final weeks of December. Also in late December, the Dow Jones Industrial Average closed above 18,000 points for the first time.

Overall, U.S. large cap stocks outperformed small cap stocks and growth stocks outperformed value stocks during the reporting period. For the six months ended December 31, 2014, the S&P 500 returned 6.12%, while the Russell 1000 Index returned 5.57%, the Russell 1000 Growth Index returned 6.34% and the Russell 1000 Value Index returned 4.78%.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 3

JPMorgan Disciplined Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		6.89%
S&P 500 Index		6.12%
Net Assets as of 12/31/2014 (In Thousands)	$	5,451,733

INVESTMENT OBJECTIVE**

The JPMorgan Disciplined Equity Fund (the “Fund”) seeks to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Index (the “S&P 500 Index”).

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

The Fund’s Institutional Class Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the consumer cyclical and retail sectors was a leading contributor to performance relative to the Benchmark, while security selection in the energy and pharmaceutical/medical technology sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Royal Caribbean Cruises Ltd., Lowe’s Cos. and United Continental Holdings Inc. Shares of Royal Caribbean, a cruise ship operator, rose on solid quarterly earnings amid increased bookings for its Asia and Europe cruises. Share of Lowe’s, a home improvement retail chain, strengthened on better-than-expected quarterly sales. Shares of United Continental, owner/operator of United Airlines, which was not held in the Benchmark, rose on strong fundamentals across the airline sector, including strong consumer spending and falling fuel prices.

Leading individual detractors from relative performance included the Fund’s overweight position in Fluor Corp. and Johnson & Johnson and its underweight position in Gilead Sciences Inc. Shares of Fluor, an engineering and construction services company, fell on expectations of lower earnings. Shares of Johnson & Johnson, a maker of consumer health care products, declined amid investor disappointment with earnings results. Shares of Gilead, a biopharmaceuticals company, rose on the prospects for Sovaldi, the company’s drug for the treatment of Hepatitis C.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers attempted to construct the portfolio so that stock selection was the principal source of

potential excess return. The Fund’s portfolio managers sought investment opportunities in companies that they believed were attractive based on valuation and strong fundamentals.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	4.0	%
	2.	Johnson & Johnson	3.4
	3.	United Technologies Corp.	2.5
	4.	Morgan Stanley	2.3
	5.	Microsoft Corp.	2.1
	6.	Lowe’s Cos., Inc.	2.1
	7.	Biogen Idec, Inc.	2.0
	8.	Lam Research Corp.	1.9
	9.	Invesco Ltd.	1.9
	10.	Boston Scientific Corp.	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	17.6	%
Financials	16.4
Consumer Discretionary	15.4
Health Care	14.9
Industrials	9.4
Energy	7.9
Consumer Staples	5.3
Materials	4.1
Utilities	4.0
Telecommunication Services	1.1
Short-Term Investments	3.9

* 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 December 31, 2014. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
Without Sales Charge			6.64	%		15.29	%		15.77	%		7.91	%
With Sales Charge**			1.06			9.25			14.54			7.33
CLASS R6 SHARES	March 24, 2003		6.93			15.84			16.36			8.45
INSTITUTIONAL CLASS SHARES	January 3, 1997		6.89			15.74			16.26			8.36
SELECT CLASS SHARES	September 10, 2001		6.77			15.51			16.08			8.18

* Not annualized.

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

TEN YEAR PERFORMANCE (12/31/04 TO 12/31/14)

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Disciplined Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual

fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on 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.

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.

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.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 5

JPMorgan Dynamic Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		2.25%
Russell 1000 Growth Index		6.34%
Net Assets as of 12/31/2014 (In Thousands)	$	328,456

INVESTMENT OBJECTIVE**

The JPMorgan Dynamic Growth Fund (the “Fund”) seeks long-term capital growth.

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

The Fund (Select Class Shares) underperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the consumer discretionary and technology sectors was a leading detractor from performance relative to the Benchmark, while security selection in the consumer staples and financial services sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Schlumberger Ltd. and Salix Pharmaceuticals Inc., and its underweight position in Apple Inc. Shares of Schlumberger, an oilfield services company, declined amid falling global oil prices. Shares of Salix Pharmaceuticals, a drug maker focused on gastrointestinal disorders, fell amid a backup in inventory of its key products. Shares of Apple, a maker of mobile devices and computers, performed strongly on better-than-expected earnings and revenue, driven by sales of its iPhone and other products.

Leading individual contributors to relative performance included the Fund’s overweight positions in CVS Health Corp., Gilead Sciences Inc. and Celgene Corp. Shares of CVS, a pharmacy and retail chain, rose on the strength of its integrated retail/pharmacy benefit operations, as well as its joint venture with Cardinal Health Inc. Shares of Gilead, a biopharmaceuticals company, rose on the sales prospects for Sovaldi, the company’s drug for the treatment of Hepatitis C. Shares of Celgene, a biopharmaceutical company, rose on positive results from clinical trials of its Crohn’s disease treatment.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort

to construct portfolios of stocks that have strong fundamentals and positive price momentum. The Fund’s portfolio managers sought to invest in companies with attractive fundamentals that, in their view, possessed the potential to significantly exceed expectations for a prolonged period of time.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Google, Inc., Class A	5.7	%
	2.	Facebook, Inc., Class A	5.7
	3.	Kansas City Southern	4.8
	4.	MasterCard, Inc., Class A	4.7
	5.	TD Ameritrade Holding Corp.	4.4
	6.	CVS Health Corp.	4.1
	7.	Priceline Group, Inc. (The)	4.1
	8.	Gilead Sciences, Inc.	3.8
	9.	Alliance Data Systems Corp.	3.2
	10.	Celgene Corp.	3.0

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	35.6	%
Health Care	18.2
Consumer Discretionary	17.0
Industrials	7.2
Financials	7.2
Energy	4.5
Consumer Staples	4.1
Materials	3.0
Short-Term Investment	3.2

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

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

*** Percentages are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

6 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		November 30, 2007
Without Sales Charge				2.12	%		1.11	%		14.42	%		7.15	%
With Sales Charge**				(3.25	)		(4.20	)		13.20			6.34
CLASS C SHARES		November 30, 2007
Without CDSC				1.89			0.63			13.84			6.62
With CDSC***				0.89			(0.37	)		13.84			6.62
CLASS R5 SHARES		November 30, 2007		2.38			1.56			14.92			7.63
SELECT CLASS SHARES		November 30, 2007		2.25			1.38			14.69			7.41

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (11/30/07 TO 12/31/14)

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, 2007.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Dynamic Growth Fund, the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Index from November 30, 2007 to December 31, 2014. 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 Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the

Fund. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Large-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund through August 5, 2010, 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.

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.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 7

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		3.79%
S&P 500 Index		6.12%
Net Assets as of 12/31/2014 (In Thousands)	$	78,864

INVESTMENT OBJECTIVE**

The JPMorgan Equity Focus Fund (the “Fund”) seeks long term capital appreciation.

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

The Fund (Select Class Shares) underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the technology and financial services sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the energy and materials & processing sectors was a leading contributor to relative performance.

Leading detractors from relative performance included the Fund’s overweight positions in Google Inc., Salix Pharmaceutical Inc. and Las Vegas Sands Corp. Shares of Google, an Internet search and technology company, fell on weaker-than-expected quarterly results, as well as Mozilla Corp.’s decision to replace Google with Yahoo as its default search engine. Shares of Salix Pharmaceutical, a drug maker focused on gastrointestinal disorders and not held in the Benchmark, declined amid a backup in inventory for its key products. Shares of Las Vegas Sands, a developer of destination resorts and casinos that was not held in the Benchmark, sank amid tighter credit conditions in China and increased regulatory scrutiny, which hurt revenue in the company’s Macau operations.

Leading contributors to relative performance included the Fund’s overweight positions in Gilead Sciences Inc., Kohl’s Corp. and Best Buy Inc. Shares of Gilead, a biopharmaceuticals company, rose on the prospects for Sovaldi, the company’s drug for the treatment of Hepatitis C. Shares of both Kohl’s, a department store chain operator, and Best Buy, a consumer electronics retailer, strengthened on investor expectations for a strong holiday shopping season.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection. As a result of this approach

to stock selection, the Fund’s largest overweights versus the Benchmark were in the consumer discretionary and financial services sectors. The Fund’s largest underweights versus the Benchmark were in the consumer staples and utilities sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Google, Inc., Class C	5.6	%
	2.	Facebook, Inc., Class A	4.8
	3.	Kansas City Southern	4.7
	4.	MasterCard, Inc., Class A	4.2
	5.	American International Group, Inc.	4.1
	6.	Wells Fargo & Co.	4.0
	7.	DISH Network Corp., Class A	4.0
	8.	Gilead Sciences, Inc.	3.6
	9.	Priceline Group, Inc. (The)	3.4
	10.	T. Rowe Price Group, Inc.	3.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	23.0	%
Information Technology	18.1
Consumer Discretionary	17.8
Health Care	14.0
Industrials	6.0
Energy	5.9
Consumer Staples	4.0
Materials	3.4
Utilities	1.5
Short-Term Investment	6.3

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

8 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		July 29, 2011
Without Sales Charge				3.67	%		7.84	%		21.08	%		16.04	%
With Sales Charge**				(1.79	)		2.15			18.92			14.23
CLASS C SHARES		July 29, 2011
Without CDSC				3.36			7.28			20.45			15.45
With CDSC***				2.36			6.28			20.45			15.45
SELECT SHARES		July 29, 2011		3.79			8.08			21.38			16.32

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (7/29/11 TO 12/31/14)

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 July 29, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Equity Focus Fund, the S&P 500 Index and the Lipper Large-Cap Growth Funds Index from July 29, 2011 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the

expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Growth Funds Index represents 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.

Subsequent to the inception date of the Fund and through July 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.

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.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 9

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		6.29%
Russell 1000 Value Index		4.78%
Net Assets as of 12/31/2014 (In Thousands)	$	9,064,115

INVESTMENT OBJECTIVE**

The JPMorgan Equity Income Fund (the “Fund”) seeks capital appreciation and current income.¹

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

The Fund (Select Class Shares) outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection and underweight position in the energy sector and its security selection in the producer durables sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and underweight positions in the financial services and health care sectors were leading detractors from relative performance.

Individual contributors to the Fund’s relative performance included its overweight positions in L Brands Inc., Apple Inc. and Home Depot Inc. Shares of L Brands, a specialty apparel retailer, rose after the company raised its earnings forecast. Shares of Apple, a maker of computers and mobile devices not held in the Benchmark, strengthened on continued strong demand for its products and services. Shares of Home Depot, a home improvement retail chain not held in the Benchmark, rose on strong sales growth.

Leading individual detractors from the Fund’s relative performance included its overweight positions in ConocoPhillips and Occidental Petroleum Corp. and its underweight position in Berkshire Hathaway Inc. Shares of ConocoPhillips and Occidental Petroleum, both oil and gas producers, declined amid the falling global oil prices. Shares of Berkshire Hathaway, a financial holding company not held by the Fund, rose on the strength of its core insurance and rail freight businesses.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers’ focus remained on stock selection, as they believed that quality companies trading at attractive valuations have the greatest potential to outperform in the long term. As the Fund aimed to purchase stocks with above average dividend yields, the research process was designed to identify companies with predictable and durable business models deemed capable of generating sustainable free cash flow.

1 Effective July 23, 2014, following approval from the Fund’s Board of Trustees, shareholders approved the a change to the Fund’s investment objective. The current investment objective is stated above. Prior to July 23, 2014, the Fund’s investment objective was to seek current income through regular payment of dividends as well as to achieve capital appreciation by investing primarily in equity securities.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	4.6	%
	2.	Johnson & Johnson	3.8
	3.	Exxon Mobil Corp.	2.3
	4.	ConocoPhillips	2.2
	5.	PNC Financial Services Group, Inc. (The)	2.1
	6.	Apple, Inc.	2.1
	7.	Chevron Corp.	2.0
	8.	Merck & Co., Inc.	2.0
	9.	BlackRock, Inc.	1.9
	10.	Pfizer, Inc.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	25.5	%
Consumer Discretionary	12.3
Health Care	11.7
Industrials	11.3
Information Technology	9.7
Energy	9.2
Consumer Staples	8.9
Utilities	6.9
Materials	2.0
Telecommunication Services	1.5
Short-Term Investment	1.0

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
Without Sales Charge			6.11	%		13.46	%		16.45	%		8.58	%
With Sales Charge**			0.52			7.53			15.20			7.99
CLASS B SHARES	January 14, 1994
Without CDSC			5.90			12.91			15.90			8.13
With CDSC***			0.90			7.91			15.68			8.13
CLASS C SHARES	November 4, 1997
Without CDSC			5.88			12.87			15.88			8.02
With CDSC****			4.88			11.87			15.88			8.02
CLASS R2 SHARES	February 28, 2011		6.01			13.24			16.22			8.40
CLASS R5 SHARES	February 28, 2011		6.39			13.97			16.96			8.96
CLASS R6 SHARES	January 31, 2012		6.42			14.04			16.98			8.97
SELECT CLASS SHARES	July 2, 1987		6.29			13.76			16.79			8.89

* Not annualized.

** 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 (12/31/04 TO 12/31/14)

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 and Class R5 Shares prior to their inception dates are based on the performance of Select Class Shares. With respect to Class R2 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to February 28, 2011, Select Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Equity Income Fund, the Russell 1000 Value Index and the Lipper Equity Income Funds Index from December 31, 2004 to December 31, 2014. 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 Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual

fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Equity Income Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Equity Income Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

Because Class B Shares automatically convert to Class A Shares after eight 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.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 11

JPMorgan Growth and Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		6.15%
Russell 1000 Value Index1		4.78%
S&P 500/Citigroup Value Index		5.04%
Net Assets as of 12/31/2014 (In Thousands)	$	491,245

INVESTMENT OBJECTIVE**

The JPMorgan Growth and Income Fund (the “Fund”) seeks to provide capital growth over the long term and earn income from dividends.

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

The Fund (Class A Shares, without a sales charge) outperformed both the Russell 1000 Value Index (the “Benchmark”) and its previous benchmark, the S&P500/Citigroup Value Index, for the six months ended December 31, 2014. The Fund’s security selection in the consumer discretionary and energy sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the utilities and technology sectors was a leading detractor from relative performance.

Individual contributors to relative performance included the Fund’s overweight positions in DuPont Co., Home Depot Inc. and Kinder Morgan Inc. Shares of DuPont, a chemicals company, rose after the company reaffirmed its earnings forecast and took actions to exit underperforming business lines. Shares of Home Depot, a home improvement retail chain not held in the Benchmark, strengthened on better-than-expected quarterly sales. Shares of Kinder Morgan, an oil and gas pipeline and storage operator, rose on expectations that it will continue to benefit from the boom in U.S. shale oil/gas production.

Leading individual detractors from the Fund’s relative performance included overweight positions in Qualcomm Inc., IBM Corp. and Energen Corp. Shares of Qualcomm, a maker of digital communications technology not held in the Benchmark, declined after the company forecast earnings and revenue below analysts’ expectations. Shares of IBM, an information technology company not held in the Benchmark, weakened after the company posted lower-than-expected quarterly earnings. Shares of Energen, an oil and gas exploration and production company, fell amid the decline in global oil prices.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers focused on stock selection and aimed to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. The portfolio managers employed a bottom-up approach to security selection, using a combination of quantitative screening and fundamental research. During the reporting period, the Fund was overweight in the consumer discretionary sector, a sector in which the Fund’s portfolio

managers believed they had found many of the qualities they typically seek, such as strong brands, recurring revenue business models and the consistent generation of free cash flow.

1 On November 1, 2014, the JPMorgan Growth and Income Fund adopted the Russell 1000 Value Index as its primary Benchmark, replacing the S&P 500/Citigroup Value Index. The Fund’s portfolio managers believe the Russell 1000 Value Index is more representative of benchmarks for growth and income funds.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	3.0	%
	2.	Johnson & Johnson	2.9
	3.	Exxon Mobil Corp.	2.9
	4.	Microsoft Corp.	2.2
	5.	Hartford Financial Services Group, Inc. (The)	2.1
	6.	Occidental Petroleum Corp.	2.1
	7.	Bank of America Corp.	2.0
	8.	Berkshire Hathaway, Inc., Class B	2.0
	9.	Humana, Inc.	1.9
	10.	Chevron Corp.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	33.6	%
Health Care	11.3
Consumer Discretionary	10.9
Energy	10.1
Industrials	8.0
Information Technology	7.9
Consumer Staples	7.4
Utilities	3.8
Materials	1.9
Telecommunication Services	1.9
Short-Term Investment	3.2

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
Without Sales Charge			6.15	%		14.10	%		16.08	%		7.14	%
With Sales Charge**			0.57			8.11			14.84			6.56
CLASS B SHARES	November 4, 1993
Without CDSC			5.88			13.51			15.50			6.71
With CDSC***			0.88			8.51			15.27			6.71
CLASS C SHARES	January 2, 1998
Without CDSC			5.87			13.50			15.51			6.60
With CDSC****			4.87			12.50			15.51			6.60
SELECT CLASS SHARES	January 25, 1996		6.29			14.39			16.40			7.46

* Not annualized.

** 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 (12/31/04 TO 12/31/14)

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth and Income Fund, the Russell 1000 Value Index, the S&P 500/Citigroup Value Index, the Lipper Large-Cap Core Funds Index and the Lipper Large-Cap Value Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the S&P 500/Citigroup Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index and the Lipper Large-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book

ratios and lower forecasted growth values. The S&P 500/Citigroup Value Index is an unmanaged index which includes the performance of large U.S. companies with low price-to-book ratios relative to the S&P 500 Index. The Lipper Large-Cap Core Funds Index and the Lipper Large-Cap Value Funds Index are indices based on the total returns of certain groups of mutual funds as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

Because Class B Shares automatically convert to Class A Shares after eight 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.

On November 1, 2014, the JPMorgan Growth and Income Fund adopted the Russell 1000 Value Index as its primary Benchmark, replacing the S&P 500/Citigroup Value Index. The Fund’s portfolio managers believe the Russell 1000 Value Index is more representative of benchmarks for growth and income funds.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 13

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		4.93%
S&P 500 Index		6.12%
Net Assets as of 12/31/2014 (In Thousands)	$	137,787

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity Fund (the “Fund”) seeks to provide capital appreciation.

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

The Fund (Select Class Shares) underperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the industrial cyclical and pharmaceutical/medical technology sectors was a leading detractor from performance relative to the Benchmark, while security selection in the consumer cyclical and retail sectors was a leading contributor to relative performance. The Fund’s hedge positioning helped performance by limiting the Fund’s exposure to downside volatility, while positioning it for participation in a subsequent rebound in equity prices.

Leading individual detractors from relative performance included the Fund’s overweight positions in Fluor Corp. and Halliburton Co. and its underweight position in Amgen Inc. Shares of Fluor, an engineering and construction services company, fell on expectations of lower earnings. Shares of Halliburton, an oilfield services company, weakened amid investor concerns that falling global oil prices will curb demand for the company’s services. Shares of Amgen, a drug maker, rose on positive results from clinical trials of some of its key drug candidates.

Leading individual contributors to relative performance included the Fund’s overweight positions in Time Warner Inc., United Continental Holdings Inc. and Royal Caribbean Cruises Ltd. Shares of Time Warner, a media and entertainment company, rose on news of a potential merger with 21^st Century Fox Inc. and strong quarterly earnings. Shares of United Continental, owner/operator of United Airlines, which was not held in the Benchmark, rose on solid fundamentals across the airline sector, including strong consumer spending and falling fuel prices. Shares of Royal Caribbean, a cruise ship operator, rose on solid quarterly earnings amid increased bookings for its Asian and European cruises.

HOW WAS THE FUND POSITIONED?

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded

index put options and selling exchange-traded index call options. The option overlay is known as a “Put/Spread Collar” strategy. The combination of the diversified portfolio of equity securities, downside protection from index put options and income from index call options was intended to provide the Fund with a portion of the returns associated with equity market investments, while exposing the Fund to less risk than traditional long-only equity strategies.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	3.5	%
	2.	Johnson & Johnson	2.4
	3.	Microsoft Corp.	2.3
	4.	Wells Fargo & Co.	2.3
	5.	S&P 500 Index	1.8
	6.	Exxon Mobil Corp.	1.7
	7.	Bank of America Corp.	1.6
	8.	Procter & Gamble Co. (The)	1.6
	9.	Chevron Corp.	1.5
	10.	United Technologies Corp.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	19.0	%
Financials	15.6
Health Care	13.6
Consumer Discretionary	12.6
Industrials	10.6
Consumer Staples	9.1
Energy	7.3
Utilities	3.8
Materials	2.5
Options Purchased	1.8
Telecommunication Services	1.3
Short-Term Investment	2.8

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	December 13, 2013
Without Sales Charge			4.77	%		9.36	%		10.68	%
With Sales Charge**			(0.72	)		3.65			5.15
CLASS C SHARES	December 13, 2013
Without CDSC			4.54			8.82			10.15
With CDSC***			3.54			7.82			10.15
CLASS R5 SHARES	December 13, 2013		5.03			9.88			11.20
CLASS R6 SHARES	December 13, 2013		5.04			9.91			11.24
SELECT CLASS SHARES	December 13, 2013		4.93			9.62			10.95

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (12/13/13 TO 12/31/14)

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

The Fund commenced operations on December 13, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Hedged Equity Fund, the S&P 500 Index and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index from December 13, 2013 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market.

The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. 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 29, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 15

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		8.34%
Russell 1000 Growth Index		6.34%
Net Assets as of 12/31/2014 (In Thousands)	$	15,340,279

INVESTMENT OBJECTIVE**

The JPMorgan Large Cap Growth Fund (the “Fund”) seeks long-term capital appreciation.¹

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

The Fund (Select Class Shares) outperformed the Russell 1000 Growth Index (the “Benchmark”) for the 6 months ended December 31, 2014. The Fund’s underweight position in the energy sector and its overweight position in the health care sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and technology sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Home Depot Inc. and Regeneron Pharmaceutical Inc., and its underweight position in Schlumberger Ltd. Shares of Home Depot, a home improvement retail chain, strengthened on the company’s effective strategy execution and better-than-expected sales growth. Shares of Regeneron, a biopharmaceutical company, rose on investors’ heightened expectations for its eye drug, Eylea, and advances in the company’s pipeline of potential new drugs. Shares of Schlumberger, an oilfield services company not held by the Fund, fell on investor concerns that falling global oil prices would reduce demand for the company’s services.

Leading individual detractors from relative performance included the Fund’s underweight position in Apple Inc. and its overweight positions in Pioneer Natural Resources Co. and Michael Kors Holdings Ltd. Shares of Apple, a maker of mobile devices and computers, performed strongly on better-than-expected earnings and revenue, driven by sales of its iPhone and other products. Shares of Pioneer Natural Resources, an independent oil and gas exploration and production company, declined amid falling global oil prices. Shares of Michael Kors Holdings, an apparel and accessories company, fell amid investor concerns about the company’s narrowing profit margins, growing inventory and weaker-than-expected earnings forecast.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, rigorously researching individual companies in an effort to construct portfolios of stocks that have strong

fundamentals and positive price momentum. The Fund’s portfolio managers sought to invest in companies with attractive fundamentals that, in their view, possessed the potential to significantly exceed expectations for a prolonged period of time.

1 Effective July 23, 2014, following approval from the Fund’s Board of Trustees, shareholders approved the change in the investment objective. The current investment objective is stated above. Prior to July 23, 2014, the Fund’s investment objective was to seek long-term capital appreciation and growth of income by investing primarily in equity securities.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Facebook, Inc., Class A	4.3	%
	2.	Home Depot, Inc. (The)	3.8
	3.	MasterCard, Inc., Class A	3.7
	4.	Gilead Sciences, Inc.	3.5
	5.	Apple, Inc.	3.5
	6.	Celgene Corp.	3.2
	7.	Visa, Inc., Class A	2.7
	8.	Google, Inc., Class C	2.6
	9.	Comcast Corp., Class A	2.5
	10.	Regeneron Pharmaceuticals, Inc.	2.3

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	28.5	%
Health Care	22.0
Consumer Discretionary	21.1
Industrials	9.1
Materials	6.0
Consumer Staples	4.3
Financials	4.1
Energy	2.5
Short-Term Investment	2.4

* 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 December 31, 2014. The Fund’s portfolio composition is subject to change.

16 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 22, 1994
Without Sales Charge			8.22	%		10.64	%		15.56	%		8.63	%
With Sales Charge**			2.54			4.84			14.32			8.04
CLASS B SHARES	January 14, 1994
Without CDSC			7.98			10.14			15.00			8.15
With CDSC***			2.98			5.14			14.77			8.15
CLASS C SHARES	November 4, 1997
Without CDSC			7.95			10.13			14.98			8.06
With CDSC****			6.95			9.13			14.98			8.06
CLASS R2 SHARES	November 3, 2008		8.11			10.42			15.29			8.35
CLASS R5 SHARES	April 14, 2009		8.43			11.08			16.02			8.98
CLASS R6 SHARES	November 30, 2010		8.45			11.13			16.07			9.00
SELECT CLASS SHARES	February 28, 1992		8.34			10.86			15.79			8.86

* Not annualized.

** 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 (12/31/04 TO 12/31/14)

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 and Class R5 Shares prior to their inception dates are based on the performance of Select Class Shares. With respect to Class R2 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class Shares.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares and, prior to April 14, 2009, Select Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Index from December 31, 2004 to December 31, 2014. 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 Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has

been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Large-Cap Growth Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

Because Class B Shares automatically convert to Class A Shares after eight 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.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 17

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		6.33%
Russell 1000 Value Index		4.78%
Net Assets as of 12/31/2014 (In Thousands)	$	818,996

INVESTMENT OBJECTIVE**

The JPMorgan Large Cap Value Fund (the “Fund”) seeks capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

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

The Fund (Select Class Shares) outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection and overweight position in the consumer discretionary sector and its security selection in the financial services sector were leading contributors to performance relative to the Benchmark, while security selection in the consumer staples sector detracted from relative performance.

Individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in UnitedHealth Group Inc., Lowe’s Cos. and Royal Caribbean Cruises Ltd. Shares of UnitedHealth, a diversified health care provider, rose after the company reaffirmed its revenue forecast and raised its earnings forecast. Share of Lowe’s, a home improvement retail chain not held in the Benchmark, strengthened on better-than-expected quarterly sales. Shares of Royal Caribbean, a cruise ship operator, rose on solid quarterly earnings amid increased bookings for its Asia and European cruises.

Individual detractors from relative performance included the Fund’s overweight positions in Fluor Corp. and Halliburton Co. and its underweight position in Berkshire Hathaway Inc. Shares of Fluor, an engineering and construction services company, fell on expectations of lower earnings. Shares of Halliburton, an oilfield services company not held in the Benchmark, weakened amid investor concerns that falling global oil prices will curb demand for the company’s services. Shares of Berkshire Hathaway, a financial holding company, rose on the strength of its core insurance and rail freight businesses.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers combined a bottom-up fundamental approach to security selection with a systematic

valuation process. Overall, the Fund’s portfolio managers looked to take advantage of mispriced stocks that they believed appeared attractive relative to their fair value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	4.1	%
	2.	General Motors Co.	3.9
	3.	Johnson & Johnson	3.6
	4.	Bank of America Corp.	3.4
	5.	Exxon Mobil Corp.	3.2
	6.	MetLife, Inc.	2.7
	7.	Occidental Petroleum Corp.	2.5
	8.	Citigroup, Inc.	2.4
	9.	UnitedHealth Group, Inc.	2.2
	10.	Aetna, Inc.	2.1

PORTFOLIO COMPOSITION BY SECTOR***
Financials	31.8	%
Health Care	13.8
Industrials	12.8
Consumer Discretionary	11.9
Energy	9.9
Information Technology	7.1
Utilities	4.1
Materials	3.4
Consumer Staples	3.4
Telecommunication Services	0.6
Short-Term Investment	1.2

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

18 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
Without Sales Charge			6.24	%		14.27	%		13.95	%		6.64	%
With Sales Charge**			0.67			8.28			12.73			6.07
CLASS B SHARES	January 14, 1994
Without CDSC			5.96			13.74			13.40			6.20
With CDSC***			0.96			8.74			13.16			6.20
CLASS C SHARES	March 22, 1999
Without CDSC			6.00			13.77			13.40			6.09
With CDSC****			5.00			12.77			13.40			6.09
CLASS R2 SHARES	November 3, 2008		6.18			14.03			13.68			6.35
CLASS R5 SHARES	May 15, 2006		6.50			14.79			14.41			7.05
CLASS R6 SHARES	November 30, 2010		6.48			14.75			14.44			7.07
SELECT CLASS SHARES	March 1, 1991		6.33			14.47			14.16			6.86

* Not annualized.

** 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 (12/31/04 TO 12/31/14)

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 and Class R5 Shares prior to their inception dates are based on the performance of Select Class Shares. With respect to Class R2 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to May 15, 2006, Select Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Value Index and the Lipper Large-Cap Value Funds Index from December 31, 2004 to December 31, 2014. 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 Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual

fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Large-Cap Value 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.

Because Class B Shares automatically convert to Class A Shares after eight 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.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 19

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		6.72%
S&P 500 Index		6.12%
Net Assets as of 12/31/2014 (In Thousands)	$	12,522,697

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Equity Fund (the “Fund”) seeks to provide high total return from a portfolio of selected equity securities.

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

The Fund (Institutional Class Shares) outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the semiconductors and auto & transportation sectors was a leading contributor to performance relative to the Benchmark, while security selection in the energy and industrial cyclical sector was a leading detractor from relative performance.

Individual contributors to relative performance included the Fund’s overweight positions in United Continental Holdings Inc., Avago Technologies Ltd. and Time Warner Inc. Shares of United Continental, owner/operator of United Airlines, which was not held in the Benchmark, rose on solid fundamentals across the airline sector, including strong consumer spending and falling fuel prices. Shares of Avago, a Singapore producer of analog semiconductors, strengthened on revenue growth and increased demand for its radio frequency semiconductor chips, which are used by telecom operators upgrading their networks to accommodate so-called 4G smartphones. Shares of Time Warner, a media and entertainment company, rose on the company’s potential merger with 21^st Century Fox Inc. and strong quarterly earnings.

Individual detractors from relative performance included the Fund’s overweight positions in Fluor Corp. and Johnson & Johnson and its underweight position in Berkshire Hathaway Inc. Shares of Fluor, an engineering and construction services company, fell on expectations of lower earnings. Shares of Johnson & Johnson, a maker of consumer health care products, declined amid investor disappointment with earnings results. Shares of Berkshire Hathaway, a financial holding company not held by the Fund, rose on the strength of its core insurance and rail freight businesses.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine what they believed to be their underlying value and

potential for future earnings growth. As a result of this approach to stock selection, the Fund was overweight, relative to the Benchmark, in the auto & transportation and the semiconductors sectors. The Fund was underweight, compared with the Benchmark, in the consumer stable sector and the industrial cyclical sector.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	3.6	%
	2.	Johnson & Johnson	2.9
	3.	Wells Fargo & Co.	2.7
	4.	Microsoft Corp.	2.2
	5.	Honeywell International, Inc.	1.9
	6.	Occidental Petroleum Corp.	1.9
	7.	Bank of America Corp.	1.8
	8.	Lowe’s Cos., Inc.	1.7
	9.	Time Warner, Inc.	1.6
	10.	Morgan Stanley	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.6	%
Financials	15.6
Consumer Discretionary	14.7
Health Care	14.4
Industrials	10.7
Energy	7.5
Consumer Staples	6.3
Materials	3.5
Utilities	2.4
Telecommunication Services	1.1
Short-Term Investment	3.2

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

20 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
Without Sales Charge			6.59	%		13.44	%		15.02	%		8.62	%
With Sales Charge**			0.97			7.48			13.79			8.03
CLASS B SHARES	September 10, 2001
Without CDSC			6.32			12.87			14.44			8.18
With CDSC***			1.32			7.87			14.21			8.18
CLASS C SHARES	September 10, 2001
Without CDSC			6.32			12.88			14.44			8.07
With CDSC****			5.32			11.88			14.44			8.07
CLASS R2 SHARES	November 3, 2008		6.46			13.21			14.75			8.45
CLASS R5 SHARES	May 15, 2006		6.81			13.95			15.46			9.08
CLASS R6 SHARES	November 30, 2010		6.82			13.98			15.53			9.12
INSTITUTIONAL CLASS SHARES	September 17, 1993		6.72			13.83			15.42			9.04
SELECT CLASS SHARES	September 10, 2001		6.67			13.69			15.25			8.87

* Not annualized.

** 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 (12/31/04 TO 12/31/14)

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 their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R5 Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Institutional Class Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to May 15, 2006, Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan U.S. Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction

of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on 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.

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.

Because Class B Shares automatically convert to Class A Shares after eight 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.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 21

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.1%
		Consumer Discretionary — 15.9%
		Auto Components — 1.2%
	608	Magna International, Inc., (Canada)		66,040
		Automobiles — 0.4%
	598	General Motors Co.		20,873
		Hotels, Restaurants & Leisure — 1.1%
	705	Royal Caribbean Cruises Ltd.		58,106
		Household Durables — 1.2%
	298	Harman International Industries, Inc.		31,810
	26	NVR, Inc. (a)		32,521
				64,331
		Internet & Catalog Retail — 0.3%
	170	Expedia, Inc.		14,493
	1	Priceline Group, Inc. (The) (a)		696
				15,189
		Media — 4.8%
	641	CBS Corp. (Non-Voting), Class B		35,462
	924	Comcast Corp., Class A		53,605
	853	DISH Network Corp., Class A��(a)		62,207
	1,099	Time Warner, Inc.		93,866
	182	Walt Disney Co. (The)		17,124
				262,264
		Multiline Retail — 2.0%
	953	Dollar General Corp. (a)		67,391
	152	Kohl’s Corp.		9,262
	513	Macy’s, Inc.		33,710
				110,363
		Specialty Retail — 3.9%
	786	AutoNation, Inc. (a)		47,464
	447	Home Depot, Inc. (The)		46,943
	1,685	Lowe’s Cos., Inc.		115,928
				210,335
		Textiles, Apparel & Luxury Goods — 1.0%
	308	Ralph Lauren Corp.		57,103
		Total Consumer Discretionary		864,604
		Consumer Staples — 5.5%
		Beverages — 3.8%
	1,465	Coca-Cola Enterprises, Inc.		64,800
	677	Constellation Brands, Inc., Class A (a)		66,481
	995	Molson Coors Brewing Co., Class B		74,140
				205,421

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — 1.3%
	141	Archer-Daniels-Midland Co.		7,348
	322	Campbell Soup Co.		14,164
	40	Keurig Green Mountain, Inc.		5,309
	1,200	Mondelez International, Inc., Class A		43,579
				70,400
		Household Products — 0.4%
	195	Energizer Holdings, Inc.		25,114
		Total Consumer Staples		300,935
		Energy — 8.1%
		Energy Equipment & Services — 4.5%
	1,175	Baker Hughes, Inc.		65,874
	299	Cameron International Corp. (a)		14,920
	696	Ensco plc, (United Kingdom), Class A		20,833
	787	Halliburton Co.		30,941
	2,483	Nabors Industries Ltd., (Bermuda)		32,225
	268	National Oilwell Varco, Inc.		17,582
	327	Noble Corp. plc, (United Kingdom)		5,415
	189	Rowan Cos. plc, Class A		4,408
	343	Schlumberger Ltd.		29,253
	574	Transocean Ltd., (Switzerland)		10,526
	1,346	Weatherford International plc, (Switzerland) (a)		15,407
				247,384
		Oil, Gas & Consumable Fuels — 3.6%
	31	Anadarko Petroleum Corp.		2,525
	407	Chevron Corp.		45,603
	270	ConocoPhillips		18,619
	98	EOG Resources, Inc.		9,004
	284	Exxon Mobil Corp.		26,283
	233	Hess Corp.		17,207
	1,904	Marathon Oil Corp.		53,863
	29	Marathon Petroleum Corp.		2,618
	253	Tesoro Corp.		18,773
				194,495
		Total Energy		441,879
		Financials — 16.9%
		Banks — 4.6%
	3,719	Bank of America Corp.		66,541
	1,530	Citigroup, Inc.		82,813
	219	SVB Financial Group (a)		25,396
	1,345	Wells Fargo & Co.		73,709
				248,459

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Capital Markets — 7.1%
	493	Goldman Sachs Group, Inc. (The)		95,539
	2,655	Invesco Ltd.		104,932
	777	Legg Mason, Inc.		41,488
	3,349	Morgan Stanley		129,957
	216	State Street Corp.		16,962
				388,878
		Consumer Finance — 0.5%
	360	Capital One Financial Corp.		29,710
		Diversified Financial Services — 0.7%
	249	Berkshire Hathaway, Inc., Class B (a)		37,372
		Insurance — 3.0%
	374	ACE Ltd., (Switzerland)		42,910
	270	Axis Capital Holdings Ltd., (Bermuda)		13,810
	240	Everest Re Group Ltd., (Bermuda)		40,804
	1,013	MetLife, Inc.		54,803
	40	Prudential Financial, Inc.		3,646
	248	XL Group plc, (Ireland)		8,524
				164,497
		Real Estate Investment Trusts (REITs) — 1.0%
	113	Mid-America Apartment Communities, Inc.		8,446
	450	Prologis, Inc.		19,368
	150	Simon Property Group, Inc.		27,335
				55,149
		Total Financials		924,065
		Health Care — 15.4%
		Biotechnology — 4.3%
	195	Alexion Pharmaceuticals, Inc. (a)		36,007
	336	Biogen Idec, Inc. (a)		113,987
	874	Gilead Sciences, Inc. (a)		82,402
				232,396
		Health Care Equipment & Supplies — 2.4%
	148	Abbott Laboratories		6,649
	179	Becton, Dickinson and Co.		24,910
	7,334	Boston Scientific Corp. (a)		97,178
				128,737
		Health Care Providers & Services — 4.4%
	842	Aetna, Inc.		74,822
	647	Cigna Corp.		66,562
	21	Humana, Inc.		3,005
	20	McKesson Corp.		4,089
	937	UnitedHealth Group, Inc.		94,719
				243,197

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 4.3%
	377	Bristol-Myers Squibb Co.		22,272
	1,835	Johnson & Johnson		191,855
	361	Merck & Co., Inc.		20,518
				234,645
		Total Health Care		838,975
		Industrials — 9.7%
		Aerospace & Defense — 4.8%
	51	General Dynamics Corp.		6,963
	950	Honeywell International, Inc.		94,928
	70	Precision Castparts Corp.		16,741
	1,225	United Technologies Corp.		140,930
				259,562
		Airlines — 1.1%
	606	Delta Air Lines, Inc.		29,789
	473	United Continental Holdings, Inc. (a)		31,632
				61,421
		Construction & Engineering — 1.8%
	1,588	Fluor Corp.		96,290
		Electrical Equipment — 0.5%
	434	Emerson Electric Co.		26,797
		Machinery — 1.0%
	642	PACCAR, Inc.		43,661
	91	Pall Corp.		9,168
				52,829
		Road & Rail — 0.5%
	351	CSX Corp.		12,732
	148	Union Pacific Corp.		17,607
				30,339
		Total Industrials		527,238
		Information Technology — 18.2%
		Communications Equipment — 0.9%
	673	QUALCOMM, Inc.		50,011
		Internet Software & Services — 3.0%
	579	Facebook, Inc., Class A (a)		45,134
	121	Google, Inc., Class A (a)		64,364
	105	Google, Inc., Class C (a)		55,214
				164,712
		IT Services — 1.3%
	580	Cognizant Technology Solutions Corp., Class A (a)		30,543
	86	Fidelity National Information Services, Inc.		5,374
	203	International Business Machines Corp.		32,489
				68,406

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 23

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — 4.7%
	695	Avago Technologies Ltd., (Singapore)		69,860
	1,544	Broadcom Corp., Class A		66,880
	1,358	Lam Research Corp.		107,719
	814	Marvell Technology Group Ltd., (Bermuda)		11,796
				256,255
		Software — 2.7%
	2,581	Microsoft Corp.		119,907
	606	Oracle Corp.		27,250
				147,157
		Technology Hardware, Storage & Peripherals — 5.6%
	2,039	Apple, Inc.		225,084
	2,015	Hewlett-Packard Co.		80,874
				305,958
		Total Information Technology		992,499
		Materials — 4.2%
		Chemicals — 2.2%
	141	Albemarle Corp.		8,484
	980	E.I. du Pont de Nemours & Co.		72,454
	913	Mosaic Co. (The)		41,656
				122,594
		Containers & Packaging — 1.2%
	1,247	Crown Holdings, Inc. (a)		63,487
		Metals & Mining — 0.8%
	2,078	Alcoa, Inc.		32,813
	369	United States Steel Corp.		9,862
				42,675
		Total Materials		228,756
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 1.1%
	1,306	Verizon Communications, Inc.		61,077
		Utilities — 4.1%
		Electric Utilities — 1.8%
	74	Edison International		4,852
	2,017	Exelon Corp.		74,775

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	78	NextEra Energy, Inc.		8,312
	227	PPL Corp.		8,251
				96,190
		Gas Utilities — 0.9%
	746	AGL Resources, Inc.		40,670
	458	Questar Corp.		11,578
				52,248
		Multi-Utilities — 1.4%
	759	CenterPoint Energy, Inc.		17,783
	587	NiSource, Inc.		24,911
	647	PG&E Corp.		34,468
				77,162
		Total Utilities		225,600
		Total Common Stocks (Cost $4,746,297)		5,405,628
PRINCIPAL AMOUNT($)
	Short-Term Investments— 4.0%
		U.S. Treasury Obligation — 0.2%
	8,820	U.S. Treasury Bill, 0.057%, 05/28/15 (k) (n)		8,818
SHARES
		Investment Company — 3.8%
	207,918	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l)		207,918
		Total Short-Term Investments (Cost $216,736)		216,736
		Total Investments — 103.1% (Cost $4,963,033)		5,622,364
		Liabilities in Excess of Other Assets — (3.1)%		(170,631	)
		NET ASSETS — 100.0%	$	5,451,733

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT DECEMBER 31, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	489	E-mini S&P 500		03/20/15	$	50,181	$	1,050

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

JPMorgan Dynamic Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
		Consumer Discretionary — 17.0%
		Hotels, Restaurants & Leisure — 2.6%
	104	Starbucks Corp.		8,572
		Internet & Catalog Retail — 6.8%
	29	Amazon.com, Inc. (a)		8,919
	12	Priceline Group, Inc. (The) (a)		13,301
				22,220
		Media — 2.0%
	167	Twenty-First Century Fox, Inc., Class A		6,425
		Specialty Retail — 2.9%
	92	Home Depot, Inc. (The)		9,642
		Textiles, Apparel & Luxury Goods — 2.7%
	119	Michael Kors Holdings Ltd., (Hong Kong) (a)		8,963
		Total Consumer Discretionary		55,822
		Consumer Staples — 4.1%
		Food & Staples Retailing — 4.1%
	140	CVS Health Corp. (m)		13,522
		Energy — 4.5%
		Energy Equipment & Services — 1.9%
	74	Schlumberger Ltd.		6,329
		Oil, Gas & Consumable Fuels — 2.6%
	282	Cabot Oil & Gas Corp.		8,353
		Total Energy		14,682
		Financials — 7.2%
		Capital Markets — 7.2%
	48	Goldman Sachs Group, Inc. (The)		9,313
	404	TD Ameritrade Holding Corp.		14,472
		Total Financials		23,785
		Health Care — 18.2%
		Biotechnology — 17.1%
	42	Alexion Pharmaceuticals, Inc. (a)		7,688
	28	Biogen Idec, Inc. (a)		9,496
	89	Celgene Corp. (a)		10,009
	133	Gilead Sciences, Inc. (a)		12,518
	17	Regeneron Pharmaceuticals, Inc. (a)		7,107
	80	Vertex Pharmaceuticals, Inc. (a)		9,486
				56,304
		Pharmaceuticals — 1.1%
	32	Salix Pharmaceuticals Ltd. (a)		3,638
		Total Health Care		59,942
		Industrials — 7.2%
		Aerospace & Defense — 2.4%
	41	TransDigm Group, Inc.		8,062

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 4.8%
	129	Kansas City Southern		15,733
		Total Industrials		23,795
		Information Technology — 35.6%
		Internet Software & Services — 15.4%
	28	Baidu, Inc., (China), ADR (a)		6,281
	239	Facebook, Inc., Class A (a)		18,637
	35	Google, Inc., Class A (a)		18,658
	30	LinkedIn Corp., Class A (a)		6,908
				50,484
		IT Services — 7.9%
	36	Alliance Data Systems Corp. (a)		10,398
	180	MasterCard, Inc., Class A		15,548
				25,946
		Semiconductors & Semiconductor Equipment — 5.5%
	76	ARM Holdings plc, (United Kingdom), ADR		3,507
	69	Avago Technologies Ltd., (Singapore)		6,903
	178	Broadcom Corp., Class A		7,731
				18,141
		Software — 4.0%
	128	salesforce.com, Inc. (a)		7,584
	69	VMware, Inc., Class A (a)		5,659
				13,243
		Technology Hardware, Storage & Peripherals — 2.8%
	81	Apple, Inc. (m)		8,985
		Total Information Technology		116,799
		Materials — 3.0%
		Chemicals — 3.0%
	67	Air Products & Chemicals, Inc. (m)		9,714
		Total Common Stocks (Cost $261,717)		318,061
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	10,350	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.02%, (b) (l) (m) (Cost $10,350)		10,350
		Total Investments — 100.0% (Cost $272,067)		328,411
		Other Assets in Excess of Liabilities — 0.0% (g)		45
		NET ASSETS — 100.0%	$	328,456

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 25

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.7%
		Consumer Discretionary — 17.8%
		Hotels, Restaurants & Leisure — 2.4%
	23	Starbucks Corp.		1,880
		Internet & Catalog Retail — 6.0%
	7	Amazon.com, Inc. (a)		2,030
	2	Priceline Group, Inc. (The) (a)		2,696
				4,726
		Media — 4.0%
	43	DISH Network Corp., Class A (a)		3,129
		Multiline Retail — 2.9%
	38	Kohl’s Corp.		2,332
		Specialty Retail — 2.5%
	51	Best Buy Co., Inc.		1,998
		Total Consumer Discretionary		14,065
		Consumer Staples — 4.0%
		Beverages — 1.5%
	17	Dr. Pepper Snapple Group, Inc.		1,194
		Household Products — 2.5%
	22	Procter & Gamble Co. (The)		1,992
		Total Consumer Staples		3,186
		Energy — 5.9%
		Energy Equipment & Services — 0.9%
	8	Schlumberger Ltd.		706
		Oil, Gas & Consumable Fuels — 5.0%
	28	Cabot Oil & Gas Corp.		827
	24	Exxon Mobil Corp.		2,260
	19	Kinder Morgan, Inc.		813
				3,900
		Total Energy		4,606
		Financials — 23.0%
		Banks — 4.0%
	58	Wells Fargo & Co.		3,164
		Capital Markets — 3.4%
	31	T. Rowe Price Group, Inc.		2,690
		Consumer Finance — 6.4%
	114	Ally Financial, Inc. (a)		2,681
	29	Capital One Financial Corp.		2,383
				5,064
		Diversified Financial Services — 1.1%
	5	Berkshire Hathaway, Inc., Class B (a)		824

SHARES		SECURITY DESCRIPTION	VALUE($)
		Insurance — 6.5%
	58	American International Group, Inc. (m)		3,234
	44	Loews Corp.		1,864
				5,098
		Real Estate Investment Trusts (REITs) — 1.6%
	45	Rayonier, Inc. (m)		1,266
		Total Financials		18,106
		Health Care — 14.0%
		Biotechnology — 9.4%
	10	Alexion Pharmaceuticals, Inc. (a)		1,915
	8	Biogen Idec, Inc. (a)		2,658
	30	Gilead Sciences, Inc. (a)		2,825
				7,398
		Pharmaceuticals — 4.6%
	19	Johnson & Johnson		1,946
	15	Salix Pharmaceuticals Ltd. (a)		1,700
				3,646
		Total Health Care		11,044
		Industrials — 6.0%
		Aerospace & Defense — 1.3%
	9	United Technologies Corp.		1,054
		Road & Rail — 4.7%
	30	Kansas City Southern		3,693
		Total Industrials		4,747
		Information Technology — 18.1%
		Internet Software & Services — 10.4%
	49	Facebook, Inc., Class A (a)		3,804
	8	Google, Inc., Class C (a)		4,390
				8,194
		IT Services — 4.2%
	38	MasterCard, Inc., Class A		3,306
		Software — 3.5%
	21	salesforce.com, Inc. (a)		1,255
	18	VMware, Inc., Class A (a)		1,496
				2,751
		Total Information Technology		14,251
		Materials — 3.4%
		Construction Materials — 1.0%
	7	Martin Marietta Materials, Inc.		796
		Containers & Packaging — 2.4%
	31	Rock-Tenn Co., Class A		1,906
		Total Materials		2,702

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 1.5%
		Electric Utilities — 1.5%
	18	Edison International		1,202
		Total Common Stocks (Cost $66,147)		73,909
	Short-Term Investment — 6.3%
		Investment Company— 6.3%
	4,951	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $4,951)		4,951
		Total Investments — 100.0% (Cost $71,098)		78,860
		Other Assets in Excess of Liabilities — 0.0% (g)		4
		NET ASSETS — 100.0%	$	78,864

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 27

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.1%
		Consumer Discretionary — 12.2%
		Distributors — 0.8%
	687	Genuine Parts Co.		73,259
		Hotels, Restaurants & Leisure — 2.2%
	718	Brinker International, Inc.		42,123
	1,966	Dunkin’ Brands Group, Inc.		83,868
	866	Wyndham Worldwide Corp.		74,309
				200,300
		Media — 3.7%
	1,102	Cinemark Holdings, Inc.		39,194
	543	Comcast Corp., Class A		31,238
	1,062	Omnicom Group, Inc.		82,267
	253	Time Warner Cable, Inc.		38,421
	1,687	Time Warner, Inc.		144,105
				335,225
		Specialty Retail — 5.0%
	1,421	Gap, Inc. (The)		59,819
	1,544	Home Depot, Inc. (The)		162,123
	983	L Brands, Inc.		85,067
	847	Tiffany & Co.		90,528
	743	Williams-Sonoma, Inc.		56,245
				453,782
		Textiles, Apparel & Luxury Goods — 0.5%
	579	V.F. Corp.		43,383
		Total Consumer Discretionary		1,105,949
		Consumer Staples — 8.8%
		Beverages — 0.8%
	1,790	Coca-Cola Co. (The) (m)		75,562
		Food Products — 3.5%
	1,001	Hershey Co. (The)		104,019
	471	JM Smucker Co. (The)		47,546
	1,074	Kraft Foods Group, Inc.		67,292
	2,772	Mondelez International, Inc., Class A		100,681
				319,538
		Household Products — 1.5%
	1,439	Procter & Gamble Co. (The)		131,060
		Tobacco — 3.0%
	3,368	Altria Group, Inc.		165,964
	703	Lorillard, Inc.		44,271
	737	Philip Morris International, Inc.		60,052
				270,287
		Total Consumer Staples		796,447

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 9.1%
		Oil, Gas & Consumable Fuels — 9.1%
	1,612	Chevron Corp.		180,862
	2,847	ConocoPhillips		196,626
	2,230	Exxon Mobil Corp.		206,188
	1,085	Kinder Morgan, Inc.		45,888
	586	Marathon Petroleum Corp.		52,904
	1,738	Occidental Petroleum Corp.		140,114
		Total Energy		822,582
		Financials — 25.3%
		Banks — 9.7%
	2,418	BB&T Corp.		94,045
	654	Cullen/Frost Bankers, Inc.		46,188
	431	M&T Bank Corp.		54,179
	2,056	PNC Financial Services Group, Inc. (The)		187,608
	1,979	U.S. Bancorp		88,941
	7,484	Wells Fargo & Co.		410,252
				881,213
		Capital Markets — 4.6%
	437	Ameriprise Financial, Inc.		57,761
	479	BlackRock, Inc.		171,124
	1,161	Northern Trust Corp.		78,274
	1,304	T. Rowe Price Group, Inc.		111,993
				419,152
		Diversified Financial Services — 2.5%
	1,914	CME Group, Inc.		169,692
	607	McGraw Hill Financial, Inc.		54,051
				223,743
		Insurance — 6.5%
	898	Arthur J. Gallagher & Co.		42,300
	683	Cincinnati Financial Corp.		35,411
	2,038	Hartford Financial Services Group, Inc. (The)		84,980
	1,685	MetLife, Inc.		91,117
	1,429	Progressive Corp. (The)		38,561
	1,252	Prudential Financial, Inc.		113,231
	1,558	Travelers Cos., Inc. (The)		164,890
	480	Validus Holdings Ltd., (Bermuda)		19,958
				590,448
		Real Estate Investment Trusts (REITs) — 2.0%
	334	Alexandria Real Estate Equities, Inc. (m)		29,631
	386	AvalonBay Communities, Inc. (m)		63,066
	478	Simon Property Group, Inc. (m)		87,108
				179,805
		Total Financials		2,294,361

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care — 11.6%
		Health Care Equipment & Supplies — 2.2%
	1,062	Baxter International, Inc.		77,851
	830	Becton, Dickinson and Co. (m)		115,445
				193,296
		Pharmaceuticals — 9.4%
	1,115	AbbVie, Inc.		72,977
	1,615	Bristol-Myers Squibb Co.		95,343
	3,263	Johnson & Johnson		341,182
	3,079	Merck & Co., Inc.		174,866
	5,465	Pfizer, Inc.		170,227
				854,595
		Total Health Care		1,047,891
		Industrials — 11.1%
		Aerospace & Defense — 3.0%
	1,248	Honeywell International, Inc. (m)		124,689
	1,279	United Technologies Corp.		147,049
				271,738
		Air Freight & Logistics — 1.1%
	917	United Parcel Service, Inc., Class B		101,967
		Electrical Equipment — 1.1%
	1,592	Emerson Electric Co.		98,296
		Industrial Conglomerates — 1.0%
	549	3M Co.		90,223
		Machinery — 3.0%
	1,256	Illinois Tool Works, Inc.		118,991
	1,819	PACCAR, Inc.		123,707
	211	Snap-on, Inc.		28,852
				271,550
		Road & Rail — 1.4%
	836	Norfolk Southern Corp.		91,677
	306	Union Pacific Corp.		36,500
				128,177
		Trading Companies & Distributors — 0.5%
	1,021	Fastenal Co.		48,577
		Total Industrials		1,010,528
		Information Technology — 9.6%
		Communications Equipment — 0.8%
	1,040	QUALCOMM, Inc.		77,298
		IT Services — 2.5%
	937	Accenture plc, (Ireland), Class A		83,653
	739	Automatic Data Processing, Inc.		61,641

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — continued
	1,275	Fidelity National Information Services, Inc.		79,288
				224,582
		Semiconductors & Semiconductor Equipment — 3.1%
	1,496	Analog Devices, Inc.		83,048
	1,156	KLA-Tencor Corp.		81,286
	1,583	Texas Instruments, Inc.		84,623
	795	Xilinx, Inc.		34,437
				283,394
		Software — 1.1%
	2,201	Microsoft Corp.		102,256
		Technology Hardware, Storage & Peripherals — 2.1%
	1,697	Apple, Inc. (m)		187,353
		Total Information Technology		874,883
		Materials — 2.0%
		Chemicals — 2.0%
	478	Airgas, Inc.		55,009
	1,027	E.I. du Pont de Nemours & Co.		75,937
	219	PPG Industries, Inc.		50,669
		Total Materials		181,615
		Telecommunication Services — 1.5%
		Diversified Telecommunication Services — 1.5%
	2,864	Verizon Communications, Inc. (m)		133,956
		Utilities — 6.9%
		Electric Utilities — 2.9%
	1,665	Edison International		109,029
	838	NextEra Energy, Inc.		89,083
	1,675	Xcel Energy, Inc.		60,169
				258,281
		Multi-Utilities — 4.0%
	2,016	CMS Energy Corp.		70,071
	600	Dominion Resources, Inc.		46,153
	757	DTE Energy Co.		65,341
	1,784	NiSource, Inc.		75,692
	970	Sempra Energy		107,978
				365,235
		Total Utilities		623,516
		Total Common Stocks (Cost $6,935,483)		8,891,728

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 29

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	90,194	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $90,194)		90,194
		Total Investments — 99.1% (Cost $7,025,677)		8,981,922
		Other Assets in Excess of Liabilities — 0.9%		82,193
		NET ASSETS — 100.0%	$	9,064,115

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.2%
		Consumer Discretionary — 11.0%
		Hotels, Restaurants & Leisure — 0.8%
	47	Marriott International, Inc., Class A		3,628
		Media — 4.8%
	41	CBS Corp. (Non-Voting), Class B		2,241
	63	Comcast Corp., Class A		3,678
	111	DISH Network Corp., Class A (a)		8,069
	69	Time Warner, Inc.		5,902
	41	Walt Disney Co. (The)		3,862
				23,752
		Specialty Retail — 4.8%
	8	AutoZone, Inc. (a)		4,835
	160	Best Buy Co., Inc.		6,249
	55	Gap, Inc. (The)		2,316
	65	Home Depot, Inc. (The)		6,865
	32	Tiffany & Co.		3,462
				23,727
		Textiles, Apparel & Luxury Goods — 0.6%
	74	Coach, Inc.		2,765
		Total Consumer Discretionary		53,872
		Consumer Staples — 7.4%
		Beverages — 2.0%
	55	Dr. Pepper Snapple Group, Inc.		3,949
	77	Molson Coors Brewing Co., Class B		5,738
				9,687
		Food & Staples Retailing — 1.7%
	88	CVS Health Corp.		8,437
		Food Products — 1.9%
	79	Campbell Soup Co.		3,489
	89	Kraft Foods Group, Inc.		5,596
				9,085
		Household Products — 1.0%
	55	Procter & Gamble Co. (The)		4,987
		Tobacco — 0.8%
	82	Altria Group, Inc.		4,060
		Total Consumer Staples		36,256
		Energy — 10.1%
		Energy Equipment & Services — 0.8%
	58	Helmerich & Payne, Inc.		3,904
		Oil, Gas & Consumable Fuels — 9.3%
	83	Chevron Corp.		9,261
	86	ConocoPhillips		5,972
	41	Devon Energy Corp.		2,515

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	153	Exxon Mobil Corp.		14,190
	128	Occidental Petroleum Corp.		10,278
	52	Phillips 66		3,728
				45,944
		Total Energy		49,848
		Financials — 33.7%
		Banks — 11.5%
	562	Bank of America Corp.		10,063
	125	BB&T Corp.		4,849
	140	Citigroup, Inc.		7,573
	34	M&T Bank Corp.		4,284
	54	PNC Financial Services Group, Inc. (The)		4,881
	128	SunTrust Banks, Inc.		5,376
	107	U.S. Bancorp		4,828
	268	Wells Fargo & Co.		14,692
				56,546
		Capital Markets — 9.6%
	27	Affiliated Managers Group, Inc. (a)		5,688
	38	Ameriprise Financial, Inc.		5,078
	17	BlackRock, Inc.		6,222
	198	Charles Schwab Corp. (The)		5,975
	22	Goldman Sachs Group, Inc. (The)		4,303
	208	Invesco Ltd.		8,232
	105	Morgan Stanley		4,058
	88	T. Rowe Price Group, Inc.		7,513
				47,069
		Consumer Finance — 0.7%
	41	Capital One Financial Corp.		3,343
		Diversified Financial Services — 2.7%
	65	Berkshire Hathaway, Inc., Class B (a)		9,700
	17	Intercontinental Exchange, Inc.		3,684
				13,384
		Insurance — 5.5%
	38	Chubb Corp. (The)		3,963
	247	Hartford Financial Services Group, Inc. (The)		10,285
	110	Loews Corp.		4,635
	92	Prudential Financial, Inc.		8,304
				27,187
		Real Estate Investment Trusts (REITs) — 3.7%
	15	AvalonBay Communities, Inc. (m)		2,467
	40	Regency Centers Corp. (m)		2,519
	55	Ventas, Inc. (m)		3,908

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 31

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — continued
	53	Vornado Realty Trust (m)		6,191
	84	Weyerhaeuser Co. (m)		3,008
				18,093
		Total Financials		165,622
		Health Care — 11.4%
		Health Care Equipment & Supplies — 1.3%
	42	Baxter International, Inc.		3,063
	24	Becton, Dickinson and Co.		3,340
				6,403
		Health Care Providers & Services — 3.3%
	65	Humana, Inc.		9,293
	66	UnitedHealth Group, Inc.		6,672
				15,965
		Pharmaceuticals — 6.8%
	85	Bristol-Myers Squibb Co.		5,035
	137	Johnson & Johnson		14,347
	140	Merck & Co., Inc.		7,932
	200	Pfizer, Inc.		6,218
				33,532
		Total Health Care		55,900
		Industrials — 8.1%
		Aerospace & Defense — 2.5%
	75	Honeywell International, Inc. (m)		7,464
	40	United Technologies Corp.		4,600
				12,064
		Construction & Engineering — 1.0%
	83	Fluor Corp.		5,033
		Electrical Equipment — 0.8%
	65	Emerson Electric Co.		4,000
		Industrial Conglomerates — 1.8%
	27	3M Co.		4,453
	177	General Electric Co.		4,478
				8,931
		Machinery — 0.4%
	28	PACCAR, Inc.		1,870
		Trading Companies & Distributors — 1.6%
	19	W.W. Grainger, Inc.		4,919
	26	Watsco, Inc.		2,825
				7,744
		Total Industrials		39,642

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 7.9%
		Communications Equipment — 2.2%
	214	Cisco Systems, Inc.		5,950
	67	QUALCOMM, Inc.		4,980
				10,930
		Semiconductors & Semiconductor Equipment — 1.7%
	189	Applied Materials, Inc.		4,707
	49	KLA-Tencor Corp.		3,425
				8,132
		Software — 2.2%
	232	Microsoft Corp.		10,781
		Technology Hardware, Storage & Peripherals — 1.8%
	80	Apple, Inc. (m)		8,874
		Total Information Technology		38,717
		Materials — 1.9%
		Chemicals — 1.2%
	79	E.I. du Pont de Nemours & Co.		5,804
		Containers & Packaging — 0.7%
	46	Packaging Corp. of America		3,575
		Total Materials		9,379
		Telecommunication Services — 1.9%
		Diversified Telecommunication Services — 1.9%
	195	Verizon Communications, Inc.		9,132
		Utilities — 3.8%
		Electric Utilities — 2.1%
	74	Edison International		4,813
	53	NextEra Energy, Inc.		5,633
				10,446
		Multi-Utilities — 1.7%
	116	CMS Energy Corp.		4,014
	39	Sempra Energy		4,365
				8,379
		Total Utilities		18,825
		Total Common Stocks (Cost $305,824)		477,193

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	15,806	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $15,806)		15,806
		Total Investments — 100.4% (Cost $321,630)		492,999
		Liabilities in Excess of Other Assets — (0.4)%		(1,754	)
		NET ASSETS — 100.0%	$	491,245

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 33

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.4%
			Consumer Discretionary — 13.0%
			Auto Components — 0.1%
	2		Johnson Controls, Inc. (m)		115
			Automobiles — 0.6%
	24		General Motors Co.		826
			Hotels, Restaurants & Leisure — 1.0%
	—	(h)	McDonald’s Corp. (m)		33
	7		Royal Caribbean Cruises Ltd.		580
	7		Starbucks Corp.		608
	2		Yum! Brands, Inc.		138
					1,359
			Household Durables — 0.7%
	5		Harman International Industries, Inc.		546
	—	(h)	NVR, Inc. (a)		74
	16		PulteGroup, Inc.		349
					969
			Internet & Catalog Retail — 0.9%
	1		Amazon.com, Inc. (a)		434
	2		Expedia, Inc.		129
	1		Priceline Group, Inc. (The) (a)		711
					1,274
			Media — 4.6%
	4		CBS Corp. (Non-Voting), Class B (m)		197
	2		Charter Communications, Inc., Class A (a)		281
	32		Comcast Corp., Class A		1,869
	1		DIRECTV (a)		114
	5		DISH Network Corp., Class A (a)		371
	2		Time Warner Cable, Inc.		294
	21		Time Warner, Inc.		1,817
	3		Time, Inc.		69
	25		Twenty-First Century Fox, Inc., Class A		955
	3		Walt Disney Co. (The) (m)		322
					6,289
			Multiline Retail — 0.3%
	4		Dollar General Corp. (a)		277
	1		Dollar Tree, Inc. (a)		99
					376
			Specialty Retail — 3.7%
	1		AutoZone, Inc. (a)		731
	1		Gap, Inc. (The)		42
	18		Home Depot, Inc. (The)		1,898
	21		Lowe’s Cos., Inc.		1,464
	1		Tiffany & Co.		89

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	13	TJX Cos., Inc. (The)		895
				5,119
		Textiles, Apparel & Luxury Goods — 1.1%
	3	lululemon athletica, Inc., (Canada) (a)		170
	3	Ralph Lauren Corp.		485
	12	V.F. Corp.		901
				1,556
		Total Consumer Discretionary		17,883
		Consumer Staples — 9.4%
		Beverages — 2.5%
	37	Coca-Cola Co. (The) (m)		1,561
	4	Coca-Cola Enterprises, Inc.		182
	8	Constellation Brands, Inc., Class A (a)		777
	4	Dr. Pepper Snapple Group, Inc.		290
	5	Molson Coors Brewing Co., Class B		397
	2	PepsiCo, Inc.		169
				3,376
		Food & Staples Retailing — 1.8%
	6	Costco Wholesale Corp.		831
	12	CVS Health Corp. (m)		1,142
	4	Kroger Co. (The) (m)		231
	3	Wal-Mart Stores, Inc.		280
				2,484
		Food Products — 1.7%
	13	Archer-Daniels-Midland Co. (m)		652
	2	General Mills, Inc. (m)		96
	2	Kellogg Co. (m)		157
	39	Mondelez International, Inc., Class A		1,420
				2,325
		Household Products — 2.2%
	7	Kimberly-Clark Corp.		790
	24	Procter & Gamble Co. (The)		2,209
				2,999
		Personal Products — 0.2%
	4	Estee Lauder Cos., Inc. (The), Class A		325
		Tobacco — 1.0%
	18	Philip Morris International, Inc.		1,435
		Total Consumer Staples		12,944
		Energy — 7.5%
		Energy Equipment & Services — 1.6%
	7	Baker Hughes, Inc.		397

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	3	Ensco plc, (United Kingdom), Class A		86
	15	Halliburton Co. (m)		589
	13	Schlumberger Ltd.		1,093
				2,165
		Oil, Gas & Consumable Fuels — 5.9%
	2	Anadarko Petroleum Corp.		175
	5	California Resources Corp. (a)		29
	3	Cheniere Energy, Inc. (a)		194
	19	Chevron Corp.		2,158
	6	EOG Resources, Inc.		595
	4	EQT Corp.		296
	25	Exxon Mobil Corp. (m)		2,351
	23	Marathon Oil Corp.		655
	14	Occidental Petroleum Corp.		1,096
	9	Phillips 66		637
				8,186
		Total Energy		10,351
		Financials — 16.1%
		Banks — 6.0%
	128	Bank of America Corp.		2,287
	12	BB&T Corp.		472
	33	Citigroup, Inc.		1,779
	3	PNC Financial Services Group, Inc. (The)		269
	13	Regions Financial Corp.		139
	1	SVB Financial Group (a)		138
	58	Wells Fargo & Co.		3,186
				8,270
		Capital Markets — 3.1%
	31	Charles Schwab Corp. (The)		932
	3	Goldman Sachs Group, Inc. (The)		527
	22	Invesco Ltd.		850
	34	Morgan Stanley		1,326
	8	State Street Corp.		643
				4,278
		Consumer Finance — 0.4%
	5	Capital One Financial Corp.		436
	2	Navient Corp.		39
				475
		Diversified Financial Services — 1.5%
	10	Berkshire Hathaway, Inc., Class B (a)		1,522
	2	Intercontinental Exchange, Inc.		525
				2,047

SHARES			SECURITY DESCRIPTION	VALUE($)
			Insurance — 2.8%
	11		ACE Ltd., (Switzerland)		1,231
	7		American International Group, Inc. (m)		383
	4		Axis Capital Holdings Ltd., (Bermuda)		204
	4		Hartford Financial Services Group, Inc. (The)		157
	7		Marsh & McLennan Cos., Inc. (m)		399
	22		MetLife, Inc.		1,166
	3		Prudential Financial, Inc.		259
	2		Willis Group Holdings plc, (United Kingdom)		70
					3,869
			Real Estate Investment Trusts (REITs) — 2.3%
	3		AvalonBay Communities, Inc. (m)		522
	2		Boston Properties, Inc. (m)		240
	8		Brixmor Property Group, Inc. (m)		199
	15		DiamondRock Hospitality Co. (m)		220
	—	(h)	Essex Property Trust, Inc. (m)		72
	1		Extra Space Storage, Inc. (m)		70
	4		Highwoods Properties, Inc. (m)		170
	8		Host Hotels & Resorts, Inc. (m)		187
	6		Liberty Property Trust (m)		238
	2		Mid-America Apartment Communities, Inc. (m)		138
	2		Omega Healthcare Investors, Inc. (m)		68
	9		Prologis, Inc. (m)		376
	—	(h)	Public Storage (m)		79
	4		Simon Property Group, Inc. (m)		638
					3,217
			Total Financials		22,156
			Health Care — 14.1%
			Biotechnology — 3.2%
	2		Alexion Pharmaceuticals, Inc. (a)		392
	—	(h)	Amgen, Inc.		75
	4		Biogen Idec, Inc. (a)		1,371
	13		Celgene Corp. (a)		1,500
	7		Gilead Sciences, Inc. (a)		686
	3		Vertex Pharmaceuticals, Inc. (a)		401
					4,425
			Health Care Equipment & Supplies — 2.6%
	31		Abbott Laboratories (m)		1,406
	—	(h)	Becton, Dickinson and Co. (m)		54
	68		Boston Scientific Corp. (a)		902
	7		CareFusion Corp. (a)		408
	2		Covidien plc, (Ireland)		162
	7		Stryker Corp.		655
					3,587

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 35

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Health Care Providers & Services — 2.4%
	7		Aetna, Inc.		590
	7		Humana, Inc. (m)		963
	4		McKesson Corp.		918
	8		UnitedHealth Group, Inc.		842
					3,313
			Pharmaceuticals — 5.9%
	1		Actavis plc (a)		348
	2		Allergan, Inc.		462
	26		Bristol-Myers Squibb Co.		1,539
	33		Johnson & Johnson (m)		3,400
	24		Merck & Co., Inc.		1,363
	2		Perrigo Co. plc, (Ireland)		312
	19		Pfizer, Inc.		604
					8,028
			Total Health Care		19,353
			Industrials — 10.9%
			Aerospace & Defense — 3.2%
	16		Honeywell International, Inc. (m)		1,570
	4		L-3 Communications Holdings, Inc.		470
	1		Precision Castparts Corp.		206
	19		United Technologies Corp.		2,138
					4,384
			Airlines — 0.7%
	10		Delta Air Lines, Inc.		498
	8		United Continental Holdings, Inc. (a)		546
					1,044
			Building Products — 0.3%
	2		Fortune Brands Home & Security, Inc.		75
	12		Masco Corp. (m)		294
					369
			Commercial Services & Supplies — 0.1%
	3		Tyco International plc		121
			Construction & Engineering — 0.7%
	16		Fluor Corp. (m)		957
			Electrical Equipment — 1.5%
	14		Eaton Corp. plc		968
	17		Emerson Electric Co.		1,073
					2,041
			Industrial Conglomerates — 0.7%
	38		General Electric Co. (m)		954
			Machinery — 1.1%
	—	(h)	Deere & Co. (m)		29

SHARES			SECURITY DESCRIPTION	VALUE($)
			Machinery — continued
	18		PACCAR, Inc.		1,247
	—	(h)	Pall Corp.		27
	—	(h)	Snap-on, Inc.		55
	3		SPX Corp.		220
					1,578
			Road & Rail — 2.4%
	2		Canadian Pacific Railway Ltd., (Canada)		357
	24		CSX Corp. (m)		877
	17		Union Pacific Corp.		2,042
					3,276
			Trading Companies & Distributors — 0.2%
	1		W.W. Grainger, Inc.		324
			Total Industrials		15,048
			Information Technology — 19.6%
			Communications Equipment — 2.1%
	56		Cisco Systems, Inc.		1,567
	18		QUALCOMM, Inc.		1,305
					2,872
			Electronic Equipment, Instruments & Components — 0.3%
	9		Corning, Inc.		215
	4		TE Connectivity Ltd., (Switzerland)		239
					454
			Internet Software & Services — 3.2%
	1		eBay, Inc. (a)		43
	19		Facebook, Inc., Class A (a)		1,511
	3		Google, Inc., Class A (a)		1,514
	3		Google, Inc., Class C (a)		1,364
					4,432
			IT Services — 3.2%
	11		Accenture plc, (Ireland), Class A		1,023
	1		Alliance Data Systems Corp. (a)		230
	13		Cognizant Technology Solutions Corp., Class A (a)		679
	5		Fidelity National Information Services, Inc.		308
	3		International Business Machines Corp. (m)		417
	6		Visa, Inc., Class A		1,665
	5		Xerox Corp.		63
					4,385
			Semiconductors & Semiconductor Equipment — 2.5%
	10		Avago Technologies Ltd., (Singapore)		962
	18		Broadcom Corp., Class A		796
	9		Freescale Semiconductor Ltd. (a)		221

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	6	KLA-Tencor Corp.		438
	14	Lam Research Corp.		1,075
				3,492
		Software — 4.1%
	14	Adobe Systems, Inc. (a)		986
	6	Citrix Systems, Inc. (a)		414
	69	Microsoft Corp.		3,196
	19	Oracle Corp.		839
	2	VMware, Inc., Class A (a)		148
				5,583
		Technology Hardware, Storage & Peripherals — 4.2%
	46	Apple, Inc. (m)		5,025
	2	EMC Corp.		60
	17	Hewlett-Packard Co. (m)		682
				5,767
		Total Information Technology		26,985
		Materials — 2.5%
		Chemicals — 1.4%
	4	Axiall Corp.		176
	5	Dow Chemical Co. (The) (m)		250
	6	E.I. du Pont de Nemours & Co. (m)		463
	2	Monsanto Co.		297
	15	Mosaic Co. (The)		668
				1,854
		Construction Materials — 0.1%
	2	Martin Marietta Materials, Inc. (m)		187
		Containers & Packaging — 0.3%
	8	Crown Holdings, Inc. (a)		384
	1	Sealed Air Corp.		52
				436
		Metals & Mining — 0.7%
	45	Alcoa, Inc. (m)		706
	12	United States Steel Corp.		313
				1,019
		Total Materials		3,496
		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 1.4%
	1	AT&T, Inc.		21
	40	Verizon Communications, Inc. (m)		1,891
		Total Telecommunication Services		1,912

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 3.9%
		Electric Utilities — 2.3%
	15	Edison International		1,003
	2	Entergy Corp.		151
	14	Exelon Corp.		527
	9	NextEra Energy, Inc.		1,002
	1	Pinnacle West Capital Corp. (m)		69
	8	PPL Corp.		274
	5	Xcel Energy, Inc.		166
				3,192
		Gas Utilities — 0.2%
	4	AGL Resources, Inc.		196
	5	Questar Corp.		130
				326
		Multi-Utilities — 1.4%
	13	CenterPoint Energy, Inc.		295
	12	CMS Energy Corp. (m)		427
	4	Dominion Resources, Inc.		330
	12	NiSource, Inc.		513
	1	PG&E Corp.		67
	3	Public Service Enterprise Group, Inc.		143
	1	Sempra Energy		67
				1,842
		Total Utilities		5,360
		Total Common Stocks (Cost $127,705)		135,488
NUMBER OF CONTRACTS
	Option Purchased — 1.8%
		Put Option Purchased — 1.8%
	690	S&P 500 Index, Expiring 03/31/15 at $1,950.000, European Style (Cost $2,520)		2,484
SHARES
	Short-Term Investment — 2.8%
		Investment Company — 2.8%
	3,901	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $3,901)		3,901
		Total Investments — 103.0% (Cost $134,126)		141,873
		Liabilities in Excess of Other Assets — (3.0)% (c)		(4,086	)
		NET ASSETS — 100.0%	$	137,787

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 37

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures and Options contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT DECEMBER 31, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	17	E-mini S&P 500		03/20/15	$	1,745	$	28

OPTIONS WRITTEN

Call Options Written
DESCRIPTION	EXERCISE PRICE		EXPIRATION DATE		NUMBER OF CONTRACTS		VALUE
S&P 500 Index, European Style (Premiums received of $1,941.)	$	2,100.000		03/31/15		518	$	(1,919	)
S&P 500 Index, European Style (Premiums received of $120.)		2,200.000		03/31/15		172		(118	)
							$	(2,037	)
Put Options Written
DESCRIPTION	EXERCISE PRICE		EXPIRATION DATE		NUMBER OF CONTRACTS		VALUE
S&P 500 Index, European Style (Premiums received of $288.)	$	1,650.000		03/31/15		345	$	(285	)
S&P 500 Index, European Style (Premiums received of $322.)		1,675.000		03/31/15		345		(319	)
							$	(604	)

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.1%
		Consumer Discretionary — 21.2%
		Auto Components — 1.1%
	2,369	Delphi Automotive plc, (United Kingdom)		172,303
		Automobiles — 1.4%
	1,000	Tesla Motors, Inc. (a)		222,321
		Hotels, Restaurants & Leisure — 3.3%
	270	Chipotle Mexican Grill, Inc. (a)		184,544
	1,847	Las Vegas Sands Corp.		107,398
	2,699	Starbucks Corp.		221,415
				513,357
		Internet & Catalog Retail — 3.5%
	577	Amazon.com, Inc. (a)		179,208
	257	Netflix, Inc. (a)		87,794
	241	Priceline Group, Inc. (The) (a)		275,133
				542,135
		Media — 6.4%
	6,706	Comcast Corp., Class A		389,033
	3,566	Liberty Global plc, (United Kingdom), Series C (a)		172,259
	1,930	Time Warner, Inc.		164,835
	6,486	Twenty-First Century Fox, Inc., Class A		249,110
				975,237
		Specialty Retail — 3.9%
	5,641	Home Depot, Inc. (The)		592,157
		Textiles, Apparel & Luxury Goods — 1.6%
	3,212	Michael Kors Holdings Ltd., (Hong Kong) (a)		241,223
		Total Consumer Discretionary		3,258,733
		Consumer Staples — 4.3%
		Food & Staples Retailing — 2.8%
	1,569	Costco Wholesale Corp.		222,434
	2,100	CVS Health Corp. (m)		202,251
				424,685
		Food Products — 0.8%
	911	Keurig Green Mountain, Inc.		120,665
		Household Products — 0.7%
	1,588	Colgate-Palmolive Co.		109,887
		Total Consumer Staples		655,237
		Energy — 2.6%
		Energy Equipment & Services — 0.2%
	526	FMC Technologies, Inc. (a)		24,647
		Oil, Gas & Consumable Fuels — 2.4%
	5,515	Cabot Oil & Gas Corp.		163,284
	784	Marathon Petroleum Corp.		70,755

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	899	Pioneer Natural Resources Co.		133,787
				367,826
		Total Energy		392,473
		Financials — 4.1%
		Capital Markets — 2.7%
	522	Affiliated Managers Group, Inc. (a)		110,683
	368	BlackRock, Inc.		131,582
	4,836	TD Ameritrade Holding Corp.		173,043
				415,308
		Diversified Financial Services — 1.4%
	2,253	Moody’s Corp.		215,860
		Total Financials		631,168
		Health Care — 22.1%
		Biotechnology — 15.8%
	1,941	Alexion Pharmaceuticals, Inc. (a)		359,088
	1,009	Biogen Idec, Inc. (a)		342,437
	4,463	Celgene Corp. (a)		499,242
	5,791	Gilead Sciences, Inc. (a)		545,888
	880	Regeneron Pharmaceuticals, Inc. (a)		361,061
	2,577	Vertex Pharmaceuticals, Inc. (a)		306,160
				2,413,876
		Health Care Providers & Services — 3.0%
	2,534	AmerisourceBergen Corp.		228,420
	1,137	McKesson Corp.		236,081
				464,501
		Life Sciences Tools & Services — 0.9%
	759	Illumina, Inc. (a)		140,096
		Pharmaceuticals — 2.4%
	380	Salix Pharmaceuticals Ltd. (a)		43,643
	2,271	Valeant Pharmaceuticals International, Inc. (a)		324,931
				368,574
		Total Health Care		3,387,047
		Industrials — 9.1%
		Aerospace & Defense — 1.8%
	2,753	Honeywell International, Inc. (m)		275,100
		Airlines — 2.1%
	6,443	Delta Air Lines, Inc.		316,916
		Building Products — 0.4%
	1,553	Fortune Brands Home & Security, Inc.		70,291
		Industrial Conglomerates — 0.5%
	522	Roper Industries, Inc.		81,630

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 39

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Machinery — 0.8%
	1,949	Flowserve Corp.		116,633
		Road & Rail — 3.5%
	1,642	Kansas City Southern		200,337
	2,860	Union Pacific Corp.		340,747
				541,084
		Total Industrials		1,401,654
		Information Technology — 28.6%
		Electronic Equipment, Instruments & Components — 1.0%
	2,792	Amphenol Corp., Class A		150,237
		Internet Software & Services — 10.2%
	663	Baidu, Inc., (China), ADR (a)		151,121
	8,589	Facebook, Inc., Class A (a)		670,106
	326	Google, Inc., Class A (a)		173,141
	760	Google, Inc., Class C (a)		400,314
	753	LinkedIn Corp., Class A (a)		172,972
				1,567,654
		IT Services — 7.2%
	409	Alliance Data Systems Corp. (a)		116,851
	6,631	MasterCard, Inc., Class A		571,353
	1,608	Visa, Inc., Class A		421,723
				1,109,927
		Semiconductors & Semiconductor Equipment — 3.8%
	1,396	ARM Holdings plc, (United Kingdom), ADR		64,630
	2,421	ASML Holding N.V., (Netherlands)		261,022
	2,534	Avago Technologies Ltd., (Singapore)		254,865
				580,517
		Software — 2.9%
	2,915	Adobe Systems, Inc. (a)		211,928
	3,366	salesforce.com, Inc. (a)		199,626
	570	Splunk, Inc. (a)		33,601
				445,155
		Technology Hardware, Storage & Peripherals — 3.5%
	4,837	Apple, Inc. (m)		533,940
		Total Information Technology		4,387,430
		Materials — 6.1%
		Chemicals — 6.1%
	1,304	Ecolab, Inc.		136,315
	2,428	LyondellBasell Industries N.V., Class A		192,791
	307	Monsanto Co.		36,689
	925	PPG Industries, Inc. (m)		213,814

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
	1,342	Sherwin-Williams Co. (The)		352,894
		Total Materials		932,503
		Total Common Stocks (Cost $9,979,480)		15,046,245
	Short-Term Investment — 2.4%
		Investment Company — 2.4%
	369,617	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $369,617)		369,617
		Total Investments — 100.5% (Cost $10,349,097)		15,415,862
		Liabilities in Excess of Other Assets — (0.5)%		(75,583	)
		NET ASSETS — 100.0%	$	15,340,279

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.7%
		Consumer Discretionary — 11.9%
		Auto Components — 1.0%
	141	Tenneco, Inc. (a)		7,954
		Automobiles — 3.9%
	913	General Motors Co.		31,873
		Hotels, Restaurants & Leisure — 1.0%
	102	Royal Caribbean Cruises Ltd.		8,375
		Household Durables — 2.5%
	27	Harman International Industries, Inc.		2,849
	240	PulteGroup, Inc.		5,142
	88	Ryland Group, Inc. (The)		3,374
	159	Toll Brothers, Inc. (a)		5,439
	21	Whirlpool Corp.		4,010
				20,814
		Media — 0.5%
	177	Time, Inc.		4,350
		Multiline Retail — 1.1%
	37	Dollar General Corp. (a)		2,587
	94	Macy’s, Inc.		6,161
				8,748
		Specialty Retail — 1.9%
	172	Best Buy Co., Inc.		6,713
	103	Lowe’s Cos., Inc.		7,059
	123	Pier 1 Imports, Inc.		1,894
				15,666
		Total Consumer Discretionary		97,780
		Consumer Staples — 3.4%
		Food & Staples Retailing — 2.9%
	103	CVS Health Corp.		9,949
	157	Wal-Mart Stores, Inc.		13,517
				23,466
		Food Products — 0.5%
	63	Kellogg Co.		4,143
		Total Consumer Staples		27,609
		Energy — 9.8%
		Energy Equipment & Services — 1.2%
	206	Halliburton Co.		8,086
	172	Weatherford International plc, (Switzerland) (a)		1,974
				10,060
		Oil, Gas & Consumable Fuels — 8.6%
	69	Anadarko Petroleum Corp.		5,676

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	94	California Resources Corp. (a)		517
	153	CONSOL Energy, Inc.		5,183
	34	EQT Corp.		2,566
	281	Exxon Mobil Corp.		25,986
	139	Hess Corp. (m)		10,261
	254	Occidental Petroleum Corp.		20,443
				70,632
		Total Energy		80,692
		Financials — 31.8%
		Banks — 12.8%
	1,535	Bank of America Corp.		27,469
	219	BB&T Corp.		8,509
	369	Citigroup, Inc.		19,963
	66	East West Bancorp, Inc.		2,543
	100	FirstMerit Corp.		1,885
	96	PNC Financial Services Group, Inc. (The)		8,776
	21	SVB Financial Group (a)		2,403
	610	Wells Fargo & Co.		33,444
				104,992
		Capital Markets — 5.5%
	199	Invesco Ltd.		7,867
	410	Morgan Stanley		15,892
	100	Northern Trust Corp.		6,747
	182	State Street Corp.		14,290
				44,796
		Consumer Finance — 1.9%
	236	Ally Financial, Inc. (a)		5,579
	118	Capital One Financial Corp.		9,700
				15,279
		Diversified Financial Services — 1.0%
	53	Berkshire Hathaway, Inc., Class B (a)		8,018
		Insurance — 8.5%
	83	ACE Ltd., (Switzerland)		9,552
	165	American International Group, Inc. (m)		9,258
	236	Hartford Financial Services Group, Inc. (The)		9,856
	409	MetLife, Inc.		22,124
	134	Prudential Financial, Inc.		12,101
	80	Willis Group Holdings plc, (United Kingdom)		3,571
	95	XL Group plc, (Ireland)		3,269
				69,731
		Real Estate Investment Trusts (REITs) — 2.1%
	63	Equity One, Inc. (m)		1,595

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 41

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — continued
	177	Host Hotels & Resorts, Inc. (m)		4,205
	171	Liberty Property Trust (m)		6,442
	71	Mid-America Apartment Communities, Inc. (m)		5,273
				17,515
		Total Financials		260,331
		Health Care — 13.8%
		Health Care Equipment & Supplies — 2.1%
	974	Boston Scientific Corp. (a)		12,908
	43	Stryker Corp.		4,028
				16,936
		Health Care Providers & Services — 6.1%
	196	Aetna, Inc.		17,428
	42	Cigna Corp. (m)		4,353
	75	Humana, Inc.		10,748
	177	UnitedHealth Group, Inc.		17,911
				50,440
		Life Sciences Tools & Services — 0.5%
	33	Thermo Fisher Scientific, Inc.		4,109
		Pharmaceuticals — 5.1%
	284	Johnson & Johnson		29,728
	133	Merck & Co., Inc.		7,578
	146	Pfizer, Inc.		4,557
				41,863
		Total Health Care		113,348
		Industrials — 12.8%
		Aerospace & Defense — 1.7%
	29	L-3 Communications Holdings, Inc.		3,686
	81	Textron, Inc.		3,398
	62	United Technologies Corp.		7,176
				14,260
		Airlines — 0.8%
	138	Delta Air Lines, Inc.		6,778
		Building Products — 0.4%
	87	Owens Corning		3,119
		Construction & Engineering — 1.3%
	177	Fluor Corp.		10,731
		Electrical Equipment — 1.7%
	200	Eaton Corp. plc		13,612
		Industrial Conglomerates — 1.7%
	537	General Electric Co.		13,570

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — 3.5%
	12	Cummins, Inc.		1,658
	92	Navistar International Corp. (a)		3,084
	74	Oshkosh Corp.		3,605
	174	PACCAR, Inc.		11,847
	101	SPX Corp.		8,661
				28,855
		Road & Rail — 1.7%
	375	CSX Corp. (m)		13,590
		Total Industrials		104,515
		Information Technology — 7.1%
		Communications Equipment — 0.8%
	236	Cisco Systems, Inc.		6,573
		Electronic Equipment, Instruments & Components — 0.4%
	119	Knowles Corp. (a)		2,810
		IT Services — 0.3%
	17	International Business Machines Corp.		2,792
		Semiconductors & Semiconductor Equipment — 2.1%
	169	Broadcom Corp., Class A		7,310
	75	Lam Research Corp.		5,966
	215	Teradyne, Inc.		4,249
				17,525
		Software — 1.6%
	275	Microsoft Corp.		12,792
		Technology Hardware, Storage & Peripherals — 1.9%
	37	Apple, Inc. (m)		4,095
	170	Hewlett-Packard Co.		6,822
	42	Western Digital Corp.		4,616
				15,533
		Total Information Technology		58,025
		Materials — 3.4%
		Chemicals — 2.0%
	123	Axiall Corp.		5,234
	67	Dow Chemical Co. (The)		3,042
	62	E.I. du Pont de Nemours & Co.		4,577
	37	H.B. Fuller Co.		1,643
	35	Mosaic Co. (The)		1,575
				16,071
		Metals & Mining — 1.4%
	548	Alcoa, Inc. (m)		8,656
	112	United States Steel Corp.		3,000
				11,656
		Total Materials		27,727

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.6%
	110	Verizon Communications, Inc. (m)		5,160
		Utilities — 4.1%
		Electric Utilities — 3.4%
	139	Edison International		9,101
	249	Exelon Corp.		9,222
	91	NextEra Energy, Inc.		9,704
				28,027
		Multi-Utilities — 0.7%
	226	CenterPoint Energy, Inc.		5,286
		Total Utilities		33,313
		Total Common Stocks (Cost $660,377)		808,500
NUMBER OF WARRANTS
	Warrant — 0.0% (g)
		Financials — 0.0% (g)
		Consumer Finance — 0.0% (g)
	36	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (i) (Cost $—)		—
SHARES
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	9,682	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $9,682)		9,682
		Total Investments — 99.9% (Cost $670,059)		818,182
		Other Assets in Excess of Liabilities — 0.1%		814
		NET ASSETS — 100.0%	$	818,996

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 43

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.7%
		Consumer Discretionary — 15.0%
		Auto Components — 0.4%
	992	Johnson Controls, Inc.		47,974
		Automobiles — 1.4%
	5,014	General Motors Co.		175,039
		Hotels, Restaurants & Leisure — 1.5%
	235	Carnival Corp.		10,638
	122	Dunkin’ Brands Group, Inc.		5,209
	694	Royal Caribbean Cruises Ltd.		57,234
	1,155	Starbucks Corp.		94,802
	303	Yum! Brands, Inc.		22,092
				189,975
		Household Durables — 1.7%
	1,325	D.R. Horton, Inc.		33,518
	971	Harman International Industries, Inc.		103,588
	1,441	PulteGroup, Inc.		30,923
	663	Toll Brothers, Inc. (a)		22,714
	111	Whirlpool Corp.		21,567
				212,310
		Internet & Catalog Retail — 0.6%
	66	Priceline Group, Inc. (The) (a)		75,784
		Media — 5.2%
	635	CBS Corp. (Non-Voting), Class B		35,123
	352	Charter Communications, Inc., Class A (a)		58,589
	1,565	Comcast Corp., Class A		90,813
	886	DISH Network Corp., Class A (a)		64,556
	75	Time Warner Cable, Inc.		11,411
	2,415	Time Warner, Inc.		206,316
	3,670	Twenty-First Century Fox, Inc., Class A		140,965
	224	Twenty-First Century Fox, Inc., Class B		8,281
	353	Walt Disney Co. (The)		33,265
				649,319
		Multiline Retail — 0.2%
	475	Dollar Tree, Inc. (a)		33,459
		Specialty Retail — 3.1%
	458	Home Depot, Inc. (The)		48,043
	3,144	Lowe’s Cos., Inc.		216,319
	162	Tiffany & Co.		17,299
	1,546	TJX Cos., Inc. (The)		106,039
				387,700
		Textiles, Apparel & Luxury Goods — 0.9%
	677	lululemon athletica, Inc., (Canada) (a)		37,747
	203	PVH Corp.		25,975
	210	Ralph Lauren Corp.		38,799

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — continued
	111	V.F. Corp.		8,289
				110,810
		Total Consumer Discretionary		1,882,370
		Consumer Staples — 6.5%
		Beverages — 1.6%
	2,890	Coca-Cola Co. (The)		122,028
	788	Constellation Brands, Inc., Class A (a)		77,399
	32	Molson Coors Brewing Co., Class B		2,418
	45	PepsiCo, Inc.		4,282
				206,127
		Food & Staples Retailing — 1.4%
	315	Costco Wholesale Corp.		44,629
	1,326	CVS Health Corp.		127,754
				172,383
		Food Products — 0.9%
	687	General Mills, Inc.		36,631
	2,113	Mondelez International, Inc., Class A		76,771
				113,402
		Household Products — 1.7%
	294	Colgate-Palmolive Co.		20,323
	2,092	Procter & Gamble Co. (The)		190,564
				210,887
		Personal Products — 0.1%
	162	Estee Lauder Cos., Inc. (The), Class A		12,333
		Tobacco — 0.8%
	1,163	Philip Morris International, Inc.		94,750
		Total Consumer Staples		809,882
		Energy — 7.6%
		Energy Equipment & Services — 2.3%
	1,298	Baker Hughes, Inc.		72,769
	884	Halliburton Co.		34,787
	2,017	Schlumberger Ltd.		172,308
	627	Weatherford International plc, (Switzerland) (a)		7,182
				287,046
		Oil, Gas & Consumable Fuels — 5.3%
	408	Anadarko Petroleum Corp.		33,700
	1,093	California Resources Corp. (a)		6,023
	18	Cheniere Energy, Inc. (a)		1,302
	974	Chevron Corp.		109,285
	95	Concho Resources, Inc. (a)		9,510
	181	Devon Energy Corp.		11,094
	266	EOG Resources, Inc.		24,517

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	298	EQT Corp.		22,558
	1,201	Exxon Mobil Corp.		111,017
	1,507	Marathon Oil Corp.		42,628
	125	Marathon Petroleum Corp.		11,304
	2,954	Occidental Petroleum Corp.		238,112
	442	Phillips 66		31,661
	55	Pioneer Natural Resources Co.		8,157
	209	Southwestern Energy Co. (a)		5,712
				666,580
		Total Energy		953,626
		Financials — 15.9%
		Banks — 6.7%
	12,973	Bank of America Corp.		232,086
	727	BB&T Corp.		28,286
	3,411	Citigroup, Inc.		184,582
	299	East West Bancorp, Inc.		11,590
	117	SunTrust Banks, Inc.		4,910
	333	SVB Financial Group (a)		38,614
	6,241	Wells Fargo & Co.		342,115
				842,183
		Capital Markets — 4.5%
	69	Affiliated Managers Group, Inc. (a)		14,601
	215	Ameriprise Financial, Inc.		28,436
	187	BlackRock, Inc.		66,767
	2,746	Charles Schwab Corp. (The)		82,896
	234	Goldman Sachs Group, Inc. (The)		45,366
	1,966	Invesco Ltd.		77,695
	5,096	Morgan Stanley		197,725
	460	State Street Corp.		36,088
	366	TD Ameritrade Holding Corp.		13,085
				562,659
		Consumer Finance — 0.1%
	335	Santander Consumer USA Holdings, Inc.		6,575
		Diversified Financial Services — 0.2%
	130	Intercontinental Exchange, Inc.		28,543
		Insurance — 3.8%
	1,605	ACE Ltd., (Switzerland)		184,337
	1,251	American International Group, Inc.		70,055
	784	Hartford Financial Services Group, Inc. (The)		32,694
	1,399	Marsh & McLennan Cos., Inc.		80,072
	1,673	MetLife, Inc.		90,499
	382	Willis Group Holdings plc, (United Kingdom)		17,105
				474,762

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — 0.6%
	45	Boston Properties, Inc.		5,775
	928	Prologis, Inc.		39,947
	141	Simon Property Group, Inc.		25,605
	52	Vornado Realty Trust		6,131
				77,458
		Total Financials		1,992,180
		Health Care — 14.7%
		Biotechnology — 3.8%
	230	Alexion Pharmaceuticals, Inc. (a)		42,599
	473	Biogen Idec, Inc. (a)		160,621
	1,138	Celgene Corp. (a)		127,282
	672	Gilead Sciences, Inc. (a)		63,344
	663	Vertex Pharmaceuticals, Inc. (a)		78,720
				472,566
		Health Care Equipment & Supplies — 1.7%
	1,474	Abbott Laboratories		66,356
	6,301	Boston Scientific Corp. (a)		83,487
	211	Covidien plc, (Ireland)		21,563
	409	Stryker Corp.		38,616
				210,022
		Health Care Providers & Services — 3.6%
	139	Aetna, Inc.		12,347
	57	Centene Corp. (a)		5,912
	100	Cigna Corp.		10,279
	834	Humana, Inc.		119,831
	547	McKesson Corp.		113,514
	1,893	UnitedHealth Group, Inc.		191,383
				453,266
		Pharmaceuticals — 5.6%
	83	Actavis plc (a)		21,404
	51	Allergan, Inc.		10,861
	2,447	Bristol-Myers Squibb Co.		144,465
	3,537	Johnson & Johnson		369,907
	2,454	Merck & Co., Inc.		139,342
	82	Perrigo Co. plc, (Ireland)		13,658
				699,637
		Total Health Care		1,835,491
		Industrials — 11.0%
		Aerospace & Defense — 3.6%
	2,467	Honeywell International, Inc.		246,542
	382	L-3 Communications Holdings, Inc.		48,189
	1,403	United Technologies Corp.		161,366
				456,097

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 45

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
Common Stocks — continued
		Airlines — 1.2%
	601	Delta Air Lines, Inc.		29,552
	1,811	United Continental Holdings, Inc. (a)		121,131
				150,683
		Building Products — 0.8%
	1,185	Fortune Brands Home & Security, Inc.		53,641
	1,601	Masco Corp.		40,346
				93,987
		Construction & Engineering — 0.8%
	1,615	Fluor Corp.		97,900
		Electrical Equipment — 1.2%
	901	Eaton Corp. plc		61,236
	1,172	Emerson Electric Co.		72,325
	274	Sensata Technologies Holding N.V., (Netherlands) (a)		14,350
				147,911
		Industrial Conglomerates — 0.1%
	178	Danaher Corp.		15,214
		Machinery — 1.8%
	136	Flowserve Corp.		8,153
	505	Ingersoll-Rand plc		32,035
	2,220	PACCAR, Inc.		150,998
	74	Pall Corp.		7,455
	7	Pentair plc, (United Kingdom)		483
	230	SPX Corp.		19,782
	22	WABCO Holdings, Inc. (a)		2,355
				221,261
		Road & Rail — 1.5%
	170	Canadian Pacific Railway Ltd., (Canada)		32,773
	1,522	CSX Corp.		55,134
	845	Union Pacific Corp.		100,684
				188,591
		Total Industrials		1,371,644
		Information Technology — 21.0%
		Communications Equipment — 1.0%
	78	Cisco Systems, Inc.		2,171
	1,643	QUALCOMM, Inc.		122,108
				124,279
		Internet Software & Services — 4.0%
	2,429	Facebook, Inc., Class A (a)		189,485
	242	Google, Inc., Class A (a)		128,683
	344	Google, Inc., Class C (a)		180,980
				499,148

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — 4.0%
	1,713	Accenture plc, (Ireland), Class A		152,987
	176	Alliance Data Systems Corp. (a)		50,363
	1,391	Cognizant Technology Solutions Corp., Class A (a)		73,245
	887	Fidelity National Information Services, Inc.		55,178
	69	International Business Machines Corp.		11,089
	609	Visa, Inc., Class A		159,753
				502,615
		Semiconductors & Semiconductor Equipment — 4.1%
	458	Applied Materials, Inc.		11,417
	1,901	Avago Technologies Ltd., (Singapore)		191,215
	1,339	Broadcom Corp., Class A		58,023
	857	Freescale Semiconductor Ltd. (a)		21,628
	1,462	KLA-Tencor Corp.		102,837
	1,679	Lam Research Corp.		133,177
				518,297
		Software — 4.1%
	1,602	Adobe Systems, Inc. (a)		116,486
	489	Citrix Systems, Inc. (a)		31,187
	6,054	Microsoft Corp.		281,219
	1,872	Oracle Corp.		84,187
				513,079
		Technology Hardware, Storage & Peripherals — 3.8%
	4,213	Apple, Inc.		465,017
	27	EMC Corp.		818
	306	Hewlett-Packard Co.		12,265
				478,100
		Total Information Technology		2,635,518
		Materials — 3.5%
		Chemicals — 2.0%
	25	Albemarle Corp.		1,489
	409	Axiall Corp.		17,380
	964	Dow Chemical Co. (The)		43,986
	1,020	E.I. du Pont de Nemours & Co.		75,449
	2,390	Mosaic Co. (The)		109,111
				247,415
		Construction Materials — 0.0% (g)
	41	Martin Marietta Materials, Inc.		4,514
		Containers & Packaging — 0.3%
	500	Crown Holdings, Inc. (a)		25,457
	322	Sealed Air Corp.		13,664
				39,121

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
Common Stocks — continued
		Metals & Mining — 1.2%
	7,213	Alcoa, Inc.		113,890
	1,421	United States Steel Corp.		38,006
				151,896
		Total Materials		442,946
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 1.1%
	2,979	Verizon Communications, Inc.		139,369
		Utilities — 2.4%
		Electric Utilities — 1.6%
	568	Edison International		37,175
	44	Entergy Corp.		3,862
	1,435	Exelon Corp.		53,194
	706	NextEra Energy, Inc.		75,065
	897	PPL Corp.		32,601
				201,897
		Multi-Utilities — 0.8%
	1,227	CenterPoint Energy, Inc.		28,744
	618	Dominion Resources, Inc.		47,525
	505	NiSource, Inc.		21,413
	105	PG&E Corp.		5,590
				103,272
		Total Utilities		305,169
		Total Common Stocks (Cost $8,923,019)		12,368,195

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrant — 0.0% (g)
		Financials — 0.0% (g)
		Consumer Finance — 0.0% (g)
	24	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (i) (Cost $—)		—
SHARES
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	408,515	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (Cost $408,515)		408,515
		Total Investments — 102.0% (Cost $9,331,534)		12,776,710
		Liabilities in Excess of Other Assets — (2.0)% (c)		(254,013	)
		NET ASSETS — 100.0%	$	12,522,697

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT DECEMBER 31, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	1,014	E-mini S&P 500		03/20/15	$	104,057	$	(1,164	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 47

J.P. Morgan Large Cap Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

ADR	—  American Depositary Receipt
(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.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one thousand shares or contracts.
(i)	—  Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)	—  The rate shown is the current yield as of December 31, 2014.
(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/or forward foreign currency exchange contracts.
(n)	—  The rate shown is the effective yield at the date of purchase.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands, except per share amounts)

	Disciplined Equity Fund			Dynamic Growth Fund			Equity Focus Fund
ASSETS:
Investments in non-affiliates, at value	$	5,414,446		$	318,061		$	73,909
Investments in affiliates, at value		207,918			10,350			4,951
Total investment securities, at value		5,622,364			328,411			78,860
Cash		—	(a)		—			—
Receivables:
Investment securities sold		124,841			—			—
Fund shares sold		12,199			265			83
Dividends from non-affiliates		4,145			126			26
Dividends from affiliates		4			1			—	(a)
Other assets		—			9			—
Total Assets		5,763,553			328,812			78,969
LIABILITIES:
Payables:
Investment securities purchased		299,279			—			—
Fund shares redeemed		10,194			64			—
Variation margin on futures contracts		595			—			—
Accrued liabilities:
Investment advisory fees		1,146			157			38
Administration fees		366			16			2
Shareholder servicing fees		102			64			17
Distribution fees		66			10			1
Custodian and accounting fees		39			13			13
Trustees’ and Chief Compliance Officer’s fees		7			—	(a)		—	(a)
Registration Fee		—			7			14
Audit fees		13			18			13
Other		13			7			7
Total Liabilities		311,820			356			105
Net Assets	$	5,451,733		$	328,456		$	78,864

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

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	Disciplined Equity Fund			Dynamic Growth Fund			Equity Focus Fund
NET ASSETS:
Paid-in-Capital	$	4,648,039		$	276,984		$	71,605
Accumulated undistributed (distributions in excess of) net investment income		889			(1,122	)		(33	)
Accumulated net realized gains (losses)		142,424			(3,750	)		(470	)
Net unrealized appreciation (depreciation)		660,381			56,344			7,762
Total Net Assets	$	5,451,733		$	328,456		$	78,864
Net Assets:
Class A	$	321,069		$	27,593		$	999
Class C		—			7,465			600
Class R5		—			46			—
Class R6		4,322,692			—			—
Institutional Class		553,151			—			—
Select Class		254,821			293,352			77,265
Total	$	5,451,733		$	328,456		$	78,864
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		13,643			1,146			41
Class C		—			321			25
Class R5		—			2			—
Class R6		182,476			—			—
Institutional Class		23,355			—			—
Select Class		10,747			11,966			3,170
Net Asset Value (a):
Class A — Redemption price per share	$	23.53		$	24.08		$	24.24
Class C — Offering price per share (b)		—			23.24			23.87
Class R5 — Offering and redemption price per share		—			24.86			—
Class R6 — Offering and redemption price per share		23.69			—			—
Institutional Class — Offering and redemption price per share		23.68			—			—
Select Class — Offering and redemption price per share		23.71			24.51			24.37
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)]	$	24.83		$	25.41		$	25.58
Cost of investments in non-affiliates	$	4,755,115		$	261,717		$	66,147
Cost of investments in affiliates		207,918			10,350			4,951

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 51

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	Equity Income Fund		Growth and Income Fund			Hedged Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	8,891,728	$	477,193		$	137,972
Investments in affiliates, at value		90,194		15,806			3,901
Total investment securities, at value		8,981,922		492,999			141,873
Cash		—		—			1
Deposits at broker for futures contracts		—		—			255
Receivables:
Investment securities sold		1,948		174			2,671
Fund shares sold		75,345		342			369
Dividends from non-affiliates		20,015		667			177
Dividends from affiliates		8		—	(a)		—	(a)
Total Assets		9,079,238		494,182			145,346
LIABILITIES:
Payables:
Investment securities purchased		—		1,904			4,116
Fund shares redeemed		7,775		440			627
Variation margin on futures contracts		—		—			47
Outstanding options written, at fair value		—		—			2,641
Accrued liabilities:
Investment advisory fees		2,998		163			18
Administration fees		620		34			5
Shareholder servicing fees		1,524		103			28
Distribution fees		1,218		105			14
Custodian and accounting fees		104		15			21
Trustees’ and Chief Compliance Officer’s fees		3		—	(a)		1
Other		881		173			41
Total Liabilities		15,123		2,937			7,559
Net Assets	$	9,064,115	$	491,245		$	137,787

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

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	Equity Income Fund			Growth and Income Fund			Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	7,106,458		$	314,201		$	132,375
Accumulated undistributed (distributions in excess of) net investment income		1,638			156			(10	)
Accumulated net realized gains (losses)		(226	)		5,519			(2,383	)
Net unrealized appreciation (depreciation)		1,956,245			171,369			7,805
Total Net Assets	$	9,064,115		$	491,245		$	137,787
Net Assets:
Class A	$	2,765,330		$	436,305		$	64,641
Class B		3,390			2,435			—
Class C		985,499			19,435			838
Class R2		42,349			—			—
Class R5		421,355			—			439
Class R6		719,104			—			439
Select Class		4,127,088			33,070			71,430
Total	$	9,064,115		$	491,245		$	137,787
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		196,611			9,462			3,932
Class B		243			54			—
Class C		70,984			458			51
Class R2		3,017			—			—
Class R5		29,522			—			27
Class R6		50,413			—			27
Select Class		289,262			687			4,337
Net Asset Value (a):
Class A — Redemption price per share	$	14.07		$	46.11		$	16.44
Class B — Offering price per share (b)		13.96			44.98			—
Class C — Offering price per share (b)		13.88			42.48			16.43
Class R2 — Offering and redemption price per share		14.04			—			—
Class R5 — Offering and redemption price per share		14.27			—			16.48
Class R6 — Offering and redemption price per share		14.26			—			16.48
Select Class — Offering and redemption price per share		14.27			48.12			16.47
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)]	$	14.85		$	48.66		$	17.35
Cost of investments in non-affiliates	$	6,935,483		$	305,824		$	130,225
Cost of investments in affiliates		90,194			15,806			3,901
Premiums paid from options written		—			—			2,671

(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.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 53

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	Large Cap Growth Fund			Large Cap Value Fund			U.S. Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	15,046,245		$	808,500		$	12,368,195
Investments in affiliates, at value		369,617			9,682			408,515
Total investment securities, at value		15,415,862			818,182			12,776,710
Cash		—	(a)		1			5
Deposits at broker for futures contracts		—			—			1,989
Receivables:
Investment securities sold		—			2,138			11,614
Fund shares sold		19,237			128			43,655
Dividends from non-affiliates		3,254			1,296			14,122
Dividends from affiliates		18			—	(a)		7
Total Assets		15,438,371			821,745			12,848,102
LIABILITIES:
Payables:
Investment securities purchased		—			1,764			242,774
Fund shares redeemed		83,669			294			73,687
Variation margin on futures contracts		—			—			1,315
Accrued liabilities:
Investment advisory fees		6,479			281			3,923
Administration fees		1,073			58			835
Shareholder servicing fees		1,387			157			845
Distribution fees		1,484			29			463
Custodian and accounting fees		269			24			214
Trustees’ and Chief Compliance Officer’s fees		3			7			3
Other		3,728			135			1,346
Total Liabilities		98,092			2,749			325,405
Net Assets	$	15,340,279		$	818,996		$	12,522,697

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

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	Large Cap Growth Fund			Large Cap Value Fund			U.S. Equity Fund
NET ASSETS:
Paid-in-Capital	$	10,105,613		$	654,359		$	9,215,500
Accumulated undistributed (distributions in excess of) net investment income		(36,753	)		317			3,634
Accumulated net realized gains (losses)		204,654			16,197			(140,449	)
Net unrealized appreciation (depreciation)		5,066,765			148,123			3,444,012
Total Net Assets	$	15,340,279		$	818,996		$	12,522,697
Net Assets:
Class A	$	4,856,933		$	93,921		$	1,261,541
Class B		6,583			1,543			4,096
Class C		555,706			13,384			208,067
Class R2		238,983			612			152,134
Class R5		1,384,375			4,426			489,662
Class R6		2,837,976			1,553			2,663,467
Institutional Class		—			—			4,590,886
Select Class		5,459,723			703,557			3,152,844
Total	$	15,340,279		$	818,996		$	12,522,697
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		140,646			6,289			86,921
Class B		218			105			287
Class C		18,553			922			14,682
Class R2		7,021			41			10,550
Class R5		39,691			298			33,631
Class R6		81,214			105			182,746
Institutional Class		—			—			315,490
Select Class		157,799			47,824			216,985
Net Asset Value (a):
Class A — Redemption price per share	$	34.53		$	14.93		$	14.51
Class B — Offering price per share (b)		30.25			14.67			14.27
Class C — Offering price per share (b)		29.95			14.52			14.17
Class R2 — Offering and redemption price per share		34.04			14.88			14.42
Class R5 — Offering and redemption price per share		34.88			14.85			14.56
Class R6 — Offering and redemption price per share		34.94			14.78			14.57
Institutional Class — Offering and redemption price per share		—			—			14.55
Select Class — Offering and redemption price per share		34.60			14.71			14.53
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)]	$	36.44		$	15.76		$	15.31
Cost of investments in non-affiliates	$	9,979,480		$	660,377		$	8,923,019
Cost of investments in affiliates		369,617			9,682			408,515

(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.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 55

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

	Disciplined Equity Fund			Dynamic Growth Fund			Equity Focus Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	2		$	—		$	—
Dividend income from non-affiliates		42,490			871			402
Dividend income from affiliates		11			1			—	(a)
Total investment income		42,503			872			402
EXPENSES:
Investment advisory fees		6,130			928			250
Administration fees		2,023			128			32
Distribution fees:
Class A		319			28			1
Class C		—			23			1
Shareholder servicing fees:
Class A		319			28			1
Class C		—			8			—	(a)
Class R5		—			—	(a)		—
Institutional Class		230			—			—
Select Class		294			351			95
Custodian and accounting fees		58			16			15
Professional fees		49			23			22
Trustees’ and Chief Compliance Officer’s fees		27			1			—	(a)
Printing and mailing costs		41			8			2
Registration and filing fees		93			37			18
Transfer agent fees		302			42			5
Other		45			6			5
Total expenses		9,930			1,627			447
Less fees waived		(288	)		(62	)		(63	)
Net expenses		9,642			1,565			384
Net investment income (loss)		32,861			(693	)		18
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		317,136			(2,580	)		190
Futures		3,746			—			—
Net realized gain (loss)		320,882			(2,580	)		190
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		(22,998	)		10,932			2,611
Futures		697			—			—
Change in net unrealized appreciation/depreciation		(22,301	)		10,932			2,611
Net realized/unrealized gains (losses)		298,581			8,352			2,801
Change in net assets resulting from operations	$	331,442		$	7,659		$	2,819

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

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	Equity Income Fund			Growth and Income Fund			Hedged Equity Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	130,644		$	6,072		$	728
Dividend income from affiliates		33			1			—	(a)
Total investment income		130,677			6,073			728
EXPENSES:
Investment advisory fees		16,378			947			81
Administration fees		3,378			195			27
Distribution fees:
Class A		3,163			530			36
Class B		14			9			—
Class C		3,285			63			2
Class R2		88			—			—
Shareholder servicing fees:
Class A		3,163			530			36
Class B		5			3			—
Class C		1,095			21			—	(a)
Class R2		44			—			—
Class R5		86			—			—	(a)
Select Class		4,743			38			44
Custodian and accounting fees		119			16			18
Professional fees		65			25			45
Trustees’ and Chief Compliance Officer’s fees		40			3			1
Printing and mailing costs		225			25			2
Registration and filing fees		143			32			43
Transfer agent fees		2,170			231			5
Offering costs		—			—			48
Other		38			20			3
Total expenses		38,242			2,688			391
Less fees waived		(642	)		(6	)		(103	)
Less expense reimbursements		(8	)		—			(58	)
Net expenses		37,592			2,682			230
Net investment income (loss)		93,085			3,391			498
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		87,660			20,162			(2,932	)
Futures		—			—			550
Options written		—			—			121
Net realized gain (loss)		87,660			20,162			(2,261	)
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		338,075			4,602			7,448
Futures		—			—			28
Options Written		—			—			30
Change in net unrealized appreciation/depreciation		338,075			4,602			7,506
Net realized/unrealized gains (losses)		425,735			24,764			5,245
Change in net assets resulting from operations	$	518,820		$	28,155		$	5,743

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 57

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

	Large Cap Growth Fund			Large Cap Value Fund			U.S. Equity Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	51,092		$	8,999		$	124,963
Dividend income from affiliates		51			2			17
Total investment income		51,143			9,001			124,980
EXPENSES:
Investment advisory fees		38,006			1,683			22,813
Administration fees		6,271			347			4,705
Distribution fees:
Class A		6,069			116			1,519
Class B		26			6			16
Class C		2,025			47			712
Class R2		558			1			349
Shareholder servicing fees:
Class A		6,069			116			1,519
Class B		9			2			5
Class C		675			15			238
Class R2		279			1			174
Class R5		351			1			116
Institutional Class		—			—			2,228
Select Class		6,716			857			3,021
Custodian and accounting fees		259			23			218
Interest expense to affiliates		—			—	(a)		—
Professional fees		114			29			72
Trustees’ and Chief Compliance Officer’s fees		67			—	(a)		51
Printing and mailing costs		537			17			342
Registration and filing fees		152			42			145
Transfer agent fees		6,223			75			2,595
Other		107			15			484
Total expenses		74,513			3,393			41,322
Less fees waived		(3,754	)		(73	)		(1,956	)
Net expenses		70,759			3,320			39,366
Net investment income (loss)		(19,616	)		5,681			85,614
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		422,178			59,920			520,621
Futures		—			—			11,963
Net realized gain (loss)		422,178			59,920			532,584
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		804,442			(11,747	)		141,244
Futures		—			—			(1,654	)
Change in net unrealized appreciation/depreciation		804,442			(11,747	)		139,590
Net realized/unrealized gains (losses)		1,226,620			48,173			672,174
Change in net assets resulting from operations	$	1,207,004		$	53,854		$	757,788

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

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Disciplined Equity Fund						Dynamic Growth Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	32,861		$	46,521		$	(693	)	$	(708	)
Net realized gain (loss)		320,882			240,349			(2,580	)		7,600
Change in net unrealized appreciation/depreciation		(22,301	)		433,169			10,932			30,946
	��
Change in net assets resulting from operations		331,442			720,039			7,659			37,838
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,323	)		(1,624	)		—			—
From net realized gains		(19,848	)		(9,242	)		(413	)		—
Class C
From net realized gains		—			—			(111	)		—
Class R5
From net realized gains		—			—			(1	)		—
Class R6
From net investment income		(27,090	)		(39,209	)		—			—
From net realized gains		(266,822	)		(139,746	)		—			—
Institutional Class
From net investment income		(3,037	)		(4,083	)		—			—
From net realized gains		(32,068	)		(16,849	)		—			—
Select Class
From net investment income		(1,353	)		(775	)		—			—
From net realized gains		(15,846	)		(3,550	)		(4,260	)		—
Total distributions to shareholders		(367,387	)		(215,078	)		(4,785	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,209,692			1,946,173			42,817			142,647
NET ASSETS:
Change in net assets		1,173,747			2,451,134			45,691			180,485
Beginning of period		4,277,986			1,826,852			282,765			102,280
End of period	$	5,451,733		$	4,277,986		$	328,456		$	282,765
Accumulated undistributed (distributions in excess of) net investment income	$	889		$	831		$	(1,122	)	$	(429	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Equity Focus Fund						Equity Income Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	18		$	62		$	93,085		$	108,236
Net realized gain (loss)		190			(77	)		87,660			125,411
Distributions of capital gains received from investment company affiliates		—			—			—			1
Change in net unrealized appreciation/depreciation		2,611			4,489			338,075			934,953
Change in net assets resulting from operations		2,819			4,474			518,820			1,168,601
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1	)		—			(27,438	)		(31,236	)
From net realized gains		(5	)		(5	)		(53,724	)		(30,026	)
Class B
From net investment income		—			—			(28	)		(50	)
From net realized gains		—			—			(67	)		(74	)
Class C
From net investment income		—			—			(7,777	)		(7,992	)
From net realized gains		(4	)		(2	)		(18,697	)		(10,640	)
Class R2
From net investment income		—			—			(365	)		(317	)
From net realized gains		—			—			(817	)		(336	)
Class R5
From net investment income		—			—			(4,485	)		(5,124	)
From net realized gains		—			—			(7,581	)		(3,803	)
Class R6
From net investment income		—			—			(8,002	)		(9,298	)
From net realized gains		—			—			(13,082	)		(7,928	)
Select Class
From net investment income		(112	)		—	(a)		(44,891	)		(54,801	)
From net realized gains		(492	)		(259	)		(77,081	)		(46,326	)
Total distributions to shareholders		(614	)		(266	)		(264,035	)		(207,951	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		4,039			64,555			1,283,801			2,056,118
NET ASSETS:
Change in net assets		6,244			68,763			1,538,586			3,016,768
Beginning of period		72,620			3,857			7,525,529			4,508,761
End of period	$	78,864		$	72,620		$	9,064,115		$	7,525,529
Accumulated undistributed (distributions in excess of) net investment income	$	(33	)	$	62		$	1,638		$	1,539

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

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	Growth and Income Fund						Hedged Equity Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Period Ended June 30, 2014 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,391		$	4,949		$	498		$	24
Net realized gain (loss)		20,162			51,392			(2,261	)		(122	)
Distributions of capital gains received from investment company affiliates		—			—	(b)		—			—
Change in net unrealized appreciation/depreciation		4,602			34,471			7,506			299
Change in net assets resulting from operations		28,155			90,812			5,743			201
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,873	)		(4,431	)		(229	)		(4	)
From net realized gains		(9,151	)		—			—			—
Return of capital		—			—			—			(1	)
Class B
From net investment income		(11	)		(18	)		—			—
From net realized gains		(53	)		—			—			—
Class C
From net investment income		(100	)		(99	)		(2	)		—	(b)
From net realized gains		(427	)		—			—			—
Return of capital		—			—			—			—	(b)
Class R5
From net investment income		—			—			(2	)		—	(b)
Return of capital		—			—			—			—	(b)
Class R6
From net investment income		—			—			(2	)		—	(b)
Return of capital		—			—			—			(1	)
Select Class
From net investment income		(234	)		(332	)		(270	)		(23	)
From net realized gains		(660	)		—			—			—
Return of capital		—			—			—			(20	)
Total distributions to shareholders		(13,509	)		(4,880	)		(505	)		(49	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		12,731			(17,280	)		127,514			4,883
NET ASSETS:
Change in net assets		27,377			68,652			132,752			5,035
Beginning of period		463,868			395,216			5,035			—
End of period	$	491,245		$	463,868		$	137,787		$	5,035
Accumulated undistributed (distributions in excess of) net investment income	$	156		$	(17	)	$	(10	)	$	(3	)

(a) Commencement of operations was December 13, 2013.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Large Cap Growth Fund						Large Cap Value Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(19,616	)	$	(28,833	)	$	5,681		$	9,568
Net realized gain (loss)		422,178			572,824			59,920			123,935
Distributions of capital gains received from investment company affiliates		—			1			—			4
Change in net unrealized appreciation/depreciation		804,442			2,563,782			(11,747	)		35,976
Change in net assets resulting from operations		1,207,004			3,107,774			53,854			169,483
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(520	)		(861	)
From net realized gains		(85,875	)		—			(13,856	)		(1,655	)
Class B
From net investment income		—			—			(5	)		(12	)
From net realized gains		(133	)		—			(230	)		(50	)
Class C
From net investment income		—			—			(47	)		(68	)
From net realized gains		(11,256	)		—			(2,003	)		(233	)
Class R2
From net investment income		—			—			(3	)		(3	)
From net realized gains		(3,964	)		—			(87	)		(14	)
Class R5
From net investment income		—			—			(30	)		(116	)
From net realized gains		(24,104	)		—			(646	)		(599	)
Class R6
From net investment income		—			—			(319	)		(724	)
From net realized gains		(50,817	)		—			(6,003	)		(1,655	)
Select Class
From net investment income		—			—			(4,384	)		(8,031	)
From net realized gains		(97,149	)		—			(102,872	)		(21,436	)
Total distributions to shareholders		(273,298	)		—			(131,005	)		(35,457	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(539,159	)		275,053			71,700			(6,000	)
NET ASSETS:
Change in net assets		394,547			3,382,827			(5,451	)		128,026
Beginning of period		14,945,732			11,562,905			824,447			696,421
End of period	$	15,340,279		$	14,945,732		$	818,996		$	824,447
Accumulated undistributed (distributions in excess of) net investment income	$	(36,753	)	$	(17,137	)	$	317		$	(56	)

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	U.S. Equity Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	85,614		$	96,944
Net realized gain (loss)		532,584			736,827
Distributions of capital gains received from investment company affiliates		—			2
Change in net unrealized appreciation/depreciation		139,590			1,332,466
Change in net assets resulting from operations		757,788			2,166,239
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(7,245	)		(8,068	)
From net realized gains		(101,441	)		(67,000	)
Class B
From net investment income		(15	)		(13	)
From net realized gains		(335	)		(307	)
Class C
From net investment income		(802	)		(512	)
From net realized gains		(16,831	)		(9,496	)
Class R2
From net investment income		(718	)		(595	)
From net realized gains		(12,128	)		(6,636	)
Class R5
From net investment income		(3,524	)		(4,728	)
From net realized gains		(39,025	)		(27,833	)
Class R6
From net investment income		(19,621	)		(23,536	)
From net realized gains		(207,916	)		(124,852	)
Institutional Class
From net investment income		(32,792	)		(34,846	)
From net realized gains		(373,132	)		(245,150	)
Select Class
From net investment income		(17,835	)		(24,079	)
From net realized gains		(194,871	)		(143,301	)
Total distributions to shareholders		(1,028,231	)		(720,952	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,013,496			1,347,074
NET ASSETS:
Change in net assets		1,743,053			2,792,361
Beginning of period		10,779,644			7,987,283
End of period	$	12,522,697		$	10,779,644
Accumulated undistributed (distributions in excess of) net investment income	$	3,634		$	572

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Disciplined Equity Fund						Dynamic Growth Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	135,497		$	110,205		$	13,806		$	18,137
Distributions reinvested		21,134			10,845			402			—
Cost of shares redeemed		(38,787	)		(42,738	)		(3,699	)		(1,412	)
Change in net assets resulting from Class A capital transactions	$	117,844		$	78,312		$	10,509		$	16,725
Class C
Proceeds from shares issued	$	—		$	—		$	3,345		$	4,982
Distributions reinvested		—			—			84			—
Cost of shares redeemed		—			—			(383	)		(705	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	3,046		$	4,277
Class R5
Proceeds from shares issued	$	—		$	—		$	—		$	4
Distributions reinvested		—			—			1			—
Cost of shares redeemed		—			—			—			—	(a)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	1		$	4
Class R6
Proceeds from shares issued	$	507,005		$	1,799,308		$	—		$	—
Distributions reinvested		293,912			178,948			—			—
Cost of shares redeemed		(50,565	)		(264,127	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	750,352		$	1,714,129		$	—		$	—
Institutional Class
Proceeds from shares issued	$	207,404		$	148,282		$	—		$	—
Distributions reinvested		32,075			18,575			—			—
Cost of shares redeemed		(72,528	)		(45,570	)		—			—
Change in net assets resulting from Institutional Class capital transactions	$	166,951		$	121,287		$	—		$	—
Select Class
Proceeds from shares issued	$	195,288		$	43,804		$	40,380		$	133,469
Distributions reinvested		6,618			3,427			3,771			—
Cost of shares redeemed		(27,361	)		(14,786	)		(14,890	)		(11,828	)
Change in net assets resulting from Select Class capital transactions	$	174,545		$	32,445		$	29,261		$	121,641
Total change in net assets resulting from capital transactions	$	1,209,692		$	1,946,173		$	42,817		$	142,647

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

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	Disciplined Equity Fund						Dynamic Growth Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		5,622			5,011			573			763
Reinvested		922			507			17			—
Redeemed		(1,611	)		(1,927	)		(154	)		(60	)
Change in Class A Shares		4,933			3,591			436			703
Class C
Issued		—			—			143			214
Reinvested		—			—			4			—
Redeemed		—			—			(16	)		(31	)
Change in Class C Shares		—			—			131			183
Class R5
Issued		—			—			—			—	(a)
Reinvested		—			—			—	(a)		—
Redeemed		—			—			—			—	(a)
Change in Class R5 Shares		—			—			—	(a)		—	(a)
Class R6
Issued		20,996			82,159			—			—
Reinvested		12,718			8,286			—			—
Redeemed		(2,106	)		(11,337	)		—			—
Change in Class R6 Shares		31,608			79,108			—			—
Institutional Class
Issued		8,615			6,620			—			—
Reinvested		1,388			862			—			—
Redeemed		(2,978	)		(2,038	)		—			—
Change in Institutional Class Shares		7,025			5,444			—			—
Select Class
Issued		8,122			1,997			1,673			5,952
Reinvested		286			159			156			—
Redeemed		(1,132	)		(673	)		(600	)		(526	)
Change in Select Class Shares		7,276			1,483			1,229			5,426

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Equity Focus Fund						Equity Income Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	602		$	490		$	722,856		$	1,182,529
Distributions reinvested		6			5			78,069			59,065
Cost of shares redeemed		(50	)		(167	)		(477,818	)		(454,907	)
Change in net assets resulting from Class A capital transactions	$	558		$	328		$	323,107		$	786,687
Class B
Proceeds from shares issued	$	—		$	—		$	161		$	1,047
Distributions reinvested		—			—			89			112
Cost of shares redeemed		—			—			(892	)		(1,961	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(642	)	$	(802	)
Class C
Proceeds from shares issued	$	485		$	62		$	195,921		$	374,473
Distributions reinvested		4			2			21,952			15,425
Cost of shares redeemed		(28	)		(12	)		(63,683	)		(89,920	)
Change in net assets resulting from Class C capital transactions	$	461		$	52		$	154,190		$	299,978
Class R2
Proceeds from shares issued	$	—		$	—		$	16,755		$	19,772
Distributions reinvested		—			—			1,153			652
Cost of shares redeemed		—			—			(5,433	)		(8,361	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	12,475		$	12,063
Class R5
Proceeds from shares issued	$	—		$	—		$	126,872		$	133,602
Distributions reinvested		—			—			10,604			8,807
Cost of shares redeemed		—			—			(34,152	)		(103,835	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	103,324		$	38,574
Class R6
Proceeds from shares issued	$	—		$	—		$	186,452		$	392,844
Distributions reinvested		—			—			18,741			14,091
Cost of shares redeemed		—			—			(56,453	)		(150,821	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	148,740		$	256,114
Select Class
Proceeds from shares issued	$	9,955		$	74,941		$	897,911		$	1,343,746
Distributions reinvested		41			100			71,865			51,006
Cost of shares redeemed		(6,976	)		(10,866	)		(427,169	)		(731,248	)
Change in net assets resulting from Select Class capital transactions	$	3,020		$	64,175		$	542,607		$	663,504
Total change in net assets resulting from capital transactions	$	4,039		$	64,555		$	1,283,801		$	2,056,118

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	Equity Focus Fund						Equity Income Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		25			22			52,740			93,449
Reinvested		—	(a)		—	(a)		5,648			4,669
Redeemed		(2	)		(7	)		(34,608	)		(35,883	)
Change in Class A Shares		23			15			23,780			62,235
Class B
Issued		—			—			12			85
Reinvested		—			—			6			9
Redeemed		—			—			(65	)		(156	)
Change in Class B Shares		—			—			(47	)		(62	)
Class C
Issued		20			4			14,377			30,145
Reinvested		—	(a)		—	(a)		1,610			1,238
Redeemed		(1	)		(1	)		(4,703	)		(7,181	)
Change in Class C Shares		19			3			11,284			24,202
Class R2
Issued		—			—			1,221			1,554
Reinvested		—			—			84			52
Redeemed		—			—			(395	)		(649	)
Change in Class R2 Shares		—			—			910			957
Class R5
Issued		—			—			8,987			10,246
Reinvested		—			—			756			687
Redeemed		—			—			(2,435	)		(8,034	)
Change in Class R5 Shares		—			—			7,308			2,899
Class R6
Issued		—			—			13,303			30,669
Reinvested		—			—			1,336			1,095
Redeemed		—			—			(4,056	)		(11,733	)
Change in Class R6 Shares		—			—			10,583			20,031
Select Class
Issued		415			3,320			64,312			104,808
Reinvested		2			5			5,126			3,973
Redeemed		(291	)		(475	)		(30,571	)		(56,929	)
Change in Select Class Shares		126			2,850			38,867			51,852

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Growth and Income Fund						Hedged Equity Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Period Ended June 30, 2014 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	22,387		$	31,727		$	62,846		$	1,573
Distributions reinvested		11,546			4,239			229			4
Cost of shares redeemed		(30,188	)		(50,548	)		(1,971	)		(1,009	)
Change in net assets resulting from Class A capital transactions	$	3,745		$	(14,582	)	$	61,104		$	568
Class B
Proceeds from shares issued	$	75		$	86		$	—		$	—
Distributions reinvested		64			18			—			—
Cost of shares redeemed		(438	)		(996	)		—			—
Change in net assets resulting from Class B capital transactions	$	(299	)	$	(892	)	$	—		$	—
Class C
Proceeds from shares issued	$	5,743		$	6,964		$	764		$	50
Distributions reinvested		472			89			2			—	(b)
Cost of shares redeemed		(1,885	)		(2,395	)		—	(b)		—
Change in net assets resulting from Class C capital transactions	$	4,330		$	4,658		$	766		$	50
Class R5
Proceeds from shares issued	$	—		$	—		$	373		$	50
Distributions reinvested		—			—			2			1
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	375		$	51
Class R6
Proceeds from shares issued	$	—		$	—		$	374		$	50
Distributions reinvested		—			—			2			1
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	376		$	51
Select Class
Proceeds from shares issued	$	5,703		$	19,582		$	67,324		$	4,125
Distributions reinvested		767			296			265			38
Cost of shares redeemed		(1,515	)		(26,342	)		(2,696	)		—
Change in net assets resulting from Select Class capital transactions	$	4,955		$	(6,464	)	$	64,893		$	4,163
Total change in net assets resulting from capital transactions	$	12,731		$	(17,280	)	$	127,514		$	4,883

(a) Commencement of operations was December 13, 2013.

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

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	Growth and Income Fund						Hedged Equity Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Period Ended June 30, 2014 (a)
SHARE TRANSACTIONS:
Class A
Issued		494			791			4,004			100
Reinvested		257			102			14			—	(b)
Redeemed		(674	)		(1,258	)		(122	)		(64	)
Change in Class A Shares		77			(365	)		3,896			36
Class B
Issued		1			2			—			—
Reinvested		2			—	(b)		—			—
Redeemed		(10	)		(25	)		—			—
Change in Class B Shares		(7	)		(23	)		—			—
Class C
Issued		138			187			48			3
Reinvested		11			2			—	(b)		—	(b)
Redeemed		(45	)		(65	)		—	(b)		—
Change in Class C Shares		104			124			48			3
Class R5
Issued		—			—			24			3
Reinvested		—			—			—	(b)		—	(b)
Change in Class R5 Shares		—			—			24			3
Class R6
Issued		—			—			24			3
Reinvested		—			—			—	(b)		—	(b)
Change in Class R6 Shares		—			—			24			3
Select Class
Issued		122			473			4,214			270
Reinvested		16			7			16			3
Redeemed		(33	)		(643	)		(166	)		—
Change in Select Class Shares		105			(163	)		4,064			273

(a) Commencement of operations was December 13, 2013.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 69

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Large Cap Growth Fund						Large Cap Value Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	475,974		$	2,726,496		$	7,656		$	15,561
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			42,595
Distributions reinvested		80,373			—			13,856			2,439
Cost of shares redeemed		(1,040,158	)		(1,431,629	)		(10,943	)		(15,944	)
Change in net assets resulting from Class A capital transactions	$	(483,811	)	$	1,294,867		$	10,569		$	44,651
Class B
Proceeds from shares issued	$	59		$	146		$	30		$	33
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			1,079
Distributions reinvested		131			—			225			57
Cost of shares redeemed		(1,479	)		(3,925	)		(460	)		(769	)
Change in net assets resulting from Class B capital transactions	$	(1,289	)	$	(3,779	)	$	(205	)	$	400
Class C
Proceeds from shares issued	$	46,679		$	118,910		$	2,240		$	3,724
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			3,188
Distributions reinvested		7,502			—			1,845			268
Cost of shares redeemed		(52,296	)		(90,812	)		(1,043	)		(1,946	)
Change in net assets resulting from Class C capital transactions	$	1,885		$	28,098		$	3,042		$	5,234
Class R2
Proceeds from shares issued	$	44,323		$	62,282		$	181		$	194
Distributions reinvested		3,119			—			62			10
Cost of shares redeemed		(43,583	)		(78,278	)		(28	)		(196	)
Change in net assets resulting from Class R2 capital transactions	$	3,859		$	(15,996	)	$	215		$	8
Class R5
Proceeds from shares issued	$	159,237		$	365,422		$	477		$	514
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			2,180
Distributions reinvested		22,865			—			492			690
Cost of shares redeemed		(288,518	)		(413,385	)		(572	)		(19,905	)
Change in net assets resulting from Class R5 capital transactions	$	(106,416	)	$	(47,963	)	$	397		$	(16,521	)
Class R6
Proceeds from shares issued	$	308,617		$	665,288		$	2,025		$	4,941
Distributions reinvested		48,411			—			6,322			2,379
Cost of shares redeemed		(405,000	)		(692,012	)		(54,453	)		(8,427	)
Change in net assets resulting from Class R6 capital transactions	$	(47,972	)	$	(26,724	)	$	(46,106	)	$	(1,107	)
Select Class
Proceeds from shares issued	$	822,111		$	1,132,582		$	32,903		$	29,098
Distributions reinvested		69,462			—			106,574			27,502
Cost of shares redeemed		(796,988	)		(2,086,032	)		(35,689	)		(95,265	)
Change in net assets resulting from Select Class capital transactions	$	94,585		$	(953,450	)	$	103,788		$	(38,665	)
Total change in net assets resulting from capital transactions	$	(539,159	)	$	275,053		$	71,700		$	(6,000	)

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	Large Cap Growth Fund						Large Cap Value Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		14,117			94,359			461			1,021
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			2,898
Reinvested		2,374			—			958			162
Redeemed		(31,117	)		(47,665	)		(672	)		(1,042	)
Change in Class A Shares		(14,626	)		46,694			747			3,039
Class B
Issued		3			6			2			3
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			74
Reinvested		4			—			16			4
Redeemed		(50	)		(148	)		(29	)		(51	)
Change in Class B Shares		(43	)		(142	)		(11	)		30
Class C
Issued		1,588			4,514			141			251
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			222
Reinvested		255			—			131			18
Redeemed		(1,788	)		(3,428	)		(67	)		(131	)
Change in Class C Shares		55			1,086			205			360
Class R2
Issued		1,318			2,078			12			12
Reinvested		94			—			4			1
Redeemed		(1,327	)		(2,597	)		(2	)		(13	)
Change in Class R2 Shares		85			(519	)		14			—	(a)
Class R5
Issued		4,688			12,035			30			34
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			149
Reinvested		669			—			34			48
Redeemed		(8,424	)		(13,642	)		(34	)		(1,358	)
Change in Class R5 Shares		(3,067	)		(1,607	)		30			(1,127	)
Class R6
Issued		9,027			22,243			122			329
Reinvested		1,413			—			441			161
Redeemed		(11,848	)		(22,612	)		(3,548	)		(557	)
Change in Class R6 Shares		(1,408	)		(369	)		(2,985	)		(67	)
Select Class
Issued		24,519			37,768			2,071			1,976
Reinvested		2,047			—			7,476			1,868
Redeemed		(23,678	)		(67,981	)		(2,107	)		(6,280	)
Change in Select Class Shares		2,888			(30,213	)		7,440			(2,436	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 71

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	U.S. Equity Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	207,431		$	383,521
Distributions reinvested		96,062			67,082
Cost of shares redeemed		(184,443	)		(308,374	)
Change in net assets resulting from Class A capital transactions	$	119,050		$	142,229
Class B
Proceeds from shares issued	$	40		$	178
Distributions reinvested		331			305
Cost of shares redeemed		(429	)		(1,374	)
Change in net assets resulting from Class B capital transactions	$	(58	)	$	(891	)
Class C
Proceeds from shares issued	$	39,299		$	59,625
Distributions reinvested		16,003			9,127
Cost of shares redeemed		(16,812	)		(25,641	)
Change in net assets resulting from Class C capital transactions	$	38,490		$	43,111
Class R2
Proceeds from shares issued	$	32,763		$	54,604
Distributions reinvested		11,764			6,417
Cost of shares redeemed		(14,906	)		(22,308	)
Change in net assets resulting from Class R2 capital transactions	$	29,621		$	38,713
Class R5
Proceeds from shares issued	$	77,890		$	141,144
Distributions reinvested		35,455			28,688
Cost of shares redeemed		(54,058	)		(250,658	)
Change in net assets resulting from Class R5 capital transactions	$	59,287		$	(80,826	)
Class R6
Proceeds from shares issued	$	382,939		$	764,394
Distributions reinvested		223,682			140,851
Cost of shares redeemed		(277,638	)		(184,568	)
Change in net assets resulting from Class R6 capital transactions	$	328,983		$	720,677
Institutional Class
Proceeds from shares issued	$	680,724		$	3,312,906
Distributions reinvested		360,252			242,236
Cost of shares redeemed		(514,876	)		(874,872	)
Change in net assets resulting from Institutional Class capital transactions	$	526,100		$	2,680,270
Select Class
Proceeds from shares issued	$	902,954		$	703,654
Distributions reinvested		200,535			155,534
Cost of shares redeemed		(191,466	)		(3,055,397	)
Change in net assets resulting from Select Class capital transactions	$	912,023		$	(2,196,209	)
Total change in net assets resulting from capital transactions	$	2,013,496		$	1,347,074

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	U.S. Equity Fund
	Six Months Ended December 31, 2014 (Unaudited)				Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		13,818				27,421
Reinvested		6,771				4,947
Redeemed		(12,250	)			(22,134	)
Change in Class A Shares		8,339				10,234
Class B
Issued		2				13
Reinvested		24				23
Redeemed		(28	)			(101	)
Change in Class B Shares		(2	)			(65	)
Class C
Issued		2,677				4,349
Reinvested		1,158				690
Redeemed		(1,147	)			(1,871	)
Change in Class C Shares		2,688				3,168
Class R2
Issued		2,189				3,941
Reinvested		835				476
Redeemed		(1,001	)			(1,596	)
Change in Class R2 Shares		2,023				2,821
Class R5
Issued		5,191				9,994
Reinvested		2,489				2,106
Redeemed		(3,566	)			(18,145	)
Change in Class R5 Shares		4,114				(6,045	)
Class R6
Issued		25,503				54,986
Reinvested		15,678				10,318
Redeemed		(18,193	)			(13,029	)
Change in Class R6 Shares		22,988				52,275
Institutional Class
Issued		45,077				229,320
Reinvested		25,308				17,794
Redeemed		(34,265	)			(62,503	)
Change in Institutional Class Shares		36,120				184,611
Select Class
Issued		62,312				51,196
Reinvested		14,107				11,454
Redeemed		(12,650	)	��		(212,173	)
Change in Select Class Shares		63,769				(149,523	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Disciplined Equity Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	23.73	$	0.11	(f)	$	1.40	$	1.51	$	(0.11	)	$	(1.60	)	$	(1.71	)
Year Ended June 30, 2014		20.27		0.23	(f)		4.79		5.02		(0.21	)		(1.35	)		(1.56	)
Year Ended June 30, 2013		17.42		0.20	(f)		3.56		3.76		(0.23	)		(0.68	)		(0.91	)
Year Ended June 30, 2012		16.80		0.21	(f)		0.61		0.82		(0.20	)		—			(0.20	)
Year Ended June 30, 2011		13.07		0.17	(f)		3.72		3.89		(0.16	)		—			(0.16	)
Year Ended June 30, 2010		11.52		0.18	(f)		1.54		1.72		(0.17	)		—			(0.17	)
Class R6
Six Months Ended December 31, 2014 (Unaudited)		23.85		0.17	(f)		1.43		1.60		(0.16	)		(1.60	)		(1.76	)
Year Ended June 30, 2014		20.36		0.34	(f)		4.81		5.15		(0.31	)		(1.35	)		(1.66	)
Year Ended June 30, 2013		17.48		0.32	(f)		3.55		3.87		(0.31	)		(0.68	)		(0.99	)
Year Ended June 30, 2012		16.83		0.29	(f)		0.63		0.92		(0.27	)		—			(0.27	)
Year Ended June 30, 2011		13.08		0.25	(f)		3.73		3.98		(0.23	)		—			(0.23	)
Year Ended June 30, 2010		11.52		0.24	(f)		1.56		1.80		(0.24	)		—			(0.24	)
Institutional Class
Six Months Ended December 31, 2014 (Unaudited)		23.85		0.16	(f)		1.42		1.58		(0.15	)		(1.60	)		(1.75	)
Year Ended June 30, 2014		20.36		0.32	(f)		4.81		5.13		(0.29	)		(1.35	)		(1.64	)
Year Ended June 30, 2013		17.48		0.30	(f)		3.55		3.85		(0.29	)		(0.68	)		(0.97	)
Year Ended June 30, 2012		16.83		0.27	(f)		0.63		0.90		(0.25	)		—			(0.25	)
Year Ended June 30, 2011		13.09		0.24	(f)		3.72		3.96		(0.22	)		—			(0.22	)
Year Ended June 30, 2010		11.52		0.23	(f)		1.57		1.80		(0.23	)		—			(0.23	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		23.88		0.14	(f)		1.42		1.56		(0.13	)		(1.60	)		(1.73	)
Year Ended June 30, 2014		20.39		0.28	(f)		4.82		5.10		(0.26	)		(1.35	)		(1.61	)
Year Ended June 30, 2013		17.51		0.27	(f)		3.56		3.83		(0.27	)		(0.68	)		(0.95	)
Year Ended June 30, 2012		16.86		0.25	(f)		0.63		0.88		(0.23	)		—			(0.23	)
Year Ended June 30, 2011		13.11		0.21	(f)		3.73		3.94		(0.19	)		—			(0.19	)
Year Ended June 30, 2010		11.54		0.21	(f)		1.56		1.77		(0.20	)		—			(0.20	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	23.53		6.59	%	$	321,069		0.85	%		0.90	%		0.90	%		71	%
	23.73		25.73			206,635		0.85			1.02			0.86			113
	20.27		22.33			103,755		0.85			1.04			0.87			178
	17.42		4.98			20,831		0.85			1.21			0.88			198
	16.80		29.86			3,399		0.85			1.07			0.89			169
	13.07		14.88			1,425		0.85			1.27			0.95			169
	23.69		6.93			4,322,692		0.35			1.39			0.35			71
	23.85		26.31			3,598,945		0.35			1.52			0.36			113
	20.36		22.90			1,460,937		0.35			1.67			0.37			178
	17.48		5.57			1,024,228		0.35			1.76			0.38			198
	16.83		30.55			577,140		0.35			1.49			0.38			169
	13.08		15.51			35,855		0.35			1.76			0.45			169
	23.68		6.85			553,151		0.45			1.27			0.47			71
	23.85		26.20			389,507		0.45			1.42			0.46			113
	20.36		22.79			221,638		0.45			1.57			0.47			178
	17.48		5.47			171,872		0.45			1.66			0.49			198
	16.83		30.33			119,152		0.44			1.59			0.50			169
	13.09		15.49			194,273		0.45			1.68			0.55			169
	23.71		6.77			254,821		0.60			1.13			0.62			71
	23.88		26.00			82,899		0.59			1.28			0.61			113
	20.39		22.61			40,522		0.60			1.40			0.62			178
	17.51		5.31			15,979		0.60			1.50			0.64			198
	16.86		30.17			12,490		0.60			1.33			0.64			169
	13.11		15.28			8,983		0.60			1.55			0.70			169

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 75

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 realized gain
Dynamic Growth Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	23.95	$	(0.08	)(f)(g)	$	0.58	$	0.50	$	(0.37	)
Year Ended June 30, 2014		18.94		(0.07	)(f)(h)		5.08		5.01		—
Year Ended June 30, 2013		15.89		(0.05	)(f)(i)		3.10		3.05		—
Year Ended June 30, 2012		15.47		(0.12	)		0.54		0.42		—
Year Ended June 30, 2011		11.44		(0.10	)(f)		4.13		4.03		—
Year Ended June 30, 2010		9.91		(0.07	)		1.60		1.53		—
Class C
Six Months Ended December 31, 2014 (Unaudited)		23.19		(0.14	)(f)(g)		0.56		0.42		(0.37	)
Year Ended June 30, 2014		18.43		(0.20	)(f)(h)		4.96		4.76		—
Year Ended June 30, 2013		15.54		(0.14	)(f)(i)		3.03		2.89		—
Year Ended June 30, 2012		15.21		(0.19	)		0.52		0.33		—
Year Ended June 30, 2011		11.29		(0.17	)(f)		4.09		3.92		—
Year Ended June 30, 2010		9.84		(0.13	)		1.58		1.45		—
Class R5
Six Months Ended December 31, 2014 (Unaudited)		24.65		(0.03	)(f)(g)		0.61		0.58		(0.37	)
Year Ended June 30, 2014		19.42		(0.04	)(f)(h)		5.27		5.23		—
Year Ended June 30, 2013		16.22		0.03	(f)(i)		3.17		3.20		—
Year Ended June 30, 2012		15.72		(0.06	)		0.56		0.50		—
Year Ended June 30, 2011		11.57		(0.04	)(f)		4.19		4.15		—
Year Ended June 30, 2010		9.98		(0.02	)		1.61		1.59		—
Select Class
Six Months Ended December 31, 2014 (Unaudited)		24.34		(0.05	)(f)(g)		0.59		0.54		(0.37	)
Year Ended June 30, 2014		19.20		(0.08	)(f)(h)		5.22		5.14		—
Year Ended June 30, 2013		16.07		(0.03	)(f)(i)		3.16		3.13		—
Year Ended June 30, 2012		15.61		(0.09	)		0.55		0.46		—
Year Ended June 30, 2011		11.51		(0.06	)(f)		4.16		4.10		—
Year Ended June 30, 2010		9.95		(0.04	)		1.60		1.56		—

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Net investment income (loss) may appear disproportionate among Classes due to the timing of recognition of income and changes in the relative size of the Classes.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.08), $(0.21), $(0.05) and $(0.09) for Class A, Class C, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.35)%, (0.92)%, (0.23)% and (0.40)% for Class A, Class C, Class R5 and Select Class Shares, respectively. These amounts have been revised to correct a calculation error in the previously issued June 30, 2014 financial highlights’ footnote disclosure. These revisions are not considered material to the previously issued financial statements.

(i) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.10), $(0.19), $(0.03) and $(0.08) for Class A, Class C, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.60)%, (1.10)%, (0.15)% and (0.45)% for Class A, Class C, Class R5 and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	24.08		2.12	%	$	27,593		1.23	%		(0.66	)%(g)		1.32	%		38	%
	23.95		26.45			16,996		1.24			(0.30	)(h)		1.25			55
	18.94		19.19			126		1.25			(0.30	)(i)		1.42			82
	15.89		2.71			106		1.24			(0.81	)		1.44			99
	15.47		35.23			103		1.23			(0.71	)		3.18			97
	11.44		15.44			76		1.25			(0.61	)		5.82			39
	23.24		1.84			7,465		1.73			(1.16	)(g)		1.80			38
	23.19		25.83			4,416		1.74			(0.86	)(h)		1.75			55
	18.43		18.60			123		1.74			(0.80	)(i)		1.92			82
	15.54		2.17			104		1.74			(1.31	)		1.94			99
	15.21		34.72			102		1.73			(1.21	)		3.68			97
	11.29		14.74			75		1.75			(1.11	)		6.32			39
	24.86		2.38			46		0.78			(0.22	)(g)		0.81			38
	24.65		26.93			45		0.80			(0.17	)(h)		0.84			55
	19.42		19.73			32		0.80			0.15	(i)		0.97			82
	16.22		3.18			27		0.79			(0.36	)		0.99			99
	15.72		35.87			26		0.78			(0.26	)		2.73			97
	11.57		15.93			19		0.80			(0.17	)		5.37			39
	24.51		2.25			293,352		0.98			(0.42	)(g)		1.01			38
	24.34		26.77			261,308		1.00			(0.35	)(h)		1.04			55
	19.20		19.48			101,999		1.00			(0.16	)(i)		1.14			82
	16.07		2.95			38,953		0.99			(0.56	)		1.19			99
	15.61		35.62			43,617		0.97			(0.41	)		1.59			97
	11.51		15.68			2,130		1.00			(0.36	)		5.57			39

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 77

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
Equity Focus Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	23.56	$	(0.03	)(g)	$	0.89	$	0.86	$	(0.02	)	$	(0.16	)	$	(0.18	)
Year Ended June 30, 2014		19.18		(0.02	)(g)		4.86		4.84		—			(0.46	)		(0.46	)
Year Ended June 30, 2013		15.79		(0.02	)		3.41		3.39		—			—			—
July 29, 2011(h) through June 30, 2012		15.00		0.01			0.79		0.80		(0.01	)		—			(0.01	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		23.24		(0.09	)(g)		0.88		0.79		—			(0.16	)		(0.16	)
Year Ended June 30, 2014		19.01		(0.15	)(g)		4.84		4.69		—			(0.46	)		(0.46	)
Year Ended June 30, 2013		15.73		(0.11	)		3.39		3.28		—			—			—
July 29, 2011(h) through June 30, 2012		15.00		(0.06	)		0.79		0.73		—	(i)		—			—
Select Class
Six Months Ended December 31, 2014 (Unaudited)		23.67		0.01	(g)		0.89		0.90		(0.04	)		(0.16	)		(0.20	)
Year Ended June 30, 2014		19.22		0.04	(g)		4.87		4.91		—	(i)		(0.46	)		(0.46	)
Year Ended June 30, 2013		15.81		0.02			3.42		3.44		(0.03	)		—			(0.03	)
July 29, 2011(h) through June 30, 2012		15.00		0.04			0.80		0.84		(0.03	)		—			(0.03	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2013 and for the period ended June 30, 2012.

(f) 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.

(g) Calculated based upon average shares outstanding.

(h) Commencement of operations.

(i) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

		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)(e)			Net investment income (loss) (e)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate (b)(f)
$	24.24		3.67	%	$	999		1.24	%		(0.21	)%		1.44	%		24	%
	23.56		25.43			423		1.24			(0.10	)		2.11			76
	19.18		21.47			64		1.25			(0.13	)		3.75			61
	15.79		5.37			53		1.25			0.04			5.09			71
	23.87		3.40			600		1.74			(0.72	)		1.91			24
	23.24		24.86			133		1.74			(0.67	)		2.82			76
	19.01		20.85			63		1.75			(0.63	)		4.25			61
	15.73		4.87			52		1.75			(0.46	)		5.58			71
	24.37		3.79			77,265		0.99			0.05			1.16			24
	23.67		25.75			72,064		0.99			0.19			1.51			76
	19.22		21.77			3,730		1.00			0.12			3.51			61
	15.81		5.61			3,063		1.00			0.29			4.84			71

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 79

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
Equity Income Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	13.66	$	0.15	(f)(g)	$	0.69	$	0.84	$	(0.15	)	$	(0.28	)	$	(0.43	)
Year Ended June 30, 2014		11.62		0.21	(f)		2.26		2.47		(0.21	)		(0.22	)		(0.43	)
Year Ended June 30, 2013		9.84		0.24	(f)(h)		1.84		2.08		(0.23	)		(0.07	)		(0.30	)
Year Ended June 30, 2012		9.38		0.21	(f)		0.46		0.67		(0.17	)		(0.04	)		(0.21	)
Year Ended June 30, 2011		7.26		0.19	(f)		2.12		2.31		(0.19	)		—			(0.19	)
Year Ended June 30, 2010		6.35		0.17	(f)		0.91		1.08		(0.17	)		—			(0.17	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		13.56		0.11	(f)(g)		0.68		0.79		(0.11	)		(0.28	)		(0.39	)
Year Ended June 30, 2014		11.54		0.15	(f)		2.24		2.39		(0.15	)		(0.22	)		(0.37	)
Year Ended June 30, 2013		9.78		0.18	(f)(h)		1.83		2.01		(0.18	)		(0.07	)		(0.25	)
Year Ended June 30, 2012		9.33		0.15	(f)		0.47		0.62		(0.13	)		(0.04	)		(0.17	)
Year Ended June 30, 2011		7.22		0.14	(f)		2.12		2.26		(0.15	)		—			(0.15	)
Year Ended June 30, 2010		6.30		0.13	(f)		0.92		1.05		(0.13	)		—			(0.13	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		13.49		0.11	(f)(g)		0.68		0.79		(0.12	)		(0.28	)		(0.40	)
Year Ended June 30, 2014		11.49		0.15	(f)		2.23		2.38		(0.16	)		(0.22	)		(0.38	)
Year Ended June 30, 2013		9.74		0.18	(f)(h)		1.83		2.01		(0.19	)		(0.07	)		(0.26	)
Year Ended June 30, 2012		9.30		0.16	(f)		0.45		0.61		(0.13	)		(0.04	)		(0.17	)
Year Ended June 30, 2011		7.20		0.15	(f)		2.11		2.26		(0.16	)		—			(0.16	)
Year Ended June 30, 2010		6.30		0.13	(f)		0.90		1.03		(0.13	)		—			(0.13	)
Class R2
Six Months Ended December 31, 2014 (Unaudited)		13.64		0.14	(f)(g)		0.67		0.81		(0.13	)		(0.28	)		(0.41	)
Year Ended June 30, 2014		11.61		0.18	(f)		2.25		2.43		(0.18	)		(0.22	)		(0.40	)
Year Ended June 30, 2013		9.84		0.21	(f)(h)		1.84		2.05		(0.21	)		(0.07	)		(0.28	)
Year Ended June 30, 2012		9.38		0.19	(f)		0.46		0.65		(0.15	)		(0.04	)		(0.19	)
February 28, 2011 (i) through June 30, 2011		9.20		0.06	(f)		0.17		0.23		(0.05	)		—			(0.05	)
Class R5
Six Months Ended December 31, 2014 (Unaudited)		13.85		0.19	(f)(g)		0.68		0.87		(0.17	)		(0.28	)		(0.45	)
Year Ended June 30, 2014		11.78		0.27	(f)		2.29		2.56		(0.27	)		(0.22	)		(0.49	)
Year Ended June 30, 2013		9.96		0.29	(f)(h)		1.87		2.16		(0.27	)		(0.07	)		(0.34	)
Year Ended June 30, 2012		9.49		0.26	(f)		0.46		0.72		(0.21	)		(0.04	)		(0.25	)
February 28, 2011 (i) through June 30, 2011		9.31		0.10	(f)		0.16		0.26		(0.08	)		—			(0.08	)
Class R6
Six Months Ended December 31, 2014 (Unaudited)		13.84		0.19	(f)(g)		0.69		0.88		(0.18	)		(0.28	)		(0.46	)
Year Ended June 30, 2014		11.77		0.28	(f)		2.28		2.56		(0.27	)		(0.22	)		(0.49	)
Year Ended June 30, 2013		9.96		0.29	(f)(h)		1.87		2.16		(0.28	)		(0.07	)		(0.35	)
January 31, 2012 (i) through June 30, 2012		9.64		0.13	(f)		0.30		0.43		(0.11	)		—			(0.11	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		13.85		0.17	(f)(g)		0.69		0.86		(0.16	)		(0.28	)		(0.44	)
Year Ended June 30, 2014		11.77		0.25	(f)		2.29		2.54		(0.24	)		(0.22	)		(0.46	)
Year Ended June 30, 2013		9.96		0.27	(f)(h)		1.86		2.13		(0.25	)		(0.07	)		(0.32	)
Year Ended June 30, 2012		9.50		0.24	(f)		0.45		0.69		(0.19	)		(0.04	)		(0.23	)
Year Ended June 30, 2011		7.35		0.22	(f)		2.14		2.36		(0.21	)		—			(0.21	)
Year Ended June 30, 2010		6.42		0.20	(f)		0.92		1.12		(0.19	)		—			(0.19	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	14.07		6.18	%	$	2,765,330		1.04	%		2.16	%(g)		1.07	%		10	%
	13.66		21.60			2,360,750		1.04			1.68			1.06			20
	11.62		21.53			1,285,400		1.03			2.22	(h)		1.08			34
	9.84		7.30			580,848		1.04			2.22			1.08			44
	9.38		32.06			217,462		1.05			2.16			1.14			37
	7.26		16.94			79,236		1.20			2.29			1.22			43
	13.96		5.90			3,390		1.54			1.57	(g)		1.57			10
	13.56		20.99			3,932		1.52			1.17			1.56			20
	11.54		20.90			4,062		1.52			1.75	(h)		1.58			34
	9.78		6.75			4,353		1.54			1.64			1.59			44
	9.33		31.44			5,962		1.56			1.66			1.65			37
	7.22		16.63			6,563		1.72			1.77			1.72			43
	13.88		5.88			985,499		1.54			1.66	(g)		1.55			10
	13.49		20.95			805,494		1.54			1.19			1.56			20
	11.49		20.94			407,911		1.53			1.71	(h)		1.58			34
	9.74		6.72			130,366		1.54			1.74			1.58			44
	9.30		31.52			28,947		1.55			1.69			1.63			37
	7.20		16.34			5,549		1.71			1.79			1.72			43
	14.04		6.01			42,349		1.29			1.97	(g)		1.34			10
	13.64		21.27			28,733		1.29			1.44			1.31			20
	11.61		21.21			13,347		1.28			1.92	(h)		1.34			34
	9.84		7.13			1,682		1.29			1.94			1.32			44
	9.38		2.54			51		1.28			1.80			1.36			37
	14.27		6.39			421,355		0.59			2.63	(g)		0.60			10
	13.85		22.06			307,700		0.59			2.11			0.61			20
	11.78		22.17			227,442		0.58			2.69	(h)		0.63			34
	9.96		7.78			111,647		0.58			2.77			0.63			44
	9.49		2.77			2,925		0.58			3.21			0.66			37
	14.26		6.42			719,104		0.52			2.68	(g)		0.53			10
	13.84		22.14			551,378		0.54			2.20			0.56			20
	11.77		22.12			233,034		0.53			2.63	(h)		0.59			34
	9.96		4.47			70,589		0.53			3.28			0.58			44
	14.27		6.29			4,127,088		0.79			2.40	(g)		0.79			10
	13.85		21.94			3,467,542		0.79			1.92			0.81			20
	11.77		21.84			2,337,565		0.78			2.48	(h)		0.83			34
	9.96		7.48			1,313,214		0.78			2.48			0.83			44
	9.50		32.42			204,331		0.80			2.45			0.89			37
	7.35		17.45			89,156		0.86			2.64			0.97			43

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.11, $0.07, $0.07, $0.09, $0.14, $0.15 and $0.13 for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 1.55%, 0.96%, 1.05%, 1.36%, 2.02%, 2.07% and 1.79% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.21, $0.16, $0.16, $0.18, $0.27, $0.26 and $0.24 for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 1.97%, 1.49%, 1.46%, 1.67%, 2.44%, 2.38% and 2.23% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 81

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
Growth and Income Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	44.70	$	0.33	(f)(g)	$	2.38	$	2.71	$	(0.31	)	$	(0.99	)	$	(1.30	)
Year Ended June 30, 2014		36.53		0.47	(f)		8.17		8.64		(0.47	)		—			(0.47	)
Year Ended June 30, 2013		29.43		0.40	(f)		7.11		7.51		(0.41	)		—			(0.41	)
Year Ended June 30, 2012		28.26		0.35	(f)		1.16		1.51		(0.34	)		—			(0.34	)
Year Ended June 30, 2011		22.30		0.28	(f)		5.96		6.24		(0.28	)		—			(0.28	)
Year Ended June 30, 2010		19.46		0.35	(f)		2.83		3.18		(0.34	)		—			(0.34	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		43.65		0.20	(f)(g)		2.33		2.53		(0.21	)		(0.99	)		(1.20	)
Year Ended June 30, 2014		35.68		0.25	(f)		7.99		8.24		(0.27	)		—			(0.27	)
Year Ended June 30, 2013		28.76		0.23	(f)		6.94		7.17		(0.25	)		—			(0.25	)
Year Ended June 30, 2012		27.62		0.21	(f)		1.14		1.35		(0.21	)		—			(0.21	)
Year Ended June 30, 2011		21.80		0.15	(f)		5.82		5.97		(0.15	)		—			(0.15	)
Year Ended June 30, 2010		19.03		0.23	(f)		2.76		2.99		(0.22	)		—			(0.22	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		41.31		0.20	(f)(g)		2.19		2.39		(0.23	)		(0.99	)		(1.22	)
Year Ended June 30, 2014		33.83		0.25	(f)		7.55		7.80		(0.32	)		—			(0.32	)
Year Ended June 30, 2013		27.32		0.22	(f)		6.59		6.81		(0.30	)		—			(0.30	)
Year Ended June 30, 2012		26.27		0.20	(f)		1.08		1.28		(0.23	)		—			(0.23	)
Year Ended June 30, 2011		20.77		0.14	(f)		5.53		5.67		(0.17	)		—			(0.17	)
Year Ended June 30, 2010		18.15		0.21	(f)		2.66		2.87		(0.25	)		—			(0.25	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		46.58		0.41	(f)(g)		2.47		2.88		(0.35	)		(0.99	)		(1.34	)
Year Ended June 30, 2014		38.03		0.58	(f)		8.52		9.10		(0.55	)		—			(0.55	)
Year Ended June 30, 2013		30.63		0.51	(f)		7.40		7.91		(0.51	)		—			(0.51	)
Year Ended June 30, 2012		29.39		0.45	(f)		1.21		1.66		(0.42	)		—			(0.42	)
Year Ended June 30, 2011		23.18		0.37	(f)		6.20		6.57		(0.36	)		—			(0.36	)
Year Ended June 30, 2010		20.21		0.43	(f)		2.95		3.38		(0.41	)		—			(0.41	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.24, $0.12, $0.13 and $0.32 for Class A, Class B, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 1.08%, 0.55%, 0.60% and 1.34% for Class A, Class B, Class C and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	46.11		6.15	%	$	436,305		1.13	%		1.44	%(g)		1.13	%		21	%
	44.70		23.74			419,465		1.13			1.16			1.15			42
	36.53		25.65			356,127		1.15			1.23			1.16			35
	29.43		5.45			293,520		1.19			1.28			1.19			28
	28.26		28.03			306,850		1.19			1.07			1.19			23
	22.30		16.25			266,587		1.21			1.49			1.21			41
	44.98		5.88			2,435		1.64			0.91	(g)		1.64			21
	43.65		23.14			2,660		1.63			0.64			1.65			42
	35.68		25.01			2,981		1.66			0.73			1.66			35
	28.76		4.93			3,286		1.69			0.77			1.70			28
	27.62		27.40			4,439		1.69			0.57			1.69			23
	21.80		15.66			4,959		1.71			1.01			1.72			41
	42.48		5.90			19,435		1.64			0.96	(g)		1.64			21
	41.31		23.12			14,619		1.64			0.66			1.65			42
	33.83		25.02			7,769		1.65			0.72			1.65			35
	27.32		4.94			4,137		1.69			0.79			1.69			28
	26.27		27.35			3,837		1.69			0.56			1.69			23
	20.77		15.72			2,797		1.70			0.97			1.71			41
	48.12		6.29			33,070		0.89			1.70	(g)		0.89			21
	46.58		24.05			27,124		0.89			1.39			0.90			42
	38.03		25.97			28,339		0.88			1.45			0.90			35
	30.63		5.78			7,474		0.89			1.58			0.94			28
	29.39		28.41			5,733		0.90			1.32			0.95			23
	23.18		16.63			1,646		0.89			1.80			0.97			41

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 83

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			Return of capital			Total distributions
Hedged Equity Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	15.74	$	0.12	(g)(h)	$	0.64	$	0.76	$	(0.06	)	$	—		$	(0.06	)
December 13, 2013(i) through June 30, 2014		15.00		0.07			0.84		0.91		(0.07	)		(0.10	)		(0.17	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		15.76		0.07	(g)(h)		0.65		0.72		(0.05	)		—			(0.05	)
December 13, 2013(i) through June 30, 2014		15.00		0.05			0.83		0.88		(0.02	)		(0.10	)		(0.12	)
Class R5
Six Months Ended December 31, 2014 (Unaudited)		15.76		0.14	(g)(h)		0.65		0.79		(0.07	)		—			(0.07	)
December 13, 2013(i) through June 30, 2014		15.00		0.13			0.82		0.95		(0.09	)		(0.10	)		(0.19	)
Class R6
Six Months Ended December 31, 2014 (Unaudited)		15.76		0.15	(g)(h)		0.64		0.79		(0.07	)		—			(0.07	)
December 13, 2013(i) through June 30, 2014		15.00		0.13			0.83		0.96		(0.10	)		(0.10	)		(0.20	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		15.76		0.13	(g)(h)		0.65		0.78		(0.07	)		—			(0.07	)
December 13, 2013(i) through June 30, 2014		15.00		0.10			0.84		0.94		(0.08	)		(0.10	)		(0.18	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Certain non-recurring expenses incurred by the Fund were not annualized for the six months ended December 31, 2014 and the period ended June 30, 2014.

(f) 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.

(g) Calculated based upon average shares outstanding.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.08, $0.03, $0.11, $0.11 and $0.10 for Class A, Class C, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 1.04%, 0.43%, 1.35%, 1.40% and 1.24% for Class A, Class C, Class R5, Class R6 and Select Class Shares, respectively.

(i) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

		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)(e)			Net investment income (loss) (e)			Expenses without waivers, reimbursements and earnings  credits (e)			Portfolio turnover rate (b)(f)
$	16.44		4.83	%	$	64,641		0.85	%		1.43	%(h)		1.18	%		13	%
	15.74		6.11			569		0.85			0.96			16.65			36
	16.43		4.54			838		1.35			0.82	(h)		1.98			13
	15.76		5.87			53		1.35			0.56			10.04			36
	16.48		5.03			439		0.40			1.74	(h)		1.21			13
	15.76		6.37			53		0.40			1.51			9.10			36
	16.48		5.04			439		0.35			1.79	(h)		1.16			13
	15.76		6.39			53		0.35			1.56			9.05			36
	16.47		4.93			71,430		0.60			1.63	(h)		1.19			13
	15.76		6.28			4,307		0.60			1.30			9.91			36

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 85

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
Large Cap Growth Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	32.49	$	(0.07	)(f)	$	2.73	$	2.66	$	—		$	(0.62	)	$	(0.62	)
Year Ended June 30, 2014		26.01		(0.10	)(f)		6.58		6.48		—			—			—
Year Ended June 30, 2013		23.64		0.08	(f)(g)		2.37		2.45		(0.08	)		—			(0.08	)
Year Ended June 30, 2012		22.38		(0.06	)(f)		1.32		1.26		—			—			—
Year Ended June 30, 2011		15.86		(0.04	)(f)		6.56		6.52		—			—			—
Year Ended June 30, 2010		13.38		(0.04	)(f)		2.52		2.48		—			—			—
Class B
Six Months Ended December 31, 2014 (Unaudited)		28.60		(0.14	)(f)		2.41		2.27		—			(0.62	)		(0.62	)
Year Ended June 30, 2014		23.01		(0.22	)(f)		5.81		5.59		—			—			—
Year Ended June 30, 2013		20.96		(0.04	)(f)(g)		2.10		2.06		(0.01	)		—			(0.01	)
Year Ended June 30, 2012		19.93		(0.15	)(f)		1.18		1.03		—			—			—
Year Ended June 30, 2011		14.20		(0.13	)(f)		5.86		5.73		—			—			—
Year Ended June 30, 2010		12.05		(0.12	)(f)		2.27		2.15		—			—			—
Class C
Six Months Ended December 31, 2014 (Unaudited)		28.33		(0.13	)(f)		2.37		2.24		—			(0.62	)		(0.62	)
Year Ended June 30, 2014		22.79		(0.22	)(f)		5.76		5.54		—			—			—
Year Ended June 30, 2013		20.79		(0.04	)(f)(g)		2.07		2.03		(0.03	)		—			(0.03	)
Year Ended June 30, 2012		19.77		(0.15	)(f)		1.17		1.02		—			—			—
Year Ended June 30, 2011		14.09		(0.13	)(f)		5.81		5.68		—			—			—
Year Ended June 30, 2010		11.95		(0.12	)(f)		2.26		2.14		—			—			—
Class R2
Six Months Ended December 31, 2014 (Unaudited)		32.07		(0.11	)(f)		2.70		2.59		—			(0.62	)		(0.62	)
Year Ended June 30, 2014		25.74		(0.18	)(f)		6.51		6.33		—			—			—
Year Ended June 30, 2013		23.44		0.01	(f)(g)		2.36		2.37		(0.07	)		—			(0.07	)
Year Ended June 30, 2012		22.24		(0.12	)(f)		1.32		1.20		—	(h)		—			—	(h)
Year Ended June 30, 2011		15.81		(0.11	)(f)		6.54		6.43		—			—			—
Year Ended June 30, 2010		13.37		(0.08	)(f)		2.52		2.44		—			—			—
Class R5
Six Months Ended December 31, 2014 (Unaudited)		32.75		(0.01	)(f)		2.76		2.75		—			(0.62	)		(0.62	)
Year Ended June 30, 2014		26.12		0.01	(f)		6.62		6.63		—			—			—
Year Ended June 30, 2013		23.74		0.17	(f)(g)		2.38		2.55		(0.17	)		—			(0.17	)
Year Ended June 30, 2012		22.39		0.04	(f)		1.32		1.36		(0.01	)		—			(0.01	)
Year Ended June 30, 2011		15.81		0.04	(f)		6.54		6.58		—			—			—
Year Ended June 30, 2010		13.28		0.03	(f)		2.50		2.53		—			—			—

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.02, $(0.09), $(0.09), $(0.04), $0.12, $0.13 and $0.07 for Class A, Clas B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.08%, (0.41)%, (0.42)%, (0.17)%, 0.47%, 0.50% and 0.28% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	34.53		8.22	%	$	4,856,933		1.08	%		(0.41	)%		1.20	%		9	%
	32.49		24.91			5,044,428		1.10			(0.34	)		1.19			39
	26.01		10.40			2,824,115		1.09			0.30	(g)		1.19			47
	23.64		5.63			1,660,335		1.09			(0.25	)		1.15			28
	22.38		41.11			328,012		1.11			(0.19	)		1.23			84
	15.86		18.54			174,585		1.24			(0.27	)		1.31			61
	30.25		7.98			6,583		1.58			(0.91	)		1.69			9
	28.60		24.29			7,472		1.58			(0.84	)		1.68			39
	23.01		9.81			9,278		1.59			(0.19	)(g)		1.68			47
	20.96		5.17			12,170		1.59			(0.75	)		1.65			28
	19.93		40.35			18,374		1.62			(0.70	)		1.74			84
	14.20		17.84			20,842		1.77			(0.80	)		1.82			61
	29.95		7.95			555,706		1.58			(0.91	)		1.68			9
	28.33		24.31			523,972		1.59			(0.85	)		1.69			39
	22.79		9.80			396,862		1.59			(0.20	)(g)		1.69			47
	20.79		5.16			205,723		1.59			(0.75	)		1.65			28
	19.77		40.31			31,181		1.60			(0.68	)		1.71			84
	14.09		17.91			6,588		1.77			(0.80	)		1.81			61
	34.04		8.11			238,983		1.33			(0.66	)		1.46			9
	32.07		24.59			222,421		1.35			(0.60	)		1.44			39
	25.74		10.12			191,876		1.34			0.05	(g)		1.45			47
	23.44		5.41			85,913		1.34			(0.50	)		1.39			28
	22.24		40.67			626		1.34			(0.50	)		1.42			84
	15.81		18.25			58		1.48			(0.52	)		1.56			61
	34.88		8.43			1,384,375		0.72			(0.04	)		0.73			9
	32.75		25.38			1,400,112		0.73			0.02			0.74			39
	26.12		10.78			1,158,856		0.71			0.69	(g)		0.75			47
	23.74		6.10			584,866		0.69			0.16			0.70			28
	22.39		41.62			53,668		0.71			0.22			0.76			84
	15.81		19.05			10,618		0.78			0.20			0.85			61

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 87

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
Large Cap Growth Fund (continued)
Class R6
Six Months Ended December 31, 2014 (Unaudited)	$	32.80	$	—	(f)(h)	$	2.76	$	2.76	$	—		$	(0.62	)	$	(0.62	)
Year Ended June 30, 2014		26.15		0.02	(f)		6.63		6.65		—			—			—
Year Ended June 30, 2013		23.76		0.18	(f)(g)		2.39		2.57		(0.18	)		—			(0.18	)
Year Ended June 30, 2012		22.40		0.05	(f)		1.33		1.38		(0.02	)		—			(0.02	)
November 30, 2010 (i) through June 30, 2011		19.94		0.03	(f)		2.43		2.46		—			—			—
Select Class
Six Months Ended December 31, 2014 (Unaudited)		32.52		(0.04	)(f)		2.74		2.70		—			(0.62	)		(0.62	)
Year Ended June 30, 2014		25.99		(0.05	)(f)		6.58		6.53		—			—			—
Year Ended June 30, 2013		23.61		0.12	(f)(g)		2.37		2.49		(0.11	)		—			(0.11	)
Year Ended June 30, 2012		22.31		(0.01	)(f)		1.31		1.30		—	(h)		—			—	(h)
Year Ended June 30, 2011		15.79		—	(f)(h)		6.52		6.52		—			—			—
Year Ended June 30, 2010		13.28		—	(f)(h)		2.51		2.51		—			—			—

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.02, $(0.09), $(0.09), $(0.04), $0.12, $0.13 and $0.07 for Class A, Clas B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.08%, (0.41)%, (0.42)%, (0.17)%, 0.47%, 0.50% and 0.28% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Amount rounds to less than $0.01.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	34.94		8.45	%	$	2,837,976		0.65	%		0.03	%		0.65	%		9	%
	32.80		25.43			2,709,590		0.68			0.07			0.69			39
	26.15		10.87			2,170,011		0.67			0.72	(g)		0.70			47
	23.76		6.15			1,047,184		0.63			0.20			0.64			28
	22.40		12.34			30,386		0.63			0.25			0.65			84
	34.60		8.34			5,459,723		0.92			(0.24	)		0.93			9
	32.52		25.13			5,037,737		0.93			(0.18	)		0.94			39
	25.99		10.58			4,811,907		0.91			0.50	(g)		0.94			47
	23.61		5.85			3,320,683		0.89			(0.04	)		0.90			28
	22.31		41.29			1,463,752		0.91			(0.01	)		0.95			84
	15.79		18.90			300,304		0.99			(0.02	)		1.07			61

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 89

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Large Cap Value Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	16.63	$	0.10	(f)	$	0.84		$	0.94		$	(0.09	)	$	(2.55	)	$	(2.64	)
Year Ended June 30, 2014		13.99		0.17	(f)		3.16			3.33			(0.18	)		(0.51	)		(0.69	)
Year Ended June 30, 2013		11.02		0.14	(f)		2.97			3.11			(0.14	)		—			(0.14	)
Year Ended June 30, 2012		11.45		0.11	(f)		(0.43	)		(0.32	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2011		9.15		0.12	(f)		2.29			2.41			(0.11	)		—			(0.11	)
Year Ended June 30, 2010		8.09		0.09	(f)		1.04			1.13			(0.07	)		—			(0.07	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		16.39		0.05	(f)		0.83			0.88			(0.05	)		(2.55	)		(2.60	)
Year Ended June 30, 2014		13.80		0.09	(f)		3.11			3.20			(0.10	)		(0.51	)		(0.61	)
Year Ended June 30, 2013		10.86		0.07	(f)		2.95			3.02			(0.08	)		—			(0.08	)
Year Ended June 30, 2012		11.28		0.05	(f)		(0.42	)		(0.37	)		(0.05	)		—			(0.05	)
Year Ended June 30, 2011		9.02		0.06	(f)		2.26			2.32			(0.06	)		—			(0.06	)
Year Ended June 30, 2010		7.99		0.04	(f)		1.02			1.06			(0.03	)		—			(0.03	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		16.25		0.06	(f)		0.82			0.88			(0.06	)		(2.55	)		(2.61	)
Year Ended June 30, 2014		13.70		0.09	(f)		3.08			3.17			(0.11	)		(0.51	)		(0.62	)
Year Ended June 30, 2013		10.80		0.08	(f)		2.91			2.99			(0.09	)		—			(0.09	)
Year Ended June 30, 2012		11.22		0.05	(f)		(0.41	)		(0.36	)		(0.06	)		—			(0.06	)
Year Ended June 30, 2011		8.97		0.06	(f)		2.25			2.31			(0.06	)		—			(0.06	)
Year Ended June 30, 2010		7.95		0.04	(f)		1.01			1.05			(0.03	)		—			(0.03	)
Class R2
Six Months Ended December 31, 2014 (Unaudited)		16.58		0.08	(f)		0.84			0.92			(0.07	)		(2.55	)		(2.62	)
Year Ended June 30, 2014		13.95		0.13	(f)		3.14			3.27			(0.13	)		(0.51	)		(0.64	)
Year Ended June 30, 2013		10.99		0.11	(f)		2.96			3.07			(0.11	)		—			(0.11	)
Year Ended June 30, 2012		11.42		0.08	(f)		(0.42	)		(0.34	)		(0.09	)		—			(0.09	)
Year Ended June 30, 2011		9.13		0.09	(f)		2.29			2.38			(0.09	)		—			(0.09	)
Year Ended June 30, 2010		8.08		0.07	(f)		1.03			1.10			(0.05	)		—			(0.05	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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 offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	14.93		6.24	%	$	93,921		0.93	%		1.21	%		1.04	%		72	%
	16.63		24.46			92,161		0.93			1.11			1.06			168
	13.99		28.38			35,030		0.94			1.11			1.04			119
	11.02		(2.75	)		25,789		0.95			1.00			1.06			144
	11.45		26.42			25,668		0.97			1.09			1.08			65
	9.15		13.86			22,273		1.10			0.95			1.10			86
	14.67		5.96			1,543		1.45			0.67			1.57			72
	16.39		23.81			1,893		1.44			0.60			1.55			168
	13.80		27.88			1,183		1.43			0.60			1.55			119
	10.86		(3.22	)		1,442		1.45			0.51			1.57			144
	11.28		25.71			2,336		1.47			0.58			1.58			65
	9.02		13.19			2,891		1.60			0.45			1.60			86
	14.52		6.00			13,384		1.45			0.71			1.55			72
	16.25		23.78			11,646		1.44			0.59			1.56			168
	13.70		27.77			4,890		1.44			0.62			1.54			119
	10.80		(3.17	)		3,215		1.45			0.50			1.56			144
	11.22		25.76			3,186		1.47			0.58			1.58			65
	8.97		13.22			3,473		1.59			0.45			1.60			86
	14.88		6.18			612		1.20			0.95			1.37			72
	16.58		24.07			455		1.20			0.83			1.30			168
	13.95		28.10			378		1.20			0.87			1.29			119
	10.99		(2.97	)		142		1.20			0.76			1.31			144
	11.42		26.15			123		1.21			0.84			1.32			65
	9.13		13.54			58		1.35			0.70			1.35			86

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 91

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Large Cap Value Fund (continued)
Class R5
Six Months Ended December 31, 2014 (Unaudited)	$	16.54	$	0.13	(f)	$	0.84		$	0.97		$	(0.11	)	$	(2.55	)	$	(2.66	)
Year Ended June 30, 2014		13.92		0.19	(f)		3.16			3.35			(0.22	)		(0.51	)		(0.73	)
Year Ended June 30, 2013		10.92		0.17	(f)		2.98			3.15			(0.15	)		—			(0.15	)
Year Ended June 30, 2012		11.34		0.14	(f)		(0.41	)		(0.27	)		(0.15	)		—			(0.15	)
Year Ended June 30, 2011		9.07		0.16	(f)		2.26			2.42			(0.15	)		—			(0.15	)
Year Ended June 30, 2010		8.01		0.14	(f)		1.02			1.16			(0.10	)		—			(0.10	)
Class R6
Six Months Ended December 31, 2014 (Unaudited)		16.48		0.13	(f)		0.84			0.97			(0.12	)		(2.55	)		(2.67	)
Year Ended June 30, 2014		13.87		0.22	(f)		3.13			3.35			(0.23	)		(0.51	)		(0.74	)
Year Ended June 30, 2013		10.92		0.20	(f)		2.94			3.14			(0.19	)		—			(0.19	)
Year Ended June 30, 2012		11.34		0.15	(f)		(0.42	)		(0.27	)		(0.15	)		—			(0.15	)
November 30, 2010 (g) through June 30, 2011		10.19		0.10	(f)		1.17			1.27			(0.12	)		—			(0.12	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		16.42		0.11	(f)		0.83			0.94			(0.10	)		(2.55	)		(2.65	)
Year Ended June 30, 2014		13.82		0.19	(f)		3.11			3.30			(0.19	)		(0.51	)		(0.70	)
Year Ended June 30, 2013		10.88		0.16	(f)		2.94			3.10			(0.16	)		—			(0.16	)
Year Ended June 30, 2012		11.30		0.12	(f)		(0.41	)		(0.29	)		(0.13	)		—			(0.13	)
Year Ended June 30, 2011		9.04		0.13	(f)		2.26			2.39			(0.13	)		—			(0.13	)
Year Ended June 30, 2010		7.99		0.12	(f)		1.01			1.13			(0.08	)		—			(0.08	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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 offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	14.85		6.50	%	$	4,426		0.59	%		1.57	%		0.59	%		72	%
	16.54		24.81			4,433		0.57			1.30			0.59			168
	13.92		28.96			19,410		0.59			1.48			0.60			119
	10.92		(2.34	)		25,965		0.59			1.36			0.61			144
	11.34		26.78			28,479		0.60			1.48			0.63			65
	9.07		14.39			9,930		0.64			1.43			0.64			86
	14.78		6.48			1,553		0.53			1.61			0.53			72
	16.48		24.89			50,923		0.54			1.48			0.55			168
	13.87		28.94			43,781		0.53			1.52			0.54			119
	10.92		(2.30	)		11,269		0.54			1.41			0.56			144
	11.34		12.50			11,006		0.54			1.48			0.55			65
	14.71		6.33			703,557		0.78			1.37			0.78			72
	16.42		24.62			662,936		0.79			1.24			0.80			168
	13.82		28.65			591,749		0.78			1.27			0.79			119
	10.88		(2.54	)		567,551		0.79			1.16			0.81			144
	11.30		26.52			597,026		0.80			1.26			0.83			65
	9.04		14.13			418,647		0.85			1.20			0.85			86

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 93

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
U.S. Equity Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	14.92	$	0.09	(f)(g)	$	0.86	$	0.95	$	(0.09	)	$	(1.27	)	$	(1.36	)
Year Ended June 30, 2014		12.80		0.11	(f)		3.09		3.20		(0.11	)		(0.97	)		(1.08	)
Year Ended June 30, 2013		10.73		0.13	(f)		2.31		2.44		(0.13	)		(0.24	)		(0.37	)
Year Ended June 30, 2012		10.65		0.10	(f)		0.13		0.23		(0.09	)		(0.06	)		(0.15	)
Year Ended June 30, 2011		8.30		0.08	(f)		2.35		2.43		(0.08	)		—			(0.08	)
Year Ended June 30, 2010		7.35		0.07	(f)		0.95		1.02		(0.07	)		—			(0.07	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		14.70		0.05	(f)(g)		0.84		0.89		(0.05	)		(1.27	)		(1.32	)
Year Ended June 30, 2014		12.62		0.04	(f)		3.05		3.09		(0.04	)		(0.97	)		(1.01	)
Year Ended June 30, 2013		10.59		0.07	(f)		2.27		2.34		(0.07	)		(0.24	)		(0.31	)
Year Ended June 30, 2012		10.51		0.04	(f)		0.14		0.18		(0.04	)		(0.06	)		(0.10	)
Year Ended June 30, 2011		8.20		0.03	(f)		2.32		2.35		(0.04	)		—			(0.04	)
Year Ended June 30, 2010		7.26		0.03	(f)		0.93		0.96		(0.02	)		—			(0.02	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		14.61		0.06	(f)(g)		0.83		0.89		(0.06	)		(1.27	)		(1.33	)
Year Ended June 30, 2014		12.56		0.04	(f)		3.03		3.07		(0.05	)		(0.97	)		(1.02	)
Year Ended June 30, 2013		10.55		0.06	(f)		2.26		2.32		(0.07	)		(0.24	)		(0.31	)
Year Ended June 30, 2012		10.47		0.04	(f)		0.15		0.19		(0.05	)		(0.06	)		(0.11	)
Year Ended June 30, 2011		8.18		0.03	(f)		2.31		2.34		(0.05	)		—			(0.05	)
Year Ended June 30, 2010		7.25		0.03	(f)		0.93		0.96		(0.03	)		—			(0.03	)
Class R2
Six Months Ended December 31, 2014 (Unaudited)		14.84		0.08	(f)(g)		0.84		0.92		(0.07	)		(1.27	)		(1.34	)
Year Ended June 30, 2014		12.74		0.07	(f)		3.08		3.15		(0.08	)		(0.97	)		(1.05	)
Year Ended June 30, 2013		10.69		0.10	(f)		2.29		2.39		(0.10	)		(0.24	)		(0.34	)
Year Ended June 30, 2012		10.62		0.07	(f)		0.13		0.20		(0.07	)		(0.06	)		(0.13	)
Year Ended June 30, 2011		8.29		0.05	(f)		2.35		2.40		(0.07	)		—			(0.07	)
Year Ended June 30, 2010		7.35		0.05	(f)		0.95		1.00		(0.06	)		—			(0.06	)
Class R5
Six Months Ended December 31, 2014 (Unaudited)		14.96		0.12	(f)(g)		0.86		0.98		(0.11	)		(1.27	)		(1.38	)
Year Ended June 30, 2014		12.82		0.16	(f)		3.11		3.27		(0.16	)		(0.97	)		(1.13	)
Year Ended June 30, 2013		10.75		0.17	(f)		2.31		2.48		(0.17	)		(0.24	)		(0.41	)
Year Ended June 30, 2012		10.66		0.14	(f)		0.14		0.28		(0.13	)		(0.06	)		(0.19	)
Year Ended June 30, 2011		8.31		0.12	(f)		2.34		2.46		(0.11	)		—			(0.11	)
Year Ended June 30, 2010		7.36		0.12	(f)		0.94		1.06		(0.11	)		—			(0.11	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.06, $0.02, $0.02, $0.04, $0.09, $0.09, $0.08 and $0.07 for Class A, Class B, Class C, Class R2, Class R5, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.77%, 0.24%, 0.29%, 0.54%, 1.16%, 1.20%, 1.10% and 0.92% for Class A, Class B, Class C, Class R2, Class R5, Class R6, Institutional Class and Select Class Shares, respectively.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	14.51		6.59	%	$	1,261,541		0.96	%		1.24	%(g)		1.08	%		42	%
	14.92		25.90			1,172,752		0.97			0.77			1.05			73
	12.80		23.14			874,571		0.97			1.06			1.06			88
	10.73		2.27			662,367		0.97			0.93			1.08			83
	10.65		29.29			426,536		0.97			0.81			1.07			69
	8.30		13.83			184,862		1.05			0.84			1.08			84
	14.27		6.32			4,096		1.46			0.71	(g)		1.57			42
	14.70		25.35			4,250		1.45			0.28			1.55			73
	12.62		22.45			4,466		1.46			0.57			1.56			88
	10.59		1.74			4,979		1.47			0.43			1.58			83
	10.51		28.66			7,113		1.48			0.31			1.56			69
	8.20		13.25			8,190		1.57			0.33			1.58			84
	14.17		6.32			208,067		1.46			0.76	(g)		1.56			42
	14.61		25.30			175,265		1.47			0.28			1.55			73
	12.56		22.43			110,837		1.46			0.56			1.56			88
	10.55		1.83			75,962		1.47			0.43			1.58			83
	10.47		28.56			57,089		1.48			0.30			1.57			69
	8.18		13.26			27,838		1.57			0.32			1.58			84
	14.42		6.46			152,134		1.21			1.01	(g)		1.36			42
	14.84		25.61			126,549		1.22			0.53			1.30			73
	12.74		22.81			72,664		1.22			0.81			1.31			88
	10.69		2.00			31,686		1.22			0.68			1.32			83
	10.62		28.96			8,533		1.22			0.51			1.32			69
	8.29		13.56			492		1.30			0.57			1.33			84
	14.56		6.81			489,662		0.58			1.63	(g)		0.61			42
	14.96		26.45			441,628		0.59			1.16			0.60			73
	12.82		23.52			455,939		0.59			1.45			0.61			88
	10.75		2.72			335,220		0.59			1.32			0.63			83
	10.66		29.66			153,501		0.59			1.27			0.61			69
	8.31		14.30			209,619		0.59			1.39			0.63			84

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 95

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
U.S. Equity Fund (continued)
Class R6
Six Months Ended December 31, 2014 (Unaudited)	$	14.98	$	0.13	(f)(g)	$	0.84	$	0.97	$	(0.11	)	$	(1.27	)	$	(1.38	)
Year Ended June 30, 2014		12.83		0.17	(f)		3.11		3.28		(0.16	)		(0.97	)		(1.13	)
Year Ended June 30, 2013		10.76		0.17	(f)		2.31		2.48		(0.17	)		(0.24	)		(0.41	)
Year Ended June 30, 2012		10.67		0.14	(f)		0.14		0.28		(0.13	)		(0.06	)		(0.19	)
November 30, 2010 (h) through June 30, 2011		9.59		0.07	(f)		1.10		1.17		(0.09	)		—			(0.09	)
Institutional Class
Six Months Ended December 31, 2014 (Unaudited)		14.96		0.12	(f)(g)		0.85		0.97		(0.11	)		(1.27	)		(1.38	)
Year Ended June 30, 2014		12.82		0.16	(f)		3.10		3.26		(0.15	)		(0.97	)		(1.12	)
Year Ended June 30, 2013		10.75		0.16	(f)		2.31		2.47		(0.16	)		(0.24	)		(0.40	)
Year Ended June 30, 2012		10.66		0.13	(f)		0.14		0.27		(0.12	)		(0.06	)		(0.18	)
Year Ended June 30, 2011		8.31		0.11	(f)		2.35		2.46		(0.11	)		—			(0.11	)
Year Ended June 30, 2010		7.35		0.11	(f)		0.95		1.06		(0.10	)		—			(0.10	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		14.94		0.11	(f)(g)		0.85		0.96		(0.10	)		(1.27	)		(1.37	)
Year Ended June 30, 2014		12.80		0.13	(f)		3.10		3.23		(0.12	)		(0.97	)		(1.09	)
Year Ended June 30, 2013		10.74		0.15	(f)		2.30		2.45		(0.15	)		(0.24	)		(0.39	)
Year Ended June 30, 2012		10.65		0.12	(f)		0.14		0.26		(0.11	)		(0.06	)		(0.17	)
Year Ended June 30, 2011		8.30		0.10	(f)		2.34		2.44		(0.09	)		—			(0.09	)
Year Ended June 30, 2010		7.35		0.10	(f)		0.94		1.04		(0.09	)		—			(0.09	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.06, $0.02, $0.02, $0.04, $0.09, $0.09, $0.08 and $0.07 for Class A, Class B, Class C, Class R2, Class R5, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.77%, 0.24%, 0.29%, 0.54%, 1.16%, 1.20%, 1.10% and 0.92% for Class A, Class B, Class C, Class R2, Class R5, Class R6, Institutional Class and Select Class Shares, respectively.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

			Ratios/Supplemental data
								Ratios to average net assets (a)
Net asset value, end of period			Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	14.57			6.75	%	$	2,663,467		0.52	%		1.67	(g)%		0.54	%		42	%
	14.98			26.57			2,392,416		0.54			1.21			0.55			73
	12.83			23.56			1,379,173		0.54			1.47			0.56			88
	10.76			2.76			1,114,492		0.54			1.38			0.57			83
	10.67			12.17			549,478		0.54			1.15			0.57			69
	14.55			6.72			4,590,886		0.63			1.57	(g)		0.65			42
	14.96			26.41			4,178,050		0.64			1.12			0.65			73
	12.82			23.48			1,214,707		0.64			1.36			0.67			88
	10.75			2.67			610,670		0.64			1.25			0.68			83
	10.66	��		29.60			500,991		0.64			1.16			0.66			69
	8.31			14.40			441,540		0.64			1.25			0.68			84
	14.53			6.67			3,152,844		0.78			1.39	(g)		0.80			42
	14.94			26.21			2,288,734		0.79			0.94			0.80			73
	12.80			23.22			3,874,926		0.79			1.24			0.81			88
	10.74			2.52			3,617,633		0.79			1.12			0.83			83
	10.65			29.47			3,129,167		0.79			1.00			0.82			69
	8.30			14.10			1,741,650		0.79			1.10			0.83			84

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

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 9 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
Disciplined Equity Fund	Class A, Class R6, Institutional Class and Select Class	JPM I	Diversified
Dynamic Growth Fund	Class A, Class C, Class R5 and Select Class	JPM I	Non-Diversified
Equity Focus Fund	Class A, Class C and Select Class	JPM I	Non-Diversified
Equity Income Fund	Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class	JPM II	Diversified
Growth and Income Fund	Class A, Class B, Class C and Select Class	JPM I	Diversified
Hedged Equity Fund	Class A, Class C, Class R5, Class R6 and Select Class	JPM I	Diversified
Large Cap Growth Fund	Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class	JPM II	Diversified
Large Cap Value Fund	Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class	JPM II	Diversified
U.S. Equity Fund	Class A, Class B, Class C, Class R2, Class R5, Class R6, Institutional Class and Select Class	JPM I	Diversified

Prior to July 17, 2013, Class A, Class C and Class R5 Shares and prior to August 6, 2010, Select Class Shares of the Dynamic Growth Fund were not publicly offered for investment.

Prior to July 31, 2013, the Equity Focus Fund was not publicly offered for investment.

Hedged Equity Fund commenced operations on December 13, 2013. Prior to May 30, 2014, the Fund was not publicly offered for investment.

The investment objective of the Disciplined Equity Fund is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index.

The investment objective of the Dynamic Growth Fund is to seek long-term capital growth.

The investment objective of the Equity Focus Fund is to seek long-term capital appreciation.

The investment objective of the Equity Income Fund is to seek capital appreciation and current income. Prior to July 23, 2014, the Fund’s investment objective was to seek current income through regular payment of dividends with the secondary goal of achieving capital appreciation by investing primarily in equity securities.

The investment objective of the Growth and Income Fund is to seek to provide capital growth over the long-term and to earn income from dividends.

The investment objective of the Hedged Equity Fund is to seek to provide capital appreciation.

The investment objective of the Large Cap Growth Fund is to seek long-term capital appreciation. Prior to July 23, 2014 the Fund’s investment objective was to seek long-term capital appreciation and growth of income by investing primarily in equity securities.

The investment objective of the Large Cap Value Fund is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of the U.S. Equity Fund is to seek to provide high total return from a portfolio of selected equity securities.

Effective November 1, 2009, Class B Shares of the Equity Income Fund, Growth and Income Fund, Large Cap Growth Fund, Large Cap Value Fund and U.S. Equity 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 automatically convert to Class A Shares.

Large Cap Value Fund acquired all of the assets and liabilities of the JPMorgan Value Opportunities Fund, Inc. in a reorganization on October 18, 2013. Please refer to footnote 8 discussing the merger.

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, Institutional Class and Select 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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards

98 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

Board Accounting Standards Codification Topic 946—Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each investment company’s NAV per share as of the report date.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

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

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

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

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

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

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

Disciplined Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,613,546	$	8,818	$	—	$	5,622,364
Appreciation in Other Financial Instruments
Futures Contracts	$	1,050	$	—	$	—	$	1,050

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

Dynamic Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	328,411		$	—	$	—	$	328,411
Equity Focus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	78,860		$	—	$	—	$	78,860
Equity Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	8,981,922		$	—	$	—	$	8,981,922
Growth and Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	492,999		$	—	$	—	$	492,999
Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	141,873		$	—	$	—	$	141,873
Liabilities
Options Written
Call Options Written	$	(2,037	)	$	—	$	—	$	(2,037	)
Put Options Written		(604	)		—		—		(604	)
Total Liabilities	$	(2641	)	$	—	$	—	$	(2,641	)
Appreciation in Other Financial Instruments
Futures Contracts	$	28		$	—	$	—	$	28
Large Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	15,415,862		$	—	$	—	$	15,415,862
Large Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	97,780		$	—	$	—	$	97,780
Consumer Staples		27,609			—		—		27,609
Energy		80,692			—		—		80,692
Financials		260,331			—		—		260,331
Health Care		113,348			—		—		113,348

100 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

Large Cap Value Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Industrials	$	104,515		$	—	$	—		$	104,515
Information Technology		58,025			—		—			58,025
Materials		27,727			—		—			27,727
Telecommunication Services		5,160			—		—			5,160
Utilities		33,313			—		—			33,313
Total Common Stocks		808,500			—		—			808,500
Warrant
Financials		—			—		—	(c)		—	(c)
Short-Term Investment
Investment Company		9,682			—		—			9,682
Total Investments in Securities	$	818,182		$	—	$	—	(c)	$	818,182
U.S. Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	1,882,370		$	—	$	—		$	1,882,370
Consumer Staples		809,882			—		—			809,882
Energy		953,626			—		—			953,626
Financials		1,992,180			—		—			1,992,180
Health Care		1,835,491			—		—			1,835,491
Industrials		1,371,644			—		—			1,371,644
Information Technology		2,635,518			—		—			2,635,518
Materials		442,946			—		—			442,946
Telecommunication Services		139,369			—		—			139,369
Utilities		305,169			—		—			305,169
Total Common Stocks		12,368,195			—		—			12,368,195
Warrant
Financials		—			—		—	(c)		—	(c)
Short-Term Investment
Investment Company		408,515			—		—			408,515
Total Investments in Securities	$	12,776,710		$	—	$	—	(c)	$	12,776,710
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,164	)	$	—	$	—		$	(1,164	)

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

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

(c) Value is zero.

There were no transfers among any levels during the six months ended December 31, 2014.

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 December 31, 2014, 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.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

The following are the values and percentages of net assets of illiquid securities as of December 31, 2014 (amounts in thousands):

	Value			Percentage
Large Cap Value Fund	$	—	(a)		—	%
U.S. Equity Fund		—	(a)		—

(a) Value is zero.

C. Futures Contracts — Disciplined Equity Fund, Hedged Equity Fund and U.S. Equity 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. The use of futures contracts exposes the Funds to equity price risk.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the 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; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2014 (amounts in thousands):

	Disciplined Equity Fund		Hedged Equity Fund		U.S. Equity Fund
Futures Contracts:
Average Notional Balance Long	$	64,900	$	1,754	$	76,653
Ending Notional Balance Long		50,181		1,745		104,057

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

D. Options — Hedged Equity Fund purchases and sells (“writes”) put and call options on indices and exchange-traded funds (ETFs) to manage and hedge equity risk within its portfolio. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

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

Options Written — Premiums received by the Fund for options written are included in the Statement of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as change in net unrealized appreciation/depreciation. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

102 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

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

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

Transactions in options written during the six months ended December 31, 2014 were as follows (amounts in thousands except for number of contracts):

	Options
	Number of Contracts			Premiums Received
Options outstanding at June 30, 2014		50		$	37
Options written		2,987			4,354
Options expired		—			—
Options closed		(1,657	)		(1,720	)
Options outstanding at December 31, 2014		1,380		$	2,671

The table below discloses the volume of the Fund’s options contracts activity during the six months ended December 31, 2014:

Exchange-Traded Options:
Average Number of Contracts Purchased	334
Average Number of Contracts Written	669
Ending Number of Contracts Purchased	690
Ending Number of Contracts Written	1,380

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

E. Offering and Organization Costs — Total offering costs of $105,370 incurred in connection with the offering of shares of Hedged Equity Fund are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time it commenced operations.

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

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

G. Allocation of Income and Expenses — Expenses directly attributable to the Fund are charged directly to the 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.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2014, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

G. 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.

H. Distributions to Shareholders — Distributions from net investment income are generally declared and paid quarterly, except for the Dynamic Growth Fund and Equity Focus Fund, for which distributions are generally declared and paid annually, and the Equity Income Fund, for which distributions are generally declared and paid monthly. Distributions are declared separately for each class. No class has preferential dividend rights;

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, J.P. Morgan Investment Management, Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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 average daily net assets. The annual rate for each Fund is as follows:

Disciplined Equity Fund	0.25	%
Dynamic Growth Fund	0.60
Equity Focus Fund	0.65
Equity Income Fund	0.40
Growth and Income Fund	0.40
Hedged Equity Fund	0.25
Large Cap Growth Fund	0.50
Large Cap Value Fund	0.40
U.S. Equity Fund	0.40

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

Administration Fee — Pursuant to an Administration Agreements, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, 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 Agreements (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2014, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (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 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
Disciplined Equity Fund		0.25	%		n/a			n/a			n/a
Dynamic Growth Fund		0.25			n/a			0.75	%		n/a
Equity Focus Fund		0.25			n/a			0.75			n/a
Equity Income Fund		0.25			0.75	%		0.75			0.50	%
Growth and Income Fund		0.25			0.75			0.75			n/a
Hedged Equity Fund		0.25			n/a			0.75			n/a
Large Cap Growth Fund		0.25			0.75			0.75			0.50
Large Cap Value Fund		0.25			0.75			0.75			0.50
U.S. Equity Fund		0.25			0.75			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 six months ended December 31, 2014, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge		CDSC
Disciplined Equity Fund	$	17	$	—	(a)
Dynamic Growth Fund		38		10
Equity Focus Fund		1		—
Equity Income Fund		513		3

104 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	Front-End Sales Charge		CDSC
Growth and Income Fund	$	26	$	—	(a)
Hedged Equity Fund		1		—
Large Cap Growth Fund		123		1
Large Cap Value Fund		6		—
U.S. Equity Fund		104		—	(a)

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

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements 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
Disciplined Equity Fund		0.25	%		n/a			n/a			n/a			n/a			0.10	%		0.25	%
Dynamic Growth Fund		0.25			n/a			0.25	%		n/a			0.05	%		n/a			0.25
Equity Focus Fund		0.25			n/a			0.25			n/a			n/a			n/a			0.25
Equity Income Fund		0.25			0.25	%		0.25			0.25	%		0.05			n/a			0.25
Growth and Income Fund		0.25			0.25			0.25			n/a			n/a			n/a			0.25
Hedged Equity Fund		0.25			n/a			0.25			n/a			0.05			n/a			0.25
Large Cap Growth Fund		0.25			0.25			0.25			0.25			0.05			n/a			0.25
Large Cap Value Fund		0.25			0.25			0.25			0.25			0.05			n/a			0.25
U.S. Equity Fund		0.25			0.25			0.25			0.25			0.05			0.10			0.25

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. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, 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’s 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
Disciplined Equity Fund		0.85	%		n/a			n/a			n/a			n/a			0.35	%		0.45	%		0.60	%
Dynamic Growth Fund		1.19	*		n/a			1.69	%*		n/a			0.74	%*		n/a			n/a			0.94	*
Equity Focus Fund		1.25			n/a			1.75			n/a			n/a			n/a			n/a			1.00
Equity Income Fund		1.04			1.54	%		1.54			1.29	%		0.59			0.54			n/a			0.79
Growth and Income Fund		1.30			1.80			1.80			n/a			n/a			n/a			n/a			0.90
Hedged Equity Fund		0.85			n/a			1.35			n/a			0.40			0.35			n/a			0.60
Large Cap Growth Fund		1.05	**		1.55	**		1.55	**		1.30	**		0.70	**		0.65	**		n/a			0.90	**
Large Cap Value Fund		0.93			1.45			1.45			1.20			0.60			0.55			n/a			0.80
U.S. Equity Fund		0.94	+		1.44	+		1.44	+		1.19	+		0.56	+		0.51	+		0.61	+		0.76	+

* Prior to October 31, 2014, the expense limitation for Dynamic Growth Fund Class A, Class C, Class R5 and Select Class Shares was 1.25%, 1.75%, 0.80% and 1.00%, respectively.

** Prior to October 31, 2014, the expense limitation for Large Cap Growth Fund Class A , Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares was 1.10%, 1.60%, 1.60%, 1.35%, 0.75%, 0.70% and 0.95%, respectively.

+ Prior to October 31, 2014, the expense limitation for U.S. Equity Fund Class A, Class B, Class C, Class R2, Class R5, Class R6, Institutional Class and Select Class Shares was 0.97%, 1.47%, 1.47%, 1.22%, 0.59%, 0.54%, 0.64% and 0.79%, respectively.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2014. The contractual expense limitation percentages in the table above are in place until at least October 31, 2015. In addition, the Funds’ service providers have voluntarily waived fees during the six months ended October 31, 2014. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the six months ended December 31, 2014, 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 reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing			Total			Contractual Reimbursements
Disciplined Equity Fund	$	38	$	52	$	115		$	205		$	—
Dynamic Growth Fund		31		22		9			62			—
Equity Focus Fund		36		24		—	(a)		60			—
Equity Income Fund		109		59		329			497			8
Growth and Income Fund		—		—		—	(a)		—	(a)		—
Hedged Equity Fund		81		21		1			103			58
Large Cap Growth Fund		39		—		3,546			3,585			—
Large Cap Value Fund		2		—		60			62			—
U.S. Equity Fund		377		152		1,277			1,806			—

(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 waivers resulting from investments in these money market funds for the six months ended December 31, 2014 were as follows (amounts in thousands):

Disciplined Equity Fund	$	83
Equity Focus		3
Equity Income Fund		145
Growth and Income Fund		6
Large Cap Growth Fund		169
Large Cap Value Fund		11
U.S. Equity Fund		150

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 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 six months ended December 31, 2014, 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 six months ended December 31, 2014, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

106 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

4. Investment Transactions

During the six months ended December 31, 2014, 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)
Disciplined Equity Fund	$	4,259,032	$	3,394,179
Dynamic Growth Fund		150,213		112,371
Equity Focus Fund		18,290		17,945
Equity Income Fund		1,838,652		779,966
Growth and Income Fund		99,019		104,541
Hedged Equity Fund		131,571		8,385
Large Cap Growth Fund		1,322,796		2,415,617
Large Cap Value Fund		594,443		651,732
U.S. Equity Fund		5,795,668		4,741,691

During the six months ended December 31, 2014, 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 December 31, 2014 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Disciplined Equity Fund	$	4,963,033	$	759,773	$	100,442	$	659,331
Dynamic Growth Fund		272,067		60,357		4,013		56,344
Equity Focus Fund		71,098		9,195		1,433		7,762
Equity Income Fund		7,025,677		1,964,381		8,136		1,956,245
Growth and Income Fund		321,630		172,580		1,211		171,369
Hedged Equity Fund		134,126		9,720		1,973		7,747
Large Cap Growth Fund		10,349,097		5,214,011		147,246		5,066,765
Large Cap Value Fund		670,059		156,223		8,100		148,123
U.S. Equity Fund		9,331,534		3,499,083		53,907		3,445,176

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after June 30, 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 June 30, 2014, the Funds had pre-enactment net capital loss carryforwards of (amounts in thousands):

	2017		2018		Total
Growth and Income Fund	$	—	$	1,897	$	1,897
Large Cap Value Fund		4,912		—		4,912	*

* This amount does not include $1,637 of capital loss carryforwards not available due to Internal Revenue Code merger limitations.

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

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 9, 2015.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2014.

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 Funds’ assets for each of the Equity Focus Fund, Equity Income Fund, Growth and Income Fund and U.S. Equity Fund.

In addition, as of December 31, 2014 the J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, own in the aggregate, more than 10% of the net assets of certain Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Disciplined Equity Fund		n/a			69.3	%
Dynamic Growth Fund		68.9	%		n/a
Large Cap Value Fund		83.9			n/a

Additionally, Dynamic Growth Fund, Large Cap Growth Fund and U.S. Equity Fund have a shareholder, which is an account maintained by a financial intermediary on behalf of its clients, that owns a significant portion of each Fund’s outstanding shares.

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

8. Business Combinations

In March 2013, the Board of Directors of JPMorgan Value Opportunities Fund, Inc. and the Board of JPM II approved management’s proposal to merge JPMorgan Value Opportunities Fund, Inc. (the “Target Fund”) into JPMorgan Large Cap Value Fund (the “Acquiring Fund”). The Agreement and Plan of Reorganization with respect to the Target Fund was approved by the Target Fund’s shareholders at a special meeting of shareholders held on October 10, 2013. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on October 18, 2013. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, Class A, Class B and Class C shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, and Institutional Class shareholders of the Target Fund received shares of Class R5 in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $48,185,000 and identified cost of approximately $43,339,000 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of October 18th, 2013 the Target Fund had pre-enactment net capital loss carryforwards of approximately $7,694,000.

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization (amounts in thousands, except per share amounts):

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Target Fund
Value Opportunities Fund							$	4,846
Class A		2,219	$	42,595	$	19.19
Class B		57		1,079		19.02
Class C		168		3,188		18.99
Institutional Class		114		2,180		19.16

108 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Acquiring Fund
Large Cap Value Fund							$	149,358
Class A		2,698	$	39,656	$	14.70
Class B		85		1,229		14.48
Class C		405		5,821		14.37
Class R2		29		430		14.65
Class R5		1,440		21,053		14.62
Class R6		3,305		48,139		14.57
Select Class		42,660		619,072		14.51
Post Reorganization
Large Cap Value Fund								154,204
Class A		5,596		82,251		14.70
Class B		159		2,308		14.48
Class C		627		9,009		14.37
Class R2		29		430		14.65
Class R5		1,589		23,233		14.62
Class R6		3,305		48,139		14.57
Select Class		42,660		619,072		14.51

Expenses related to reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Acquiring Fund in an amount sufficient to offset costs incurred by the Acquiring Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Target Fund assets associated with the reorganization.

Assuming the reorganization had been completed on July 1, 2013, the beginning of the annual reporting period, the pro forma results of operations for the year ended June 30, 2014, are as follows (amounts in thousands):

Net investment income (loss)	$	9,707
Net realized/unrealized gains (losses)		164,493
Change in net assets resulting from operations	$	174,200

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Statements of Operations since October 18, 2013.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 109

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, July 1, 2014 and continued to hold your shares at the end of the reporting period, December 31, 2014.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Disciplined Equity Fund
Class A
Actual	$	1,000.00	$	1,066.40	$	4.43		0.85	%
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class R6
Actual		1,000.00		1,069.30		1.83		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
Institutional Class
Actual		1,000.00		1,068.90		2.35		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Select Class
Actual		1,000.00		1,067.70		3.13		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Dynamic Growth Fund
Class A
Actual		1,000.00		1,021.20		6.27		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,018.90		8.80		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class R5
Actual		1,000.00		1,023.80		3.98		0.78
Hypothetical		1,000.00		1,021.27		3.97		0.78
Select Class
Actual		1,000.00		1,022.50		5.00		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98

110 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Equity Focus Fund
Class A
Actual	$	1,000.00	$	1,036.70	$	6.37		1.24	%
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		1,033.60		8.92		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Select Class
Actual		1,000.00		1,037.90		5.09		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Equity Income Fund
Class A
Actual		1,000.00		1,061.10		5.40		1.04
Hypothetical		1,000.00		1,019.96		5.30		1.04
Class B
Actual		1,000.00		1,059.00		7.99		1.54
Hypothetical		1,000.00		1,017.44		7.83		1.54
Class C
Actual		1,000.00		1,058.80		7.99		1.54
Hypothetical		1,000.00		1,017.44		7.83		1.54
Class R2
Actual		1,000.00		1,060.10		6.70		1.29
Hypothetical		1,000.00		1,018.70		6.56		1.29
Class R5
Actual		1,000.00		1,063.90		3.07		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Class R6
Actual		1,000.00		1,064.20		2.71		0.52
Hypothetical		1,000.00		1,022.58		2.65		0.52
Select Class
Actual		1,000.00		1,062.90		4.11		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Growth and Income Fund
Class A
Actual		1,000.00		1,061.50		5.87		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class B
Actual		1,000.00		1,058.80		8.51		1.64
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class C
Actual		1,000.00		1,058.70		8.51		1.64
Hypothetical		1,000.00		1,016.94		8.34		1.64
Select Class
Actual		1,000.00		1,062.90		4.63		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 111

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Hedged Equity Fund
Class A
Actual	$	1,000.00	$	1,047.70	$	4.39		0.85	%
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class C
Actual		1,000.00		1,045.40		6.96		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Class R5
Actual		1,000.00		1,050.30		2.07		0.40
Hypothetical		1,000.00		1,023.19		2.04		0.40
Class R6
Actual		1,000.00		1,050.40		1.81		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
Select Class
Actual		1,000.00		1,049.30		3.10		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Large Cap Growth Fund
Class A
Actual		1,000.00		1,082.20		5.67		1.08
Hypothetical		1,000.00		1,019.76		5.50		1.08
Class B
Actual		1,000.00		1,079.80		8.28		1.58
Hypothetical		1,000.00		1,017.24		8.03		1.58
Class C
Actual		1,000.00		1,079.50		8.28		1.58
Hypothetical		1,000.00		1,017.24		8.03		1.58
Class R2
Actual		1,000.00		1,081.10		6.98		1.33
Hypothetical		1,000.00		1,018.50		6.77		1.33
Class R5
Actual		1,000.00		1,084.30		3.78		0.72
Hypothetical		1,000.00		1,021.58		3.67		0.72
Class R6
Actual		1,000.00		1,084.50		3.42		0.65
Hypothetical		1,000.00		1,021.93		3.31		0.65
Select Class
Actual		1,000.00		1,083.40		4.83		0.92
Hypothetical		1,000.00		1,020.57		4.69		0.92
Large Cap Value Fund
Class A
Actual		1,000.00		1,062.40		4.83		0.93
Hypothetical		1,000.00		1,020.52		4.74		0.93
Class B
Actual		1,000.00		1,059.60		7.53		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45
Class C
Actual		1,000.00		1,060.00		7.53		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45
Class R2
Actual		1,000.00		1,061.80		6.24		1.20
Hypothetical		1,000.00		1,019.16		6.11		1.20
Class R5
Actual		1,000.00		1,065.00		3.07		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59

112 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Large Cap Value Fund (continued)
Class R6
Actual	$	1,000.00	$	1,064.80	$	2.76		0.53	%
Hypothetical		1,000.00		1,022.53		2.70		0.53
Select Class
Actual		1,000.00		1,063.30		4.06		0.78
Hypothetical		1,000.00		1,021.27		3.97		0.78
U.S. Equity Fund
Class A
Actual		1,000.00		1,065.90		5.00		0.96
Hypothetical		1,000.00		1,020.37		4.89		0.96
Class B
Actual		1,000.00		1,063.20		7.59		1.46
Hypothetical		1,000.00		1,017.85		7.43		1.46
Class C
Actual		1,000.00		1,063.20		7.59		1.46
Hypothetical		1,000.00		1,017.85		7.43		1.46
Class R2
Actual		1,000.00		1,064.60		6.30		1.21
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class R5
Actual		1,000.00		1,068.10		3.02		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
Class R6
Actual		1,000.00		1,067.50		2.71		0.52
Hypothetical		1,000.00		1,022.58		2.65		0.52
Institutional Class
Actual		1,000.00		1,067.20		3.28		0.63
Hypothetical		1,000.00		1,022.03		3.21		0.63
Select Class
Actual		1,000.00		1,066.70		4.06		0.78
Hypothetical		1,000.00		1,021.27		3.97		0.78

* 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).

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 113

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPM Trust I

JPM I held a special meeting of shareholders on June 10, 2014, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of the JPM I, including Disciplined Equity Fund, Dynamic Growth Fund, Equity Focus Fund, Growth and Income Fund, Hedged Equity Fund and U.S. Equity Fund. The results of the voting were as follows:

��

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		172,130,223
Withheld		1,157,495
Dr. Matthew Goldstein
In Favor		172,109,164
Withheld		1,178,553
Robert J. Higgins
In Favor		158,338,954
Withheld		14,948,763
Frankie D. Hughes
In Favor		172,148,985
Withheld		1,138,733
Peter C. Marshall
In Favor		172,124,473
Withheld		1,163,244
Mary E. Martinez
In Favor		172,132,763
Withheld		1,154,954
Marilyn McCoy
In Favor		172,123,615
Withheld		1,164,102
Mitchell M. Merin
In Favor		172,132,812
Withheld		1,154,905
William G. Morton, Jr.
In Favor		172,111,749
Withheld		1,175,968
Robert A. Oden, Jr.
In Favor		172,098,600
Withheld		1,189,117
Marian U. Pardo
In Favor		172,162,159
Withheld		1,125,559
Frederick W. Ruebeck
In Favor		172,051,301
Withheld		1,236,416
James J. Schonbachler
In Favor		172,078,691
Withheld		1,209,026

JPM Trust II

JPM II held a special meeting of shareholders on June 10, 2014, for the purpose of considering and voting upon the following proposals:

Proposal 1: Election of Trustees

Trustees were elected by the shareholders of all of the series of the JPM II, including Equity Income Fund, Large Cap Growth Fund and Large Cap Value Fund. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		132,674,822
Withheld		508,692
Dr. Matthew Goldstein
In Favor		132,670,672
Withheld		512,842
Robert J. Higgins
In Favor		124,038,998
Withheld		9,144,516
Frankie D. Hughes
In Favor		132,681,734
Withheld		501,780
Peter C. Marshall
In Favor		132,663,579
Withheld		519,935
Mary E. Martinez
In Favor		132,682,318
Withheld		501,196
Marilyn McCoy
In Favor		132,681,993
Withheld		501,520
Mitchell M. Merin
In Favor		132,664,715
Withheld		518,799
William G. Morton, Jr.
In Favor		132,650,698
Withheld		532,816
Robert A. Oden, Jr.
In Favor		132,664,727
Withheld		518,788
Marian U. Pardo
In Favor		132,690,792
Withheld		492,722
Frederick W. Ruebeck
In Favor		132,644,244
Withheld		539,269
James J. Schonbachler
In Favor		132,671,281
Withheld		512,233

114 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

Proposal 2: To approve the replacement of the fundamental investment objective for the Large Cap Growth Fund with a new fundamental investment objective. The special meeting was adjourned because the proposal did not receive enough shareholder votes to pass.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
For		125,187
Against		1,481
Abstain		939
Broker Non Votes		144,718

The new fundamental investment objective was approved by shareholders of the Fund when the special meeting reconvened on July 23, 2014.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
For		183,396
Against		3,938
Abstain		2,575
Broker Non Votes		71,772

Proposal 3: To approve the replacement of the fundamental investment objective for the Equity Income Fund with a new fundamental investment objective. The special meeting was adjourned because the proposal did not receive enough shareholder votes to pass.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
For		146,241
Against		2,050
Abstain		1,740
Broker Non Votes		184,249

The new fundamental investment objective was approved by shareholders of the Fund when the special meeting reconvened on July 23, 2014.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
For		201,763
Against		4,939
Abstain		4,099
Broker Non Votes		75,735

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 115

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2014, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose semi-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, 2014.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Funds with greater than two years of performance history in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed

the proposed Advisory Agreements in executive session with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

116 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

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

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

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

Fall-Out Benefits

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

The Trustees also considered that 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.

Economies of Scale

The Trustees considered the extent to which the Funds benefit from economies of scale. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not

contain breakpoints, but 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 also noted that the Adviser and its affiliates have implemented fee waivers and expense limitations. 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 and its affiliates have in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that shareholders of the Funds effectively participated in the economies of scale through these fee waivers and expense limitations and administrative service fee breakpoints.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Equity Income Fund, Large Cap Growth Fund, Large Cap Value Fund and U.S. Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Disciplined Equity Fund, Dynamic Growth Fund, Equity Focus Fund, and Growth and Income 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 the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 117

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

universe made up of funds with the same Lipper investment classification and objective (the “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 Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ 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 Disciplined Equity Fund’s performance was in the second, second and first quintiles for Class A shares and in the second, first and first quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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 Dynamic Growth 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, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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 Equity Focus Fund’s performance was in the first quintile for both Class A and Select Class shares for the one-year period ended December 31, 2013, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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 Equity Income 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, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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 Growth and Income Fund’s performance was in the second, first and second quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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 Large Cap Growth Fund’s performance was in the fourth, third and second quintiles for Class A shares and in the fourth, third, and first quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s 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 they were satisfied with the Adviser’s analysis of the Fund’s performance. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Equity Committee at each of their regular meetings over the course of next year.

The Trustees noted that the Large Cap Value Fund’s performance was in the first, third and second quintiles for Class A shares and in the first, third and first quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s 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 that the U.S. Equity Fund’s performance was in the first, second and first quintiles for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s 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.

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

118 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2014

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’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Disciplined Equity Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintile of the 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 Dynamic Growth 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 third and fourth quintiles, respectively, of the 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 Equity Focus 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 the 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 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 Class A and Select Class shares were in the first and second quintiles, respectively, of the 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 Growth and Income 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 both Class A and Select shares were in the second and third quintiles, respectively, of the 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 Large Cap Growth Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, respectively, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the 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 Large Cap Value Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, respectively, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, respectively, of the 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 U.S. Equity Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, respectively, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

DECEMBER 31, 2014 J.P. MORGAN LARGE CAP FUNDS 119

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., 2015. All rights reserved. December 2014. SAN-LCE-1214

Semi-Annual Report

J.P. Morgan Equity Funds

December 31, 2014 (Unaudited)

JPMorgan Equity Index Fund

JPMorgan Market Expansion Enhanced Index Fund

CONTENTS

CEO’s Letter	1
Fund Commentaries:
JPMorgan Equity Index Fund	3
JPMorgan Market Expansion Enhanced Index Fund	5
Schedules of Portfolio Investments	8
Financial Statements	26
Financial Highlights	32
Notes to Financial Statements	36
Schedule of Shareholder Expenses	43
Board Approval of Investment Advisory Agreement	44

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

January 11, 2015 (Unaudited)

Dear Shareholder,

A growing divergence in the economic trajectories of U.S. and other developed markets and plummeting global energy prices provided a mixed backdrop for the latter half of 2014. The U.S. economy accelerated at a steady pace amid continued strength in corporate earnings, gains in employment and consumer spending and falling oil prices for the six months ended December 31, 2014. Gross domestic product (GDP) in the U.S. climbed by 5.0% in the third quarter of 2014 and unemployment dropped to 5.6% in December, a level not seen since June 2008.

  “Amid uncertainty about the global economy recovery, equity markets in the U.S., China and Japan provided investors with solid returns and served to emphasize the prudence of holding a broadly diversified portfolio and a long-term outlook.”

In response to the continued improvement in the domestic economy, the U.S. Federal Reserve Bank proceeded to taper down its monthly purchases of bonds under its quantitative easing program and finally closed the program in October.

In stark contrast, the European Central Bank (ECB) took unprecedented steps to counter the threat of price deflation in the euro zone and the Bank of Japan stunned markets with a massive stimulus program as Japan’s economy slid into recession.

Another key development in the latter half of 2014 was a precipitous drop in global petroleum prices. A supply glut driven by new production in the U.S. and increased output from other nations, along with decreasing demand from China, Europe and Japan led to a 50% drop in the price of crude oil between July and December.

Amid this backdrop, U.S. equity markets outperformed most other assets classes over the six month period, with large cap stocks providing better returns than small caps and defensive sectors overtaking cyclical sectors. Notably, U.S. equities fell to six-month lows in mid October only to rebound 8.4%, driving the Standard & Poor’s 500 Index (“S&P 500”) to a new closing high of 2,018.05 points on October 31, 2014. In December, the Dow Jones Industrial Average closed above 18,000 points for the first time following the news that third quarter GDP showed the fastest growth in 11 years. The S&P 500 closed at a new high of 2,090.57 points on December 29, 2014, and returned 6.1% for the six months ended December 31, 2014.

Prices for U.S. Treasury securities with longer maturities rose during the six month period as investors sought safe havens amid deteriorating energy prices and geopolitical concerns. While declining oil prices helped bolster consumer spending in developed nations, energy related sectors came under pressure and yield spreads on high-yield debt – also known as junk bonds – widened. Nations dependent on oil exports experienced volatility in bond yield spreads and currency valuations.

Meanwhile, weak growth in the euro zone raised concerns about the potential for a destructive deflationary spiral. Even after the ECB had cut its deposit rate to negative 0.1% to encourage banks to extend lending by effectively charging them for parking excess cash with the central bank, growth remained tepid and inflation was well below the ECB’s target of just below 2%. The inflation rate averaged 0.4% from July to October and then fell 0.3% in November and was estimated at -0.2% for December. Unemployment across the euro zone remained stubbornly high at 11.5%.

Japan’s economy retreated into recession during the six month period following two quarters of economic contraction, partly attributed to an increase in the national consumption tax earlier in the year. Responding to the crisis, the Bank of Japan surprised global markets on October 31 by unveiling plans to buy 8 trillion to 12 trillion yen ($71 billion to $107 billion) of Japanese government bonds per month, while also tripling its purchases of exchange-traded funds. The announcement drove Tokyo stocks to seven-year highs. For the six months ended December 31, 2014, the MSCI Europe, Australasia and Far East Index returned -9.2%.

Elsewhere, China’s economy continued to grow but at a slower pace for the six month period. At 7.3%, China’s GDP showed the slowest growth in five years, though it was slightly better than economists had expected. The weaker GDP growth was partly attributed to a slowdown in the property sector. However, Chinese equity securities performed well over the six months ended December 31, 2014, amid expectations that policy makers may ease monetary policy to spur growth. Chinese equity markets received an additional boost when regulators increased access to Chinese financial markets by allowing foreign investors in Hong Kong to buy shares in Shanghai.

Russia’s economy, already straining under Western economic sanctions following its annexation of Crimea, began sliding toward recession as prices plummeted for oil and natural gas, its biggest exports. In response, the Russian Central Bank spent heavily from its reserves and raised its key interest rate sharply in a largely unsuccessful effort to halt the ruble’s slide. The MSCI Emerging Markets Index returned -7.7% for the six months ended December 31, 2014.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 1

CEO’S LETTER

January 11, 2015 (Unaudited) (continued)

During the six month period, financial market volatility returned after being largely absent in the first half of 2014. Meanwhile, economic growth outside the U.S. began to falter and the relative strength of the U.S. economy drove the dollar higher against other major currencies. Amid uncertainty about the global economy recovery, equity markets in the U.S., China and Japan provided investors with solid returns and served to emphasize the prudence of holding a broadly diversified portfolio and a long-term outlook.

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

2 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

JPMorgan Equity Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		6.01%
S&P 500 Index		6.12%
Net Assets as of 12/31/2014 (In Thousands)	$	1,966,078

INVESTMENT OBJECTIVE**

The JPMorgan Equity Index Fund (the “Fund”) seeks investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index)*** (the “Benchmark”).

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

The Fund (Select Class Shares) performed largely in line with the Benchmark for the six months ended December 31, 2014. This was consistent with its indexing strategy and investment objective, as the Fund looks to generate returns that are comparable to that of the Benchmark.

U.S equity markets performed strongly during the six month reporting period, amid accommodative central bank policies, falling energy prices and steady overall improvement in the U.S. economy. While the second half of 2014 was marked by the return of volatility in financial markets and a sharp sell-off in mid-October, key U.S. equity indexes rebounded to closing highs in the final months of 2014. The S&P 500 Index broke through the 2,000-point closing level for the first time on the final day of October and hit new closing highs in the final weeks of December.

Overall, U.S. large cap stocks outperformed small cap stocks and growth stocks outperformed value stocks during the reporting period. Seven out of 10 sectors within the Benchmark generated positive absolute returns during the reporting period. The information technology and health care sectors were the leading contributors to performance, while the energy sector and the materials sector were leading detractors from Fund performance.

HOW WAS THE FUND POSITIONED?

Regardless of the market outlook, the Fund was managed in strict conformity with a full index replication strategy and aimed to hold the same stocks in nearly the same proportions as those found in the Benchmark.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Apple, Inc.	3.5	%
	2.	Exxon Mobil Corp.	2.1
	3.	Microsoft Corp.	2.1
	4.	Johnson & Johnson	1.6
	5.	Berkshire Hathaway, Inc., Class B	1.5
	6.	Wells Fargo & Co.	1.4
	7.	General Electric Co.	1.4
	8.	Procter & Gamble Co. (The)	1.3
	9.	JPMorgan Chase & Co.	1.3
	10.	Chevron Corp.	1.2

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	19.5	%
Financials	16.6
Health Care	14.1
Consumer Discretionary	12.1
Industrials	10.4
Consumer Staples	9.7
Energy	8.4
Utilities	3.2
Materials	3.2
Telecommunication Services	2.3
Short-Term Investment	0.5

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

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

*** “S&P 500 Index” is a registered service mark of Standard & Poor’s Corporation, which does not sponsor and is in no way affiliated with the Fund.

**** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 3

JPMorgan Equity Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
Without Sales Charge			5.88	%		13.12	%		14.93	%		7.22	%
With Sales Charge**			0.33			7.18			13.70			6.64
CLASS B SHARES	January 14, 1994
Without CDSC			5.46			12.25			14.06			6.58
With CDSC***			0.46			7.25			13.83			6.58
CLASS C SHARES	November 4, 1997
Without CDSC			5.46			12.24			14.07			6.42
With CDSC****			4.46			11.24			14.07			6.42
SELECT CLASS SHARES	July 2, 1991		6.01			13.40			15.21			7.49

     * Not annualized.

    ** 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 (12/31/04 TO 12/31/14)

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Equity Index Fund, the S&P 500 Index and the Lipper S&P 500 Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper S&P 500 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market.

The Lipper S&P 500 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.

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.

4 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

Reporting Period Return:
Fund (Select Class Shares)*	2.70%
S&P 1000 Index	2.22%
Net Assets as of 12/31/2014 (In Thousands)	$1,445,240

INVESTMENT OBJECTIVE**

The JPMorgan Market Expansion Enhanced Index Fund (the “Fund”) seeks to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.

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

The Fund (Select Class Shares) outperformed the Standard & Poor’s 1000 Index*** (the “Benchmark”) for the six months ended December 31, 2014.

U.S equity markets performed strongly during the six month reporting period, amid accommodative central bank policies, falling energy prices and steady overall improvement in the U.S. economy. While the second half of 2014 was marked by the return of volatility in financial markets and a sharp sell-off in mid-October, key U.S. equity indexes rebounded to closing highs in the final months of 2014. Overall, U.S. large cap stocks outperformed both mid cap and small cap stocks and growth stocks outperformed value stocks during the reporting period. Seven out of 10 sectors within the Benchmark generated positive absolute returns during the reporting period and the Benchmark itself closed at a record high near the end of December.

The Fund’s security selection in the semiconductors and consumer cyclical sectors was the leading contributor to performance relative to the Benchmark, while security selection and an overweight position in the energy sector and security selection in the industrials cyclical sectors were leading detractors from relative performance.

Individual contributors to relative performance included the Fund’s overweight positions in Skyworks Solutions Inc., Avid Technology Inc. and its underweight position in GT Advanced

Technologies Inc. Shares of Skyworks, a producer of radio frequency semiconductors, rose on increased demand for its products from smartphone makers, particularly Apple Inc. Shares of Avid Technology, a provider of digital media software, strengthened on the company’s market share gains and its improved forecast of cash flow. Shares of GT Advanced, a diversified technology company not held by the Fund, declined after the company surprised investors by filing for bankruptcy in October.

Individual detractors from relative performance included the Fund’s underweight position in Dresser-Rand Group Inc. and its overweight positions in U.S. Steel Corp. and Salix Pharmaceuticals Ltd. Shares of Dresser-Rand, a provider of industrial equipment not held by the Fund, rose on expectations of a corporate takeover by Siemens Ltd. Shares of U.S. Steel, a maker of steel and related products, declined following a third-quarter loss and falling demand for pipeline amid plummeting global oil prices. Shares of Salix Pharmaceuticals, a drug maker focused on gastrointestinal disorders, weakened amid an inventory issue affecting three of its key drugs.

HOW WAS THE FUND POSITIONED?

The Fund seeks to closely track the sector and industry weights within the Benchmark. Because the Fund uses an enhanced index strategy, not all of the stocks in the Benchmark are held by the Fund, and the Fund’s position in an individual stock may be overweight or underweight as compared to the Benchmark. Looking at valuation and fundamentals, the Fund’s portfolio managers overweighted what they believed were attractively priced stocks with improving fundamentals and underweighted what they believed were expensive stocks with deteriorating fundamentals, based on their bottom-up approach to stock selection. In addition, the Fund may modestly overweight or underweight the sectors and industries within the Benchmark.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 5

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Skyworks Solutions, Inc.	1.0	%
	2.	Advance Auto Parts, Inc.	0.8
	3.	Hanesbrands, Inc.	0.8
	4.	Community Health Systems, Inc.	0.8
	5.	Salix Pharmaceuticals Ltd.	0.7
	6.	Huntington Ingalls Industries, Inc.	0.7
	7.	Equinix, Inc.	0.7
	8.	Jarden Corp.	0.7
	9.	Rock-Tenn Co., Class A	0.7
	10.	Endo International plc, (Ireland)	0.7

PORTFOLIO COMPOSITION BY SECTOR****
Financials	22.2	%
Information Technology	17.6
Industrials	15.6
Consumer Discretionary	13.0
Health Care	10.6
Materials	7.1
Utilities	4.7
Energy	3.7
Consumer Staples	3.2
Others (each less than 1.0%)	0.1
Short-Term Investment	2.2

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

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

*** “S&P 1000 Index” is registered service marks of Standard & Poor’s Corporation, which does not sponsor and is in no way affiliated with the Fund.

**** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

6 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 1998
Without Sales Charge			2.54	%		9.26	%		16.21	%		9.01	%
With Sales Charge**			(2.86	)		3.54			14.96			8.43
CLASS B SHARES	July 31, 1998
Without CDSC			2.18			8.52			15.41			8.39
With CDSC***			(2.82	)		3.52			15.19			8.39
CLASS C SHARES	March 22, 1999
Without CDSC			2.29			8.56			15.43			8.25
With CDSC****			1.29			7.56			15.43			8.25
CLASS R2 SHARES	November 3, 2008		2.46			9.02			15.86			8.65
SELECT CLASS SHARES	July 31, 1998		2.70			9.52			16.52			9.29

* Not annualized.

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

*** Assumes 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 (12/31/04 TO 12/31/14)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Market Expansion Enhanced Index Fund, the S&P 1000 Index, the Lipper Mid-Cap Core Funds Index and the Lipper Small-Cap Core Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 1000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Core Funds Index and the Lipper Mid-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 1000 Index is an unmanaged index

generally representative of the performance of the small and mid-size companies in the U.S. stock market. The Lipper Mid-Cap Core Funds Index and the Lipper Small-Cap Core Funds Index are indices based on total returns of certain mutual funds within the mid cap and small cap categories 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.

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.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 7

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 100.2%
			Consumer Discretionary — 12.2%
			Auto Components — 0.4%
	25		BorgWarner, Inc.		1,349
	32		Delphi Automotive plc, (United Kingdom)		2,325
	30		Goodyear Tire & Rubber Co. (The)		847
	72		Johnson Controls, Inc.		3,478
					7,999
			Automobiles — 0.7%
	416		Ford Motor Co.		6,442
	146		General Motors Co.		5,088
	23		Harley-Davidson, Inc.		1,525
					13,055
			Distributors — 0.1%
	17		Genuine Parts Co.		1,759
			Diversified Consumer Services — 0.0% (g)
	30		H&R Block, Inc.		1,001
			Hotels, Restaurants & Leisure — 1.6%
	49		Carnival Corp.		2,205
	3		Chipotle Mexican Grill, Inc. (a)		2,292
	14		Darden Restaurants, Inc.		840
	23		Marriott International, Inc., Class A		1,791
	105		McDonald’s Corp.		9,847
	18		Royal Caribbean Cruises Ltd.		1,487
	81		Starbucks Corp.		6,630
	19		Starwood Hotels & Resorts Worldwide, Inc.		1,563
	13		Wyndham Worldwide Corp.		1,142
	9		Wynn Resorts Ltd.		1,301
	47		Yum! Brands, Inc.		3,442
		��			32,540
			Household Durables — 0.4%
	36		D.R. Horton, Inc.		906
	13		Garmin Ltd., (Switzerland)		687
	7		Harman International Industries, Inc.		790
	15		Leggett & Platt, Inc.		633
	19		Lennar Corp., Class A		864
	7		Mohawk Industries, Inc. (a)		1,040
	29		Newell Rubbermaid, Inc.		1,115
	36		PulteGroup, Inc.		773
	8		Whirlpool Corp.		1,629
					8,437
			Internet & Catalog Retail — 1.2%
	41		Amazon.com, Inc. (a)		12,724
	11		Expedia, Inc.		910
	7		Netflix, Inc. (a)		2,222

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet & Catalog Retail — continued
	6	Priceline Group, Inc. (The) (a)		6,447
	12	TripAdvisor, Inc. (a)		899
				23,202
		Leisure Products — 0.1%
	12	Hasbro, Inc.		672
	37	Mattel, Inc.		1,132
				1,804
		Media — 3.6%
	24	Cablevision Systems Corp., Class A		488
	51	CBS Corp. (Non-Voting), Class B		2,850
	278	Comcast Corp., Class A		16,139
	54	DIRECTV (a)		4,702
	16	Discovery Communications, Inc., Class A (a)		552
	30	Discovery Communications, Inc., Class C (a)		995
	24	Gannett Co., Inc.		774
	45	Interpublic Group of Cos., Inc. (The)		938
	54	News Corp., Class A (a)		845
	27	Omnicom Group, Inc.		2,076
	11	Scripps Networks Interactive, Inc., Class A		825
	30	Time Warner Cable, Inc.		4,606
	91	Time Warner, Inc.		7,734
	200	Twenty-First Century Fox, Inc., Class A		7,690
	40	Viacom, Inc., Class B		3,002
	168	Walt Disney Co. (The)		15,868
				70,084
		Multiline Retail — 0.8%
	33	Dollar General Corp. (a)		2,316
	22	Dollar Tree, Inc. (a)		1,563
	10	Family Dollar Stores, Inc.		822
	22	Kohl’s Corp.		1,332
	37	Macy’s, Inc.		2,452
	15	Nordstrom, Inc.		1,207
	69	Target Corp.		5,221
				14,913
		Specialty Retail — 2.4%
	8	AutoNation, Inc. (a)		487
	3	AutoZone, Inc. (a)		2,142
	20	Bed Bath & Beyond, Inc. (a)		1,524
	31	Best Buy Co., Inc.		1,225
	23	CarMax, Inc. (a)		1,549
	12	GameStop Corp., Class A		396
	29	Gap, Inc. (The)		1,213
	142	Home Depot, Inc. (The)		14,938
	27	L Brands, Inc.		2,298

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Specialty Retail — continued
	105	Lowe’s Cos., Inc.		7,228
	11	O’Reilly Automotive, Inc. (a)		2,110
	11	PetSmart, Inc.		873
	23	Ross Stores, Inc.		2,136
	69	Staples, Inc.		1,252
	12	Tiffany & Co.		1,299
	74	TJX Cos., Inc. (The)		5,102
	15	Tractor Supply Co.		1,157
	11	Urban Outfitters, Inc. (a)		380
				47,309
		Textiles, Apparel & Luxury Goods — 0.9%
	30	Coach, Inc.		1,118
	5	Fossil Group, Inc. (a)		538
	22	Michael Kors Holdings Ltd., (Hong Kong) (a)		1,670
	75	NIKE, Inc., Class B		7,246
	9	PVH Corp.		1,140
	7	Ralph Lauren Corp.		1,210
	18	Under Armour, Inc., Class A (a)		1,222
	37	V.F. Corp.		2,794
				16,938
		Total Consumer Discretionary		239,041
		Consumer Staples — 9.8%
		Beverages — 2.1%
	17	Brown-Forman Corp., Class B		1,484
	426	Coca-Cola Co. (The)		17,973
	24	Coca-Cola Enterprises, Inc.		1,062
	18	Constellation Brands, Inc., Class A (a)		1,779
	21	Dr. Pepper Snapple Group, Inc.		1,505
	17	Molson Coors Brewing Co., Class B		1,282
	16	Monster Beverage Corp. (a)		1,687
	162	PepsiCo, Inc.		15,282
				42,054
		Food & Staples Retailing — 2.5%
	47	Costco Wholesale Corp.		6,701
	124	CVS Health Corp.		11,922
	53	Kroger Co. (The)		3,405
	25	Safeway, Inc.		874
	63	Sysco Corp.		2,520
	94	Walgreens Boots Alliance, Inc.		7,158
	171	Wal-Mart Stores, Inc.		14,647
	39	Whole Foods Market, Inc.		1,959
				49,186

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — 1.6%
	70	Archer-Daniels-Midland Co.		3,615
	19	Campbell Soup Co.		851
	46	ConAgra Foods, Inc.		1,665
	65	General Mills, Inc.		3,477
	16	Hershey Co. (The)		1,661
	15	Hormel Foods Corp.		756
	11	JM Smucker Co. (The)		1,110
	27	Kellogg Co.		1,781
	13	Keurig Green Mountain, Inc.		1,737
	64	Kraft Foods Group, Inc.		3,984
	14	McCormick & Co., Inc. (Non-Voting)		1,036
	22	Mead Johnson Nutrition Co.		2,194
	181	Mondelez International, Inc., Class A		6,590
	32	Tyson Foods, Inc., Class A		1,269
				31,726
		Household Products — 2.0%
	14	Clorox Co. (The)		1,456
	93	Colgate-Palmolive Co.		6,401
	40	Kimberly-Clark Corp.		4,647
	292	Procter & Gamble Co. (The)		26,580
				39,084
		Personal Products — 0.1%
	47	Avon Products, Inc.		441
	24	Estee Lauder Cos., Inc. (The), Class A		1,843
				2,284
		Tobacco — 1.5%
	213	Altria Group, Inc.		10,516
	39	Lorillard, Inc.		2,447
	168	Philip Morris International, Inc.		13,666
	33	Reynolds American, Inc.		2,138
				28,767
		Total Consumer Staples		193,101
		Energy — 8.5%
		Energy Equipment & Services — 1.4%
	47	Baker Hughes, Inc.		2,620
	21	Cameron International Corp. (a)		1,065
	7	Diamond Offshore Drilling, Inc.		266
	25	Ensco plc, (United Kingdom), Class A		758
	25	FMC Technologies, Inc. (a)		1,183
	92	Halliburton Co.		3,599
	12	Helmerich & Payne, Inc.		788
	31	Nabors Industries Ltd., (Bermuda)		406
	46	National Oilwell Varco, Inc.		3,047

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 9

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	27	Noble Corp. plc, (United Kingdom)		451
	139	Schlumberger Ltd.		11,868
	37	Transocean Ltd., (Switzerland)		674
				26,725
		Oil, Gas & Consumable Fuels — 7.1%
	55	Anadarko Petroleum Corp.		4,512
	41	Apache Corp.		2,548
	45	Cabot Oil & Gas Corp.		1,321
	56	Chesapeake Energy Corp.		1,096
	204	Chevron Corp.		22,901
	9	Cimarex Energy Co.		999
	133	ConocoPhillips		9,180
	25	CONSOL Energy, Inc.		840
	38	Denbury Resources, Inc.		309
	42	Devon Energy Corp.		2,542
	59	EOG Resources, Inc.		5,449
	16	EQT Corp.		1,238
	457	Exxon Mobil Corp.		42,275
	27	Hess Corp.		2,026
	183	Kinder Morgan, Inc.		7,763
	73	Marathon Oil Corp.		2,062
	30	Marathon Petroleum Corp.		2,731
	18	Murphy Oil Corp.		910
	15	Newfield Exploration Co. (a)		402
	39	Noble Energy, Inc.		1,846
	84	Occidental Petroleum Corp.		6,750
	22	ONEOK, Inc.		1,119
	60	Phillips 66		4,286
	16	Pioneer Natural Resources Co.		2,393
	18	QEP Resources, Inc.		362
	18	Range Resources Corp.		974
	38	Southwestern Energy Co. (a)		1,041
	72	Spectra Energy Corp.		2,630
	14	Tesoro Corp.		1,014
	56	Valero Energy Corp.		2,786
	73	Williams Cos., Inc. (The)		3,265
				139,570
		Total Energy		166,295
		Financials — 16.7%
		Banks — 6.1%
	1,136	Bank of America Corp.		20,317
	78	BB&T Corp.		3,025
	327	Citigroup, Inc.		17,702
	19	Comerica, Inc.		909

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	89	Fifth Third Bancorp		1,813
	88	Huntington Bancshares, Inc.		925
	404	JPMorgan Chase & Co. (q)		25,262
	94	KeyCorp		1,300
	14	M&T Bank Corp.		1,781
	57	PNC Financial Services Group, Inc. (The)		5,184
	149	Regions Financial Corp.		1,570
	56	SunTrust Banks, Inc.		2,360
	193	U.S. Bancorp		8,686
	510	Wells Fargo & Co.		27,946
	22	Zions Bancorporation		625
				119,405
		Capital Markets — 2.3%
	6	Affiliated Managers Group, Inc. (a)		1,274
	20	Ameriprise Financial, Inc.		2,635
	122	Bank of New York Mellon Corp. (The)		4,932
	14	BlackRock, Inc.		4,919
	124	Charles Schwab Corp. (The)		3,746
	31	E*TRADE Financial Corp. (a)		757
	42	Franklin Resources, Inc.		2,344
	44	Goldman Sachs Group, Inc. (The)		8,478
	47	Invesco Ltd.		1,839
	11	Legg Mason, Inc.		579
	165	Morgan Stanley		6,397
	24	Northern Trust Corp.		1,611
	45	State Street Corp.		3,539
	28	T. Rowe Price Group, Inc.		2,405
				45,455
		Consumer Finance — 0.9%
	96	American Express Co.		8,940
	60	Capital One Financial Corp.		4,956
	49	Discover Financial Services		3,207
	44	Navient Corp.		958
				18,061
		Diversified Financial Services — 2.1%
	197	Berkshire Hathaway, Inc., Class B (a)		29,568
	34	CME Group, Inc.		3,031
	12	Intercontinental Exchange, Inc.		2,669
	34	Leucadia National Corp.		767
	29	McGraw Hill Financial, Inc.		2,609
	20	Moody’s Corp.		1,899
	13	NASDAQ OMX Group, Inc. (The)		608
				41,151

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — 2.8%
	36	ACE Ltd., (Switzerland)		4,115
	49	Aflac, Inc.		2,972
	45	Allstate Corp. (The)		3,182
	151	American International Group, Inc.		8,467
	31	Aon plc, (United Kingdom)		2,920
	8	Assurant, Inc.		519
	25	Chubb Corp. (The)		2,635
	16	Cincinnati Financial Corp.		824
	54	Genworth Financial, Inc., Class A (a)		456
	47	Hartford Financial Services Group, Inc. (The)		1,943
	28	Lincoln National Corp.		1,618
	32	Loews Corp.		1,358
	58	Marsh & McLennan Cos., Inc.		3,343
	123	MetLife, Inc.		6,636
	29	Principal Financial Group, Inc.		1,532
	58	Progressive Corp. (The)		1,559
	49	Prudential Financial, Inc.		4,474
	14	Torchmark Corp.		752
	36	Travelers Cos., Inc. (The)		3,788
	27	Unum Group		949
	28	XL Group plc, (Ireland)		958
				55,000
		Real Estate Investment Trusts (REITs) — 2.4%
	43	American Tower Corp.		4,232
	16	Apartment Investment & Management Co., Class A		587
	14	AvalonBay Communities, Inc.		2,329
	17	Boston Properties, Inc.		2,128
	36	Crown Castle International Corp.		2,837
	39	Equity Residential		2,811
	7	Essex Property Trust, Inc.		1,427
	68	General Growth Properties, Inc.		1,906
	50	HCP, Inc.		2,184
	35	Health Care REIT, Inc.		2,678
	82	Host Hotels & Resorts, Inc.		1,944
	20	Iron Mountain, Inc.		778
	44	Kimco Realty Corp.		1,117
	15	Macerich Co. (The)		1,267
	19	Plum Creek Timber Co., Inc.		813
	54	Prologis, Inc.		2,323
	16	Public Storage		2,896
	34	Simon Property Group, Inc.		6,112
	32	Ventas, Inc.		2,279
	19	Vornado Realty Trust		2,219
	57	Weyerhaeuser Co.		2,032
				46,899

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Management & Development — 0.1%
	30	CBRE Group, Inc., Class A (a)		1,034
		Thrifts & Mortgage Finance — 0.0% (g)
	52	Hudson City Bancorp, Inc.		526
	33	People’s United Financial, Inc.		505
				1,031
		Total Financials		328,036
		Health Care — 14.2%
		Biotechnology — 2.9%
	21	Alexion Pharmaceuticals, Inc. (a)		3,962
	82	Amgen, Inc.		13,084
	26	Biogen Idec, Inc. (a)		8,657
	86	Celgene Corp. (a)		9,648
	163	Gilead Sciences, Inc. (a)		15,357
	8	Regeneron Pharmaceuticals, Inc. (a)		3,288
	26	Vertex Pharmaceuticals, Inc. (a)		3,085
				57,081
		Health Care Equipment & Supplies — 2.2%
	163	Abbott Laboratories		7,321
	59	Baxter International, Inc.		4,289
	21	Becton, Dickinson and Co.		2,885
	143	Boston Scientific Corp. (a)		1,898
	8	C.R. Bard, Inc.		1,348
	22	CareFusion Corp. (a)		1,307
	49	Covidien plc, (Ireland)		5,001
	15	DENTSPLY International, Inc.		814
	12	Edwards Lifesciences Corp. (a)		1,471
	4	Intuitive Surgical, Inc. (a)		2,071
	106	Medtronic, Inc.		7,674
	31	St. Jude Medical, Inc.		2,008
	32	Stryker Corp.		3,045
	11	Varian Medical Systems, Inc. (a)		934
	18	Zimmer Holdings, Inc.		2,074
				44,140
		Health Care Providers & Services — 2.3%
	38	Aetna, Inc.		3,374
	22	AmerisourceBergen Corp.		2,023
	29	Anthem, Inc.		3,663
	36	Cardinal Health, Inc.		2,885
	28	Cigna Corp.		2,907
	19	DaVita HealthCare Partners, Inc. (a)		1,406
	79	Express Scripts Holding Co. (a)		6,710
	17	Humana, Inc.		2,378
	9	Laboratory Corp. of America Holdings (a)		985

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 11

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	25	McKesson Corp.		5,198
	9	Patterson Cos., Inc.		444
	16	Quest Diagnostics, Inc.		1,047
	11	Tenet Healthcare Corp. (a)		538
	104	UnitedHealth Group, Inc.		10,478
	10	Universal Health Services, Inc., Class B		1,094
				45,130
		Health Care Technology — 0.1%
	33	Cerner Corp. (a)		2,122
		Life Sciences Tools & Services — 0.4%
	36	Agilent Technologies, Inc.		1,475
	12	PerkinElmer, Inc.		533
	43	Thermo Fisher Scientific, Inc.		5,412
	9	Waters Corp. (a)		1,014
				8,434
		Pharmaceuticals — 6.3%
	172	AbbVie, Inc.		11,259
	29	Actavis plc (a)		7,368
	32	Allergan, Inc.		6,839
	179	Bristol-Myers Squibb Co.		10,574
	106	Eli Lilly & Co.		7,300
	18	Hospira, Inc. (a)		1,119
	302	Johnson & Johnson		31,608
	13	Mallinckrodt plc (a)		1,244
	308	Merck & Co., Inc.		17,483
	40	Mylan, Inc. (a)		2,278
	15	Perrigo Co. plc, (Ireland)		2,541
	680	Pfizer, Inc.		21,194
	54	Zoetis, Inc.		2,330
				123,137
		Total Health Care		280,044
		Industrials — 10.4%
		Aerospace & Defense — 2.7%
	72	Boeing Co. (The)		9,306
	34	General Dynamics Corp.		4,679
	85	Honeywell International, Inc.		8,447
	9	L-3 Communications Holdings, Inc.		1,160
	29	Lockheed Martin Corp.		5,584
	22	Northrop Grumman Corp.		3,215
	15	Precision Castparts Corp.		3,708
	33	Raytheon Co.		3,602
	14	Rockwell Collins, Inc.		1,213
	30	Textron, Inc.		1,255
	92	United Technologies Corp.		10,529
				52,698

SHARES		SECURITY DESCRIPTION	VALUE($)
		Air Freight & Logistics — 0.8%
	16	C.H. Robinson Worldwide, Inc.		1,183
	21	Expeditors International of Washington, Inc.		930
	28	FedEx Corp.		4,940
	75	United Parcel Service, Inc., Class B		8,368
				15,421
		Airlines — 0.4%
	90	Delta Air Lines, Inc.		4,446
	73	Southwest Airlines Co.		3,102
				7,548
		Building Products — 0.1%
	10	Allegion plc, (Ireland)		573
	38	Masco Corp.		970
				1,543
		Commercial Services & Supplies — 0.4%
	19	ADT Corp. (The)		683
	10	Cintas Corp.		823
	22	Pitney Bowes, Inc.		529
	27	Republic Services, Inc.		1,097
	9	Stericycle, Inc. (a)		1,202
	45	Tyco International plc		1,982
	46	Waste Management, Inc.		2,360
				8,676
		Construction & Engineering — 0.1%
	17	Fluor Corp.		1,023
	14	Jacobs Engineering Group, Inc. (a)		630
	24	Quanta Services, Inc. (a)		667
				2,320
		Electrical Equipment — 0.6%
	27	AMETEK, Inc.		1,398
	51	Eaton Corp. plc		3,483
	75	Emerson Electric Co.		4,624
	15	Rockwell Automation, Inc.		1,630
				11,135
		Industrial Conglomerates — 2.3%
	69	3M Co.		11,371
	66	Danaher Corp.		5,658
	1,084	General Electric Co. (k)		27,404
	11	Roper Industries, Inc.		1,691
				46,124
		Machinery — 1.5%
	65	Caterpillar, Inc.		5,984
	18	Cummins, Inc.		2,645

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Machinery — continued
	39	Deere & Co.		3,424
	18	Dover Corp.		1,281
	15	Flowserve Corp.		881
	39	Illinois Tool Works, Inc.		3,678
	29	Ingersoll-Rand plc		1,817
	11	Joy Global, Inc.		493
	38	PACCAR, Inc.		2,601
	12	Pall Corp.		1,164
	16	Parker-Hannifin Corp.		2,070
	20	Pentair plc, (United Kingdom)		1,340
	6	Snap-on, Inc.		858
	17	Stanley Black & Decker, Inc.		1,625
	20	Xylem, Inc.		748
				30,609
		Professional Services — 0.2%
	4	Dun & Bradstreet Corp. (The)		469
	13	Equifax, Inc.		1,053
	35	Nielsen N.V.		1,565
	15	Robert Half International, Inc.		857
				3,944
		Road & Rail — 1.1%
	107	CSX Corp.		3,894
	12	Kansas City Southern		1,454
	33	Norfolk Southern Corp.		3,663
	6	Ryder System, Inc.		532
	96	Union Pacific Corp.		11,438
				20,981
		Trading Companies & Distributors — 0.2%
	29	Fastenal Co.		1,401
	11	United Rentals, Inc. (a)		1,099
	7	W.W. Grainger, Inc.		1,670
				4,170
		Total Industrials		205,169
		Information Technology — 19.7%
		Communications Equipment — 1.7%
	552	Cisco Systems, Inc.		15,360
	8	F5 Networks, Inc. (a)		1,040
	11	Harris Corp.		811
	42	Juniper Networks, Inc.		928
	23	Motorola Solutions, Inc.		1,534
	180	QUALCOMM, Inc.		13,345
				33,018

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — 0.4%
	33	Amphenol Corp., Class A		1,798
	138	Corning, Inc.		3,174
	15	FLIR Systems, Inc.		492
	44	TE Connectivity Ltd., (Switzerland)		2,778
				8,242
		Internet Software & Services — 3.2%
	19	Akamai Technologies, Inc. (a)		1,210
	122	eBay, Inc. (a)		6,851
	226	Facebook, Inc., Class A (a)		17,616
	31	Google, Inc., Class A (a)		16,335
	31	Google, Inc., Class C (a)		16,188
	12	VeriSign, Inc. (a)		671
	95	Yahoo!, Inc. (a)		4,806
				63,677
		IT Services — 3.3%
	68	Accenture plc, (Ireland), Class A		6,052
	7	Alliance Data Systems Corp. (a)		1,975
	52	Automatic Data Processing, Inc.		4,340
	66	Cognizant Technology Solutions Corp., Class A (a)		3,463
	15	Computer Sciences Corp.		956
	31	Fidelity National Information Services, Inc.		1,906
	26	Fiserv, Inc. (a)		1,870
	99	International Business Machines Corp.		15,946
	106	MasterCard, Inc., Class A		9,117
	35	Paychex, Inc.		1,628
	17	Teradata Corp. (a)		722
	18	Total System Services, Inc.		607
	53	Visa, Inc., Class A		13,829
	56	Western Union Co. (The)		1,011
	116	Xerox Corp.		1,606
				65,028
		Semiconductors & Semiconductor Equipment — 2.5%
	33	Altera Corp.		1,216
	34	Analog Devices, Inc.		1,866
	132	Applied Materials, Inc.		3,279
	27	Avago Technologies Ltd., (Singapore)		2,747
	58	Broadcom Corp., Class A		2,521
	8	First Solar, Inc. (a)		362
	522	Intel Corp.		18,948
	18	KLA-Tencor Corp.		1,249
	17	Lam Research Corp.		1,362
	26	Linear Technology Corp.		1,174
	22	Microchip Technology, Inc.		979

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 13

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	116	Micron Technology, Inc. (a)		4,058
	56	NVIDIA Corp.		1,118
	114	Texas Instruments, Inc.		6,099
	29	Xilinx, Inc.		1,236
				48,214
		Software — 3.9%
	51	Adobe Systems, Inc. (a)		3,720
	25	Autodesk, Inc. (a)		1,476
	35	CA, Inc.		1,053
	17	Citrix Systems, Inc. (a)		1,109
	34	Electronic Arts, Inc. (a)		1,579
	31	Intuit, Inc.		2,842
	890	Microsoft Corp.		41,347
	349	Oracle Corp.		15,709
	20	Red Hat, Inc. (a)		1,402
	63	salesforce.com, Inc. (a)		3,759
	75	Symantec Corp.		1,912
				75,908
		Technology Hardware, Storage & Peripherals — 4.7%
	633	Apple, Inc.		69,907
	220	EMC Corp.		6,535
	202	Hewlett-Packard Co.		8,088
	34	NetApp, Inc.		1,395
	24	SanDisk Corp.		2,335
	35	Seagate Technology plc		2,350
	24	Western Digital Corp.		2,609
				93,219
		Total Information Technology		387,306
		Materials — 3.2%
		Chemicals — 2.4%
	21	Air Products & Chemicals, Inc.		2,996
	7	Airgas, Inc.		836
	5	CF Industries Holdings, Inc.		1,464
	120	Dow Chemical Co. (The)		5,456
	98	E.I. du Pont de Nemours & Co.		7,234
	16	Eastman Chemical Co.		1,217
	29	Ecolab, Inc.		3,049
	14	FMC Corp.		821
	9	International Flavors & Fragrances, Inc.		886
	45	LyondellBasell Industries N.V., Class A		3,563
	52	Monsanto Co.		6,245
	34	Mosaic Co. (The)		1,556
	15	PPG Industries, Inc.		3,426
	31	Praxair, Inc.		4,076

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
	9	Sherwin-Williams Co. (The)		2,318
	13	Sigma-Aldrich Corp.		1,765
				46,908
		Construction Materials — 0.1%
	7	Martin Marietta Materials, Inc.		737
	14	Vulcan Materials Co.		935
				1,672
		Containers & Packaging — 0.2%
	10	Avery Dennison Corp.		510
	15	Ball Corp.		1,008
	18	MeadWestvaco Corp.		799
	18	Owens-Illinois, Inc. (a)		481
	23	Sealed Air Corp.		968
				3,766
		Metals & Mining — 0.4%
	127	Alcoa, Inc.		2,010
	12	Allegheny Technologies, Inc.		408
	112	Freeport-McMoRan, Inc.		2,621
	54	Newmont Mining Corp.		1,018
	34	Nucor Corp.		1,690
				7,747
		Paper & Forest Products — 0.1%
	46	International Paper Co.		2,451
		Total Materials		62,544
		Telecommunication Services — 2.3%
		Diversified Telecommunication Services — 2.3%
	560	AT&T, Inc.		18,815
	62	CenturyLink, Inc.		2,439
	108	Frontier Communications Corp.		722
	30	Level 3 Communications, Inc. (a)		1,487
	448	Verizon Communications, Inc.		20,963
	65	Windstream Holdings, Inc.		536
		Total Telecommunication Services		44,962
		Utilities — 3.2%
		Electric Utilities — 1.9%
	53	American Electric Power Co., Inc.		3,208
	76	Duke Energy Corp.		6,381
	35	Edison International		2,304
	19	Entergy Corp.		1,705
	93	Exelon Corp.		3,441
	45	FirstEnergy Corp.		1,772
	47	NextEra Energy, Inc.		5,010

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electric Utilities — continued
	34	Northeast Utilities		1,831
	27	Pepco Holdings, Inc.		733
	12	Pinnacle West Capital Corp.		815
	72	PPL Corp.		2,609
	97	Southern Co. (The)		4,772
	55	Xcel Energy, Inc.		1,961
				36,542
		Gas Utilities — 0.0% (g)
	13	AGL Resources, Inc.		704
		Independent Power & Renewable Electricity Producers — 0.1%
	71	AES Corp.		975
	37	NRG Energy, Inc.		984
				1,959
		Multi-Utilities — 1.2%
	26	Ameren Corp.		1,209
	46	CenterPoint Energy, Inc.		1,088
	30	CMS Energy Corp.		1,032
	32	Consolidated Edison, Inc.		2,088
	63	Dominion Resources, Inc.		4,849
	19	DTE Energy Co.		1,651
	9	Integrys Energy Group, Inc.		672

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — continued
	34	NiSource, Inc.		1,446
	51	PG&E Corp.		2,731
	55	Public Service Enterprise Group, Inc.		2,263
	15	SCANA Corp.		930
	25	Sempra Energy		2,780
	25	TECO Energy, Inc.		519
	24	Wisconsin Energy Corp.		1,285
				24,543
		Total Utilities		63,748
		Total Common Stocks (Cost $623,995)		1,970,246
	Short-Term Investment — 0.5%
		Investment Company — 0.5%
	10,097	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (Cost $10,097)		10,097
		Total Investments — 100.7% (Cost $634,092)		1,980,343
		Liabilities in Excess of Other Assets — (0.7)%		(14,265	)
		NET ASSETS — 100.0%	$	1,966,078

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT DECEMBER 31, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	100	E-mini S&P 500		03/20/15	$	10,262	$	124

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 15

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.8%
		Consumer Discretionary — 13.0%
		Auto Components — 0.3%
	137	Gentex Corp.		4,953
		Automobiles — 0.1%
	28	Thor Industries, Inc.		1,566
	18	Winnebago Industries, Inc.		399
				1,965
		Distributors — 0.4%
	181	LKQ Corp. (a)		5,095
	98	VOXX International Corp. (a)		858
				5,953
		Diversified Consumer Services — 0.5%
	13	American Public Education, Inc. (a)		469
	69	Apollo Education Group, Inc. (a)		2,367
	10	Capella Education Co.		759
	35	DeVry Education Group, Inc.		1,647
	26	Regis Corp. (a)		428
	26	Strayer Education, Inc. (a)		1,909
	26	Universal Technical Institute, Inc.		253
				7,832
		Hotels, Restaurants & Leisure — 1.4%
	55	Boyd Gaming Corp. (a)		705
	45	Brinker International, Inc.		2,645
	19	Cheesecake Factory, Inc. (The)		946
	19	Cracker Barrel Old Country Store, Inc.		2,678
	1	DineEquity, Inc.		137
	9	Domino’s Pizza, Inc.		838
	92	Jack in the Box, Inc.		7,340
	18	Marriott Vacations Worldwide Corp.		1,337
	110	Ruth’s Hospitality Group, Inc.		1,652
	45	Scientific Games Corp., Class A (a)		569
	1	Sonic Corp.		25
	39	Texas Roadhouse, Inc.		1,305
	2	Wendy’s Co. (The)		14
				20,191
		Household Durables — 2.1%
	16	Ethan Allen Interiors, Inc.		508
	20	Helen of Troy Ltd., (Bermuda) (a)		1,320
	17	iRobot Corp. (a)		585
	203	Jarden Corp. (a)		9,708
	55	KB Home		904
	33	La-Z-Boy, Inc.		883
	6	NVR, Inc. (a)		7,383
	28	Ryland Group, Inc. (The)		1,092

SHARES		SECURITY DESCRIPTION	VALUE($)
		Household Durables — continued
	38	Tempur Sealy International, Inc. (a)		2,076
	28	Tupperware Brands Corp.		1,786
	57	Universal Electronics, Inc. (a)		3,701
				29,946
		Internet & Catalog Retail — 0.2%
	9	Blue Nile, Inc. (a)		311
	20	HSN, Inc.		1,520
	15	Nutrisystem, Inc.		295
				2,126
		Leisure Products — 0.7%
	8	Arctic Cat, Inc.		287
	59	Brunswick Corp.		3,035
	40	Polaris Industries, Inc.		6,122
				9,444
		Media — 0.8%
	63	Cinemark Holdings, Inc.		2,231
	171	E.W. Scripps Co. (The), Class A (a)		3,813
	137	Harte-Hanks, Inc.		1,062
	29	John Wiley & Sons, Inc., Class A		1,734
	88	Live Nation Entertainment, Inc. (a)		2,286
	8	Meredith Corp.		421
				11,547
		Multiline Retail — 0.2%
	37	Big Lots, Inc.		1,486
	175	J.C. Penney Co., Inc. (a)		1,133
				2,619
		Specialty Retail — 5.0%
	38	Aaron’s, Inc.		1,160
	42	Abercrombie & Fitch Co., Class A		1,203
	74	Advance Auto Parts, Inc.		11,847
	8	Aeropostale, Inc. (a)		18
	107	American Eagle Outfitters, Inc.		1,491
	26	ANN, Inc. (a)		942
	66	Ascena Retail Group, Inc. (a)		829
	26	Barnes & Noble, Inc. (a)		600
	27	Brown Shoe Co., Inc.		878
	109	Cato Corp. (The), Class A		4,609
	171	Chico’s FAS, Inc.		2,767
	78	Children’s Place, Inc. (The)		4,459
	136	CST Brands, Inc.		5,909
	52	Dick’s Sporting Goods, Inc.		2,563
	33	Finish Line, Inc. (The), Class A		800
	87	Foot Locker, Inc.		4,880

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Specialty Retail — continued
	16	Genesco, Inc. (a)		1,216
	15	Group 1 Automotive, Inc.		1,331
	58	Guess?, Inc.		1,212
	11	Haverty Furniture Cos., Inc.		245
	9	Kirkland’s, Inc. (a)		209
	14	Lithia Motors, Inc., Class A		1,181
	14	MarineMax, Inc. (a)		272
	44	Murphy USA, Inc. (a)		3,044
	755	Office Depot, Inc. (a)		6,475
	44	Outerwall, Inc. (a)		3,323
	33	Select Comfort Corp. (a)		889
	16	Signet Jewelers Ltd., (Bermuda)		2,158
	20	Stein Mart, Inc.		297
	11	Vitamin Shoppe, Inc. (a)		511
	52	Williams-Sonoma, Inc.		3,935
	14	Zumiez, Inc. (a)		529
				71,782
		Textiles, Apparel & Luxury Goods — 1.3%
	23	Deckers Outdoor Corp. (a)		2,112
	104	Hanesbrands, Inc.		11,571
	16	Iconix Brand Group, Inc. (a)		532
	11	Movado Group, Inc.		315
	65	Perry Ellis International, Inc. (a)		1,675
	25	Skechers U.S.A., Inc., Class A (a)		1,377
	51	Steven Madden Ltd. (a)		1,612
				19,194
		Total Consumer Discretionary		187,552
		Consumer Staples — 3.2%
		Food & Staples Retailing — 0.7%
	55	Andersons, Inc. (The)		2,924
	25	Casey’s General Stores, Inc.		2,272
	48	SpartanNash Co.		1,267
	327	SUPERVALU, Inc. (a)		3,176
				9,639
		Food Products — 1.6%
	7	B&G Foods, Inc.		217
	7	Calavo Growers, Inc.		346
	18	Cal-Maine Foods, Inc.		706
	80	Flowers Foods, Inc.		1,539
	45	Hain Celestial Group, Inc. (The) (a)		2,616
	91	Ingredion, Inc.		7,726
	9	J&J Snack Foods Corp.		968
	57	Sanderson Farms, Inc.		4,816
	20	Seneca Foods Corp., Class A (a)		542

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — continued
	120	WhiteWave Foods Co. (The) (a)		4,206
				23,682
		Household Products — 0.9%
	133	Central Garden & Pet Co., Class A (a)		1,269
	77	Church & Dwight Co., Inc.		6,099
	40	Energizer Holdings, Inc.		5,173
				12,541
		Personal Products — 0.0% (g)
	9	Medifast, Inc. (a)		290
		Total Consumer Staples		46,152
		Energy — 3.7%
		Energy Equipment & Services — 2.1%
	26	Atwood Oceanics, Inc. (a)		745
	20	Basic Energy Services, Inc. (a)		138
	23	Bristow Group, Inc.		1,501
	28	C&J Energy Services, Inc. (a)		376
	14	Dril-Quip, Inc. (a)		1,052
	10	Exterran Holdings, Inc.		318
	72	Gulf Island Fabrication, Inc.		1,400
	96	Helix Energy Solutions Group, Inc. (a)		2,091
	696	ION Geophysical Corp. (a)		1,914
	82	Matrix Service Co. (a)		1,834
	59	Oceaneering International, Inc.		3,486
	74	Oil States International, Inc. (a)		3,641
	195	Patterson-UTI Energy, Inc.		3,236
	38	Pioneer Energy Services Corp. (a)		208
	222	Superior Energy Services, Inc.		4,471
	157	Tesco Corp.		2,015
	33	Tidewater, Inc.		1,060
	27	Unit Corp. (a)		911
				30,397
		Oil, Gas & Consumable Fuels — 1.6%
	28	Bill Barrett Corp. (a)		324
	23	Carrizo Oil & Gas, Inc. (a)		962
	31	Comstock Resources, Inc.		208
	9	Contango Oil & Gas Co. (a)		251
	34	Energen Corp.		2,187
	71	Green Plains, Inc.		1,747
	12	Gulfport Energy Corp. (a)		501
	205	HollyFrontier Corp.		7,701
	36	PetroQuest Energy, Inc. (a)		133
	41	Rosetta Resources, Inc. (a)		909
	44	SM Energy Co.		1,679

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 17

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	80	Stone Energy Corp. (a)		1,350
	48	World Fuel Services Corp.		2,256
	227	WPX Energy, Inc. (a)		2,642
				22,850
		Total Energy		53,247
		Financials — 22.2%
		Banks — 6.1%
	209	Associated Banc-Corp.		3,888
	70	BancorpSouth, Inc.		1,581
	43	Bank of Hawaii Corp.		2,523
	36	Bank of the Ozarks, Inc.		1,351
	11	Banner Corp.		470
	50	BBCN Bancorp, Inc.		714
	50	Boston Private Financial Holdings, Inc.		674
	52	Cathay General Bancorp		1,329
	10	City Holding Co.		444
	23	City National Corp.		1,823
	25	Columbia Banking System, Inc.		697
	3	Commerce Bancshares, Inc.		121
	27	Community Bank System, Inc.		1,028
	77	Cullen/Frost Bankers, Inc.		5,474
	55	CVB Financial Corp.		887
	208	East West Bancorp, Inc.		8,034
	238	First BanCorp, (Puerto Rico) (a)		1,395
	34	First Financial Bancorp		636
	47	First Midwest Bancorp, Inc.		801
	305	First Niagara Financial Group, Inc.		2,572
	272	FirstMerit Corp.		5,133
	38	FNB Corp.		508
	405	Fulton Financial Corp.		5,010
	45	Glacier Bancorp, Inc.		1,252
	51	Hancock Holding Co.		1,578
	20	Hanmi Financial Corp.		427
	27	Home BancShares, Inc.		877
	13	Independent Bank Corp.		569
	35	MB Financial, Inc.		1,155
	23	NBT Bancorp, Inc.		594
	13	Old National Bancorp		194
	151	PacWest Bancorp		6,860
	22	Pinnacle Financial Partners, Inc.		868
	41	PrivateBancorp, Inc.		1,382
	28	Prosperity Bancshares, Inc.		1,560
	24	Simmons First National Corp., Class A		955
	48	SVB Financial Group (a)		5,571
	83	Synovus Financial Corp.		2,235

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	105	TCF Financial Corp.		1,672
	7	Tompkins Financial Corp.		389
	51	Trustmark Corp.		1,254
	73	UMB Financial Corp.		4,142
	195	Umpqua Holdings Corp.		3,311
	27	United Community Banks, Inc.		511
	55	Webster Financial Corp.		1,791
	37	Wilshire Bancorp, Inc.		372
	30	Wintrust Financial Corp.		1,385
				87,997
		Capital Markets — 1.8%
	33	Eaton Vance Corp.		1,346
	26	Evercore Partners, Inc., Class A		1,377
	19	HFF, Inc., Class A		689
	26	Investment Technology Group, Inc. (a)		536
	10	Piper Jaffray Cos. (a)		552
	149	Raymond James Financial, Inc.		8,540
	194	SEI Investments Co.		7,782
	38	Stifel Financial Corp. (a)		1,920
	5	Virtus Investment Partners, Inc.		818
	53	Waddell & Reed Financial, Inc., Class A		2,617
				26,177
		Consumer Finance — 0.4%
	35	Cash America International, Inc.		791
	13	Encore Capital Group, Inc. (a)		599
	32	Enova International, Inc. (a)		709
	35	Ezcorp, Inc., Class A (a)		414
	5	First Cash Financial Services, Inc. (a)		285
	12	Green Dot Corp., Class A (a)		250
	255	SLM Corp.		2,597
	9	World Acceptance Corp. (a)		728
				6,373
		Diversified Financial Services — 0.2%
	52	CBOE Holdings, Inc.		3,288
		Insurance — 3.9%
	7	Alleghany Corp. (a)		3,088
	55	American Financial Group, Inc.		3,362
	11	AMERISAFE, Inc.		479
	103	Aspen Insurance Holdings Ltd., (Bermuda)		4,514
	57	Brown & Brown, Inc.		1,883
	55	Everest Re Group Ltd., (Bermuda)		9,412
	86	Hanover Insurance Group, Inc. (The)		6,143
	110	HCC Insurance Holdings, Inc.		5,894
	24	Mercury General Corp.		1,332

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	8	Navigators Group, Inc. (The) (a)		575
	184	Old Republic International Corp.		2,698
	119	Protective Life Corp.		8,315
	39	Reinsurance Group of America, Inc.		3,373
	9	Safety Insurance Group, Inc.		607
	35	Selective Insurance Group, Inc.		948
	6	StanCorp Financial Group, Inc.		427
	12	Stewart Information Services Corp.		450
	58	W.R. Berkley Corp.		2,951
				56,451
		Real Estate Investment Trusts (REITs) — 8.9%
	28	Acadia Realty Trust		895
	40	Alexandria Real Estate Equities, Inc.		3,509
	65	American Campus Communities, Inc.		2,703
	34	Associated Estates Realty Corp.		787
	98	BioMed Realty Trust, Inc.		2,110
	51	Camden Property Trust		3,755
	14	CareTrust REIT, Inc.		168
	45	Cedar Realty Trust, Inc.		328
	23	CoreSite Realty Corp.		898
	46	Corporate Office Properties Trust		1,315
	82	Corrections Corp. of America		2,970
	171	Cousins Properties, Inc.		1,948
	438	DiamondRock Hospitality Co.		6,516
	199	Duke Realty Corp.		4,026
	18	EastGroup Properties, Inc.		1,130
	30	EPR Properties		1,718
	38	Equity One, Inc.		976
	66	Extra Space Storage, Inc.		3,869
	13	Federal Realty Investment Trust		1,686
	46	Franklin Street Properties Corp.		562
	137	Geo Group, Inc. (The)		5,526
	17	Getty Realty Corp.		302
	24	Government Properties Income Trust		563
	49	Healthcare Realty Trust, Inc.		1,333
	83	Highwoods Properties, Inc.		3,667
	31	Home Properties, Inc.		2,057
	78	Hospitality Properties Trust		2,429
	49	Inland Real Estate Corp.		538
	47	Kilroy Realty Corp.		3,216
	190	Kite Realty Group Trust		5,461
	184	LaSalle Hotel Properties		7,427
	72	Liberty Property Trust		2,717
	19	LTC Properties, Inc.		836
	56	Mack-Cali Realty Corp.		1,061

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	86	Medical Properties Trust, Inc.		1,186
	50	Mid-America Apartment Communities, Inc.		3,766
	14	Parkway Properties, Inc.		250
	34	Post Properties, Inc.		2,004
	90	Potlatch Corp.		3,752
	12	PS Business Parks, Inc.		927
	70	Realty Income Corp.		3,360
	57	Regency Centers Corp.		3,632
	7	Saul Centers, Inc.		428
	118	Senior Housing Properties Trust		2,613
	57	SL Green Realty Corp.		6,794
	19	Sovran Self Storage, Inc.		1,681
	59	Tanger Factory Outlet Centers, Inc.		2,177
	85	Taubman Centers, Inc.		6,472
	159	UDR, Inc.		4,899
	8	Universal Health Realty Income Trust		373
	15	Urstadt Biddle Properties, Inc., Class A		324
	102	Washington Prime Group, Inc.		1,748
	77	Weingarten Realty Investors		2,691
				128,079
		Real Estate Management & Development — 0.8%
	59	Alexander & Baldwin, Inc.		2,310
	22	Forestar Group, Inc. (a)		334
	59	Jones Lang LaSalle, Inc.		8,791
				11,435
		Thrifts & Mortgage Finance — 0.1%
	27	Bank Mutual Corp.		186
	54	New York Community Bancorp, Inc.		865
	34	Provident Financial Services, Inc.		614
	57	TrustCo Bank Corp.		416
				2,081
		Total Financials		321,881
		Health Care — 10.6%
		Biotechnology — 0.5%
	24	Acorda Therapeutics, Inc. (a)		989
	17	Emergent Biosolutions, Inc. (a)		468
	49	United Therapeutics Corp. (a)		6,329
				7,786
		Health Care Equipment & Supplies — 2.4%
	91	Align Technology, Inc. (a)		5,110
	17	CONMED Corp.		781
	11	Cooper Cos., Inc. (The)		1,859
	85	CryoLife, Inc.		961

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 19

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — continued
	17	Cyberonics, Inc. (a)		941
	26	Cynosure, Inc., Class A (a)		724
	14	Greatbatch, Inc. (a)		707
	102	Hill-Rom Holdings, Inc.		4,649
	340	Hologic, Inc. (a)		9,084
	8	ICU Medical, Inc. (a)		645
	9	IDEXX Laboratories, Inc. (a)		1,380
	12	Masimo Corp. (a)		323
	16	Natus Medical, Inc. (a)		590
	31	NuVasive, Inc. (a)		1,454
	78	ResMed, Inc.		4,369
	6	Symmetry Surgical, Inc., (a)		47
	39	Thoratec Corp. (a)		1,255
				34,879
		Health Care Providers & Services — 4.7%
	25	AMN Healthcare Services, Inc. (a)		485
	20	Amsurg Corp. (a)		1,108
	89	Centene Corp. (a)		9,262
	210	Community Health Systems, Inc. (a)		11,302
	271	Cross Country Healthcare, Inc. (a)		3,382
	10	Ensign Group, Inc. (The)		452
	129	Gentiva Health Services, Inc. (a)		2,449
	74	Health Net, Inc. (a)		3,986
	56	Henry Schein, Inc. (a)		7,649
	33	Kindred Healthcare, Inc.		598
	74	LifePoint Hospitals, Inc. (a)		5,343
	17	Magellan Health, Inc. (a)		1,030
	49	MEDNAX, Inc. (a)		3,212
	21	Molina Healthcare, Inc. (a)		1,140
	8	MWI Veterinary Supply, Inc. (a)		1,371
	67	Omnicare, Inc.		4,892
	134	Owens & Minor, Inc.		4,721
	57	VCA, Inc. (a)		2,798
	38	WellCare Health Plans, Inc. (a)		3,110
				68,290
		Health Care Technology — 0.1%
	9	Medidata Solutions, Inc. (a)		409
	21	Omnicell, Inc. (a)		681
				1,090
		Life Sciences Tools & Services — 1.2%
	323	Affymetrix, Inc. (a)		3,187
	159	Cambrex Corp. (a)		3,437
	31	Charles River Laboratories International, Inc. (a)		1,960

SHARES		SECURITY DESCRIPTION	VALUE($)
		Life Sciences Tools & Services — continued
	22	Covance, Inc. (a)		2,308
	23	Luminex Corp. (a)		428
	12	Mettler-Toledo International, Inc. (a)		3,651
	37	PAREXEL International Corp. (a)		2,030
				17,001
		Pharmaceuticals — 1.7%
	133	Endo International plc, (Ireland) (a)		9,613
	43	Impax Laboratories, Inc. (a)		1,359
	50	Medicines Co. (The) (a)		1,383
	32	Prestige Brands Holdings, Inc. (a)		1,107
	90	Salix Pharmaceuticals Ltd. (a)		10,369
				23,831
		Total Health Care		152,877
		Industrials — 15.6%
		Aerospace & Defense — 2.0%
	25	AAR Corp.		691
	49	Alliant Techsystems, Inc.		5,680
	5	B/E Aerospace, Inc. (a)		275
	77	Engility Holdings, Inc. (a)		3,289
	248	Exelis, Inc.		4,356
	91	Huntington Ingalls Industries, Inc.		10,195
	8	KLX, Inc. (a)		350
	20	Moog, Inc., Class A (a)		1,501
	20	Orbital Sciences Corp. (a)		547
	23	Triumph Group, Inc.		1,552
				28,436
		Air Freight & Logistics — 0.1%
	22	Hub Group, Inc., Class A (a)		836
		Airlines — 0.7%
	97	Alaska Air Group, Inc.		5,769
	277	JetBlue Airways Corp. (a)		4,400
				10,169
		Building Products — 1.3%
	124	A.O. Smith Corp.		7,007
	78	American Woodmark Corp. (a)		3,154
	67	Fortune Brands Home & Security, Inc.		3,038
	99	Griffon Corp.		1,311
	34	Lennox International, Inc.		3,228
	12	Universal Forest Products, Inc.		643
				18,381
		Commercial Services & Supplies — 1.8%
	159	ABM Industries, Inc.		4,566
	34	Deluxe Corp.		2,131

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Commercial Services & Supplies — continued
	11	Herman Miller, Inc.		323
	27	HNI Corp.		1,372
	100	Matthews International Corp., Class A		4,880
	377	R.R. Donnelley & Sons Co.		6,333
	169	Tetra Tech, Inc.		4,525
	10	UniFirst Corp.		1,219
	21	United Stationers, Inc.		901
	12	Viad Corp.		326
				26,576
		Construction & Engineering — 0.9%
	200	AECOM Technology Corp. (a)		6,082
	25	Aegion Corp. (a)		462
	23	Comfort Systems USA, Inc.		395
	89	EMCOR Group, Inc.		3,980
	93	KBR, Inc.		1,570
				12,489
		Electrical Equipment — 1.0%
	16	AZZ, Inc.		732
	62	EnerSys		3,797
	131	General Cable Corp.		1,956
	28	Hubbell, Inc., Class B		2,968
	76	Regal-Beloit Corp.		5,689
				15,142
		Industrial Conglomerates — 0.5%
	85	Carlisle Cos., Inc.		7,664
		Machinery — 3.7%
	43	Actuant Corp., Class A		1,178
	53	AGCO Corp.		2,374
	17	Albany International Corp., Class A		658
	26	Barnes Group, Inc.		944
	32	Briggs & Stratton Corp.		647
	71	Crane Co.		4,163
	39	Federal Signal Corp.		596
	45	Hillenbrand, Inc.		1,541
	40	IDEX Corp.		3,129
	132	ITT Corp.		5,357
	17	John Bean Technologies Corp.		575
	49	Kennametal, Inc.		1,764
	49	Lincoln Electric Holdings, Inc.		3,379
	10	Lydall, Inc. (a)		332
	26	Nordson Corp.		2,014
	66	Oshkosh Corp.		3,218
	65	SPX Corp.		5,593
	8	Standex International Corp.		618

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — continued
	12	Tennant Co.		862
	119	Terex Corp.		3,320
	50	Timken Co.		2,145
	105	Trinity Industries, Inc.		2,955
	64	Wabtec Corp.		5,537
	7	Watts Water Technologies, Inc., Class A		431
				53,330
		Marine — 0.6%
	36	Kirby Corp. (a)		2,923
	161	Matson, Inc.		5,551
				8,474
		Professional Services — 1.5%
	8	CDI Corp.		137
	20	Corporate Executive Board Co. (The)		1,441
	23	FTI Consulting, Inc. (a)		891
	117	Heidrick & Struggles International, Inc.		2,703
	13	Insperity, Inc.		437
	30	Korn/Ferry International (a)		875
	106	Manpowergroup, Inc.		7,252
	26	On Assignment, Inc. (a)		873
	120	Resources Connection, Inc.		1,981
	41	Towers Watson & Co., Class A		4,597
	26	TrueBlue, Inc. (a)		571
				21,758
		Road & Rail — 1.1%
	81	ArcBest Corp.		3,770
	125	Con-way, Inc.		6,162
	12	J.B. Hunt Transport Services, Inc.		1,025
	28	Landstar System, Inc.		2,021
	35	Old Dominion Freight Line, Inc. (a)		2,686
				15,664
		Trading Companies & Distributors — 0.4%
	27	Applied Industrial Technologies, Inc.		1,208
	11	GATX Corp.		627
	4	MSC Industrial Direct Co., Inc., Class A		301
	70	NOW, Inc. (a)		1,788
	13	Veritiv Corp. (a)		669
	16	Watsco, Inc.		1,734
				6,327
		Total Industrials		225,246

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 21

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Information Technology — 17.6%
		Communications Equipment — 0.8%
	128	ARRIS Group, Inc. (a)		3,870
	34	Bel Fuse, Inc., Class B		922
	150	JDS Uniphase Corp. (a)		2,051
	4	NETGEAR, Inc. (a)		140
	336	Polycom, Inc. (a)		4,536
				11,519
		Electronic Equipment, Instruments & Components — 4.0%
	18	Anixter International, Inc. (a)		1,628
	151	Arrow Electronics, Inc. (a)		8,761
	188	Avnet, Inc.		8,090
	21	Belden, Inc.		1,649
	207	Benchmark Electronics, Inc. (a)		5,272
	15	Coherent, Inc. (a)		917
	9	DTS, Inc. (a)		264
	16	Electro Scientific Industries, Inc.		123
	24	FEI Co.		2,206
	18	Gerber Scientific, Inc. (a) (i)		—	(h)
	9	II-VI, Inc. (a)		127
	190	Ingram Micro, Inc., Class A (a)		5,259
	29	Insight Enterprises, Inc. (a)		756
	26	Itron, Inc. (a)		1,078
	14	Littelfuse, Inc.		1,335
	23	Methode Electronics, Inc.		827
	26	Newport Corp. (a)		491
	12	OSI Systems, Inc. (a)		863
	98	Plexus Corp. (a)		4,051
	18	Rofin-Sinar Technologies, Inc. (a)		516
	10	Rogers Corp. (a)		815
	99	Sanmina Corp. (a)		2,327
	18	ScanSource, Inc. (a)		735
	89	Tech Data Corp. (a)		5,642
	132	Trimble Navigation Ltd. (a)		3,515
	89	Vishay Intertechnology, Inc.		1,262
				58,509
		Internet Software & Services — 1.6%
	63	AOL, Inc. (a)		2,931
	20	Blucora, Inc. (a)		273
	20	comScore, Inc. (a)		910
	14	Dealertrack Technologies, Inc. (a)		616
	26	Dice Holdings, Inc. (a)		257
	23	Digital River, Inc. (a)		570
	44	Equinix, Inc.		10,011
	20	j2 Global, Inc.		1,243
	150	Liquidity Services, Inc. (a)		1,229

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — continued
	13	LogMeIn, Inc. (a)		655
	20	Perficient, Inc. (a)		373
	131	QuinStreet, Inc. (a)		793
	74	Rackspace Hosting, Inc. (a)		3,472
				23,333
		IT Services — 3.6%
	50	Acxiom Corp. (a)		1,008
	169	Broadridge Financial Solutions, Inc.		7,791
	15	CACI International, Inc., Class A (a)		1,302
	9	Cardtronics, Inc. (a)		335
	61	Convergys Corp.		1,248
	16	CSG Systems International, Inc.		397
	64	DST Systems, Inc.		5,996
	62	ExlService Holdings, Inc. (a)		1,773
	8	Forrester Research, Inc.		319
	55	Gartner, Inc. (a)		4,601
	100	Global Payments, Inc.		8,066
	36	Heartland Payment Systems, Inc.		1,924
	42	Jack Henry & Associates, Inc.		2,620
	39	Leidos Holdings, Inc.		1,689
	15	ManTech International Corp., Class A		447
	11	MAXIMUS, Inc.		577
	28	Science Applications International Corp.		1,367
	133	Sykes Enterprises, Inc. (a)		3,130
	39	TeleTech Holdings, Inc. (a)		920
	144	VeriFone Systems, Inc. (a)		5,369
	15	Virtusa Corp. (a)		629
				51,508
		Semiconductors & Semiconductor Equipment — 3.4%
	28	Advanced Energy Industries, Inc. (a)		656
	289	Atmel Corp. (a)		2,428
	15	Cabot Microelectronics Corp. (a)		698
	40	Cirrus Logic, Inc. (a)		948
	77	Cree, Inc. (a)		2,466
	11	Diodes, Inc. (a)		304
	117	DSP Group, Inc. (a)		1,270
	68	Entropic Communications, Inc. (a)		171
	77	Fairchild Semiconductor International, Inc. (a)		1,303
	88	Integrated Device Technology, Inc. (a)		1,726
	48	International Rectifier Corp. (a)		1,903
	39	Kopin Corp. (a)		141
	340	Kulicke & Soffa Industries, Inc., (Singapore) (a)		4,920
	86	Microsemi Corp. (a)		2,438
	39	MKS Instruments, Inc.		1,445
	11	Nanometrics, Inc. (a)		180

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	127	Pericom Semiconductor Corp. (a)		1,714
	4	Power Integrations, Inc.		219
	313	RF Micro Devices, Inc. (a)		5,200
	198	Skyworks Solutions, Inc.		14,430
	20	SunEdison, Inc. (a)		390
	23	Synaptics, Inc. (a)		1,590
	127	Teradyne, Inc.		2,515
	17	Ultratech, Inc. (a)		308
				49,363
		Software — 3.6%
	80	ANSYS, Inc. (a)		6,543
	179	Cadence Design Systems, Inc. (a)		3,398
	27	CommVault Systems, Inc. (a)		1,370
	22	Fair Isaac Corp.		1,595
	84	Fortinet, Inc. (a)		2,579
	55	Informatica Corp. (a)		2,085
	31	Mentor Graphics Corp.		679
	5	MicroStrategy, Inc., Class A (a)		821
	165	Progress Software Corp. (a)		4,466
	153	PTC, Inc. (a)		5,615
	226	Rovi Corp. (a)		5,112
	41	SolarWinds, Inc. (a)		2,042
	44	Solera Holdings, Inc.		2,226
	197	Synopsys, Inc. (a)		8,560
	180	Take-Two Interactive Software, Inc. (a)		5,050
				52,141
		Technology Hardware, Storage & Peripherals — 0.6%
	34	3D Systems Corp. (a)		1,110
	274	Avid Technology, Inc. (a)		3,893
	34	Diebold, Inc.		1,166
	39	Lexmark International, Inc., Class A		1,615
	54	QLogic Corp. (a)		719
				8,503
		Total Information Technology		254,876
		Materials — 7.1%
		Chemicals — 2.9%
	20	A Schulman, Inc.		810
	24	Albemarle Corp.		1,462
	74	Ashland, Inc.		8,883
	101	Cabot Corp.		4,436
	37	Calgon Carbon Corp. (a)		772
	47	Cytec Industries, Inc.		2,150
	74	FutureFuel Corp.		963
	16	Minerals Technologies, Inc.		1,135

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
	51	Olin Corp.		1,167
	18	OM Group, Inc.		527
	8	Quaker Chemical Corp.		728
	26	Rayonier Advanced Materials, Inc.		574
	142	RPM International, Inc.		7,221
	86	Scotts Miracle-Gro Co. (The), Class A		5,335
	12	Stepan Co.		468
	62	Valspar Corp. (The)		5,324
	13	Zep, Inc.		201
				42,156
		Construction Materials — 0.1%
	38	Headwaters, Inc. (a)		570
		Containers & Packaging — 1.3%
	70	Packaging Corp. of America		5,459
	158	Rock-Tenn Co., Class A		9,658
	41	Silgan Holdings, Inc.		2,194
	39	Sonoco Products Co.		1,726
				19,037
		Metals & Mining — 2.1%
	162	AK Steel Holding Corp. (a)		961
	31	Century Aluminum Co. (a)		764
	202	Commercial Metals Co.		3,296
	41	Compass Minerals International, Inc.		3,534
	43	Globe Specialty Metals, Inc.		737
	17	Kaiser Aluminum Corp.		1,211
	82	Reliance Steel & Aluminum Co.		5,036
	15	Royal Gold, Inc.		915
	183	Steel Dynamics, Inc.		3,606
	25	TimkenSteel Corp.		934
	33	U.S. Silica Holdings, Inc.		845
	165	United States Steel Corp.		4,407
	135	Worthington Industries, Inc.		4,072
				30,318
		Paper & Forest Products — 0.7%
	79	Boise Cascade Co. (a)		2,950
	40	Domtar Corp., (Canada)		1,612
	50	KapStone Paper & Packaging Corp.		1,451
	12	Neenah Paper, Inc.		699
	27	PH Glatfelter Co.		693
	68	Schweitzer-Mauduit International, Inc.		2,861
				10,266
		Total Materials		102,347

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 23

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Telecommunication Services — 0.1%
		Diversified Telecommunication Services — 0.1%
	23	Atlantic Tele-Network, Inc.		1,583
		Wireless Telecommunication Services — 0.0% (g)
	10	NTELOS Holdings Corp.		41
		Total Telecommunication Services		1,624
		Utilities — 4.7%
		Electric Utilities — 1.3%
	53	El Paso Electric Co.		2,143
	191	Great Plains Energy, Inc.		5,417
	125	Hawaiian Electric Industries, Inc.		4,188
	56	IDACORP, Inc.		3,738
	87	OGE Energy Corp.		3,084
				18,570
		Gas Utilities — 2.0%
	131	Atmos Energy Corp.		7,311
	8	Laclede Group, Inc. (The)		434
	20	National Fuel Gas Co.		1,414
	84	New Jersey Resources Corp.		5,120
	6	Northwest Natural Gas Co.		290
	108	Questar Corp.		2,733
	33	Southwest Gas Corp.		2,031
	239	UGI Corp.		9,091
	6	WGL Holdings, Inc.		317
				28,741

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — 1.3%
	70	Alliant Energy Corp.		4,633
	57	Avista Corp.		2,026
	58	Black Hills Corp.		3,084
	116	MDU Resources Group, Inc.		2,726
	25	NorthWestern Corp.		1,388
	121	Vectren Corp.		5,575
				19,432
		Water Utilities — 0.1%
	25	American States Water Co.		924
		Total Utilities		67,667
		Total Common Stocks (Cost $964,129)		1,413,469
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	31,936	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (Cost $31,936 )		31,936
		Total Investments — 100.0% (Cost $996,065)		1,445,405
		Liabilities in Excess of Other Assets — 0.0% (c)		(165	)
		NET ASSETS — 100.0%	$	1,445,240

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT DECEMBER 31, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	74	E-mini Russell 2000		03/20/15	$	8,885	$	172
	183	S&P Mid Cap 400		03/20/15		26,510		334
							$	506

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

J.P. Morgan Equity Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(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.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.
(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.
(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)	—  The rate shown is the current yield as of December 31, 2014.
(q)	—  Investment in affiliate which is a security in the Fund’s index.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands, except per share amounts)

	Equity Index Fund			Market Expansion Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	1,944,984		$	1,413,469
Investments in affiliates, at value		35,359			31,936
Total investment securities, at value		1,980,343			1,445,405
Cash		2			38
Deposits at broker for futures contracts		—			1,670
Receivables:
Investment securities sold		—			1,716
Fund shares sold		2,392			559
Dividends from non-affiliates		2,660			1,357
Dividends from affiliates		—	(a)		1
Total Assets		1,985,397			1,450,746
LIABILITIES:
Payables:
Investment securities purchased		—			381
Fund shares redeemed		18,286			4,039
Variation margin on futures contracts		169			414
Accrued liabilities:
Investment advisory fees		194			250
Administration fees		—			64
Distribution fees		217			42
Shareholder servicing fees		38			189
Custodian and accounting fees		35			26
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Transfer Agent		306			54
Other		74			47
Total Liabilities		19,319			5,506
Net Assets	$	1,966,078		$	1,445,240

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

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

	Equity Index Fund			Market Expansion Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	652,681		$	962,782
Accumulated undistributed (distributions in excess of) net investment income		481			(631	)
Accumulated net realized gains (losses)		(33,459	)		33,243
Net unrealized appreciation (depreciation)		1,346,375			449,846
Total Net Assets	$	1,966,078		$	1,445,240
Net Assets:
Class A	$	713,860		$	107,468
Class B		8,239			991
Class C		88,591			23,487
Class R2		—			9,100
Select Class		1,155,388			1,304,194
Total	$	1,966,078		$	1,445,240
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		17,403			8,602
Class B		202			83
Class C		2,174			2,100
Class R2		—			735
Select Class		28,147			103,578
Net Asset Value (a):
Class A — Redemption price per share	$	41.02		$	12.49
Class B — Offering price per share (b)		40.86			11.87
Class C — Offering price per share (b)		40.75			11.19
Class R2 — Offering and redemption price per share		—			12.38
Select Class — Offering and redemption price per share		41.05			12.59
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	43.29		$	13.18
Cost of investments in non-affiliates	$	614,766		$	964,129
Cost of investments in affiliates		19,326			31,936

(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 vary based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 27

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

	Equity Index Fund			Market Expansion Enhanced Index Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	2
Dividend income from non-affiliates		19,989			10,929
Dividend income from affiliates		332			8
Total investment income		20,321			10,939
EXPENSES:
Investment advisory fees		2,451			1,914
Administration fees		809			632
Distribution fees:
Class A		908			140
Class B		34			4
Class C		308			86
Class R2		—			22
Shareholder servicing fees:
Class A		908			140
Class B		11			1
Class C		103			29
Class R2		—			11
Select Class		1,429			1,734
Custodian and accounting fees		39			28
Interest expense to affiliates		—	(a)		—	(a)
Professional fees		26			26
Trustees’ and Chief Compliance Officer’s fees		8			7
Printing and mailing costs		70			38
Registration and filing fees		39			31
Transfer agent fees		637			151
Other		11			11
Total expenses		7,791			5,005
Less fees waived		(4,481	)		(1,404	)
Net expenses		3,310			3,601
Net investment income (loss)		17,011			7,338
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		25,175			104,219
Investment in affiliates		242			—
Futures		860			725
Net realized gain (loss)		26,277			104,944
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		67,888			(71,086	)
Investments in affiliates		1,786			—
Futures		87			(435	)
Change in net unrealized appreciation/depreciation		69,761			(71,521	)
Net realized/unrealized gains (losses)		96,038			33,423
Change in net assets resulting from operations	$	113,049		$	40,761

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

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Equity Index Fund						Market Expansion Enhanced Index Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	17,011		$	33,192		$	7,338		$	13,502
Net realized gain (loss)		26,277			154,245			104,944			156,424
Change in net unrealized appreciation/depreciation		69,761			218,557			(71,521	)		168,319
Change in net assets resulting from operations		113,049			405,994			40,761			338,245
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(6,003	)		(10,480	)		(487	)		(655	)
From net realized gains		(50,028	)		(36,634	)		(12,480	)		(8,467	)
Class B
From net investment income		(40	)		(93	)		(1	)		(1	)
From net realized gains		(558	)		(660	)		(117	)		(157	)
Class C
From net investment income		(429	)		(632	)		(49	)		(36	)
From net realized gains		(5,873	)		(3,829	)		(2,944	)		(2,140	)
Class R2
From net investment income		—			—			(31	)		(34	)
From net realized gains		—			—			(1,023	)		(695	)
Select Class
From net investment income		(10,590	)		(20,849	)		(7,242	)		(11,470	)
From net realized gains		(78,050	)		(67,445	)		(154,236	)		(116,316	)
Total distributions to shareholders		(151,571	)		(140,622	)		(178,610	)		(139,971	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		101,862			(107,430	)		19,061			(40,847	)
NET ASSETS:
Change in net assets		63,340			157,942			(118,788	)		157,427
Beginning of period		1,902,738			1,744,796			1,564,028			1,406,601
End of period	$	1,966,078		$	1,902,738		$	1,445,240		$	1,564,028
Accumulated undistributed (distributions in excess of) net investment income	$	481		$	532		$	(631	)	$	(159	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Equity Index Fund						Market Expansion Enhanced Index Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	94,326		$	157,276		$	13,867		$	38,319
Distributions reinvested		55,666			46,773			11,208			7,941
Cost of shares redeemed		(116,623	)		(186,244	)		(24,004	)		(26,950	)
Change in net assets resulting from Class A capital transactions	$	33,369		$	17,805		$	1,071		$	19,310
Class B
Proceeds from shares issued	$	13		$	167		$	7		$	49
Distributions reinvested		588			727			111			147
Cost of shares redeemed		(2,169	)		(4,693	)		(322	)		(1,208	)
Change in net assets resulting from Class B capital transactions	$	(1,568	)	$	(3,799	)	$	(204	)	$	(1,012	)
Class C
Proceeds from shares issued	$	14,617		$	17,522		$	2,308		$	9,602
Distributions reinvested		4,736			3,292			2,471			1,832
Cost of shares redeemed		(6,569	)		(11,596	)		(2,070	)		(7,080	)
Change in net assets resulting from Class C capital transactions	$	12,784		$	9,218		$	2,709		$	4,354
Class R2
Proceeds from shares issued	$	—		$	—		$	1,830		$	3,276
Distributions reinvested		—			—			795			432
Cost of shares redeemed		—			—			(1,514	)		(2,914	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	1,111		$	794
Select Class
Proceeds from shares issued	$	113,464		$	265,208		$	93,193		$	138,770
Distributions reinvested		73,418			75,199			82,855			57,709
Cost of shares redeemed		(129,605	)		(471,061	)		(161,674	)		(260,772	)
Change in net assets resulting from Select Class capital transactions	$	57,277		$	(130,654	)	$	14,374		$	(64,293	)
Total change in net assets resulting from capital transactions	$	101,862		$	(107,430	)	$	19,061		$	(40,847	)

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

	Equity Index Fund						Market Expansion Enhanced Index Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		2,227			3,983			1,050			2,921
Reinvested		1,384			1,215			928			633
Redeemed		(2,778	)		(4,712	)		(1,807	)		(2,049	)
Change in Class A Shares		833			486			171			1,505
Class B
Issued		—	(a)		5			1			4
Reinvested		15			19			9			12
Redeemed		(51	)		(120	)		(25	)		(96	)
Change in Class B Shares		(36	)		(96	)		(15	)		(80	)
Class C
Issued		351			448			195			793
Reinvested		119			86			229			161
Redeemed		(157	)		(295	)		(172	)		(594	)
Change in Class C Shares		313			239			252			360
Class R2
Issued		—			—			139			252
Reinvested		—			—			66			35
Redeemed		—			—			(112	)		(223	)
Change in Class R2 Shares		—			—			93			64
Select Class
Issued		2,688			6,769			7,150			10,623
Reinvested		1,823			1,953			6,798			4,568
Redeemed		(3,060	)		(11,881	)		(11,820	)		(19,655	)
Change in Select Class Shares		1,451			(3,159	)		2,128			(4,464	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Equity Index Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	41.94	$	0.35	(f)	$	2.02	$	2.37	$	(0.34	)	$	(2.95	)	$	(3.29	)
Year Ended June 30, 2014		36.43		0.64	(f)		7.78		8.42		(0.63	)		(2.28	)		(2.91	)
Year Ended June 30, 2013		30.92		0.63	(f)		5.52		6.15		(0.64	)		—			(0.64	)
Year Ended June 30, 2012		29.96		0.51	(f)		0.96		1.47		(0.51	)		—			(0.51	)
Year Ended June 30, 2011		23.40		0.45	(f)		6.56		7.01		(0.45	)		—			(0.45	)
Year Ended June 30, 2010		20.90		0.45	(f)		2.49		2.94		(0.44	)		—			(0.44	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		41.81		0.18	(f)		2.01		2.19		(0.19	)		(2.95	)		(3.14	)
Year Ended June 30, 2014		36.33		0.35	(f)		7.74		8.09		(0.33	)		(2.28	)		(2.61	)
Year Ended June 30, 2013		30.83		0.37	(f)		5.51		5.88		(0.38	)		—			(0.38	)
Year Ended June 30, 2012		29.88		0.29	(f)		0.94		1.23		(0.28	)		—			(0.28	)
Year Ended June 30, 2011		23.34		0.24	(f)		6.54		6.78		(0.24	)		—			(0.24	)
Year Ended June 30, 2010		20.84		0.26	(f)		2.49		2.75		(0.25	)		—			(0.25	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		41.72		0.19	(f)		2.00		2.19		(0.21	)		(2.95	)		(3.16	)
Year Ended June 30, 2014		36.28		0.35	(f)		7.73		8.08		(0.36	)		(2.28	)		(2.64	)
Year Ended June 30, 2013		30.81		0.37	(f)		5.50		5.87		(0.40	)		—			(0.40	)
Year Ended June 30, 2012		29.87		0.29	(f)		0.94		1.23		(0.29	)		—			(0.29	)
Year Ended June 30, 2011		23.34		0.24	(f)		6.54		6.78		(0.25	)		—			(0.25	)
Year Ended June 30, 2010		20.84		0.26	(f)		2.49		2.75		(0.25	)		—			(0.25	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		41.96		0.40	(f)		2.03		2.43		(0.39	)		(2.95	)		(3.34	)
Year Ended June 30, 2014		36.44		0.74	(f)		7.79		8.53		(0.73	)		(2.28	)		(3.01	)
Year Ended June 30, 2013		30.92		0.71	(f)		5.53		6.24		(0.72	)		—			(0.72	)
Year Ended June 30, 2012		29.97		0.58	(f)		0.95		1.53		(0.58	)		—			(0.58	)
Year Ended June 30, 2011		23.40		0.52	(f)		6.57		7.09		(0.52	)		—			(0.52	)
Year Ended June 30, 2010		20.90		0.51	(f)		2.49		3.00		(0.50	)		—			(0.50	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	41.02		5.88	%	$	713,860		0.45	%		1.62	%		0.92	%		2	%
	41.94		23.95			694,974		0.45			1.63			0.91			5
	36.43		20.04			585,946		0.45			1.86			0.94			4
	30.92		5.03			520,294		0.45			1.74			0.94			7
	29.96		30.09			540,743		0.45			1.63			0.94			7
	23.40		13.96			491,906		0.45			1.80			0.96			8
	40.86		5.46			8,239		1.20			0.86			1.45			2
	41.81		23.01			9,943		1.20			0.88			1.41			5
	36.33		19.17			12,142		1.20			1.11			1.44			4
	30.83		4.20			15,380		1.20			0.99			1.44			7
	29.88		29.10			21,922		1.20			0.88			1.44			7
	23.34		13.12			27,677		1.20			1.07			1.46			8
	40.75		5.46			88,591		1.20			0.88			1.42			2
	41.72		23.01			77,644		1.20			0.88			1.41			5
	36.28		19.16			58,831		1.20			1.10			1.45			4
	30.81		4.21			45,854		1.20			0.99			1.44			7
	29.87		29.11			49,126		1.20			0.88			1.44			7
	23.34		13.14			42,819		1.20			1.06			1.46			8
	41.05		6.01			1,155,388		0.20			1.87			0.67			2
	41.96		24.27			1,120,177		0.20			1.89			0.66			5
	36.44		20.35			1,087,877		0.20			2.11			0.69			4
	30.92		5.26			1,188,683		0.20			1.99			0.69			7
	29.97		30.45			1,281,370		0.20			1.87			0.69			7
	23.40		14.24			1,001,783		0.20			2.05			0.71			8

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 33

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Market Expansion Enhanced Index Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	13.85	$	0.05	(f)(g)	$	0.24		$	0.29		$	(0.06	)	$	(1.59	)	$	(1.65	)
Year Ended June 30, 2014		12.17		0.09	(f)(h)		2.81			2.90			(0.08	)		(1.14	)		(1.22	)
Year Ended June 30, 2013		10.32		0.11	(f)(i)		2.45			2.56			(0.11	)		(0.60	)		(0.71	)
Year Ended June 30, 2012		11.52		0.07	(f)		(0.42	)		(0.35	)		(0.07	)		(0.78	)		(0.85	)
Year Ended June 30, 2011		8.42		0.05	(f)		3.11			3.16			(0.06	)		—			(0.06	)
Year Ended June 30, 2010		6.88		0.06	(f)		1.55			1.61			(0.07	)		—			(0.07	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		13.25		—	(f)(g)(j)		0.23			0.23			(0.02	)		(1.59	)		(1.61	)
Year Ended June 30, 2014		11.70		—	(f)(h)(j)		2.70			2.70			(0.01	)		(1.14	)		(1.15	)
Year Ended June 30, 2013		9.95		0.03	(f)(i)		2.36			2.39			(0.04	)		(0.60	)		(0.64	)
Year Ended June 30, 2012		11.16		(0.01	)(f)		(0.41	)		(0.42	)		(0.01	)		(0.78	)		(0.79	)
Year Ended June 30, 2011		8.18		(0.02	)(f)		3.02			3.00			(0.02	)		—			(0.02	)
Year Ended June 30, 2010		6.70		—	(f)(j)		1.49			1.49			(0.01	)		—			(0.01	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		12.58		—	(f)(g)(j)		0.22			0.22			(0.02	)		(1.59	)		(1.61	)
Year Ended June 30, 2014		11.18		—	(f)(h)(j)		2.56			2.56			(0.02	)		(1.14	)		(1.16	)
Year Ended June 30, 2013		9.55		0.03	(f)(i)		2.25			2.28			(0.05	)		(0.60	)		(0.65	)
Year Ended June 30, 2012		10.74		(0.01	)(f)		(0.39	)		(0.40	)		(0.01	)		(0.78	)		(0.79	)
Year Ended June 30, 2011		7.88		(0.02	)(f)		2.90			2.88			(0.02	)		—			(0.02	)
Year Ended June 30, 2010		6.45		—	(f)(j)		1.44			1.44			(0.01	)		—			(0.01	)
Class R2
Six Months Ended December 31, 2014 (Unaudited)		13.74		0.04	(f)(g)		0.23			0.27			(0.04	)		(1.59	)		(1.63	)
Year Ended June 30, 2014		12.09		0.06	(f)(h)		2.78			2.84			(0.05	)		(1.14	)		(1.19	)
Year Ended June 30, 2013		10.25		0.08	(f)(i)		2.44			2.52			(0.08	)		(0.60	)		(0.68	)
Year Ended June 30, 2012		11.46		0.03	(f)		(0.42	)		(0.39	)		(0.04	)		(0.78	)		(0.82	)
Year Ended June 30, 2011		8.39		0.01	(f)		3.09			3.10			(0.03	)		—			(0.03	)
Year Ended June 30, 2010		6.87		0.02	(f)		1.55			1.57			(0.05	)		—			(0.05	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		13.94		0.07	(f)(g)		0.24			0.31			(0.07	)		(1.59	)		(1.66	)
Year Ended June 30, 2014		12.24		0.12	(f)(h)		2.83			2.95			(0.11	)		(1.14	)		(1.25	)
Year Ended June 30, 2013		10.37		0.14	(f)(i)		2.46			2.60			(0.13	)		(0.60	)		(0.73	)
Year Ended June 30, 2012		11.57		0.09	(f)		(0.42	)		(0.33	)		(0.09	)		(0.78	)		(0.87	)
Year Ended June 30, 2011		8.45		0.08	(f)		3.11			3.19			(0.07	)		—			(0.07	)
Year Ended June 30, 2010		6.91		0.09	(f)		1.54			1.63			(0.09	)		—			(0.09	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have remained the same for Class A, Class B and Class C and would have been $0.03 and $0.06 for Class R2 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.67%, (0.03)%, 0.00%, 0.46% and 0.93% for Class A, Class B, Class C, Class R2 and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share remained the same for Class A, Class B, Class C, Class R2 and Select Class Shares and the net investment income (loss) ratio would have been 0.65%, (0.03)%, (0.03)%, 0.42% and 0.90% for Class A, Class B, Class C, Class R2 and Select Class Shares, respectively.

(i) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.09, $0.02, $0.01, $0.06 and $0.12 for Class A, Class B, Class C, Class R2 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.82%, 0.15%, 0.13%, 0.58% and 1.07% for Class A, Class B, Class C, Class R2 and Select Class Shares, respectively.

(j) Amount rounds to less than $0.01.

(k) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate) (b)(e)
$	12.49		2.54	%	$	107,468		0.69	%		0.74	%(g)		0.89	%		18	%
	13.85		24.96			116,727		0.69			0.68	(h)		0.87			25
	12.17		25.91			84,296		0.69			0.95	(i)		0.88			51
	10.32		(2.22	)		62,820		0.69			0.64			0.89			77
	11.52		37.50			77,638		0.69			0.50			0.89			78
	8.42		23.30			57,906		0.69			0.75			0.91			61
	11.87		2.18			991		1.37			0.03	(g)		1.41			18
	13.25		24.18			1,295		1.35			—	(h)(k)		1.37			25
	11.70		25.11			2,082		1.36			0.28	(i)		1.38			51
	9.95		(2.98	)		3,613		1.39			(0.08	)		1.39			77
	11.16		36.63			5,839		1.39			(0.20	)		1.39			78
	8.18		22.21			7,104		1.41			0.03			1.41			61
	11.19		2.29			23,487		1.37			0.06	(g)		1.41			18
	12.58		24.03			23,248		1.37			—	(h)(k)		1.37			25
	11.18		25.07			16,636		1.37			0.27	(i)		1.38			51
	9.55		(2.85	)		12,330		1.39			(0.07	)		1.39			77
	10.74		36.53			13,613		1.39			(0.21	)		1.39			78
	7.88		22.34			9,919		1.41			0.03			1.41			61
	12.38		2.46			9,100		0.92			0.52	(g)		1.16			18
	13.74		24.60			8,821		0.92			0.45	(h)		1.12			25
	12.09		25.72			6,985		0.93			0.72	(i)		1.13			51
	10.25		(2.64	)		4,477		1.07			0.27			1.14			77
	11.46		36.97			3,309		1.07			0.10			1.14			78
	8.39		22.83			1,527		1.07			0.24			1.16			61
	12.59		2.70			1,304,194		0.44			0.99	(g)		0.62			18
	13.94		25.26			1,413,937		0.44			0.92	(h)		0.62			25
	12.24		26.26			1,296,602		0.44			1.21	(i)		0.63			51
	10.37		(1.96	)		1,100,332		0.44			0.89			0.64			77
	11.57		37.84			1,145,121		0.44			0.75			0.64			78
	8.45		23.49			774,830		0.44			1.00			0.66			61

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
Equity Index Fund	Class A, Class B, Class C and Select Class	Diversified
Market Expansion Enhanced Index Fund	Class A, Class B, Class C, Class R2 and Select Class	Diversified

The investment objective of the Equity Index Fund is to seek investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor’s 500 Composite Stock Price Index (“S&P 500 Index”).

The investment objective of the Market Expansion Enhanced Index Fund is to seek to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.

Effective November 1, 2009, Class B Shares of the Funds 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 automatically convert 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 and Select 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.

2. Significant Accounting Policies

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

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

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

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

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

36 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each investment company’s NAV per share as of the report date.

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

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

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

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

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

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

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

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

Equity Index Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,980,343	$	—	$	—	$	1,980,343
Appreciation in Other Financial Instruments
Futures Contracts	$	124	$	—	$	—	$	124

Market Expansion Enhanced Index Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	187,552	$	—	$	—		$	187,552
Consumer Staples		46,152		—		—			46,152
Energy		53,247		—		—			53,247
Financials		321,881		—		—			321,881
Health Care		152,877		—		—			152,877
Industrials		225,246		—		—			225,246
Information Technology		254,876		—		—	(b)		254,876
Materials		102,347		—		—			102,347
Telecommunication Services		1,624		—		—			1,624
Utilities		67,667		—		—			67,667
Total Common Stocks		1,413,469		—		—	(b)		1,413,469
Short-Term Investment
Investment Company		31,936		—		—			31,936
Total Investments in Securities	$	1,445,405	$	—	$	—	(b)	$	1,445,405
Appreciation in Other Financial Instruments
Futures Contracts	$	506	$	—	$	—		$	506

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

(b) Value is zero.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

There were no transfers among any levels during the six months ended December 31, 2014.

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. 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 December 31, 2014, the Funds had no investments in restricted securities.

The following is the value and percentage of net assets of illiquid securities as of December 31, 2014 (amounts in thousands):

	Value			Percentage
Market Expansion Enhanced Index Fund	$	—	(a)		—	%

(a) Value is zero.

C. Futures Contracts — The Funds use index futures contracts to gain or reduce exposure to their respective indices, 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. The use of futures contracts exposes the Funds to equity price risk.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the 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; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2014 (amounts in thousands):

	Equity Index Fund		Market Expansion Enhanced Index Fund
Futures Contracts:
Average Notional Balance Long	$	14,745	$	45,823
Ending Notional Balance Long		10,262		35,395

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

38 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

D. Investment Transactions with Affiliates — An issuer which is under common control with a fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the following to be affiliated issuers (amounts in thousands):

	For the six months ended December 31, 2014
Affiliate	Value at June 30, 2014		Purchase Cost		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Shares at December 31, 2014		Value at December 31, 2014
Equity Index Fund
JPMorgan Chase & Co. (common stock)*	$	23,682	$	—	$	448	$	242	$	329		404	$	25,262
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		17,665		79,075		86,643		—		3		10,097		10,097
Total	$	41,347					$	242	$	332			$	35,359
	For the six months ended December 31, 2014
Affiliate	Value at June 30, 2014		Purchase Cost		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Shares at December 31, 2014		Value at December 31, 2014
Market Expansion Enhanced Index Fund
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares	$	46,170	$	214,287	$	228,521	$	—	$	8		31,936	$	31,936
Total	$	46,170					$	—	$	8			$	31,936

* Investment in affiliate which is a security in the Fund’s Index.

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

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

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

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2014, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management, Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.25% of each Fund’s average daily net assets.

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

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, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2014, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class 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
Equity Index Fund		0.25	%		0.75	%		0.75	%		n/a
Market Expansion Enhanced Index Fund		0.25			0.75			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 six months ended December 31, 2014, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge		CDSC
Equity Index Fund	$	17	$	—	(a)
Market Expansion Enhanced Index Fund		5		—	(a)

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

D. Shareholder Servicing Fees — The Trust, on behalf of the Funds, has entered into Shareholder Servicing Agreements with the Distributor under which the Distributor provides certain support services to the shareholders. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to an annual rate of 0.25% of the average daily net assets of each share class.

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. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, 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’s 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			Select Class
Equity Index Fund		0.45	%		1.20	%		1.20	%		n/a			0.20	%
Market Expansion Enhanced Index Fund		0.69			1.39			1.39			0.92	%		0.44

The expense limitation agreements were in effect for the six months ended December 31, 2014. The contractual expense limitation percentages in the table above are in place until at least October 31, 2015. In addition, the Funds’ service providers have voluntarily waived fees during the six months ended December 31, 2014. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

40 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

For the six months ended December 31, 2014, 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 reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total
Equity Index Fund	$	1,360	$	809	$	2,298	$	4,467
Market Expansion Enhanced Index Fund		121		78		1,162		1,361

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and the 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 amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2014 was as follows (amounts in thousands):

Equity Index Fund	$	14
Market Expansion Enhanced Index Fund		43

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

During the six months ended December 31, 2014, 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 six months ended December 31, 2014, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended December 31, 2014, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
Equity Index Fund	$	38,209	$	53,970	$	—	$	—
Market Expansion Enhanced Index Fund		272,145		410,944		—		1,740

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2014 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Index Fund	$	634,092	$	1,358,241	$	11,990	$	1,346,251
Market Expansion Enhanced Index Fund		996,065		478,528		29,188		449,340

At June 30, 2014, the Funds did not have any net capital loss carryforwards.

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

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 9, 2015.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2014, or at any time during the six months then ended.

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 the Market Expansion Enhanced Index Fund.

In addition, as of December 31, 2014, the J.P. Morgan Investor Funds, which are affiliated funds of funds, own in the aggregate approximately 38.3% of the net assets of Market Expansion Enhanced Index Fund.

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

42 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2014, and continued to hold your shares at the end of the reporting period, December 31, 2014.

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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Equity Index Fund
Class A
Actual	$	1,000.00	$	1,058.80	$	2.34		0.45	%
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class B
Actual		1,000.00		1,054.60		6.21		1.20
Hypothetical		1,000.00		1,019.16		6.11		1.20
Class C
Actual		1,000.00		1,054.60		6.21		1.20
Hypothetical		1,000.00		1,019.16		6.11		1.20
Select Class
Actual		1,000.00		1,060.10		1.04		0.20
Hypothetical		1,000.00		1,024.20		1.02		0.20
Market Expansion Enhanced Index Fund
Class A
Actual		1,000.00		1,025.40		3.52		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class B
Actual		1,000.00		1,021.80		6.98		1.37
Hypothetical		1,000.00		1,018.30		6.97		1.37
Class C
Actual		1,000.00		1,022.90		6.99		1.37
Hypothetical		1,000.00		1,018.30		6.97		1.37
Class R2
Actual		1,000.00		1,024.60		4.69		0.92
Hypothetical		1,000.00		1,020.57		4.69		0.92
Select Class
Actual		1,000.00		1,027.00		2.25		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44

* 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).

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 43

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2014, at which the Trustees considered the continuation of the investment advisory agreement for each of the Funds whose semi-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, 2014.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in

executive session with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

44 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

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

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

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

Fall-Out Benefits

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

The Trustees also considered that 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.

Economies of Scale

The Trustees considered the extent to which the Funds benefit from economies of scale. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not con-

tain breakpoints, but 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 also noted that the Adviser and its affiliates have implemented fee waivers and expense limitations. 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 and its affiliates have in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that shareholders of the Funds effectively participated in the economies of scale through these fee waivers and expense limitations and administrative service fee breakpoints.

Independent Written Evaluation of the Funds’ Senior Officer

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

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 the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “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

DECEMBER 31, 2014 J.P. MORGAN EQUITY FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ 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 Equity Index Fund’s performance was in the third quintile for Class A shares, and in the second quintile for the Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s 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 that the Market Expansion Enhanced Index Fund’s performance was in the third, second, and second quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees also noted that effective February 28, 2013, the Fund changed portfolio managers, and effective April 30, 2013, the Fund changed its name and 80% investment policy, and other investment strategies. 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.

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’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Equity Index Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintile of the 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 Market Expansion Enhanced Index Fund’s net advisory fee for Select Class shares was in the fourth quintile and that the actual total expenses for Select Class shares were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

46 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2014

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 business 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., 2015. All rights reserved. December 2014. SAN-INDEX-1214

Semi-Annual Report

J.P. Morgan Investor Funds

December 31, 2014 (Unaudited)

JPMorgan Investor Balanced Fund

JPMorgan Investor Conservative Growth Fund

JPMorgan Investor Growth Fund

JPMorgan Investor Growth & Income Fund

CONTENTS

CEO’s Letter	1
Fund Facts	2
Funds Commentary	3
Schedules of Portfolio Investments	9
Financial Statements	14
Financial Highlights	22
Notes to Financial Statements	30
Schedule of Shareholder Expenses	40
Tax Letter	42
Board Approval of Investment Advisory Agreement	43

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

January 11, 2015 (Unaudited)

Dear Shareholder,

A growing divergence in the economic trajectories of U.S. and other developed markets and plummeting global energy prices provided a mixed backdrop for the latter half of 2014. The U.S. economy accelerated at a steady pace amid continued strength in corporate earnings, gains in employment and consumer spending and falling oil prices for the six months ended December 31, 2014. Gross domestic product (GDP) in the U.S. climbed by 5.0% in the third quarter of 2014 and unemployment dropped to 5.6% in December, a level not seen since June 2008.

  “Amid uncertainty about the global economy recovery, equity markets in the U.S., China and Japan provided investors with solid returns and served to emphasize the prudence of holding a broadly diversified portfolio and a long-term outlook.”

In response to the continued improvement in the domestic economy, the U.S. Federal Reserve Bank proceeded to taper down its monthly purchases of bonds under its quantitative easing program and finally closed the program in October.

In stark contrast, the European Central Bank (ECB) took unprecedented steps to counter the threat of price deflation in the euro zone and the Bank of Japan stunned markets with a massive stimulus program as Japan’s economy slid into recession.

Another key development in the latter half of 2014 was a precipitous drop in global petroleum prices. A supply glut driven by new production in the U.S. and increased output from other nations, along with decreasing demand from China, Europe and Japan led to a 50% drop in the price of crude oil between July and December.

Amid this backdrop, U.S. equity markets outperformed most other assets classes over the six month period, with large cap stocks providing better returns than small caps and defensive sectors overtaking cyclical sectors. Notably, U.S. equities fell to six-month lows in mid October only to rebound 8.4%, driving the Standard & Poor’s 500 Index (“S&P 500”) to a new closing high of 2,018.05 points on October 31, 2014. In December, the Dow Jones Industrial Average closed above 18,000 points for the first time following the news that third quarter GDP showed the fastest growth in 11 years. The S&P 500 closed at a new high of 2,090.57 points on December 29, 2014, and returned 6.1% for the six months ended December 31, 2014.

Prices for U.S. Treasury securities with longer maturities rose during the six month period as investors sought safe havens amid deteriorating energy prices and geopolitical concerns. While declining oil prices helped bolster consumer spending in developed nations, energy related sectors came under pressure and yield spreads on high-yield debt — also known as junk bonds — widened. Nations dependent on oil exports experienced volatility in bond yield spreads and currency valuations.

Meanwhile, weak growth in the euro zone raised concerns about the potential for a destructive deflationary spiral. Even after the ECB had cut its deposit rate to negative 0.1% to encourage banks to extend lending by effectively charging them for parking excess cash with the central bank, growth

remained tepid and inflation was well below the ECB’s target of just below 2%. The inflation rate averaged 0.4% from July to October and then fell 0.3% in November and was estimated at -0.2% for December. Unemployment across the euro zone remained stubbornly high at 11.5%.

Japan’s economy retreated into recession during the six month period following two quarters of economic contraction, partly attributed to an increase in the national consumption tax earlier in the year. Responding to the crisis, the Bank of Japan surprised global markets on October 31 by unveiling plans to buy 8 trillion to 12 trillion yen ($71 billion to $107 billion) of Japanese government bonds per month, while also tripling its purchases of exchange-traded funds. The announcement drove Tokyo stocks to seven-year highs. For the six months ended December 31, 2014, the MSCI Europe, Australasia and Far East Index returned -9.2%.

Elsewhere, China’s economy continued to grow but at a slower pace for the six month period. At 7.3%, China’s GDP showed the slowest growth in five years, though it was slightly better than economists had expected. The weaker GDP growth was partly attributed to a slowdown in the property sector. However, Chinese equity securities performed well over the six months ended December 31, 2014, amid expectations that policy makers may ease monetary policy to spur growth. Chinese equity markets received an additional boost when regulators increased access to Chinese financial markets by allowing foreign investors in Hong Kong to buy shares in Shanghai.

Russia’s economy, already straining under Western economic sanctions following its annexation of Crimea, began sliding toward recession as prices plummeted for oil and natural gas, its biggest exports. In response, the Russian Central Bank spent heavily from its reserves and raised its key interest rate sharply in a largely unsuccessful effort to halt the ruble’s slide. The MSCI Emerging Markets Index returned -7.7% for the six months ended December 31, 2014.

During the six month period, financial market volatility returned after being largely absent in the first half of 2014. Meanwhile, economic growth outside the U.S. began to falter and the relative strength of the U.S. economy drove the dollar higher against other major currencies. Amid uncertainty about the global economy recovery, equity markets in the U.S., China and Japan provided investors with solid returns and served to emphasize the prudence of holding a broadly diversified portfolio and a long-term outlook.

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

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 1

J.P. Morgan Investor Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

Fund	Fund Return*		Barclays U.S. Intermediate Aggregate Index Return (Broad Based Fixed  Income Benchmark)		Russell 3000 Index Return (Broad- Based Equity Benchmark)		Composite Benchmark Return			Fund Net Assets as of December 31, 2014 (in thousands)
JPMorgan Investor Balanced Fund, Class A (No sales charge)		1.65%		1.24%		5.25%		3.26%	**	$	5,360,161
JPMorgan Investor Conservative Growth Fund, Class A (No sales charge)		1.09%		1.24%		5.25%		2.45%	***		4,430,854
JPMorgan Investor Growth Fund, Class A (No sales charge)		3.17%		1.24%		5.25%		4.85%	****		2,389,542
JPMorgan Investor Growth & Income Fund, Class A (No sales charge)		1.94%		1.24%		5.25%		4.06%	*****		3,216,445

Portfolio Composition by Asset Class******

Investor Balanced Fund
U.S. Equity	41.5	%
Fixed Income	36.6
International Equity	11.1
Alternative Assets	6.3
Money Market	4.5
Investor Conservative Growth Fund
Fixed Income	55.6	%
U.S. Equity	26.5
Alternative Assets	7.0
International Equity	6.8
Money Market	4.1
Investor Growth Fund
U.S. Equity	75.1	%
International Equity	14.0
Fixed Income	6.8
Alternative Assets	2.4
Money Market	1.7
Investor Growth & Income Fund
U.S. Equity	54.1	%
Fixed Income	22.8
International Equity	14.5
Alternative Assets	5.8
Money Market	2.8

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

** The Composite Benchmark is comprised of unmanaged indices that correspond to the Investor Balanced Fund’s model allocation and consists of the Barclays U.S. Intermediate Aggregate Index (50%) and the Russell 3000 Index (50%).

*** The Composite Benchmark is comprised of unmanaged indices that correspond to the Investor Conservative Growth Fund’s model allocation and consists of the Barclays U.S. Intermediate Aggregate Index (70%) and the Russell 3000 Index (30%).

**** The Composite Benchmark is comprised of unmanaged indices that correspond to the Investor Growth Fund’s model allocation and consists of the Russell 3000 Index (90%) and the Barclays U.S. Intermediate Aggregate Index (10%).

***** The Composite Benchmark is comprised of unmanaged indices that correspond to the Investor Growth & Income Fund’s model allocation and consists of the Russell 3000 Index (70%) and the Barclays U.S. Intermediate Aggregate Index (30%).

****** Percentages indicated are based on total investments as of December 31, 2014. The Funds’ portfolio composition is subject to change.

2 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

J.P. Morgan Investor Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

INVESTMENT OBJECTIVES*

The JPMorgan Investor Balanced Fund seeks high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity and fixed income securities.

The JPMorgan Investor Conservative Growth Fund seeks income and capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in fixed income and equity securities.

The JPMorgan Investor Growth Fund seeks long-term capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

The JPMorgan Investor Growth & Income Fund seeks long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

HOW DID THE MARKET PERFORM?

U.S equity markets performed strongly during the six month reporting period, amid accommodative central bank policies, falling energy prices and steady overall improvement in the U.S. economy. While the second half of 2014 was marked by the return of volatility in financial markets and a sharp sell-off in mid-October, key U.S. equity indexes rebounded to closing highs in the final months of 2014. The Standard & Poor’s 500 Index broke through the 2,000-point closing level for the first time on the final day of October and hit new closing highs in the final weeks of December. Also in late December, the Dow Jones Industrial Average closed above 18,000 points for the first time.

Bond markets were mixed over the six month reporting period. U.S. Treasury securities benefitted from falling oil prices, a slow down in economic growth outside the U.S. and geopolitical risks, which drove investors to investments that provided both a safe haven and good liquidity. A sharp decline in government bond yields in the U.K., European Union and Japan also made U.S. Treasury securities more attractive. Yields generally move in the opposite direction of prices. In aggregate, U.S. Treasury securities returned 2.28% for 2014. Meanwhile, the Barclays U.S. Aggregate Index returned 1.96% for the six months ended December 31, 2014, while the Barclays U.S. High Yield Corporate Index returned -2.85%.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

In accordance with their model allocations, each of the JPMorgan Investor Funds (the “Investor Funds”) allocated its assets among fixed income, equity and alternative investments. For the six months ended December 31, 2014, three of the four Investor Funds outperformed the Barclays U.S. Intermediate Aggregate Index, their broad based fixed income benchmark. In contrast, each of the Investor Funds underperformed the Russell 3000 Index, the Investor Funds’ broad based equity benchmark. This was due to the Funds’ allocation to fixed income securities, which underperformed equity securities during the reporting period.

Each Investor Fund’s performance is also compared to composite benchmarks, which are constructed of different percentages of the Investor Funds’ broad based fixed income and equity benchmarks. These composite benchmarks correspond to each Investor Fund’s model allocation. All four Investor Funds underperformed their respective composite benchmarks, mainly due the Funds’ exposure to both developed market and emerging market equities that were not held in the composite benchmarks.

HOW WERE THE FUNDS POSITIONED?

Each Investor Fund invested in underlying JPMorgan Funds (“underlying funds”). The underlying funds invest in fixed income securities, equities and other alternative fixed income and equity strategies, such as below investment-grade, high-yield bonds, commodities, equity long/short and market-neutral strategies. Among equities, the underlying funds in which the Investor Funds invested were allocated among large-cap, mid-cap, small-cap, and international stocks. The Investor Funds’ portfolio managers made investments for each Investor Fund based on an evaluation of three components: underlying fund selection, tactical asset allocation and strategic asset allocation. They determined the strategic weight for each asset class in the Investor Funds by making investments that they believed would perform well over the long term, and maintained a level of volatility similar to that of each Investor Fund’s composite benchmark.

During the reporting period, the Investor Funds — through their investments in underlying funds — benefited from an overweight position relative to their composite benchmarks in equities and relative underweight position in fixed income securities. While the Funds remained overweight to equities relative to their composite benchmarks, the Funds’ managers began to gradually increase the investments in fixed income. Throughout the six month reporting period, the Funds’ managers added to core fixed income, accumulated a higher than normal cash balance invested in a J.P. Morgan money

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 3

market fund, and introduced a new position in the J.P. Morgan Systematic Alpha Fund, which invests in a diversified mix of alternative strategies. The Funds’ gradual repositioning reflected the managers’ assessment that various segments of the financial markets are more fairly valued compared with

other segments. The Funds’ managers view their decision to gradually increase fixed income investments in the Investor Funds portfolios as a normal rebalancing of the asset mix following several years of strong equity market performance.

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

4 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

JPMorgan Investor Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
Without Sales Charge			1.65	%		6.26	%		8.24	%		6.05	%
With Sales Charge**			(2.93	)		1.48			7.25			5.56
CLASS B SHARES	December 10, 1996
Without CDSC			1.47			5.75			7.69			5.57
With CDSC***			(3.53	)		0.75			7.39			5.57
CLASS C SHARES	July 1, 1997
Without CDSC			1.48			5.79			7.68			5.47
With CDSC****			0.48			4.79			7.68			5.47
SELECT CLASS SHARES	December 10, 1996		1.78			6.50			8.50			6.31

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** 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 (12/31/04 TO 12/31/14)

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Balanced Fund, the Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the Investor Balanced Composite Benchmark and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the Investor Balanced Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Moderate Funds Index, which is not a broad-based securities 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 Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the

3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Investor Balanced Composite Benchmark is comprised of unmanaged indices that correspond to the Fund’s model allocation and consists of the Barclays U.S. Intermediate Aggregate Index (50%) and the Russell 3000 Index (50%). The Lipper Mixed-Asset Target Allocation Moderate Funds Index consists of funds that by portfolio practice maintain a mix of between 40% to 60% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.

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

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.

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 5

JPMorgan Investor Conservative Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
Without Sales Charge			1.09	%		5.00	%		6.39	%		5.18	%
With Sales Charge**			(3.44	)		0.30			5.41			4.70
CLASS B SHARES	December 10, 1996
Without CDSC			0.92			4.53			5.86			4.72
With CDSC***			(4.08	)		(0.47	)		5.54			4.72
CLASS C SHARES	July 1, 1997
Without CDSC			0.91			4.56			5.85			4.61
With CDSC****			(0.09	)		3.56			5.85			4.61
SELECT CLASS SHARES	December 10, 1996		1.27			5.36			6.68			5.45

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** 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 (12/31/04 TO 12/31/14)

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Conservative Growth Fund, the Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the Investor Conservative Growth Composite Benchmark, and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the Investor Conservative Growth Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Conservative Funds Index, which is not a broad-based securities 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 Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index

which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Investor Conservative Growth Composite Benchmark is comprised of unmanaged indices that correspond to the Fund’s model allocation and consists of the Barclays U.S. Intermediate Aggregate Index (70%) and the Russell 3000 Index (30%). The Lipper Mixed-Asset Target Allocation Conservative Funds Index consists of funds that by portfolio practice maintain a mix of between 20% to 40% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.

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

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.

6 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

JPMorgan Investor Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
Without Sales Charge			3.17	%		8.99	%		11.78	%		7.01	%
With Sales Charge**			(1.46	)		4.06			10.75			6.52
CLASS B SHARES	December 10, 1996
Without CDSC			2.93			8.44			11.17			6.50
With CDSC***			(2.07	)		3.44			10.91			6.50
CLASS C SHARES	July 1, 1997
Without CDSC			2.93			8.48			11.17			6.40
With CDSC****			1.93			7.48			11.17			6.40
SELECT CLASS SHARES	December 10, 1996		3.30			9.27			12.06			7.27

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** 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 (12/31/04 TO 12/31/14)

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth Fund, the Russell 3000 Index, the Barclays U.S. Intermediate Aggregate Index, the Investor Growth Composite Benchmark and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the Investor Growth Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index, which is not a broad-based securities 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 Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised

of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Investor Growth Composite Benchmark is comprised of unmanaged indices that correspond to the Fund’s model allocation and consists of the Russell 3000 Index (90%) and the Barclays U.S. Intermediate Aggregate Index (10%). The Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index consists of funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.

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

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.

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 7

JPMorgan Investor Growth & Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
Without Sales Charge			1.94	%		6.90	%		9.86	%		6.44	%
With Sales Charge**			(2.67	)		2.09			8.84			5.95
CLASS B SHARES	December 10, 1996
Without CDSC			1.75			6.41			9.30			5.95
With CDSC***			(3.25	)		1.41			9.02			5.95
CLASS C SHARES	July 1, 1997
Without CDSC			1.78			6.38			9.30			5.86
With CDSC****			0.78			5.38			9.30			5.86
SELECT CLASS SHARES	December 10, 1996		2.09			7.19			10.13			6.71

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** 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 (12/31/04 TO 12/31/14)

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth & Income Fund, the Russell 3000 Index, the Barclays U.S. Intermediate Aggregate Index, the Investor Growth & Income Composite Benchmark and the Lipper Mixed-Asset Target Allocation Growth Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the Investor Growth & Income Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is not a broad-based securities 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 Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government,

mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Investor Growth & Income Composite Benchmark is comprised of unmanaged indices that correspond to the Fund’s model allocation and consists of the Russell 3000 Index (70%) and the Barclays U.S. Intermediate Aggregate Index (30%). The Lipper Mixed-Asset Target Allocation Growth Funds Index consists of funds that by portfolio practice maintain a mix of between 60% to 80% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.

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

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 INVESTOR FUNDS DECEMBER 31, 2014

JPMorgan Investor Balanced Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 100.0% (b)
		Alternative Assets — 6.3%
	1,910	JPMorgan Commodities Strategy Fund, Select Class Shares (a)		20,914
	1,340	JPMorgan Global Natural Resources Fund, Select Class Shares		10,173
	11,377	JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares (a)		116,844
	7,109	JPMorgan Research Market Neutral Fund, Select Class Shares		108,846
	5,304	JPMorgan Systematic Alpha Fund, Select Class Shares		79,773
		Total Alternative Assets		336,550
		Fixed Income — 36.6%
	63,753	JPMorgan Core Bond Fund, Select Class Shares		749,100
	56,447	JPMorgan Core Plus Bond Fund, Select Class Shares		469,077
	4,230	JPMorgan Emerging Markets Debt Fund, Select Class Shares		34,137
	4,370	JPMorgan Emerging Markets Local Currency Debt Fund, Select Class Shares		37,979
	13,205	JPMorgan Floating Rate Income Fund, Select Class Shares		128,348
	1,090	JPMorgan Government Bond Fund, Select Class Shares		11,917
	15,072	JPMorgan High Yield Fund, Select Class Shares		114,397
	13,912	JPMorgan Inflation Managed Bond Fund, Select Class Shares		142,461
	13,210	JPMorgan Limited Duration Bond Fund, Select Class Shares		132,101
	10,219	JPMorgan Strategic Income Opportunities Fund, Select Class Shares		119,764
	2,305	JPMorgan Unconstrained Debt Fund, Select Class Shares		23,114
		Total Fixed Income		1,962,395
		International Equity — 11.1%
	5,910	JPMorgan Emerging Economies Fund, Select Class Shares		72,039
	3,153	JPMorgan Emerging Markets Equity Fund, Select Class Shares		70,553
	9,686	JPMorgan Global Research Enhanced Index Fund, Select Class Shares		177,343
	4,063	JPMorgan International Equity Fund, Select Class Shares		61,024
	9,109	JPMorgan International Research Enhanced Equity Fund, Select Class Shares		147,388
	1,826	JPMorgan Intrepid European Fund, Select Class Shares		43,327

SHARES		SECURITY DESCRIPTION	VALUE($)
		International Equity — continued
	1,484	JPMorgan Latin America Fund, Select Class Shares		22,967
		Total International Equity		594,641
		Money Market — 4.5%
	241,924	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (l)		241,924
		U.S. Equity — 41.5%
	4,719	JPMorgan Dynamic Growth Fund, Select Class Shares		115,672
	6,102	JPMorgan Equity Income Fund, Select Class Shares		87,074
	9,862	JPMorgan Intrepid America Fund, Select Class Shares		375,530
	4,520	JPMorgan Intrepid Growth Fund, Select Class Shares		182,718
	4,902	JPMorgan Intrepid Mid Cap Fund, Select Class Shares		112,402
	1,725	JPMorgan Large Cap Growth Fund, Select Class Shares		59,678
	13,075	JPMorgan Large Cap Value Fund, Select Class Shares		192,339
	15,984	JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		201,238
	3,377	JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		61,876
	34,459	JPMorgan U.S. Equity Fund, Select Class Shares		500,692
	8,383	JPMorgan U.S. Large Cap Core Plus Fund, Select Class Shares		246,464
	2,973	JPMorgan Value Advantage Fund, Select Class Shares		88,532
		Total U.S. Equity		2,224,215
		Total Investments — 100.0% (Cost $4,558,858)		5,359,725
		Other Assets in Excess of Liabilities — 0.0% (g)		436
		NET ASSETS — 100.0%	$	5,360,161

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 9

JPMorgan Investor Conservative Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 100.0% (b)
		Alternative Assets — 7.0%
	1,687	JPMorgan Commodities Strategy Fund, Select Class Shares (a)		18,469
	1,139	JPMorgan Global Natural Resources Fund, Select Class Shares		8,642
	8,561	JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares (a)		87,919
	7,412	JPMorgan Research Market Neutral Fund, Select Class Shares		113,476
	5,325	JPMorgan Systematic Alpha Fund, Select Class Shares		80,092
		Total Alternative Assets		308,598
		Fixed Income — 55.6%
	79,567	JPMorgan Core Bond Fund, Select Class Shares		934,913
	66,143	JPMorgan Core Plus Bond Fund, Select Class Shares		549,646
	2,703	JPMorgan Emerging Markets Debt Fund, Select Class Shares		21,815
	6,079	JPMorgan Emerging Markets Local Currency Debt Fund, Select Class Shares		52,827
	15,980	JPMorgan Floating Rate Income Fund, Select Class Shares		155,329
	3,019	JPMorgan Government Bond Fund, Select Class Shares		33,001
	11,418	JPMorgan High Yield Fund, Select Class Shares		86,662
	17,109	JPMorgan Inflation Managed Bond Fund, Select Class Shares		175,195
	29,090	JPMorgan Limited Duration Bond Fund, Select Class Shares		290,901
	12,156	JPMorgan Strategic Income Opportunities Fund, Select Class Shares		142,470
	1,903	JPMorgan Unconstrained Debt Fund, Select Class Shares		19,089
		Total Fixed Income		2,461,848
		International Equity — 6.8%
	3,193	JPMorgan Emerging Economies Fund, Select Class Shares		38,926
	1,727	JPMorgan Emerging Markets Equity Fund, Select Class Shares		38,650
	2,747	JPMorgan Global Research Enhanced Index Fund, Select Class Shares		50,289
	2,153	JPMorgan International Equity Fund, Select Class Shares		32,337
	6,240	JPMorgan International Research Enhanced Equity Fund, Select Class Shares		100,958
	1,032	JPMorgan Intrepid European Fund, Select Class Shares		24,481

SHARES		SECURITY DESCRIPTION	VALUE($)
		International Equity — continued
	1,003	JPMorgan Latin America Fund, Select Class Shares		15,526
		Total International Equity		301,167
		Money Market — 4.1%
	181,184	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (l)		181,184
		U.S. Equity — 26.5%
	1,639	JPMorgan Dynamic Growth Fund, Select Class Shares		40,162
	5,691	JPMorgan Equity Income Fund, Select Class Shares		81,214
	6,739	JPMorgan Intrepid America Fund, Select Class Shares		256,639
	2,743	JPMorgan Intrepid Growth Fund, Select Class Shares		110,891
	1,894	JPMorgan Intrepid Mid Cap Fund, Select Class Shares		43,434
	2,961	JPMorgan Large Cap Value Fund, Select Class Shares		43,557
	5,690	JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		71,637
	936	JPMorgan Mid Cap Growth Fund, Select Class Shares		26,345
	2,473	JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		45,304
	17,521	JPMorgan U.S. Equity Fund, Select Class Shares		254,576
	4,868	JPMorgan U.S. Large Cap Core Plus Fund, Select Class Shares		143,125
	1,999	JPMorgan Value Advantage Fund, Select Class Shares		59,519
		Total U.S. Equity		1,176,403
		Total Investments — 100.0% (Cost $3,987,764)		4,429,200
		Other Assets in Excess of Liabilities — 0.0% (g)		1,654
		NET ASSETS — 100.0%	$	4,430,854

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

JPMorgan Investor Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 100.0% (b)
		Alternative Assets — 2.4%
	907	JPMorgan Commodities Strategy Fund, Select Class Shares (a)		9,929
	674	JPMorgan Global Natural Resources Fund, Select Class Shares		5,117
	1,478	JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares (a)		15,184
	890	JPMorgan Research Market Neutral Fund, Select Class Shares		13,619
	950	JPMorgan Systematic Alpha Fund, Select Class Shares		14,287
		Total Alternative Assets		58,136
		Fixed Income — 6.8%
	4,703	JPMorgan Core Bond Fund, Select Class Shares		55,257
	1,586	JPMorgan Core Plus Bond Fund, Select Class Shares		13,176
	911	JPMorgan Emerging Markets Debt Fund, Select Class Shares		7,350
	1,033	JPMorgan Emerging Markets Local Currency Debt Fund, Select Class Shares		8,976
	1,387	JPMorgan Floating Rate Income Fund, Select Class Shares		13,482
	1,750	JPMorgan High Yield Fund, Select Class Shares		13,285
	2,972	JPMorgan Inflation Managed Bond Fund, Select Class Shares		30,434
	429	JPMorgan Limited Duration Bond Fund, Select Class Shares		4,285
	950	JPMorgan Strategic Income Opportunities Fund, Select Class Shares		11,136
	501	JPMorgan Unconstrained Debt Fund, Select Class Shares		5,021
		Total Fixed Income		162,402
		International Equity — 14.0%
	3,190	JPMorgan Emerging Economies Fund, Select Class Shares		38,886
	1,768	JPMorgan Emerging Markets Equity Fund, Select Class Shares		39,564
	3,524	JPMorgan Global Research Enhanced Index Fund, Select Class Shares		64,518
	5,061	JPMorgan International Equity Fund, Select Class Shares		76,021
	4,975	JPMorgan International Research Enhanced Equity Fund, Select Class Shares		80,498
	1,097	JPMorgan Intrepid European Fund, Select Class Shares		26,035
	538	JPMorgan Latin America Fund, Select Class Shares		8,329
		Total International Equity		333,851

SHARES		SECURITY DESCRIPTION	VALUE($)
		Money Market — 1.7%
	41,477	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (l)		41,477
		U.S. Equity — 75.1%
	991	JPMorgan Dynamic Growth Fund, Select Class Shares		24,301
	2,468	JPMorgan Equity Income Fund, Select Class Shares		35,221
	7,784	JPMorgan Intrepid America Fund, Select Class Shares		296,414
	3,649	JPMorgan Intrepid Growth Fund, Select Class Shares		147,481
	3,923	JPMorgan Intrepid Mid Cap Fund, Select Class Shares		89,944
	5,682	JPMorgan Large Cap Growth Fund, Select Class Shares		196,603
	17,266	JPMorgan Large Cap Value Fund, Select Class Shares		253,983
	11,346	JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		142,851
	558	JPMorgan Mid Cap Growth Fund, Select Class Shares		15,694
	2,329	JPMorgan Small Cap Value Fund, Select Class Shares		65,089
	1,941	JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		35,555
	23,489	JPMorgan U.S. Equity Fund, Select Class Shares		341,302
	3,776	JPMorgan U.S. Large Cap Core Plus Fund, Select Class Shares		111,006
	1,273	JPMorgan Value Advantage Fund, Select Class Shares		37,901
		Total U.S. Equity		1,793,345
		Total Investments — 100.0% (Cost $1,744,608)		2,389,211
		Other Assets in Excess of Liabilities — 0.0% (g)		331
		NET ASSETS — 100.0%	$	2,389,542

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 11

JPMorgan Investor Growth & Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies �� 100.0% (b)
		Alternative Assets — 5.8%
	1,308	JPMorgan Commodities Strategy Fund, Select Class Shares (a)		14,321
	985	JPMorgan Global Natural Resources Fund, Select Class Shares		7,476
	6,422	JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares (a)		65,954
	3,818	JPMorgan Research Market Neutral Fund, Select Class Shares		58,460
	2,704	JPMorgan Systematic Alpha Fund, Select Class Shares		40,662
		Total Alternative Assets		186,873
		Fixed Income — 22.8%
	21,147	JPMorgan Core Bond Fund, Select Class Shares		248,473
	20,409	JPMorgan Core Plus Bond Fund, Select Class Shares		169,596
	1,091	JPMorgan Emerging Markets Debt Fund, Select Class Shares		8,805
	2,011	JPMorgan Emerging Markets Local Currency Debt Fund, Select Class Shares		17,478
	7,930	JPMorgan Floating Rate Income Fund, Select Class Shares		77,084
	1,005	JPMorgan Government Bond Fund, Select Class Shares		10,987
	8,392	JPMorgan High Yield Fund, Select Class Shares		63,695
	7,144	JPMorgan Inflation Managed Bond Fund, Select Class Shares		73,150
	4,040	JPMorgan Strategic Income Opportunities Fund, Select Class Shares		47,352
	1,504	JPMorgan Unconstrained Debt Fund, Select Class Shares		15,083
		Total Fixed Income		731,703
		International Equity — 14.5%
	4,039	JPMorgan Emerging Economies Fund, Select Class Shares		49,237
	2,223	JPMorgan Emerging Markets Equity Fund, Select Class Shares		49,751
	6,267	JPMorgan Global Research Enhanced Index Fund, Select Class Shares		114,753
	6,282	JPMorgan International Equity Fund, Select Class Shares		94,351
	5,997	JPMorgan International Research Enhanced Equity Fund, Select Class Shares		97,034
	2,120	JPMorgan Intrepid European Fund, Select Class Shares		50,303
	663	JPMorgan Latin America Fund, Select Class Shares		10,269
		Total International Equity		465,698

SHARES		SECURITY DESCRIPTION	VALUE($)
		Money Market — 2.8%
	91,316	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (l)		91,316
		U.S. Equity — 54.1%
	1,874	JPMorgan Dynamic Growth Fund, Select Class Shares		45,926
	3,815	JPMorgan Equity Income Fund, Select Class Shares		54,438
	8,898	JPMorgan Intrepid America Fund, Select Class Shares		338,839
	2,786	JPMorgan Intrepid Growth Fund, Select Class Shares		112,593
	2,065	JPMorgan Intrepid Mid Cap Fund, Select Class Shares		47,349
	4,742	JPMorgan Large Cap Growth Fund, Select Class Shares		164,086
	13,415	JPMorgan Large Cap Value Fund, Select Class Shares		197,340
	11,058	JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		139,216
	682	JPMorgan Mid Cap Growth Fund, Select Class Shares		19,186
	1,840	JPMorgan Small Cap Value Fund, Select Class Shares		51,416
	2,736	JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		50,124
	22,718	JPMorgan U.S. Equity Fund, Select Class Shares		330,092
	4,838	JPMorgan U.S. Large Cap Core Plus Fund, Select Class Shares		142,223
	1,618	JPMorgan Value Advantage Fund, Select Class Shares		48,170
		Total U.S. Equity		1,740,998
		Total Investments — 100.0% (Cost $2,564,541)		3,216,588
		Liabilities in Excess of Other Assets — 0.0% (g)		(143	)
		NET ASSETS — 100.0%	$	3,216,445

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

J.P. Morgan Investor Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.
(l)	—  The rate shown is the current yield as of December 31, 2014.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 13

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands, except per share amounts)

	Investor Balanced Fund			Investor Conservative Growth Fund		Investor Growth Fund		Investor Growth & Income Fund
ASSETS:
Investments in affiliates, at value	$	5,359,725		$	4,429,200	$	2,389,211	$	3,216,588
Receivables:
Fund shares sold		11,686			9,398		6,963		6,629
Dividends from affiliates		11			9		2		4
Due from Adviser		41			61		5		12
Total Assets		5,371,463			4,438,668		2,396,181		3,223,233
LIABILITIES:
Payables:
Distributions		3,191			598		3,228		2,363
Fund shares redeemed		5,590			4,814		2,243		2,975
Accrued liabilities:
Administration fees		—			—		14		5
Distribution fees		1,558			1,654		597		831
Shareholder servicing fees		224			235		56		108
Custodian and accounting fees		—	(a)		1		11		9
Trustees’ and Chief Compliance Officer’s fees		1			1		1		1
Transfer agent fees		493			313		351		336
Other		245			198		138		160
Total Liabilities		11,302			7,814		6,639		6,788
Net Assets	$	5,360,161		$	4,430,854	$	2,389,542	$	3,216,445

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

	Investor Balanced Fund			Investor Conservative Growth Fund			Investor Growth Fund			Investor Growth & Income Fund
NET ASSETS:
Paid-in-Capital	$	4,486,006		$	3,926,598		$	1,700,158		$	2,553,746
Accumulated undistributed (distributions in excess of) net investment income		(33,147	)		(12,969	)		(30,509	)		(27,134	)
Accumulated net realized gains (losses)		106,435			75,789			75,290			37,786
Net unrealized appreciation (depreciation)		800,867			441,436			644,603			652,047
Total Net Assets	$	5,360,161		$	4,430,854		$	2,389,542		$	3,216,445
Net Assets:
Class A	$	3,877,995		$	2,556,514		$	1,863,534		$	2,523,392
Class B		77,628			40,417			75,546			80,165
Class C		1,086,404			1,711,843			243,040			387,269
Select Class		318,134			122,080			207,422			225,619
Total	$	5,360,161		$	4,430,854		$	2,389,542		$	3,216,445
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		258,528			200,454			95,429			150,435
Class B		5,174			3,167			3,978			4,800
Class C		73,421			134,818			13,040			23,642
Select Class		21,177			9,526			10,445			13,631
Net Asset Value (a):
Class A — Redemption price per share	$	15.00		$	12.75		$	19.53		$	16.77
Class B — Offering price per share (b)		15.00			12.76			18.99			16.70
Class C — Offering price per share (b)		14.80			12.70			18.64			16.38
Select Class — Offering and redemption price per share		15.02			12.82			19.86			16.55
Class A maximum sales charge		4.50	%		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share		—			—			—			—
[net asset value per share/(100% – maximum sales charge)]	$	15.71		$	13.35		$	20.45		$	17.56
Cost of investments in affiliates		4,558,858			3,987,764			1,744,608			2,564,541

(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.

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 15

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

	Investor Balanced Fund			Investor Conservative Growth Fund			Investor Growth Fund			Investor Growth & Income Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	53,519		$	46,942		$	18,934		$	30,691
EXPENSES:
Investment advisory fees		1,324			1,097			585			792
Administration fees		1,510			1,294			784			982
Distribution fees:
Class A		4,793			3,199			2,286			3,111
Class B		313			163			306			327
Class C		3,929			6,223			878			1,402
Shareholder servicing fees:
Class A		4,793			3,199			2,286			3,111
Class B		104			54			102			109
Class C		1,310			2,075			293			467
Select Class		414			155			244			272
Custodian and accounting fees		4			7			12			11
Professional fees		31			28			17			24
Trustees’ and Chief Compliance Officer’s fees		23			17			11			14
Printing and mailing costs		239			190			158			172
Registration and filing fees		106			110			51			63
Transfer agent fees		997			702			785			773
Other		39			31			14			22
Total expenses		19,929			18,544			8,812			11,652
Less fees waived		(7,734	)		(6,357	)		(3,785	)		(4,880	)
Less expense reimbursements		(1,436	)		(1,685	)		(106	)		(530	)
Net expenses		10,759			10,502			4,921			6,242
Net investment income (loss)		42,760			36,440			14,013			24,449
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on investments in affiliates		10,393			12,410			4,256			5,498
Distributions of capital gains received from investment company affiliates		184,343			97,095			139,252			136,053
Change in net unrealized appreciation/depreciation of investments in affiliates		(152,376	)		(101,029	)		(85,459	)		(104,752	)
Net realized/unrealized gains (losses)		42,360			8,476			58,049			36,799
Change in net assets resulting from operations	$	85,120		$	44,916		$	72,062		$	61,248

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Investor Balanced Fund							Investor Conservative Growth Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014				Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:							��
Net investment income (loss)	$	42,760		$	48,464			$	36,440		$	47,923
Net realized gain (loss) on investments in affiliates		10,393			34,632				12,410			45,322
Distributions of capital gains received from investment company affiliates		184,343			85,847				97,095			50,096
Change in net unrealized appreciation/depreciation of investments in affiliates		(152,376	)		418,642				(101,029	)		223,346
Change in net assets resulting from operations		85,120			587,585				44,916			366,687
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(55,728	)		(51,978	)			(30,229	)		(39,648	)
From net realized gains		(69,634	)		(10,000	)			(46,254	)		—
Class B
From net investment income		(982	)		(993	)			(418	)		(581	)
From net realized gains		(1,403	)		(318	)			(733	)		—
Class C
From net investment income		(13,778	)		(8,742	)			(17,030	)		(15,776	)
From net realized gains		(19,719	)		(2,481	)			(31,039	)		—
Select Class
From net investment income		(5,011	)		(5,665	)			(1,569	)		(2,173	)
From net realized gains		(5,776	)		(937	)			(2,228	)		—
Total distributions to shareholders		(172,031	)		(81,114	)			(129,500	)		(58,178	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		282,003			890,046				252,900			418,368
NET ASSETS:
Change in net assets		195,092			1,396,517				168,316			726,877
Beginning of period		5,165,069			3,768,552				4,262,538			3,535,661
End of period	$	5,360,161		$	5,165,069			$	4,430,854		$	4,262,538
Accumulated undistributed (distributions in excess of) net investment income	$	(33,147	)	$	(408	)		$	(12,969	)	$	(163	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 17

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Investor Growth Fund						Investor Growth & Income Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,013		$	10,805		$	24,449		$	24,590
Net realized gain (loss) on investments in affiliates		4,256			17,333			5,498			32,103
Distributions of capital gains received from investment company affiliates		139,252			54,238			136,053			60,812
Change in net unrealized appreciation/depreciation of investments in affiliates		(85,459	)		312,477			(104,752	)		311,079
Change in net assets resulting from operations		72,062			394,853			61,248			428,584
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(34,534	)		(18,801	)		(40,601	)		(30,868	)
From net realized gains		(28,153	)		—			(56,378	)		—
Class B
From net investment income		(1,355	)		(972	)		(1,146	)		(989	)
From net realized gains		(1,177	)		—			(1,807	)		—
Class C
From net investment income		(4,447	)		(1,772	)		(5,635	)		(2,857	)
From net realized gains		(3,829	)		—			(8,812	)		—
Select Class
From net investment income		(4,011	)		(2,198	)		(3,954	)		(3,225	)
From net realized gains		(3,065	)		—			(5,055	)		—
Total distributions to shareholders		(80,571	)		(23,743	)		(123,388	)		(37,939	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		109,669			179,299			183,787			385,158
NET ASSETS:
Change in net assets		101,160			550,409			121,647			775,803
Beginning of period		2,288,382			1,737,973			3,094,798			2,318,995
End of period	$	2,389,542		$	2,288,382		$	3,216,445		$	3,094,798
Accumulated undistributed (distributions in excess of) net investment income	$	(30,509	)	$	(175	)	$	(27,134	)	$	(247	)

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

	Investor Balanced Fund						Investor Conservative Growth Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	395,094		$	1,172,802		$	274,321		$	663,475
Distributions reinvested		125,065			61,815			76,301			39,567
Cost of shares redeemed		(329,381	)		(653,336	)		(261,747	)		(595,012	)
Change in net assets resulting from Class A capital transactions	$	190,778		$	581,281		$	88,875		$	108,030
Class B
Proceeds from shares issued	$	739		$	4,133		$	406		$	2,287
Distributions reinvested		2,376			1,307			1,147			579
Cost of shares redeemed		(14,376	)		(39,779	)		(6,557	)		(20,067	)
Change in net assets resulting from Class B capital transactions	$	(11,261	)	$	(34,339	)	$	(5,004	)	$	(17,201	)
Class C
Proceeds from shares issued	$	173,808		$	483,355		$	278,672		$	648,610
Distributions reinvested		33,245			11,113			47,900			15,718
Cost of shares redeemed		(98,079	)		(151,120	)		(162,265	)		(334,441	)
Change in net assets resulting from Class C capital transactions	$	108,974		$	343,348		$	164,307		$	329,887
Select Class
Proceeds from shares issued	$	34,723		$	81,681		$	15,541		$	21,226
Distributions reinvested		3,158			2,581			1,699			990
Cost of shares redeemed		(44,369	)		(84,506	)		(12,518	)		(24,564	)
Change in net assets resulting from Select Class capital transactions	$	(6,488	)	$	(244	)	$	4,722		$	(2,348	)
Total change in net assets resulting from capital transactions	$	282,003		$	890,046		$	252,900		$	418,368
SHARE TRANSACTIONS:
Class A
Issued		25,895			81,074			21,125			53,123
Reinvested		8,337			4,211			5,972			3,145
Redeemed		(21,605	)		(45,013	)		(20,174	)		(47,622	)
Change in Class A Shares		12,627			40,272			6,923			8,646
Class B
Issued		48			287			30			183
Reinvested		158			90			90			46
Redeemed		(941	)		(2,752	)		(504	)		(1,605	)
Change in Class B Shares		(735	)		(2,375	)		(384	)		(1,376	)
Class C
Issued		11,541			33,955			21,558			52,180
Reinvested		2,248			768			3,770			1,253
Redeemed		(6,544	)		(10,540	)		(12,571	)		(26,885	)
Change in Class C Shares		7,245			24,183			12,757			26,548
Select Class
Issued		2,279			5,619			1,193			1,687
Reinvested		210			176			132			78
Redeemed		(2,893	)		(5,778	)		(962	)		(1,958	)
Change in Select Class Shares		(404	)		17			363			(193	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 19

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Investor Growth Fund						Investor Growth & Income Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	132,843		$	364,251		$	224,521		$	611,629
Distributions reinvested		62,384			18,699			96,654			30,757
Cost of shares redeemed		(116,692	)		(226,201	)		(181,482	)		(328,489	)
Change in net assets resulting from Class A capital transactions	$	78,535		$	156,749		$	139,693		$	313,897
Class B
Proceeds from shares issued	$	149		$	1,237		$	308		$	1,832
Distributions reinvested		2,520			967			2,944			986
Cost of shares redeemed		(15,183	)		(44,584	)		(16,982	)		(48,540	)
Change in net assets resulting from Class B capital transactions	$	(12,514	)	$	(42,380	)	$	(13,730	)	$	(45,722	)
Class C
Proceeds from shares issued	$	28,319		$	67,519		$	53,943		$	140,280
Distributions reinvested		7,842			1,683			13,873			2,713
Cost of shares redeemed		(18,034	)		(34,707	)		(31,187	)		(51,230	)
Change in net assets resulting from Class C capital transactions	$	18,127		$	34,495		$	36,629		$	91,763
Select Class
Proceeds from shares issued	$	34,252		$	52,249		$	31,124		$	57,090
Distributions reinvested		1,898			595			3,910			1,699
Cost of shares redeemed		(10,629	)		(22,409	)		(13,839	)		(33,569	)
Change in net assets resulting from Select Class capital transactions	$	25,521		$	30,435		$	21,195		$	25,220
Total change in net assets resulting from capital transactions	$	109,669		$	179,299		$	183,787		$	385,158
SHARE TRANSACTIONS:
Class A
Issued		6,747			20,101			13,116			38,067
Reinvested		3,198			1,002			5,767			1,874
Redeemed		(5,933	)		(12,465	)		(10,605	)		(20,413	)
Change in Class A Shares		4,012			8,638			8,278			19,528
Class B
Issued		8			71			18			116
Reinvested		133			53			177			61
Redeemed		(790	)		(2,526	)		(994	)		(3,040	)
Change in Class B Shares		(649	)		(2,402	)		(799	)		(2,863	)
Class C
Issued		1,503			3,884			3,224			8,949
Reinvested		421			95			848			169
Redeemed		(960	)		(2,004	)		(1,869	)		(3,248	)
Change in Class C Shares		964			1,975			2,203			5,870
Select Class
Issued		1,718			2,823			1,852			3,613
Reinvested		96			31			236			105
Redeemed		(529	)		(1,200	)		(821	)		(2,092	)
Change in Select Class Shares		1,285			1,654			1,267			1,626

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 21

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
Investor Balanced Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	15.25	$	0.13	(h)(i)	$	0.12		$	0.25	$	(0.22	)	$	(0.28	)	$	(0.50	)
Year Ended June 30, 2014		13.61		0.17	(h)		1.74			1.91		(0.23	)		(0.04	)		(0.27	)
Year Ended June 30, 2013		12.53		0.20	(h)		1.11			1.31		(0.23	)		—			(0.23	)
Year Ended June 30, 2012		12.58		0.22	(h)		(0.05	)		0.17		(0.22	)		—			(0.22	)
Year Ended June 30, 2011		11.00		0.23			1.58			1.81		(0.23	)		—			(0.23	)
Year Ended June 30, 2010		10.03		0.26			0.97			1.23		(0.26	)		—			(0.26	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		15.25		0.10	(h)(i)		0.12			0.22		(0.19	)		(0.28	)		(0.47	)
Year Ended June 30, 2014		13.60		0.08	(h)		1.75			1.83		(0.14	)		(0.04	)		(0.18	)
Year Ended June 30, 2013		12.53		0.13	(h)		1.10			1.23		(0.16	)		—			(0.16	)
Year Ended June 30, 2012		12.57		0.15	(h)		(0.03	)		0.12		(0.16	)		—			(0.16	)
Year Ended June 30, 2011		10.99		0.17			1.57			1.74		(0.16	)		—			(0.16	)
Year Ended June 30, 2010		10.01		0.20			0.97			1.17		(0.19	)		—			(0.19	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		15.05		0.10	(h)(i)		0.12			0.22		(0.19	)		(0.28	)		(0.47	)
Year Ended June 30, 2014		13.44		0.09	(h)		1.71			1.80		(0.15	)		(0.04	)		(0.19	)
Year Ended June 30, 2013		12.39		0.13	(h)		1.09			1.22		(0.17	)		—			(0.17	)
Year Ended June 30, 2012		12.44		0.15	(h)		(0.04	)		0.11		(0.16	)		—			(0.16	)
Year Ended June 30, 2011		10.88		0.17			1.56			1.73		(0.17	)		—			(0.17	)
Year Ended June 30, 2010		9.93		0.20			0.95			1.15		(0.20	)		—			(0.20	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		15.27		0.15	(h)(i)		0.12			0.27		(0.24	)		(0.28	)		(0.52	)
Year Ended June 30, 2014		13.62		0.20	(h)		1.75			1.95		(0.26	)		(0.04	)		(0.30	)
Year Ended June 30, 2013		12.55		0.23	(h)		1.10			1.33		(0.26	)		—			(0.26	)
Year Ended June 30, 2012		12.60		0.25	(h)		(0.05	)		0.20		(0.25	)		—			(0.25	)
Year Ended June 30, 2011		11.01		0.26			1.59			1.85		(0.26	)		—			(0.26	)
Year Ended June 30, 2010		10.04		0.28			0.97			1.25		(0.28	)		—			(0.28	)

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

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

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

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

(e) Does not include expenses of Underlying Funds.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(g) 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.

(h) Calculated based upon average shares outstanding.

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

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the six months ended December 31, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate (c)(g)
$	15.00		1.65	%	$	3,877,995		0.34	%(j)		1.68	%(i)(j)		0.66	%		5	%
	15.25		14.12			3,749,519		0.41			1.16			0.67			12
	13.61		10.54			2,797,749		0.50			1.51			0.69			19
	12.53		1.45			2,287,495		0.50			1.79			0.69			9
	12.58		16.53			2,104,717		0.50			1.92			0.69			5
	11.00		12.19			1,410,998		0.50			2.34			0.71			12
	15.00		1.47			77,628		0.78	(j)		1.16	(i)(j)		1.17			5
	15.25		13.54			90,106		0.97			0.58			1.17			12
	13.60		9.86			112,689		1.01			1.00			1.19			19
	12.53		0.97			167,057		1.02			1.26			1.19			9
	12.57		15.91			235,961		1.02			1.37			1.19			5
	10.99		11.66			287,519		1.05			1.75			1.21			12
	14.80		1.48			1,086,404		0.79	(j)		1.25	(i)(j)		1.16			5
	15.05		13.50			995,919		0.97			0.61			1.17			12
	13.44		9.89			564,358		1.01			0.99			1.19			19
	12.39		0.94			413,805		1.02			1.27			1.19			9
	12.44		15.98			415,301		1.02			1.40			1.19			5
	10.88		11.55			216,667		1.05			1.80			1.21			12
	15.02		1.78			318,134		0.09	(j)		1.89	(i)(j)		0.41			5
	15.27		14.45			329,525		0.16			1.39			0.42			12
	13.62		10.71			293,756		0.25			1.75			0.44			19
	12.55		1.70			250,089		0.25			2.03			0.44			9
	12.60		16.88			231,620		0.25			2.15			0.44			5
	11.01		12.44			160,959		0.25			2.60			0.46			12

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Investor Conservative Growth Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	13.00	$	0.12	(h)(i)	$	0.02	$	0.14	$	(0.15	)	$	(0.24	)	$	(0.39	)
Year Ended June 30, 2014		12.01		0.18	(h)		1.02		1.20		(0.21	)		—			(0.21	)
Year Ended June 30, 2013		11.46		0.19	(h)		0.58		0.77		(0.22	)		—			(0.22	)
Year Ended June 30, 2012		11.40		0.23	(h)		0.06		0.29		(0.23	)		—			(0.23	)
Year Ended June 30, 2011		10.47		0.25			0.93		1.18		(0.25	)		—			(0.25	)
Year Ended June 30, 2010		9.67		0.29			0.80		1.09		(0.29	)		—			(0.29	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		13.01		0.09	(h)(i)		0.03		0.12		(0.13	)		(0.24	)		(0.37	)
Year Ended June 30, 2014		12.02		0.11	(h)		1.02		1.13		(0.14	)		—			(0.14	)
Year Ended June 30, 2013		11.47		0.13	(h)		0.58		0.71		(0.16	)		—			(0.16	)
Year Ended June 30, 2012		11.40		0.17	(h)		0.07		0.24		(0.17	)		—			(0.17	)
Year Ended June 30, 2011		10.48		0.18			0.93		1.11		(0.19	)		—			(0.19	)
Year Ended June 30, 2010		9.67		0.23			0.81		1.04		(0.23	)		—			(0.23	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		12.95		0.09	(h)(i)		0.03		0.12		(0.13	)		(0.24	)		(0.37	)
Year Ended June 30, 2014		11.97		0.11	(h)		1.01		1.12		(0.14	)		—			(0.14	)
Year Ended June 30, 2013		11.42		0.13	(h)		0.58		0.71		(0.16	)		—			(0.16	)
Year Ended June 30, 2012		11.36		0.17	(h)		0.06		0.23		(0.17	)		—			(0.17	)
Year Ended June 30, 2011		10.44		0.19			0.92		1.11		(0.19	)		—			(0.19	)
Year Ended June 30, 2010		9.64		0.23			0.81		1.04		(0.24	)		—			(0.24	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		13.06		0.13	(h)(i)		0.04		0.17		(0.17	)		(0.24	)		(0.41	)
Year Ended June 30, 2014		12.06		0.21	(h)		1.03		1.24		(0.24	)		—			(0.24	)
Year Ended June 30, 2013		11.51		0.22	(h)		0.58		0.80		(0.25	)		—			(0.25	)
Year Ended June 30, 2012		11.44		0.26	(h)		0.07		0.33		(0.26	)		—			(0.26	)
Year Ended June 30, 2011		10.51		0.27			0.94		1.21		(0.28	)		—			(0.28	)
Year Ended June 30, 2010		9.70		0.30			0.83		1.13		(0.32	)		—			(0.32	)

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

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

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

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

(e) Does not include expenses of Underlying Funds.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(g) 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.

(h) Calculated based upon average shares outstanding.

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

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the six months ended December 31, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate (c)(g)
$	12.75		1.09	%	$	2,556,514		0.34	%(j)		1.79	%(i)(j)		0.66	%		5	%
	13.00		10.05			2,516,247		0.41			1.41			0.66			20
	12.01		6.76			2,220,725		0.50			1.63			0.68			14
	11.46		2.60			1,847,352		0.50			2.03			0.68			9
	11.40		11.36			1,589,494		0.50			2.26			0.68			3
	10.47		11.32			927,164		0.50			2.78			0.72			11
	12.76		0.92			40,417		0.78	(j)		1.30	(i)(j)		1.17			5
	13.01		9.43			46,180		0.97			0.84			1.16			20
	12.02		6.22			59,190		1.00			1.12			1.18			14
	11.47		2.16			87,831		1.01			1.50			1.18			9
	11.40		10.64			116,375		1.02			1.69			1.18			3
	10.48		10.80			145,639		1.06			2.17			1.22			11
	12.70		0.91			1,711,843		0.79	(j)		1.37	(i)(j)		1.16			5
	12.95		9.42			1,580,447		0.97			0.87			1.16			20
	11.97		6.27			1,142,903		1.01			1.12			1.18			14
	11.42		2.09			841,332		1.01			1.50			1.18			9
	11.36		10.73			843,076		1.01			1.76			1.18			3
	10.44		10.78			341,942		1.06			2.25			1.22			11
	12.82		1.27			122,080		0.09	(j)		2.04	(i)(j)		0.41			5
	13.06		10.35			119,664		0.16			1.66			0.41			20
	12.06		6.97			112,843		0.25			1.87			0.43			14
	11.51		2.92			95,175		0.25			2.27			0.43			9
	11.44		11.57			89,120		0.25			2.48			0.43			3
	10.51		11.66			60,791		0.25			3.03			0.47			11

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 25

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Investor Growth Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	19.59	$	0.12	(h)(i)	$	0.50		$	0.62		$	(0.37	)	$	(0.31	)	$	(0.68	)
Year Ended June 30, 2014		16.25		0.11	(h)		3.45			3.56			(0.22	)		—			(0.22	)
Year Ended June 30, 2013		13.88		0.14	(h)		2.38			2.52			(0.15	)		—			(0.15	)
Year Ended June 30, 2012		14.14		0.10	(h)		(0.25	)		(0.15	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2011		11.22		0.09	(h)		2.92			3.01			(0.09	)		—			(0.09	)
Year Ended June 30, 2010		9.94		0.10	(h)		1.26			1.36			(0.08	)		—			(0.08	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		19.09		0.07	(h)(i)		0.49			0.56			(0.35	)		(0.31	)		(0.66	)
Year Ended June 30, 2014		15.88		—	(h)(k)		3.37			3.37			(0.16	)		—			(0.16	)
Year Ended June 30, 2013		13.58		0.05	(h)		2.34			2.39			(0.09	)		—			(0.09	)
Year Ended June 30, 2012		13.85		0.02	(h)		(0.24	)		(0.22	)		(0.05	)		—			(0.05	)
Year Ended June 30, 2011		11.00		0.02	(h)		2.86			2.88			(0.03	)		—			(0.03	)
Year Ended June 30, 2010		9.79		0.02	(h)		1.24			1.26			(0.05	)		—			(0.05	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		18.75		0.08	(h)(i)		0.47			0.55			(0.35	)		(0.31	)		(0.66	)
Year Ended June 30, 2014		15.60		0.01	(h)		3.30			3.31			(0.16	)		—			(0.16	)
Year Ended June 30, 2013		13.34		0.05	(h)		2.30			2.35			(0.09	)		—			(0.09	)
Year Ended June 30, 2012		13.61		0.02	(h)		(0.24	)		(0.22	)		(0.05	)		—			(0.05	)
Year Ended June 30, 2011		10.82		0.02	(h)		2.80			2.82			(0.03	)		—			(0.03	)
Year Ended June 30, 2010		9.62		0.03	(h)		1.22			1.25			(0.05	)		—			(0.05	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		19.91		0.16	(h)(i)		0.49			0.65			(0.39	)		(0.31	)		(0.70	)
Year Ended June 30, 2014		16.51		0.16	(h)		3.50			3.66			(0.26	)		—			(0.26	)
Year Ended June 30, 2013		14.09		0.17	(h)		2.44			2.61			(0.19	)		—			(0.19	)
Year Ended June 30, 2012		14.35		0.14	(h)		(0.26	)		(0.12	)		(0.14	)		—			(0.14	)
Year Ended June 30, 2011		11.39		0.13	(h)		2.95			3.08			(0.12	)		—			(0.12	)
Year Ended June 30, 2010		10.09		0.13	(h)		1.28			1.41			(0.11	)		—			(0.11	)

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

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

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

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

(e) Does not include expenses of Underlying Funds.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(g) 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.

(h) Calculated based upon average shares outstanding.

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

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the six months ended December 31, 2014.

(k) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate (c)(g)
$	19.53		3.17	%	$	1,863,534		0.38	%(j)		1.23	%(i)(j)		0.71	%		3	%
	19.59		21.95			1,791,194		0.41			0.59			0.71			8
	16.25		18.28			1,344,928		0.49			0.89			0.76			15
	13.88		(1.03	)		1,100,639		0.50			0.72			0.75			6
	14.14		26.86			1,089,221		0.50			0.71			0.76			15
	11.22		13.67			769,574		0.50			0.81			0.79			15
	18.99		2.93			75,546		0.85	(j)		0.66	(i)(j)		1.22			3
	19.09		21.28			88,345		0.95			0.02			1.21			8
	15.88		17.63			111,593		1.04			0.34			1.26			15
	13.58		(1.55	)		147,256		1.05			0.16			1.25			6
	13.85		26.20			213,785		1.06			0.12			1.26			15
	11.00		12.85			232,624		1.10			0.20			1.30			15
	18.64		2.93			243,040		0.85	(j)		0.79	(i)(j)		1.21			3
	18.75		21.30			226,430		0.95			0.05			1.21			8
	15.60		17.69			157,546		1.04			0.34			1.25			15
	13.34		(1.57	)		125,391		1.05			0.17			1.25			6
	13.61		26.11			128,944		1.06			0.15			1.26			15
	10.82		12.99			82,981		1.09			0.22			1.29			15
	19.86		3.30			207,422		0.12	(j)		1.54	(i)(j)		0.44			3
	19.91		22.25			182,413		0.16			0.85			0.46			8
	16.51		18.64			123,906		0.24			1.13			0.51			15
	14.09		(0.77	)		108,189		0.25			0.99			0.50			6
	14.35		27.11			123,051		0.25			0.96			0.51			15
	11.39		13.87			77,338		0.25			1.08			0.54			15

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 27

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Investor Growth & Income Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	17.11	$	0.14	(h)(i)	$	0.18		$	0.32		$	(0.27	)	$	(0.39	)	$	(0.66	)
Year Ended June 30, 2014		14.78		0.16	(h)		2.40			2.56			(0.23	)		—			(0.23	)
Year Ended June 30, 2013		13.17		0.18	(h)		1.64			1.82			(0.21	)		—			(0.21	)
Year Ended June 30, 2012		13.28		0.17	(h)		(0.10	)		0.07			(0.18	)		—			(0.18	)
Year Ended June 30, 2011		11.05		0.18	(h)		2.23			2.41			(0.18	)		—			(0.18	)
Year Ended June 30, 2010		9.90		0.20	(h)		1.15			1.35			(0.20	)		—			(0.20	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		17.04		0.09	(h)(i)		0.20			0.29			(0.24	)		(0.39	)		(0.63	)
Year Ended June 30, 2014		14.72		0.06	(h)		2.40			2.46			(0.14	)		—			(0.14	)
Year Ended June 30, 2013		13.11		0.11	(h)		1.63			1.74			(0.13	)		—			(0.13	)
Year Ended June 30, 2012		13.22		0.10	(h)		(0.10	)		—	(k)		(0.11	)		—			(0.11	)
Year Ended June 30, 2011		11.00		0.11	(h)		2.22			2.33			(0.11	)		—			(0.11	)
Year Ended June 30, 2010		9.85		0.13	(h)		1.15			1.28			(0.13	)		—			(0.13	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		16.72		0.10	(h)(i)		0.19			0.29			(0.24	)		(0.39	)		(0.63	)
Year Ended June 30, 2014		14.46		0.07	(h)		2.34			2.41			(0.15	)		—			(0.15	)
Year Ended June 30, 2013		12.89		0.10	(h)		1.61			1.71			(0.14	)		—			(0.14	)
Year Ended June 30, 2012		13.01		0.10	(h)		(0.11	)		(0.01	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2011		10.83		0.11	(h)		2.19			2.30			(0.12	)		—			(0.12	)
Year Ended June 30, 2010		9.71		0.13	(h)		1.12			1.25			(0.13	)		—			(0.13	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		16.89		0.16	(h)(i)		0.19			0.35			(0.30	)		(0.39	)		(0.69	)
Year Ended June 30, 2014		14.59		0.19	(h)		2.38			2.57			(0.27	)		—			(0.27	)
Year Ended June 30, 2013		13.00		0.21	(h)		1.63			1.84			(0.25	)		—			(0.25	)
Year Ended June 30, 2012		13.12		0.20	(h)		(0.11	)		0.09			(0.21	)		—			(0.21	)
Year Ended June 30, 2011		10.92		0.21	(h)		2.20			2.41			(0.21	)		—			(0.21	)
Year Ended June 30, 2010		9.78		0.22	(h)		1.14			1.36			(0.22	)		—			(0.22	)

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

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

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

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

(e) Does not include expenses of Underlying Funds.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(g) 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.

(h) Calculated based upon average shares outstanding.

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

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the six months ended December 31, 2014.

(k) Amount rounds to less than $0.01.

(l) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate (c)(g)
$	16.77		1.94	%	$	2,523,392		0.35	%(j)		1.58	%(i)(j)		0.68	%		4	%
	17.11		17.40			2,432,024		0.41			0.96			0.68			10
	14.78		13.91			1,812,603		0.49			1.29			0.72			20
	13.17		0.60			1,485,151		0.50			1.33			0.71			11
	13.28		21.91			1,443,240		0.50			1.45			0.71			9
	11.05		13.52			1,008,109		0.50			1.72			0.73			14
	16.70		1.75			80,165		0.80	(j)		1.03	(i)(j)		1.19			4
	17.04		16.74			95,394		0.96			0.39			1.19			10
	14.72		13.35			124,521		1.02			0.77			1.22			20
	13.11		0.03			185,106		1.03			0.79			1.22			11
	13.22		21.23			270,833		1.04			0.88			1.22			9
	11.00		12.92			315,944		1.08			1.13			1.23			14
	16.38		1.78			387,269		0.81	(j)		1.15	(i)(j)		1.18			4
	16.72		16.72			358,544		0.96			0.42			1.18			10
	14.46		13.34			225,157		1.02			0.76			1.21			20
	12.89		0.00	(l)		179,336		1.03			0.80			1.21			11
	13.01		21.28			186,625		1.04			0.91			1.21			9
	10.83		12.87			119,332		1.07			1.16			1.23			14
	16.55		2.09			225,619		0.10	(j)		1.86	(i)(j)		0.42			4
	16.89		17.71			208,836		0.16			1.21			0.44			10
	14.59		14.22			156,714		0.24			1.53			0.47			20
	13.00		0.79			127,295		0.25			1.59			0.46			11
	13.12		22.19			146,524		0.25			1.69			0.46			9
	10.92		13.87			104,501		0.25			1.94			0.48			14

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

1. Organization

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

The following are 4 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Investor Balanced Fund	Class A, Class B, Class C and Select Class	Diversified
Investor Conservative Growth Fund	Class A, Class B, Class C and Select Class	Diversified
Investor Growth Fund	Class A, Class B, Class C and Select Class	Diversified
Investor Growth & Income Fund	Class A, Class B, Class C and Select Class	Diversified

The investment objective of the Investor Balanced Fund is to seek high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity and fixed income securities.

The investment objective of the Investor Conservative Growth Fund is to seek income and capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in fixed income and equity securities.

The investment objective of the Investor Growth Fund is to seek long-term capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

The investment objective of the Investor Growth & Income Fund is to seek long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

Effective November 1, 2009, Class B Shares of the Funds 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 have invested in Class B Shares prior to November 1, 2009 may continue to hold their Class B Shares until they automatically convert 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 Select 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.

2. Significant Accounting Policies

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

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

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

Investments in open-end investment companies (the “Underlying Funds”) are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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

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

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

30 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investor Balanced Fund
Total Investments in Securities (a)	$	5,359,725	$	—	$	—	$	5,359,725
Investor Conservative Growth Fund
Total Investments in Securities (a)	$	4,429,200	$	—	$	—	$	4,429,200
Investor Growth Fund
Total Investments in Securities (a)	$	2,389,211	$	—	$	—	$	2,389,211
Investor Growth & Income Fund
Total Investments in Securities (a)	$	3,216,588	$	—	$	—	$	3,216,588

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

There were no transfers among any levels during the six months ended December 31, 2014.

B. Investment Transactions with Affiliates — The Funds invest in Underlying Funds advised by J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM” ) or its affiliates pursuant to Section 12(d)(1)(G) of the 1940 Act. An issuer which is under common control with a fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the following to be affiliated issuers. Included in the realized gain (loss) amounts in the tables below are distributions of realized capital gains, if any, received from the Underlying Funds (amounts in thousands):

			For the six months ended December 31, 2014
Affiliate	Value at June 30, 2014		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2014		Value at December 31, 2014
Investor Balanced Fund
JPMorgan Commodities Strategy Fund, Select Class Shares	$	25,995	$	1,000	$	—	$	—		$	—		1,910	$	20,914
JPMorgan Core Bond Fund, Select Class Shares		613,016		139,543		6,300		882			8,803		63,753		749,100
JPMorgan Core Plus Bond Fund, Select Class Shares		467,919		11,326		6,300		3,303			7,999		56,447		469,077
JPMorgan Dynamic Growth Fund, Select Class Shares		102,706		13,427		1,500		1,762			—		4,719		115,672
JPMorgan Emerging Economies Fund, Select Class Shares		78,848		3,914		2,100		(126	)		1,315		5,910		72,039
JPMorgan Emerging Markets Debt Fund, Select Class Shares		25,141		10,793		—		—			793		4,230		34,137
JPMorgan Emerging Markets Equity Fund, Select Class Shares		80,273		2,837		6,100		125			737		3,153		70,553
JPMorgan Emerging Markets Local Currency Debt Fund, Select Class Shares		42,669		27		—		—			26		4,370		37,979
JPMorgan Equity Income Fund, Select Class Shares		78,879		5,611		—		1,652			958		6,102		87,074
JPMorgan Floating Rate Income Fund, Select Class Shares		142,844		3,048		12,200		(254	)		3,048		13,205		128,348

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

			For the six months ended December 31, 2014
Affiliate	Value at June 30, 2014		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2014		Value at December 31, 2014
Investor Balanced Fund (continued)
JPMorgan Global Natural Resources Fund, Select Class Shares	$	13,077	$	1,049	$	—	$	—		$	49		1,340	$	10,173
JPMorgan Global Research Enhanced Index Fund, Select Class Shares		185,507		4,960		7,000		2,685			2,602		9,686		177,343
JPMorgan Government Bond Fund, Select Class Shares		5,692		6,338		—		220			119		1,090		11,917
JPMorgan High Yield Fund, Select Class Shares		109,005		13,355		—		2,337			3,018		15,072		114,397
JPMorgan Inflation Managed Bond Fund, Select Class Shares		143,032		12,893		8,400		(324	)		892		13,912		142,461
JPMorgan International Equity Fund, Select Class Shares		60,425		10,275		4,000		(293	)		174		4,063		61,024
JPMorgan International Research Enhanced Equity Fund, Select Class Shares		151,569		40,041		—		24,182			3,960		9,109		147,388
JPMorgan Intrepid America Fund, Select Class Shares		354,247		34,724		19,500		19,365			4,195		9,862		375,530
JPMorgan Intrepid European Fund, Select Class Shares		45,925		5,977		2,000		(252	)		1,577		1,826		43,327
JPMorgan Intrepid Growth Fund, Select Class Shares		167,830		11,961		12,300		1,211			960		4,520		182,718
JPMorgan Intrepid Mid Cap Fund, Select Class Shares		111,796		15,043		6,500		16,278			427		4,902		112,402
JPMorgan Large Cap Growth Fund, Select Class Shares		47,170		10,850		2,000		1,133			—		1,725		59,678
JPMorgan Large Cap Value Fund, Select Class Shares		183,236		39,761		13,600		29,062			1,199		13,075		192,339
JPMorgan Latin America Fund, Select Class Shares		27,512		1,224		1,000		(108	)		124		1,484		22,967
JPMorgan Limited Duration Bond Fund, Select Class Shares		135,456		710		4,200		4			708		13,210		132,101
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		299,628		263,023		320,727		—			54		241,924		241,924
JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		176,596		48,981		8,000		22,728			1,057		15,984		201,238
JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares		162,367		—		48,100		494			—		11,377		116,844
JPMorgan Unconstrained Debt Fund, Select Class Shares		23,213		712		—		—			713		2,305		23,114
JPMorgan Research Market Neutral Fund, Select Class Shares		107,386		2,701		—		2,700			—		7,109		108,846
JPMorgan Strategic Income Opportunities Fund, Select Class Shares		136,817		992		16,100		(164	)		993		10,219		119,764
JPMorgan Systematic Alpha Fund, Select Class Shares		—		80,314		—		90			824		5,304		79,773
JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		61,730		3,396		5,000		3,598			372		3,377		61,876
JPMorgan U.S. Equity Fund, Select Class Shares		480,791		55,232		25,000		43,130			3,297		34,459		500,692
JPMorgan U.S. Large Cap Core Plus Fund, Select Class Shares		233,848		22,637		8,100		17,285			1,598		8,383		246,464
JPMorgan Value Advantage Fund, Select Class Shares		80,759		6,160		—		2,031			928		2,973		88,532
	$	5,162,904					$	194,736		$	53,519			$	5,359,725

			For the six months ended December 31, 2014
Affiliate	Value at June 30, 2014		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2014		Value at December 31, 2014
Investor Conservative Growth Fund
JPMorgan Commodities Strategy Fund, Select Class Shares	$	22,833	$	1,000	$	—	$	—		$	—		1,687	$	18,469
JPMorgan Core Bond Fund, Select Class Shares		806,107		130,636		5,300		1,161			11,261		79,567		934,913
JPMorgan Core Plus Bond Fund, Select Class Shares		546,237		13,253		5,300		3,872			9,355		66,143		549,646
JPMorgan Dynamic Growth Fund, Select Class Shares		37,180		4,098		1,500		633			—		1,639		40,162
JPMorgan Emerging Economies Fund, Select Class Shares		43,093		2,711		2,200		(141	)		710		3,193		38,926

32 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

			For the six months ended December 31, 2014
Affiliate	Value at June 30, 2014		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2014		Value at December 31, 2014
Investor Conservative Growth Fund (continued)
JPMorgan Emerging Markets Debt Fund, Select Class Shares	$	17,533	$	5,528	$	—	$	—		$	528		2,703	$	21,815
JPMorgan Emerging Markets Equity Fund, Select Class Shares		43,460		2,403		3,700		36			404		1,727		38,650
JPMorgan Emerging Markets Local Currency Debt Fund, Select Class Shares		59,351		37		—		—			36		6,079		52,827
JPMorgan Equity Income Fund, Select Class Shares		74,826		3,939		—		1,541			897		5,691		81,214
JPMorgan Floating Rate Income Fund, Select Class Shares		165,942		3,616		7,900		(170	)		3,616		15,980		155,329
JPMorgan Global Natural Resources Fund, Select Class Shares		10,960		1,042		—		—			42		1,139		8,642
JPMorgan Global Research Enhanced Index Fund, Select Class Shares		52,639		1,406		2,000		741			738		2,747		50,289
JPMorgan Government Bond Fund, Select Class Shares		19,861		13,465		—		609			356		3,019		33,001
JPMorgan High Yield Fund, Select Class Shares		75,923		16,280		—		1,637			2,143		11,418		86,662
JPMorgan Inflation Managed Bond Fund, Select Class Shares		182,755		9,137		10,200		(408	)		1,136		17,109		175,195
JPMorgan International Equity Fund, Select Class Shares		31,271		7,095		3,000		(200	)		94		2,153		32,337
JPMorgan International Research Enhanced Equity Fund, Select Class Shares		100,956		30,976		1,000		16,505			2,712		6,240		100,958
JPMorgan Intrepid America Fund, Select Class Shares		254,954		21,005		23,900		18,802			2,867		6,739		256,639
JPMorgan Intrepid European Fund, Select Class Shares		26,864		4,491		3,000		(378	)		891		1,032		24,481
JPMorgan Intrepid Growth Fund, Select Class Shares		105,706		6,582		10,900		1,947			582		2,743		110,891
JPMorgan Intrepid Mid Cap Fund, Select Class Shares		42,122		7,812		3,500		6,096			164		1,894		43,434
JPMorgan Large Cap Value Fund, Select Class Shares		44,364		12,659		9,900		8,092			283		2,961		43,557
JPMorgan Latin America Fund, Select Class Shares		18,652		1,084		1,000		(109	)		84		1,003		15,526
JPMorgan Limited Duration Bond Fund, Select Class Shares		298,940		1,561		9,900		10			1,562		29,090		290,901
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		202,784		243,206		264,806		—			39		181,184		181,184
JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		57,479		23,950		4,500		8,140			367		5,690		71,637
JPMorgan Mid Cap Growth Fund, Select Class Shares		24,224		5,767		2,000		2,440			—		936		26,345
JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares		142,186		—		56,501		959			—		8,561		87,919
JPMorgan Unconstrained Debt Fund, Select Class Shares		19,170		588		—		—			589		1,903		19,089
JPMorgan Research Market Neutral Fund, Select Class Shares		111,954		2,816		—		2,815			—		7,412		113,476
JPMorgan Strategic Income Opportunities Fund, Select Class Shares		160,270		1,171		16,700		(171	)		1,171		12,156		142,470
JPMorgan Systematic Alpha Fund, Select Class Shares		—		80,715		—		88			827		5,325		80,092
JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		42,702		3,886		2,500		2,464			273		2,473		45,304
JPMorgan U.S. Equity Fund, Select Class Shares		232,162		48,367		21,500		21,494			1,663		17,521		254,576
JPMorgan U.S. Large Cap Core Plus Fund, Select Class Shares		133,376		11,532		500		9,634			928		4,868		143,125
JPMorgan Value Advantage Fund, Select Class Shares		53,284		5,090		—		1,366			624		1,999		59,519
	$	4,262,120					$	109,505		$	46,942			$	4,429,200

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

			For the six months ended December 31, 2014
Affiliate	Value at June 30, 2014		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2014		Value at December 31, 2014
Investor Growth Fund
JPMorgan Commodities Strategy Fund, Select Class Shares	$	12,839	$	—	$	—	$	—		$	—		907	$	9,929
JPMorgan Core Bond Fund, Select Class Shares		24,905		33,561		3,600		141			592		4,703		55,257
JPMorgan Core Plus Bond Fund, Select Class Shares		16,122		344		3,200		96			251		1,586		13,176
JPMorgan Dynamic Growth Fund, Select Class Shares		22,753		1,363		—		363			—		991		24,301
JPMorgan Emerging Economies Fund, Select Class Shares		43,035		4,110		3,400		(212	)		709		3,190		38,886
JPMorgan Emerging Markets Debt Fund, Select Class Shares		7,684		204		—		—			204		911		7,350
JPMorgan Emerging Markets Equity Fund, Select Class Shares		44,305		1,813		2,900		(43	)		413		1,768		39,564
JPMorgan Emerging Markets Local Currency Debt Fund, Select Class Shares		10,084		7		—		—			6		1,033		8,976
JPMorgan Equity Income Fund, Select Class Shares		32,130		2,061		—		668			392		2,468		35,221
JPMorgan Floating Rate Income Fund, Select Class Shares		20,942		366		7,200		(100	)		366		1,387		13,482
JPMorgan Global Natural Resources Fund, Select Class Shares		7,078		25		—		—			25		674		5,117
JPMorgan Global Research Enhanced Index Fund, Select Class Shares		66,944		1,804		2,000		952			946		3,524		64,518
JPMorgan High Yield Fund, Select Class Shares		13,614		649		—		284			365		1,750		13,285
JPMorgan Inflation Managed Bond Fund, Select Class Shares		39,475		230		8,000		(309	)		230		2,972		30,434
JPMorgan International Equity Fund, Select Class Shares		77,578		5,513		—		—			213		5,061		76,021
JPMorgan International Research Enhanced Equity Fund, Select Class Shares		81,772		23,169		—		13,207			2,163		4,975		80,498
JPMorgan Intrepid America Fund, Select Class Shares		274,816		21,253		3,600		13,648			3,311		7,784		296,414
JPMorgan Intrepid European Fund, Select Class Shares		27,037		2,847		—		—			947		1,097		26,035
JPMorgan Intrepid Growth Fund, Select Class Shares		135,562		2,275		2,100		371			775		3,649		147,481
JPMorgan Intrepid Mid Cap Fund, Select Class Shares		82,091		15,630		1,500		11,754			334		3,923		89,944
JPMorgan Large Cap Growth Fund, Select Class Shares		185,166		4,461		5,000		5,830			—		5,682		196,603
JPMorgan Large Cap Value Fund, Select Class Shares		238,463		42,563		3,600		37,331			1,576		17,266		253,983
JPMorgan Latin America Fund, Select Class Shares		10,321		245		500		(54	)		45		538		8,329
JPMorgan Limited Duration Bond Fund, Select Class Shares		4,259		22		—		—			23		429		4,285
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		43,096		60,046		61,665		—			5		41,477		41,477
JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		131,552		23,771		—		15,919			753		11,346		142,851
JPMorgan Mid Cap Growth Fund, Select Class Shares		14,958		1,809		—		1,410			—		558		15,694
JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares		22,396		—		7,501		64			—		1,478		15,184
JPMorgan Unconstrained Debt Fund, Select Class Shares		5,042		155		—		—			155		501		5,021
JPMorgan Research Market Neutral Fund, Select Class Shares		13,436		338		—		338			—		890		13,619
JPMorgan Small Cap Value Fund, Select Class Shares		57,414		9,857		—		2,961			297		2,329		65,089
JPMorgan Strategic Income Opportunities Fund, Select Class Shares		23,621		119		12,400		(105	)		119		950		11,136
JPMorgan Systematic Alpha Fund, Select Class Shares		—		14,367		—		20			148		950		14,287
JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		32,760		1,951		—		1,737			214		1,941		35,555
JPMorgan U.S. Equity Fund, Select Class Shares		324,189		29,462		4,400		28,076			2,240		23,489		341,302
JPMorgan U.S. Large Cap Core Plus Fund, Select Class Shares		106,632		8,869		3,600		8,291			720		3,776		111,006
JPMorgan Value Advantage Fund, Select Class Shares		34,980		2,267		—		870			397		1,273		37,901
	$	2,289,051					$	143,508		$	18,934			$	2,389,211

34 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

			For the six months ended December 31, 2014
Affiliate	Value at June 30, 2014		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2014		Value at December 31, 2014
Investor Growth & Income Fund
JPMorgan Commodities Strategy Fund, Select Class Shares	$	16,443	$	1,999	$	—	$	—		$	—		1,308	$	14,321
JPMorgan Core Bond Fund, Select Class Shares		190,510		60,692		3,900		276			2,979		21,147		248,473
JPMorgan Core Plus Bond Fund, Select Class Shares		170,777		4,107		3,900		1,185			2,906		20,409		169,596
JPMorgan Dynamic Growth Fund, Select Class Shares		44,713		885		—		685			—		1,874		45,926
JPMorgan Emerging Economies Fund, Select Class Shares		55,129		2,198		2,100		(132	)		898		4,039		49,237
JPMorgan Emerging Markets Debt Fund, Select Class Shares		9,205		244		—		—			244		1,091		8,805
JPMorgan Emerging Markets Equity Fund, Select Class Shares		57,802		1,820		5,300		50			520		2,223		49,751
JPMorgan Emerging Markets Local Currency Debt Fund, Select Class Shares		19,637		12		—		—			12		2,011		17,478
JPMorgan Equity Income Fund, Select Class Shares		51,217		1,638		—		1,033			606		3,815		54,438
JPMorgan Floating Rate Income Fund, Select Class Shares		86,767		1,840		8,300		(169	)		1,840		7,930		77,084
JPMorgan Global Natural Resources Fund, Select Class Shares		8,373		2,036		—		—			36		985		7,476
JPMorgan Global Research Enhanced Index Fund, Select Class Shares		120,521		3,211		5,000		1,753			1,683		6,267		114,753
JPMorgan Government Bond Fund, Select Class Shares		—		11,077		—		203			74		1,005		10,987
JPMorgan High Yield Fund, Select Class Shares		63,744		4,607		—		1,361			1,745		8,392		63,695
JPMorgan Inflation Managed Bond Fund, Select Class Shares		71,085		10,442		5,900		(231	)		442		7,144		73,150
JPMorgan International Equity Fund, Select Class Shares		96,715		6,364		—		—			264		6,282		94,351
JPMorgan International Research Enhanced Equity Fund, Select Class Shares		100,540		25,627		—		15,921			2,607		5,997		97,034
JPMorgan Intrepid America Fund, Select Class Shares		319,333		26,949		12,400		17,593			3,785		8,898		338,839
JPMorgan Intrepid European Fund, Select Class Shares		54,454		4,431		1,000		(126	)		1,831		2,120		50,303
JPMorgan Intrepid Growth Fund, Select Class Shares		103,175		5,092		4,900		560			591		2,786		112,593
JPMorgan Intrepid Mid Cap Fund, Select Class Shares		40,222		11,330		1,000		6,211			174		2,065		47,349
JPMorgan Large Cap Growth Fund, Select Class Shares		144,132		12,988		3,000		3,037			—		4,742		164,086
JPMorgan Large Cap Value Fund, Select Class Shares		185,292		37,825		7,900		29,295			1,232		13,415		197,340
JPMorgan Latin America Fund, Select Class Shares		13,825		655		2,000		(139	)		55		663		10,269
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		117,899		136,534		163,117		—			7		91,316		91,316
JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		130,172		23,550		2,500		15,587			738		11,058		139,216
JPMorgan Mid Cap Growth Fund, Select Class Shares		18,793		1,724		—		1,724			—		682		19,186
JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares		87,152		—		22,500		238			—		6,422		65,954
JPMorgan Unconstrained Debt Fund, Select Class Shares		15,147		465		—		—			465		1,504		15,083
JPMorgan Research Market Neutral Fund, Select Class Shares		57,676		1,451		—		1,450			—		3,818		58,460
JPMorgan Small Cap Value Fund, Select Class Shares		37,465		14,868		—		2,339			229		1,840		51,416
JPMorgan Strategic Income Opportunities Fund, Select Class Shares		59,639		408		11,900		(114	)		408		4,040		47,352
JPMorgan Systematic Alpha Fund, Select Class Shares		—		40,973		—		53			420		2,704		40,662
JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		47,583		2,751		1,500		2,575			302		2,736		50,124
JPMorgan U.S. Equity Fund, Select Class Shares		316,936		31,499		11,100		27,998			2,171		22,718		330,092
JPMorgan U.S. Large Cap Core Plus Fund, Select Class Shares		137,072		11,266		5,000		10,230			922		4,838		142,223
JPMorgan Value Advantage Fund, Select Class Shares		45,741		1,611		—		1,105			505		1,618		48,170
	$	3,094,886					$	141,551		$	30,691			$	3,216,588

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

C. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Distributions of net investment income and realized capital gains from the Underlying Funds are recorded on the ex-dividend date.

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

The Funds invest in other J.P. Morgan Funds and, as a result, bear a portion of the expenses incurred by the Underlying Funds. These expenses are not reflected in the expenses shown in the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

E. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2014, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.05% of each Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, 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 0.10% of the first $500 million of the average daily net assets, 0.075% of the average daily net assets between $500 million and $1 billion of such funds and 0.05% of the average daily net assets in excess of $1 billion of such funds. For the six months ended December 31, 2014, the effective annualized rate of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements, was as follows:

Investor Balanced Fund	0.06	%
Investor Conservative Growth Fund	0.06
Investor Growth Fund	0.07
Investor Growth & Income Fund	0.06

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 Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class B and Class C 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
	0.25	%		0.75	%		0.75	%

36 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

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 six months ended December 31, 2014, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge		CDSC
Investor Balanced Fund	$	1,303	$	1
Investor Conservative Growth Fund		775		3
Investor Growth Fund		393		2
Investor Growth & Income Fund		714		1

D. Shareholder Servicing Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly at an annual rate of 0.25% of the Funds’ average daily net assets.

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. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, 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’s 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			Select Class
Investor Balanced Fund		0.39	%		1.14	%		1.14	%		0.14	%
Investor Conservative Growth Fund		0.39			1.14			1.14			0.14
Investor Growth Fund		0.39			1.14			1.14			0.14
Investor Growth & Income Fund		0.39			1.14			1.14			0.14

* Prior to September 1, 2013, the contractual expense limitations for the Funds were 0.50%, 1.25%, 1.25% and 0.25% for Class A, Class B, Class C and Select Class Shares, respectively.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2014 and are in place until at least October 31, 2015.

The Underlying Funds may impose separate advisory and shareholder servicing fees. To avoid charging a shareholder servicing fee at an effective rate above 0.25% of the Funds’ net assets, the Funds’ Distributor may waive shareholder servicing fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of shareholder servicing fees charged by the Underlying Funds. This waiver may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Funds’ shareholder servicing fees.

For the six months ended December 31, 2014, 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 reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Investor Balanced Fund	$	762	$	351	$	5,471	$	6,584	$	1,436
Investor Conservative Growth Fund		574		300		3,826		4,700		1,685
Investor Growth Fund		585		344		2,505		3,434		106
Investor Growth & Income Fund		699		222		3,468		4,389		530

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

In addition, the Funds’ service providers have voluntarily waived fees during the six months ended December 31, 2014. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

	Voluntary Waivers
	Shareholder Servicing
Investor Balanced Fund	$	1,150
Investor Conservative Growth Fund		1,657
Investor Growth Fund		351
Investor Growth & Income Fund		491

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

4. Investment Transactions

During the six months ended December 31, 2014, 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)
Investor Balanced Fund	$	621,812	$	225,300
Investor Conservative Growth Fund		485,698		208,401
Investor Growth Fund		257,480		74,501
Investor Growth & Income Fund		368,635		121,100

During the six months ended December 31, 2014, 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 December 31, 2014 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Investor Balanced Fund	$	4,558,858	$	861,352	$	60,485	$	800,867
Investor Conservative Growth Fund		3,987,764		495,952		54,516		441,436
Investor Growth Fund		1,744,608		666,530		21,927		644,603
Investor Growth & Income Fund		2,564,541		691,375		39,328		652,047

At June 30, 2014, the Funds did not have any net capital loss carryforwards.

6. Borrowings

The Funds rely upon an exemptive order granted by the Securities and Exchange Commission (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely

38 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

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 9, 2015.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2014, or at any time during the six months then ended.

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.

Because of the Funds’ investments in Underlying Funds, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

In addition, the Underlying Funds may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities. Specific risks and concentrations present in the Underlying Funds are disclosed within their individual financial statements and registration statements, as appropriate.

The Funds own in the aggregate, more than 10% of the net assets of the following Underlying Funds:

	% of Net Assets
JPMorgan Multi-Cap Market Neutral Fund		89	%
JPMorgan Large Cap Value Fund		84
JPMorgan Global Natural Resources Fund		75
JPMorgan Commodities Strategy Fund		74
JPMorgan Systematic Alpha Fund		73
JPMorgan Dynamic Growth Fund		69
JPMorgan International Research Enhanced Equity Fund		66
JPMorgan Latin America Fund		62
JPMorgan U.S. Dynamic Plus Fund		62
JPMorgan Intrepid Growth Fund		60
JPMorgan Limited Duration Bond Fund		46
JPMorgan Research Market Neutral Fund		42
JPMorgan Emerging Markets Local Currency Debt Fund		40
JPMorgan Intrepid Mid Cap Fund		39
JPMorgan Market Expansion Enhanced Index Fund		38
JPMorgan Intrepid America Fund JPMorgan Core Plus Bond Fund		37 35
JPMorgan Inflation Managed Bond Fund		24
JPMorgan Emerging Economies Fund JPMorgan Intrepid European Fund		16 15
JPMorgan Floating Rate Income Fund		13
JPMorgan U.S. Equity Fund		11
JPMorgan International Equity Fund		11

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 Funds’ net assets .

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

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 39

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying 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, July 1, 2014 and continued to hold your shares at the end of the reporting period, December 31, 2014.

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, and expenses of the Underlying Funds. 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Investor Balanced Fund
Class A
Actual	$	1,000.00	$	1,016.50	$	1.73		0.34	%
Hypothetical		1,000.00		1,023.49		1.73		0.34
Class B
Actual		1,000.00		1,014.70		3.55		0.69
Hypothetical		1,000.00		1,021.68		3.57		0.69
Class C
Actual		1,000.00		1,014.80		3.76		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Select Class
Actual		1,000.00		1,017.80		0.41		0.08
Hypothetical		1,000.00		1,024.80		0.41		0.08
Investor Conservative Growth Fund
Class A
Actual		1,000.00		1,010.90		1.67		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
Class B
Actual		1,000.00		1,009.20		3.49		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class C
Actual		1,000.00		1,009.10		3.70		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Select Class
Actual		1,000.00		1,012.70		0.41		0.08
Hypothetical		1,000.00		1,024.80		0.41		0.08

40 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Investor Growth Fund
Class A
Actual	$	1,000.00	$	1,031.70	$	1.95		0.38	%
Hypothetical		1,000.00		1,023.29		1.94		0.38
Class B
Actual		1,000.00		1,029.30		4.14		0.81
Hypothetical		1,000.00		1,021.12		4.13		0.81
Class C
Actual		1,000.00		1,029.30		4.19		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Select Class
Actual		1,000.00		1,033.00		0.61		0.12
Hypothetical		1,000.00		1,024.60		0.61		0.12
Investor Growth & Income Fund
Class A
Actual		1,000.00		1,019.40		1.78		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
Class B
Actual		1,000.00		1,017.50		3.71		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class C
Actual		1,000.00		1,017.80		3.92		0.77
Hypothetical		1,000.00		1,021.32		3.92		0.77
Select Class
Actual		1,000.00		1,020.90		0.51		0.09
Hypothetical		1,000.00		1,024.70		0.51		0.09

* 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).

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 41

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 June 30, 2014. 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, 2014. The information necessary to complete your income tax returns for the calendar year ending December 31, 2014 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2014, the Funds elected to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses were as follows or amounts as finally determined (amounts in thousands):

	Total Foreign Source Income		Total Foreign Tax Credit
Investor Balanced Fund	$	6,112	$	690
Investor Conservative Growth Fund		3,881		430
Investor Growth Fund		4,303		449
Investor Growth & Income Fund		5,213		549

42 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2014, at which the Trustees considered the continuation of the investment advisory agreement for each of the Funds whose semi-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 concerning the Funds and the underlying J.P. Morgan Funds in which each of the Funds invests (the “Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 20, 2014.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and the Underlying Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ and Underlying Funds’ expense ratios and those of their 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 the Funds and/or Underlying Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trust and

independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds and Underlying Funds,

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 43

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the 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 the Funds and Underlying Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds and Underlying 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 and Underlying 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 including the benefits received by the Adviser and its affiliates in connection with the Funds’ investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds and/or Underlying 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.

Economies of Scale

The Trustees considered the extent to which the Funds benefit from economies of scale. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fee schedule for the administrative services provided by JPMFM does include fee breakpoints, which are tied to the overall level of each Fund’s assets advised by the Adviser, and that each Fund benefits from those breakpoints. The Trustees also noted that the Adviser and its affiliates have implemented fee waivers and expense limitations. 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 and its affiliates have in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that shareholders of the Funds effectively participated in the economies of scale through these fee waivers and expense limitations and administrative service fee breakpoints.

Independent Written Evaluation of the Funds’ Senior Officer

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

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 the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total

44 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

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 Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ 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 Investor Balanced Fund’s performance was in the third, third and fourth quintiles for Class A shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and in the third quintile for Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2013, and that the Trustees’ independent consultant indicated that the Fund’s 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 they were satisfied with the Adviser’s analysis of the Fund’s performance.

The Trustees noted that the Investor Conservative Growth Fund’s performance was in the second, third and fourth quintiles for Class A shares and in the second, third and third quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s 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 they were satisfied with the Adviser’s analysis of the Fund’s performance.

The Trustees noted that the Investor Growth Fund’s performance was in the fifth, fourth and fourth quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance needed enhancement. 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 they were satisfied with the Adviser’s analysis of the Fund’s performance.

The Trustees noted that the Investor Growth & Income Fund’s performance was in the third, second and third quintiles for Class A shares for the one-, three-, and five-year periods ended

December 31, 2013, respectively, and in the second quintile for Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2013, and that the Trustees’ independent consultant indicated that the Fund’s 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 they were satisfied with the Adviser’s analysis of the Fund’s performance.

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

The Trustees noted that the Investor Balanced 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 fifth and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the Investor Conservative Growth Fund’s net advisory fee for Class A and Select Class shares was in the third and second quintiles, and that the actual total expenses for Class A and Select Class shares were in the fourth and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees were reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the Investor Growth Fund’s net advisory fee for both Class A and Select Class shares was in the

DECEMBER 31, 2014 J.P. MORGAN INVESTOR FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

second quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the Investor Growth & Income Fund’s net advisory fee for Class A and Select Class shares was in the third and second quintiles, and that the actual total expenses for Class A and Select Class shares were in the fifth and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees were reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

46 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2014

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., 2015.  All rights reserved. December 2014. SAN-INV-1214

Semi-Annual Report

J.P. Morgan Intrepid Funds

December 31, 2014 (Unaudited)

JPMorgan Intrepid Advantage Fund

JPMorgan Intrepid America Fund

JPMorgan Intrepid Growth Fund

JPMorgan Intrepid Mid Cap Fund

JPMorgan Intrepid Value Fund

 

CONTENTS

CEO’s Letter	1
Market Overview	3
Fund Commentaries:
JPMorgan Intrepid Advantage Fund	4
JPMorgan Intrepid America Fund	6
JPMorgan Intrepid Growth Fund	8
JPMorgan Intrepid Mid Cap Fund	10
JPMorgan Intrepid Value Fund	12
Schedules of Portfolio Investments	14
Financial Statements	32
Financial Highlights	48
Notes to Financial Statements	58
Schedule of Shareholder Expenses	65
Board Approval of Investment Advisory Agreement	67

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

Dear Shareholder,

A growing divergence in the economic trajectories of U.S. and other developed markets and plummeting global energy prices provided a mixed backdrop for the latter half of 2014. The U.S. economy accelerated at a steady pace amid continued strength in corporate earnings, gains in employment and consumer spending and falling oil prices for the six months ended December 31, 2014. Gross domestic product (GDP) in the U.S. climbed by 5.0% in the third quarter of 2014 and unemployment dropped to 5.6% in December, a level not seen since June 2008.

  “Amid uncertainty about the global economy recovery, equity markets in the U.S., China and Japan provided investors with solid returns and served to emphasize the prudence of holding a broadly diversified portfolio and a long-term outlook.”

In response to the continued improvement in the domestic economy, the U.S. Federal Reserve Bank proceeded to taper down its monthly purchases of bonds under its quantitative easing program and finally closed the program in October.

In stark contrast, the European Central Bank (ECB) took unprecedented steps to counter the threat of price deflation in the euro zone and the Bank of Japan stunned markets with a massive stimulus program as Japan’s economy slid into recession.

Another key development in the latter half of 2014 was a precipitous drop in global petroleum prices. A supply glut driven by new production in the U.S. and increased output from other nations, along with decreasing demand from China, Europe and Japan led to a 50% drop in the price of crude oil between July and December.

Amid this backdrop, U.S. equity markets outperformed most other assets classes over the six month period, with large cap stocks providing better returns than small caps and defensive sectors overtaking cyclical sectors. Notably, U.S. equities fell to six-month lows in mid October only to rebound 8.4%, driving the Standard & Poor’s 500 Index (“S&P 500”) to a new closing high of 2,018.05 points on October 31, 2014. In December, the Dow Jones Industrial Average closed above 18,000 points for the first time following the news that third quarter GDP showed the fastest growth in 11 years. The S&P 500 closed at a new high of 2,090.57 points on December 29, 2014, and returned 6.1% for the six months ended December 31, 2014.

Prices for U.S. Treasury securities with longer maturities rose during the six month period as investors sought safe havens amid deteriorating energy prices and geopolitical concerns. While declining oil prices helped bolster consumer spending in

developed nations, energy related sectors came under pressure and yield spreads on high-yield debt — also known as junk bonds — widened. Nations dependent on oil exports experienced volatility in bond yield spreads and currency valuations.

Meanwhile, weak growth in the euro zone raised concerns about the potential for a destructive deflationary spiral. Even after the ECB had cut its deposit rate to negative 0.1% to encourage banks to extend lending by effectively charging them for parking excess cash with the central bank, growth remained tepid and inflation was well below the ECB’s target of just below 2%. The inflation rate averaged 0.4% from July to October and then fell 0.3% in November and was estimated at -0.2% for December. Unemployment across the euro zone remained stubbornly high at 11.5%.

Japan’s economy retreated into recession during the six month period following two quarters of economic contraction, partly attributed to an increase in the national consumption tax earlier in the year. Responding to the crisis, the Bank of Japan surprised global markets on October 31 by unveiling plans to buy 8 trillion to 12 trillion yen ($71 billion to $107 billion) of Japanese government bonds per month, while also tripling its purchases of exchange-traded funds. The announcement drove Tokyo stocks to seven-year highs. For the six months ended December 31, 2014, the MSCI Europe, Australasia and Far East Index returned -9.2%.

Elsewhere, China’s economy continued to grow but at a slower pace for the six month period. At 7.3%, China’s GDP showed the slowest growth in five years, though it was slightly better than economists had expected. The weaker GDP growth was partly attributed to a slowdown in the property sector. However, Chinese equity securities performed well over the six months ended December 31, 2014, amid expectations that policy makers may ease monetary policy to spur growth. Chinese equity markets received an additional boost when regulators increased access to Chinese financial markets by allowing foreign investors in Hong Kong to buy shares in Shanghai.

Russia’s economy, already straining under Western economic sanctions following its annexation of Crimea, began sliding toward recession as prices plummeted for oil and natural gas, its biggest exports. In response, the Russian Central Bank spent heavily from its reserves and raised its key interest rate sharply in a largely unsuccessful effort to halt the ruble’s slide. The MSCI Emerging Markets Index returned -7.7% for the six months ended December 31, 2014.

During the six month period, financial market volatility returned after being largely absent in the first half of 2014. Meanwhile, economic growth outside the U.S. began to falter and the relative strength of the U.S. economy drove the dollar higher against other major currencies. Amid uncertainty about the global economy recovery, equity markets in the U.S., China and Japan provided investors with solid returns and served to

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 1

CEO’S LETTER

(continued)

emphasize the prudence of holding a broadly diversified portfolio and a long-term outlook.

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

2 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

JPMorgan Intrepid Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

U.S equity markets performed strongly during the six month reporting period, amid accommodative central bank policies, falling energy prices and steady overall improvement in the U.S. economy. While the second half of 2014 was marked by the return of volatility in financial markets and a sharp sell-off in mid-October, key U.S. equity indexes rebounded to closing highs in the final months of 2014. The S&P 500 Index broke through the 2,000-point closing level for the first time on the final day of October and hit new closing highs in the final weeks of December. Also in late December, the Dow Jones Industrial Average closed above 18,000 points for the first time. U.S. Treasury securities with longer maturities also performed well during the six month reporting period, as geopolitical risks and concerns about weakness in the global economy pushed investors into so-called safe haven bonds.

Overall, U.S. large cap stocks outperformed small cap stocks and growth stocks outperformed value stocks during the reporting period. For the six months ended December 31, 2014, the S&P 500 Index returned 6.12%, while the Russell 1000 Index returned 5.57%, the Russell 1000 Growth Index 6.34% and the Russell 1000 Value Index returned 4.78%. Mid cap stocks as measured by the Russell Midcap Index returned 4.18%, outperforming the Russell 2000 Index, which returned 1.65%.

Intrepid Investment Philosophy and Process

The JPMorgan Intrepid Investment Team employs a philosophy that is rooted in behavioral finance, a field of study that emphasizes the importance of human psychology in financial markets. Behavioral finance examines how investor behavior can be affected by emotional biases and reactions. The field theorizes that inefficiencies arise in the stock market because investors are consistently irrational in making many investment decisions.

The Team aims to capitalize on these market inefficiencies by targeting attractively valued stocks that they believe possess strong fundamentals and momentum characteristics, and looks to sell these stocks when they no longer exhibit these criteria. A disciplined quantitative ranking methodology is utilized to identify attractive stocks in each sector, a process that is combined with qualitative research and value-added trading.

During the reporting period, each of the Funds was managed and positioned in accordance with this investment philosophy and process.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 3

JPMorgan Intrepid Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	5.94%
Russell 3000 Index	5.25%
Net Assets as of 12/31/2014 (In Thousands)	$22,586

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Advantage 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) outperformed the Russell 3000 Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the information technology and industrials sectors was the leading contributor to performance relative to the Benchmark, while security selection in the consumer discretionary and consumer staples sectors was the leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Yahoo Inc., Northrop Grumman Corp. and Southwest Airlines Co. Shares of Yahoo, an Internet content provider, rose after the successful initial public offering of Alibaba Group Holding Ltd., in which Yahoo holds a 15% stake. Shares of Northrop Grumman, an aerospace and electronics company, rose on an increase in the company’s military contracts. Shares of Southwest Airlines rose on overall improvement in travel demand and discipline in capacity and utilization.

Leading individual detractors from relative performance included the Fund’s overweight positions in TripAdvisor Inc., Viacom Inc. and Wynn Resorts Ltd. Shares of TripAdvisor, an online travel company, weakened amid weak earnings and a data security breach at one of its subsidiaries. Shares of Viacom, a provider of entertainment content, declined after the company reported lower-than-expected revenue. Shares of Wynn Resorts, an owner/operator of destination casino resorts, fell on expected weakness in the gaming industry in Macau, where Wynn has significant business.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	4.9	%
	2.	Microsoft Corp.	3.8
	3.	Wells Fargo & Co.	2.2
	4.	Time Warner, Inc.	2.1
	5.	Chevron Corp.	2.0
	6.	Northrop Grumman Corp.	1.9
	7.	Hewlett-Packard Co.	1.9
	8.	Home Depot, Inc. (The)	1.8
	9.	Cisco Systems, Inc.	1.7
	10.	Exxon Mobil Corp.	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	22.6	%
Health Care	16.7
Financials	14.9
Consumer Discretionary	13.4
Consumer Staples	9.0
Industrials	8.6
Energy	6.8
Telecommunication Services	2.1
Utilities	1.5
Materials	1.4
Short-Term Investment	3.0

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
Without Sales Charge			5.77	%		13.03	%		15.86	%		7.03	%
With Sales Charge**			0.22			7.08			14.62			6.45
CLASS C SHARES	February 19, 2005
Without CDSC			5.52			12.48			15.29			6.50
With CDSC***			4.52			11.48			15.29			6.50
SELECT CLASS SHARES	February 28, 2003		5.94			13.33			16.15			7.29

* Not annualized.

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

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

TEN YEAR PERFORMANCE (12/31/04 TO 12/31/14)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Intrepid Advantage Fund, the Russell 3000 Index and the Lipper Multi-Cap Core Funds Index from December 31, 2004 to December 31, 2014. 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 Russell 3000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper 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

Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Lipper Multi-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

Effective April 10, 2006, the Fund changed its investment policies. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date might be less relevant for investors considering whether to purchase shares of the Fund.

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.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 5

JPMorgan Intrepid America Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	7.38%
S&P 500 Index(1)	6.12%
Russell 1000 Index	5.57%
Net Assets as of 12/31/2014 (In Thousands)	$3,466,605

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid America Fund (the “Fund”) seeks to provide long-term capital growth.

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

The Fund (Select Class Shares) outperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the industrials and information technology sectors was a leading contributor to performance relative to the Benchmark, while security selection in the financials and utilities sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Northrop Grumman Corp., United Therapeutics Corp. and Kroger Co. Shares of Northrop Grumman, an aerospace and electronics company, rose on an increase in the company’s military contracts. Shares of United Therapeutics, a biopharmaceuticals company not held in the Benchmark, strengthened on favorable court rulings related to its patent on the hypertension drug Remodulin. Shares of Kroger, a supermarket chain, rose on increased quarterly earnings and the company’s forecast for profit growth.

Leading individual detractors from relative performance included the Fund’s overweight positions in Patterson-UTI Energy Inc., Viacom Inc. and Herbalife Ltd. Patterson-UTI, an owner/operator of oil drilling rigs, fell amid a decline in the global price of oil. Shares of Viacom, a provider of entertainment content, declined after the company reported lower-than-expected revenue. Shares of Herbalife, a distributor of nutritional supplements through a network of independent sellers, fell on the company’s forecast for lower revenue and earnings.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	3.5	%
	2.	Wells Fargo & Co.	3.3
	3.	Microsoft Corp.	3.2
	4.	Pfizer, Inc.	2.6
	5.	Hewlett-Packard Co.	2.5
	6.	Time Warner, Inc.	2.3
	7.	Oracle Corp.	2.2
	8.	Archer-Daniels-Midland Co.	2.1
	9.	Anthem, Inc.	2.1
	10.	Northrop Grumman Corp.	2.1

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.4	%
Financials	14.4
Health Care	14.3
Consumer Discretionary	11.8
Industrials	10.7
Consumer Staples	9.1
Energy	7.8
Utilities	3.1
Materials	3.0
Telecommunication Services	2.4
Short-Term Investment	3.0

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

(1) On November 1, 2014, the JPMorgan Intrepid America Fund adopted the Standard & Poor‘s 500 Index as its primary Benchmark, replacing the Russell 1000 Index, because the portfolio managers believe the S&P 500 Index is a more representative benchmark for large cap funds.

6 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
Without Sales Charge			7.25	%		15.86	%		15.53	%		7.77	%
With Sales Charge**			1.61			9.78			14.29			7.19
CLASS C SHARES	February 19, 2005
Without CDSC			6.98			15.27			14.95			7.24
With CDSC***			5.98			14.27			14.95			7.24
CLASS R2 SHARES	November 3, 2008		7.11			15.55			15.24			7.61
CLASS R5 SHARES	May 15, 2006		7.49			16.38			16.05			8.23
SELECT CLASS SHARES	February 28, 2003		7.38			16.15			15.82			8.03

* Not annualized.

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

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

TEN YEAR PERFORMANCE (12/31/04 TO 12/31/14)

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

Returns for Class A, Class C and Class R5 Shares prior to their inception dates are based on the performance of Select Class Shares. The actual returns for Class A and Class C Shares would have been lower than those shown because Class A and Class C Shares have higher expenses than Select Class Shares. The actual returns for 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 their inception date are based on the performance of Class A Shares from February 19, 2005 to November 2, 2008 and the performance of Select Class Shares prior to February 19, 2005. During these periods, the actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A and Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Intrepid America Fund, the S&P 500 Index, the Russell 1000 Index and the Lipper Large-Cap Core Funds Index from December 31, 2004 to December 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and Russell 1000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of

all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Russell 1000 Index is an unmanaged index which measures the performance of the 1,000 largest companies (on the basis of capitalization) in the Russell 3000 Index. The Lipper Large-Cap Core Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

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.

On November 1, 2014, the JPMorgan Intrepid America Fund adopted the Standard & Poor’s 500 Index as its primary Benchmark, replacing the Russell 1000 Index, because the portfolio managers believe the S&P 500 Index is a more representative benchmark for large cap funds.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 7

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	9.11%
Russell 1000 Growth Index	6.34%
Net Assets as of 12/31/2014 (In Thousands)	$917,259

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Growth Fund (the “Fund”) seeks to provide long-term capital growth.

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

The Fund (Select Class Shares) outperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the information technology and industrials sectors was the leading contributor to performance relative to the Benchmark, while security selection in the materials and utilities sectors was the leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Yahoo Inc., Delta Air Lines Inc. and Southwest Airlines Co. Shares of Yahoo, a provider of Internet content, rose following the initial public offering of Alibaba Group Holding Ltd., in which Yahoo holds a 15% stake. Shares of both Delta Air Lines and Southwest Airlines rose on overall improvement in the airline sector.

Leading individual detractors from relative performance included the Fund’s overweight positions in Viacom Inc., Herbalife Ltd. and Patterson-UTI Energy Co. Shares of Viacom, a provider of entertainment content, declined after the company reported lower-than-expected revenue. Shares of Herbalife, a distributor of nutritional supplements through a network of independent sellers, fell on the company’s forecast for lower revenue and earnings. Shares of Patterson-UTI, an owner/operator of oil drilling rigs, fell amid a 50% drop in the global price of oil.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	6.1	%
	2.	Microsoft Corp.	4.2
	3.	Oracle Corp.	3.3
	4.	Gilead Sciences, Inc.	3.0
	5.	Amgen, Inc.	2.7
	6.	Home Depot, Inc. (The)	2.6
	7.	Visa, Inc., Class A	2.3
	8.	Archer-Daniels-Midland Co.	2.0
	9.	Time Warner, Inc.	2.0
	10.	Anthem, Inc.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	28.7	%
Consumer Discretionary	17.3
Health Care	14.1
Industrials	11.3
Consumer Staples	9.4
Energy	4.5
Financials	4.4
Materials	3.9
Telecommunication Services	2.3
Utilities	0.5
Short-Term Investment	3.6

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

8 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
Without Sales Charge			8.99	%		16.14	%		16.03	%		8.38	%
With Sales Charge**			3.28			10.03			14.79			7.79
CLASS C SHARES	February 19, 2005
Without CDSC			8.71			15.55			15.45			7.84
With CDSC***			7.71			14.55			15.45			7.84
CLASS R2 SHARES	November 3, 2008		8.84			15.82			15.74			8.21
CLASS R5 SHARES	May 15, 2006		9.24			16.66			16.55			8.82
SELECT CLASS SHARES	February 28, 2003		9.11			16.39			16.32			8.64

* Not annualized.

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

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

TEN YEAR PERFORMANCE (12/31/04 TO 12/31/14)

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

Returns for Class A, Class C and Class R5 Shares prior to their inception dates are based on the performance of Select Class Shares. The actual returns for Class A and Class C Shares would have been lower than those shown because Class A and Class C Shares have higher expenses than Select Class Shares. The actual returns for 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 their inception date are based on the performance of Class A Shares from February 19, 2005 to November 2, 2008 and the performance of Select Class Shares prior to February 19, 2005. During these periods, the actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A and Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Intrepid Growth Fund, the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Index from December 31, 2004 to December 31, 2014. 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 Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Large-Cap Growth Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

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.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 9

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		6.56%
Russell Midcap Index		4.18%
Net Assets as of 12/31/2014 (In Thousands)	$	757,966

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Mid Cap Fund (the “Fund”) seeks long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

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

The Fund (Select Class Shares) outperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the energy and industrial cyclical sectors was the leading contributor to performance relative to the Benchmark, while security selection in the retail and telecommunications sectors was the leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Southwest Airlines Co., Huntington Ingalls Industries Inc. and Booz Allen Hamilton Holding Corp. Shares of Southwest Airlines rose on overall improvement in travel demand and discipline in capacity and utilization. Shares of Huntington Ingalls, a shipbuilder, climbed higher on expectations of increased military contracts. Shares of Booz Allen, a management and technology consulting company, rose after the company raised its earnings forecast.

Leading individual detractors from relative performance included the Fund’s overweight positions in ManpowerGroup Inc., First Solar Inc. and Rovi Corp. Shares of ManpowerGroup, a provider of employment and personnel services, fell after the company forecast earnings below analysts’ estimates. Shares of First Solar, a maker of photovoltaic solar cells, weakened after the company posted a decline in quarterly earnings and revenue. Shares of Rovi, maker of digital entertainment technology, declined on weakness in earnings.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bunge Ltd.	2.0	%
	2.	H&R Block, Inc.	2.0
	3.	Southwest Airlines Co.	1.9
	4.	Huntington Ingalls Industries, Inc.	1.9
	5.	Western Digital Corp.	1.8
	6.	Lear Corp.	1.7
	7.	CareFusion Corp.	1.6
	8.	Rite Aid Corp.	1.6
	9.	Foot Locker, Inc.	1.6
	10.	Best Buy Co., Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	17.7	%
Financials	17.4
Consumer Discretionary	14.0
Industrials	11.6
Health Care	11.0
Consumer Staples	8.3
Utilities	5.7
Materials	5.1
Energy	4.6
Telecommunication Services	1.1
Short-Term Investment	3.5

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

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

*** Percentages indicated are based on total investments as of December 31, 2014. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
Without Sales Charge			6.41	%		15.36	%		16.96	%		9.39	%
With Sales Charge**			0.81			9.32			15.70			8.81
CLASS B SHARES	September 23, 1996
Without CDSC			6.04			14.61			16.21			8.84
With CDSC***			1.04			9.61			15.99			8.84
CLASS C SHARES	March 22, 1999
Without CDSC			6.07			14.60			16.21			8.72
With CDSC****			5.07			13.60			16.21			8.72
SELECT CLASS SHARES	June 1, 1991		6.56			15.62			17.24			9.67

* Not annualized.

** 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 (12/31/04 TO 12/31/14)

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Intrepid Mid Cap Fund, the Russell Midcap Index and the Lipper Mid-Cap Core Funds Index from December 31, 2004 to December 31, 2014. 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 Russell Midcap Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-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 Russell Midcap Index is

an unmanaged index which measures the performance of the 800 smallest

companies of the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

Because Class B Shares automatically convert to Class A Shares after eight 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.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 11

JPMorgan Intrepid Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		5.43%
Russell 1000 Value Index		4.78%
Net Assets as of 12/31/2014 (In Thousands)	$	1,712,519

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Value 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) outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2014. The Fund’s security selection in the industrials and health care sectors was a leading contributor to performance relative to the Benchmark, while security selection in the materials and consumer discretionary sectors detracted from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Northrop Grumman Corp., United Therapeutics Inc. and Southwest Airlines Co. Shares of Northrop Grumman, an aerospace and electronics company, rose on an increase in the company’s military contracts. Shares of United Therapeutics, a biopharmaceuticals company, strengthened on favorable court rulings related to its patent on the hypertension drug Remodulin. Shares of Southwest Airlines rose on overall improvement in travel demand and discipline in capacity and utilization.

Leading individual detractors from relative performance included the Fund’s overweight positions in Herbalife Ltd. and Viacom Inc. and its position in Exxon Mobil Corp. Shares of Herbalife, a distributor of nutritional supplements through a network of independent sellers, fell on the company’s forecast for lower revenue and earnings. Shares of Viacom, a provider of entertainment content, declined after the company reported lower-than-expected revenue. Shares of Exxon Mobil, an integrated petrochemical company, weakened along with other oil producers amid a 50% decline in global oil prices.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	4.1	%
	2.	Pfizer, Inc.	3.4
	3.	Hewlett-Packard Co.	2.7
	4.	Citigroup, Inc.	2.4
	5.	Chevron Corp.	2.4
	6.	Anthem, Inc.	2.3
	7.	Archer-Daniels-Midland Co.	2.2
	8.	Northrop Grumman Corp.	2.2
	9.	National Oilwell Varco, Inc.	2.1
	10.	Discover Financial Services	2.1

PORTFOLIO COMPOSITION BY SECTOR***
Financials	27.8	%
Health Care	13.8
Energy	11.1
Industrials	10.4
Information Technology	10.1
Consumer Discretionary	7.0
Consumer Staples	6.7
Utilities	6.3
Materials	2.5
Telecommunication Services	1.9
Short-Term Investment	2.4

* 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 December 31, 2014. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2014
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 19, 2005
Without Sales Charge				5.33	%		13.75	%		15.28	%		7.93	%
With Sales Charge**				(0.21	)		7.77			14.04			7.35
CLASS C SHARES		February 19, 2005
Without CDSC				5.06			13.16			14.70			7.39
With CDSC***				4.06			12.16			14.70			7.39
CLASS R2 SHARES		November 3, 2008		5.18			13.47			14.99			7.76
CLASS R5 SHARES		May 15, 2006		5.53			14.17			15.71			8.33
CLASS R6 SHARES		November 30, 2010		5.55			14.22			15.75			8.35
SELECT CLASS SHARES		February 28, 2003		5.43			13.93			15.47			8.15

* Not annualized.

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

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

TEN YEAR PERFORMANCE (12/31/04 TO 12/31/14)

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

Returns for Class A, Class C and Class R5 Shares prior to their inception dates are based on the performance of Select Class Shares. The actual returns for Class A and Class C Shares would have been lower than those shown because Class A and Class C Shares have higher expenses than Select Class Shares. The actual returns for 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 their inception date are based on the performance of Class A Shares from February 19, 2005 to November 2, 2008 and the performance of Select Class Shares prior to February 19, 2005. During these periods, the actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A and Select Class Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares from May 15, 2006 to November 29, 2010 and the performance of Select Class Shares prior to May 15, 2006. During these periods, the actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Intrepid Value Fund, the Russell 1000

Value Index and the Lipper Large-Cap Value Funds Index from December 31, 2004 to December 31, 2014. 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 Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Large-Cap Value 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.

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.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 13

JPMorgan Intrepid Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.5%
			Consumer Discretionary — 13.3%
			Auto Components — 1.2%
	4		Delphi Automotive plc, (United Kingdom)		269
			Hotels, Restaurants & Leisure — 1.1%
	6		Hilton Worldwide Holdings, Inc. (a)		162
	1		Wynn Resorts Ltd.		93
					255
			Household Durables — 0.6%
	2		Garmin Ltd., (Switzerland)		129
			Internet & Catalog Retail — 1.6%
	—	(h)	Priceline Group, Inc. (The) (a)		177
	2		TripAdvisor, Inc. (a)		183
					360
			Media — 3.5%
	1		Comcast Corp., Class A		81
	4		Starz, Series A (a)		118
	5		Time Warner, Inc.		468
	2		Viacom, Inc., Class B		117
					784
			Multiline Retail — 0.7%
	3		Kohl’s Corp.		169
			Specialty Retail — 4.0%
	9		Best Buy Co., Inc.		340
	4		Home Depot, Inc. (The)		399
	2		Lowe’s Cos., Inc.		165
					904
			Textiles, Apparel & Luxury Goods — 0.6%
	1		Hanesbrands, Inc.		137
			Total Consumer Discretionary		3,007
			Consumer Staples — 9.0%
			Beverages — 2.4%
	5		Coca-Cola Co. (The)		207
	2		Molson Coors Brewing Co., Class B		145
	2		PepsiCo, Inc.		196
					548
			Food & Staples Retailing — 1.0%
	3		Walgreens Boots Alliance, Inc.		217
			Food Products — 2.5%
	2		Archer-Daniels-Midland Co. (m)		103
	3		Ingredion, Inc.		225
	5		Mondelez International, Inc., Class A		165
	2		Tyson Foods, Inc., Class A		77
					570

SHARES		SECURITY DESCRIPTION	VALUE($)
		Household Products — 1.2%
	2	Energizer Holdings, Inc.		270
		Tobacco — 1.9%
	3	Lorillard, Inc.		212
	3	Philip Morris International, Inc.		204
				416
		Total Consumer Staples		2,021
		Energy — 6.8%
		Oil, Gas & Consumable Fuels — 6.8%
	1	Anadarko Petroleum Corp.		83
	4	Chevron Corp.		460
	5	ConocoPhillips		335
	1	Devon Energy Corp.		80
	4	Exxon Mobil Corp.		381
	1	Marathon Petroleum Corp.		83
	2	Phillips 66		117
		Total Energy		1,539
		Financials — 14.9%
		Banks — 6.8%
	17	Bank of America Corp.		297
	6	Citigroup, Inc.		328
	4	Fifth Third Bancorp		90
	11	KeyCorp		146
	4	SunTrust Banks, Inc.		178
	9	Wells Fargo & Co.		499
				1,538
		Capital Markets — 1.1%
	1	Ameriprise Financial, Inc.		73
	5	Morgan Stanley		186
				259
		Consumer Finance — 2.2%
	3	Capital One Financial Corp.		245
	4	Discover Financial Services		259
				504
		Insurance — 3.1%
	2	American International Group, Inc. (m)		125
	5	CNO Financial Group, Inc.		89
	5	Hartford Financial Services Group, Inc. (The)		225
	3	Prudential Financial, Inc.		251
				690
		Real Estate Investment Trusts (REITs) — 1.2%
	8	RLJ Lodging Trust (m)		264

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Management & Development — 0.5%
	3	CBRE Group, Inc., Class A (a)		102
		Total Financials		3,357
		Health Care — 16.6%
		Biotechnology — 3.3%
	2	Amgen, Inc.		251
	4	Gilead Sciences, Inc. (a)		374
	1	Vertex Pharmaceuticals, Inc. (a)		116
				741
		Health Care Equipment & Supplies — 4.7%
	1	Becton, Dickinson and Co.		111
	15	Boston Scientific Corp. (a)		193
	3	CareFusion Corp. (a)		191
	2	Covidien plc, (Ireland)		179
	2	Medtronic, Inc.		172
	2	Stryker Corp.		224
				1,070
		Health Care Providers & Services — 5.2%
	2	Anthem, Inc.		257
	2	Cardinal Health, Inc.		194
	3	Cigna Corp.		355
	1	Humana, Inc.		104
	1	McKesson Corp.		268
				1,178
		Life Sciences Tools & Services — 0.6%
	2	Quintiles Transnational Holdings, Inc. (a)		130
		Pharmaceuticals — 2.8%
	2	Bristol-Myers Squibb Co.		125
	4	Merck & Co., Inc.		206
	10	Pfizer, Inc.		302
				633
		Total Health Care		3,752
		Industrials — 8.6%
		Aerospace & Defense — 3.2%
	2	General Dynamics Corp.		210
	1	Honeywell International, Inc. (m)		77
	3	Northrop Grumman Corp.		424
				711
		Airlines — 1.7%
	2	Delta Air Lines, Inc.		110
	5	Southwest Airlines Co.		204
	1	United Continental Holdings, Inc. (a)		80
				394

SHARES			SECURITY DESCRIPTION	VALUE($)
			Construction & Engineering — 1.1%
	6		AECOM Technology Corp. (a)		180
	1		Fluor Corp.		64
					244
			Machinery — 2.6%
	3		Allison Transmission Holdings, Inc.		95
	1		Caterpillar, Inc.		87
	3		Ingersoll-Rand plc		187
	2		Parker-Hannifin Corp.		216
					585
			Total Industrials		1,934
			Information Technology — 22.4%
			Communications Equipment — 3.0%
	14		Cisco Systems, Inc.		388
	1		Harris Corp.		72
	3		QUALCOMM, Inc.		229
					689
			Internet Software & Services — 3.2%
	—	(h)	Google, Inc., Class A (a)		182
	—	(h)	Google, Inc., Class C (a)		206
	7		Yahoo!, Inc. (a)		332
					720
			IT Services — 0.6%
	2		MasterCard, Inc., Class A		129
			Semiconductors & Semiconductor Equipment — 2.4%
	5		Broadcom Corp., Class A		236
	3		KLA-Tencor Corp.		183
	2		Lam Research Corp.		133
					552
			Software — 5.8%
	18		Microsoft Corp.		851
	5		Oracle Corp.		242
	5		Rovi Corp. (a)		118
	4		Symantec Corp.		105
					1,316
			Technology Hardware, Storage & Peripherals — 7.4%
	10		Apple, Inc. (m)		1,092
	11		Hewlett-Packard Co.		421
	2		SanDisk Corp.		147
					1,660
			Total Information Technology		5,066

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 15

JPMorgan Intrepid Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Materials — 1.3%
		Chemicals — 0.4%
	2	Dow Chemical Co. (The)		104
		Containers & Packaging — 0.6%
	3	Crown Holdings, Inc. (a)		132
		Metals & Mining — 0.3%
	3	United States Steel Corp.		68
		Total Materials		304
		Telecommunication Services — 2.1%
		Diversified Telecommunication Services — 2.1%
	6	AT&T, Inc.		218
	6	CenturyLink, Inc.		256
		Total Telecommunication Services		474
		Utilities — 1.5%
		Gas Utilities — 0.9%
	5	UGI Corp.		196
		Independent Power & Renewable Electricity Producers — 0.6%
	10	AES Corp.		132
		Total Utilities		328
		Total Common Stocks (Cost $16,576)		21,782
	Short-Term Investment — 3.0%
		Investment Company — 3.0%
	681	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $681)		681
		Total Investments — 99.5% (Cost $17,257)		22,463
		Other Assets in Excess of Liabilities — 0.5%		123
		NET ASSETS — 100.0%	$	22,586

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.0%
		Consumer Discretionary — 11.8%
		Auto Components — 0.7%
	342	Delphi Automotive plc, (United Kingdom)		24,848
		Diversified Consumer Services — 1.7%
	768	Apollo Education Group, Inc. (a)		26,210
	21	Graham Holdings Co., Class B		18,311
	415	H&R Block, Inc.		13,987
				58,508
		Hotels, Restaurants & Leisure — 0.5%
	426	Restaurant Brands International, Inc., (Canada) (a)		16,639
		Household Durables — 0.8%
	341	Jarden Corp. (a)		16,345
	488	PulteGroup, Inc.		10,468
				26,813
		Media — 3.1%
	172	Time Warner Cable, Inc.		26,109
	941	Time Warner, Inc.		80,380
				106,489
		Multiline Retail — 2.0%
	627	Big Lots, Inc.		25,081
	208	Dillard’s, Inc., Class A		26,062
	80	Kohl’s Corp.		4,902
	227	Macy’s, Inc.		14,938
				70,983
		Specialty Retail — 2.5%
	250	Foot Locker, Inc.		14,028
	1,040	Lowe’s Cos., Inc.		71,545
				85,573
		Textiles, Apparel & Luxury Goods — 0.5%
	160	Hanesbrands, Inc.		17,848
		Total Consumer Discretionary		407,701
		Consumer Staples — 9.1%
		Beverages — 0.3%
	115	Molson Coors Brewing Co., Class B		8,600
		Food & Staples Retailing — 2.3%
	159	CVS Health Corp.		15,323
	997	Kroger Co. (The)		63,998
				79,321
		Food Products — 4.4%
	1,415	Archer-Daniels-Midland Co.		73,575
	280	Bunge Ltd.		25,455

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — continued
	283	Ingredion, Inc.		24,001
	880	Pilgrim’s Pride Corp. (a)		28,852
				151,883
		Household Products — 0.9%
	202	Energizer Holdings, Inc.		25,956
	55	Spectrum Brands Holdings, Inc.		5,224
				31,180
		Personal Products — 0.5%
	1,013	Avon Products, Inc.		9,511
	247	Herbalife Ltd. (a)		9,301
				18,812
		Tobacco — 0.7%
	409	Lorillard, Inc.		25,717
		Total Consumer Staples		315,513
		Energy — 7.8%
		Energy Equipment & Services — 3.5%
	350	Baker Hughes, Inc.		19,641
	567	Halliburton Co.		22,292
	1,081	National Oilwell Varco, Inc.		70,812
	107	Schlumberger Ltd.		9,131
				121,876
		Oil, Gas & Consumable Fuels — 4.3%
	965	ConocoPhillips		66,671
	252	Marathon Petroleum Corp.		22,736
	181	Tesoro Corp.		13,472
	917	Valero Energy Corp.		45,367
				148,246
		Total Energy		270,122
		Financials — 14.4%
		Banks — 5.6%
	302	Citigroup, Inc.		16,341
	1,061	Fifth Third Bancorp		21,618
	385	KeyCorp		5,357
	398	PNC Financial Services Group, Inc. (The)		36,346
	2,097	Wells Fargo & Co.		114,982
				194,644
		Capital Markets — 0.9%
	222	Ameriprise Financial, Inc.		29,412
		Consumer Finance — 1.9%
	986	Discover Financial Services		64,540

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 17

JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — 3.6%
	179	Allstate Corp. (The)		12,589
	189	Aspen Insurance Holdings Ltd., (Bermuda)		8,268
	646	CNO Financial Group, Inc.		11,131
	153	Everest Re Group Ltd., (Bermuda)		26,056
	260	Lincoln National Corp.		15,006
	196	PartnerRe Ltd., (Bermuda)		22,358
	63	Prudential Financial, Inc.		5,654
	231	Travelers Cos., Inc. (The)		24,398
				125,460
		Real Estate Investment Trusts (REITs) — 2.3%
	921	American Capital Agency Corp.		20,099
	243	American Tower Corp.		23,971
	408	Annaly Capital Management, Inc.		4,407
	19	Hospitality Properties Trust		592
	432	RLJ Lodging Trust		14,472
	143	Vornado Realty Trust		16,797
				80,338
		Real Estate Management & Development — 0.1%
	142	CBRE Group, Inc., Class A (a)		4,874
		Total Financials		499,268
		Health Care — 14.3%
		Biotechnology — 3.4%
	448	Amgen, Inc.		71,362
	236	Gilead Sciences, Inc. (a)		22,198
	220	Vertex Pharmaceuticals, Inc. (a)		26,077
				119,637
		Health Care Equipment & Supplies — 2.4%
	991	Medtronic, Inc.		71,558
	114	Stryker Corp.		10,725
				82,283
		Health Care Providers & Services — 5.5%
	271	Aetna, Inc.		24,064
	573	Anthem, Inc.		71,946
	525	Health Net, Inc. (a)		28,124
	208	LifePoint Hospitals, Inc. (a)		14,950
	241	McKesson Corp.		49,944
				189,028
		Pharmaceuticals — 3.0%
	253	Merck & Co., Inc.		14,339
	2,873	Pfizer, Inc.		89,502
				103,841
		Total Health Care		494,789

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrials — 10.7%
		Aerospace & Defense — 4.3%
	192	General Dynamics Corp.		26,464
	158	Honeywell International, Inc.		15,747
	99	Huntington Ingalls Industries, Inc.		11,134
	488	Northrop Grumman Corp.		71,941
	220	Raytheon Co.		23,776
				149,062
		Airlines — 2.5%
	162	Alaska Air Group, Inc.		9,675
	1,032	Delta Air Lines, Inc.		50,774
	639	Southwest Airlines Co.		27,047
				87,496
		Commercial Services & Supplies — 0.7%
	1,020	Pitney Bowes, Inc.		24,845
		Construction & Engineering — 0.4%
	456	AECOM Technology Corp. (a)		13,846
		Machinery — 2.8%
	161	Allison Transmission Holdings, Inc.		5,457
	154	IDEX Corp.		11,964
	651	Illinois Tool Works, Inc.		61,669
	80	Parker-Hannifin Corp.		10,264
	77	SPX Corp.		6,607
				95,961
		Total Industrials		371,210
		Information Technology — 20.4%
		Communications Equipment — 0.7%
	1,909	Brocade Communications Systems, Inc.		22,603
		Internet Software & Services — 1.3%
	420	VeriSign, Inc. (a)		23,923
	436	Yahoo!, Inc. (a)		22,042
				45,965
		IT Services — 2.5%
	257	Amdocs Ltd.		11,967
	63	Computer Sciences Corp.		3,994
	109	MasterCard, Inc., Class A		9,417
	239	Visa, Inc., Class A		62,535
				87,913
		Semiconductors & Semiconductor Equipment — 2.0%
	437	Broadcom Corp., Class A		18,940
	329	KLA-Tencor Corp.		23,107
	273	Lam Research Corp.		21,636
	318	NVIDIA Corp.		6,368
				70,051

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — 7.3%
	1,139	Activision Blizzard, Inc.		22,957
	32	Citrix Systems, Inc. (a)		2,048
	404	Electronic Arts, Inc. (a)		18,971
	165	Intuit, Inc.		15,174
	2,381	Microsoft Corp.		110,611
	1,687	Oracle Corp.		75,882
	329	Rovi Corp. (a)		7,428
				253,071
		Technology Hardware, Storage & Peripherals — 6.6%
	1,088	Apple, Inc.		120,038
	2,146	Hewlett-Packard Co.		86,099
	236	SanDisk Corp.		23,094
				229,231
		Total Information Technology		708,834
		Materials — 3.0%
		Chemicals — 1.9%
	342	LyondellBasell Industries N.V., Class A		27,119
	172	PPG Industries, Inc.		39,790
				66,909
		Containers & Packaging — 0.9%
	694	Sealed Air Corp.		29,459
		Metals & Mining — 0.2%
	259	United States Steel Corp.		6,926
		Total Materials		103,294
		Telecommunication Services — 2.4%
		Diversified Telecommunication Services — 2.4%
	819	AT&T, Inc.		27,510
	589	CenturyLink, Inc.		23,294

SHARES		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
	1,604	Frontier Communications Corp.		10,697
	504	Verizon Communications, Inc.		23,568
		Total Telecommunication Services		85,069
		Utilities — 3.1%
		Electric Utilities — 0.8%
	330	Entergy Corp.		28,886
		Gas Utilities — 0.8%
	681	UGI Corp.		25,872
		Independent Power & Renewable Electricity Producers — 1.2%
	608	AES Corp.		8,371
	296	Calpine Corp. (a)		6,559
	853	Dynegy, Inc. (a)		25,885
				40,815
		Multi-Utilities — 0.3%
	260	Public Service Enterprise Group, Inc.		10,750
		Total Utilities		106,323
		Total Common Stocks (Cost $2,544,318)		3,362,123
	Short-Term Investment — 3.0%
		Investment Company — 3.0%
	104,962	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (Cost $104,962)		104,962
		Total Investments — 100.0% (Cost $2,649,280)		3,467,085
		Liabilities in Excess of Other Assets — 0.0% (c) (g)		(480	)
		NET ASSETS — 100.0%	$	3,466,605

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT DECEMBER 31, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	962	E-mini S&P 500		03/20/15	$	98,720	$	1,491

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 19

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.1%
			Consumer Discretionary — 17.3%
			Auto Components — 0.5%
	68		Delphi Automotive plc, (United Kingdom)		4,909
			Diversified Consumer Services — 1.9%
	215		Apollo Education Group, Inc. (a)		7,347
	8		Graham Holdings Co., Class B		6,910
	100		H&R Block, Inc.		3,351
					17,608
			Hotels, Restaurants & Leisure — 1.2%
	5		Chipotle Mexican Grill, Inc. (a)		3,217
	189		Restaurant Brands International, Inc., (Canada) (a)		7,398
					10,615
			Household Durables — 0.3%
	9		Harman International Industries, Inc.		982
	32		Tempur Sealy International, Inc. (a)		1,768
					2,750
			Internet & Catalog Retail — 0.3%
	29		Expedia, Inc.		2,492
			Media — 4.4%
	115		DIRECTV (a)		9,936
	69		DISH Network Corp., Class A (a)		5,030
	56		Starz, Series A (a)		1,657
	14		Time Warner Cable, Inc.		2,053
	210		Time Warner, Inc.		17,921
	45		Viacom, Inc., Class B		3,356
					39,953
			Multiline Retail — 2.5%
	171		Big Lots, Inc.		6,855
	57		Dillard’s, Inc., Class A		7,085
	28		Kohl’s Corp.		1,679
	116		Macy’s, Inc.		7,653
					23,272
			Specialty Retail — 4.6%
	120		Foot Locker, Inc.		6,747
	227		Home Depot, Inc. (The)		23,860
	171		Lowe’s Cos., Inc.		11,737
					42,344
			Textiles, Apparel & Luxury Goods — 1.6%
	63		Deckers Outdoor Corp. (a)		5,772
	67	��	Hanesbrands, Inc.		7,512
	27		Skechers U.S.A., Inc., Class A (a)		1,486
					14,770
			Total Consumer Discretionary		158,713

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 9.3%
		Beverages — 1.5%
	109	Coca-Cola Co. (The)		4,602
	99	PepsiCo, Inc.		9,390
				13,992
		Food & Staples Retailing — 1.6%
	232	Kroger Co. (The)		14,916
		Food Products — 4.1%
	359	Archer-Daniels-Midland Co.		18,647
	50	Bunge Ltd.		4,509
	86	Ingredion, Inc.		7,271
	226	Pilgrim’s Pride Corp. (a)		7,424
				37,851
		Household Products — 0.5%
	35	Energizer Holdings, Inc.		4,461
		Personal Products — 0.4%
	102	Herbalife Ltd. (a)		3,849
		Tobacco — 1.2%
	169	Altria Group, Inc.		8,346
	34	Lorillard, Inc.		2,159
				10,505
		Total Consumer Staples		85,574
		Energy — 4.5%
		Energy Equipment & Services — 2.8%
	103	Baker Hughes, Inc.		5,758
	52	Nabors Industries Ltd., (Bermuda)		674
	271	National Oilwell Varco, Inc.		17,739
	16	Schlumberger Ltd.		1,375
				25,546
		Oil, Gas & Consumable Fuels — 1.7%
	39	ConocoPhillips		2,666
	26	Marathon Petroleum Corp.		2,356
	50	Tesoro Corp.		3,747
	145	Valero Energy Corp.		7,162
				15,931
		Total Energy		41,477
		Financials — 4.4%
		Consumer Finance — 1.8%
	247	Discover Financial Services		16,143
		Diversified Financial Services — 0.8%
	73	Moody’s Corp.		6,985

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — 0.2%
	12	Assurant, Inc.		842
	28	Validus Holdings Ltd., (Bermuda)		1,176
				2,018
		Real Estate Investment Trusts (REITs) — 1.6%
	149	American Tower Corp.		14,758
		Total Financials		39,904
		Health Care — 14.1%
		Biotechnology — 7.0%
	154	Amgen, Inc.		24,451
	293	Gilead Sciences, Inc. (a)		27,628
	2	Regeneron Pharmaceuticals, Inc. (a)		861
	17	United Therapeutics Corp. (a)		2,137
	76	Vertex Pharmaceuticals, Inc. (a)		9,052
				64,129
		Health Care Equipment & Supplies — 1.2%
	24	C.R. Bard, Inc.		3,982
	58	Edwards Lifesciences Corp. (a)		7,439
				11,421
		Health Care Providers & Services — 4.0%
	141	Anthem, Inc.		17,745
	47	Cardinal Health, Inc.		3,802
	75	Express Scripts Holding Co. (a)		6,333
	124	Health Net, Inc. (a)		6,649
	9	McKesson Corp.		1,806
				36,335
		Pharmaceuticals — 1.9%
	267	AbbVie, Inc.		17,473
		Total Health Care		129,358
		Industrials — 11.2%
		Aerospace & Defense — 3.8%
	111	General Dynamics Corp.		15,234
	65	Huntington Ingalls Industries, Inc.		7,265
	34	Northrop Grumman Corp.		4,982
	36	TransDigm Group, Inc.		7,069
				34,550
		Air Freight & Logistics — 0.3%
	23	United Parcel Service, Inc., Class B		2,546
		Airlines — 3.4%
	72	Alaska Air Group, Inc.		4,326
	338	Delta Air Lines, Inc.		16,636
	250	Southwest Airlines Co.		10,576
				31,538

SHARES		SECURITY DESCRIPTION	VALUE($)
		Commercial Services & Supplies — 0.7%
	287	Pitney Bowes, Inc.		6,997
		Construction & Engineering — 0.2%
	57	AECOM Technology Corp. (a)		1,728
		Industrial Conglomerates — 0.2%
	24	Danaher Corp.		2,057
		Machinery — 2.1%
	207	Allison Transmission Holdings, Inc.		7,024
	13	Caterpillar, Inc.		1,217
	45	IDEX Corp.		3,495
	14	Illinois Tool Works, Inc.		1,335
	40	Parker-Hannifin Corp.		5,145
	11	SPX Corp.		938
				19,154
		Trading Companies & Distributors — 0.5%
	152	HD Supply Holdings, Inc. (a)		4,480
		Total Industrials		103,050
		Information Technology — 28.6%
		Communications Equipment — 0.2%
	18	QUALCOMM, Inc.		1,360
		Internet Software & Services — 4.0%
	15	Facebook, Inc., Class A (a)		1,147
	13	Google, Inc., Class A (a)		6,686
	77	IAC/InterActiveCorp		4,669
	122	VeriSign, Inc. (a)		6,943
	334	Yahoo!, Inc. (a)		16,890
				36,335
		IT Services — 3.0%
	74	Amdocs Ltd.		3,452
	86	Booz Allen Hamilton Holding Corp.		2,276
	12	Computer Sciences Corp.		763
	80	Visa, Inc., Class A		21,028
				27,519
		Semiconductors & Semiconductor Equipment — 2.3%
	179	Broadcom Corp., Class A		7,743
	87	Lam Research Corp.		6,895
	341	NVIDIA Corp.		6,835
				21,473
		Software — 10.6%
	364	Activision Blizzard, Inc.		7,326
	72	Citrix Systems, Inc. (a)		4,562
	162	Electronic Arts, Inc. (a)		7,621
	828	Microsoft Corp.		38,440

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 21

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	677	Oracle Corp.		30,458
	75	PTC, Inc. (a)		2,760
	74	VMware, Inc., Class A (a)		6,065
				97,232
		Technology Hardware, Storage & Peripherals — 8.5%
	509	Apple, Inc.		56,233
	390	Hewlett-Packard Co.		15,639
	65	SanDisk Corp.		6,349
				78,221
		Total Information Technology		262,140
		Materials — 3.9%
		Chemicals — 1.7%
	143	LyondellBasell Industries N.V., Class A		11,329
	19	PPG Industries, Inc.		4,295
				15,624
		Containers & Packaging — 1.6%
	132	Crown Holdings, Inc. (a)		6,714
	194	Sealed Air Corp.		8,223
				14,937
		Metals & Mining — 0.6%
	186	United States Steel Corp.		4,963
		Total Materials		35,524

SHARES		SECURITY DESCRIPTION	VALUE($)
		Telecommunication Services — 2.3%
		Diversified Telecommunication Services — 2.3%
	268	AT&T, Inc.		9,012
	165	CenturyLink, Inc.		6,532
	115	Level 3 Communications, Inc. (a)		5,654
		Total Telecommunication Services		21,198
		Utilities — 0.5%
		Independent Power & Renewable Electricity Producers — 0.5%
	142	Dynegy, Inc. (a)		4,304
		Total Common Stocks (Cost $650,885)		881,242
	Short-Term Investment — 3.6%
		Investment Company — 3.6%
	33,378	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (Cost $33,378)		33,378
		Total Investments — 99.7% (Cost $684,263)		914,620
		Other Assets in Excess of Liabilities — 0.3% (c)		2,639
		NET ASSETS — 100.0%	$	917,259

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT DECEMBER 31, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	323	E-mini S&P 500		03/20/15	$	33,146	$	448

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.4%
		Consumer Discretionary — 14.0%
		Auto Components — 2.1%
	101	Goodyear Tire & Rubber Co. (The)		2,897
	135	Lear Corp.		13,202
				16,099
		Diversified Consumer Services — 2.7%
	6	Graham Holdings Co., Class B		5,096
	452	H&R Block, Inc.		15,233
				20,329
		Hotels, Restaurants & Leisure — 1.6%
	312	Aramark		9,716
	22	Brinker International, Inc.		1,285
	1	Chipotle Mexican Grill, Inc. (a)		342
	9	Domino’s Pizza, Inc.		810
				12,153
		Household Durables — 0.4%
	69	Jarden Corp. (a)		3,294
		Internet & Catalog Retail — 1.1%
	277	Groupon, Inc. (a)		2,291
	36	Liberty TripAdvisor Holdings, Inc., Class A (a)		966
	124	Liberty Ventures, Series A (a)		4,689
				7,946
		Media — 0.2%
	88	Cablevision Systems Corp., Class A		1,812
		Multiline Retail — 1.2%
	142	Macy’s, Inc.		9,343
		Specialty Retail — 4.3%
	21	Advance Auto Parts, Inc.		3,265
	284	Best Buy Co., Inc.		11,063
	46	CST Brands, Inc.		2,006
	209	Foot Locker, Inc.		11,758
	29	Gap, Inc. (The)		1,200
	19	Murphy USA, Inc. (a)		1,329
	20	PetSmart, Inc.		1,602
				32,223
		Textiles, Apparel & Luxury Goods — 0.4%
	29	Hanesbrands, Inc.		3,215
		Total Consumer Discretionary		106,414
		Consumer Staples — 8.3%
		Food & Staples Retailing — 3.2%
	137	Kroger Co. (The)		8,765
	1,565	Rite Aid Corp. (a)		11,770
	112	Safeway, Inc.		3,926
				24,461

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — 3.7%
	169	Bunge Ltd.		15,364
	81	Ingredion, Inc.		6,872
	137	Tyson Foods, Inc., Class A		5,484
				27,720
		Personal Products — 0.1%
	27	Herbalife Ltd.		1,003
		Tobacco — 1.3%
	150	Lorillard, Inc.		9,441
		Total Consumer Staples		62,625
		Energy — 4.6%
		Energy Equipment & Services — 0.8%
	7	Baker Hughes, Inc.		415
	40	Cameron International Corp. (a)		2,008
	15	National Oilwell Varco, Inc.		984
	45	Oil States International, Inc. (a)		2,203
	31	Patterson-UTI Energy, Inc.		509
				6,119
		Oil, Gas & Consumable Fuels — 3.8%
	38	Cabot Oil & Gas Corp.		1,137
	31	Cimarex Energy Co.		3,291
	18	Continental Resources, Inc. (a)		690
	114	EQT Corp.		8,600
	16	Marathon Petroleum Corp.		1,444
	48	Murphy Oil Corp.		2,410
	34	Newfield Exploration Co. (a)		911
	7	Noble Energy, Inc.		337
	27	Peabody Energy Corp.		206
	37	Tesoro Corp.		2,736
	30	Valero Energy Corp.		1,485
	109	World Fuel Services Corp.		5,129
				28,376
		Total Energy		34,495
		Financials — 17.4%
		Banks — 2.7%
	70	East West Bancorp, Inc.		2,725
	135	Fifth Third Bancorp		2,749
	85	Huntington Bancshares, Inc.		890
	199	KeyCorp		2,772
	72	PacWest Bancorp		3,268
	29	Popular, Inc., (Puerto Rico) (a)		998
	109	Regions Financial Corp.		1,152
	12	Signature Bank (a)		1,461
	40	SVB Financial Group (a)		4,631
				20,646

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 23

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Capital Markets — 0.9%
	17	Affiliated Managers Group, Inc. (a)		3,523
	59	Lazard Ltd., (Bermuda), Class A		2,967
				6,490
		Consumer Finance — 1.6%
	167	Discover Financial Services		10,904
	43	Synchrony Financial (a)		1,267
				12,171
		Insurance — 4.2%
	61	Allied World Assurance Co. Holdings AG, (Switzerland)		2,309
	62	American Financial Group, Inc.		3,783
	19	Aon plc, (United Kingdom)		1,821
	23	Arch Capital Group Ltd., (Bermuda) (a)		1,368
	7	Aspen Insurance Holdings Ltd., (Bermuda)		302
	30	Assurant, Inc.		2,063
	102	Assured Guaranty Ltd., (Bermuda)		2,656
	15	Axis Capital Holdings Ltd., (Bermuda)		756
	18	Endurance Specialty Holdings Ltd., (Bermuda)		1,071
	7	Everest Re Group Ltd., (Bermuda)		1,175
	12	FNF Group		418
	19	Hanover Insurance Group, Inc. (The)		1,341
	41	Hartford Financial Services Group, Inc. (The)		1,689
	28	Lincoln National Corp.		1,603
	37	Principal Financial Group, Inc.		1,927
	36	Protective Life Corp.		2,494
	19	Torchmark Corp.		1,020
	86	Unum Group		2,982
	29	Validus Holdings Ltd., (Bermuda)		1,189
				31,967
		Real Estate Investment Trusts (REITs) — 7.8%
	14	American Capital Agency Corp.		303
	71	Annaly Capital Management, Inc.		762
	68	Apartment Investment & Management Co., Class A		2,537
	3	AvalonBay Communities, Inc.		425
	8	Boston Properties, Inc.		1,004
	66	Brandywine Realty Trust		1,051
	12	Camden Property Trust		916
	22	Chimera Investment Corp.		71
	15	Corrections Corp. of America		549
	18	Crown Castle International Corp.		1,377
	44	DDR Corp.		813
	38	Douglas Emmett, Inc.		1,082
	252	Duke Realty Corp.		5,090

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	40	Equity Commonwealth		1,026
	42	Equity LifeStyle Properties, Inc.		2,150
	18	Equity Residential		1,272
	17	Extra Space Storage, Inc.		991
	37	Health Care REIT, Inc.		2,800
	130	Hospitality Properties Trust		4,019
	86	Host Hotels & Resorts, Inc.		2,054
	13	Mid-America Apartment Communities, Inc.		971
	56	NorthStar Realty Finance Corp.		983
	34	Post Properties, Inc.		1,998
	16	Regency Centers Corp.		995
	97	Retail Properties of America, Inc., Class A		1,619
	7	SL Green Realty Corp.		833
	30	Taubman Centers, Inc.		2,300
	33	Ventas, Inc.		2,343
	41	Vornado Realty Trust		4,838
	275	Weyerhaeuser Co.		9,884
	31	WP Carey, Inc.		2,173
				59,229
		Real Estate Management & Development — 0.2%
	7	Jones Lang LaSalle, Inc.		1,095
		Total Financials		131,598
		Health Care — 10.9%
		Biotechnology — 2.7%
	39	Alnylam Pharmaceuticals, Inc. (a)		3,763
	39	BioMarin Pharmaceutical, Inc. (a)		3,562
	41	Incyte Corp. (a)		3,005
	12	Intercept Pharmaceuticals, Inc. (a)		1,919
	29	Medivation, Inc. (a)		2,869
	44	Vertex Pharmaceuticals, Inc. (a)		5,274
				20,392
		Health Care Equipment & Supplies — 3.1%
	44	Boston Scientific Corp. (a)		579
	206	CareFusion Corp. (a)		12,200
	6	Cooper Cos., Inc. (The)		1,038
	184	Hologic, Inc. (a)		4,912
	47	Zimmer Holdings, Inc.		5,285
				24,014
		Health Care Providers & Services — 4.0%
	61	Cardinal Health, Inc.		4,917
	94	Catamaran Corp. (a)		4,880
	47	Community Health Systems, Inc. (a)		2,523
	117	HCA Holdings, Inc. (a)		8,565

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	6	Health Net, Inc. (a)		332
	64	Humana, Inc.		9,235
				30,452
		Health Care Technology — 0.2%
	54	Veeva Systems, Inc., Class A (a)		1,429
		Pharmaceuticals — 0.9%
	51	Endo International plc, (Ireland) (a)		3,678
	18	Perrigo Co. plc, (Ireland)		3,009
				6,687
		Total Health Care		82,974
		Industrials — 11.6%
		Aerospace & Defense — 3.2%
	15	Alliant Techsystems, Inc.		1,790
	126	Huntington Ingalls Industries, Inc.		14,116
	38	L-3 Communications Holdings, Inc.		4,821
	3	Northrop Grumman Corp.		442
	71	Spirit Aerosystems Holdings, Inc., Class A (a)		3,069
				24,238
		Airlines — 2.7%
	32	Alaska Air Group, Inc.		1,883
	96	Delta Air Lines, Inc.		4,717
	337	Southwest Airlines Co.		14,266
				20,866
		Commercial Services & Supplies — 0.7%
	84	KAR Auction Services, Inc.		2,907
	69	Pitney Bowes, Inc.		1,672
	39	R.R. Donnelley & Sons Co.		647
				5,226
		Construction & Engineering — 1.8%
	300	AECOM Technology Corp. (a)		9,099
	28	Fluor Corp.		1,704
	72	Jacobs Engineering Group, Inc. (a)		3,235
				14,038
		Electrical Equipment — 0.2%
	27	Babcock & Wilcox Co. (The)		812
	7	Regal-Beloit Corp.		504
				1,316
		Machinery — 2.6%
	75	Crane Co.		4,397
	71	Ingersoll-Rand plc		4,520
	56	Oshkosh Corp.		2,739

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — continued
	60	Parker-Hannifin Corp.		7,756
				19,412
		Marine — 0.0% (g)
	4	Kirby Corp. (a)		282
		Professional Services — 0.1%
	9	Manpowergroup, Inc.		627
		Road & Rail — 0.2%
	16	Landstar System, Inc.		1,160
		Trading Companies & Distributors — 0.1%
	57	MRC Global, Inc. (a)		868
	4	NOW, Inc. (a)		99
	1	Veritiv Corp. (a)		68
				1,035
		Total Industrials		88,200
		Information Technology — 17.7%
		Communications Equipment — 0.7%
	56	ARRIS Group, Inc. (a)		1,676
	23	Harris Corp.		1,627
	90	Juniper Networks, Inc.		2,004
				5,307
		Electronic Equipment, Instruments & Components — 0.5%
	53	Avnet, Inc.		2,284
	22	Tech Data Corp. (a)		1,410
				3,694
		Internet Software & Services — 2.0%
	7	Equinix, Inc.		1,497
	61	LendingClub Corp. (a)		1,543
	32	LinkedIn Corp., Class A (a)		7,442
	124	Twitter, Inc. (a)		4,459
				14,941
		IT Services — 5.7%
	27	Alliance Data Systems Corp. (a)		7,766
	412	Booz Allen Hamilton Holding Corp.		10,933
	43	Fidelity National Information Services, Inc.		2,687
	46	Global Payments, Inc.		3,689
	240	Vantiv, Inc., Class A (a)		8,151
	696	Xerox Corp.		9,651
				42,877
		Semiconductors & Semiconductor Equipment — 3.9%
	266	Advanced Micro Devices, Inc. (a)		710
	71	Applied Materials, Inc.		1,757

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 25

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	57	First Solar, Inc. (a)		2,528
	45	KLA-Tencor Corp.		3,129
	39	Lam Research Corp.		3,094
	317	Marvell Technology Group Ltd., (Bermuda)		4,594
	262	Micron Technology, Inc. (a)		9,173
	254	ON Semiconductor Corp. (a)		2,571
	31	Skyworks Solutions, Inc.		2,276
				29,832
		Software — 3.2%
	166	Activision Blizzard, Inc.		3,339
	38	Citrix Systems, Inc. (a)		2,437
	99	Electronic Arts, Inc. (a)		4,650
	46	Mobileye N.V., (Israel) (a)		1,866
	348	Rovi Corp. (a)		7,868
	46	Synopsys, Inc. (a)		2,000
	700	Zynga, Inc., Class A (a)		1,862
				24,022
		Technology Hardware, Storage & Peripherals — 1.7%
	120	Western Digital Corp.		13,284
		Total Information Technology		133,957
		Materials — 5.1%
		Chemicals — 2.2%
	29	Ashland, Inc.		3,461
	44	Cabot Corp.		1,943
	11	Huntsman Corp.		255
	37	PPG Industries, Inc.		8,472
	30	Valspar Corp. (The)		2,629
				16,760
		Containers & Packaging — 1.0%
	10	Avery Dennison Corp.		535
	27	Crown Holdings, Inc. (a)		1,364
	7	Greif, Inc., Class A		307
	53	Rock-Tenn Co., Class A		3,256
	43	Sealed Air Corp.		1,833
				7,295
		Metals & Mining — 1.1%
	61	Alcoa, Inc.		961
	4	Compass Minerals International, Inc.		339
	8	Nucor Corp.		368
	52	Reliance Steel & Aluminum Co.		3,198
	43	Steel Dynamics, Inc.		849
	106	United States Steel Corp.		2,832
				8,547

SHARES		SECURITY DESCRIPTION	VALUE($)
		Paper & Forest Products — 0.8%
	42	Domtar Corp., (Canada)		1,673
	81	International Paper Co.		4,324
				5,997
		Total Materials		38,599
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 0.8%
	755	Frontier Communications Corp.		5,037
	175	Windstream Holdings, Inc.		1,445
				6,482
		Wireless Telecommunication Services — 0.3%
	20	SBA Communications Corp., Class A (a)		2,215
		Total Telecommunication Services		8,697
		Utilities — 5.7%
		Electric Utilities — 0.2%
	7	Entergy Corp.		638
	7	Pinnacle West Capital Corp.		458
				1,096
		Gas Utilities — 1.0%
	203	UGI Corp.		7,716
		Independent Power & Renewable Electricity Producers — 0.6%
	324	AES Corp.		4,460
		Multi-Utilities — 3.9%
	32	Alliant Energy Corp.		2,135
	46	Ameren Corp.		2,104
	139	CenterPoint Energy, Inc.		3,257
	97	CMS Energy Corp.		3,353
	30	Consolidated Edison, Inc.		1,967
	52	DTE Energy Co.		4,448
	78	Public Service Enterprise Group, Inc.		3,213
	39	SCANA Corp.		2,368
	48	Sempra Energy		5,301
	85	TECO Energy, Inc.		1,751
				29,897
		Total Utilities		43,169
		Total Common Stocks (Cost $533,242)		730,728

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.5%
		Investment Company — 3.5%
	26,716	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (Cost $26,716)		26,716
		Total Investments — 99.9% (Cost $559,958)		757,444
		Other Assets in Excess of Liabilities — 0.1% (c)		522
		NET ASSETS — 100.0%	$	757,966

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT DECEMBER 31, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	156	S&P Mid Cap 400		03/20/15	$	22,598	$	468

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 27

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.7%
		Consumer Discretionary — 7.0%
		Automobiles — 1.0%
	1,073	Ford Motor Co.		16,635
		Diversified Consumer Services — 0.9%
	86	Apollo Education Group, Inc. (a)		2,944
	281	DeVry Education Group, Inc.		13,315
				16,259
		Household Durables — 0.7%
	78	Jarden Corp. (a)		3,724
	349	PulteGroup, Inc.		7,498
				11,222
		Internet & Catalog Retail — 0.2%
	37	Expedia, Inc.		3,184
		Media — 2.5%
	100	Gannett Co., Inc.		3,198
	80	Time Warner Cable, Inc.		12,226
	332	Time Warner, Inc.		28,325
				43,749
		Multiline Retail — 1.7%
	114	Dillard’s, Inc., Class A		14,320
	215	Macy’s, Inc.		14,110
				28,430
		Total Consumer Discretionary		119,479
		Consumer Staples — 6.7%
		Food & Staples Retailing — 2.5%
	105	CVS Caremark Corp.		10,083
	506	Kroger Co. (The)		32,497
				42,580
		Food Products — 2.7%
	719	Archer-Daniels-Midland Co.		37,362
	276	Pilgrim’s Pride Corp. (a)		9,044
				46,406
		Household Products — 1.1%
	112	Energizer Holdings, Inc.		14,373
	44	Kimberly-Clark Corp.		5,130
				19,503
		Personal Products — 0.4%
	182	Herbalife Ltd.		6,861
		Total Consumer Staples		115,350
		Energy — 11.1%
		Energy Equipment & Services — 2.7%
	70	Baker Hughes, Inc.		3,942
	118	Halliburton Co.		4,645

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy Equipment & Services — continued
	559	National Oilwell Varco, Inc.		36,657
	28	Oil States International, Inc. (a)		1,379
				46,623
		Oil, Gas & Consumable Fuels — 8.4%
	359	Chevron Corp.		40,256
	496	ConocoPhillips		34,233
	196	Exxon Mobil Corp.		18,074
	270	Marathon Oil Corp.		7,633
	152	Marathon Petroleum Corp.		13,747
	582	Valero Energy Corp.		28,789
				142,732
		Total Energy		189,355
		Financials — 27.9%
		Banks — 10.9%
	1,951	Bank of America Corp.		34,900
	769	Citigroup, Inc.		41,599
	32	Comerica, Inc.		1,504
	602	Fifth Third Bancorp		12,272
	804	KeyCorp		11,181
	175	PNC Financial Services Group, Inc. (The)		15,972
	1,284	Wells Fargo & Co.		70,403
				187,831
		Capital Markets — 2.5%
	108	Ameriprise Financial, Inc.		14,296
	90	Goldman Sachs Group, Inc. (The)		17,493
	109	Legg Mason, Inc.		5,823
	129	Morgan Stanley		4,986
				42,598
		Consumer Finance — 2.1%
	543	Discover Financial Services		35,587
		Insurance — 8.1%
	428	Allstate Corp. (The)		30,095
	55	Aspen Insurance Holdings Ltd., (Bermuda)		2,425
	99	Assurant, Inc.		6,795
	250	Axis Capital Holdings Ltd., (Bermuda)		12,757
	80	Everest Re Group Ltd., (Bermuda)		13,658
	384	Hartford Financial Services Group, Inc. (The)		16,009
	134	Lincoln National Corp.		7,734
	58	PartnerRe Ltd., (Bermuda)		6,620
	277	Prudential Financial, Inc.		25,075
	30	Travelers Cos., Inc. (The)		3,218
	332	Validus Holdings Ltd., (Bermuda)		13,794
				138,180

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — 4.0%
	579	American Capital Agency Corp.		12,646
	300	Annaly Capital Management, Inc.		3,240
	679	Brandywine Realty Trust		10,857
	199	Hospitality Properties Trust		6,169
	672	NorthStar Realty Finance Corp.		11,807
	258	Piedmont Office Realty Trust, Inc., Class A		4,861
	436	RLJ Lodging Trust		14,622
	35	Vornado Realty Trust		4,167
				68,369
		Real Estate Management & Development — 0.3%
	141	CBRE Group, Inc., Class A (a)		4,843
		Total Financials		477,408
		Health Care — 13.8%
		Biotechnology — 2.0%
	232	Gilead Sciences, Inc. (a)		21,830
	98	United Therapeutics Corp. (a)		12,716
				34,546
		Health Care Equipment & Supplies — 1.2%
	355	Alere, Inc. (a)		13,490
	52	Edwards Lifesciences Corp. (a)		6,560
				20,050
		Health Care Providers & Services — 7.1%
	278	Aetna, Inc.		24,677
	306	Anthem, Inc.		38,505
	68	Cardinal Health, Inc.		5,466
	305	Express Scripts Holding Co. (a)		25,833
	257	Health Net, Inc. (a)		13,757
	195	LifePoint Hospitals, Inc. (a)		14,051
				122,289
		Pharmaceuticals — 3.5%
	1,894	Pfizer, Inc.		58,999
		Total Health Care		235,884
		Industrials — 10.4%
		Aerospace & Defense — 4.2%
	248	General Dynamics Corp.		34,116
	252	Northrop Grumman Corp.		37,069
				71,185
		Airlines — 2.0%
	91	Alaska Air Group, Inc.		5,432
	298	Delta Air Lines, Inc.		14,673
	317	Southwest Airlines Co.		13,399
				33,504

SHARES		SECURITY DESCRIPTION	VALUE($)
		Commercial Services & Supplies — 0.7%
	531	Pitney Bowes, Inc.		12,933
		Construction & Engineering — 0.6%
	356	AECOM Technology Corp. (a)		10,824
		Machinery — 2.9%
	41	IDEX Corp.		3,160
	315	Illinois Tool Works, Inc.		29,849
	51	Parker-Hannifin Corp.		6,538
	125	SPX Corp.		10,749
				50,296
		Total Industrials		178,742
		Information Technology — 10.1%
		Communications Equipment — 0.8%
	1,172	Brocade Communications Systems, Inc.		13,882
		Electronic Equipment, Instruments & Components — 0.1%
	118	Vishay Intertechnology, Inc.		1,672
		Semiconductors & Semiconductor Equipment — 1.3%
	137	Intel Corp.		4,982
	25	KLA-Tencor Corp.		1,723
	127	Lam Research Corp.		10,076
	152	Micron Technology, Inc. (a)		5,311
				22,092
		Software — 3.1%
	393	Activision Blizzard, Inc.		7,913
	129	CA, Inc.		3,916
	623	Oracle Corp.		28,025
	606	Rovi Corp. (a)		13,683
				53,537
		Technology Hardware, Storage & Peripherals — 4.8%
	83	Apple, Inc.		9,106
	1,142	Hewlett-Packard Co.		45,841
	150	SanDisk Corp.		14,687
	111	Western Digital Corp.		12,288
				81,922
		Total Information Technology		173,105
		Materials — 2.5%
		Chemicals — 1.7%
	370	LyondellBasell Industries N.V., Class A		29,366
		Metals & Mining — 0.6%
	400	United States Steel Corp.		10,696
		Paper & Forest Products — 0.2%
	84	Domtar Corp., (Canada)		3,363
		Total Materials		43,425

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 29

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Telecommunication Services — 1.9%
		Diversified Telecommunication Services — 1.9%
	612	AT&T, Inc.		20,557
	146	CenturyLink, Inc.		5,764
	960	Frontier Communications Corp.		6,402
		Total Telecommunication Services		32,723
		Utilities — 6.3%
		Electric Utilities — 3.4%
	460	American Electric Power Co., Inc.		27,949
	158	Entergy Corp.		13,848
	151	NextEra Energy, Inc.		16,082
				57,879
		Gas Utilities — 0.8%
	369	UGI Corp.		14,032
		Independent Power & Renewable Electricity Producers — 1.7%
	875	AES Corp.		12,045
	278	Calpine Corp. (a)		6,148

SHARES		SECURITY DESCRIPTION	VALUE($)
		Independent Power & Renewable Electricity Producers — continued
	386	Dynegy, Inc. (a)		11,718
				29,911
		Multi-Utilities — 0.4%
	163	Public Service Enterprise Group, Inc.		6,766
		Total Utilities		108,588
		Total Common Stocks (Cost $1,288,766)		1,674,059
	Short-Term Investment — 2.4%
		Investment Company — 2.4%
	40,784	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (Cost $40,784)		40,784
		Total Investments — 100.1% (Cost $1,329,550)		1,714,843
		Liabilities in Excess of Other Assets — (0.1)% (c)		(2,324	)
		NET ASSETS — 100.0%	$	1,712,519

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT DECEMBER 31, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	304	E-mini S&P 500		03/20/15	$	31,196	$	728

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

JPMorgan Intrepid Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

(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.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than 1,000 shares.

(l)	—  The rate shown is the current yield as of December 31, 2014.
(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/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 31

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands, except per share amounts)

	Intrepid Advantage Fund			Intrepid America Fund		Intrepid Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	21,782		$	3,362,123	$	881,242
Investments in affiliates, at value		681			104,962		33,378
Total investment securities, at value		22,463			3,467,085		914,620
Foreign currency, at value		—			35		16
Deposits at broker for futures contracts		—			4,625		1,380
Receivables:
Investment securities sold		—			9,948		3,132
Fund shares sold		165			1,703		12,538
Dividends from non-affiliates		23			2,735		522
Dividends from affiliates		—	(a)		3		1
Total Assets		22,651			3,486,134		932,209
LIABILITIES:
Payables:
Due to custodian		—			16		16
Investment securities purchased		—			14,226		3,286
Fund shares redeemed		2			2,050		10,626
Variation margin on futures contracts		—			1,169		360
Accrued liabilities:
Investment advisory fees		3			1,180		299
Administration fees		—	(a)		239		6
Distribution fees		6			40		35
Shareholder servicing fees		4			431		159
Custodian and accounting fees		15			47		19
Trustees’ and Chief Compliance Officer’s fees		—	(a)		5		1
Audit fees		15			7		17
Registration Fee		10			—		20
Transfer agent fees		6			59		74
Other		4			60		32
Total Liabilities		65			19,529		14,950
Net Assets	$	22,586		$	3,466,605	$	917,259

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

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

	Intrepid Advantage Fund			Intrepid America Fund			Intrepid Growth Fund
NET ASSETS:
Paid-in-Capital	$	20,346		$	2,611,604		$	883,004
Accumulated undistributed (distributions in excess of) net investment income		2			(146	)		46
Accumulated net realized gains (losses)		(2,968	)		35,851			(196,596	)
Net unrealized appreciation (depreciation)		5,206			819,296			230,805
Total Net Assets	$	22,586		$	3,466,605		$	917,259
Net Assets:
Class A	$	11,750		$	156,237		$	71,214
Class C		6,495			11,344			34,109
Class R2		—			681			805
Class R5		—			1,702,951			148,722
Select Class		4,341			1,595,392			662,409
Total	$	22,586		$	3,466,605		$	917,259
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		350			4,142			1,771
Class C		197			303			863
Class R2		—			18			20
Class R5		—			44,861			3,697
Select Class		129			41,901			16,390
Net Asset Value (a):
Class A — Redemption price per share	$	33.55		$	37.72		$	40.19
Class C — Offering price per share (b)		32.92			37.48			39.57
Class R2 — Offering and redemption price per share		—			37.14			39.66
Class R5 — Offering and redemption price per share		—			37.96			40.23
Select Class — Offering and redemption price per share		33.72			38.08			40.42
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)]	$	35.41		$	39.81		$	42.42
Cost of investments in non-affiliates	$	16,576		$	2,544,318		$	650,885
Cost of investments in affiliates		681			104,962			33,378
Cost of foreign currency		—			35			16

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 33

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	Intrepid Mid Cap Fund		Intrepid Value Fund
ASSETS:
Investments in non-affiliates, at value	$	730,728	$	1,674,059
Investments in affiliates, at value		26,716		40,784
Total investment securities, at value		757,444		1,714,843
Deposits at broker for futures contracts		1,060		1,890
Receivables:
Investment securities sold		528		2,724
Fund shares sold		4,790		7,696
Dividends from non-affiliates		857		1,525
Dividends from affiliates		2		1
Total Assets		764,681		1,728,679
LIABILITIES:
Payables:
Investment securities purchased		4,661		11,860
Fund shares redeemed		1,048		2,588
Variation margin on futures contracts		292		449
Accrued liabilities:
Investment advisory fees		352		479
Administration fees		24		73
Distribution fees		91		60
Shareholder servicing fees		121		168
Custodian and accounting fees		21		28
Trustees’ and Chief Compliance Officer’s fees		—		1
Transfer agent fees		65		359
Other		40		95
Total Liabilities		6,715		16,160
Net Assets	$	757,966	$	1,712,519

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

	Intrepid Mid Cap Fund			Intrepid Value Fund
NET ASSETS:
Paid-in-Capital	$	559,785		$	1,325,715
Accumulated undistributed (distributions in excess of) net investment income		(227	)		(135	)
Accumulated net realized gains (losses)		454			918
Net unrealized appreciation (depreciation)		197,954			386,021
Total Net Assets	$	757,966		$	1,712,519
Net Assets:
Class A	$	274,140		$	148,364
Class B		4,705			—
Class C		57,743			45,363
Class R2		—			2,202
Class R5		—			84,277
Class R6		—			30,831
Select Class		421,378			1,401,482
Total	$	757,966		$	1,712,519
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		12,463			4,130
Class B		245			—
Class C		2,997			1,276
Class R2		—			61
Class R5		—			2,332
Class R6		—			853
Select Class		18,378			38,870
Net Asset Value (a):
Class A — Redemption price per share	$	22.00		$	35.92
Class B — Offering price per share (b)		19.26			—
Class C — Offering price per share (b)		19.26			35.55
Class R2 — Offering and redemption price per share		—			35.79
Class R5 — Offering and redemption price per share		—			36.14
Class R6 — Offering and redemption price per share		—			36.15
Select Class — Offering and redemption price per share		22.93			36.06
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	23.22		$	37.91
Cost of investments in non-affiliates	$	533,242		$	1,288,766
Cost of investments in affiliates		26,716			40,784

(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.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 35

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2014 (Unaudited)

(Amounts in thousands)

		Intrepid Advantage Fund			Intrepid America Fund			Intrepid Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates		$	219		$	35,180		$	5,650
Dividend income from affiliates			—	(a)		10			3
Total investment income			219			35,190			5,653
EXPENSES:
Investment advisory fees			63			6,517			2,099
Administration fees			8			1,339			346
Distribution fees:
Class A			13			157			57
Class C			18			36			93
Class R2			—			1			2
Shareholder servicing fees:
Class A			13			157			57
Class C			6			12			31
Class R2			—			—	(a)		1
Class R5			—			384			33
Select Class			5			1,966			796
Custodian and accounting fees			14			51			21
Professional fees			23			32			29
Trustees’ and Chief Compliance Officer’s fees			—	(a)		16			4
Printing and mailing costs			2			38			17
Registration and filing fees			20			46			44
Transfer agent fees			9			166			118
Other			7			45			17
Total expenses			201			10,963			3,765
	��
Less fees waived			(83	)		(126	)		(320	)
Less expense reimbursements			—			—			(2	)
Net expenses			118			10,837			3,443
Net investment income (loss)			101			24,353			2,210
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates			226			109,380			57,177
Futures			—			(707	)		24
Foreign currency transactions			—			—	(a)		—	(a)
Net realized gain (loss)			226			108,673			57,201
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates			811			104,154			14,463
Futures			—			1,008			357
Change in net unrealized appreciation/depreciation			811			105,162			14,820
Net realized/unrealized gains (losses)			1,037			213,835			72,021
Change in net assets resulting from operations		$	1,138		$	238,188		$	74,231

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

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

	Intrepid Mid Cap Fund			Intrepid Value Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1		$	—
Dividend income from non-affiliates		5,575			16,462
Dividend income from affiliates		5			5
Total investment income		5,581			16,467
EXPENSES:
Investment advisory fees		2,102			3,170
Administration fees		267			654
Distribution fees:
Class A		266			160
Class B		19			—
Class C		196			149
Class R2		—			4
Shareholder servicing fees:
Class A		266			160
Class B		7			—
Class C		65			50
Class R2		—			2
Class R5		—			21
Select Class		471			1,633
Custodian and accounting fees		20			29
Professional fees		26			28
Trustees’ and Chief Compliance Officer’s fees		3			8
Printing and mailing costs		35			74
Registration and filing fees		26			67
Transfer agent fees		188			877
Other		7			122
Total expenses		3,964			7,208
Less fees waived		(548	)		(1,136	)
Less expense reimbursements		—			—	(a)
Net expenses		3,416			6,072
Net investment income (loss)		2,165			10,395
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		18,538			80,896
Futures		257			2,650
Net realized gain (loss)		18,795			83,546
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		21,865			(10,001	)
Futures		295			444
Change in net unrealized appreciation/depreciation		22,160			(9,557	)
Net realized/unrealized gains (losses)		40,955			73,989
Change in net assets resulting from operations	$	43,120		$	84,384

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Intrepid Advantage Fund						Intrepid America Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	101		$	91		$	24,353		$	32,016
Net realized gain (loss)		226			1,207			108,673			336,209
Change in net unrealized appreciation/depreciation		811			1,936			105,162			251,755
Change in net assets resulting from operations		1,138			3,234			238,188			619,980
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(78	)		(54	)		(1,555	)		(777	)
From net realized gains		—			—			(7,056	)		—
Class C
From net investment income		(37	)		(7	)		(59	)		(22	)
From net realized gains		—			—			(488	)		—
Class R2
From net investment income		—			—			(7	)		(1	)
From net realized gains		—			—			(20	)		—
Class R5
From net investment income		—			—			(22,291	)		(11,848	)
From net realized gains		—			—			(75,877	)		—
Select Class
From net investment income		(33	)		(17	)		(17,845	)		(13,878	)
From net realized gains		—			—			(72,997	)		—
Total distributions to shareholders		(148	)		(78	)		(198,195	)		(26,526	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		4,983			882			442,979			192,385
NET ASSETS:
Change in net assets		5,973			4,038			482,972			785,839
Beginning of period		16,613			12,575			2,983,633			2,197,794
End of period	$	22,586		$	16,613		$	3,466,605		$	2,983,633
Accumulated undistributed (distributions in excess of) net investment income	$	2		$	49		$	(146	)	$	17,258

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

	Intrepid Growth Fund						Intrepid Mid Cap Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,210		$	6,041		$	2,165		$	2,713
Net realized gain (loss)		57,201			104,085			18,795			110,696
Change in net unrealized appreciation/depreciation		14,820			72,151			22,160			34,506
Change in net assets resulting from operations		74,231			182,277			43,120			147,915
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(320	)		(112	)		(714	)		(505	)
From net realized gains		—			—			(33,270	)		(788	)
Class B
From net investment income		—			—			(5	)		—
From net realized gains		—			—			(722	)		(33	)
Class C
From net investment income		(45	)		(8	)		(74	)		—
From net realized gains		—			—			(8,490	)		(205	)
Class R2
From net investment income		(1	)		(1	)		—			—
Class R5
From net investment income		(995	)		(1,052	)		—			—
Select Class
From net investment income		(3,526	)		(4,372	)		(1,516	)		(1,684	)
From net realized gains		—			—			(53,175	)		(1,755	)
Total distributions to shareholders		(4,887	)		(5,545	)		(97,966	)		(4,970	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		71,733			(94,414	)		215,917			(61,813	)
NET ASSETS:
Change in net assets		141,077			82,318			161,071			81,132
Beginning of period		776,182			693,864			596,895			515,763
End of period	$	917,259		$	776,182		$	757,966		$	596,895
Accumulated undistributed (distributions in excess of) net investment income	$	46		$	2,723		$	(227	)	$	(83	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 39

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid Value Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,395		$	17,585
Net realized gain (loss)		83,546			115,586
Change in net unrealized appreciation/depreciation		(9,557	)		172,882
Change in net assets resulting from operations		84,384			306,053
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(783	)		(1,034	)
From net realized gains		(10,740	)		—
Class C
From net investment income		(163	)		(214	)
From net realized gains		(3,334	)		—
Class R2
From net investment income		(10	)		(9	)
From net realized gains		(155	)		—
Class R5
From net investment income		(597	)		(1,055	)
From net realized gains		(6,160	)		—
Class R6
From net investment income		(209	)		(234	)
From net realized gains		(2,196	)		—
Select Class
From net investment income		(8,627	)		(14,448	)
From net realized gains		(102,921	)		—
Total distributions to shareholders		(135,895	)		(16,994	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		298,417			78,434
NET ASSETS:
Change in net assets		246,906			367,493
Beginning of period		1,465,613			1,098,120
End of period	$	1,712,519		$	1,465,613
Accumulated undistributed (distributions in excess of) net investment income	$	(135	)	$	(141	)

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

	Intrepid Advantage Fund						Intrepid America Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,383		$	1,047		$	69,232		$	51,201
Distributions reinvested		77			54			7,997			505
Cost of shares redeemed		(713	)		(2,430	)		(19,373	)		(64,819	)
Change in net assets resulting from Class A capital transactions	$	1,747		$	(1,329	)	$	57,856		$	(13,113	)
Class C
Proceeds from shares issued	$	2,650		$	997		$	2,750		$	1,022
Distributions reinvested		35			7			508			21
Cost of shares redeemed		(164	)		(218	)		(803	)		(1,397	)
Change in net assets resulting from Class C capital transactions	$	2,521		$	786		$	2,455		$	(354	)
Class R2
Proceeds from shares issued	$	—		$	—		$	603		$	54
Distributions reinvested		—			—			10			1
Cost of shares redeemed		—			—			(98	)		(99	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	515		$	(44	)
Class R5
Proceeds from shares issued	$	—		$	—		$	229,726		$	426,650
Distributions reinvested		—			—			98,125			11,848
Cost of shares redeemed		—			—			(3,191	)		(20,847	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	324,660		$	417,651
Select Class
Proceeds from shares issued	$	739		$	1,514		$	80,054		$	101,250
Distributions reinvested		22			6			75,360			11,463
Cost of shares redeemed		(46	)		(95	)		(97,921	)		(324,468	)
Change in net assets resulting from Select Class capital transactions	$	715		$	1,425		$	57,493		$	(211,755	)
Total change in net assets resulting from capital transactions	$	4,983		$	882		$	442,979		$	192,385

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid Advantage Fund						Intrepid America Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		73			37			1,824			1,526
Reinvested		2			2			216			15
Redeemed		(22	)		(85	)		(504	)		(1,891	)
Change in Class A Shares		53			(46	)		1,536			(350	)
Class C
Issued		83			34			73			30
Reinvested		1			—	(a)		14			1
Redeemed		(5	)		(8	)		(21	)		(42	)
Change in Class C Shares		79			26			66			(11	)
Class R2
Issued		—			—			16			2
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			(3	)		(3	)
Change in Class R2 Shares		—			—			13			(1	)
Class R5
Issued		—			—			6,008			12,842
Reinvested		—			—			2,615			348
Redeemed		—			—			(83	)		(603	)
Change in Class R5 Shares		—			—			8,540			12,587
Select Class
Issued		22			51			2,143			3,090
Reinvested		1			—	(a)		2,006			335
Redeemed		(1	)		(3	)		(2,508	)		(9,563	)
Change in Select Class Shares		22			48			1,641			(6,138	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

	Intrepid Growth Fund						Intrepid Mid Cap Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	42,457		$	8,517		$	92,222		$	41,307
Distributions reinvested		307			108			32,192			1,257
Cost of shares redeemed		(8,693	)		(15,891	)		(23,789	)		(34,483	)
Change in net assets resulting from Class A capital transactions	$	34,071		$	(7,266	)	$	100,625		$	8,081
Class B
Proceeds from shares issued	$	—		$	—		$	95		$	142
Distributions reinvested		—			—			691			32
Cost of shares redeemed		—			—			(1,321	)		(3,652	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(535	)	$	(3,478	)
Class C
Proceeds from shares issued	$	14,131		$	2,456		$	10,120		$	11,340
Distributions reinvested		35			6			7,809			192
Cost of shares redeemed		(1,755	)		(2,301	)		(4,573	)		(8,150	)
Change in net assets resulting from Class C capital transactions	$	12,411		$	161		$	13,356		$	3,382
Class R2
Proceeds from shares issued	$	322		$	79		$	—		$	—
Distributions reinvested		1			1			—			—
Cost of shares redeemed		(208	)		(211	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	115		$	(131	)	$	—		$	—
Class R5
Proceeds from shares issued	$	21,115		$	12,500		$	—		$	—
Distributions reinvested		994			1,052			—			—
Cost of shares redeemed		(8,425	)		(21,523	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	13,684		$	(7,971	)	$	—		$	—
Select Class
Proceeds from shares issued	$	59,914		$	46,041		$	84,175		$	57,111
Distributions reinvested		3,214			3,875			49,164			3,315
Cost of shares redeemed		(51,676	)		(129,123	)		(30,868	)		(130,224	)
Change in net assets resulting from Select Class capital transactions	$	11,452		$	(79,207	)	$	102,471		$	(69,798	)
Total change in net assets resulting from capital transactions	$	71,733		$	(94,414	)	$	215,917		$	(61,813	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 43

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid Growth Fund						Intrepid Mid Cap Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014			Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		1,088			250			3,939			1,876
Reinvested		8			3			1,514			57
Redeemed		(231	)		(491	)		(1,010	)		(1,597	)
Change in Class A Shares		865			(238	)		4,443			336
Class B
Issued		—			—			5			8
Reinvested		—			—			37			2
Redeemed		—			—			(61	)		(188	)
Change in Class B Shares		—			—			(19	)		(178	)
Class C
Issued		370			74			487			581
Reinvested		1			—	(a)		419			10
Redeemed		(45	)		(71	)		(218	)		(421	)
Change in Class C Shares		326			3			688			170
Class R2
Issued		9			2			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(5	)		(7	)		—			—
Change in Class R2 Shares		4			(5	)		—			—
Class R5
Issued		535			367			—			—
Reinvested		24			31			—			—
Redeemed		(218	)		(641	)		—			—
Change in Class R5 Shares		341			(243	)		—			—
Select Class
Issued		1,554			1,443			3,446			2,579
Reinvested		79			113			2,216			144
Redeemed		(1,303	)		(3,732	)		(1,222	)		(5,636	)
Change in Select Class Shares		330			(2,176	)		4,440			(2,913	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

	Intrepid Value Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	45,747		$	45,132
Distributions reinvested		11,127			1,016
Cost of shares redeemed		(18,444	)		(22,532	)
Change in net assets resulting from Class A capital transactions	$	38,430		$	23,616
Class C
Proceeds from shares issued	$	10,939		$	8,164
Distributions reinvested		3,092			193
Cost of shares redeemed		(3,175	)		(4,558	)
Change in net assets resulting from Class C capital transactions	$	10,856		$	3,799
Class R2
Proceeds from shares issued	$	1,040		$	491
Distributions reinvested		103			7
Cost of shares redeemed		(214	)		(289	)
Change in net assets resulting from Class R2 capital transactions	$	929		$	209
Class R5
Proceeds from shares issued	$	8,640		$	10,240
Distributions reinvested		6,757			1,055
Cost of shares redeemed		(8,955	)		(9,584	)
Change in net assets resulting from Class R5 capital transactions	$	6,442		$	1,711
Class R6
Proceeds from shares issued	$	12,133		$	20,752
Distributions reinvested		2,405			234
Cost of shares redeemed		(2,160	)		(15,146	)
Change in net assets resulting from Class R6 capital transactions	$	12,378		$	5,840
Select Class
Proceeds from shares issued	$	290,370		$	447,101
Distributions reinvested		100,231			11,704
Cost of shares redeemed		(161,219	)		(415,546	)
Change in net assets resulting from Select Class capital transactions	$	229,382		$	43,259
Total change in net assets resulting from capital transactions	$	298,417		$	78,434

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 45

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid Value Fund
	Six Months Ended December 31, 2014 (Unaudited)			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		1,235			1,328
Reinvested		319			29
Redeemed		(496	)		(674	)
Change in Class A Shares		1,058			683
Class C
Issued		296			243
Reinvested		90			6
Redeemed		(87	)		(137	)
Change in Class C Shares		299			112
Class R2
Issued		28			13
Reinvested		3			—	(a)
Redeemed		(6	)		(9	)
Change in Class R2 Shares		25			4
Class R5
Issued		232			305
Reinvested		192			30
Redeemed		(236	)		(287	)
Change in Class R5 Shares		188			48
Class R6
Issued		320			577
Reinvested		69			7
Redeemed		(58	)		(426	)
Change in Class R6 Shares		331			158
Select Class
Issued		7,693			13,485
Reinvested		2,862			337
Redeemed		(4,296	)		(12,261	)
Change in Select Class Shares		6,259			1,561

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

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 47

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
Intrepid Advantage Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	31.93	$	0.18	(f)(g)	$	1.66	$	1.84	$	(0.22	)
Year Ended June 30, 2014		25.54		0.20	(f)		6.37		6.57		(0.18	)
Year Ended June 30, 2013		21.13		0.21	(f)(h)		4.44		4.65		(0.24	)
Year Ended June 30, 2012		20.60		0.13	(f)		0.63		0.76		(0.23	)
Year Ended June 30, 2011		15.44		0.17	(f)		5.03		5.20		(0.04	)
Year Ended June 30, 2010		13.42		0.05	(f)		2.16		2.21		(0.19	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		31.38		0.11	(f)(g)		1.62		1.73		(0.19	)
Year Ended June 30, 2014		25.14		0.05	(f)		6.26		6.31		(0.07	)
Year Ended June 30, 2013		20.81		0.10	(f)(h)		4.37		4.47		(0.14	)
Year Ended June 30, 2012		20.25		0.04	(f)		0.62		0.66		(0.10	)
Year Ended June 30, 2011		15.22		0.08	(f)		4.95		5.03		—
Year Ended June 30, 2010		13.27		(0.03	)(f)		2.13		2.10		(0.15	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		32.07		0.22	(f)(g)		1.69		1.91		(0.26	)
Year Ended June 30, 2014		25.65		0.28	(f)		6.39		6.67		(0.25	)
Year Ended June 30, 2013		21.21		0.28	(f)(h)		4.45		4.73		(0.29	)
Year Ended June 30, 2012		20.70		0.19	(f)		0.62		0.81		(0.30	)
Year Ended June 30, 2011		15.51		0.21	(f)		5.06		5.27		(0.08	)
Year Ended June 30, 2010		13.46		0.09	(f)		2.17		2.26		(0.21	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.11, $0.03 and $0.15 for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.66%, 0.22% and 0.89% for Class A, Class C and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.17, $0.06 and $0.23 for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.73%, 0.24% and 1.00% for Class A, Class C and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	33.55		5.77	%	$	11,750		1.15	%		1.11	%(g)		2.01	%		9	%
	31.93		25.78			9,466		1.17			0.68			2.19			49
	25.54		22.15			8,765		1.25			0.92	(h)		2.40			82
	21.13		3.83			7,329		1.25			0.68			2.51			57
	20.60		33.71			9,291		1.25			0.91			2.44			75
	15.44		16.36			7,503		1.25			0.30			2.59			145
	32.92		5.52			6,495		1.65			0.67	(g)		2.51			9
	31.38		25.13			3,709		1.66			0.19			2.66			49
	25.14		21.55			2,294		1.75			0.43	(h)		2.91			82
	20.81		3.33			1,747		1.75			0.19			3.02			57
	20.25		33.05			2,266		1.75			0.43			2.94			75
	15.22		15.73			2,302		1.75			(0.21	)		3.10			145
	33.72		5.94			4,341		0.90			1.34	(g)		1.75			9
	32.07		26.10			3,438		0.91			0.95			1.90			49
	25.65		22.46			1,516		1.00			1.19	(h)		2.16			82
	21.21		4.09			1,164		1.00			0.94			2.28			57
	20.70		34.04			1,249		1.00			1.13			2.19			75
	15.51		16.65			897		1.00			0.54			2.37			145

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 49

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
Intrepid America Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	37.28	$	0.23	(f)(g)	$	2.42	$	2.65	$	(0.38	)	$	(1.83	)	$	(2.21	)
Year Ended June 30, 2014		29.76		0.30	(f)		7.49		7.79		(0.27	)		—			(0.27	)
Year Ended June 30, 2013		24.68		0.34	(f)		5.15		5.49		(0.41	)		—			(0.41	)
Year Ended June 30, 2012		24.55		0.19	(f)		0.10		0.29		(0.16	)		—			(0.16	)
Year Ended June 30, 2011		18.54		0.17	(f)		6.01		6.18		(0.17	)		—			(0.17	)
Year Ended June 30, 2010		16.41		0.13	(f)		2.35		2.48		(0.35	)		—			(0.35	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		36.99		0.12	(f)(g)		2.41		2.53		(0.21	)		(1.83	)		(2.04	)
Year Ended June 30, 2014		29.53		0.13	(f)		7.42		7.55		(0.09	)		—			(0.09	)
Year Ended June 30, 2013		24.48		0.20	(f)		5.12		5.32		(0.27	)		—			(0.27	)
Year Ended June 30, 2012		24.29		0.07	(f)		0.12		0.19		—			—			—
Year Ended June 30, 2011		18.33		0.06	(f)		5.94		6.00		(0.04	)		—			(0.04	)
Year Ended June 30, 2010		16.28		0.03	(f)		2.34		2.37		(0.32	)		—			(0.32	)
Class R2
Six Months Ended December 31, 2014 (Unaudited)		36.82		0.16	(f)(g)		2.41		2.57		(0.42	)		(1.83	)		(2.25	)
Year Ended June 30, 2014		29.43		0.21	(f)		7.40		7.61		(0.22	)		—			(0.22	)
Year Ended June 30, 2013		24.43		0.26	(f)		5.11		5.37		(0.37	)		—			(0.37	)
Year Ended June 30, 2012		24.21		0.13	(f)		0.12		0.25		(0.03	)		—			(0.03	)
Year Ended June 30, 2011		18.36		0.13	(f)		5.92		6.05		(0.20	)		—			(0.20	)
Year Ended June 30, 2010		16.29		0.09	(f)		2.33		2.42		(0.35	)		—			(0.35	)
Class R5
Six Months Ended December 31, 2014 (Unaudited)		37.54		0.31	(f)(g)		2.45		2.76		(0.51	)		(1.83	)		(2.34	)
Year Ended June 30, 2014		29.94		0.46	(f)		7.54		8.00		(0.40	)		—			(0.40	)
Year Ended June 30, 2013		24.84		0.46	(f)		5.19		5.65		(0.55	)		—			(0.55	)
Year Ended June 30, 2012		24.69		0.30	(f)		0.10		0.40		(0.25	)		—			(0.25	)
Year Ended June 30, 2011		18.65		0.26	(f)		6.06		6.32		(0.28	)		—			(0.28	)
Year Ended June 30, 2010		16.47		0.22	(f)		2.36		2.58		(0.40	)		—			(0.40	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		37.61		0.27	(f)(g)		2.46		2.73		(0.43	)		(1.83	)		(2.26	)
Year Ended June 30, 2014		30.00		0.38	(f)		7.56		7.94		(0.33	)		—			(0.33	)
Year Ended June 30, 2013		24.88		0.41	(f)		5.20		5.61		(0.49	)		—			(0.49	)
Year Ended June 30, 2012		24.73		0.25	(f)		0.10		0.35		(0.20	)		—			(0.20	)
Year Ended June 30, 2011		18.68		0.23	(f)		6.04		6.27		(0.22	)		—			(0.22	)
Year Ended June 30, 2010		16.51		0.18	(f)		2.37		2.55		(0.38	)		—			(0.38	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01%, if applicable 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.17, $0.06, $0.09, $0.25 and $0.21 for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.86%, 0.32%, 0.50%, 1.29% and 1.07% for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	37.72		7.25	%	$	156,237		1.02	%		1.19	%(g)		1.07	%		25	%
	37.28		26.26			97,155		1.04			0.90			1.05			67
	29.76		22.48			87,954		1.24			1.25			1.26			68
	24.68		1.26			81,139		1.25			0.82			1.27			95
	24.55		33.39			47,376		1.24			0.77			1.28			102
	18.54		14.96			49,927		1.25			0.64			1.29			108
	37.48		6.98			11,344		1.52			0.66	(g)		1.54			25
	36.99		25.62			8,774		1.54			0.39			1.55			67
	29.53		21.90			7,336		1.74			0.75			1.76			68
	24.48		0.78			7,117		1.75			0.31			1.78			95
	24.29		32.74			9,570		1.74			0.28			1.78			102
	18.33		14.37			10,221		1.75			0.14			1.79			108
	37.14		7.11			681		1.27			0.83	(g)		1.29			25
	36.82		25.93			166		1.29			0.64			1.30			67
	29.43		22.20			170		1.49			0.96			1.51			68
	24.43		1.03			75		1.50			0.56			1.52			95
	24.21		33.04			74		1.49			0.59			1.53			102
	18.36		14.68			105		1.50			0.47			1.54			108
	37.96		7.49			1,702,951		0.55			1.63	(g)		0.56			25
	37.54		26.84			1,363,358		0.58			1.35			0.59			67
	29.94		23.05			710,586		0.79			1.66			0.82			68
	24.84		1.74			411,202		0.79			1.28			0.82			95
	24.69		34.02			287,527		0.79			1.14			0.83			102
	18.65		15.49			105,092		0.80			1.12			0.84			108
	38.08		7.40			1,595,392		0.75			1.41	(g)		0.76			25
	37.61		26.56			1,514,180		0.79			1.14			0.80			67
	30.00		22.83			1,391,748		0.99			1.50			1.02			68
	24.88		1.52			1,332,607		1.00			1.07			1.02			95
	24.73		33.69			1,370,056		0.99			1.04			1.03			102
	18.68		15.28			1,259,093		1.00			0.90			1.04			108

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 51

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
Intrepid Growth Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	37.05	$	0.06	(f)	$	3.27	$	3.33	$	(0.19	)
Year Ended June 30, 2014		29.36		0.18	(f)(g)		7.64		7.82		(0.13	)
Year Ended June 30, 2013		25.00		0.21	(f)		4.34		4.55		(0.19	)
Year Ended June 30, 2012		24.39		0.10	(f)		0.57		0.67		(0.06	)
Year Ended June 30, 2011		17.93		0.12	(f)		6.48		6.60		(0.14	)
Year Ended June 30, 2010		15.79		0.07	(f)		2.20		2.27		(0.13	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		36.45		(0.04	)(f)		3.21		3.17		(0.05	)
Year Ended June 30, 2014		28.93		0.01	(f)(g)		7.52		7.53		(0.01	)
Year Ended June 30, 2013		24.64		0.07	(f)		4.27		4.34		(0.05	)
Year Ended June 30, 2012		24.09		(0.02	)(f)		0.57		0.55		—
Year Ended June 30, 2011		17.70		0.01	(f)		6.40		6.41		(0.02	)
Year Ended June 30, 2010		15.59		(0.03	)(f)		2.18		2.15		(0.04	)
Class R2
Six Months Ended December 31, 2014 (Unaudited)		36.49		0.01	(f)		3.23		3.24		(0.07	)
Year Ended June 30, 2014		28.91		0.09	(f)(g)		7.54		7.63		(0.05	)
Year Ended June 30, 2013		24.72		0.13	(f)		4.27		4.40		(0.21	)
Year Ended June 30, 2012		24.13		0.07	(f)		0.54		0.61		(0.02	)
Year Ended June 30, 2011		17.76		0.06	(f)		6.41		6.47		(0.10	)
Year Ended June 30, 2010		15.65		0.02	(f)		2.20		2.22		(0.11	)
Class R5
Six Months Ended December 31, 2014 (Unaudited)		37.09		0.14	(f)		3.29		3.43		(0.29	)
Year Ended June 30, 2014		29.41		0.33	(f)(g)		7.65		7.98		(0.30	)
Year Ended June 30, 2013		25.05		0.33	(f)		4.34		4.67		(0.31	)
Year Ended June 30, 2012		24.45		0.21	(f)		0.57		0.78		(0.18	)
Year Ended June 30, 2011		17.98		0.21	(f)		6.50		6.71		(0.24	)
Year Ended June 30, 2010		15.83		0.15	(f)		2.22		2.37		(0.22	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		37.23		0.10	(f)		3.30		3.40		(0.21	)
Year Ended June 30, 2014		29.52		0.26	(f)(g)		7.69		7.95		(0.24	)
Year Ended June 30, 2013		25.15		0.28	(f)		4.35		4.63		(0.26	)
Year Ended June 30, 2012		24.55		0.16	(f)		0.57		0.73		(0.13	)
Year Ended June 30, 2011		18.04		0.17	(f)		6.53		6.70		(0.19	)
Year Ended June 30, 2010		15.88		0.12	(f)		2.22		2.34		(0.18	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.17,$0.00,$0.09,$0.32 and $0.26 for Class A,Class C,Class R2,Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.51%,0.01%,0.26%,0.96% and 0.76% for Class A,Class C,Class R2,Class R5 and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	40.19		8.99	%	$	71,214		1.04	%		0.30	%		1.16	%		35	%
	37.05		26.68			33,563		1.16			0.54	(g)		1.17			67
	29.36		18.27			33,582		1.24			0.76			1.30			67
	25.00		2.76			32,027		1.25			0.42			1.32			110
	24.39		36.86			41,424		1.24			0.54			1.33			129
	17.93		14.32			41,167		1.25			0.36			1.34			118
	39.57		8.71			34,109		1.55			(0.20	)		1.66			35
	36.45		26.05			19,566		1.65			0.03	(g)		1.67			67
	28.93		17.66			15,462		1.74			0.26			1.79			67
	24.64		2.28			14,298		1.75			(0.09	)		1.82			110
	24.09		36.21			17,811		1.74			0.05			1.83			129
	17.70		13.78			18,827		1.75			(0.14	)		1.84			118
	39.66		8.86			805		1.30			0.07			1.41			35
	36.49		26.41			601		1.41			0.28	(g)		1.42			67
	28.91		17.90			603		1.49			0.49			1.54			67
	24.72		2.53			375		1.50			0.29			1.56			110
	24.13		36.49			78		1.49			0.26			1.58			129
	17.76		14.10			57		1.50			0.11			1.59			118
	40.23		9.24			148,722		0.62			0.73			0.71			35
	37.09		27.23			124,489		0.71			0.98	(g)		0.72			67
	29.41		18.79			105,839		0.79			1.21			0.85			67
	25.05		3.26			107,169		0.80			0.87			0.87			110
	24.45		37.44			111,071		0.79			0.96			0.88			129
	17.98		14.86			86,795		0.80			0.81			0.89			118
	40.42		9.14			662,409		0.82			0.53			0.89			35
	37.23		27.00			597,963		0.91			0.79	(g)		0.92			67
	29.52		18.52			538,378		0.99			1.02			1.05			67
	25.15		3.04			502,640		1.00			0.67			1.07			110
	24.55		37.25			510,623		0.99			0.77			1.07			129
	18.04		14.64			398,110		1.00			0.61			1.09			118

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 53

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
Intrepid Mid Cap Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	24.11	$	0.07	(f)(g)	$	1.35		$	1.42		$	(0.07	)	$	(3.46	)	$	(3.53	)
Year Ended June 30, 2014		18.79		0.08	(f)(h)		5.41			5.49			(0.07	)		(0.10	)		(0.17	)
Year Ended June 30, 2013		14.99		0.13	(f)(i)		3.80			3.93			(0.13	)		—			(0.13	)
Year Ended June 30, 2012		15.79		0.10	(f)		(0.79	)		(0.69	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2011		11.54		0.04	(f)		4.26			4.30			(0.05	)		—			(0.05	)
Year Ended June 30, 2010		9.53		0.07	(f)		2.02			2.09			(0.08	)		—			(0.08	)
Class B
Six Months Ended December 31, 2014 (Unaudited)		21.56		(0.01	)(f)(g)		1.19			1.18			(0.02	)		(3.46	)		(3.48	)
Year Ended June 30, 2014		16.86		(0.05	)(f)(h)		4.84			4.79			—			(0.09	)		(0.09	)
Year Ended June 30, 2013		13.47		0.02	(f)(i)		3.41			3.43			(0.04	)		—			(0.04	)
Year Ended June 30, 2012		14.22		—	(f)(j)		(0.70	)		(0.70	)		(0.05	)		—			(0.05	)
Year Ended June 30, 2011		10.44		(0.04	)(f)		3.83			3.79			(0.01	)		—			(0.01	)
Year Ended June 30, 2010		8.63		(0.01	)(f)		1.84			1.83			(0.02	)		—			(0.02	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		21.56		(0.01	)(f)(g)		1.20			1.19			(0.03	)		(3.46	)		(3.49	)
Year Ended June 30, 2014		16.87		(0.05	)(f)(h)		4.84			4.79			—			(0.10	)		(0.10	)
Year Ended June 30, 2013		13.48		0.02	(f)(i)		3.41			3.43			(0.04	)		—			(0.04	)
Year Ended June 30, 2012		14.24		0.01	(f)		(0.72	)		(0.71	)		(0.05	)		—			(0.05	)
Year Ended June 30, 2011		10.45		(0.04	)(f)		3.85			3.81			(0.02	)		—			(0.02	)
Year Ended June 30, 2010		8.64		(0.01	)(f)		1.84			1.83			(0.02	)		—			(0.02	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		24.97		0.10	(f)(g)		1.41			1.51			(0.09	)		(3.46	)		(3.55	)
Year Ended June 30, 2014		19.45		0.14	(f)(h)		5.60			5.74			(0.12	)		(0.10	)		(0.22	)
Year Ended June 30, 2013		15.51		0.18	(f)(i)		3.93			4.11			(0.17	)		—			(0.17	)
Year Ended June 30, 2012		16.33		0.14	(f)		(0.82	)		(0.68	)		(0.14	)		—			(0.14	)
Year Ended June 30, 2011		11.92		0.08	(f)		4.41			4.49			(0.08	)		—			(0.08	)
Year Ended June 30, 2010		9.84		0.11	(f)		2.08			2.19			(0.11	)		—			(0.11	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.02, $(0.06), $(0.05) and $0.05 for Class A, Class B, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.18%, (0.53)%, (0.48)% and 0.41% for Class A, Class B, Class C, and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.04, $(0.09), $(0.08) and $0.10 for Class A, Class B, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.20%, (0.45)%, (0.42)% and 0.45% for Class A, Class B, Class C, and Select Class Shares, respectively.

(i) Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $0.08, $(0.02), $(0.03) and $0.13 for Class A, Class B, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.47%, (0.16)%, (0.17)% and 0.72% for Class A, Class B, Class C and Select Class Shares, respectively.

(j) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	22.00		6.41	%	$	274,140		1.15	%		0.60	%(g)		1.34	%		15	%
	24.11		29.30			193,342		1.16			0.38	(h)		1.32			64
	18.79		26.30			144,405		1.23			0.78	(i)		1.38			52
	14.99		(4.36	)		122,217		1.24			0.68			1.38			51
	15.79		37.29			138,937		1.23			0.31			1.39			47
	11.54		21.93			120,375		1.24			0.63			1.43			65
	19.26		6.04			4,705		1.79			(0.12	)(g)		1.86			15
	21.56		28.47			5,680		1.78			(0.28	)(h)		1.83			64
	16.86		25.51			7,451		1.87			0.14	(i)		1.88			52
	13.47		(4.94	)		7,805		1.88			0.03			1.88			51
	14.22		36.35			10,830		1.89			(0.34	)		1.89			47
	10.44		21.15			10,845		1.93			(0.06	)		1.93			65
	19.26		6.07			57,743		1.79			(0.07	)(g)		1.86			15
	21.56		28.43			49,796		1.79			(0.25	)(h)		1.82			64
	16.87		25.51			36,073		1.87			0.13	(i)		1.88			52
	13.48		(4.97	)		28,079		1.88			0.04			1.88			51
	14.24		36.42			30,773		1.88			(0.34	)		1.88			47
	10.45		21.14			22,273		1.92			(0.06	)		1.93			65
	22.93		6.56			421,378		0.90			0.82	(g)		1.07			15
	24.97		29.61			348,077		0.91			0.62	(h)		1.08			64
	19.45		26.60			327,834		0.98			1.03	(i)		1.13			52
	15.51		(4.11	)		269,693		0.99			0.94			1.13			51
	16.33		37.67			289,967		0.99			0.56			1.14			47
	11.92		22.23			202,190		0.99			0.88			1.18			65

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 55

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
Intrepid Value Fund
Class A
Six Months Ended December 31, 2014 (Unaudited)	$	37.13	$	0.22	(f)	$	1.65		$	1.87		$	(0.21	)	$	(2.87	)	$	(3.08	)
Year Ended June 30, 2014		29.76		0.40	(f)		7.36			7.76			(0.39	)		—			(0.39	)
Year Ended June 30, 2013		23.99		0.42	(f)		5.79			6.21			(0.44	)		—			(0.44	)
Year Ended June 30, 2012		24.35		0.35	(f)		(0.34	)		0.01			(0.37	)		—			(0.37	)
Year Ended June 30, 2011		18.64		0.30	(f)		5.65			5.95			(0.24	)		—			(0.24	)
Year Ended June 30, 2010		16.47		0.19	(f)		2.17			2.36			(0.19	)		—			(0.19	)
Class C
Six Months Ended December 31, 2014 (Unaudited)		36.80		0.13	(f)		1.63			1.76			(0.14	)		(2.87	)		(3.01	)
Year Ended June 30, 2014		29.52		0.23	(f)		7.28			7.51			(0.23	)		—			(0.23	)
Year Ended June 30, 2013		23.80		0.29	(f)		5.74			6.03			(0.31	)		—			(0.31	)
Year Ended June 30, 2012		24.16		0.24	(f)		(0.35	)		(0.11	)		(0.25	)		—			(0.25	)
Year Ended June 30, 2011		18.53		0.19	(f)		5.60			5.79			(0.16	)		—			(0.16	)
Year Ended June 30, 2010		16.37		0.09	(f)		2.16			2.25			(0.09	)		—			(0.09	)
Class R2
Six Months Ended December 31, 2014 (Unaudited)		37.02		0.18	(f)		1.64			1.82			(0.18	)		(2.87	)		(3.05	)
Year Ended June 30, 2014		29.69		0.31	(f)		7.33			7.64			(0.31	)		—			(0.31	)
Year Ended June 30, 2013		23.95		0.30	(f)		5.83			6.13			(0.39	)		—			(0.39	)
Year Ended June 30, 2012		24.31		0.29	(f)		(0.33	)		(0.04	)		(0.32	)		—			(0.32	)
Year Ended June 30, 2011		18.63		0.24	(f)		5.64			5.88			(0.20	)		—			(0.20	)
Year Ended June 30, 2010		16.46		0.14	(f)		2.17			2.31			(0.14	)		—			(0.14	)
Class R5
Six Months Ended December 31, 2014 (Unaudited)		37.33		0.29	(f)		1.65			1.94			(0.26	)		(2.87	)		(3.13	)
Year Ended June 30, 2014		29.91		0.52	(f)		7.40			7.92			(0.50	)		—			(0.50	)
Year Ended June 30, 2013		24.10		0.52	(f)		5.82			6.34			(0.53	)		—			(0.53	)
Year Ended June 30, 2012		24.46		0.43	(f)		(0.34	)		0.09			(0.45	)		—			(0.45	)
Year Ended June 30, 2011		18.71		0.37	(f)		5.68			6.05			(0.30	)		—			(0.30	)
Year Ended June 30, 2010		16.53		0.27	(f)		2.19			2.46			(0.28	)		—			(0.28	)
Class R6
Six Months Ended December 31, 2014 (Unaudited)		37.33		0.30	(f)		1.66			1.96			(0.27	)		(2.87	)		(3.14	)
Year Ended June 30, 2014		29.91		0.47	(f)		7.46			7.93			(0.51	)		—			(0.51	)
Year Ended June 30, 2013		24.10		0.53	(f)		5.83			6.36			(0.55	)		—			(0.55	)
Year Ended June 30, 2012		24.46		0.43	(f)		(0.33	)		0.10			(0.46	)		—			(0.46	)
November 30, 2010 (g) through June 30, 2011		21.27		0.21	(f)		3.18			3.39			(0.20	)		—			(0.20	)
Select Class
Six Months Ended December 31, 2014 (Unaudited)		37.25		0.25	(f)		1.66			1.91			(0.23	)		(2.87	)		(3.10	)
Year Ended June 30, 2014		29.85		0.45	(f)		7.38			7.83			(0.43	)		—			(0.43	)
Year Ended June 30, 2013		24.06		0.46	(f)		5.81			6.27			(0.48	)		—			(0.48	)
Year Ended June 30, 2012		24.42		0.39	(f)		(0.35	)		0.04			(0.40	)		—			(0.40	)
Year Ended June 30, 2011		18.70		0.33	(f)		5.67			6.00			(0.28	)		—			(0.28	)
Year Ended June 30, 2010		16.51		0.24	(f)		2.19			2.43			(0.24	)		—			(0.24	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% 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 offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	35.92		5.33	%	$	148,364		0.90	%		1.18	%		1.12	%		28	%
	37.13		26.17			114,036		0.94			1.19			1.17			49
	29.76		26.07			71,116		0.94			1.57			1.38			48
	23.99		0.14			61,097		0.95			1.54			1.47			82
	24.35		32.01			83,202		0.97			1.34			1.40			72
	18.64		14.23			82,062		1.11			0.95			1.44			113
	35.55		5.06			45,363		1.40			0.68			1.63			28
	36.80		25.50			35,963		1.44			0.69			1.67			49
	29.52		25.48			25,538		1.44			1.07			1.88			48
	23.80		(0.37	)		22,086		1.45			1.04			1.96			82
	24.16		31.30			30,172		1.47			0.84			1.90			72
	18.53		13.70			30,368		1.61			0.45			1.94			113
	35.79		5.21			2,202		1.15			0.93			1.43			28
	37.02		25.82			1,346		1.19			0.92			1.42			49
	29.69		25.74			934		1.19			1.06			1.56			48
	23.95		(0.09	)		70		1.20			1.29			1.73			82
	24.31		31.65			70		1.21			1.07			1.65			72
	18.63		13.98			53		1.36			0.70			1.69			113
	36.14		5.50			84,277		0.55			1.52			0.66			28
	37.33		26.60			80,008		0.59			1.53			0.72			49
	29.91		26.53			62,685		0.59			1.92			0.93			48
	24.10		0.49			52,183		0.60			1.88			1.03			82
	24.46		32.45			50,276		0.60			1.60			0.94			72
	18.71		14.75			17,566		0.66			1.37			0.99			113
	36.15		5.55			30,831		0.50			1.58			0.59			28
	37.33		26.66			19,495		0.54			1.41			0.67			49
	29.91		26.59			10,875		0.54			1.99			0.91			48
	24.10		0.54			18,840		0.55			1.86			0.97			82
	24.46		15.96			32,237		0.54	(g)		1.48	(g)		0.87	(g)		72
	36.06		5.43			1,401,482		0.75			1.33			0.89			28
	37.25		26.35			1,214,765		0.79			1.34			0.92			49
	29.85		26.26			926,972		0.79			1.71			1.12			48
	24.06		0.29			705,545		0.80			1.70			1.22			82
	24.42		32.17			766,468		0.80			1.44			1.14			72
	18.70		14.61			138,337		0.86			1.20			1.19			113

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited)

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 5 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
Intrepid Advantage Fund	Class A, Class C, and Select Class	JPM I	Diversified
Intrepid America Fund	Class A, Class C, Class R2, Class R5 and Select Class	JPM I	Diversified
Intrepid Growth Fund	Class A, Class C, Class R2, Class R5 and Select Class	JPM I	Diversified
Intrepid Mid Cap Fund	Class A, Class B, Class C and Select Class	JPM II	Diversified
Intrepid Value Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	JPM I	Diversified

The investment objective of both the Intrepid Advantage Fund and the Intrepid Value Fund is to seek to provide long-term capital appreciation.

The investment objective of both the Intrepid America Fund and the Intrepid Growth Fund is to seek to provide long-term capital growth.

The investment objective of the Intrepid Mid Cap Fund is to seek long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

Effective November 1, 2009, Class B Shares of Intrepid Mid Cap 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 automatically convert 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 and Select 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.

2. Significant Accounting Policies

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each investment company’s NAV per share as of the report date.

Fixed income instruments are valued based on prices received from approved pricing vendors or third party broker-dealers (collectively referenced to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

58 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

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

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Intrepid Advantage Fund
Total Investments in Securities (a)	$	22,463	$	—	$	—	$	22,463
Intrepid America Fund
Total Investments in Securities (a)	$	3,467,085	$	—	$	—	$	3,467,085
Appreciation in Other Financial Instruments
Futures Contracts	$	1,491	$	—	$	—	$	1,491
Intrepid Growth Fund
Total Investments in Securities (a)	$	914,620	$	—	$	—	$	914,620
Appreciation in Other Financial Instruments
Futures Contracts	$	448	$	—	$	—	$	448
Intrepid Mid Cap Fund
Total Investments in Securities (a)	$	757,444	$	—	$	—	$	757,444
Appreciation in Other Financial Instruments
Futures Contracts	$	468	$	—	$	—	$	468
Intrepid Value Fund
Total Investments in Securities (a)	$	1,714,843	$	—	$	—	$	1,714,843
Appreciation in Other Financial Instruments
Futures Contracts	$	728	$	—	$	—	$	728

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

There were no transfers among any levels during the six months ended December 31, 2014.

B. Futures Contracts — The Funds 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. The use of futures contracts exposes the Funds to equity price risk.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the 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.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 59

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

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

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2014 (amounts in thousands):

	Intrepid America Fund		Intrepid Growth Fund		Intrepid Mid Cap Fund		Intrepid Value Fund
Average Notional Balance Long	$	85,000	$	22,966	$	19,764	$	38,711
Ending Notional Balance Long		98,720		33,146		22,598		31,196

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

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

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

D. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the 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.

E. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2014, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

F. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually, except for the Intrepid Mid Cap Fund and Intrepid Value Fund, for which distributions are generally declared and paid at least 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.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, J.P. Morgan Investment Management, Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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:

Intrepid Advantage Fund	0.65	%
Intrepid America Fund	0.40
Intrepid Growth Fund	0.50
Intrepid Mid Cap Fund	0.65
Intrepid Value Fund	0.40

60 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

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, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2014, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (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 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
Intrepid Advantage Fund		0.25	%		n/a			0.75	%		n/a
Intrepid America Fund		0.25			n/a			0.75			0.50	%
Intrepid Growth Fund		0.25			n/a			0.75			0.50
Intrepid Mid Cap Fund		0.25			0.75	%		0.75			n/a
Intrepid Value 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 six months ended December 31, 2014, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Intrepid Advantage Fund	$	2	$	—
Intrepid America Fund		4		—	(a)
Intrepid Growth Fund		8		—
Intrepid Mid Cap Fund		22		1
Intrepid Value Fund		16		—	(a)

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

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements 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			Select Class
Intrepid Advantage Fund		0.25	%		n/a			0.25	%		n/a			n/a			0.25	%
Intrepid America Fund		0.25			n/a			0.25			0.25	%		0.05	%		0.25
Intrepid Growth Fund		0.25			n/a			0.25			0.25			0.05			0.25
Intrepid Mid Cap Fund		0.25			0.25	%		0.25			n/a			n/a			0.25
Intrepid Value Fund		0.25			n/a			0.25			0.25			0.05			0.25

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. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Oper-

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

ations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, 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’s 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			Select Class
Intrepid Advantage Fund		1.15	%		n/a			1.65	%		n/a			n/a			n/a			0.90	%
Intrepid America Fund*		1.04			n/a			1.54			1.29	%		0.60	%		n/a			0.80
Intrepid Growth Fund*		0.93			n/a			1.42			1.17			0.48			n/a			0.68
Intrepid Mid Cap Fund		1.15			1.79	%		1.79			n/a			n/a			n/a			0.90
Intrepid Value Fund**		0.83			n/a			1.33			1.08	%		0.48	%		0.43	%		0.68

* Prior to November 5, 2014 for Intrepid America Fund and prior to October 31, 2014 for Intrepid Growth Fund, there were no contractual expense limitations for Class A, Class C, Class R2, Class R5 and Select Class.

** Effective November 11, 2014, the contractual expense limitations for all classes of Intrepid Value Fund were reduced by 0.12% from 0.95%, 1.45%, 1.20%, 0.60%, 0.55% and 0.80% for Class A, Class C, Class R2, Class R5,Class R6 and Select Class, respectively.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2014. The contractual expense limitation percentages in the table above are in place until at least October 31, 2015 except Intrepid America Fund which is in place until at least November 5, 2015. In addition, the Funds’ service providers have voluntarily waived fees during the six months ended December 31, 2014. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the six months ended December 31, 2014, 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 reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursement
Intrepid Advantage Fund	$	60	$	8	$	15	$	83	$	—
Intrepid America Fund		—		—		29		29		—
Intrepid Growth Fund		165		114		20		299		2
Intrepid Mid Cap Fund		127		84		320		531		—
Intrepid Value Fund		429		274		389		1,092		—	(a)

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and the 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 waivers resulting from investments in these money market funds for the six months ended December 31, 2014 were as follows (amounts in thousands):

Intrepid Advantage Fund	$	—	(a)
Intrepid America Fund		97
Intrepid Growth Fund		21
Intrepid Mid Cap Fund		17
Intrepid Value Fund		44

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

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 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.

62 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

During the six months ended December 31, 2014, 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 six months ended December 31, 2014, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended December 31, 2014, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
Intrepid Advantage Fund	$	6,409	$	1,707	$	—	$	—
Intrepid America Fund		1,004,246		775,461		—		—
Intrepid Growth Fund		326,167		283,041		—		—
Intrepid Mid Cap Fund		203,577		90,841		—		625
Intrepid Value Fund		610,136		422,479		—		—

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2014 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Intrepid Advantage Fund	$	17,257	$	5,314	$	108	$	5,206
Intrepid America Fund		2,649,280		850,789		32,984		817,805
Intrepid Growth Fund		684,263		244,241		13,884		230,357
Intrepid Mid Cap Fund		559,958		209,822		12,336		197,486
Intrepid Value Fund		1,329,550		405,182		19,889		385,293

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after June 30, 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 June 30, 2014, the Funds did not have any post-enactment net capital loss carryforwards.

At June 30, 2014, the Funds had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2018		2019		Total
Intrepid Advantage Fund	$	—	$	3,111	$	3,111
Intrepid Growth Fund		251,742		—		251,742

During the year ended June 30, 2014, the Funds utilized capital loss carryforwards as follows (amounts in thousands):

Intrepid Advantage Fund	$	1,190
Intrepid America Fund		243,921
Intrepid Growth Fund		104,094
Intrepid Mid Cap Fund		26,914
Intrepid Value Fund		40,207

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

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 63

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2014 (Unaudited) (continued)

bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

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 9, 2015.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2014, or at any time during the six months then ended.

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 Funds’ assets for each of the Funds.

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

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Intrepid America Fund		36.6	%		47.8	%
Intrepid Growth Fund		60.4			—
Intrepid Mid Cap Fund		38.8			—

Additionally, the Funds each have one or more shareholders, each of which are accounts maintained by a financial intermediary on behalf of its clients, that own a significant portion of that Fund’s outstanding shares.

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

64 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2014, and continued to hold your shares at the end of the reporting period, December 31, 2014.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid Advantage Fund
Class A
Actual	$	1,000.00	$	1,057.70	$	5.96		1.15	%
Hypothetical		1,000.00		1,019.41		5.85		1.15
Class C
Actual		1,000.00		1,055.20		8.55		1.65
Hypothetical		1,000.00		1,016.89		8.39		1.65
Select Class
Actual		1,000.00		1,059.40		4.67		0.90
Hypothetical		1,000.00		1,020.67		4.58		0.90
Intrepid America Fund
Class A
Actual		1,000.00		1,072.50		5.33		1.02
Hypothetical		1,000.00		1,020.06		5.19		1.02
Class C
Actual		1,000.00		1,069.80		7.93		1.52
Hypothetical		1,000.00		1,017.54		7.73		1.52
Class R2
Actual		1,000.00		1,071.10		6.63		1.27
Hypothetical		1,000.00		1,018.80		6.46		1.27
Class R5
Actual		1,000.00		1,074.90		2.88		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Select Class
Actual		1,000.00		1,074.00		3.92		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 65

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid Growth Fund
Class A
Actual	$	1,000.00	$	1,089.90	$	5.48		1.04	%
Hypothetical		1,000.00		1,019.96		5.30		1.04
Class C
Actual		1,000.00		1,087.10		8.15		1.55
Hypothetical		1,000.00		1,017.39		7.88		1.55
Class R2
Actual		1,000.00		1,088.60		6.84		1.30
Hypothetical		1,000.00		1,018.65		6.61		1.30
Class R5
Actual		1,000.00		1,092.40		3.27		0.62
Hypothetical		1,000.00		1,022.08		3.16		0.62
Select Class
Actual		1,000.00		1,091.40		4.32		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Intrepid Mid Cap Fund
Class A
Actual		1,000.00		1,064.10		5.98		1.15
Hypothetical		1,000.00		1,019.41		5.85		1.15
Class B
Actual		1,000.00		1,060.40		9.30		1.79
Hypothetical		1,000.00		1,016.18		9.10		1.79
Class C
Actual		1,000.00		1,060.70		9.30		1.79
Hypothetical		1,000.00		1,016.18		9.10		1.79
Select Class
Actual		1,000.00		1,065.60		4.69		0.90
Hypothetical		1,000.00		1,020.67		4.58		0.90
Intrepid Value Fund
Class A
Actual		1,000.00		1,053.30		4.66		0.90
Hypothetical		1,000.00		1,020.67		4.58		0.90
Class C
Actual		1,000.00		1,050.60		7.24		1.40
Hypothetical		1,000.00		1,018.15		7.12		1.40
Class R2
Actual		1,000.00		1,052.10		5.95		1.15
Hypothetical		1,000.00		1,019.41		5.85		1.15
Class R5
Actual		1,000.00		1,055.00		2.85		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class R6
Actual		1,000.00		1,055.50		2.59		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Select Class
Actual		1,000.00		1,054.30		3.88		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75

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

66 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2014, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose semi-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, 2014.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in

executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 67

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the 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 reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that 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.

Economies of Scale

The Trustees considered the extent to which the Funds benefit from economies of scale. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but 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 also noted that the Adviser and its affiliates had implemented fee waivers and expense limitations for each Fund except for the Intrepid America and Intrepid Growth Funds for the period beginning November 1, 2013. 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 and its affiliates have in place that serve to limit the overall net expense ratios of the Funds at competitive levels. The Trustees concluded that shareholders of the Funds effectively participated in the economies of scale through the applicable fee waivers and expense limitations and administrative service fee breakpoints.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Intrepid Mid Cap Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

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

Fees Relative to Adviser’s Other Clients

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 the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment

68 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

classification and objective (the “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 Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ 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 Intrepid Advantage Fund’s performance was in the second, first and second quintiles for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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 Intrepid America Fund’s performance was in the second quintile for Class A shares for each of the one-, three-, and five-year periods ended December 31, 2013, and in the first, second, and first quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2013, respectively, and the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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 Intrepid Growth Fund’s performance was in the third, second and third quintiles for Class A shares and in the third, second, and second quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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 Intrepid Mid Cap Fund’s performance was in the first, first and second quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ 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 various other factors, concluded that the performance was reasonable.

The Trustees noted that the Intrepid Value Fund’s performance was in the second, first, and second quintiles for Class A shares and in the first, first and second quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. 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.

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 also considered that the Adviser, JPMDS and JPMFM agreed to add fee waivers and/or expense reimbursements for the Intrepid Growth Fund and to increase the fee waivers and/or expense reimbursements for the Intrepid Value Fund effective November 1, 2014. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Intrepid Advantage 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 Class A and Select Class shares were in the second and third quintiles, respectively, of the 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 Intrepid America 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 second quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

DECEMBER 31, 2014 J.P. MORGAN INTREPID FUNDS 69

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

The Trustees noted that the Intrepid Growth Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the second quintile of the Universe Group. After considering the factors identified above, including the addition of fee waivers and/or expense reimbursements that would take effect on November 1, 2014, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Intrepid Mid Cap 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 first and second quintiles,

respectively, of the 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 Intrepid Value 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 Class A and Select Class shares were in the first and second quintiles, respectively, of the Universe Group. After considering the factors identified above, including the additional fee waivers and/or expense reimbursements that would take effect on November 1, 2014, in light of this information, the Trustees concluded that the advisory fee was reasonable.

70 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2014

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 business 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., 2015. All rights reserved. December 2014. SAN-INT-1214

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semiannual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i)  Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i)  Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semiannual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semiannual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semiannual report.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the

Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust II

By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	February 27, 2015

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
	February 27, 2015
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	February 27, 2015