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, 2015 through December 31, 2015

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, 2015 (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	2
Fund Commentaries:
JPMorgan Dynamic Small Cap Growth Fund	3
JPMorgan Small Cap Core Fund	5
JPMorgan Small Cap Equity Fund	7
JPMorgan Small Cap Growth Fund	9
JPMorgan Small Cap Value Fund	11
JPMorgan U.S. Small Company Fund	13
Schedules of Portfolio Investments	15
Financial Statements	46
Financial Highlights	60
Notes to Financial Statements	72
Schedule of Shareholder Expenses	82
Board Approval of Investment Advisory Agreement	85

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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 29, 2016 (Unaudited)

Dear Shareholder,

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

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, 2015 J.P. MORGAN SMALL CAP FUNDS 1

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

U.S. equities financial markets provided slim returns for the second half of 2015. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in Shanghai/Shenzhen equity markets. A global sell-off followed on August 24th, dragging down the Standard & Poor’s 500 Index (“S&P 500”) by 3.9% for the day.

However, U.S. equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. The S&P 500 turned in its best one-month performance since October 2011.

In general, the U.S. equities market for the six month reporting period was marked by large gains in a few select stocks, especially technology sector stocks, while most other stocks ended the period lower or essentially flat. The energy, materials and industrials sectors underperformed the broader market, while the consumer discretionary, consumer staples and health care sectors outperformed the broader market. Over the reporting period, growth stocks generally outperformed value stocks and small cap stocks generally underperformed both mid cap and large cap stocks. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and the Russell 2000 Index returned -8.75%.

2 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Dynamic Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		-10.89%
Russell 2000 Growth Index		-9.31%
Net Assets as of 12/31/2015 (In Thousands)	$	404,416

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’s Class A Shares, without a sales charge, underperformed the Russell 2000 Growth Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care sector and its security selection and overweight position in the energy sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the materials & processing sector and the consumer discretionary sector was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Men’s Wearhouse Inc., Nimble Storage Inc. and Barracuda Networks Inc. Shares of Men’s Wearhouse, a clothing retail chain, fell on weaker-than-expected comparable store sales for its Jos. A Bank business. Shares of Nimble Storage, a data storage provider, declined after the company reported lower-than-expected earnings and revenue. Shares of Barracuda Networks, a maker of data security, networking and storage systems, fell on weak quarterly results and a reduced forecast for billing.

Leading individual contributors to relative performance included the Fund’s overweight positions in Acuity Brands Inc., Wayfair Inc. and Monolithic Power Systems Inc. Shares of Acuity Brands, a maker of commercial and residential lighting, rose on strength in its LED lighting business and market share gains. Shares of Wayfair, an online retailer of furniture and other home products, rose on better-than-expected earnings and strong holiday season sales. Shares of Monolithic Power, a provider of electrical technology for commercial applications, rose on better-than-expected quarterly earnings and revenue.

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.	Guidewire Software, Inc.	1.9	%
	2.	Pool Corp.	1.7
	3.	Lithia Motors, Inc., Class A	1.6
	4.	Veeva Systems, Inc., Class A	1.6
	5.	Monolithic Power Systems, Inc.	1.5
	6.	Novadaq Technologies, Inc., (Canada)	1.5
	7.	M/A-COM Technology Solutions Holdings, Inc.	1.5
	8.	Acuity Brands, Inc.	1.4
	9.	Lennox International, Inc.	1.4
	10.	WellCare Health Plans, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	28.8	%
Health Care	26.8
Industrials	16.7
Consumer Discretionary	13.3
Financials	8.6
Consumer Staples	2.2
Energy	1.3
Materials	1.0
Short-Term Investment	1.3

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 3

JPMorgan Dynamic Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 19, 1997
Without Sales Charge			(10.89	)%		(2.26	)%		9.03	%		6.75	%
With Sales Charge**			(15.56	)		(7.41	)		7.86			6.18
CLASS C SHARES	January 7, 1998
Without CDSC			(11.09	)		(2.72	)		8.50			6.17
With CDSC***			(12.09	)		(3.72	)		8.50			6.17
SELECT CLASS SHARES	April 5, 1999		(10.78	)		(2.04	)		9.36			7.12

* 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 (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. 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.

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 SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-8.52%
Russell 2000 Index		-8.75%
Net Assets as of 12/31/2015 (In Thousands)	$	197,349

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’s Select Class Shares outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the consumer discretionary and producer durables sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples and utilities sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Hawaiian Holdings Inc., Rovi Corp. and American Woodmark Co. Shares of Hawaiian Holdings, owner and operator of Hawaiian Airlines, rose on low fuel prices, traffic growth and overall improvement in the airline sector. Shares of Rovi, a provider of pay-TV programing guides, rose after several large entertainment providers renewed their contracts for Rovi’s technology. Shares of American Woodmark, a maker of cabinets and other home furnishings, rose on better-than-expected earnings amid a strong U.S. housing market.

Leading individual detractors from relative performance included the Fund’s overweight positions in Dynegy Inc., Triangle Petroleum Corp. and SunEdison Inc. Shares of Dynegy, an energy utility, fell on general weakness in energy prices and the company’s downward revision to its earnings forecast. Shares of Triangle Petroleum, an oil and gas extraction and oil field services company, fell on continued weakness in global oil prices. Shares of SunEdison, a solar energy company not held in the Benchmark, declined on investor concerns about the company’s high debt levels and its pending acquisition of Vivint Solar Inc.

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 momentum. 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.	Take-Two Interactive Software, Inc.	1.1
	3.	Rovi Corp.	1.1
	4.	Helen of Troy Ltd.	1.0
	5.	Hawaiian Holdings, Inc.	1.0
	6.	Barrett Business Services, Inc.	1.0
	7.	Cooper Tire & Rubber Co.	1.0
	8.	Cross Country Healthcare, Inc.	1.0
	9.	American Woodmark Corp.	1.0
	10.	Huntington Bancshares, Inc.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	23.4	%
Information Technology	17.9
Health Care	16.2
Industrials	15.7
Consumer Discretionary	10.7
Utilities	3.5
Materials	3.3
Energy	3.1
Consumer Staples	2.5
Telecommunication Services	1.1
Short-Term Investment	2.6

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 5

JPMorgan Small Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
SELECT CLASS SHARES	January 1, 1997		(8.52	)%		(5.38	)%		11.09	%		7.04	%

* Not annualized.

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. 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.

6 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		-6.35%
Russell 2000 Index		-8.75%
Net Assets as of 6/30/2015 (In Thousands)	$	2,922,781

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’s Class A Shares, without a sales charge, outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the materials & processing sector and the producer durables sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the financials sector and its underweight position in the technology sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Waste Connections Inc., Pool Corp. and Aptargroup Inc. Shares of Waste Connections, a provider of waste collection and disposal services, rose on consistently positive earnings amid strength in its core solid waste business. Shares of Pool Corp., a distributor of swimming pool supplies and equipment, rose on better-than-expected quarterly earnings. Shares of Aptargroup, a provider of containers and packaging, rose on better-than-expected earnings.

Leading individual detractors from relative performance included the Fund’s overweight positions in Ascent Media Corp., Iconix Brand Group Inc. and Crocs Inc. Shares of Ascent Media, a provider of security monitoring systems and services, fell on weaker-than-expected earnings. Shares of Iconix Brands, a manager of brand name apparel, declined after the company replaced its management team and had to restate its financial statements. Shares of Crocs, a maker of casual footwear, fell after the company cut its revenue forecast.

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.	Waste Connections, Inc.	2.9	%
	2.	Toro Co. (The)	2.5
	3.	Spectrum Brands Holdings, Inc.	2.4
	4.	Pool Corp.	2.3
	5.	AptarGroup, Inc.	2.2
	6.	IDEXX Laboratories, Inc.	2.0
	7.	Crown Holdings, Inc.	1.9
	8.	Brinker International, Inc.	1.8
	9.	Jarden Corp.	1.7
	10.	Centene Corp.	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Financials	23.6	%
Industrials	19.6
Consumer Discretionary	17.0
Health Care	10.9
Information Technology	8.6
Materials	5.7
Consumer Staples	4.0
Energy	3.1
Utilities	2.8
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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 7

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
Without Sales Charge			(6.35	)%		(1.85	)%		11.50	%		9.81	%
With Sales Charge**			(11.27	)		(6.99	)		10.30			9.21
CLASS C SHARES	February 19, 2005
Without CDSC			(6.59	)		(2.36	)		10.94			9.25
With CDSC***			(7.59	)		(3.36	)		10.94			9.25
CLASS R2 SHARES	November 3, 2008		(6.49	)		(2.11	)		11.21			9.61
CLASS R5 SHARES	May 15, 2006		(6.12	)		(1.36	)		12.05			10.35
SELECT CLASS SHARES	May 7, 1996		(6.21	)		(1.55	)		11.83			10.14

* 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 (12/31/05 TO 12/31/15)

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

Returns for Class R5 Shares prior to their 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 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.

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, 2005 to December 31, 2015. 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.

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 SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		-10.72%
Russell 2000 Growth Index		-9.31%
Net Assets as of 12/31/2015 (In Thousands)	$	1,132,781

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’s Class A Shares, without a sales charge, underperformed the Russell 2000 Growth Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care sector and its security selection and overweight position in the energy sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the materials & processing sector and the consumer discretionary sector were leading positive contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Men’s Wearhouse Inc., Nimble Storage Inc. and Barracuda Networks Inc. Shares of Men’s Wearhouse, a clothing retail chain, fell on weaker-than-expected comparable store sales at its Jos. A. Bank business. Shares of Nimble Storage, a data storage provider, declined after the company reported lower-than-expected earnings and revenue. Shares of Barracuda Networks, a provider of data security, networking and storage systems, fell on a weak quarterly results and a reduced forecast for billing.

Leading individual contributors to relative performance included the Fund’s overweight positions in Acuity Brands Inc., Wayfair Inc. and Monolithic Power Systems Inc. Shares of Acuity Brands, a maker of commercial and residential lighting, rose on strength in its LED lighting business and market share gains. Shares of Wayfair, an online retailer of furniture and other home products, rose on better-than-expected earnings and strong holiday season sales. Shares of Monolithic Power, a provider of electrical technology for commercial applications, rose on better-than-expected quarterly earnings and revenue.

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.	Guidewire Software, Inc.	1.9	%
	2.	Pool Corp.	1.7
	3.	Lithia Motors, Inc., Class A	1.6
	4.	Veeva Systems, Inc., Class A	1.6
	5.	Monolithic Power Systems, Inc.	1.5
	6.	M/A-COM Technology Solutions Holdings, Inc.	1.5
	7.	Acuity Brands, Inc.	1.4
	8.	Lennox International, Inc.	1.4
	9.	WellCare Health Plans, Inc.	1.4
	10.	Boyd Gaming Corp.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	28.8	%
Health Care	26.5
Industrials	16.8
Consumer Discretionary	13.3
Financials	8.6
Consumer Staples	2.2
Energy	1.3
Materials	1.0
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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 9

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
Without Sales Charge			(10.72	)%		(2.15	)%		9.34	%		7.93	%
With Sales Charge**			(15.39	)		(7.27	)		8.17			7.35
CLASS C SHARES	November 4, 1997
Without CDSC			(10.91	)		(2.61	)		8.79			7.34
With CDSC***			(11.91	)		(3.61	)		8.79			7.34
CLASS R2 SHARES	November 3, 2008		(10.80	)		(2.34	)		9.06			7.66
CLASS R6 SHARES	November 30, 2010		(10.46	)		(1.67	)		9.88			8.41
INSTITUTIONAL CLASS SHARES	February 19, 2005		(10.51	)		(1.75	)		9.78			8.36
SELECT CLASS SHARES	March 26, 1996		(10.60	)		(1.93	)		9.61			8.20

* 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 (12/31/05 TO 12/31/15)

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. All prior class performance for Class R2 Shares has been adjusted to reflect the differences in expenses between classes.

Returns for Class R6 Shares prior to their inception date are based on the performance of 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 Institutional Class Shares.

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, 2005 to December 31, 2015. 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.

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

10 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-8.19%
Russell 2000 Value Index		-8.17%
Net Assets as of 12/31/2015 (In Thousands)	$	1,775,738

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’s Select Class Shares underperformed the Russell 2000 Value Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care and materials & processing sectors was a leading contributor to performance relative to the Benchmark, while security selection in the energy and consumer staples sectors was a leading detractor from relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in oil and gas producers Bill Barrett Corp., Penn Virginia Corp. and Stone Energy Corp. Shares of these companies declined amid continued weakness in global energy prices.

Leading individual contributors to relative performance included the Fund’s overweight positions in Thoratec Corp., CoreSite Realty Inc. and Take-Two Interactive Software Inc. Shares of Thoratec, a medical device maker, rose on news that it would be acquired by St. Jude Medical Corp. Shares of CoreSite Realty, a data center real estate investment trust, rose on better than expected earnings and revenue. Shares of Take-Two Interactive, a maker of video games, rose on better than expected earnings.

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 they believe have attractive valuations, 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.	DCT Industrial Trust, Inc.	1.2	%
	2.	CNO Financial Group, Inc.	1.2
	3.	Cooper Tire & Rubber Co.	1.1
	4.	Take-Two Interactive Software, Inc.	1.1
	5.	Westamerica Bancorporation	1.0
	6.	CubeSmart	1.0
	7.	Children’s Place, Inc. (The)	1.0
	8.	Universal Corp.	1.0
	9.	EMCOR Group, Inc.	1.0
	10.	REX American Resources Corp.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	40.7	%
Industrials	13.0
Information Technology	12.3
Consumer Discretionary	8.3
Utilities	7.1
Health Care	5.1
Energy	3.9
Materials	3.0
Consumer Staples	2.4
Telecommunication Services	0.6
Short-Term Investment	3.6

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 11

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	January 27, 1995
Without Sales Charge			(8.30	)%		(7.79	)%		8.51	%		6.15	%
With Sales Charge**			(13.12	)		(12.62	)		7.34			5.58
CLASS C SHARES	March 22, 1999
Without CDSC			(8.60	)		(8.35	)		7.84			5.51
With CDSC***			(9.60	)		(9.35	)		7.84			5.51
CLASS R2 SHARES	November 3, 2008		(8.38	)		(8.01	)		8.24			5.88
CLASS R5 SHARES	May 15, 2006		(8.13	)		(7.48	)		8.89			6.51
CLASS R6 SHARES	February 22, 2005		(8.06	)		(7.34	)		8.95			6.57
SELECT CLASS SHARES	January 27, 1995		(8.19	)		(7.58	)		8.78			6.42

* 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 (12/31/05 TO 12/31/15)

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 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 would have been different than those shown because Class R5 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, 2005 to December 31, 2015. 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.

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.

12 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		-7.45%
Russell 2000 Index		-8.75%
Net Assets as of 12/31/2015 (In Thousands)	$	1,101,185

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’s Institutional Class Shares outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care and producer durables sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s overweight position in the energy sector and its security selection in the consumer staples sectors were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Take-Two Interactive Software Inc., Coresite Realty Corp. and Strayer Education Inc. Shares of Take-Two Interactive, a developer and publisher of interactive games and entertainment, rose on better-than-expected earnings. Shares of Coresite Realty, a data center real estate investment trust, rose on better than expected earnings and revenue. Shares of Strayer Education, a for-profit higher education company, rose on the company’s stock buyback plan and investor expectations for growth.

Leading individual detractors from relative performance included the Fund’s overweight positions in Outerwall Inc., Iconix Brand Group Inc. and Bill Barrett Corp. Shares of Outerwall, a provider of automated retail technologies, fell after the company lowered its revenue forecast.

Shares of Iconix Brands, a manager of brand name apparel, declined after the company replaced its management team and had to restate its financial statements.

Shares of Bill Barrett, an oil and gas producer, declined amid continued weakness in global energy prices.

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.	Take-Two Interactive Software, Inc.	1.4	%
	2.	Aspen Technology, Inc.	1.3
	3.	CoreSite Realty Corp.	1.2
	4.	Cooper Tire & Rubber Co.	1.2
	5.	Rovi Corp.	1.2
	6.	InterDigital, Inc.	1.1
	7.	Children’s Place, Inc. (The)	1.1
	8.	REX American Resources Corp.	1.1
	9.	Westamerica Bancorporation	1.1
	10.	Sonic Corp.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	23.0	%
Information Technology	18.7
Health Care	16.9
Consumer Discretionary	12.8
Industrials	12.3
Utilities	3.7
Energy	2.9
Consumer Staples	2.7
Materials	2.4
Telecommunication Services	0.8
Short-Term Investment	3.8

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 13

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
Without Sales Charge			(7.66	)%		(3.57	)%		11.13	%		7.39	%
With Sales Charge**			(12.51	)		(8.63	)		9.95			6.81
CLASS C SHARES	November 1, 2007
Without CDSC			(7.86	)		(4.01	)		10.59			6.97
With CDSC***			(8.86	)		(5.01	)		10.59			6.97
CLASS R2 SHARES	November 1, 2011		(7.72	)		(3.76	)		10.93			7.30
CLASS R6 SHARES	November 1, 2011		(7.43	)		(3.05	)		11.67			7.85
INSTITUTIONAL CLASS SHARES	November 4, 1993		(7.45	)		(3.14	)		11.60			7.82
SELECT CLASS SHARES	September 10, 2001		(7.54	)		(3.34	)		11.42			7.63

* 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 (12/31/05 TO 12/31/15)

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 performance 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. 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.

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 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, 2005 to December 31, 2015. 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.

14 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.1%
		Consumer Discretionary — 13.0%
		Distributors — 1.7%
	85	Pool Corp.		6,868
		Diversified Consumer Services — 1.1%
	168	2U, Inc. (a)		4,688
		Hotels, Restaurants & Leisure — 2.9%
	272	Boyd Gaming Corp. (a)		5,408
	88	La Quinta Holdings, Inc. (a)		1,198
	39	Vail Resorts, Inc.		4,958
				11,564
		Household Durables — 0.6%
	179	TRI Pointe Group, Inc. (a)		2,264
		Internet & Catalog Retail — 1.3%
	112	Wayfair, Inc., Class A (a)		5,324
		Multiline Retail — 1.5%
	84	Burlington Stores, Inc. (a)		3,606
	146	Ollie’s Bargain Outlet Holdings, Inc. (a)		2,478
				6,084
		Specialty Retail — 3.1%
	59	Lithia Motors, Inc., Class A		6,310
	94	Men’s Wearhouse, Inc. (The)		1,377
	68	Penske Automotive Group, Inc.		2,883
	56	Vitamin Shoppe, Inc. (a)		1,819
				12,389
		Textiles, Apparel & Luxury Goods — 0.8%
	94	Kate Spade & Co. (a)		1,676
	93	Wolverine World Wide, Inc.		1,546
				3,222
		Total Consumer Discretionary		52,403
		Consumer Staples — 2.1%
		Food & Staples Retailing — 0.8%
	119	Sprouts Farmers Market, Inc. (a)		3,177
		Food Products — 1.3%
	88	Diamond Foods, Inc. (a)		3,377
	246	Freshpet, Inc. (a)		2,090
				5,467
		Total Consumer Staples		8,644
		Energy — 1.2%
		Energy Equipment & Services — 0.4%
	125	Forum Energy Technologies, Inc. (a)		1,563

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — 0.8%
	77	Delek U.S. Holdings, Inc.		1,897
	196	Laredo Petroleum, Inc. (a)		1,564
				3,461
		Total Energy		5,024
		Financials — 8.4%
		Banks — 2.7%
	97	PrivateBancorp, Inc.		3,993
	26	Signature Bank (a)		4,001
	62	Texas Capital Bancshares, Inc. (a)		3,050
				11,044
		Capital Markets — 2.5%
	64	Evercore Partners, Inc., Class A		3,446
	134	Financial Engines, Inc.		4,512
	321	PennantPark Investment Corp.		1,982
				9,940
		Insurance — 0.7%
	43	AmTrust Financial Services, Inc.		2,668
		Real Estate Investment Trusts (REITs) — 1.1%
	79	CubeSmart		2,425
	50	Highwoods Properties, Inc.		2,190
				4,615
		Real Estate Management & Development — 0.9%
	103	RE/MAX Holdings, Inc., Class A		3,832
		Thrifts & Mortgage Finance — 0.5%
	87	BofI Holding, Inc. (a)		1,828
		Total Financials		33,927
		Health Care — 26.1%
		Biotechnology — 11.4%
	92	ACADIA Pharmaceuticals, Inc. (a)		3,293
	66	Acceleron Pharma, Inc. (a)		3,213
	15	Anacor Pharmaceuticals, Inc. (a)		1,679
	192	Arrowhead Research Corp. (a)		1,179
	86	Axovant Sciences Ltd., (Bermuda) (a)		1,546
	94	Bellicum Pharmaceuticals, Inc. (a)		1,908
	56	Chimerix, Inc. (a)		499
	99	Coherus Biosciences, Inc. (a)		2,280
	146	Exact Sciences Corp. (a)		1,352
	94	FibroGen, Inc. (a)		2,862
	142	Halozyme Therapeutics, Inc. (a)		2,460
	164	Ignyta, Inc. (a)		2,193
	151	Insmed, Inc. (a)		2,736

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 15

JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	43	Intrexon Corp. (a)		1,308
	48	Kite Pharma, Inc. (a)		2,936
	39	Neurocrine Biosciences, Inc. (a)		2,202
	63	Portola Pharmaceuticals, Inc. (a)		3,235
	57	REGENXBIO, Inc. (a)		943
	50	Sage Therapeutics, Inc. (a)		2,928
	35	Spark Therapeutics, Inc. (a)		1,601
	22	Ultragenyx Pharmaceutical, Inc. (a)		2,449
	97	Versartis, Inc. (a)		1,206
				46,008
		Health Care Equipment & Supplies — 5.6%
	358	GenMark Diagnostics, Inc. (a)		2,777
	110	Insulet Corp. (a)		4,149
	164	K2M Group Holdings, Inc. (a)		3,242
	55	Nevro Corp. (a)		3,714
	455	Novadaq Technologies, Inc., (Canada) (a)		5,796
	309	Syneron Medical Ltd., (Israel) (a)		2,385
	1,394	Unilife Corp. (a)		690
				22,753
		Health Care Providers & Services — 3.8%
	84	Acadia Healthcare Co., Inc. (a)		5,229
	117	Surgical Care Affiliates, Inc. (a)		4,654
	70	WellCare Health Plans, Inc. (a)		5,482
				15,365
		Health Care Technology — 2.0%
	148	Evolent Health, Inc., Class A (a)		1,792
	218	Veeva Systems, Inc., Class A (a)		6,293
				8,085
		Pharmaceuticals — 3.3%
	130	Horizon Pharma plc (a)		2,807
	153	Nektar Therapeutics (a)		2,585
	89	Revance Therapeutics, Inc. (a)		3,048
	111	Sagent Pharmaceuticals, Inc. (a)		1,772
	282	TherapeuticsMD, Inc. (a)		2,922
				13,134
		Total Health Care		105,345
		Industrials — 16.3%
		Aerospace & Defense — 2.1%
	76	HEICO Corp.		4,149
	91	Hexcel Corp.		4,245
				8,394

SHARES		SECURITY DESCRIPTION	VALUE($)
		Air Freight & Logistics — 0.4%
	64	XPO Logistics, Inc. (a)		1,747
		Building Products — 5.6%
	99	Advanced Drainage Systems, Inc.		2,390
	88	Caesarstone Sdot-Yam Ltd., (Israel) (a)		3,797
	49	Fortune Brands Home & Security, Inc.		2,711
	44	Lennox International, Inc.		5,509
	52	Masonite International Corp. (a)		3,189
	133	Trex Co., Inc. (a)		5,077
				22,673
		Electrical Equipment — 1.8%
	24	Acuity Brands, Inc.		5,514
	35	SolarCity Corp. (a)		1,811
				7,325
		Industrial Conglomerates — 1.1%
	51	Carlisle Cos., Inc.		4,500
		Machinery — 2.5%
	46	Graco, Inc.		3,308
	60	John Bean Technologies Corp.		2,970
	37	Middleby Corp. (The) (a)		3,992
				10,270
		Road & Rail — 0.9%
	58	Old Dominion Freight Line, Inc. (a)		3,440
		Trading Companies & Distributors — 1.9%
	122	Rush Enterprises, Inc., Class A (a)		2,674
	42	Watsco, Inc.		4,899
				7,573
		Total Industrials		65,922
		Information Technology — 28.0%
		Communications Equipment — 1.5%
	185	Ciena Corp. (a)		3,828
	221	Ruckus Wireless, Inc. (a)		2,365
				6,193
		Internet Software & Services — 9.1%
	72	Benefitfocus, Inc. (a)		2,628
	106	Cornerstone OnDemand, Inc. (a)		3,648
	25	CoStar Group, Inc. (a)		5,223
	91	Demandware, Inc. (a)		4,892
	147	Envestnet, Inc. (a)		4,378
	134	GoDaddy, Inc., Class A (a)		4,310
	123	GrubHub, Inc. (a)		2,974

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Internet Software & Services — continued
	61	Instructure, Inc. (a)		1,274
	113	Marketo, Inc. (a)		3,249
	158	Shopify, Inc., (Canada), Class A (a)		4,089
				36,665
		Semiconductors & Semiconductor Equipment — 6.0%
	80	Cavium, Inc. (a)		5,271
	143	Inphi Corp. (a)		3,859
	142	M/A-COM Technology Solutions Holdings, Inc. (a)		5,791
	95	MKS Instruments, Inc.		3,431
	94	Monolithic Power Systems, Inc.		5,958
				24,310
		Software — 11.0%
	71	Atlassian Corp. plc, (United Kingdom), Class A (a)		2,124
	138	Barracuda Networks, Inc. (a)		2,584
	78	Fleetmatics Group plc, (Ireland) (a)		3,967
	53	Fortinet, Inc. (a)		1,653
	123	Guidewire Software, Inc. (a)		7,370
	55	HubSpot, Inc. (a)		3,101
	62	Imperva, Inc. (a)		3,924
	121	Infoblox, Inc. (a)		2,221
	75	Proofpoint, Inc. (a)		4,869
	226	RingCentral, Inc., Class A (a)		5,333
	27	Tableau Software, Inc., Class A (a)		2,532

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	182	Zendesk, Inc. (a)		4,804
				44,482
		Technology Hardware, Storage & Peripherals — 0.4%
	188	Nimble Storage, Inc. (a)		1,725
		Total Information Technology		113,375
		Materials — 1.0%
		Construction Materials — 1.0%
	68	Eagle Materials, Inc.		4,080
		Total Common Stocks (Cost $300,589)		388,720
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	5,297	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170%, (b) (l) (Cost $5,297)		5,297
		Total Investments — 97.4% (Cost $305,886)		394,017
		Other Assets in Excess of Liabilities — 2.6%		10,399
		NET ASSETS — 100.0%	$	404,416

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 17

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.0%
		Consumer Discretionary — 10.8%
		Auto Components — 2.2%
	42	American Axle & Manufacturing Holdings, Inc. (a)		791
	52	Cooper Tire & Rubber Co.		1,961
	5	Horizon Global Corp. (a)		48
	14	Stoneridge, Inc. (a)		207
	48	Tower International, Inc.		1,370
				4,377
		Diversified Consumer Services — 0.2%
	2	Capella Education Co.		107
	27	K12, Inc. (a)		236
				343
		Hotels, Restaurants & Leisure — 1.6%
	21	Bloomin’ Brands, Inc.		363
	24	Carrols Restaurant Group, Inc. (a)		279
	4	Dave & Buster’s Entertainment, Inc. (a)		163
	2	Fogo De Chao, Inc. (a)		29
	24	Isle of Capri Casinos, Inc. (a)		329
	15	Jack in the Box, Inc.		1,159
	51	Ruth’s Hospitality Group, Inc.		816
				3,138
		Household Durables — 1.3%
	22	Helen of Troy Ltd. (a)		2,044
	17	KB Home		210
	3	Libbey, Inc.		74
	10	Lifetime Brands, Inc.		132
	2	NACCO Industries, Inc., Class A		102
	7	Skullcandy, Inc. (a)		32
				2,594
		Leisure Products — 0.2%
	17	Nautilus, Inc. (a)		282
		Media — 1.3%
	75	Gray Television, Inc. (a)		1,230
	6	Journal Media Group, Inc.		71
	11	Nexstar Broadcasting Group, Inc., Class A		670
	20	Sinclair Broadcast Group, Inc., Class A		641
				2,612
		Specialty Retail — 4.0%
	7	Abercrombie & Fitch Co., Class A		181
	19	Barnes & Noble, Inc.		161
	27	Caleres, Inc.		713
	31	Cato Corp. (The), Class A		1,127
	22	Children’s Place, Inc. (The)		1,231
	11	Citi Trends, Inc.		244

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	51	Express, Inc. (a)		887
	13	Kirkland’s, Inc.		185
	14	Lithia Motors, Inc., Class A		1,445
	190	Office Depot, Inc. (a)		1,070
	13	Outerwall, Inc.		468
	25	Tilly’s, Inc., Class A (a)		164
				7,876
		Total Consumer Discretionary		21,222
		Consumer Staples — 2.5%
		Food & Staples Retailing — 1.0%
	13	Andersons, Inc. (The)		398
	51	SpartanNash Co.		1,105
	49	SUPERVALU, Inc. (a)		330
	4	Village Super Market, Inc., Class A		102
				1,935
		Food Products — 1.1%
	32	Dean Foods Co.		542
	35	Pilgrim’s Pride Corp.		775
	13	Pinnacle Foods, Inc.		557
	4	Sanderson Farms, Inc.		326
				2,200
		Personal Products — 0.4%
	7	Revlon, Inc., Class A (a)		191
	5	USANA Health Sciences, Inc. (a)		689
				880
		Total Consumer Staples		5,015
		Energy — 3.1%
		Energy Equipment & Services — 1.1%
	39	Archrock, Inc.		295
	76	Atwood Oceanics, Inc.		779
	80	Helix Energy Solutions Group, Inc. (a)		420
	17	Matrix Service Co. (a)		351
	8	PHI, Inc. (a)		137
	4	Pioneer Energy Services Corp. (a)		9
	16	Superior Energy Services, Inc.		221
				2,212
		Oil, Gas & Consumable Fuels — 2.0%
	49	Abraxas Petroleum Corp. (a)		52
	37	Bill Barrett Corp. (a)		146
	18	Callon Petroleum Co. (a)		153
	18	Carrizo Oil & Gas, Inc. (a)		520
	16	Delek U.S. Holdings, Inc.		397

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	7	Energy XXI Ltd.		8
	39	Green Plains, Inc.		904
	12	Jones Energy, Inc., Class A (a)		46
	55	Pacific Ethanol, Inc. (a)		264
	50	Renewable Energy Group, Inc. (a)		465
	2	REX American Resources Corp. (a)		82
	23	Stone Energy Corp. (a)		99
	13	TransAtlantic Petroleum Ltd. (a)		17
	171	Triangle Petroleum Corp. (a)		131
	13	Western Refining, Inc.		453
	4	World Fuel Services Corp.		144
				3,881
		Total Energy		6,093
		Financials — 23.5%
		Banks — 8.8%
	19	Banc of California, Inc.		280
	17	BBCN Bancorp, Inc.		294
	4	BNC Bancorp		98
	10	Cathay General Bancorp		314
	2	Community Trust Bancorp, Inc.		77
	24	Customers Bancorp, Inc. (a)		640
	37	East West Bancorp, Inc.		1,540
	23	Fidelity Southern Corp.		503
	6	Financial Institutions, Inc.		170
	6	First Business Financial Services, Inc.		150
	29	First Commonwealth Financial Corp.		262
	7	First Community Bancshares, Inc.		138
	6	First Financial Bancorp		111
	6	First Merchants Corp.		145
	12	First NBC Bank Holding Co. (a)		436
	43	FirstMerit Corp.		807
	64	Fulton Financial Corp.		827
	42	Hanmi Financial Corp.		999
	17	Hilltop Holdings, Inc. (a)		329
	168	Huntington Bancshares, Inc.		1,857
	1	IBERIABANK Corp.		79
	5	MainSource Financial Group, Inc.		122
	1	National Bankshares, Inc.		42
	4	NBT Bancorp, Inc.		107
	31	PacWest Bancorp		1,338
	12	Pinnacle Financial Partners, Inc.		636
	50	Popular, Inc., (Puerto Rico)		1,431
	13	Preferred Bank		438
	6	PrivateBancorp, Inc.		261
	2	Prosperity Bancshares, Inc.		93

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	7	Sierra Bancorp		126
	17	Southwest Bancorp, Inc.		292
	3	Stonegate Bank		89
	2	SVB Financial Group (a)		215
	20	TriCo Bancshares		540
	19	TriState Capital Holdings, Inc. (a)		264
	8	Triumph Bancorp, Inc. (a)		127
	3	WesBanco, Inc.		102
	5	West Bancorporation, Inc.		107
	83	Wilshire Bancorp, Inc.		957
	2	Yadkin Financial Corp.		62
				17,405
		Capital Markets — 1.0%
	4	Arlington Asset Investment Corp., Class A		58
	83	BGC Partners, Inc., Class A		818
	4	Evercore Partners, Inc., Class A		218
	6	Houlihan Lokey, Inc.		160
	2	INTL. FCStone, Inc. (a)		59
	11	Investment Technology Group, Inc.		182
	1	Oppenheimer Holdings, Inc., Class A		25
	5	Piper Jaffray Cos. (a)		207
	6	Stifel Financial Corp. (a)		248
				1,975
		Consumer Finance — 0.6%
	22	Cash America International, Inc.		658
	12	Encore Capital Group, Inc. (a)		353
	4	Nelnet, Inc., Class A		143
				1,154
		Diversified Financial Services — 0.1%
	2	MarketAxess Holdings, Inc.		246
		Insurance — 2.9%
	24	American Equity Investment Life Holding Co.		565
	9	Aspen Insurance Holdings Ltd., (Bermuda)		453
	14	Atlas Financial Holdings, Inc. (a)		284
	64	CNO Financial Group, Inc.		1,218
	3	Crawford & Co., Class B		17
	17	eHealth, Inc. (a)		167
	8	HCI Group, Inc.		274
	2	Horace Mann Educators Corp.		74
	35	Maiden Holdings Ltd., (Bermuda)		527
	4	National General Holdings Corp.		97
	5	Selective Insurance Group, Inc.		156
	15	Stewart Information Services Corp.		563

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 19

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	11	Symetra Financial Corp.		335
	5	United Fire Group, Inc.		195
	29	Universal Insurance Holdings, Inc.		667
	2	Validus Holdings Ltd., (Bermuda)		72
				5,664
		Real Estate Investment Trusts (REITs) — 8.2%
	1	Agree Realty Corp.		44
	15	American Assets Trust, Inc.		572
	6	American Campus Communities, Inc.		235
	12	Armada Hoffler Properties, Inc.		129
	20	Ashford Hospitality Prime, Inc.		297
	126	Ashford Hospitality Trust, Inc.		797
	25	Bluerock Residential Growth REIT, Inc.		296
	95	Capstead Mortgage Corp.		827
	11	Chatham Lodging Trust		235
	10	Chesapeake Lodging Trust		251
	15	CoreSite Realty Corp.		843
	29	Cousins Properties, Inc.		274
	10	CyrusOne, Inc.		380
	9	DCT Industrial Trust, Inc.		347
	12	DDR Corp.		205
	21	DiamondRock Hospitality Co.		199
	12	Easterly Government Properties, Inc.		213
	10	Education Realty Trust, Inc.		380
	58	First Industrial Realty Trust, Inc.		1,285
	4	Franklin Street Properties Corp.		42
	25	GEO Group, Inc. (The)		737
	7	Government Properties Income Trust		108
	36	Gramercy Property Trust		281
	7	Hudson Pacific Properties, Inc.		209
	8	LaSalle Hotel Properties		199
	2	Mid-America Apartment Communities, Inc.		140
	24	Orchid Island Capital, Inc.		242
	4	Parkway Properties, Inc.		65
	10	Pebblebrook Hotel Trust		279
	8	Pennsylvania Real Estate Investment Trust		168
	27	Potlatch Corp.		825
	5	PS Business Parks, Inc.		455
	36	RAIT Financial Trust		98
	4	Ramco-Gershenson Properties Trust		61
	28	Redwood Trust, Inc.		369
	76	Retail Opportunity Investments Corp.		1,369
	27	RLJ Lodging Trust		580
	11	Silver Bay Realty Trust Corp.		178
	95	Summit Hotel Properties, Inc.		1,132

SHARES			SECURITY DESCRIPTION	VALUE($)
			Real Estate Investment Trusts (REITs) — continued
	2		Sun Communities, Inc.		124
	46		Sunstone Hotel Investors, Inc.		578
	8		UMH Properties, Inc.		77
	2		WP Glimcher, Inc.		23
	6		Xenia Hotels & Resorts, Inc.		95
					16,243
			Real Estate Management & Development — 0.2%
	11		Alexander & Baldwin, Inc.		390
	—	(h)	RMR Group, Inc.(The), Class A (a)		—	(h)
					390
			Thrifts & Mortgage Finance — 1.7%
	19		BofI Holding, Inc. (a)		405
	51		Flagstar Bancorp, Inc. (a)		1,177
	52		HomeStreet, Inc. (a)		1,125
	3		Meta Financial Group, Inc.		142
	11		PennyMac Financial Services, Inc., Class A (a)		168
	11		Walker & Dunlop, Inc. (a)		313
	2		Washington Federal, Inc.		55
					3,385
			Total Financials		46,462
			Health Care — 16.3%
			Biotechnology — 6.9%
	4		Acceleron Pharma, Inc. (a)		176
	47		Achillion Pharmaceuticals, Inc. (a)		511
	14		Acorda Therapeutics, Inc. (a)		599
	1		Adamas Pharmaceuticals, Inc. (a)		22
	11		Aduro Biotech, Inc. (a)		301
	—	(h)	Agios Pharmaceuticals, Inc. (a)		26
	16		AMAG Pharmaceuticals, Inc. (a)		483
	19		Amicus Therapeutics, Inc. (a)		188
	4		Anacor Pharmaceuticals, Inc. (a)		441
	20		Applied Genetic Technologies Corp. (a)		404
	43		ARIAD Pharmaceuticals, Inc. (a)		266
	24		aTyr Pharma, Inc. (a)		237
	1		Avalanche Biotechnologies, Inc. (a)		12
	18		Bellicum Pharmaceuticals, Inc. (a)		363
	6		Bluebird Bio, Inc. (a)		379
	4		Blueprint Medicines Corp. (a)		116
	27		Cara Therapeutics, Inc. (a)		459
	83		Catalyst Pharmaceuticals, Inc. (a)		202
	26		Celldex Therapeutics, Inc. (a)		403
	10		Chiasma, Inc. (a)		190
	12		Clovis Oncology, Inc. (a)		424
	13		Coherus Biosciences, Inc. (a)		298

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	7	Dicerna Pharmaceuticals, Inc. (a)		82
	19	Dimension Therapeutics, Inc. (a)		213
	9	Dynavax Technologies Corp. (a)		220
	15	Esperion Therapeutics, Inc. (a)		332
	5	FibroGen, Inc. (a)		149
	19	Genocea Biosciences, Inc. (a)		97
	13	Global Blood Therapeutics, Inc. (a)		404
	4	Heron Therapeutics, Inc. (a)		96
	3	Immune Design Corp. (a)		50
	39	Infinity Pharmaceuticals, Inc. (a)		306
	26	Insmed, Inc. (a)		470
	14	Karyopharm Therapeutics, Inc. (a)		182
	9	MacroGenics, Inc. (a)		282
	4	Neurocrine Biosciences, Inc. (a)		215
	20	Nivalis Therapeutics, Inc. (a)		152
	66	Oncothyreon, Inc. (a)		147
	7	Ophthotech Corp. (a)		526
	5	Puma Biotechnology, Inc. (a)		368
	47	Raptor Pharmaceutical Corp. (a)		244
	1	Sage Therapeutics, Inc. (a)		52
	2	Seres Therapeutics, Inc. (a)		60
	40	Synergy Pharmaceuticals, Inc. (a)		227
	188	Threshold Pharmaceuticals, Inc. (a)		90
	8	Ultragenyx Pharmaceutical, Inc. (a)		853
	28	Vitae Pharmaceuticals, Inc. (a)		503
	16	Voyager Therapeutics, Inc. (a)		344
	9	Xencor, Inc. (a)		127
	50	Zafgen, Inc. (a)		315
				13,606
		Health Care Equipment & Supplies — 3.0%
	10	Cynosure, Inc., Class A (a)		466
	27	Greatbatch, Inc. (a)		1,395
	13	HeartWare International, Inc. (a)		660
	4	ICU Medical, Inc. (a)		468
	19	Inogen, Inc. (a)		768
	18	Insulet Corp. (a)		662
	15	NuVasive, Inc. (a)		806
	63	OraSure Technologies, Inc. (a)		403
	1	Penumbra, Inc. (a)		78
	37	Sientra, Inc. (a)		219
				5,925
		Health Care Providers & Services — 4.2%
	17	Amsurg Corp. (a)		1,311
	118	Cross Country Healthcare, Inc. (a)		1,942

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	35	Kindred Healthcare, Inc.		415
	30	Molina Healthcare, Inc. (a)		1,818
	13	Owens & Minor, Inc.		461
	42	PharMerica Corp. (a)		1,473
	15	Surgical Care Affiliates, Inc. (a)		612
	7	Teladoc, Inc. (a)		121
	2	WellCare Health Plans, Inc. (a)		122
				8,275
		Life Sciences Tools & Services — 0.9%
	39	Cambrex Corp. (a)		1,856
		Pharmaceuticals — 1.3%
	12	Amphastar Pharmaceuticals, Inc. (a)		175
	9	Flex Pharma, Inc. (a)		110
	30	Foamix Pharmaceuticals Ltd., (Israel) (a)		241
	5	Intra-Cellular Therapies, Inc. (a)		269
	13	Medicines Co. (The) (a)		489
	11	Pacira Pharmaceuticals, Inc. (a)		852
	10	Revance Therapeutics, Inc. (a)		348
				2,484
		Total Health Care		32,146
		Industrials — 15.8%
		Aerospace & Defense — 1.9%
	21	AAR Corp.		540
	22	Cubic Corp.		1,032
	2	Curtiss-Wright Corp.		115
	16	Engility Holdings, Inc.		528
	77	Vectrus, Inc. (a)		1,600
				3,815
		Air Freight & Logistics — 0.4%
	14	Atlas Air Worldwide Holdings, Inc. (a)		594
	5	Park-Ohio Holdings Corp.		174
				768
		Airlines — 1.6%
	14	Alaska Air Group, Inc.		1,119
	57	Hawaiian Holdings, Inc. (a)		2,017
				3,136
		Building Products — 1.1%
	24	American Woodmark Corp. (a)		1,926
	12	Gibraltar Industries, Inc. (a)		299
				2,225
		Commercial Services & Supplies — 2.6%
	43	ABM Industries, Inc.		1,215

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 21

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Commercial Services & Supplies — continued
	182	ACCO Brands Corp. (a)		1,295
	21	ARC Document Solutions, Inc. (a)		94
	5	Essendant, Inc.		169
	3	Herman Miller, Inc.		94
	15	Kimball International, Inc., Class B		146
	97	Quad/Graphics, Inc.		900
	37	Steelcase, Inc., Class A		557
	5	Viad Corp.		136
	19	West Corp.		419
				5,025
		Construction & Engineering — 0.9%
	19	Argan, Inc.		608
	18	EMCOR Group, Inc.		879
	16	Tutor Perini Corp. (a)		273
				1,760
		Electrical Equipment — 1.4%
	9	EnerSys		511
	98	General Cable Corp.		1,320
	4	Regal Beloit Corp.		247
	56	Sunrun, Inc. (a)		663
				2,741
		Machinery — 2.2%
	7	Barnes Group, Inc.		260
	6	Columbus McKinnon Corp.		116
	20	Federal Signal Corp.		315
	51	Global Brass & Copper Holdings, Inc.		1,093
	7	Greenbrier Cos., Inc. (The)		214
	3	Hurco Cos., Inc.		69
	5	Hyster-Yale Materials Handling, Inc.		257
	9	Kadant, Inc.		381
	132	Meritor, Inc. (a)		1,102
	1	Standex International Corp.		103
	12	TriMas Corp. (a)		227
	23	Wabash National Corp. (a)		275
				4,412
		Marine — 0.6%
	30	Matson, Inc.		1,269
		Professional Services — 2.4%
	46	Barrett Business Services, Inc.		1,986
	6	CRA International, Inc. (a)		109
	4	Heidrick & Struggles International, Inc.		122
	25	Insperity, Inc.		1,198
	2	Kelly Services, Inc., Class A		40

SHARES		SECURITY DESCRIPTION	VALUE($)
		Professional Services — continued
	15	RPX Corp. (a)		168
	32	TrueBlue, Inc. (a)		830
	3	VSE Corp.		181
				4,634
		Road & Rail — 0.7%
	32	ArcBest Corp.		690
	3	Universal Truckload Services, Inc.		46
	47	YRC Worldwide, Inc. (a)		666
				1,402
		Total Industrials		31,187
		Information Technology — 18.0%
		Communications Equipment — 1.1%
	121	EMCORE Corp. (a)		741
	343	Extreme Networks, Inc. (a)		1,401
				2,142
		Electronic Equipment, Instruments & Components — 2.9%
	43	Benchmark Electronics, Inc. (a)		884
	9	Fabrinet, (Thailand) (a)		225
	55	Insight Enterprises, Inc. (a)		1,383
	36	Kimball Electronics, Inc. (a)		394
	3	Littelfuse, Inc.		340
	11	Methode Electronics, Inc.		336
	81	Sanmina Corp. (a)		1,659
	8	Tech Data Corp. (a)		545
				5,766
		Internet Software & Services — 2.7%
	22	Apigee Corp. (a)		178
	54	Blucora, Inc. (a)		526
	12	Carbonite, Inc. (a)		115
	23	Cornerstone OnDemand, Inc. (a)		806
	43	EarthLink Holdings Corp.		322
	39	Five9, Inc. (a)		344
	3	Instructure, Inc. (a)		60
	2	LogMeIn, Inc. (a)		157
	16	Match Group, Inc. (a)		220
	15	Mimecast Ltd., (United Kingdom) (a)		139
	4	Q2 Holdings, Inc. (a)		104
	50	RetailMeNot, Inc. (a)		500
	8	Web.com Group, Inc. (a)		161
	28	WebMD Health Corp. (a)		1,357
	38	Xactly Corp. (a)		323
				5,312

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		IT Services — 2.9%
	2	Blackhawk Network Holdings, Inc. (a)		104
	14	Euronet Worldwide, Inc. (a)		1,003
	115	Everi Holdings, Inc. (a)		505
	3	EVERTEC, Inc., (Puerto Rico)		51
	11	ExlService Holdings, Inc. (a)		492
	9	Heartland Payment Systems, Inc.		822
	38	Science Applications International Corp.		1,729
	9	Sykes Enterprises, Inc. (a)		272
	58	Unisys Corp. (a)		642
				5,620
		Semiconductors & Semiconductor Equipment — 3.3%
	15	Advanced Energy Industries, Inc. (a)		424
	10	Alpha & Omega Semiconductor Ltd. (a)		89
	84	Amkor Technology, Inc. (a)		511
	9	Brooks Automation, Inc.		93
	123	Cypress Semiconductor Corp. (a)		1,212
	18	First Solar, Inc. (a)		1,200
	30	IXYS Corp.		379
	6	Nanometrics, Inc. (a)		87
	21	OmniVision Technologies, Inc. (a)		601
	5	Qorvo, Inc. (a)		272
	76	SunEdison, Inc. (a)		389
	3	Synaptics, Inc. (a)		210
	101	Ultra Clean Holdings, Inc. (a)		516
	99	Xcerra Corp. (a)		599
				6,582
		Software — 5.1%
	80	AVG Technologies N.V., (Netherlands) (a)		1,595
	6	Fair Isaac Corp.		568
	47	Pegasystems, Inc.		1,287
	11	PTC, Inc. (a)		390
	25	Qlik Technologies, Inc. (a)		786
	11	Rapid7, Inc. (a)		166
	38	RingCentral, Inc., Class A (a)		896
	128	Rovi Corp. (a)		2,131
	65	Take-Two Interactive Software, Inc. (a)		2,262
				10,081
		Total Information Technology		35,503
		Materials — 3.3%
		Chemicals — 1.2%
	18	A Schulman, Inc.		539
	26	FutureFuel Corp.		344
	1	Innospec, Inc.		79
	16	Minerals Technologies, Inc.		730

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
	18	OMNOVA Solutions, Inc. (a)		111
	20	Trinseo S.A. (a)		570
				2,373
		Containers & Packaging — 0.8%
	61	Graphic Packaging Holding Co.		779
	17	WestRock Co.		795
				1,574
		Metals & Mining — 0.6%
	39	Commercial Metals Co.		529
	3	Schnitzer Steel Industries, Inc., Class A		48
	19	Worthington Industries, Inc.		577
				1,154
		Paper & Forest Products — 0.7%
	17	Boise Cascade Co. (a)		431
	25	Schweitzer-Mauduit International, Inc.		1,040
				1,471
		Total Materials		6,572
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 1.2%
	37	8x8, Inc. (a)		419
	9	IDT Corp., Class B		108
	80	Inteliquent, Inc.		1,430
	50	Ooma, Inc. (a)		320
		Total Telecommunication Services		2,277
		Utilities — 3.5%
		Electric Utilities — 2.0%
	2	El Paso Electric Co.		68
	5	Empire District Electric Co. (The)		144
	8	IDACORP, Inc.		566
	4	MGE Energy, Inc.		203
	65	Portland General Electric Co.		2,381
	19	Spark Energy, Inc., Class A		387
	3	Westar Energy, Inc.		126
				3,875
		Gas Utilities — 0.9%
	1	AGL Resources, Inc.		39
	2	Chesapeake Utilities Corp.		120
	5	Laclede Group, Inc. (The)		290
	29	New Jersey Resources Corp.		948
	4	Southwest Gas Corp.		226
	3	WGL Holdings, Inc.		161
				1,784

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 23

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Independent Power & Renewable Electricity Producers — 0.5%
	119	Atlantic Power Corp.		235
	63	Dynegy, Inc. (a)		841
				1,076
		Water Utilities — 0.1%
	6	American States Water Co.		237
		Total Utilities		6,972
		Total Common Stocks (Cost $150,309)		193,449
NUMBER OF WARRANTS
	Warrant — 0.0%
		Financials — 0.0%
		Consumer Finance — 0.0%
	2	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.6%
		Investment Company — 2.6%
	5,084	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $5,084)		5,084
		Total Investments — 100.6% (Cost $155,393)		198,533
		Liabilities in Excess of Other Assets — (0.6)% (c)		(1,184	)
		NET ASSETS — 100.0%	$	197,349

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	44	E-mini Russell 2000		03/18/16		USD	$	4,979	$	31

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.4%
		Consumer Discretionary — 17.2%
		Auto Components — 1.5%
	1,719	Dana Holding Corp.		23,721
	333	Drew Industries, Inc.		20,257
				43,978
		Distributors — 2.3%
	839	Pool Corp.		67,753
		Diversified Consumer Services — 1.2%
	852	ServiceMaster Global Holdings, Inc. (a)		33,429
		Hotels, Restaurants & Leisure — 3.9%
	1,133	Brinker International, Inc.		54,329
	725	Monarch Casino & Resort, Inc. (a)		16,461
	538	Papa John’s International, Inc.		30,033
	445	Zoe’s Kitchen, Inc. (a)		12,442
				113,265
		Household Durables — 1.8%
	900	Jarden Corp. (a)		51,390
		Leisure Products — 1.6%
	535	Brunswick Corp.		27,046
	1,187	Malibu Boats, Inc., Class A (a)		19,426
				46,472
		Media — 2.2%
	950	Cinemark Holdings, Inc.		31,757
	1,778	E.W. Scripps Co. (The), Class A		33,779
				65,536
		Specialty Retail — 1.6%
	1,520	American Eagle Outfitters, Inc.		23,565
	2,230	Chico’s FAS, Inc.		23,793
				47,358
		Textiles, Apparel & Luxury Goods — 1.1%
	3,184	Crocs, Inc. (a)		32,601
		Total Consumer Discretionary		501,782
		Consumer Staples — 4.1%
		Food & Staples Retailing — 0.7%
	877	Performance Food Group Co. (a)		20,297
		Food Products — 1.0%
	249	J&J Snack Foods Corp.		29,035
		Household Products — 2.4%
	692	Spectrum Brands Holdings, Inc.		70,474
		Total Consumer Staples		119,806

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 3.1%
		Energy Equipment & Services — 2.0%
	291	Dril-Quip, Inc. (a)		17,248
	2,708	Patterson-UTI Energy, Inc.		40,844
				58,092
		Oil, Gas & Consumable Fuels — 1.1%
	203	Cimarex Energy Co.		18,153
	1,665	Synergy Resources Corp. (a)		14,183
				32,336
		Total Energy		90,428
		Financials — 23.9%
		Banks — 10.0%
	2,305	Associated Banc-Corp.		43,222
	953	BankUnited, Inc.		34,356
	1,482	First Financial Bancorp		26,779
	1,752	First Horizon National Corp.		25,432
	383	First Republic Bank		25,316
	823	Glacier Bancorp, Inc.		21,825
	1,218	Great Western Bancorp, Inc.		35,353
	439	IBERIABANK Corp.		24,161
	1,739	Umpqua Holdings Corp.		27,657
	749	Western Alliance Bancorp (a)		26,848
				290,949
		Capital Markets — 4.3%
	840	Eaton Vance Corp.		27,250
	693	Greenhill & Co., Inc.		19,813
	1,069	HFF, Inc., Class A		33,214
	1,525	Janus Capital Group, Inc.		21,487
	861	Moelis & Co., Class A		25,128
				126,892
		Diversified Financial Services — 2.0%
	131	FactSet Research Systems, Inc.		21,334
	462	Morningstar, Inc.		37,160
				58,494
		Insurance — 1.2%
	725	ProAssurance Corp.		35,188
		Real Estate Investment Trusts (REITs) — 5.4%
	595	EastGroup Properties, Inc.		33,070
	399	Mid-America Apartment Communities, Inc.		36,275
	1,165	National Retail Properties, Inc.		46,673
	1,912	RLJ Lodging Trust		41,361
				157,379

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 25

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Management & Development — 1.0%
	780	Realogy Holdings Corp. (a)		28,610
		Total Financials		697,512
		Health Care — 11.0%
		Health Care Equipment & Supplies — 3.5%
	797	IDEXX Laboratories, Inc. (a)		58,081
	750	West Pharmaceutical Services, Inc.		45,170
				103,251
		Health Care Providers & Services — 6.0%
	756	Centene Corp. (a)		49,759
	1,032	Hanger, Inc. (a)		16,974
	347	HealthEquity, Inc. (a)		8,693
	1,172	HealthSouth Corp.		40,803
	454	Magellan Health, Inc. (a)		27,971
	381	WellCare Health Plans, Inc. (a)		29,803
				174,003
		Health Care Technology — 0.1%
	71	Medidata Solutions, Inc. (a)		3,506
		Pharmaceuticals — 1.4%
	1,668	Catalent, Inc. (a)		41,748
		Total Health Care		322,508
		Industrials — 19.8%
		Air Freight & Logistics — 0.5%
	328	Forward Air Corp.		14,106
		Commercial Services & Supplies — 6.2%
	997	Brady Corp., Class A		22,905
	1,165	Herman Miller, Inc.		33,428
	799	KAR Auction Services, Inc.		29,571
	328	US Ecology, Inc.		11,955
	1,497	Waste Connections, Inc.		84,335
				182,194
		Electrical Equipment — 1.9%
	941	Generac Holdings, Inc. (a)		28,028
	459	Regal Beloit Corp.		26,837
				54,865
		Machinery — 7.4%
	1,218	Allison Transmission Holdings, Inc.		31,537
	975	Altra Industrial Motion Corp.		24,448
	1,094	Douglas Dynamics, Inc.		23,046
	592	RBC Bearings, Inc. (a)		38,251
	1,383	Rexnord Corp. (a)		25,055
	1,000	Toro Co. (The)		73,065
				215,402

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 1.9%
	1,237	Knight Transportation, Inc.		29,962
	466	Landstar System, Inc.		27,305
				57,267
		Trading Companies & Distributors — 1.9%
	633	Applied Industrial Technologies, Inc.		25,644
	253	Watsco, Inc.		29,585
				55,229
		Total Industrials		579,063
		Information Technology — 8.7%
		Electronic Equipment, Instruments & Components — 0.7%
	251	FEI Co.		20,020
		Internet Software & Services — 1.7%
	826	GrubHub, Inc. (a)		19,987
	303	Instructure, Inc. (a)		6,313
	908	Q2 Holdings, Inc. (a)		23,937
				50,237
		IT Services — 1.1%
	988	CoreLogic, Inc. (a)		33,464
		Semiconductors & Semiconductor Equipment — 0.3%
	169	Cabot Microelectronics Corp. (a)		7,410
		Software — 4.9%
	487	Guidewire Software, Inc. (a)		29,302
	301	Imperva, Inc. (a)		19,029
	1,532	Monotype Imaging Holdings, Inc.		36,228
	250	NetSuite, Inc. (a)		21,181
	265	Splunk, Inc. (a)		15,568
	121	Tyler Technologies, Inc. (a)		21,125
				142,433
		Total Information Technology		253,564
		Materials — 5.7%
		Containers & Packaging — 5.7%
	880	AptarGroup, Inc.		63,945
	1,085	Crown Holdings, Inc. (a)		54,996
	920	Silgan Holdings, Inc.		49,436
		Total Materials		168,377
		Utilities — 2.9%
		Electric Utilities — 1.5%
	1,232	Portland General Electric Co.		44,822

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Multi-Utilities — 1.4%
	727	NorthWestern Corp.		39,455
		Total Utilities		84,277
		Total Common Stocks (Cost $1,909,228)		2,817,317

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.8%
		Investment Company — 4.8%
	140,434	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $140,434)		140,434
		Total Investments — 101.2% (Cost $2,049,662)		2,957,751
		Liabilities in Excess of Other Assets — (1.2)%		(34,970	)
		NET ASSETS — 100.0%	$	2,922,781

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 27

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.9%
		Consumer Discretionary — 13.1%
		Distributors — 1.7%
	241	Pool Corp.		19,448
		Diversified Consumer Services — 1.2%
	475	2U, Inc. (a)		13,287
		Hotels, Restaurants & Leisure — 2.9%
	771	Boyd Gaming Corp. (a)		15,322
	252	La Quinta Holdings, Inc. (a)		3,423
	110	Vail Resorts, Inc.		14,049
				32,794
		Household Durables — 0.6%
	508	TRI Pointe Group, Inc. (a)		6,435
		Internet & Catalog Retail — 1.3%
	317	Wayfair, Inc., Class A (a)		15,083
		Multiline Retail — 1.5%
	238	Burlington Stores, Inc. (a)		10,227
	414	Ollie’s Bargain Outlet Holdings, Inc. (a)		7,042
				17,269
		Specialty Retail — 3.1%
	168	Lithia Motors, Inc., Class A		17,870
	268	Men’s Wearhouse, Inc. (The)		3,928
	193	Penske Automotive Group, Inc.		8,184
	158	Vitamin Shoppe, Inc. (a)		5,178
				35,160
		Textiles, Apparel & Luxury Goods — 0.8%
	269	Kate Spade & Co. (a)		4,776
	264	Wolverine World Wide, Inc.		4,405
				9,181
		Total Consumer Discretionary		148,657
		Consumer Staples — 2.2%
		Food & Staples Retailing — 0.8%
	339	Sprouts Farmers Market, Inc. (a)		9,017
		Food Products — 1.4%
	249	Diamond Foods, Inc. (a)		9,580
	700	Freshpet, Inc. (a)		5,944
				15,524
		Total Consumer Staples		24,541
		Energy — 1.2%
		Energy Equipment & Services — 0.4%
	357	Forum Energy Technologies, Inc. (a)		4,452
		Oil, Gas & Consumable Fuels — 0.8%
	219	Delek U.S. Holdings, Inc.		5,398

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	558	Laredo Petroleum, Inc. (a)		4,457
				9,855
		Total Energy		14,307
		Financials — 8.5%
		Banks — 2.8%
	276	PrivateBancorp, Inc.		11,321
	74	Signature Bank (a)		11,345
	175	Texas Capital Bancshares, Inc. (a)		8,658
				31,324
		Capital Markets — 2.5%
	181	Evercore Partners, Inc., Class A		9,777
	380	Financial Engines, Inc.		12,788
	912	PennantPark Investment Corp.		5,638
				28,203
		Insurance — 0.7%
	123	AmTrust Financial Services, Inc.		7,580
		Real Estate Investment Trusts (REITs) — 1.1%
	225	CubeSmart		6,892
	143	Highwoods Properties, Inc.		6,227
				13,119
		Real Estate Management & Development — 0.9%
	291	RE/MAX Holdings, Inc., Class A		10,867
		Thrifts & Mortgage Finance — 0.5%
	247	BofI Holding, Inc. (a)		5,203
		Total Financials		96,296
		Health Care — 26.1%
		Biotechnology — 11.6%
	262	ACADIA Pharmaceuticals, Inc. (a)		9,344
	187	Acceleron Pharma, Inc. (a)		9,120
	42	Anacor Pharmaceuticals, Inc. (a)		4,785
	548	Arrowhead Research Corp. (a)		3,371
	244	Axovant Sciences Ltd., (Bermuda) (a)		4,406
	268	Bellicum Pharmaceuticals, Inc. (a)		5,430
	159	Chimerix, Inc. (a)		1,420
	282	Coherus Biosciences, Inc. (a)		6,484
	418	Exact Sciences Corp. (a)		3,857
	267	FibroGen, Inc. (a)		8,125
	403	Halozyme Therapeutics, Inc. (a)		6,992
	465	Ignyta, Inc. (a)		6,234
	428	Insmed, Inc. (a)		7,768
	124	Intrexon Corp. (a)		3,731
	135	Kite Pharma, Inc. (a)		8,335

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	111	Neurocrine Biosciences, Inc. (a)		6,267
	178	Portola Pharmaceuticals, Inc. (a)		9,179
	163	REGENXBIO, Inc. (a)		2,700
	143	Sage Therapeutics, Inc. (a)		8,311
	101	Spark Therapeutics, Inc. (a)		4,564
	62	Ultragenyx Pharmaceutical, Inc. (a)		6,960
	278	Versartis, Inc. (a)		3,447
				130,830
		Health Care Equipment & Supplies — 5.4%
	1,016	GenMark Diagnostics, Inc. (a)		7,885
	311	Insulet Corp. (a)		11,764
	466	K2M Group Holdings, Inc. (a)		9,200
	156	Nevro Corp. (a)		10,534
	981	Novadaq Technologies, Inc., (Canada) (a)		12,500
	879	Syneron Medical Ltd., (Israel) (a)		6,779
	4,014	Unilife Corp. (a)		1,987
				60,649
		Health Care Providers & Services — 3.8%
	237	Acadia Healthcare Co., Inc. (a)		14,816
	331	Surgical Care Affiliates, Inc. (a)		13,190
	199	WellCare Health Plans, Inc. (a)		15,528
				43,534
		Health Care Technology — 2.0%
	421	Evolent Health, Inc., Class A (a)		5,101
	618	Veeva Systems, Inc., Class A (a)		17,822
				22,923
		Pharmaceuticals — 3.3%
	368	Horizon Pharma plc (a)		7,969
	436	Nektar Therapeutics (a)		7,345
	253	Revance Therapeutics, Inc. (a)		8,650
	317	Sagent Pharmaceuticals, Inc. (a)		5,045
	800	TherapeuticsMD, Inc. (a)		8,295
				37,304
		Total Health Care		295,240
		Industrials — 16.5%
		Aerospace & Defense — 2.1%
	216	HEICO Corp.		11,762
	259	Hexcel Corp.		12,035
				23,797
		Air Freight & Logistics — 0.4%
	183	XPO Logistics, Inc. (a)		4,975

SHARES		SECURITY DESCRIPTION	VALUE($)
		Building Products — 5.7%
	283	Advanced Drainage Systems, Inc.		6,792
	249	Caesarstone Sdot-Yam Ltd., (Israel) (a)		10,771
	139	Fortune Brands Home & Security, Inc.		7,699
	125	Lennox International, Inc.		15,606
	148	Masonite International Corp. (a)		9,051
	378	Trex Co., Inc. (a)		14,387
				64,306
		Electrical Equipment — 1.8%
	67	Acuity Brands, Inc.		15,620
	101	SolarCity Corp. (a)		5,154
				20,774
		Industrial Conglomerates — 1.1%
	144	Carlisle Cos., Inc.		12,754
		Machinery — 2.6%
	130	Graco, Inc.		9,386
	169	John Bean Technologies Corp.		8,430
	105	Middleby Corp. (The) (a)		11,321
				29,137
		Road & Rail — 0.9%
	165	Old Dominion Freight Line, Inc. (a)		9,761
		Trading Companies & Distributors — 1.9%
	347	Rush Enterprises, Inc., Class A (a)		7,595
	123	Watsco, Inc.		14,377
				21,972
		Total Industrials		187,476
		Information Technology — 28.3%
		Communications Equipment — 1.6%
	525	Ciena Corp. (a)		10,857
	628	Ruckus Wireless, Inc. (a)		6,722
				17,579
		Internet Software & Services — 9.1%
	205	Benefitfocus, Inc. (a)		7,464
	300	Cornerstone OnDemand, Inc. (a)		10,347
	72	CoStar Group, Inc. (a)		14,800
	257	Demandware, Inc. (a)		13,863
	416	Envestnet, Inc. (a)		12,408
	381	GoDaddy, Inc., Class A (a)		12,216
	349	GrubHub, Inc. (a)		8,441
	175	Instructure, Inc. (a)		3,637
	321	Marketo, Inc. (a)		9,221
	421	Shopify, Inc., (Canada), Class A (a)		10,862
				103,259

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 29

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — 6.1%
	227	Cavium, Inc. (a)		14,934
	405	Inphi Corp. (a)		10,943
	401	M/A-COM Technology Solutions Holdings, Inc. (a)		16,404
	270	MKS Instruments, Inc.		9,733
	265	Monolithic Power Systems, Inc.		16,877
				68,891
		Software — 11.1%
	201	Atlassian Corp. plc, (United Kingdom), Class A (a)		6,042
	393	Barracuda Networks, Inc. (a)		7,341
	221	Fleetmatics Group plc, (Ireland) (a)		11,249
	151	Fortinet, Inc. (a)		4,710
	347	Guidewire Software, Inc. (a)		20,866
	156	HubSpot, Inc. (a)		8,801
	176	Imperva, Inc. (a)		11,127
	322	Infoblox, Inc. (a)		5,918
	212	Proofpoint, Inc. (a)		13,798
	641	RingCentral, Inc., Class A (a)		15,109
	76	Tableau Software, Inc., Class A (a)		7,194
	515	Zendesk, Inc. (a)		13,615
				125,770

SHARES		SECURITY DESCRIPTION	VALUE($)
		Technology Hardware, Storage & Peripherals — 0.4%
	545	Nimble Storage, Inc. (a)		5,012
		Total Information Technology		320,511
		Materials — 1.0%
		Construction Materials — 1.0%
	191	Eagle Materials, Inc.		11,569
		Total Common Stocks (Cost $894,533)		1,098,597
	Short-Term Investment — 1.5%
		Investment Company — 1.5%
	16,517	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $16,517)		16,517
		Total Investments — 98.4% (Cost $911,050)		1,115,114
		Other Assets in Excess of Liabilities — 1.6%		17,667
		NET ASSETS — 100.0%	$	1,132,781

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.0%
		Consumer Discretionary — 8.4%
		Auto Components — 1.5%
	541	Cooper Tire & Rubber Co.		20,477
	178	Dana Holding Corp.		2,462
	180	Stoneridge, Inc. (a)		2,658
				25,597
		Distributors — 0.0% (g)
	103	VOXX International Corp. (a)		541
		Diversified Consumer Services — 1.1%
	79	Ascent Capital Group, Inc., Class A (a)		1,324
	104	Houghton Mifflin Harcourt Co. (a)		2,257
	471	K12, Inc. (a)		4,143
	798	Regis Corp. (a)		11,286
				19,010
		Hotels, Restaurants & Leisure — 1.4%
	139	Bob Evans Farms, Inc.		5,396
	47	Bravo Brio Restaurant Group, Inc. (a)		423
	708	Isle of Capri Casinos, Inc. (a)		9,868
	22	Jack in the Box, Inc.		1,665
	74	Ruby Tuesday, Inc. (a)		408
	317	Ruth’s Hospitality Group, Inc.		5,047
	47	Speedway Motorsports, Inc.		982
				23,789
		Household Durables — 0.8%
	22	CalAtlantic Group, Inc.		853
	115	CSS Industries, Inc.		3,272
	227	KB Home		2,797
	111	Leggett & Platt, Inc.		4,647
	45	MDC Holdings, Inc.		1,146
	40	NACCO Industries, Inc., Class A		1,688
				14,403
		Internet & Catalog Retail — 0.5%
	309	Liberty TripAdvisor Holdings, Inc., Class A (a)		9,384
		Leisure Products — 0.2%
	193	Nautilus, Inc. (a)		3,224
		Media — 0.4%
	175	Central European Media Enterprises Ltd., (Bermuda), Class A (a)		471
	210	Entercom Communications Corp., Class A (a)		2,359
	10	Saga Communications, Inc., Class A		401
	254	Time, Inc.		3,982
				7,213

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multiline Retail — 0.5%
	145	Dillard’s, Inc., Class A		9,508
		Specialty Retail — 1.5%
	172	Abercrombie & Fitch Co., Class A		4,641
	315	Children’s Place, Inc. (The)		17,393
	254	Guess?, Inc.		4,792
				26,826
		Textiles, Apparel & Luxury Goods — 0.5%
	306	Iconix Brand Group, Inc. (a)		2,091
	262	Movado Group, Inc.		6,741
				8,832
		Total Consumer Discretionary		148,327
		Consumer Staples — 2.4%
		Food & Staples Retailing — 0.2%
	68	Smart & Final Stores, Inc. (a)		1,229
	98	SpartanNash Co.		2,125
				3,354
		Food Products — 0.7%
	13	Farmer Brothers Co. (a)		407
	120	Fresh Del Monte Produce, Inc.		4,673
	176	Pinnacle Foods, Inc.		7,456
	6	Sanderson Farms, Inc.		473
	11	Seneca Foods Corp., Class A (a)		304
				13,313
		Household Products — 0.5%
	673	Central Garden & Pet Co., Class A (a)		9,154
		Tobacco — 1.0%
	304	Universal Corp.		17,071
		Total Consumer Staples		42,892
		Energy — 3.9%
		Energy Equipment & Services — 1.5%
	46	Archrock, Inc.		348
	142	Atwood Oceanics, Inc.		1,450
	124	Geospace Technologies Corp. (a)		1,750
	534	Gulfmark Offshore, Inc., Class A (a)		2,493
	859	Helix Energy Solutions Group, Inc. (a)		4,518
	2,962	Key Energy Services, Inc. (a)		1,428
	98	North Atlantic Drilling Ltd., (Norway) (a)		242
	359	Parker Drilling Co. (a)		654
	1,521	Pioneer Energy Services Corp. (a)		3,299
	140	SEACOR Holdings, Inc. (a)		7,379
	309	Unit Corp. (a)		3,769
				27,330

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 31

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 2.4%
	5	Adams Resources & Energy, Inc.		188
	107	Alon USA Energy, Inc.		1,582
	346	Approach Resources, Inc. (a)		637
	2,546	Bill Barrett Corp. (a)		10,006
	248	Frontline Ltd., (Bermuda)		741
	434	Gastar Exploration, Inc. (a)		568
	480	Halcon Resources Corp. (a)		604
	269	Jones Energy, Inc., Class A (a)		1,034
	987	Penn Virginia Corp. (a)		297
	313	REX American Resources Corp. (a)		16,946
	1,063	Rex Energy Corp. (a)		1,116
	1,794	Stone Energy Corp. (a)		7,696
	844	Triangle Petroleum Corp. (a)		650
				42,065
		Total Energy		69,395
		Financials — 40.9%
		Banks — 17.1%
	126	1st Source Corp.		3,877
	7	American National Bankshares, Inc.		184
	75	BancFirst Corp.		4,373
	435	BancorpSouth, Inc.		10,433
	190	Bank of Hawaii Corp.		11,976
	72	Banner Corp.		3,288
	411	BBCN Bancorp, Inc.		7,081
	270	Capital Bank Financial Corp., Class A		8,644
	97	Cascade Bancorp (a)		587
	240	Cathay General Bancorp		7,522
	564	Central Pacific Financial Corp.		12,408
	10	Century Bancorp, Inc., Class A		417
	84	Chemical Financial Corp.		2,882
	22	Citizens & Northern Corp.		470
	168	City Holding Co.		7,686
	114	CoBiz Financial, Inc.		1,526
	63	Columbia Banking System, Inc.		2,059
	158	Community Bank System, Inc.		6,307
	142	Community Trust Bancorp, Inc.		4,980
	196	Customers Bancorp, Inc. (a)		5,322
	14	East West Bancorp, Inc.		596
	81	Financial Institutions, Inc.		2,268
	35	First Bancorp		660
	1,486	First BanCorp, (Puerto Rico) (a)		4,831
	154	First Busey Corp.		3,169
	10	First Citizens BancShares, Inc., Class A		2,504
	1,414	First Commonwealth Financial Corp.		12,820
	54	First Community Bancshares, Inc.		1,004

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	126	First Financial Bancorp		2,275
	88	First Financial Bankshares, Inc.		2,658
	103	First Interstate BancSystem, Inc., Class A		2,994
	170	Flushing Financial Corp.		3,679
	542	FNB Corp.		7,225
	343	Fulton Financial Corp.		4,466
	247	Glacier Bancorp, Inc.		6,553
	43	Great Southern Bancorp, Inc.		1,937
	30	Guaranty Bancorp		503
	387	Hancock Holding Co.		9,744
	63	Heartland Financial USA, Inc.		1,973
	28	Heritage Financial Corp.		534
	1,057	Investors Bancorp, Inc.		13,149
	72	Lakeland Bancorp, Inc.		846
	32	Lakeland Financial Corp.		1,511
	195	MainSource Financial Group, Inc.		4,454
	69	Metro Bancorp, Inc.		2,153
	55	National Penn Bancshares, Inc.		673
	655	OFG Bancorp, (Puerto Rico)		4,797
	91	Pacific Continental Corp.		1,357
	181	PacWest Bancorp		7,805
	21	Preferred Bank		677
	23	Republic Bancorp, Inc., Class A		602
	26	S&T Bancorp, Inc.		786
	20	Sierra Bancorp		349
	16	Simmons First National Corp., Class A		822
	21	Southside Bancshares, Inc.		496
	142	Southwest Bancorp, Inc.		2,473
	67	State Bank Financial Corp.		1,407
	15	Stock Yards Bancorp, Inc.		556
	20	Suffolk Bancorp		573
	513	TCF Financial Corp.		7,244
	46	Tompkins Financial Corp.		2,583
	30	TriState Capital Holdings, Inc. (a)		417
	168	Trustmark Corp.		3,859
	218	UMB Financial Corp.		10,143
	687	Umpqua Holdings Corp.		10,918
	468	Union Bankshares Corp.		11,807
	88	Valley National Bancorp		867
	44	Washington Trust Bancorp, Inc.		1,751
	130	Webster Financial Corp.		4,835
	18	WesBanco, Inc.		526
	46	West Bancorporation, Inc.		909
	400	Westamerica Bancorporation		18,709
	18	Western Alliance Bancorp (a)		654

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Banks — continued
	722	Wilshire Bancorp, Inc.		8,333
				303,456
		Capital Markets — 0.9%
	117	Arlington Asset Investment Corp., Class A		1,542
	841	Cowen Group, Inc., Class A (a)		3,221
	26	INTL. FCStone, Inc. (a)		877
	190	Investment Technology Group, Inc.		3,239
	78	Janus Capital Group, Inc.		1,096
	415	KCG Holdings, Inc., Class A (a)		5,109
	65	Oppenheimer Holdings, Inc., Class A		1,133
				16,217
		Consumer Finance — 0.5%
	181	Cash America International, Inc.		5,433
	128	Nelnet, Inc., Class A		4,304
				9,737
		Diversified Financial Services — 0.0% (g)
	38	Marlin Business Services Corp.		605
		Insurance — 5.0%
	90	American Equity Investment Life Holding Co.		2,158
	40	Arch Capital Group Ltd., (Bermuda) (a)		2,765
	143	Argo Group International Holdings Ltd., (Bermuda)		8,569
	1,077	CNO Financial Group, Inc.		20,550
	13	Global Indemnity plc, (Ireland) (a)		389
	85	Hallmark Financial Services (a)		994
	273	Horace Mann Educators Corp.		9,045
	45	Kemper Corp.		1,684
	106	Maiden Holdings Ltd., (Bermuda)		1,585
	42	Navigators Group, Inc. (The) (a)		3,560
	127	Primerica, Inc.		5,974
	204	ProAssurance Corp.		9,905
	74	StanCorp Financial Group, Inc.		8,450
	367	Symetra Financial Corp.		11,672
	20	United Fire Group, Inc.		766
				88,066
		Real Estate Investment Trusts (REITs) — 13.4%
	109	AG Mortgage Investment Trust, Inc.		1,400
	27	American Assets Trust, Inc.		1,024
	228	Apartment Investment & Management Co., Class A		9,143
	50	ARMOUR Residential REIT, Inc.		1,084
	111	Ashford Hospitality Prime, Inc.		1,604
	761	Ashford Hospitality Trust, Inc.		4,802

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	1,261	Capstead Mortgage Corp.		11,020
	487	CBL & Associates Properties, Inc.		6,029
	319	Cedar Realty Trust, Inc.		2,256
	267	CoreSite Realty Corp.		15,139
	581	CubeSmart		17,796
	9	CyrusOne, Inc.		345
	2,354	CYS Investments, Inc.		16,785
	554	DCT Industrial Trust, Inc.		20,711
	370	DiamondRock Hospitality Co.		3,568
	81	DuPont Fabros Technology, Inc.		2,562
	102	Education Realty Trust, Inc.		3,857
	88	EPR Properties		5,114
	824	FelCor Lodging Trust, Inc.		6,018
	146	First Industrial Realty Trust, Inc.		3,233
	566	First Potomac Realty Trust		6,457
	188	Franklin Street Properties Corp.		1,948
	169	Getty Realty Corp.		2,891
	85	Gladstone Commercial Corp.		1,236
	529	Government Properties Income Trust		8,397
	562	Gramercy Property Trust		4,341
	252	Hatteras Financial Corp.		3,319
	68	Highwoods Properties, Inc.		2,952
	185	Hospitality Properties Trust		4,833
	92	LaSalle Hotel Properties		2,317
	115	LTC Properties, Inc.		4,940
	148	Mack-Cali Realty Corp.		3,446
	17	Mid-America Apartment Communities, Inc.		1,514
	271	Monogram Residential Trust, Inc.		2,643
	149	Pebblebrook Hotel Trust		4,178
	348	Pennsylvania Real Estate Investment Trust		7,611
	354	Potlatch Corp.		10,699
	98	PS Business Parks, Inc.		8,533
	1,097	RAIT Financial Trust		2,962
	14	Saul Centers, Inc.		708
	75	Silver Bay Realty Trust Corp.		1,176
	507	Sunstone Hotel Investors, Inc.		6,331
	16	Taubman Centers, Inc.		1,220
	90	Urstadt Biddle Properties, Inc., Class A		1,739
	284	Washington Real Estate Investment Trust		7,677
	7	WP Glimcher, Inc.		74
				237,632
		Real Estate Management & Development — 1.2%
	238	Alexander & Baldwin, Inc.		8,400
	541	Forestar Group, Inc. (a)		5,920

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 33

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Real Estate Management & Development — continued
	—	(h)	RMR Group, Inc.(The), Class A (a)		—	(h)
	379		St. Joe Co. (The) (a)		7,012
					21,332
			Thrifts & Mortgage Finance — 2.8%
	28		BankFinancial Corp.		352
	682		Beneficial Bancorp, Inc. (a)		9,085
	87		Brookline Bancorp, Inc.		1,004
	304		Charter Financial Corp.		4,015
	31		Fox Chase Bancorp, Inc.		635
	23		Kearny Financial Corp.		290
	382		Meridian Bancorp, Inc.		5,388
	120		MGIC Investment Corp. (a)		1,056
	686		Northfield Bancorp, Inc.		10,926
	65		OceanFirst Financial Corp.		1,308
	105		Oritani Financial Corp.		1,732
	18		Territorial Bancorp, Inc.		510
	113		United Financial Bancorp, Inc.		1,449
	306		Walker & Dunlop, Inc. (a)		8,822
	42		Waterstone Financial, Inc.		585
	89		WSFS Financial Corp.		2,864
					50,021
			Total Financials		727,066
			Health Care — 5.2%
			Biotechnology — 1.2%
	8		Applied Genetic Technologies Corp. (a)		169
	40		Ardelyx, Inc. (a)		721
	9		Avalanche Biotechnologies, Inc. (a)		89
	48		Cara Therapeutics, Inc. (a)		813
	20		Dicerna Pharmaceuticals, Inc. (a)		240
	15		Epizyme, Inc. (a)		244
	2,051		Idera Pharmaceuticals, Inc. (a)		6,337
	17		Immune Design Corp. (a)		345
	52		Insmed, Inc. (a)		942
	7		Karyopharm Therapeutics, Inc. (a)		91
	18		MacroGenics, Inc. (a)		545
	91		NantKwest, Inc. (a)		1,572
	52		Radius Health, Inc. (a)		3,169
	6		Sage Therapeutics, Inc. (a)		356
	92		Seres Therapeutics, Inc. (a)		3,235
	14		Ultragenyx Pharmaceutical, Inc. (a)		1,593
	43		Verastem, Inc. (a)		80
	17		Zafgen, Inc. (a)		108
					20,649

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — 1.3%
	46	Halyard Health, Inc. (a)		1,547
	47	Inogen, Inc. (a)		1,876
	155	Meridian Bioscience, Inc.		3,187
	83	Orthofix International N.V., (Curacao) (a)		3,238
	347	Quidel Corp. (a)		7,350
	187	Rockwell Medical, Inc. (a)		1,910
	225	SurModics, Inc. (a)		4,563
				23,671
		Health Care Providers & Services — 2.2%
	126	Addus HomeCare Corp. (a)		2,940
	149	Alliance HealthCare Services, Inc. (a)		1,365
	28	Amsurg Corp. (a)		2,090
	146	Centene Corp. (a)		9,602
	574	Cross Country Healthcare, Inc. (a)		9,406
	105	Five Star Quality Care, Inc. (a)		333
	293	Surgical Care Affiliates, Inc. (a)		11,661
	80	Triple-S Management Corp., (Puerto Rico), Class B (a)		1,915
				39,312
		Life Sciences Tools & Services — 0.1%
	118	Affymetrix, Inc. (a)		1,192
		Pharmaceuticals — 0.4%
	99	Amphastar Pharmaceuticals, Inc. (a)		1,405
	121	Medicines Co. (The) (a)		4,518
	30	Revance Therapeutics, Inc. (a)		1,021
				6,944
		Total Health Care		91,768
		Industrials — 13.1%
		Aerospace & Defense — 1.8%
	579	AAR Corp.		15,219
	578	DigitalGlobe, Inc. (a)		9,056
	100	Moog, Inc., Class A (a)		6,066
	18	National Presto Industries, Inc.		1,500
				31,841
		Air Freight & Logistics — 0.6%
	243	Atlas Air Worldwide Holdings, Inc. (a)		10,046
		Airlines — 0.4%
	97	Alaska Air Group, Inc.		7,825
		Building Products — 0.5%
	392	Gibraltar Industries, Inc. (a)		9,980
		Commercial Services & Supplies — 2.1%
	1,690	ACCO Brands Corp. (a)		12,052

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Commercial Services & Supplies — continued
	97	Ennis, Inc.		1,871
	291	Essendant, Inc.		9,470
	530	Quad/Graphics, Inc.		4,927
	405	West Corp.		8,745
				37,065
		Construction & Engineering — 1.6%
	216	Argan, Inc.		7,011
	163	Comfort Systems USA, Inc.		4,635
	355	EMCOR Group, Inc.		17,069
				28,715
		Electrical Equipment — 0.3%
	218	General Cable Corp.		2,921
	164	LSI Industries, Inc.		1,998
				4,919
		Machinery — 2.4%
	95	Accuride Corp. (a)		159
	111	AGCO Corp.		5,020
	312	Briggs & Stratton Corp.		5,401
	413	Douglas Dynamics, Inc.		8,702
	232	Federal Signal Corp.		3,677
	75	Hurco Cos., Inc.		1,987
	80	Hyster-Yale Materials Handling, Inc.		4,201
	153	Kadant, Inc.		6,213
	342	Mueller Water Products, Inc., Class A		2,943
	215	Wabash National Corp. (a)		2,539
	24	Watts Water Technologies, Inc., Class A		1,197
				42,039
		Marine — 0.4%
	152	Matson, Inc.		6,488
		Professional Services — 1.9%
	253	Barrett Business Services, Inc.		10,998
	457	FTI Consulting, Inc. (a)		15,826
	172	RPX Corp. (a)		1,896
	76	VSE Corp.		4,695
				33,415
		Road & Rail — 0.7%
	5	AMERCO		2,025
	250	ArcBest Corp.		5,343
	58	PAM Transportation Services, Inc. (a)		1,604
	187	USA Truck, Inc. (a)		3,255
				12,227

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — 0.4%
	150	DXP Enterprises, Inc. (a)		3,417
	149	MRC Global, Inc. (a)		1,917
	162	Titan Machinery, Inc. (a)		1,771
				7,105
		Total Industrials		231,665
		Information Technology — 12.4%
		Communications Equipment — 1.9%
	242	Black Box Corp.		2,307
	175	Comtech Telecommunications Corp.		3,510
	219	InterDigital, Inc.		10,730
	186	NETGEAR, Inc. (a)		7,787
	795	Polycom, Inc. (a)		10,014
				34,348
		Electronic Equipment, Instruments & Components — 2.8%
	574	Benchmark Electronics, Inc. (a)		11,860
	109	Checkpoint Systems, Inc.		684
	64	Coherent, Inc. (a)		4,134
	441	Insight Enterprises, Inc. (a)		11,078
	71	Sanmina Corp. (a)		1,455
	176	Tech Data Corp. (a)		11,690
	753	Vishay Intertechnology, Inc.		9,068
				49,969
		Internet Software & Services — 0.9%
	603	Bazaarvoice, Inc. (a)		2,639
	48	Benefitfocus, Inc. (a)		1,754
	431	Blucora, Inc. (a)		4,223
	722	EarthLink Holdings Corp.		5,361
	443	Monster Worldwide, Inc. (a)		2,540
				16,517
		IT Services — 1.3%
	433	Convergys Corp.		10,767
	40	EVERTEC, Inc., (Puerto Rico)		670
	87	ModusLink Global Solutions, Inc. (a)		214
	145	Sykes Enterprises, Inc. (a)		4,454
	545	Unisys Corp. (a)		6,020
				22,125
		Semiconductors & Semiconductor Equipment — 2.7%
	306	Advanced Energy Industries, Inc. (a)		8,638
	38	Alpha & Omega Semiconductor Ltd. (a)		350
	869	Amkor Technology, Inc. (a)		5,283
	482	Cohu, Inc.		5,813
	969	Cypress Semiconductor Corp. (a)		9,506

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 35

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	120	First Solar, Inc. (a)		7,899
	386	FormFactor, Inc. (a)		3,470
	153	IXYS Corp.		1,936
	87	Ultra Clean Holdings, Inc. (a)		445
	784	Xcerra Corp. (a)		4,742
				48,082
		Software — 2.8%
	133	Aspen Technology, Inc. (a)		5,015
	437	EnerNOC, Inc. (a)		1,683
	74	Fair Isaac Corp.		6,988
	898	Rovi Corp. (a)		14,964
	582	Take-Two Interactive Software, Inc. (a)		20,287
				48,937
		Total Information Technology		219,978
		Materials — 3.0%
		Chemicals — 0.6%
	564	Intrepid Potash, Inc. (a)		1,664
	20	KMG Chemicals, Inc.		454
	21	Minerals Technologies, Inc.		954
	259	Olin Corp.		4,470
	346	Rayonier Advanced Materials, Inc.		3,385
				10,927
		Containers & Packaging — 0.6%
	733	Graphic Packaging Holding Co.		9,407
	64	Myers Industries, Inc.		847
				10,254
		Metals & Mining — 0.9%
	793	Cliffs Natural Resources, Inc. (a)		1,252
	423	Schnitzer Steel Industries, Inc., Class A		6,072
	272	Worthington Industries, Inc.		8,183
				15,507
		Paper & Forest Products — 0.9%
	147	Domtar Corp., (Canada)		5,428
	254	Schweitzer-Mauduit International, Inc.		10,644
				16,072
		Total Materials		52,760
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.6%
	2,272	Cincinnati Bell, Inc. (a)		8,179
	38	FairPoint Communications, Inc. (a)		612
	244	Intelsat S.A., (Luxembourg) (a)		1,015

SHARES		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
	105	Windstream Holdings, Inc.		674
				10,480
		Wireless Telecommunication Services — 0.0% (g)
	40	Spok Holdings, Inc.		738
		Total Telecommunication Services		11,218
		Utilities — 7.1%
		Electric Utilities — 2.1%
	345	El Paso Electric Co.		13,298
	165	PNM Resources, Inc.		5,044
	444	Portland General Electric Co.		16,152
	25	Spark Energy, Inc., Class A		522
	60	Unitil Corp.		2,153
				37,169
		Gas Utilities — 2.3%
	99	AGL Resources, Inc.		6,298
	36	Chesapeake Utilities Corp.		2,018
	207	Laclede Group, Inc. (The)		12,280
	166	Northwest Natural Gas Co.		8,411
	53	Piedmont Natural Gas Co., Inc.		3,028
	175	Southwest Gas Corp.		9,636
				41,671
		Independent Power & Renewable Electricity Producers — 0.5%
	2,285	Atlantic Power Corp.		4,501
	135	Ormat Technologies, Inc.		4,916
				9,417
		Multi-Utilities — 1.6%
	400	Avista Corp.		14,162
	251	NorthWestern Corp.		13,600
				27,762
		Water Utilities — 0.6%
	187	American States Water Co.		7,857
	129	California Water Service Group		3,007
				10,864
		Total Utilities		126,883
		Total Common Stocks (Cost $1,651,949)		1,721,952

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

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

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.6%
		Investment Company — 3.6%
	64,608	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $64,608)		64,608
		Total Investments — 100.6% (Cost $1,716,557)		1,786,560
		Liabilities in Excess of Other Assets — (0.6)% (c)		(10,822	)
		NET ASSETS — 100.0%	$	1,775,738

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	539	E-mini Russell 2000		03/18/16		USD	$	60,988	$	780

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 37

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.5%
		Consumer Discretionary — 12.9%
		Auto Components — 2.1%
	32	American Axle & Manufacturing Holdings, Inc. (a)		608
	357	Cooper Tire & Rubber Co.		13,497
	98	Dana Holding Corp.		1,358
	280	Stoneridge, Inc. (a)		4,147
	117	Tower International, Inc.		3,354
				22,964
		Distributors — 0.0% (g)
	39	VOXX International Corp. (a)		207
		Diversified Consumer Services — 2.2%
	198	Houghton Mifflin Harcourt Co. (a)		4,304
	80	K12, Inc. (a)		701
	636	Regis Corp. (a)		9,004
	171	Strayer Education, Inc. (a)		10,268
				24,277
		Hotels, Restaurants & Leisure — 3.2%
	73	Bloomin’ Brands, Inc.		1,238
	62	Bob Evans Farms, Inc.		2,409
	32	Boyd Gaming Corp. (a)		626
	138	Bravo Brio Restaurant Group, Inc. (a)		1,245
	8	DineEquity, Inc.		669
	510	Isle of Capri Casinos, Inc. (a)		7,101
	108	Jack in the Box, Inc.		8,315
	236	Ruby Tuesday, Inc. (a)		1,298
	323	Sonic Corp.		10,433
	73	Speedway Motorsports, Inc.		1,510
				34,844
		Household Durables — 0.6%
	44	CSS Industries, Inc.		1,249
	72	Leggett & Platt, Inc.		3,038
	52	NACCO Industries, Inc., Class A		2,203
				6,490
		Leisure Products — 0.2%
	129	Nautilus, Inc. (a)		2,160
		Media — 1.0%
	65	Nexstar Broadcasting Group, Inc., Class A		3,786
	237	Sinclair Broadcast Group, Inc., Class A		7,719
				11,505
		Multiline Retail — 0.9%
	115	Big Lots, Inc.		4,428
	89	Dillard’s, Inc., Class A		5,875
				10,303

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 2.5%
	181	Abercrombie & Fitch Co., Class A		4,887
	224	Children’s Place, Inc. (The)		12,348
	63	Guess?, Inc.		1,186
	46	Kirkland’s, Inc.		664
	220	Outerwall, Inc.		8,046
				27,131
		Textiles, Apparel & Luxury Goods — 0.2%
	80	Movado Group, Inc.		2,062
		Total Consumer Discretionary		141,943
		Consumer Staples — 2.7%
		Food & Staples Retailing — 0.4%
	77	Ingles Markets, Inc., Class A		3,394
	24	Smart & Final Stores, Inc. (a)		437
				3,831
		Food Products — 1.5%
	63	B&G Foods, Inc.		2,203
	220	Dean Foods Co.		3,775
	141	Pilgrim’s Pride Corp.		3,106
	103	Pinnacle Foods, Inc.		4,356
	38	Sanderson Farms, Inc.		2,946
	17	Seneca Foods Corp., Class A (a)		492
				16,878
		Personal Products — 0.6%
	15	Herbalife Ltd. (a)		810
	11	Medifast, Inc.		346
	46	USANA Health Sciences, Inc. (a)		5,864
				7,020
		Tobacco — 0.2%
	44	Universal Corp.		2,445
		Total Consumer Staples		30,174
		Energy — 2.9%
		Energy Equipment & Services — 0.9%
	54	Archrock, Inc.		404
	115	Basic Energy Services, Inc. (a)		309
	13	Exterran Corp. (a)		202
	331	Gulfmark Offshore, Inc., Class A (a)		1,545
	760	Key Energy Services, Inc. (a)		367
	266	Parker Drilling Co. (a)		485
	224	Pioneer Energy Services Corp. (a)		485
	91	SEACOR Holdings, Inc. (a)		4,793
	103	Unit Corp. (a)		1,253
				9,843

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 2.0%
	15	Adams Resources & Energy, Inc.		580
	71	Alon USA Energy, Inc.		1,055
	900	Bill Barrett Corp. (a)		3,536
	250	Penn Virginia Corp. (a)		75
	51	Renewable Energy Group, Inc. (a)		473
	221	REX American Resources Corp. (a)		11,928
	338	Rex Energy Corp. (a)		355
	581	Stone Energy Corp. (a)		2,493
	33	Western Refining, Inc.		1,179
				21,674
		Total Energy		31,517
		Financials — 23.1%
		Banks — 7.9%
	48	1st Source Corp.		1,481
	70	BancFirst Corp.		4,074
	185	BancorpSouth, Inc.		4,429
	44	Banner Corp.		1,999
	61	BBCN Bancorp, Inc.		1,043
	190	Capital Bank Financial Corp., Class A		6,076
	72	Cathay General Bancorp		2,265
	337	Central Pacific Financial Corp.		7,412
	28	Chemical Financial Corp.		970
	19	Citizens & Northern Corp.		397
	46	City Holding Co.		2,095
	49	CoBiz Financial, Inc.		659
	312	CVB Financial Corp.		5,271
	4	East West Bancorp, Inc.		163
	421	First Commonwealth Financial Corp.		3,815
	7	First Financial Bancorp		125
	25	First Interstate BancSystem, Inc., Class A		730
	61	Flushing Financial Corp.		1,329
	114	FNB Corp.		1,517
	78	Fulton Financial Corp.		1,010
	18	Great Western Bancorp, Inc.		525
	31	Guaranty Bancorp		504
	203	Investors Bancorp, Inc.		2,520
	25	MainSource Financial Group, Inc.		561
	51	National Penn Bancshares, Inc.		631
	200	OFG Bancorp, (Puerto Rico)		1,460
	49	PacWest Bancorp		2,129
	21	Sierra Bancorp		367
	29	Simmons First National Corp., Class A		1,510
	13	Southside Bancshares, Inc.		320
	41	Southwest Bancorp, Inc.		710
	97	Suffolk Bancorp		2,741

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	186	TCF Financial Corp.		2,625
	28	UMB Financial Corp.		1,317
	261	Union Bankshares Corp.		6,580
	17	Webster Financial Corp.		636
	72	West Bancorporation, Inc.		1,426
	255	Westamerica Bancorporation		11,903
	148	Wilshire Bancorp, Inc.		1,705
				87,030
		Capital Markets — 0.7%
	41	Arlington Asset Investment Corp., Class A		544
	372	Cowen Group, Inc., Class A (a)		1,424
	27	Federated Investors, Inc., Class B		759
	9	INTL. FCStone, Inc. (a)		314
	151	Investment Technology Group, Inc.		2,577
	138	KCG Holdings, Inc., Class A (a)		1,699
				7,317
		Consumer Finance — 0.5%
	47	Cash America International, Inc.		1,393
	8	Credit Acceptance Corp. (a)		1,734
	61	Nelnet, Inc., Class A		2,034
				5,161
		Diversified Financial Services — 0.6%
	60	MarketAxess Holdings, Inc.		6,740
		Insurance — 2.3%
	13	Ambac Financial Group, Inc. (a)		189
	180	American Equity Investment Life Holding Co.		4,318
	21	Aspen Insurance Holdings Ltd., (Bermuda)		1,005
	331	CNO Financial Group, Inc.		6,317
	24	First American Financial Corp.		872
	17	Global Indemnity plc, (Ireland) (a)		493
	90	Kemper Corp.		3,341
	40	Navigators Group, Inc. (The) (a)		3,423
	44	Primerica, Inc.		2,059
	63	ProAssurance Corp.		3,053
	1	RenaissanceRe Holdings Ltd., (Bermuda)		60
	11	Stewart Information Services Corp.		426
				25,556
		Real Estate Investment Trusts (REITs) — 7.5%
	80	American Assets Trust, Inc.		3,060
	11	Armada Hoffler Properties, Inc.		118
	10	Ashford Hospitality Prime, Inc.		143
	34	Ashford Hospitality Trust, Inc.		215
	44	BioMed Realty Trust, Inc.		1,033

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 39

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — continued
	633	Capstead Mortgage Corp.		5,534
	87	CBL & Associates Properties, Inc.		1,080
	242	CoreSite Realty Corp.		13,704
	22	Cousins Properties, Inc.		211
	1,220	CYS Investments, Inc.		8,699
	41	DCT Industrial Trust, Inc.		1,538
	85	DiamondRock Hospitality Co.		821
	48	EastGroup Properties, Inc.		2,658
	51	EPR Properties		2,993
	31	Equity LifeStyle Properties, Inc.		2,040
	81	FelCor Lodging Trust, Inc.		593
	43	First Industrial Realty Trust, Inc.		947
	74	Franklin Street Properties Corp.		765
	17	Gladstone Commercial Corp.		245
	81	Government Properties Income Trust		1,279
	107	Gramercy Property Trust		824
	149	Hersha Hospitality Trust		3,251
	87	Hospitality Properties Trust		2,283
	137	LTC Properties, Inc.		5,902
	77	Mack-Cali Realty Corp.		1,798
	76	Monogram Residential Trust, Inc.		737
	32	National Retail Properties, Inc.		1,290
	85	Pennsylvania Real Estate Investment Trust		1,865
	46	Post Properties, Inc.		2,704
	158	Potlatch Corp.		4,763
	15	PS Business Parks, Inc.		1,329
	41	RAIT Financial Trust		111
	158	Ramco-Gershenson Properties Trust		2,616
	34	RLJ Lodging Trust		733
	42	Saul Centers, Inc.		2,143
	19	Silver Bay Realty Trust Corp.		301
	27	Summit Hotel Properties, Inc.		327
	28	Taubman Centers, Inc.		2,171
				82,824
		Real Estate Management & Development — 0.9%
	110	Alexander & Baldwin, Inc.		3,898
	553	Forestar Group, Inc. (a)		6,047
	17	St. Joe Co. (The) (a)		311
				10,256
		Thrifts & Mortgage Finance — 2.7%
	21	Astoria Financial Corp.		330
	16	BankFinancial Corp.		197
	75	Beneficial Bancorp, Inc. (a)		1,000
	17	Capitol Federal Financial, Inc.		211

SHARES		SECURITY DESCRIPTION	VALUE($)
		Thrifts & Mortgage Finance — continued
	72	Charter Financial Corp.		947
	513	Meridian Bancorp, Inc.		7,233
	189	MGIC Investment Corp. (a)		1,672
	182	NMI Holdings, Inc., Class A (a)		1,233
	584	Northfield Bancorp, Inc.		9,299
	57	OceanFirst Financial Corp.		1,142
	132	Oritani Financial Corp.		2,185
	132	Walker & Dunlop, Inc. (a)		3,814
				29,263
		Total Financials		254,147
		Health Care — 16.9%
		Biotechnology — 6.9%
	112	ACADIA Pharmaceuticals, Inc. (a)		3,996
	41	Adamas Pharmaceuticals, Inc. (a)		1,158
	14	Aduro Biotech, Inc. (a)		402
	111	Aegerion Pharmaceuticals, Inc. (a)		1,119
	270	Amicus Therapeutics, Inc. (a)		2,619
	41	Anacor Pharmaceuticals, Inc. (a)		4,677
	8	Applied Genetic Technologies Corp. (a)		153
	30	Ardelyx, Inc. (a)		536
	319	Arrowhead Research Corp. (a)		1,962
	50	Atara Biotherapeutics, Inc. (a)		1,313
	166	aTyr Pharma, Inc. (a)		1,632
	41	Avalanche Biotechnologies, Inc. (a)		387
	78	Bellicum Pharmaceuticals, Inc. (a)		1,585
	40	Blueprint Medicines Corp. (a)		1,040
	36	Cara Therapeutics, Inc. (a)		614
	68	ChemoCentryx, Inc. (a)		552
	52	Chiasma, Inc. (a)		1,022
	36	Chimerix, Inc. (a)		321
	69	Coherus Biosciences, Inc. (a)		1,577
	20	Dicerna Pharmaceuticals, Inc. (a)		231
	17	Dimension Therapeutics, Inc. (a)		195
	96	Edge Therapeutics, Inc. (a)		1,203
	80	FibroGen, Inc. (a)		2,428
	94	Flexion Therapeutics, Inc. (a)		1,806
	80	Global Blood Therapeutics, Inc. (a)		2,596
	77	Heron Therapeutics, Inc. (a)		2,043
	66	Immune Design Corp. (a)		1,323
	180	Infinity Pharmaceuticals, Inc. (a)		1,414
	89	Karyopharm Therapeutics, Inc. (a)		1,175
	8	Kite Pharma, Inc. (a)		481
	59	MacroGenics, Inc. (a)		1,824
	127	Merrimack Pharmaceuticals, Inc. (a)		999
	61	Mirati Therapeutics, Inc. (a)		1,928

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	77	Neurocrine Biosciences, Inc. (a)		4,373
	126	Nivalis Therapeutics, Inc. (a)		976
	39	Ophthotech Corp. (a)		3,055
	438	Orexigen Therapeutics, Inc. (a)		754
	72	Prothena Corp. plc, (Ireland) (a)		4,884
	95	PTC Therapeutics, Inc. (a)		3,081
	52	Sage Therapeutics, Inc. (a)		3,055
	40	Seres Therapeutics, Inc. (a)		1,418
	33	Spark Therapeutics, Inc. (a)		1,504
	608	Synergy Pharmaceuticals, Inc. (a)		3,449
	79	Tokai Pharmaceuticals, Inc. (a)		690
	63	Trius Therapeutics, Inc. (a)		—	(h)
	9	Ultragenyx Pharmaceutical, Inc. (a)		1,010
	51	Versartis, Inc. (a)		633
	61	Xencor, Inc. (a)		895
	11	Zafgen, Inc. (a)		69
				76,157
		Health Care Equipment & Supplies — 4.1%
	21	CONMED Corp.		943
	174	Inogen, Inc. (a)		6,968
	67	LivaNova plc, (United Kingdom) (a)		3,972
	47	NuVasive, Inc. (a)		2,543
	237	Orthofix International N.V., (Curacao) (a)		9,299
	8	Penumbra, Inc. (a)		441
	457	Quidel Corp. (a)		9,688
	246	SurModics, Inc. (a)		4,993
	19	Utah Medical Products, Inc.		1,083
	230	Wright Medical Group N.V., (Netherlands) (a)		5,549
				45,479
		Health Care Providers & Services — 3.9%
	171	Addus HomeCare Corp. (a)		3,976
	24	Adeptus Health, Inc., Class A (a)		1,287
	200	Alliance HealthCare Services, Inc. (a)		1,836
	31	Amsurg Corp. (a)		2,318
	119	Centene Corp. (a)		7,832
	474	Cross Country Healthcare, Inc. (a)		7,771
	62	Landauer, Inc.		2,041
	84	Molina Healthcare, Inc. (a)		5,069
	251	Surgical Care Affiliates, Inc. (a)		9,980
	36	Teladoc, Inc. (a)		648
				42,758
		Health Care Technology — 0.2%
	209	HMS Holdings Corp. (a)		2,575

SHARES		SECURITY DESCRIPTION	VALUE($)
		Life Sciences Tools & Services — 0.4%
	55	Affymetrix, Inc. (a)		556
	56	PAREXEL International Corp. (a)		3,835
				4,391
		Pharmaceuticals — 1.4%
	77	Amphastar Pharmaceuticals, Inc. (a)		1,097
	69	Axsome Therapeutics, Inc. (a)		631
	233	BioDelivery Sciences International, Inc. (a)		1,118
	134	Flex Pharma, Inc. (a)		1,671
	47	Pacira Pharmaceuticals, Inc. (a)		3,624
	84	Prestige Brands Holdings, Inc. (a)		4,304
	58	Relypsa, Inc. (a)		1,635
	24	Revance Therapeutics, Inc. (a)		827
				14,907
		Total Health Care		186,267
		Industrials — 12.3%
		Aerospace & Defense — 1.6%
	367	AAR Corp.		9,648
	333	DigitalGlobe, Inc. (a)		5,215
	52	Moog, Inc., Class A (a)		3,176
				18,039
		Air Freight & Logistics — 0.2%
	62	Atlas Air Worldwide Holdings, Inc. (a)		2,580
		Airlines — 1.0%
	112	Alaska Air Group, Inc.		9,033
	72	Hawaiian Holdings, Inc. (a)		2,555
				11,588
		Building Products — 0.6%
	175	Continental Building Products, Inc. (a)		3,048
	146	Gibraltar Industries, Inc. (a)		3,717
				6,765
		Commercial Services & Supplies — 2.6%
	1,078	ACCO Brands Corp. (a)		7,686
	89	Deluxe Corp.		4,876
	199	Ennis, Inc.		3,837
	268	Essendant, Inc.		8,709
	167	West Corp.		3,604
				28,712
		Construction & Engineering — 1.2%
	116	Argan, Inc.		3,765
	186	EMCOR Group, Inc.		8,935
				12,700

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 41

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electrical Equipment — 0.3%
	304	Sunrun, Inc. (a)		3,576
		Machinery — 1.7%
	38	Blount International, Inc. (a)		373
	274	Briggs & Stratton Corp.		4,731
	314	Douglas Dynamics, Inc.		6,622
	46	Hurco Cos., Inc.		1,214
	19	Hyster-Yale Materials Handling, Inc.		1,002
	103	Kadant, Inc.		4,167
	8	Watts Water Technologies, Inc., Class A		392
				18,501
		Marine — 0.9%
	229	Matson, Inc.		9,745
		Professional Services — 1.0%
	156	Barrett Business Services, Inc.		6,794
	17	CRA International, Inc. (a)		315
	58	VSE Corp.		3,576
				10,685
		Road & Rail — 0.7%
	97	ArcBest Corp.		2,071
	20	PAM Transportation Services, Inc. (a)		563
	103	Swift Transportation Co. (a)		1,418
	182	USA Truck, Inc. (a)		3,172
				7,224
		Trading Companies & Distributors — 0.5%
	63	Applied Industrial Technologies, Inc.		2,547
	126	DXP Enterprises, Inc. (a)		2,863
				5,410
		Total Industrials		135,525
		Information Technology — 18.8%
		Communications Equipment — 3.2%
	495	Harmonic, Inc. (a)		2,014
	257	InterDigital, Inc.		12,584
	36	NETGEAR, Inc. (a)		1,525
	97	Plantronics, Inc.		4,585
	710	Polycom, Inc. (a)		8,943
	171	Ubiquiti Networks, Inc. (a)		5,413
				35,064
		Electronic Equipment, Instruments & Components — 1.3%
	19	Benchmark Electronics, Inc. (a)		399
	16	Coherent, Inc. (a)		1,022
	89	Insight Enterprises, Inc. (a)		2,238
	406	InvenSense, Inc. (a)		4,148

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — continued
	113	Sanmina Corp. (a)		2,332
	47	Tech Data Corp. (a)		3,094
	81	Vishay Intertechnology, Inc.		977
				14,210
		Internet Software & Services — 2.3%
	1,430	Bazaarvoice, Inc. (a)		6,263
	191	Blucora, Inc. (a)		1,873
	616	EarthLink Holdings Corp.		4,574
	16	Instructure, Inc. (a)		331
	440	Marchex, Inc., Class B		1,710
	90	Match Group, Inc. (a)		1,214
	98	Mimecast Ltd., (United Kingdom) (a)		939
	71	Web.com Group, Inc. (a)		1,425
	116	WebMD Health Corp. (a)		5,607
	206	Xactly Corp. (a)		1,754
				25,690
		IT Services — 3.0%
	403	Convergys Corp.		10,023
	150	CSG Systems International, Inc.		5,411
	28	EVERTEC, Inc., (Puerto Rico)		474
	45	Heartland Payment Systems, Inc.		4,219
	449	ModusLink Global Solutions, Inc. (a)		1,113
	40	MoneyGram International, Inc. (a)		250
	107	Science Applications International Corp.		4,898
	452	Unisys Corp. (a)		4,995
	40	Vantiv, Inc., Class A (a)		1,916
				33,299
		Semiconductors & Semiconductor Equipment — 2.8%
	167	Advanced Energy Industries, Inc. (a)		4,706
	475	Cohu, Inc.		5,738
	63	First Solar, Inc. (a)		4,151
	253	Integrated Device Technology, Inc. (a)		6,672
	248	Intersil Corp., Class A		3,161
	271	PMC-Sierra, Inc. (a)		3,152
	48	Tessera Technologies, Inc.		1,440
	190	Xcerra Corp. (a)		1,151
				30,171
		Software — 6.2%
	158	ACI Worldwide, Inc. (a)		3,371
	386	Aspen Technology, Inc. (a)		14,579
	163	AVG Technologies N.V., (Netherlands) (a)		3,258
	112	Barracuda Networks, Inc. (a)		2,094
	241	EnerNOC, Inc. (a)		926

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	67	Fair Isaac Corp.		6,272
	28	Manhattan Associates, Inc. (a)		1,833
	179	Mentor Graphics Corp.		3,295
	30	Progress Software Corp. (a)		713
	59	Rapid7, Inc. (a)		897
	788	Rovi Corp. (a)		13,120
	435	Take-Two Interactive Software, Inc. (a)		15,148
	116	VASCO Data Security International, Inc. (a)		1,941
	179	Zix Corp. (a)		907
				68,354
		Total Information Technology		206,788
		Materials — 2.4%
		Chemicals — 1.0%
	70	Innophos Holdings, Inc.		2,032
	363	Intrepid Potash, Inc. (a)		1,070
	94	Minerals Technologies, Inc.		4,292
	331	Rayonier Advanced Materials, Inc.		3,244
				10,638
		Containers & Packaging — 0.9%
	712	Graphic Packaging Holding Co.		9,138
	26	Myers Industries, Inc.		350
				9,488
		Metals & Mining — 0.4%
	107	SunCoke Energy, Inc.		371
	145	Worthington Industries, Inc.		4,379
				4,750
		Paper & Forest Products — 0.1%
	34	Domtar Corp., (Canada)		1,260
		Total Materials		26,136
		Telecommunication Services — 0.8%
		Diversified Telecommunication Services — 0.8%
	1,521	Cincinnati Bell, Inc. (a)		5,475
	275	Ooma, Inc. (a)		1,744
	71	Vonage Holdings Corp. (a)		410
	228	Windstream Holdings, Inc.		1,469
		Total Telecommunication Services		9,098
		Utilities — 3.7%
		Electric Utilities — 1.0%
	87	El Paso Electric Co.		3,361
	65	PNM Resources, Inc.		1,972
	129	Portland General Electric Co.		4,703
	67	Spark Energy, Inc., Class A		1,386
				11,422

SHARES			SECURITY DESCRIPTION	VALUE($)
			Electric Utilities — continued
	67		Spark Energy, Inc., Class A		1,386
					11,422
			Gas Utilities — 1.2%
	40		AGL Resources, Inc.		2,555
	51		Laclede Group, Inc. (The)		3,042
	83		New Jersey Resources Corp.		2,749
	49		Piedmont Natural Gas Co., Inc.		2,817
	44		Southwest Gas Corp.		2,405
					13,568
			Independent Power & Renewable Electricity Producers — 0.6%
	1,181		Atlantic Power Corp.		2,327
	111		Ormat Technologies, Inc.		4,052
					6,379
			Multi-Utilities — 0.2%
	22		Avista Corp.		767
	24		NorthWestern Corp.		1,286
					2,053
			Water Utilities — 0.7%
	185		American States Water Co.		7,752
			Total Utilities		41,174
			Total Common Stocks (Cost $1,044,690)		1,062,769
NUMBER OF WARRANTS
	Warrant — 0.0%
			Financials — 0.0%
			Consumer Finance — 0.0%
	—	(h)	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—
SHARES
	Short-Term Investment — 3.8%
			Investment Company — 3.8%
	41,836		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $41,836)		41,836
			Total Investments — 100.3% (Cost $1,086,526)		1,104,605
			Liabilities in Excess of Other Assets — (0.3)% (c)		(3,420	)
			NET ASSETS — 100.0%	$	1,101,185

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 43

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	340	E-mini Russell 2000		03/18/16		USD	$	38,471	$	444

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

REIT	—  Real Estate Investment Trust
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(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, number of warrants or dollars).
(l)	—  The rate shown is the current yield as of December 31, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (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	$	388,720	$	193,449		$	2,817,317
Investments in affiliates, at value		5,297		5,084			140,434
Total investment securities, at value		394,017		198,533			2,957,751
Cash		—		8			—
Deposits at broker for futures contracts		—		115			—
Receivables:
Investment securities sold		382		32			—
Fund shares sold		12,505		316			8,508
Dividends from non-affiliates		205		428			4,137
Dividends from affiliates		1		2			17
Variation margin on futures contracts		—		124			—
Total Assets		407,110		199,558			2,970,413
LIABILITIES:
Payables:
Investment securities purchased		—		539			1,576
Fund shares redeemed		2,202		1,151			43,257
Accrued liabilities:
Investment advisory fees		204		152			1,482
Administration fees		16		—			134
Distribution fees		39		—			174
Shareholder servicing fees		72		109			192
Custodian and accounting fees		14		24			38
Trustees’ and Chief Compliance Officer’s fees		1		—	(a)		1
Sub-transfer agent fees		82		202			614
Other		64		32			164
Total Liabilities		2,694		2,209			47,632
Net Assets	$	404,416	$	197,349		$	2,922,781

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

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Dynamic Small Cap Growth Fund			Small Cap Core Fund			Small Cap Equity Fund
NET ASSETS:
Paid-in-Capital	$	318,805		$	107,392		$	1,974,647
Accumulated undistributed (distributions in excess of) net investment income		(3,185	)		(406	)		(72	)
Accumulated net realized gains (losses)		665			47,192			40,117
Net unrealized appreciation (depreciation)		88,131			43,171			908,089
Total Net Assets	$	404,416		$	197,349		$	2,922,781
Net Assets:
Class A	$	63,178		$	—		$	749,505
Class C		40,194			—			32,939
Class R2		—			—			2,821
Class R5		—			—			1,197,204
Select Class		301,044			197,349			940,312
Total	$	404,416		$	197,349		$	2,922,781
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		3,169			—			19,412
Class C		2,472			—			1,101
Class R2		—			—			74
Class R5		—			—			27,237
Select Class		13,675			4,278			21,404
Net Asset Value (a):
Class A — Redemption price per share	$	19.93		$	—		$	38.61
Class C — Offering price per share (b)		16.26			—			29.91
Class R2 — Offering and redemption price per share		—			—			38.10
Class R5 — Offering and redemption price per share		—			—			43.95
Select Class — Offering and redemption price per share		22.01			46.13			43.93
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)]	$	21.03		$	—		$	40.75
Cost of investments in non-affiliates	$	300,589		$	150,309		$	1,909,228
Cost of investments in affiliates		5,297			5,084			140,434

(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, 2015 J.P. MORGAN SMALL CAP FUNDS 47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (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	$	1,098,597	$	1,721,952	$	1,062,769
Investments in affiliates, at value		16,517		64,608		41,836
Total investment securities, at value		1,115,114		1,786,560		1,104,605
Cash		—		5		2
Deposits at broker for futures contracts		—		3,118		2,062
Receivables:
Investment securities sold		1,005		271		—
Fund shares sold		19,752		1,756		7,961
Dividends from non-affiliates		585		3,856		1,206
Dividends from affiliates		2		9		6
Total Assets		1,136,458		1,795,575		1,115,842
LIABILITIES:
Payables:
Investment securities purchased		—		6,386		5,909
Fund shares redeemed		2,614		11,057		7,396
Variation margin on futures contracts		—		620		391
Accrued liabilities:
Investment advisory fees		612		957		547
Administration fees		73		126		75
Distribution fees		72		162		91
Shareholder servicing fees		12		20		62
Custodian and accounting fees		23		20		21
Trustees’ and Chief Compliance Officer’s fees		3		4		—	(a)
Sub-transfer agent fees		206		331		147
Other		62		154		18
Total Liabilities		3,677		19,837		14,657
Net Assets	$	1,132,781	$	1,775,738	$	1,101,185

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

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Small Cap Growth Fund			Small Cap Value Fund			U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital	$	944,285		$	1,703,212		$	1,094,595
Accumulated undistributed (distributions in excess of) net investment income		(5,765	)		(238	)		(55	)
Accumulated net realized gains (losses)		(9,803	)		1,981			(11,878	)
Net unrealized appreciation (depreciation)		204,064			70,783			18,523
Total Net Assets	$	1,132,781		$	1,775,738		$	1,101,185
Net Assets:
Class A	$	223,277		$	536,711		$	238,439
Class C		21,598			42,417			45,645
Class R2		23,575			45,425			28,664
Class R5		—			93,433			—
Class R6		461,756			785,091			98,172
Institutional Class		284,286			—			416,669
Select Class		118,289			272,661			273,596
Total	$	1,132,781		$	1,775,738		$	1,101,185
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		18,772			23,118			15,932
Class C		2,350			2,158			3,150
Class R2		2,030			1,969			1,940
Class R5		—			3,819			—
Class R6		34,763			32,066			6,445
Institutional Class		21,537			—			27,361
Select Class		9,166			11,146			17,939
Net Asset Value (a):
Class A — Redemption price per share	$	11.89		$	23.22		$	14.97
Class C — Offering price per share (b)		9.19			19.66			14.49
Class R2 — Offering and redemption price per share		11.61			23.07			14.78
Class R5 — Offering and redemption price per share		—			24.46			—
Class R6 — Offering and redemption price per share		13.28			24.48			15.23
Institutional Class — Offering and redemption price per share		13.20			—			15.23
Select Class — Offering and redemption price per share		12.90			24.46			15.25
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)]	$	12.55		$	24.51		$	15.80
Cost of investments in non-affiliates	$	894,533		$	1,651,949		$	1,044,690
Cost of investments in affiliates		16,517			64,608			41,836

(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, 2015 J.P. MORGAN SMALL CAP FUNDS 49

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

	Dynamic Small Cap Growth Fund			Small Cap Core Fund			Small Cap Equity Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	961		$	4,182		$	22,569
Dividend income from affiliates		3			8			54
Total investment income		964			4,190			22,623
EXPENSES:
Investment advisory fees		1,473			2,450			10,250
Administration fees		185			308			1,291
Distribution fees:
Class A		85			—			805
Class C		167			—			126
Class R2		—			—			8
Shareholder servicing fees:
Class A		85			—			805
Class C		56			—			42
Class R2		—			—			4
Class R5		—			—			305
Select Class		426			942			1,566
Custodian and accounting fees		18			37			44
Interest expense to affiliates		—	(a)		—			—	(a)
Professional fees		22			23			43
Trustees’ and Chief Compliance Officer’s fees		3			3			14
Printing and mailing costs		51			34			205
Registration and filing fees		22			17			71
Transfer agent fees (See Note 2.D.)		15			6			43
Sub-transfer agent fees (See Note 2.D.)		129			396			1,869
Other		3			4			14
Total expenses		2,740			4,220			17,505
Less fees waived		(229	)		(1,225	)		(1,967	)
Less expense reimbursements		—	(a)		—			—
Net expenses		2,511			2,995			15,538
Net investment income (loss)		(1,547	)		1,195			7,085
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		16,555			62,271			90,509
Futures		—			(2,171	)		—
Net realized gain (loss)		16,555			60,100			90,509
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(68,813	)		(142,098	)		(302,240	)
Futures		—			399			—
Change in net unrealized appreciation/depreciation		(68,813	)		(141,699	)		(302,240	)
Net realized/unrealized gains (losses)		(52,258	)		(81,599	)		(211,731	)
Change in net assets resulting from operations	$	(53,805	)	$	(80,404	)	$	(204,646	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Small Cap Growth Fund			Small Cap Value Fund			U.S. Small Company Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,536		$	17,850		$	7,027
Dividend income from affiliates		13			31			16
Total investment income		2,549			17,881			7,043
EXPENSES:
Investment advisory fees		3,821			5,897			3,130
Administration fees		481			743			427
Distribution fees:
Class A		303			708			293
Class C		89			172			172
Class R2		65			117			62
Shareholder servicing fees:
Class A		303			708			293
Class C		30			58			57
Class R2		32			58			31
Class R5		—			25			—
Institutional Class		136			—			191
Select Class		167			531			326
Custodian and accounting fees		29			50			49
Professional fees		24			25			30
Trustees’ and Chief Compliance Officer’s fees		7			10			4
Printing and mailing costs		42			117			38
Registration and filing fees		53			82			75
Transfer agent fees (See Note 2.D.)		38			191			29
Sub-transfer agent fees (See Note 2.D.)		502			899			515
Other		10			19			5
Total expenses		6,132			10,410			5,727
Less fees waived		(613	)		(1,070	)		(445	)
Less expense reimbursements		(7	)		(79	)		—	(a)
Net expenses		5,512			9,261			5,282
Net investment income (loss)		(2,963	)		8,620			1,761
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		12,184			30,939			13,858
Futures		—			(6,084	)		(3,686	)
Net realized gain (loss)		12,184			24,855			10,172
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(141,444	)		(186,830	)		(90,613	)
Futures		—			1,187			679
Change in net unrealized appreciation/depreciation		(141,444	)		(185,643	)		(89,934	)
Net realized/unrealized gains (losses)		(129,260	)		(160,788	)		(79,762	)
Change in net assets resulting from operations	$	(132,223	)	$	(152,168	)	$	(78,001	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 51

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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(1,547	)	$	(3,624	)	$	1,195		$	4,900
Net realized gain (loss)		16,555			60,975			60,100			75,637
Change in net unrealized appreciation/depreciation		(68,813	)		8,299			(141,699	)		(30,546	)
Change in net assets resulting from operations		(53,805	)		65,650			(80,404	)		49,991
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net realized gains		(8,870	)		(5,692	)		—			—
Class B (a)
From net realized gains		—			(37	)		—			—
Class C
From net realized gains		(6,681	)		(4,687	)		—			—
Select Class
From net investment income		—			—			(5,272	)		(1,375	)
From net realized gains		(40,293	)		(32,531	)		(69,413	)		(72,101	)
Total distributions to shareholders		(55,844	)		(42,947	)		(74,685	)		(73,476	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		4,269			(72,931	)		(463,214	)		135,830
NET ASSETS:
Change in net assets		(105,380	)		(50,228	)		(618,303	)		112,345
Beginning of period		509,796			560,024			815,652			703,307
End of period	$	404,416		$	509,796		$	197,349		$	815,652
Accumulated undistributed (distributions in excess of) net investment income	$	(3,185	)	$	(1,638	)	$	(406	)	$	3,671

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Dynamic Small Cap Growth Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Small Cap Equity Fund						Small Cap Growth Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,085		$	16,019		$	(2,963	)	$	(6,112	)
Net realized gain (loss)		90,509			217,676			12,184			105,332
Change in net unrealized appreciation/depreciation		(302,240	)		22,116			(141,444	)		49,185
Change in net assets resulting from operations		(204,646	)		255,811			(132,223	)		148,405
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,634	)		(1,326	)		—			—
From net realized gains		(51,657	)		(72,144	)		(17,982	)		(20,645	)
Class B (a)
From net realized gains		—			(441	)		—			(176	)
Class C
From net realized gains		(2,993	)		(4,673	)		(2,222	)		(2,503	)
Class R2
From net realized gains		(211	)		(372	)		(1,956	)		(2,202	)
Class R5
From net investment income		(7,998	)		(7,331	)		—			—
From net realized gains		(77,242	)		(107,883	)		—			—
Class R6
From net realized gains		—			—			(34,132	)		(30,237	)
Institutional Class
From net realized gains		—			—			(19,628	)		(20,050	)
Select Class
From net investment income		(3,556	)		(6,696	)		—			—
From net realized gains		(59,055	)		(140,920	)		(8,776	)		(10,568	)
Total distributions to shareholders		(205,346	)		(341,786	)		(84,696	)		(86,381	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(61,065	)		70,368			104,631			25,731
NET ASSETS:
Change in net assets		(471,057	)		(15,607	)		(112,288	)		87,755
Beginning of period		3,393,838			3,409,445			1,245,069			1,157,314
End of period	$	2,922,781		$	3,393,838		$	1,132,781		$	1,245,069
Accumulated undistributed (distributions in excess of) net investment income	$	(72	)	$	7,031		$	(5,765	)	$	(2,802	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 53

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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,620		$	17,079		$	1,761		$	3,308
Net realized gain (loss)		24,855			82,582			10,172			36,899
Change in net unrealized appreciation/depreciation		(185,643	)		(77,688	)		(89,934	)		23,209
Change in net assets resulting from operations		(152,168	)		21,973			(78,001	)		63,416
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,749	)		(4,063	)		(375	)		—
From net realized gains		(24,024	)		(24,585	)		(9,859	)		(5,065	)
Class B (a)
From net investment income		—			(10	)		—			—
From net realized gains		—			(142	)		—			—
Class C
From net investment income		(138	)		(237	)		—			—
From net realized gains		(2,266	)		(2,788	)		(1,985	)		(879	)
Class R2
From net investment income		(176	)		(253	)		(36	)		—
From net realized gains		(2,034	)		(2,245	)		(1,197	)		(339	)
Class R5
From net investment income		(639	)		(897	)		—			—
From net realized gains		(4,226	)		(3,945	)		—			—
Class R6
From net investment income		(5,019	)		(5,716	)		(620	)		(152	)
From net realized gains		(33,390	)		(23,274	)		(4,031	)		(1,577	)
Institutional Class
From net investment income		—			—			(2,157	)		(689	)
From net realized gains		—			—			(16,302	)		(8,505	)
Select Class
From net investment income		(2,050	)		(4,081	)		(1,045	)		(184	)
From net realized gains		(11,883	)		(19,170	)		(11,139	)		(5,885	)
Total distributions to shareholders		(88,594	)		(91,406	)		(48,746	)		(23,275	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		145,757			381,022			256,384			349,644
NET ASSETS:
Change in net assets		(95,005	)		311,589			129,637			389,785
Beginning of period		1,870,743			1,559,154			971,548			581,763
End of period	$	1,775,738		$	1,870,743		$	1,101,185		$	971,548
Accumulated undistributed (distributions in excess of) net investment income	$	(238	)	$	1,913		$	(55	)	$	2,417

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Small Cap Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Dynamic Small Cap Growth Fund						Small Cap Core Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	7,916		$	11,741		$	—		$	—
Distributions reinvested		6,411			4,072			—			—
Cost of shares redeemed		(7,486	)		(32,156	)		—			—
Conversion from Class B Shares		—			366			—			—
Change in net assets resulting from Class A capital transactions	$	6,841		$	(15,977	)	$	—		$	—
Class B (a)
Proceeds from shares issued	$	—		$	8		$	—		$	—
Distributions reinvested		—			33			—			—
Cost of shares redeemed		—			(202	)		—			—
Conversion to Class A Shares		—			(366	)		—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(527	)	$	—		$	—
Class C
Proceeds from shares issued	$	10,572		$	12,653		$	—		$	—
Distributions reinvested		856			515			—			—
Cost of shares redeemed		(9,213	)		(19,389	)		—			—
Change in net assets resulting from Class C capital transactions	$	2,215		$	(6,221	)	$	—		$	—
Select Class
Proceeds from shares issued	$	55,288		$	109,502		$	64,588		$	165,199
Distributions reinvested		39,841			32,251			71,593			69,335
Cost of shares redeemed		(99,916	)		(191,959	)		(68,611	)		(98,704	)
Redemptions in-kind (See Note 7)		—			—			(530,784	)		—
Change in net assets resulting from Select Class capital transactions	$	(4,787	)	$	(50,206	)	$	(463,214	)	$	135,830
Total change in net assets resulting from capital transactions	$	4,269		$	(72,931	)	$	(463,214	)	$	135,830
SHARE TRANSACTIONS:
Class A
Issued		356			487			—			—
Reinvested		327			179			—			—
Redeemed		(325	)		(1,334	)		—			—
Conversion from Class B Shares		—			14			—			—
Change in Class A Shares		358			(654	)		—			—
Class B (a)
Issued		—			1			—			—
Reinvested		—			1			—			—
Redeemed		—			(10	)		—			—
Conversion to Class A Shares		—			(16	)		—			—
Change in Class B Shares		—			(24	)		—			—
Class C
Issued		600			625			—			—
Reinvested		54			27			—			—
Redeemed		(465	)		(935	)		—			—
Change in Class C Shares		189			(283	)		—			—
Select Class
Issued		2,339			4,202			1,194			2,959
Reinvested		1,842			1,306			1,578			1,342
Redeemed		(4,144	)		(7,272	)		(1,322	)		(1,763	)
Redemptions in-kind (See Note 7)		—			—			(11,691	)		—
Change in Select Class Shares		37			(1,764	)		(10,241	)		2,538

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Dynamic Small Cap Growth Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 55

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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	222,402		$	108,279		$	22,775		$	41,024
Distributions reinvested		49,673			66,061			17,120			19,785
Cost of shares redeemed		(100,432	)		(213,835	)		(37,236	)		(88,174	)
Conversion from Class B Shares		—			1,096			—			1,416
Change in net assets resulting from Class A capital transactions	$	171,643		$	(38,399	)	$	2,659		$	(25,949	)
Class B (a)
Proceeds from shares issued	$	—		$	54		$	—		$	18
Distributions reinvested		—			405			—			165
Cost of shares redeemed		—			(4,544	)		—			(832	)
Conversion to Class A Shares		—			(1,096	)		—			(1,416	)
Change in net assets resulting from Class B capital transactions	$	—		$	(5,181	)	$	—		$	(2,065	)
Class C
Proceeds from shares issued	$	2,874		$	1,597		$	920		$	1,657
Distributions reinvested		2,583			3,928			1,891			2,095
Cost of shares redeemed		(2,968	)		(7,262	)		(2,419	)		(5,918	)
Change in net assets resulting from Class C capital transactions	$	2,489		$	(1,737	)	$	392		$	(2,166	)
Class R2
Proceeds from shares issued	$	635		$	864		$	2,190		$	3,831
Distributions reinvested		147			267			1,908			2,147
Cost of shares redeemed		(976	)		(1,407	)		(3,891	)		(9,815	)
Change in net assets resulting from Class R2 capital transactions	$	(194	)	$	(276	)	$	207		$	(3,837	)
Class R5
Proceeds from shares issued	$	118,700		$	212,080		$	—		$	—
Distributions reinvested		80,413			108,316			—			—
Cost of shares redeemed		(84,738	)		(227,737	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	114,375		$	92,659		$	—		$	—
Class R6
Proceeds from shares issued	$	—		$	—		$	56,146		$	120,496
Distributions reinvested		—			—			34,132			30,237
Cost of shares redeemed		—			—			(28,041	)		(46,820	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	62,237		$	103,913
Institutional Class
Proceeds from shares issued	$	—		$	—		$	72,618		$	65,873
Distributions reinvested		—			—			18,231			18,418
Cost of shares redeemed		—			—			(36,545	)		(121,813	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	54,304		$	(37,522	)
Select Class
Proceeds from shares issued	$	296,145		$	365,334		$	18,972		$	35,361
Distributions reinvested		55,589			136,721			7,984			9,680
Cost of shares redeemed		(701,112	)		(478,753	)		(42,124	)		(51,684	)
Change in net assets resulting from Select Class capital transactions	$	(349,378	)	$	23,302		$	(15,168	)	$	(6,643	)
Total change in net assets resulting from capital transactions	$	(61,065	)	$	70,368		$	104,631		$	25,731

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Small Cap Equity Fund						Small Cap Growth Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		5,389			2,447			1,725			3,026
Reinvested		1,292			1,602			1,466			1,564
Redeemed		(2,369	)		(4,844	)		(2,822	)		(6,513	)
Conversion from Class B Shares		—			24			—			96
Change in Class A Shares		4,312			(771	)		369			(1,827	)
Class B (a)
Issued		—			2			—			1
Reinvested		—			12			—			17
Redeemed		—			(127	)		—			(80	)
Conversion to Class A Shares		—			(31	)		—			(129	)
Change in Class B Shares		—			(144	)		—			(191	)
Class C
Issued		91			47			91			154
Reinvested		87			120			210			208
Redeemed		(90	)		(203	)		(237	)		(544	)
Change in Class C Shares		88			(36	)		64			(182	)
Class R2
Issued		15			20			169			288
Reinvested		4			7			167			173
Redeemed		(23	)		(33	)		(304	)		(730	)
Change in Class R2 Shares		(4	)		(6	)		32			(269	)
Class R5
Issued		2,502			4,248			—			—
Reinvested		1,832			2,321			—			—
Redeemed		(1,783	)		(4,580	)		—			—
Change in Class R5 Shares		2,551			1,989			—			—
Class R6
Issued		—			—			3,715			8,080
Reinvested		—			—			2,617			2,169
Redeemed		—			—			(1,965	)		(3,169	)
Change in Class R6 Shares		—			—			4,367			7,080
Institutional Class
Issued		—			—			5,128			4,442
Reinvested		—			—			1,407			1,328
Redeemed		—			—			(2,530	)		(8,156	)
Change in Institutional Class Shares		—			—			4,005			(2,386	)
Select Class
Issued		6,311			7,313			1,321			2,421
Reinvested		1,270			2,941			630			711
Redeemed		(14,705	)		(9,609	)		(2,883	)		(3,538	)
Change in Select Class Shares		(7,124	)		645			(932	)		(406	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 57

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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	68,835		$	267,230		$	68,229		$	158,127
Distributions reinvested		25,131			26,931			9,251			4,623
Cost of shares redeemed		(99,323	)		(168,313	)		(49,761	)		(59,204	)
Conversion from Class B Shares		—			2,069			—			—
Change in net assets resulting from Class A capital transactions	$	(5,357	)	$	127,917		$	27,719		$	103,546
Class B (a)
Proceeds from shares issued	$	—		$	35		$	—		$	—
Distributions reinvested		—			150			—			—
Cost of shares redeemed		—			(1,071	)		—			—
Conversion to Class A Shares		—			(2,069	)		—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(2,955	)	$	—		$	—
Class C
Proceeds from shares issued	$	2,643		$	7,961		$	10,332		$	25,684
Distributions reinvested		2,160			2,683			1,817			772
Cost of shares redeemed		(5,586	)		(10,808	)		(6,027	)		(5,242	)
Change in net assets resulting from Class C capital transactions	$	(783	)	$	(164	)	$	6,122		$	21,214
Class R2
Proceeds from shares issued	$	8,545		$	17,717		$	15,805		$	11,570
Distributions reinvested		2,028			2,299			944			335
Cost of shares redeemed		(7,545	)		(17,153	)		(2,909	)		(4,428	)
Change in net assets resulting from Class R2 capital transactions	$	3,028		$	2,863		$	13,840		$	7,477
Class R5
Proceeds from shares issued	$	18,009		$	46,041		$	—		$	—
Distributions reinvested		4,464			4,335			—			—
Cost of shares redeemed		(18,748	)		(23,688	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	3,725		$	26,688		$	—		$	—
Class R6
Proceeds from shares issued	$	312,850		$	149,197		$	52,287		$	39,209
Distributions reinvested		38,407			28,990			4,436			1,450
Cost of shares redeemed		(24,297	)		(58,319	)		(16,913	)		(19,367	)
Change in net assets resulting from Class R6 capital transactions	$	326,960		$	119,868		$	39,810		$	21,292
Institutional Class
Proceeds from shares issued	$	—		$	—		$	132,562		$	184,860
Distributions reinvested		—			—			17,359			8,769
Cost of shares redeemed		—			—			(38,958	)		(73,427	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	110,963		$	120,202
Select Class
Proceeds from shares issued	$	72,317		$	210,959		$	103,479		$	114,544
Distributions reinvested		12,485			20,813			11,293			5,585
Cost of shares redeemed		(266,618	)		(124,967	)		(56,842	)		(44,216	)
Change in net assets resulting from Select Class capital transactions	$	(181,816	)	$	106,805		$	57,930		$	75,913
Total change in net assets resulting from capital transactions	$	145,757		$	381,022		$	256,384		$	349,644

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Small Cap Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Small Cap Value Fund						U.S. Small Company Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		2,765			9,914			4,294			9,673
Reinvested		1,092			1,055			626			298
Redeemed		(3,966	)		(6,295	)		(3,141	)		(3,624	)
Conversion from Class B Shares		—			76			—			—
Change in Class A Shares		(109	)		4,750			1,779			6,347
Class B (a)
Issued		—			2			—			—
Reinvested		—			7			—			—
Redeemed		—			(47	)		—			—
Conversion to Class A Shares		—			(88	)		—			—
Change in Class B Shares		—			(126	)		—			—
Class C
Issued		125			349			671			1,604
Reinvested		111			123			127			51
Redeemed		(266	)		(471	)		(394	)		(330	)
Change in Class C Shares		(30	)		1			404			1,325
Class R2
Issued		347			669			996			706
Reinvested		89			91			65			22
Redeemed		(304	)		(646	)		(185	)		(271	)
Change in Class R2 Shares		132			114			876			457
Class R5
Issued		683			1,643			—			—
Reinvested		184			161			—			—
Redeemed		(731	)		(843	)		—			—
Change in Class R5 Shares		136			961			—			—
Class R6
Issued		11,630			5,312			3,136			2,338
Reinvested		1,582			1,077			294			92
Redeemed		(928	)		(2,075	)		(1,020	)		(1,156	)
Change in Class R6 Shares		12,284			4,314			2,410			1,274
Institutional Class
Issued		—			—			8,264			11,156
Reinvested		—			—			1,150			554
Redeemed		—			—			(2,431	)		(4,455	)
Change in Institutional Class Shares		—			—			6,983			7,255
Select Class
Issued		2,835			7,576			6,456			6,883
Reinvested		514			775			748			354
Redeemed		(9,900	)		(4,468	)		(3,530	)		(2,668	)
Change in Select Class Shares		(6,551	)		3,883			3,674			4,569

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Small Cap Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 59

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, 2015 (Unaudited)	$	26.04	$	(0.10	)(f)	$	(2.79	)	$	(2.89	)	$	(3.22	)
Year Ended June 30, 2015		25.11		(0.20	)(f)		3.17			2.97			(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			—
Class C
Six Months Ended December 31, 2015 (Unaudited)		21.97		(0.13	)(f)		(2.36	)		(2.49	)		(3.22	)
Year Ended June 30, 2015		21.61		(0.28	)(f)		2.68			2.40			(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			—
Select Class
Six Months Ended December 31, 2015 (Unaudited)		28.34		(0.07	)(f)		(3.04	)		(3.11	)		(3.22	)
Year Ended June 30, 2015		27.08		(0.15	)(f)		3.45			3.30			(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			—

(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) and $(0.14) for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (1.00)%, (1.51)% and (0.64)% for Class A, 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) and $(0.10) for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.94)%, (1.43)% and (0.53)% for Class A, Class C and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

		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)
$	19.93		(10.89	)%	$	63,178		1.25	%		(0.82	)%		1.42	%		22	%
	26.04		13.02			73,175		1.25			(0.82	)		1.44			48
	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
	16.26		(11.09	)		40,194		1.75			(1.33	)		2.06			22
	21.97		12.46			50,162		1.75			(1.32	)		2.02			48
	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
	22.01		(10.78	)		301,044		1.00			(0.58	)		1.06			22
	28.34		13.30			386,459		1.00			(0.57	)		1.11			48
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL 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 investment income			Net realized gain			Total distributions
Small Cap Core Fund
Select Class
Six Months Ended December 31, 2015 (Unaudited)	$	56.18	$	0.08	(f)	$	(4.95	)	$	(4.87	)	$	(0.37	)	$	(4.81	)	$	(5.18	)
Year Ended June 30, 2015		58.70		0.37	(f)		3.20			3.57			(0.10	)		(5.99	)		(6.09	)
Year Ended June 30, 2014		48.11		0.15	(g)		13.44			13.59			(0.27	)		(2.73	)		(3.00	)
Year Ended June 30, 2013		37.54		0.37	(h)		10.63			11.00			(0.43	)		—			(0.43	)
Year Ended June 30, 2012		39.44		0.27	(i)		(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	)

(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 and the net investment income (loss) ratio would have been 0.17% 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 $0.19 and the net investment income (loss) ratio would have been 0.44% for Select Class Shares.

(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 $0.14 and the net investment income (loss) ratio would have been 0.39% for Select Class Shares.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

		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)
$	46.13		(8.52	)%	$	197,349		0.80	%		0.32	%		1.12	%		27	%
	56.18		7.01			815,652		0.80			0.66			1.13			56
	58.70		28.95			703,307		0.79			0.28	(g)		1.12			51
	48.11		29.50			522,295		0.79			0.84	(h)		1.19			55
	37.54		(4.29	)		406,590		0.80			0.64	(i)		1.02			45
	39.44		38.37			549,530		0.79			0.39			1.09			38

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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 Equity Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	44.68	$	0.04	(f)	$	(2.90	)	$	(2.86	)	$	(0.14	)	$	(3.07	)	$	(3.21	)
Year Ended June 30, 2015		46.56		0.08	(f)		2.98			3.06			(0.08	)		(4.86	)		(4.94	)
Year Ended June 30, 2014		39.94		0.10	(f)(g)		8.97			9.07			(0.07	)		(2.38	)		(2.45	)
Year Ended June 30, 2013		36.02		0.29	(f)(h)		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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		35.32		(0.06	)(f)		(2.28	)		(2.34	)		—			(3.07	)		(3.07	)
Year Ended June 30, 2015		37.96		(0.12	)(f)		2.34			2.22			—			(4.86	)		(4.86	)
Year Ended June 30, 2014		33.06		(0.10	)(f)(g)		7.38			7.28			—			(2.38	)		(2.38	)
Year Ended June 30, 2013		30.46		0.09	(f)(h)		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	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		44.04		(0.02	)(f)		(2.85	)		(2.87	)		—			(3.07	)		(3.07	)
Year Ended June 30, 2015		45.99		(0.04	)(f)		2.95			2.91			—			(4.86	)		(4.86	)
Year Ended June 30, 2014		39.52		(0.01	)(f)(g)		8.86			8.85			—			(2.38	)		(2.38	)
Year Ended June 30, 2013		35.67		0.20	(f)(h)		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	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		50.43		0.16	(f)		(3.27	)		(3.11	)		(0.30	)		(3.07	)		(3.37	)
Year Ended June 30, 2015		51.88		0.34	(f)		3.37			3.71			(0.30	)		(4.86	)		(5.16	)
Year Ended June 30, 2014		44.21		0.36	(f)(g)		9.96			10.32			(0.27	)		(2.38	)		(2.65	)
Year Ended June 30, 2013		39.47		0.52	(f)(h)		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	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		50.31		0.10	(f)		(3.25	)		(3.15	)		(0.16	)		(3.07	)		(3.23	)
Year Ended June 30, 2015		51.78		0.24	(f)		3.36			3.60			(0.21	)		(4.86	)		(5.07	)
Year Ended June 30, 2014		44.14		0.26	(f)(g)		9.94			10.20			(0.18	)		(2.38	)		(2.56	)
Year Ended June 30, 2013		39.41		0.44	(f)(h)		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	)

(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 $(0.04), $(0.21), $(0.15), $0.20 and $0.10 for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.09)%, (0.59)%, (0.34)%, 0.41% and 0.21% for Class A, 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 $0.05, $(0.11), $(0.04), $0.26 and $0.18 for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.14%, (0.36)%, (0.10)%, 0.62% and 0.44% for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

		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)
$	38.61		(6.35	)%	$	749,505		1.30	%		0.19	%		1.41	%		15	%
	44.68		7.49			674,619		1.29			0.17			1.39			20
	46.56		23.27			738,967		1.29			0.23	(g)		1.37			30
	39.94		23.11			696,784		1.29			0.78	(h)		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
	29.91		(6.56	)		32,939		1.80			(0.35	)		1.86			15
	35.32		6.92			35,783		1.79			(0.33	)		1.87			20
	37.96		22.67			39,824		1.79			(0.26	)(g)		1.87			30
	33.06		22.50			37,039		1.79			0.28	(h)		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
	38.10		(6.46	)		2,821		1.55			(0.11	)		1.75			15
	44.04		7.23			3,446		1.54			(0.08	)		1.73			20
	45.99		22.95			3,883		1.54			(0.02	)(g)		1.62			30
	39.52		22.80			4,909		1.54			0.53	(h)		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
	43.95		(6.12	)		1,197,204		0.80			0.66			0.86			15
	50.43		8.03			1,244,878		0.79			0.68			0.89			20
	51.88		23.90			1,177,534		0.79			0.73	(g)		0.92			30
	44.21		23.71			814,942		0.79			1.25	(h)		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
	43.93		(6.21	)		940,312		1.00			0.41			1.19			15
	50.31		7.81			1,435,112		0.99			0.48			1.14			20
	51.78		23.65			1,443,768		0.99			0.53	(g)		1.12			30
	44.14		23.48			1,134,887		0.99			1.07	(h)		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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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 realized gain
Small Cap Growth Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	14.50	$	(0.05	)(f)(g)	$	(1.52	)	$	(1.57	)	$	(1.04	)
Year Ended June 30, 2015		13.96		(0.11	)(f)(g)		1.77			1.66			(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)(h)		2.94			2.88			(1.01	)
Year Ended June 30, 2012		12.17		(0.05	)(f)(i)		(0.77	)		(0.82	)		(0.22	)
Year Ended June 30, 2011		8.28		(0.08	)(f)		3.97			3.89			—
Class C
Six Months Ended December 31, 2015 (Unaudited)		11.50		(0.07	)(f)(g)		(1.20	)		(1.27	)		(1.04	)
Year Ended June 30, 2015		11.36		(0.14	)(f)(g)		1.40			1.26			(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)(h)		2.47			2.37			(1.01	)
Year Ended June 30, 2012		10.48		(0.09	)(f)(i)		(0.66	)		(0.75	)		(0.22	)
Year Ended June 30, 2011		7.17		(0.12	)(f)		3.43			3.31			—
Class R2
Six Months Ended December 31, 2015 (Unaudited)		14.20		(0.07	)(f)(g)		(1.48	)		(1.55	)		(1.04	)
Year Ended June 30, 2015		13.73		(0.14	)(f)(g)		1.73			1.59			(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)(h)		2.91			2.82			(1.01	)
Year Ended June 30, 2012		12.09		(0.08	)(f)(i)		(0.76	)		(0.84	)		(0.22	)
Year Ended June 30, 2011		8.25		(0.11	)(f)		3.95			3.84			—
Class R6
Six Months Ended December 31, 2015 (Unaudited)		16.01		(0.02	)(f)(g)		(1.67	)		(1.69	)		(1.04	)
Year Ended June 30, 2015		15.23		(0.05	)(f)(g)		1.95			1.90			(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)(h)(j)		3.16			3.16			(1.01	)
Year Ended June 30, 2012		12.88		—	(f)(i)(j)		(0.81	)		(0.81	)		(0.22	)
November 30, 2010 (l) through June 30, 2011		11.02		(0.02	)(f)		1.88			1.86			—
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		15.93		(0.03	)(f)(g)		(1.66	)		(1.69	)		(1.04	)
Year Ended June 30, 2015		15.17		(0.06	)(f)(g)		1.94			1.88			(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)(h)		3.14			3.13			(1.01	)
Year Ended June 30, 2012		12.87		(0.01	)(f)(i)		(0.80	)		(0.81	)		(0.22	)
Year Ended June 30, 2011		8.73		(0.04	)(f)		4.18			4.14			—
Select Class
Six Months Ended December 31, 2015 (Unaudited)		15.61		(0.04	)(f)(g)		(1.63	)		(1.67	)		(1.04	)
Year Ended June 30, 2015		14.91		(0.08	)(f)(g)		1.90			1.82			(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)(h)		3.11			3.08			(1.01	)
Year Ended June 30, 2012		12.74		(0.02	)(f)(i)		(0.80	)		(0.82	)		(0.22	)
Year Ended June 30, 2011		8.65		(0.05	)(f)		4.14			4.09			—

(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) 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 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), $(0.13), $(0.12), $(0.04), $(0.05) and $(0.07) 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 (0.80)%, (1.30)%, (1.04)%, (0.29)%, (0.40)% and (0.54)% 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 $(0.07), $(0.11), $(0.10), $(0.02), $(0.27) and $(0.40) 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 (0.68)%, (1.18)%, (0.92)%, (0.19)%, (0.03)% and (0.05)% for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(j) Amount rounds to less than $0.01.

(k) Amount rounds to less than 0.01%.

(l) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

		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)
$	11.89		(10.72	)%	$	223,277		1.25	%		(0.82	)%(g)		1.47	%		24	%
	14.50		13.04			266,805		1.25			(0.82	)(g)		1.42			50
	13.96		18.94			282,408		1.25			(0.86	)		1.37			58
	13.00		27.94			249,986		1.24			(0.50	)(h)		1.42			60
	11.13		(6.59	)		219,946		1.25			(0.46	)(i)		1.44			58
	12.17		46.98			271,606		1.24			(0.72	)		1.39			79
	9.19		(10.91	)		21,598		1.75			(1.32	)(g)		1.88			24
	11.50		12.47			26,297		1.75			(1.32	)(g)		1.87			50
	11.36		18.29			28,035		1.75			(1.36	)		1.87			58
	10.87		27.30			25,415		1.74			(1.00	)(h)		1.92			60
	9.51		(6.99	)		23,689		1.75			(0.97	)(i)		1.94			58
	10.48		46.16			31,665		1.78			(1.26	)		1.89			79
	11.61		(10.80	)		23,575		1.50			(1.07	)(g)		1.82			24
	14.20		12.74			28,364		1.50			(1.07	)(g)		1.72			50
	13.73		18.62			31,119		1.50			(1.11	)		1.62			58
	12.84		27.64			26,561		1.49			(0.75	)(h)		1.67			60
	11.03		(6.80	)		22,514		1.50			(0.71	)(i)		1.69			58
	12.09		46.55			16,109		1.50			(0.98	)		1.64			79
	13.28		(10.46	)		461,756		0.75			(0.31	)(g)		0.76			24
	16.01		13.55			486,724		0.75			(0.31	)(g)		0.79			50
	15.23		19.55			355,032		0.75			(0.36	)		0.87			58
	14.00		28.63			248,415		0.75			0.00	(h)(k)		0.92			60
	11.85		(6.14	)		200,960		0.75			0.02	(i)		0.94			58
	12.88		16.88			83,457		0.74			(0.24	)		0.88			79
	13.20		(10.51	)		284,286		0.85			(0.41	)(g)		0.95			24
	15.93		13.47			279,248		0.85			(0.42	)(g)		0.95			50
	15.17		19.46			302,087		0.85			(0.46	)		0.97			58
	13.96		28.39			230,458		0.85			(0.11	)(h)		1.02			60
	11.84		(6.15	)		226,834		0.85			(0.06	)(i)		1.04			58
	12.87		47.42			207,977		0.85			(0.32	)		1.00			79
	12.90		(10.60	)		118,289		1.00			(0.57	)(g)		1.18			24
	15.61		13.29			157,631		1.00			(0.57	)(g)		1.16			50
	14.91		19.20			156,585		1.00			(0.62	)		1.12			58
	13.77		28.30			148,078		1.00			(0.25	)(h)		1.17			60
	11.70		(6.29	)		123,887		1.00			(0.21	)(i)		1.19			58
	12.74		47.28			128,617		0.99			(0.47	)		1.14			79

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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 Value Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	26.65	$	0.09	(f)	$	(2.31	)	$	(2.22	)	$	(0.12	)		$	(1.09	)	$	(1.21	)
Year Ended June 30, 2015		27.98		0.22	(f)		(0.01	)		0.21			(0.20	)			(1.34	)		(1.54	)
Year Ended June 30, 2014		23.77		0.12	(f)(g)		4.87			4.99			(0.11	)			(0.67	)		(0.78	)
Year Ended June 30, 2013		18.75		0.21	(f)(h)		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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		22.77		0.01	(f)		(1.97	)		(1.96	)		(0.06	)			(1.09	)		(1.15	)
Year Ended June 30, 2015		24.19		0.05	(f)		(0.02	)		0.03			(0.11	)			(1.34	)		(1.45	)
Year Ended June 30, 2014		20.73		(0.03	)(f)(g)		4.22			4.19			(0.06	)			(0.67	)		(0.73	)
Year Ended June 30, 2013		16.40		0.06	(f)(h)		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	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		26.49		0.06	(f)		(2.30	)		(2.24	)		(0.09	)			(1.09	)		(1.18	)
Year Ended June 30, 2015		27.83		0.16	(f)		(0.02	)		0.14			(0.14	)			(1.34	)		(1.48	)
Year Ended June 30, 2014		23.67		0.07	(f)(g)		4.83			4.90			(0.07	)			(0.67	)		(0.74	)
Year Ended June 30, 2013		18.68		0.15	(f)(h)		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	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		28.01		0.14	(f)		(2.44	)		(2.30	)		(0.16	)			(1.09	)		(1.25	)
Year Ended June 30, 2015		29.31		0.34	(f)		(0.02	)		0.32			(0.28	)			(1.34	)		(1.62	)
Year Ended June 30, 2014		24.85		0.23	(f)(g)		5.09			5.32			(0.19	)			(0.67	)		(0.86	)
Year Ended June 30, 2013		19.58		0.29	(f)(h)		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	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		28.03		0.17	(f)		(2.45	)		(2.28	)		(0.18	)			(1.09	)		(1.27	)
Year Ended June 30, 2015		29.33		0.37	(f)		(0.02	)		0.35			(0.31	)			(1.34	)		(1.65	)
Year Ended June 30, 2014		24.87		0.24	(f)(g)		5.09			5.33			(0.20	)			(0.67	)		(0.87	)
Year Ended June 30, 2013		19.59		0.29	(f)(h)		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	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		28.00		0.12	(f)		(2.42	)		(2.30	)		(0.15	)			(1.09	)		(1.24	)
Year Ended June 30, 2015		29.31		0.31	(f)		(0.02	)		0.29			(0.26	)			(1.34	)		(1.60	)
Year Ended June 30, 2014		24.86		0.20	(f)(g)		5.09			5.29			(0.17	)			(0.67	)		(0.84	)
Year Ended June 30, 2013		19.58		0.26	(f)(h)		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	)

(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 $0.11, $(0.05), $0.05, $0.22, $0.23 and $0.18 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 0.41%, (0.20)%, 0.20%, 0.79%, 0.82% and 0.66% for Class A, 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 $0.12, $(0.01), $0.06, $0.19, $0.20 and $0.17 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 0.57%, (0.08)%, 0.27%, 0.86%, 0.89% and 0.77% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

		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)
$	23.22		(8.26	)%	$	536,711		1.25	%		0.71	%		1.51	%		17	%
	26.65		1.04			618,977		1.24			0.84			1.44			38
	27.98		21.24			516,950		1.24			0.46	(g)		1.40			40
	23.77		28.08			332,177		1.24			0.98	(h)		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
	19.66		(8.51	)		42,417		1.86			0.10			1.94			17
	22.77		0.42			49,815		1.85			0.23			1.89			38
	24.19		20.45			52,909		1.84			(0.15	)(g)		1.89			40
	20.73		27.35			41,108		1.85			0.34	(h)		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
	23.07		(8.38	)		45,425		1.50			0.47			1.86			17
	26.49		0.77			48,675		1.49			0.59			1.76			38
	27.83		20.95			47,939		1.49			0.25	(g)		1.66			40
	23.67		27.79			15,500		1.49			0.69	(h)		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
	24.46		(8.13	)		93,433		0.91			1.07			0.91			17
	28.01		1.39			103,149		0.91			1.19			0.93			38
	29.31		21.67			79,792		0.90			0.85	(g)		0.95			40
	24.85		28.53			32,304		0.90			1.28	(h)		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
	24.48		(8.06	)		785,091		0.76			1.30			0.77			17
	28.03		1.49			554,522		0.79			1.32			0.81			38
	29.33		21.71			453,645		0.85			0.87	(g)		0.90			40
	24.87		28.62			207,613		0.85			1.32	(h)		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
	24.46		(8.16	)		272,661		1.00			0.87			1.14			17
	28.00		1.27			495,605		0.99			1.10			1.14			38
	29.31		21.52			404,848		0.99			0.71	(g)		1.15			40
	24.86		28.47			266,018		0.99			1.19	(h)		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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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 investment income			Net realized gain			Total distributions
U.S. Small Company Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	16.96	$	0.01	(f)	$	(1.31	)	$	(1.30	)	$	(0.02	)	$	(0.67	)	$	(0.69	)
Year Ended June 30, 2015		16.25		0.03	(f)		1.22			1.25			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		13.17		(0.01	)(f)(g)		3.39			3.38			(0.01	)		(0.29	)		(0.30	)
Year Ended June 30, 2013		10.31		0.04	(f)(h)		2.89			2.93			(0.07	)		—			(0.07	)
Year Ended June 30, 2012		10.62		0.02	(f)		(0.33	)(i)		(0.31	)		—			—			—
Year Ended June 30, 2011		7.79		—	(f)(j)		2.86			2.86			(0.03	)		—			(0.03	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		16.46		(0.03	)(f)		(1.27	)		(1.30	)		—			(0.67	)		(0.67	)
Year Ended June 30, 2015		15.86		(0.05	)(f)		1.19			1.14			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		12.91		(0.08	)(f)(g)		3.32			3.24			—			(0.29	)		(0.29	)
Year Ended June 30, 2013		10.14		(0.02	)(f)(h)		2.83			2.81			(0.04	)		—			(0.04	)
Year Ended June 30, 2012		10.50		(0.02	)(f)		(0.34	)(i)		(0.36	)		—			—			—
Year Ended June 30, 2011		7.71		(0.05	)(f)		2.84			2.79			—			—			—
Class R2
Six Months Ended December 31, 2015 (Unaudited)		16.77		(0.01	)(f)		(1.29	)		(1.30	)		(0.02	)		(0.67	)		(0.69	)
Year Ended June 30, 2015		16.12		(0.01	)(f)		1.20			1.19			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		13.09		(0.05	)(f)(g)		3.38			3.33			(0.01	)		(0.29	)		(0.30	)
Year Ended June 30, 2013		10.25		(0.02	)(f)(h)		2.90			2.88			(0.04	)		—			(0.04	)
November 1, 2011 (k) through June 30, 2012		9.02		—	(f)(j)		1.27	(i)		1.27			(0.04	)		—			(0.04	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		17.29		0.05	(f)		(1.34	)		(1.29	)		(0.10	)		(0.67	)		(0.77	)
Year Ended June 30, 2015		16.52		0.12	(f)		1.24			1.36			(0.05	)		(0.54	)		(0.59	)
Year Ended June 30, 2014		13.35		0.06	(f)(g)		3.46			3.52			(0.06	)		(0.29	)		(0.35	)
Year Ended June 30, 2013		10.43		0.11	(f)(h)		2.91			3.02			(0.10	)		—			(0.10	)
November 1, 2011 (k) through June 30, 2012		9.13		0.05	(f)		1.29	(i)		1.34			(0.04	)		—			(0.04	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		17.28		0.04	(f)		(1.34	)		(1.30	)		(0.08	)		(0.67	)		(0.75	)
Year Ended June 30, 2015		16.51		0.11	(f)		1.24			1.35			(0.04	)		(0.54	)		(0.58	)
Year Ended June 30, 2014		13.35		0.06	(f)(g)		3.44			3.50			(0.05	)		(0.29	)		(0.34	)
Year Ended June 30, 2013		10.43		0.10	(f)(h)		2.92			3.02			(0.10	)		—			(0.10	)
Year Ended June 30, 2012		10.75		0.06	(f)		(0.34	)(i)		(0.28	)		(0.04	)		—			(0.04	)
Year Ended June 30, 2011		7.84		0.04	(f)		2.90			2.94			(0.03	)		—			(0.03	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		17.29		0.03	(f)		(1.34	)		(1.31	)		(0.06	)		(0.67	)		(0.73	)
Year Ended June 30, 2015		16.53		0.08	(f)		1.24			1.32			(0.02	)		(0.54	)		(0.56	)
Year Ended June 30, 2014		13.37		0.03	(f)(g)		3.45			3.48			(0.03	)		(0.29	)		(0.32	)
Year Ended June 30, 2013		10.45		0.08	(f)(h)		2.92			3.00			(0.08	)		—			(0.08	)
Year Ended June 30, 2012		10.76		0.05	(f)		(0.33	)(i)		(0.28	)		(0.03	)		—			(0.03	)
Year Ended June 30, 2011		7.86		0.03	(f)		2.89			2.92			(0.02	)		—			(0.02	)

(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 $(0.02), $(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.

(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 $(0.01), $(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.

(i) 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.

(j) Amount rounds to less than $0.01.

(k) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

		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)		��
$	14.97		(7.60	)%	$	238,439		1.26	%		0.08	%		1.40	%		22	%
	16.96		7.98			240,064		1.25			0.21			1.40			56
	16.25		25.86			126,858		1.25			(0.08	)(g)		1.34			51
	13.17		28.54			49,607		1.25			0.31	(h)		1.43			54
	10.31		(2.92	)(i)		8,411		1.26			0.17			1.59			74
	10.62		36.78			12,271		1.25			0.02			1.50			48
	14.49		(7.86	)		45,645		1.76			(0.41	)		1.87			22
	16.46		7.47			45,202		1.75			(0.28	)		1.88			56
	15.86		25.27			22,539		1.75			(0.57	)(g)		1.84			51
	12.91		27.83			6,972		1.75			(0.18	)(h)		1.93			54
	10.14		(3.43	)(i)		1,247		1.76			(0.26	)		2.10			74
	10.50		36.19			1,173		1.75			(0.50	)		2.02			48
	14.78		(7.72	)		28,664		1.51			(0.12	)		1.63			22
	16.77		7.66			17,846		1.50			(0.04	)		1.66			56
	16.12		25.66			9,785		1.50			(0.32	)(g)		1.59			51
	13.09		28.19			1,744		1.50			(0.20	)(h)		1.65			54
	10.25		14.17	(i)		57		1.51			0.02			1.91			74
	15.23		(7.43	)		98,172		0.72			0.63			0.73			22
	17.29		8.54			69,755		0.73			0.73			0.76			56
	16.52		26.54			45,604		0.75			0.42	(g)		0.84			51
	13.35		29.17			17,232		0.75			0.95	(h)		0.97			54
	10.43		14.77	(i)		12,959		0.75			0.70			1.08			74
	15.23		(7.45	)		416,669		0.83			0.54			0.89			22
	17.28		8.49			352,036		0.82			0.64			0.94			56
	16.51		26.42			216,698		0.82			0.39	(g)		0.94			51
	13.35		29.08			30,226		0.82			0.79	(h)		1.05			54
	10.43		(2.59	)(i)		9,350		0.83			0.62			1.19			74
	10.75		37.58			20,763		0.82			0.42			1.13			48
	15.25		(7.54	)		273,596		1.01			0.34			1.10			22
	17.29		8.25			246,645		1.00			0.45			1.11			56
	16.53		26.21			160,279		1.00			0.17	(g)		1.09			51
	13.37		28.81			66,928		1.00			0.64	(h)		1.21			54
	10.45		(2.60	)(i)		37,935		1.01			0.49			1.35			74
	10.76		37.14			34,944		1.00			0.27			1.29			48

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

1. Organization

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

The following are 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 C and Select Class	JPM I	Diversified
Small Cap Core Fund	Select Class	JPM I	Diversified
Small Cap Equity Fund	Class A, Class C, Class R2, Class R5 and Select Class	JPM I	Diversified
Small Cap Growth Fund	Class A, Class C, Class R2, Class R6, Institutional Class and Select Class	JPM II	Diversified
Small Cap Value Fund	Class A, 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 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 Funds’ prospectuses.

Prior to November 16, 2015, Small Cap Equity Fund was publicly offered only on a limited basis.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6, 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 transfer agency, sub-transfer agency, 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.

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC.

2. Significant Accounting Policies

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

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

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be

72 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

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 Underlying Fund’s NAV per share as of the report date.

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

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

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

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

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

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

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

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

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)	$	394,017	$	—	$	—	$	394,017

Small Cap Core Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	21,222	$	—	$	—		$	21,222
Consumer Staples		5,015		—		—			5,015
Energy		6,093		—		—			6,093
Financials		46,462		—		—			46,462
Health Care		32,146		—		—			32,146
Industrials		31,187		—		—			31,187
Information Technology		35,503		—		—			35,503
Materials		6,572		—		—			6,572
Telecommunication Services		2,277		—		—			2,277
Utilities		6,972		—		—			6,972
Total Common Stocks		193,449		—		—			193,449
Warrant
Financials		—		—		—	(b)		—	(b)
Short-Term Investment
Investment Company		5,084		—		—			5,084
Total Investments in Securities	$	198,533	$	—	$	—	(b)	$	198,533
Appreciation in Other Financial Instruments
Futures Contracts	$	31	$	—	$	—		$	31

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

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)	$	2,957,751	$	—	$	—		$	2,957,751
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)	$	1,115,114	$	—	$	—		$	1,115,114
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	$	148,327	$	—	$	—		$	148,327
Consumer Staples		42,892		—		—			42,892
Energy		69,395		—		—			69,395
Financials		727,066		—		—			727,066
Health Care		91,768		—		—			91,768
Industrials		231,665		—		—			231,665
Information Technology		219,978		—		—			219,978
Materials		52,760		—		—			52,760
Telecommunication Services		11,218		—		—			11,218
Utilities		126,883		—		—			126,883
Total Common Stocks		1,721,952		—		—			1,721,952
Warrant
Financials		—		—		—	(b)		—	(b)
Short-Term Investment
Investment Company		64,608		—		—			64,608
Total Investments in Securities	$	1,786,560	$	—	$	—	(b)	$	1,786,560
Appreciation in Other Financial Instruments
Futures Contracts	$	780	$	—	$	—		$	780
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	$	141,943	$	—	$	—		$	141,943
Consumer Staples		30,174		—		—			30,174
Energy		31,517		—		—			31,517
Financials		254,147		—		—			254,147
Health Care		186,267		—		—	(c)		186,267
Industrials		135,525		—		—			135,525
Information Technology		206,788		—		—			206,788
Materials		26,136		—		—			26,136
Telecommunication Services		9,098		—		—			9,098
Utilities		41,174		—		—			41,174
Total Common Stocks		1,062,769		—		—	(c)		1,062,769

74 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Warrant
Financials	$	—	$	—		—	(b)		—	(b)
Short-Term Investment
Investment Company		41,836		—		—			41,836
Total Investments in Securities	$	1,104,605	$	—	$	–	(c)	$	1,104,605
Appreciation in Other Financial Instruments
Futures Contracts	$	444	$	—	$	—		$	444

(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.

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

There were no transfers among any levels during the six months ended December 31, 2015 for Dynamic Small Cap Growth Fund, Small Cap Equity Fund, Small Cap Growth Fund and Small Cap Value Fund.

There were no significant transfers between levels 1 and 2 during the six months ended December 31, 2015 for Small Cap Core Fund and U.S. Small Company Fund.

B. Futures Contracts — Small Cap Core Fund, Small Cap Value Fund and U.S. Small Company Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

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

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2015 (amounts in thousands):

	Small Cap Core Fund		Small Cap Value Fund		U.S. Small Company Fund
Futures Contracts:
Average Notional Balance Long	$	17,622	$	63,681	$	30,809
Ending Notional Balance Long		4,979		60,988		38,471

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).

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

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

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.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows (amounts in thousands):

	Class A		Class C		Class R2			Class R5		Class R6		Institutional Class		Select Class		Total
Dynamic Small Cap Growth Fund
Transfer agent fees	$	11	$	1		n/a			n/a		n/a		n/a	$	3	$	15
Sub-transfer agent fees		35		58		n/a			n/a		n/a		n/a		36		129
Small Cap Core Fund
Transfer agent fees		n/a		n/a		n/a			n/a		n/a		n/a		6		6
Sub-transfer agent fees		n/a		n/a		n/a			n/a		n/a		n/a		396		396
Small Cap Equity Fund
Transfer agent fees		24		1		$—	(a)	$	6		n/a		n/a		12		43
Sub-transfer agent fees		439		15		3			296		n/a		n/a		1,116		1,869
Small Cap Growth Fund
Transfer agent fees		26		2		1			n/a	$	2	$	3		4		38
Sub-transfer agent fees		227		12		38			n/a		—		121		104		502
Small Cap Value Fund
Transfer agent fees		158		3		15			3		7		5		n/a		191
Sub-transfer agent fees		511		35		64			46		—		243		n/a		899
U.S. Small Company Fund
Transfer agent fees		11		3		3			n/a		2		4		6		29
Sub-transfer agent fees		190		31		17			n/a		—		124		153		515

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

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, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

F. 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.

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”), 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.

76 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

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, 2015, 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 C and Class R2 Shares of the Funds, as applicable, 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 C			Class R2
Dynamic Small Cap Growth Fund		0.25	%		0.75	%		n/a
Small Cap Equity Fund		0.25			0.75			0.50	%
Small Cap Growth Fund		0.25			0.75			0.50
Small Cap Value Fund		0.25			0.75			0.50
U.S. Small Company Fund		0.25			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 C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Dynamic Small Cap Growth Fund	$	1	$	—
Small Cap Equity Fund		8		—	(a)
Small Cap Growth Fund		4		—
Small Cap Value Fund		10		—
U.S. Small Company Fund		12		—	(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 C			Class R2			Class R5			Institutional Class			Select Class
Dynamic Small Cap Growth Fund		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			0.25
Small Cap Equity Fund		0.25			0.25			0.25	%		0.05	%		n/a			0.25
Small Cap Growth Fund		0.25			0.25			0.25			n/a			0.10	%		0.25
Small Cap Value Fund		0.25			0.25			0.25			0.05			n/a			0.25
U.S. Small Company Fund		0.25			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 on the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or 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 other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Dynamic Small Cap Growth Fund		1.25	%		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			0.80
Small Cap Equity Fund		1.30			1.80			1.55	%		0.80	%		n/a			n/a			1.00
Small Cap Growth Fund		1.25			1.75			1.50			n/a			0.75	%		0.85	%		1.00
Small Cap Value Fund		1.25			1.86			1.50			0.91			0.86			n/a			1.00
U.S. Small Company Fund		1.26			1.76			1.51			n/a			0.76			0.83			1.01

The expense limitation agreements were in effect for the six months ended December 31, 2015 and are in place until at least October 31, 2016.

For the six months ended December 31, 2015, 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	$	78	$	52	$	92	$	222	$	—	(a)
Small Cap Core Fund		890		309		7		1,206		—
Small Cap Equity Fund		471		314		1,062		1,847		—
Small Cap Growth Fund		39		25		527		591		7
Small Cap Value Fund		3		—		1,011		1,014		79
U.S. Small Company Fund		—		—		411		411		—	(a)

(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 (affiliated money market funds). Effective November 1, 2015, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to November 1, 2015, a portion of the waiver was voluntary.

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2015 was as follows (amounts in thousands):

Dynamic Small Cap Growth Fund	$	7
Small Cap Core Fund		19
Small Cap Equity Fund		120
Small Cap Growth Fund		22
Small Cap Value Fund		56
U.S. Small Company Fund		34

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 on the Statements of Operations.

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

During the six months ended December 31, 2015, 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.

78 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

The Funds may use related party broker-dealers. For the six months ended December 31, 2015, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Dynamic Small Cap Growth Fund	$	—	(a)
Small Cap Core Fund		—	(a)
Small Cap Growth Fund		1
Small Cap Value Fund		—	(a)
U.S. Small Company Fund		—	(a)

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

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

4. Investment Transactions

During the six months ended December 31, 2015, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Dynamic Small Cap Growth Fund	$	97,121	$	160,705
Small Cap Core Fund		196,175		187,399
Small Cap Equity Fund		459,858		662,571
Small Cap Growth Fund		274,179		274,110
Small Cap Value Fund		371,053		298,268
U.S. Small Company Fund		427,414		225,360

During the six months ended December 31, 2015, 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, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Dynamic Small Cap Growth Fund	$	305,886	$	118,917	$	30,786	$	88,131
Small Cap Core Fund		155,393		56,718		13,578		43,140
Small Cap Equity Fund		2,049,662		1,001,645		93,556		908,089
Small Cap Growth Fund		911,050		303,263		99,199		204,064
Small Cap Value Fund		1,716,557		287,984		217,981		70,003
U.S. Small Company Fund		1,086,526		120,846		102,767		18,079

At June 30, 2015, the Funds did not have any 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 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 7, 2016.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015. Average borrowings from the Facility for, or at any time during the six months ended December 31, 2015, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Dynamic Small Cap Growth Fund	$	23,687		0.23	%		1	$	—	(a)
Small Cap Equity Fund		20,831		0.25			3		—	(a)

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

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

7. Redemptions In-Kind

During the six months ended December 31, 2015, certain shareholders sold their shares of Small Cap Core Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as of the close of business on the date and at the market value listed below (amounts in thousands):

December 18, 2015	Value			Realized Gains (Losses)		Type
	$	530,784	*	$	35,980		Redemptions in-kind

* This amount includes cash of approximately $16,676,000 associated with the redemptions in-kind.

8. Risks, Concentrations and Indemnifications

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

As of December 31, 2015, an affiliate of the Adviser had investment discretion with respect to its clients’ holdings in the Funds, which collectively represent the following percentage of each Fund’s net assets:

	% of the Fund
Small Cap Core Fund		10.6	%

As of December 31, 2015, Dynamic Small Cap Growth Fund, Small Cap Core Fund, Small Cap Equity Fund, Small Cap Growth Fund and U.S. Small Company Fund each has shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that collectively own shares representing the following percentage of each applicable Fund’s net assets:

	Number of Shareholders		% of the Fund
Dynamic Small Cap Growth Fund		1		68.5	%
Small Cap Core Fund		4		53.2
Small Cap Equity Fund		2		21.1
Small Cap Growth Fund		1		10.2
U.S. Small Company Fund		1		15.6

As of December 31, 2015, the J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Small Cap Growth Fund		n/a			24.0	%
Small Cap Value Fund		11.2	%		16.4

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

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

80 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

9. Subsequent Event

During the period December 31, 2015 through February 23, 2016, a shareholder of Dynamic Small Cap Growth Fund redeemed approximately $175,007,000. This amount represents 43.3% of the Fund’s net assets as of December 31, 2015.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 81

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, 2015, and continued to hold your shares at the end of the reporting period, December 31, 2015.

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, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Dynamic Small Cap Growth Fund
Class A
Actual	$	1,000.00	$	891.10	$	5.94		1.25	%
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		889.10		8.31		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Select Class
Actual		1,000.00		892.20		4.76		1.00
Hypothetical		1,000.00		1,020.11		5.08		1.00
Small Cap Core Fund
Select Class
Actual		1,000.00		914.80		3.85		0.80
Hypothetical		1,000.00		1,021.11		4.06		0.80
Small Cap Equity Fund
Class A
Actual		1,000.00		936.50		6.33		1.30
Hypothetical		1,000.00		1,018.60		6.60		1.30
Class C
Actual		1,000.00		934.40		8.75		1.80
Hypothetical		1,000.00		1,016.09		9.12		1.80
Class R2
Actual		1,000.00		935.40		7.54		1.55
Hypothetical		1,000.00		1,017.34		7.86		1.55
Class R5
Actual		1,000.00		938.80		3.90		0.80
Hypothetical		1,000.00		1,021.11		4.06		0.80

82 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Small Cap Equity Fund (continued)
Select Class
Actual	$	1,000.00	$	937.90	$	4.87		1.00	%
Hypothetical		1,000.00		1,020.11		5.08		1.00
Small Cap Growth Fund
Class A
Actual		1,000.00		892.80		5.95		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		890.90		8.32		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Class R2
Actual		1,000.00		892.00		7.13		1.50
Hypothetical		1,000.00		1,017.60		7.61		1.50
Class R6
Actual		1,000.00		895.40		3.57		0.75
Hypothetical		1,000.00		1,021.37		3.81		0.75
Institutional Class
Actual		1,000.00		894.90		4.05		0.85
Hypothetical		1,000.00		1,020.86		4.32		0.85
Select Class
Actual		1,000.00		894.00		4.76		1.00
Hypothetical		1,000.00		1,020.11		5.08		1.00
Small Cap Value Fund
Class A
Actual		1,000.00		917.40		6.02		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		914.90		8.95		1.86
Hypothetical		1,000.00		1,015.79		9.42		1.86
Class R2
Actual		1,000.00		916.20		7.23		1.50
Hypothetical		1,000.00		1,017.60		7.61		1.50
Class R5
Actual		1,000.00		918.70		4.39		0.91
Hypothetical		1,000.00		1,020.56		4.62		0.91
Class R6
Actual		1,000.00		919.40		3.67		0.76
Hypothetical		1,000.00		1,021.32		3.86		0.76
Select Class
Actual		1,000.00		918.40		4.82		1.00
Hypothetical		1,000.00		1,020.11		5.08		1.00
U.S. Small Company Fund
Class A
Actual		1,000.00		924.00		6.09		1.26
Hypothetical		1,000.00		1,018.80		6.39		1.26
Class C
Actual		1,000.00		921.40		8.50		1.76
Hypothetical		1,000.00		1,016.29		8.92		1.76
Class R2
Actual		1,000.00		922.80		7.30		1.51
Hypothetical		1,000.00		1,017.55		7.66		1.51
Class R6
Actual		1,000.00		925.70		3.49		0.72
Hypothetical		1,000.00		1,021.52		3.66		0.72

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 83

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
U.S. Small Company Fund (continued)
Institutional Class
Actual	$	1,000.00	$	925.50	$	4.02		0.83	%
Hypothetical		1,000.00		1,020.96		4.22		0.83
Select Class
Actual		1,000.00		924.60		4.89		1.01
Hypothetical		1,000.00		1,020.06		5.13		1.01

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

84 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

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 2015, 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 19, 2015.

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.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 85

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 may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also 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 Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

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

The Trustees noted that, upon their direction, the Senior Officer for the 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, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that

86 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance 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 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 fourth, third, and third quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s 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 quintile for Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, 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 first, second, and first quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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 fourth, third, and third quintiles for Class A shares and in the fourth, third, and second quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s 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 second quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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 first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, 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

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 87

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 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 Core Fund’s net advisory fee and 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 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 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 Value Fund’s net advisory fee for both Class A and Select Class shares was in the second quintile, and that the actual total expenses for Class A and Select Class shares were in the first and 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 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.

88 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

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., 2016.  All rights reserved. December 2015. SAN-SC-1215

Semi-Annual Report

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

December 31, 2015 (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	5
JPMorgan Mid Cap Growth Fund	7
JPMorgan Mid Cap Value Fund	9
JPMorgan Multi-Cap Market Neutral Fund	11
JPMorgan Value Advantage Fund	14
Schedules of Portfolio Investments	16
Financial Statements	40
Financial Highlights	56
Notes to Financial Statements	68
Schedule of Shareholder Expenses	77
Board Approval of Investment Advisory Agreement	80

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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 29, 2016 (Unaudited)

Dear Shareholders,

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

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, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 1

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

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

U.S. equities financial markets provided slim returns for the second half of 2015. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in the Shanghai and Shenzhen equity markets. A global sell-off followed on August 24^th, dragging down the Standard & Poor’s 500 Index (“S&P 500”) by 3.9% for the day.

However, U.S. equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. The S&P 500 turned in its best one-month performance since October 2011.

In general, the U.S. equities market for the six month reporting period was marked by large gains in a few select stocks, especially technology sector stocks, while most other stocks ended the period lower or essentially flat. The energy, materials and industrials sectors underperformed the broader market, while the consumer discretionary, consumer staples and health care sectors outperformed the broader market. Over the reporting period, growth stocks generally outperformed value stocks and small cap stocks generally underperformed both mid cap and large cap stocks. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and the Russell Mid Cap Index returned -4.68%.

2 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	-1.19%
Russell 3000 Growth Index	0.73%
Net Assets as of 12/31/2015 (In Thousands)	$6,474,576

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, 2015. The Fund’s security selection in the health care and financial services sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and consumer discretionary sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Valeant Pharmaceuticals International Inc., Range Resources Corp. and Nimble Storage Inc. Shares of Valeant Pharmaceuticals, a drug maker not held in the Benchmark, fell amid questions about its revenue accounting practices. Shares of Range Resources, an oil and gas producer, declined on global weakness in energy prices. Shares of Nimble Storage, a data storage provider, declined after the company lowered its forecast for earnings and revenue.

Leading individual contributors to relative performance included the Fund’s overweight positions in Acuity Brands Inc., Amazon.com Inc. and Facebook Inc. Shares of Acuity Brands, a maker of commercial and residential lighting, rose on better-than-expected quarterly results amid growth in the U.S. construction sector. Shares of Amazon.com, an online retailer not held in the Benchmark, rose on continued expansion of its business and an overall increase in online shopping during the 2015 holiday season. Shares of Facebook, an online social media business, rose on growth in advertising sales.

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.	Alphabet, Inc., Class C	5.2	%
	2.	Facebook, Inc., Class A	4.2
	3.	Amazon.com, Inc.	3.5
	4.	Apple, Inc.	2.5
	5.	Acuity Brands, Inc.	2.2
	6.	Regeneron Pharmaceuticals, Inc.	2.2
	7.	Gilead Sciences, Inc.	2.2
	8.	UnitedHealth Group, Inc.	2.0
	9.	MasterCard, Inc., Class A	2.0
	10.	Home Depot, Inc. (The)	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	34.2	%
Consumer Discretionary	18.6
Health Care	17.2
Industrials	12.5
Financials	7.7
Materials	4.1
Consumer Staples	1.6
Energy	1.5
Short-Term Investment	2.6

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	October 29, 1999
Without Sales Charge			(1.19	)%		8.54	%		14.34	%		10.38	%
With Sales Charge**			(6.36	)		2.86			13.13			9.79
CLASS C SHARES	May 1, 2006
Without CDSC			(1.46	)		8.04			13.80			9.79
With CDSC***			(2.46	)		7.04			13.80			9.79
CLASS R5 SHARES	January 8, 2009		(0.96	)		9.03			14.82			10.77
CLASS R6 SHARES	December 23, 2013		(0.90	)		9.16			14.86			10.79
SELECT CLASS SHARES	May 1, 2006		(1.10	)		8.71			14.56			10.61

* 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 (12/31/05 TO 12/31/15)

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 C Shares prior to its inception date are based on the performance of Class B Shares, all of which converted to Class A Shares on June 19, 2015 and are no longer offered. The actual returns of Class C Shares would have been similar to those shown because Class C Shares had similar expenses to Class B Shares at the time of their inception.

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, 2005 to December 31, 2015. 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.

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.

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 MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-5.43%
Russell Midcap Index		-4.68%
Net Assets as of 12/31/2015 (In Thousands)	$	3,215,761

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) underperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials & processing and producer durables sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Energen Corp., Southwestern Energy Co. and Brookdale Senior Living Inc. Shares of oil and natural gas producers Energen and Southwest Energy declined on continued weakness in global energy prices. Shares of Brookdale, an operator of assisted living and retirement homes, fell on lower-than-expected earnings and the company’s reduced earnings forecast.

Leading individual contributors to relative performance included the Fund’s overweight positions in Acuity Brands Inc., Delta Air Lines Inc. and Netflix.com Inc. Acuity Brands, a maker of commercial and residential lighting that was not held in the Benchmark, rose on strength in its LED lighting business and market share gains. Shares of Delta Air Lines rose amid lower fuel costs and increased U.S. consumer spending. Shares of Netflix, an Internet television programming provider, rose on increased subscriptions and growth in its business.

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.	Mohawk Industries, Inc.	2.0	%
	2.	Humana, Inc.	1.4
	3.	Amphenol Corp., Class A	1.3
	4.	Carlisle Cos., Inc.	1.3
	5.	Acuity Brands, Inc.	1.3
	6.	Fortune Brands Home & Security, Inc.	1.2
	7.	Sherwin-Williams Co. (The)	1.2
	8.	CBRE Group, Inc., Class A	1.2
	9.	Delta Air Lines, Inc.	1.2
	10.	McGraw Hill Financial, Inc.	1.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	20.8	%
Consumer Discretionary	19.5
Information Technology	17.1
Industrials	13.5
Health Care	9.7
Materials	4.6
Consumer Staples	4.4
Utilities	4.4
Energy	3.3
Short-Term Investment	2.7

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
Without Sales Charge			(5.60	)%		(0.22	)%		11.98	%		8.46	%
With Sales Charge**			(10.55	)		(5.46	)		10.78			7.87
CLASS C SHARES	November 2, 2009
Without CDSC			(5.84	)		(0.70	)		11.43			8.12
With CDSC***			(6.84	)		(1.70	)		11.43			8.12
CLASS R2 SHARES	March 14, 2014		(5.72	)		(0.47	)		11.88			8.41
CLASS R5 SHARES	March 14, 2014		(5.39	)		0.24			12.42			8.71
CLASS R6 SHARES	March 14, 2014		(5.37	)		0.29			12.44			8.72
SELECT CLASS SHARES	January 1, 1997		(5.43	)		0.15			12.38			8.69

* 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 (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. 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 mid cap fund 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.

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 MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-6.86%
Russell Midcap Growth Index		-4.20%
Net Assets as of 12/31/2015 (In Thousands)	$	2,866,011

INVESTMENT OBJECTIVE**

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

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, 2015. The Fund’s security selection in the health care and financial services sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials & processing sector and the technology sector was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Horizon Pharma PLC., Range Resources Corp. and Envision Healthcare Holdings Inc. Shares of Horizon Pharmaceuticals, a specialty drug maker not held in the Benchmark, fell on its failed takeover bid for Depomed Inc. and its acquisition of Crealta Holdings. Shares of Range Resources, an oil and gas company, declined amid overall weakness in global energy prices. Shares of Envision Healthcare, a provider of health care services, fell after the company reduced its earnings forecast.

Leading individual contributors to relative performance included the Fund’s overweight positions in Acuity Brands Inc., Delta Air Lines Inc. and Netflix.com Inc. Shares of Acuity Brands, a maker of commercial and residential lighting, rose on strength in its LED lighting business and market share gains. Shares of Delta Air Lines rose amid lower fuel costs and increased U.S. consumer spending. Shares of Netflix, an Internet television programming provider, rose on increased subscriptions and growth in its business.

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	2.2
	3.	Delta Air Lines, Inc.	2.2
	4.	Mohawk Industries, Inc.	2.2
	5.	McGraw Hill Financial, Inc.	2.0
	6.	Electronic Arts, Inc.	2.0
	7.	Harris Corp.	1.9
	8.	Dollar General Corp.	1.9
	9.	Monster Beverage Corp.	1.8
	10.	Ulta Salon Cosmetics & Fragrance, Inc.	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	24.8	%
Consumer Discretionary	21.6
Industrials	17.7
Health Care	13.8
Financials	10.3
Materials	4 .1
Consumer Staples	2 .8
Energy	1 .6
Short-Term Investment	3 .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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
Without Sales Charge			(6.99	)%		2.51	%		11.80	%		8.55	%
With Sales Charge**			(11.89	)		(2.86	)		10.60			7.97
CLASS C SHARES	November 4, 1997
Without CDSC			(7.23	)		1.97			11.25			7.95
With CDSC***			(8.23	)		0.97			11.25			7.95
CLASS R2 SHARES	June 19, 2009		(7.07	)		2.32			11.63			8.38
CLASS R5 SHARES	November 1, 2011		(6.81	)		2.94			12.29			8.93
CLASS R6 SHARES	November 1, 2011		(6.76	)		3.01			12.34			8.96
SELECT CLASS SHARES	March 2, 1989		(6.85	)		2.81			12.15			8.87

* 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 (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. 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.

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 MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		-3.93%
Russell Midcap Value Index		-5.17%
Net Assets as of 12/31/2015 (In Thousands)	$	14,700,150

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, 2015. The Fund’s security selection in the materials sector and its underweight position in the energy sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and overweight position in the consumer discretionary sector and its security section and underweight position in the utilities sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Jack Henry & Associates Inc. and Chubb Corp. and its underweight position in Freeport-McMoRan Inc. Shares of Jack Henry, a provider of data processing systems to the financial services sector that was not included in the Benchmark, rose on better than expected earnings and revenue amid increased market share. Shares of Chubb, an insurance company not held in the Fund, rose on news of its acquisition by Ace Ltd. Shares of Freeport-Mc MoRan, a copper mining and petroleum producer not held in the Fund, fell on weak global commodities prices, particularly for copper and oil.

Leading individual detractors from relative performance included the Fund’s overweight positions in Energen Corp., Gap Inc. and EQT Corp. Shares of Energen, an oil and gas exploration company, fell amid low energy prices and general weakness in the energy sector. Shares of Gap, an apparel retailer not held in the Benchmark, fell on sales weakness due to the relative strength of the U.S. dollar and disappointing holiday season sales at its Old Navy brand. Shares of EQT, a natural gas producer and transporter, fell amid continued weakness in global energy prices.

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.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Jack Henry & Associates, Inc.	1.9	%
	2.	M&T Bank Corp.	1.8
	3.	Mohawk Industries, Inc.	1.8
	4.	Loews Corp.	1.6
	5.	Arrow Electronics, Inc.	1.5
	6.	Fifth Third Bancorp	1.5
	7.	Energen Corp.	1.5
	8.	Synopsys, Inc.	1.5
	9.	SunTrust Banks, Inc.	1.5
	10.	Kroger Co. (The)	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	32.2	%
Consumer Discretionary	17.5
Utilities	9.1
Industrials	9.1
Information Technology	9.1
Consumer Staples	6.2
Health Care	5.4
Materials	5.3
Energy	4.9
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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
Without Sales Charge			(4.16	)%		(2.82	)%		12.31	%		8.24	%
With Sales Charge**			(9.19	)		(7.92	)		11.10			7.65
CLASS C SHARES	April 30, 2001
Without CDSC			(4.41	)		(3.33	)		11.73			7.69
With CDSC***			(5.41	)		(4.33	)		11.73			7.69
CLASS R2 SHARES	November 3, 2008		(4.28	)		(3.06	)		12.01			8.03
INSTITUTIONAL CLASS SHARES	November 13, 1997		(3.93	)		(2.35	)		12.86			8.77
SELECT CLASS SHARES	October 31, 2001		(4.05	)		(2.59	)		12.58			8.50

* 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 (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. 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.

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

10 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		3.48%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.04%
Net Assets as of 12/31/15 (In Thousands)	$	272,017

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, 2015. The Fund’s security selection process produced positive returns in the energy and producer durables sectors and negative returns in the financial services and consumer discretionary sector.

Leading individual contributors to Fund returns included its short positions in SM Energy Co., Consol Energy Inc. and Tenet Healthcare Corp. Shares of oil and gas producers SM Energy and Consol Energy fell on continued weakness in global energy prices. Shares of Tenet Healthcare, a hospitals operator, fell on a third quarter loss amid declining patient visits.

Leading individual detractors from Fund returns included its long positions in Staples Inc., Denbury Resources Inc. and Mosaic Co. Shares of Staples, an office supply retail chain, fell amid regulatory obstacles to its proposed takeover of Office Depot Inc. Shares of Denbury Resources, an oil and gas producer, declined amid continued weakness in global energy prices. Shares of Mosaic, a fertilizer company, fell on a decline in slower sales and 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. 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.	Leidos Holdings, Inc.	1.2	%
	2.	VeriSign, Inc.	1.1
	3.	Hologic, Inc.	1.1
	4.	Entergy Corp.	1.1
	5.	Express Scripts Holding Co.	1.1
	6.	Nuance Communications, Inc.	1.0
	7.	Humana, Inc.	1.0
	8.	Gilead Sciences, Inc.	1.0
	9.	Ingredion, Inc.	1.0
	10.	ServiceMaster Global Holdings, Inc.	1.0

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Estee Lauder Cos., Inc. (The), Class A	1.4	%
	2.	Waste Connections, Inc.	1.3
	3.	J.B. Hunt Transport Services, Inc.	1.2
	4.	Fortune Brands Home & Security, Inc.	1.2
	5.	Dominion Resources, Inc.	1.2
	6.	Stericycle, Inc.	1.1
	7.	Fastenal Co.	1.1
	8.	Markel Corp.	1.1
	9.	Aramark	1.1
	10.	ViaSat, Inc.	1.1

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	26.2	%
Industrials	15.2
Health Care	12.1
Consumer Discretionary	11.5
Consumer Staples	6.7
Materials	5.6
Energy	4.7
Financials	3.8
Utilities	2.5
Telecommunication Services	1.6
Short-Term Investment	10.1

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 11

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	27.5	%
Industrials	19.2
Health Care	12.6
Consumer Discretionary	12.4
Consumer Staples	9.5
Materials	5.3
Energy	5.1
Financials	4.4
Utilities	2.4
Telecommunication Services	1.6

* 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 long investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 23, 2003
Without Sales Charge			3.24	%		1.19	%		1.24	%		0.49	%
With Sales Charge**			(2.21	)		(4.14	)		0.16			(0.05	)
CLASS C SHARES	May 23, 2003
Without CDSC			3.11			0.73			0.66			(0.19	)
With CDSC***			2.11			(0.27	)		0.66			(0.19	)
SELECT CLASS SHARES	May 23, 2003		3.48			1.46			1.51			0.75

* 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 (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. Return information prior to October 31, 2005 for the Lipper Alternative Equity Market Neutral Funds Index is not provided by Lipper, Inc. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the 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.

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, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 13

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		-5.04%
Russell 3000 Value Index		-3.64%
Net Assets as of 12/31/2015 (In Thousands)	$	11,154,765

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) underperformed the Russell 3000 Value Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection and its overweight position in the consumer discretionary sector and its security selection in the health care sector were leading detractors from performance relative to the Benchmark, while the Fund’s underweight position in the energy sector and its security selection in the consumer staples sectors were leading positive contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in General Electric Co. and its overweight positions in Southwestern Energy Co. and Bed Bath & Beyond Inc. Shares of General Electric, an industrial conglomerate, rose after the company moved to shed its consumer financing business. Southwestern Energy, an oil and gas exploration and production company, fell amid continued weakness in global energy prices. Shares of Bed Bath & Beyond, a home products retailer, fell after the company reduced its earnings forecast.

Leading individual contributors to relative performance included the Fund’s overweight positions in Delta Air Lines Inc., Dr. Pepper Snapple Group Inc. and PBF Energy Inc. Shares of Delta Air Lines, which were not included in the Benchmark, rose amid lower fuel costs and increased U.S. consumer spending. Shares of Dr. Pepper Snapple, a maker and distributor of non-alcoholic beverages not included in the Benchmark, rose after the company raised its earnings forecast. Shares of PBF Energy, a petroleum refiner and transportation company, rose on investor expectations that demand for refined products will exceed new refinery capacity amid weakness in energy prices.

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 remained 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.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	4.0	%
	2.	Pfizer, Inc.	2.6
	3.	Exxon Mobil Corp.	2.2
	4.	Capital One Financial Corp.	2.0
	5.	Bank of America Corp.	2.0
	6.	Loews Corp.	1.9
	7.	Delta Air Lines, Inc.	1.6
	8.	American International Group, Inc.	1.5
	9.	Johnson & Johnson	1.5
	10.	M&T Bank Corp.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Financials	36.2	%
Consumer Discretionary	14.4
Health Care	8.6
Industrials	7.5
Information Technology	6.9
Utilities	6.4
Energy	6.4
Consumer Staples	4.9
Materials	4.0
Telecommunication Services	2.0
Short-Term Investment	2.7

* 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, 2015. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2005
Without Sales Charge			(5.28	)%		(4.73	)%		11.19	%		8.32	%
With Sales Charge**			(10.24	)		(9.72	)		9.99			7.74
CLASS C SHARES	February 28, 2005
Without CDSC			(5.49	)		(5.17	)		10.64			7.79
With CDSC***			(6.49	)		(6.17	)		10.64			7.79
INSTITUTIONAL CLASS SHARES	February 28, 2005		(5.04	)		(4.24	)		11.75			8.88
SELECT CLASS SHARES	February 28, 2005		(5.13	)		(4.46	)		11.47			8.60

* 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 (12/31/05 TO 12/31/15)

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 Value Advantage Fund, the Russell 3000 Value Index and the Lipper Multi-Cap Value Funds Index from December 31, 2005 to December 31, 2015. 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.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 15

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.0%
		Consumer Discretionary — 18.5%
		Automobiles — 1.0%
	283	Tesla Motors, Inc. (a)		67,923
		Hotels, Restaurants & Leisure — 3.5%
	3,706	Hilton Worldwide Holdings, Inc.		79,300
	1,125	Norwegian Cruise Line Holdings Ltd. (a)		65,913
	1,395	Starbucks Corp.		83,754
				228,967
		Household Durables — 1.9%
	633	Mohawk Industries, Inc. (a)		119,884
		Internet & Catalog Retail — 6.9%
	332	Amazon.com, Inc. (a)		224,666
	651	Netflix, Inc. (a)		74,461
	72	Priceline Group, Inc. (The) (a)		92,306
	1,202	Wayfair, Inc., Class A (a)		57,216
				448,649
		Multiline Retail — 1.3%
	1,135	Dollar General Corp.		81,536
		Specialty Retail — 3.9%
	1,192	GameStop Corp., Class A		33,413
	960	Home Depot, Inc. (The)		126,973
	492	Ulta Salon Cosmetics & Fragrance, Inc. (a)		90,983
				251,369
		Total Consumer Discretionary		1,198,328
		Consumer Staples — 1.6%
		Beverages — 0.9%
	389	Monster Beverage Corp. (a)		57,931
		Food & Staples Retailing — 0.7%
	1,684	Sprouts Farmers Market, Inc. (a)		44,790
		Total Consumer Staples		102,721
		Energy — 1.5%
		Oil, Gas & Consumable Fuels — 1.5%
	874	Concho Resources, Inc. (a)		81,178
	713	Range Resources Corp.		17,550
		Total Energy		98,728
		Financials — 7.7%
		Banks — 1.7%
	919	East West Bancorp, Inc.		38,206
	460	Signature Bank (a)		70,520
				108,726
		Capital Markets — 2.8%
	347	Affiliated Managers Group, Inc. (a)		55,405

SHARES		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
	2,155	Charles Schwab Corp. (The)		70,964
	1,217	Lazard Ltd., (Bermuda), Class A		54,759
				181,128
		Diversified Financial Services — 1.3%
	848	McGraw Hill Financial, Inc.		83,556
		Insurance — 0.4%
	393	AmTrust Financial Services, Inc.		24,172
		Real Estate Management & Development — 1.5%
	2,817	CBRE Group, Inc., Class A (a)		97,412
		Total Financials		494,994
		Health Care — 17.1%
		Biotechnology — 8.1%
	1,045	Celgene Corp. (a)		125,089
	1,382	Gilead Sciences, Inc.		139,834
	591	Kite Pharma, Inc. (a)		36,430
	263	Regeneron Pharmaceuticals, Inc. (a)		142,612
	630	Vertex Pharmaceuticals, Inc. (a)		79,223
				523,188
		Health Care Equipment & Supplies — 0.3%
	1,566	Novadaq Technologies, Inc., (Canada) (a)		19,955
		Health Care Providers & Services — 5.1%
	1,017	Acadia Healthcare Co., Inc. (a)		63,534
	398	Aetna, Inc.		43,032
	1,691	Envision Healthcare Holdings, Inc. (a)		43,926
	287	Humana, Inc.		51,179
	1,117	UnitedHealth Group, Inc.		131,345
				333,016
		Health Care Technology — 0.7%
	1,623	Veeva Systems, Inc., Class A (a)		46,826
		Life Sciences Tools & Services — 1.5%
	506	Illumina, Inc. (a)		97,028
		Pharmaceuticals — 1.4%
	967	Revance Therapeutics, Inc. (a)		33,029
	545	Valeant Pharmaceuticals International, Inc. (a)		55,399
				88,428
		Total Health Care		1,108,441
		Industrials — 12.4%
		Airlines — 1.1%
	1,379	Delta Air Lines, Inc.		69,922
		Building Products — 2.9%
	678	Advanced Drainage Systems, Inc.		16,283

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Building Products — continued
	808	Caesarstone Sdot-Yam Ltd., (Israel) (a)		35,032
	1,224	Fortune Brands Home & Security, Inc.		67,938
	545	Lennox International, Inc.		68,070
				187,323
		Commercial Services & Supplies — 2.1%
	551	Stericycle, Inc. (a)		66,499
	1,211	Waste Connections, Inc.		68,214
				134,713
		Electrical Equipment — 2.7%
	617	Acuity Brands, Inc.		144,278
	572	SolarCity Corp. (a)		29,199
				173,477
		Industrial Conglomerates — 1.1%
	840	Carlisle Cos., Inc.		74,464
		Road & Rail — 0.4%
	496	Old Dominion Freight Line, Inc. (a)		29,313
		Trading Companies & Distributors — 2.1%
	2,826	HD Supply Holdings, Inc. (a)		84,862
	414	Watsco, Inc.		48,480
				133,342
		Total Industrials		802,554
		Information Technology — 34.1%
		Communications Equipment — 3.7%
	1,065	Arista Networks, Inc. (a)		82,915
	1,265	Harris Corp.		109,885
	246	Palo Alto Networks, Inc. (a)		43,401
				236,201
		Electronic Equipment, Instruments & Components — 0.8%
	1,017	Amphenol Corp., Class A		53,113
		Internet Software & Services — 10.2%
	443	Alphabet, Inc., Class C (a)		336,491
	260	CoStar Group, Inc. (a)		53,719
	2,581	Facebook, Inc., Class A (a)		270,106
				660,316
		IT Services — 6.3%
	557	Gartner, Inc. (a)		50,511
	1,315	MasterCard, Inc., Class A		128,009
	1,857	PayPal Holdings, Inc. (a)		67,231
	1,393	VeriFone Systems, Inc. (a)		39,029
	1,604	Visa, Inc., Class A		124,351
				409,131

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — 3.3%
	638	Avago Technologies Ltd., (Singapore)		92,649
	462	Lam Research Corp.		36,716
	990	NXP Semiconductors N.V., (Netherlands) (a)		83,408
				212,773
		Software — 7.3%
	641	Adobe Systems, Inc. (a)		60,206
	1,283	Electronic Arts, Inc. (a)		88,175
	970	Guidewire Software, Inc. (a)		58,349
	1,552	Microsoft Corp.		86,094
	978	Mobileye N.V., (Israel) (a)		41,362
	619	ServiceNow, Inc. (a)		53,572
	533	Splunk, Inc. (a)		31,328
	703	Workday, Inc., Class A (a)		56,039
				475,125
		Technology Hardware, Storage & Peripherals — 2.5%
	1,511	Apple, Inc.		159,064
	158	Nimble Storage, Inc. (a)		1,451
				160,515
		Total Information Technology		2,207,174
		Materials — 4.1%
		Chemicals — 2.8%
	457	Air Products & Chemicals, Inc.		59,421
	633	PPG Industries, Inc.		62,593
	215	Sherwin-Williams Co. (The)		55,892
				177,906
		Construction Materials — 1.3%
	612	Eagle Materials, Inc.		36,959
	516	Vulcan Materials Co.		48,957
				85,916
		Total Materials		263,822
		Total Common Stocks (Cost $4,895,537)		6,276,762
	Short-Term Investment — 2.6%
		Investment Company — 2.6%
	170,071	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $170,071)		170,071
		Total Investments — 99.6% (Cost $5,065,608)		6,446,833
		Other Assets in Excess of Liabilities — 0.4%		27,743
		NET ASSETS — 100.0%	$	6,474,576

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.3%
		Consumer Discretionary — 19.5%
		Automobiles — 0.5%
	62	Tesla Motors, Inc. (a)		14,761
		Distributors — 0.5%
	188	Genuine Parts Co.		16,131
		Hotels, Restaurants & Leisure — 2.7%
	356	Aramark		11,468
	16	Chipotle Mexican Grill, Inc. (a)		7,870
	1,234	Hilton Worldwide Holdings, Inc.		26,397
	165	Marriott International, Inc., Class A		11,073
	463	Norwegian Cruise Line Holdings Ltd. (a)		27,113
	30	Starwood Hotels & Resorts Worldwide, Inc.		2,086
				86,007
		Household Durables — 3.1%
	370	Jarden Corp. (a)		21,122
	337	Mohawk Industries, Inc. (a)		63,744
	425	Toll Brothers, Inc. (a)		14,142
				99,008
		Internet & Catalog Retail — 1.8%
	179	Expedia, Inc.		22,246
	107	Netflix, Inc. (a)		12,239
	118	TripAdvisor, Inc. (a)		10,043
	302	Wayfair, Inc., Class A (a)		14,362
				58,890
		Media — 1.3%
	196	CBS Corp. (Non-Voting), Class B		9,246
	264	DISH Network Corp., Class A (a)		15,076
	472	TEGNA, Inc.		12,056
	357	Time, Inc.		5,595
				41,973
		Multiline Retail — 2.0%
	443	Dollar General Corp.		31,817
	464	Kohl’s Corp.		22,116
	210	Nordstrom, Inc.		10,472
				64,405
		Specialty Retail — 6.5%
	25	AutoZone, Inc. (a)		18,615
	274	Bed Bath & Beyond, Inc. (a)		13,219
	522	Best Buy Co., Inc.		15,886
	353	GameStop Corp., Class A		9,909
	573	Gap, Inc. (The)		14,161
	225	L Brands, Inc.		21,521
	92	O’Reilly Automotive, Inc. (a)		23,416

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	371	Ross Stores, Inc.		19,974
	208	Tiffany & Co.		15,888
	195	Tractor Supply Co.		16,681
	164	Ulta Salon Cosmetics & Fragrance, Inc. (a)		30,359
	155	Williams-Sonoma, Inc.		9,064
				208,693
		Textiles, Apparel & Luxury Goods — 1.1%
	344	Gildan Activewear, Inc., (Canada)		9,790
	163	PVH Corp.		12,010
	234	V.F. Corp.		14,536
				36,336
		Total Consumer Discretionary		626,204
		Consumer Staples — 4.4%
		Beverages — 1.9%
	100	Constellation Brands, Inc., Class A		14,278
	188	Dr. Pepper Snapple Group, Inc.		17,537
	204	Monster Beverage Corp. (a)		30,373
				62,188
		Food & Staples Retailing — 1.6%
	544	Kroger Co. (The)		22,744
	1,629	Rite Aid Corp. (a)		12,772
	596	Sprouts Farmers Market, Inc. (a)		15,840
				51,356
		Food Products — 0.3%
	123	Hershey Co. (The)		11,022
		Household Products — 0.2%
	161	Energizer Holdings, Inc.		5,481
		Personal Products — 0.4%
	153	Edgewell Personal Care Co.		11,992
		Total Consumer Staples		142,039
		Energy — 3.3%
		Oil, Gas & Consumable Fuels — 3.3%
	947	Columbia Pipeline Group, Inc.		18,934
	239	Concho Resources, Inc. (a)		22,221
	582	Energen Corp.		23,846
	398	EQT Corp.		20,771
	263	PBF Energy, Inc., Class A		9,691
	183	Range Resources Corp.		4,496
	736	Southwestern Energy Co. (a)		5,230
		Total Energy		105,189

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Financials — 20.8%
		Banks — 4.5%
	507	Citizens Financial Group, Inc.		13,266
	353	East West Bancorp, Inc.		14,666
	1,083	Fifth Third Bancorp		21,776
	175	First Republic Bank		11,564
	556	Huntington Bancshares, Inc.		6,146
	227	M&T Bank Corp.		27,481
	157	Signature Bank (a)		24,033
	515	SunTrust Banks, Inc.		22,062
	170	Zions Bancorporation		4,649
				145,643
		Capital Markets — 4.1%
	132	Affiliated Managers Group, Inc. (a)		21,025
	164	Ameriprise Financial, Inc.		17,402
	417	Invesco Ltd.		13,970
	375	Lazard Ltd., (Bermuda), Class A		16,883
	169	Legg Mason, Inc.		6,644
	153	Northern Trust Corp.		11,057
	232	Oaktree Capital Group LLC		11,071
	247	T. Rowe Price Group, Inc.		17,649
	447	TD Ameritrade Holding Corp.		15,522
				131,223
		Consumer Finance — 0.3%
	534	Ally Financial, Inc. (a)		9,949
		Diversified Financial Services — 1.0%
	339	McGraw Hill Financial, Inc.		33,459
		Insurance — 4.3%
	23	Alleghany Corp. (a)		10,761
	125	Chubb Corp. (The)		16,569
	425	Hartford Financial Services Group, Inc. (The)		18,462
	641	Loews Corp.		24,606
	395	Marsh & McLennan Cos., Inc.		21,880
	215	Progressive Corp. (The)		6,852
	433	Unum Group		14,428
	120	W.R. Berkley Corp.		6,578
	462	XL Group plc, (Ireland)		18,115
				138,251
		Real Estate Investment Trusts (REITs) — 5.4%
	275	American Campus Communities, Inc.		11,382
	394	American Homes 4 Rent, Class A		6,563
	106	AvalonBay Communities, Inc.		19,430
	92	Boston Properties, Inc.		11,702
	553	Brixmor Property Group, Inc.		14,283

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	539	General Growth Properties, Inc.		14,666
	232	HCP, Inc.		8,874
	701	Kimco Realty Corp.		18,536
	177	LaSalle Hotel Properties		4,448
	374	Outfront Media, Inc.		8,159
	393	Rayonier, Inc.		8,716
	160	Regency Centers Corp.		10,907
	178	Vornado Realty Trust		17,800
	413	Weyerhaeuser Co.		12,393
	76	WP Carey, Inc.		4,508
				172,367
		Real Estate Management & Development — 1.2%
	1,074	CBRE Group, Inc., Class A (a)		37,125
		Total Financials		668,017
		Health Care — 9.7%
		Biotechnology — 1.8%
	199	BioMarin Pharmaceutical, Inc. (a)		20,847
	98	Incyte Corp. (a)		10,639
	45	Intercept Pharmaceuticals, Inc. (a)		6,765
	137	Kite Pharma, Inc. (a)		8,442
	88	Vertex Pharmaceuticals, Inc. (a)		11,111
				57,804
		Health Care Equipment & Supplies — 1.0%
	111	Edwards Lifesciences Corp. (a)		8,783
	223	Sirona Dental Systems, Inc. (a)		24,445
				33,228
		Health Care Providers & Services — 4.8%
	311	Acadia Healthcare Co., Inc. (a)		19,431
	194	AmerisourceBergen Corp.		20,071
	146	Cigna Corp.		21,313
	689	Envision Healthcare Holdings, Inc. (a)		17,883
	79	Henry Schein, Inc. (a)		12,428
	251	Humana, Inc.		44,789
	303	Premier, Inc., Class A (a)		10,673
	80	Universal Health Services, Inc., Class B		9,607
				156,195
		Health Care Technology — 0.7%
	467	Inovalon Holdings, Inc., Class A (a)		7,935
	465	Veeva Systems, Inc., Class A (a)		13,424
				21,359
		Life Sciences Tools & Services — 0.7%
	115	Illumina, Inc. (a)		22,012

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 19

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — 0.7%
	112	Jazz Pharmaceuticals plc, (Ireland) (a)		15,743
	55	Valeant Pharmaceuticals International, Inc. (a)		5,550
				21,293
		Total Health Care		311,891
		Industrials — 13.5%
		Airlines — 1.2%
	730	Delta Air Lines, Inc.		37,024
		Building Products — 2.4%
	206	A.O. Smith Corp.		15,759
	695	Fortune Brands Home & Security, Inc.		38,549
	193	Lennox International, Inc.		24,043
				78,351
		Commercial Services & Supplies — 1.5%
	192	Stericycle, Inc. (a)		23,174
	449	Waste Connections, Inc.		25,282
				48,456
		Electrical Equipment — 2.8%
	173	Acuity Brands, Inc.		40,541
	275	AMETEK, Inc.		14,719
	180	Hubbell, Inc.		18,150
	168	Regal Beloit Corp.		9,827
	145	SolarCity Corp. (a)		7,413
				90,650
		Industrial Conglomerates — 1.3%
	460	Carlisle Cos., Inc.		40,817
		Machinery — 2.0%
	228	IDEX Corp.		17,452
	151	Middleby Corp. (The) (a)		16,278
	411	Rexnord Corp. (a)		7,456
	89	Snap-on, Inc.		15,254
	73	WABCO Holdings, Inc. (a)		7,475
				63,915
		Professional Services — 0.4%
	123	Equifax, Inc.		13,699
		Road & Rail — 0.3%
	155	Old Dominion Freight Line, Inc. (a)		9,126
		Trading Companies & Distributors — 1.6%
	786	HD Supply Holdings, Inc. (a)		23,615
	246	MSC Industrial Direct Co., Inc., Class A		13,835
	121	Watsco, Inc.		14,167
				51,617
		Total Industrials		433,655

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 17.1%
		Communications Equipment — 2.8%
	307	Arista Networks, Inc. (a)		23,889
	401	Ciena Corp. (a)		8,305
	314	CommScope Holding Co., Inc. (a)		8,127
	367	Harris Corp.		31,901
	99	Palo Alto Networks, Inc. (a)		17,402
				89,624
		Electronic Equipment, Instruments & Components — 2.2%
	790	Amphenol Corp., Class A		41,261
	436	Arrow Electronics, Inc. (a)		23,636
	248	Fitbit, Inc., Class A (a)		7,324
				72,221
		Internet Software & Services — 0.6%
	97	CoStar Group, Inc. (a)		19,966
	70	Match Group, Inc. (a)		954
				20,920
		IT Services — 3.3%
	84	Alliance Data Systems Corp. (a)		23,121
	229	Gartner, Inc. (a)		20,770
	384	Jack Henry & Associates, Inc.		30,009
	356	Vantiv, Inc., Class A (a)		16,901
	498	VeriFone Systems, Inc. (a)		13,962
				104,763
		Semiconductors & Semiconductor Equipment — 3.1%
	244	Analog Devices, Inc.		13,518
	104	Avago Technologies Ltd., (Singapore)		15,154
	89	Cavium, Inc. (a)		5,830
	146	KLA-Tencor Corp.		10,096
	208	Lam Research Corp.		16,495
	256	NXP Semiconductors N.V., (Netherlands) (a)		21,560
	363	Xilinx, Inc.		17,035
				99,688
		Software — 5.1%
	280	Atlassian Corp. plc, (United Kingdom), Class A (a)		8,416
	470	Electronic Arts, Inc. (a)		32,305
	284	Guidewire Software, Inc. (a)		17,097
	317	Mobileye N.V., (Israel) (a)		13,407
	259	ServiceNow, Inc. (a)		22,428
	233	Splunk, Inc. (a)		13,709
	508	Synopsys, Inc. (a)		23,180
	162	Tableau Software, Inc., Class A (a)		15,283
	238	Workday, Inc., Class A (a)		18,932
				164,757
		Total Information Technology		551,973

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Materials — 4.6%
		Chemicals — 2.2%
	93	Airgas, Inc.		12,873
	174	Albemarle Corp.		9,745
	120	PPG Industries, Inc.		11,809
	144	Sherwin-Williams Co. (The)		37,372
				71,799
		Construction Materials — 0.9%
	263	Eagle Materials, Inc.		15,863
	146	Vulcan Materials Co.		13,818
				29,681
		Containers & Packaging — 1.5%
	192	Ball Corp.		13,999
	358	Silgan Holdings, Inc.		19,248
	327	WestRock Co.		14,897
				48,144
		Total Materials		149,624
		Utilities — 4.4%
		Electric Utilities — 1.6%
	231	Edison International		13,695
	451	Westar Energy, Inc.		19,114
	499	Xcel Energy, Inc.		17,912
				50,721

SHARES		SECURITY DESCRIPTION	VALUE($)
		Gas Utilities — 0.9%
	197	National Fuel Gas Co.		8,413
	1,039	Questar Corp.		20,230
				28,643
		Multi-Utilities — 1.9%
	1,081	CenterPoint Energy, Inc.		19,853
	484	CMS Energy Corp.		17,461
	102	Sempra Energy		9,617
	285	WEC Energy Group, Inc.		14,638
				61,569
		Total Utilities		140,933
		Total Common Stocks (Cost $2,522,806)		3,129,525
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	85,656	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $85,656)		85,656
		Total Investments — 100.0% (Cost $2,608,462)		3,215,181
		Other Assets in Excess of Liabilities — 0.0% (g)		580
		NET ASSETS — 100.0%	$	3,215,761

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 21

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
			Consumer Discretionary — 21.6%
			Automobiles — 0.9%
	108		Tesla Motors, Inc. (a)		25,813
			Hotels, Restaurants & Leisure — 4.4%
	619		Aramark		19,975
	28		Chipotle Mexican Grill, Inc. (a)		13,471
	2,146		Hilton Worldwide Holdings, Inc.		45,932
	806		Norwegian Cruise Line Holdings Ltd. (a)		47,206
					126,584
			Household Durables — 3.1%
	337		Mohawk Industries, Inc. (a)		63,838
	742		Toll Brothers, Inc. (a)		24,699
					88,537
			Internet & Catalog Retail — 2.2%
	189		Netflix, Inc. (a)		21,644
	207		TripAdvisor, Inc. (a)		17,606
	528	��	Wayfair, Inc., Class A (a)		25,159
					64,409
			Multiline Retail — 1.9%
	770		Dollar General Corp.		55,364
			Specialty Retail — 8.0%
	617		GameStop Corp., Class A		17,287
	391		L Brands, Inc.		37,508
	161		O’Reilly Automotive, Inc. (a)		40,817
	656		Ross Stores, Inc.		35,315
	340		Tractor Supply Co.		29,107
	285		Ulta Salon Cosmetics & Fragrance, Inc. (a)		52,811
	272		Williams-Sonoma, Inc.		15,903
					228,748
			Textiles, Apparel & Luxury Goods — 1.1%
	604		Gildan Activewear, Inc., (Canada)		17,170
	222		V.F. Corp.		13,813
					30,983
			Total Consumer Discretionary		620,438
			Consumer Staples — 2.8%
			Beverages — 1.8%
	355		Monster Beverage Corp. (a)		52,835
			Food & Staples Retailing — 1.0%
	1,041		Sprouts Farmers Market, Inc. (a)		27,674
			Total Consumer Staples		80,509

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 1.6%
		Oil, Gas & Consumable Fuels — 1.6%
	420	Concho Resources, Inc. (a)		39,031
	327	Range Resources Corp.		8,038
		Total Energy		47,069
		Financials — 10.3%
		Banks — 2.1%
	463	East West Bancorp, Inc.		19,253
	259	Signature Bank (a)		39,700
				58,953
		Capital Markets — 3.9%
	229	Affiliated Managers Group, Inc. (a)		36,619
	660	Lazard Ltd., (Bermuda), Class A		29,688
	405	Oaktree Capital Group LLC		19,326
	776	TD Ameritrade Holding Corp.		26,926
				112,559
		Diversified Financial Services — 2.0%
	592	McGraw Hill Financial, Inc.		58,313
		Real Estate Management & Development — 2.3%
	1,866	CBRE Group, Inc., Class A (a)		64,527
		Total Financials		294,352
		Health Care — 13.9%
		Biotechnology — 3.6%
	350	BioMarin Pharmaceutical, Inc. (a)		36,635
	172	Incyte Corp. (a)		18,618
	80	Intercept Pharmaceuticals, Inc. (a)		11,914
	240	Kite Pharma, Inc. (a)		14,807
	155	Vertex Pharmaceuticals, Inc. (a)		19,540
				101,514
		Health Care Equipment & Supplies — 2.0%
	195	Edwards Lifesciences Corp. (a)		15,417
	389	Sirona Dental Systems, Inc. (a)		42,570
				57,987
		Health Care Providers & Services — 4.4%
	542	Acadia Healthcare Co., Inc. (a)		33,862
	1,201	Envision Healthcare Holdings, Inc. (a)		31,194
	231	Humana, Inc.		41,287
	530	Premier, Inc., Class A (a)		18,710
				125,053
		Health Care Technology — 1.3%
	780	Inovalon Holdings, Inc., Class A (a)		13,268
	814	Veeva Systems, Inc., Class A (a)		23,482
				36,750

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — 1.3%
	200	Illumina, Inc. (a)		38,385
		Pharmaceuticals — 1.3%
	195	Jazz Pharmaceuticals plc, (Ireland) (a)		27,475
	98	Valeant Pharmaceuticals International, Inc. (a)		9,911
				37,386
		Total Health Care		397,075
		Industrials — 17.7%
		Airlines — 2.2%
	1,270	Delta Air Lines, Inc.		64,365
		Building Products — 3.9%
	359	A.O. Smith Corp.		27,518
	742	Fortune Brands Home & Security, Inc.		41,170
	335	Lennox International, Inc.		41,858
				110,546
		Commercial Services & Supplies — 2.9%
	335	Stericycle, Inc. (a)		40,376
	782	Waste Connections, Inc.		44,029
				84,405
		Electrical Equipment — 2.9%
	304	Acuity Brands, Inc.		71,012
	258	SolarCity Corp. (a)		13,148
				84,160
		Industrial Conglomerates — 1.4%
	455	Carlisle Cos., Inc.		40,312
		Machinery — 1.5%
	263	Middleby Corp. (The) (a)		28,418
	129	WABCO Holdings, Inc. (a)		13,151
				41,569
		Road & Rail — 0.6%
	268	Old Dominion Freight Line, Inc. (a)		15,831
		Trading Companies & Distributors — 2.3%
	1,369	HD Supply Holdings, Inc. (a)		41,122
	209	Watsco, Inc.		24,537
				65,659
		Total Industrials		506,847
		Information Technology — 24.8%
		Communications Equipment — 5.0%
	535	Arista Networks, Inc. (a)		41,623
	711	Ciena Corp. (a)		14,707
	639	Harris Corp.		55,492
	175	Palo Alto Networks, Inc. (a)		30,792
				142,614

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — 2.1%
	876	Amphenol Corp., Class A		45,771
	436	Fitbit, Inc., Class A (a)		12,915
				58,686
		Internet Software & Services — 1.2%
	168	CoStar Group, Inc. (a)		34,802
		IT Services — 4.5%
	146	Alliance Data Systems Corp. (a)		40,293
	399	Gartner, Inc. (a)		36,205
	625	Vantiv, Inc., Class A (a)		29,649
	835	VeriFone Systems, Inc. (a)		23,387
				129,534
		Semiconductors & Semiconductor Equipment — 3.4%
	183	Avago Technologies Ltd., (Singapore)		26,495
	157	Cavium, Inc. (a)		10,331
	307	Lam Research Corp.		24,373
	446	NXP Semiconductors N.V., (Netherlands) (a)		37,581
				98,780
		Software — 8.6%
	485	Atlassian Corp. plc, (United Kingdom), Class A (a)		14,583
	818	Electronic Arts, Inc. (a)		56,179
	496	Guidewire Software, Inc. (a)		29,847
	554	Mobileye N.V., (Israel) (a)		23,441
	451	ServiceNow, Inc. (a)		39,080
	407	Splunk, Inc. (a)		23,955
	287	Tableau Software, Inc., Class A (a)		27,039
	414	Workday, Inc., Class A (a)		33,012
				247,136
		Total Information Technology		711,552
		Materials — 4.1%
		Chemicals — 2.3%
	209	PPG Industries, Inc.		20,665
	172	Sherwin-Williams Co. (The)		44,584
				65,249
		Construction Materials — 1.8%
	458	Eagle Materials, Inc.		27,667
	254	Vulcan Materials Co.		24,147
				51,814
		Total Materials		117,063
		Total Common Stocks (Cost $2,412,730)		2,774,905

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 23

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION		VALUE($)
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	94,931	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $94,931)			94,931
		Total Investments — 100.1% (Cost $2,507,661)			2,869,836
		Liabilities in Excess of Other Assets — (0.1)%			(3,825	)
			��
		NET ASSETS — 100.0%		$	2,866,011

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.2%
		Consumer Discretionary — 17.6%
		Distributors — 1.0%
	1,768	Genuine Parts Co.		151,822
		Hotels, Restaurants & Leisure — 0.9%
	1,583	Marriott International, Inc., Class A		106,153
	292	Starwood Hotels & Resorts Worldwide, Inc.		20,255
				126,408
		Household Durables — 3.2%
	3,548	Jarden Corp. (a)		202,639
	1,370	Mohawk Industries, Inc. (a)		259,441
				462,080
		Internet & Catalog Retail — 1.4%
	1,686	Expedia, Inc.		209,579
		Media — 2.7%
	1,867	CBS Corp. (Non-Voting), Class B		87,996
	2,521	DISH Network Corp., Class A (a)		144,148
	4,485	TEGNA, Inc.		114,462
	3,340	Time, Inc.		52,331
				398,937
		Multiline Retail — 2.1%
	4,442	Kohl’s Corp.		211,550
	2,009	Nordstrom, Inc.		100,068
				311,618
		Specialty Retail — 5.1%
	237	AutoZone, Inc. (a)		175,961
	2,641	Bed Bath & Beyond, Inc. (a)		127,438
	5,053	Best Buy Co., Inc.		153,879
	5,478	Gap, Inc. (The)		135,307
	1,978	Tiffany & Co.		150,887
				743,472
		Textiles, Apparel & Luxury Goods — 1.2%
	1,530	PVH Corp.		112,707
	1,067	V.F. Corp.		66,444
				179,151
		Total Consumer Discretionary		2,583,067
		Consumer Staples — 6.2%
		Beverages — 2.1%
	942	Constellation Brands, Inc., Class A		134,209
	1,886	Dr. Pepper Snapple Group, Inc.		175,808
				310,017
		Food & Staples Retailing — 2.3%
	5,115	Kroger Co. (The)		213,977

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — continued
	15,560	Rite Aid Corp. (a)		121,990
				335,967
		Food Products — 0.7%
	1,184	Hershey Co. (The)		105,658
		Household Products — 0.3%
	1,543	Energizer Holdings, Inc.		52,542
		Personal Products — 0.8%
	1,463	Edgewell Personal Care Co.		114,636
		Total Consumer Staples		918,820
		Energy — 4.9%
		Oil, Gas & Consumable Fuels — 4.9%
	8,881	Columbia Pipeline Group, Inc.		177,624
	5,408	Energen Corp.		221,670
	3,703	EQT Corp.		193,036
	2,503	PBF Energy, Inc., Class A		92,130
	4,179	Southwestern Energy Co. (a)		29,710
		Total Energy		714,170
		Financials — 32.4%
		Banks — 7.2%
	4,791	Citizens Financial Group, Inc.		125,479
	11,271	Fifth Third Bancorp		226,551
	1,965	First Republic Bank		129,827
	5,177	Huntington Bancshares, Inc.		57,257
	2,143	M&T Bank Corp.		259,742
	5,028	SunTrust Banks, Inc.		215,415
	1,631	Zions Bancorporation		44,514
				1,058,785
		Capital Markets — 4.4%
	1,655	Ameriprise Financial, Inc.		176,124
	3,935	Invesco Ltd.		131,754
	1,751	Legg Mason, Inc.		68,687
	1,450	Northern Trust Corp.		104,554
	2,309	T. Rowe Price Group, Inc.		165,103
				646,222
		Consumer Finance — 0.7%
	4,995	Ally Financial, Inc. (a)		93,110
		Insurance — 9.0%
	214	Alleghany Corp. (a)		102,246
	1,207	Chubb Corp. (The)		160,127
	4,083	Hartford Financial Services Group, Inc. (The)		177,436
	6,215	Loews Corp.		238,658
	3,701	Marsh & McLennan Cos., Inc.		205,223

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 25

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	2,066	Progressive Corp. (The)		65,698
	4,150	Unum Group		138,151
	1,153	W.R. Berkley Corp.		63,126
	4,448	XL Group plc, (Ireland)		174,272
				1,324,937
		Real Estate Investment Trusts (REITs) — 11.1%
	2,601	American Campus Communities, Inc.		107,540
	3,689	American Homes 4 Rent, Class A		61,465
	1,007	AvalonBay Communities, Inc.		185,480
	872	Boston Properties, Inc.		111,151
	5,251	Brixmor Property Group, Inc.		135,586
	5,105	General Growth Properties, Inc.		138,901
	2,193	HCP, Inc.		83,842
	6,696	Kimco Realty Corp.		177,165
	1,672	LaSalle Hotel Properties		42,060
	3,528	Outfront Media, Inc.		77,006
	3,699	Rayonier, Inc.		82,119
	1,517	Regency Centers Corp.		103,336
	2,225	Starwood Property Trust, Inc.		45,746
	1,683	Vornado Realty Trust		168,209
	3,898	Weyerhaeuser Co.		116,853
				1,636,459
		Total Financials		4,759,513
		Health Care — 5.4%
		Health Care Providers & Services — 5.4%
	1,821	AmerisourceBergen Corp.		188,885
	1,395	Cigna Corp.		204,143
	727	Henry Schein, Inc. (a)		115,045
	1,131	Humana, Inc.		201,837
	769	Universal Health Services, Inc., Class B		91,888
		Total Health Care		801,798
		Industrials — 9.1%
		Building Products — 1.0%
	2,564	Fortune Brands Home & Security, Inc.		142,290
		Electrical Equipment — 2.7%
	2,612	AMETEK, Inc.		139,973
	1,705	Hubbell, Inc.		172,239
	1,578	Regal Beloit Corp.		92,331
				404,543
		Industrial Conglomerates — 1.1%
	1,887	Carlisle Cos., Inc.		167,322

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — 2.6%
	2,179	IDEX Corp.		166,913
	3,890	Rexnord Corp. (a)		70,479
	833	Snap-on, Inc.		142,886
				380,278
		Professional Services — 0.9%
	1,144	Equifax, Inc.		127,407
		Trading Companies & Distributors — 0.8%
	2,153	MSC Industrial Direct Co., Inc., Class A		121,155
		Total Industrials		1,342,995
		Information Technology — 9.1%
		Communications Equipment — 0.5%
	2,912	CommScope Holding Co., Inc. (a)		75,404
		Electronic Equipment, Instruments & Components — 2.5%
	2,661	Amphenol Corp., Class A		139,000
	4,182	Arrow Electronics, Inc. (a)		226,567
				365,567
		Internet Software & Services — 0.0% (g)
	654	Match Group, Inc. (a)		8,858
		IT Services — 1.9%
	3,571	Jack Henry & Associates, Inc.		278,791
		Semiconductors & Semiconductor Equipment — 2.7%
	2,489	Analog Devices, Inc.		137,670
	1,376	KLA-Tencor Corp.		95,392
	3,373	Xilinx, Inc.		158,444
				391,506
		Software — 1.5%
	4,793	Synopsys, Inc. (a)		218,628
		Total Information Technology		1,338,754
		Materials — 5.3%
		Chemicals — 2.2%
	866	Airgas, Inc.		119,747
	1,638	Albemarle Corp.		91,767
	435	Sherwin-Williams Co. (The)		112,889
				324,403
		Containers & Packaging — 3.1%
	1,815	Ball Corp.		132,023
	3,450	Silgan Holdings, Inc.		185,324
	3,031	WestRock Co.		138,269
				455,616
		Total Materials		780,019

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 9.2%
		Electric Utilities — 3.3%
	2,239	Edison International		132,563
	4,302	Westar Energy, Inc.		182,468
	4,756	Xcel Energy, Inc.		170,775
				485,806
		Gas Utilities — 1.9%
	1,863	National Fuel Gas Co.		79,653
	9,821	Questar Corp.		191,312
				270,965
		Multi-Utilities — 4.0%
	10,427	CenterPoint Energy, Inc.		191,435
	4,664	CMS Energy Corp.		168,269
	969	Sempra Energy		91,051
	2,698	WEC Energy Group, Inc.		138,439
				589,194
		Total Utilities		1,345,965
		Total Common Stocks (Cost $10,206,788)		14,585,101

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	180,998	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $180,998)		180,998
		Total Investments — 100.4% (Cost $10,387,786)		14,766,099
		Liabilities in Excess of Other Assets — (0.4)%		(65,949	)
		NET ASSETS — 100.0%	$	14,700,150

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS �� 27

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.5%
	Common Stocks — 89.5%
		Consumer Discretionary — 11.4%
		Diversified Consumer Services — 1.0%
	70	ServiceMaster Global Holdings, Inc. (a)		2,754
		Hotels, Restaurants & Leisure — 2.1%
	39	Darden Restaurants, Inc.		2,494
	49	Restaurant Brands International, Inc., (Canada)		1,849
	11	Vail Resorts, Inc.		1,373
				5,716
		Household Durables — 1.4%
	1	NVR, Inc. (a) (j)		1,109
	59	PulteGroup, Inc.		1,048
	47	Toll Brothers, Inc. (a)		1,554
				3,711
		Internet & Catalog Retail — 0.1%
	132	Groupon, Inc. (a)		404
		Media — 0.9%
	14	Sinclair Broadcast Group, Inc., Class A		463
	485	Sirius XM Holdings, Inc. (a)		1,975
	10	Time, Inc.		161
				2,599
		Multiline Retail — 1.9%
	18	Dillard’s, Inc., Class A (j)		1,200
	10	Kohl’s Corp.		488
	25	Macy’s, Inc.		873
	35	Target Corp.		2,509
				5,070
		Specialty Retail — 3.3%
	75	Best Buy Co., Inc. (j)		2,280
	36	GameStop Corp., Class A		1,014
	37	GNC Holdings, Inc., Class A		1,134
	33	Lowe’s Cos., Inc. (j)		2,505
	210	Staples, Inc.		1,985
				8,918
		Textiles, Apparel & Luxury Goods — 0.7%
	7	Carter’s, Inc.		587
	16	Deckers Outdoor Corp. (a) (j)		741
	17	Skechers U.S.A., Inc., Class A (a)		510
				1,838
		Total Consumer Discretionary		31,010
		Consumer Staples — 6.7%
		Beverages — 1.4%
	42	Coca-Cola Enterprises, Inc.		2,083

SHARES		SECURITY DESCRIPTION	VALUE($)
		Beverages — continued
	16	Molson Coors Brewing Co., Class B (j)		1,539
				3,622
		Food & Staples Retailing — 0.8%
	12	Walgreens Boots Alliance, Inc.		990
	20	Wal-Mart Stores, Inc.		1,234
				2,224
		Food Products — 3.4%
	36	Bunge Ltd.		2,434
	29	Ingredion, Inc. (j)		2,767
	115	Pilgrim’s Pride Corp. (j)		2,541
	1	Seaboard Corp. (a)		1,520
				9,262
		Household Products — 0.3%
	26	Energizer Holdings, Inc.		874
		Personal Products — 0.5%
	119	Avon Products, Inc.		483
	17	Herbalife Ltd. (a)		938
				1,421
		Tobacco — 0.3%
	17	Reynolds American, Inc.		796
		Total Consumer Staples		18,199
		Energy — 4.6%
		Energy Equipment & Services — 2.1%
	15	Cameron International Corp. (a)		962
	122	Ensco plc, (United Kingdom), Class A		1,882
	57	Noble Corp. plc, (United Kingdom)		602
	66	Superior Energy Services, Inc.		887
	112	Transocean Ltd., (Switzerland)		1,389
				5,722
		Oil, Gas & Consumable Fuels — 2.5%
	386	Denbury Resources, Inc.		780
	31	Devon Energy Corp.		977
	26	Marathon Oil Corp.		332
	11	Tesoro Corp.		1,142
	33	Valero Energy Corp.		2,333
	26	World Fuel Services Corp.		1,013
	50	WPX Energy, Inc. (a)		286
				6,863
		Total Energy		12,585
		Financials — 3.8%
		Banks — 0.3%
	60	KeyCorp (j)		785

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Capital Markets — 0.6%
	29	E*TRADE Financial Corp. (a)		861
	30	NorthStar Asset Management Group, Inc.		358
	26	WisdomTree Investments, Inc.		402
				1,621
		Consumer Finance — 0.2%
	13	OneMain Holdings, Inc. (a)		531
		Diversified Financial Services — 0.8%
	30	MSCI, Inc.		2,173
		Insurance — 0.4%
	13	Prudential Financial, Inc.		1,079
		Real Estate Investment Trusts (REITs) — 1.1%
	56	Equity Commonwealth (a)		1,543
	87	NorthStar Realty Finance Corp.		1,482
				3,025
		Thrifts & Mortgage Finance — 0.4%
	118	MGIC Investment Corp. (a)		1,045
		Total Financials		10,259
		Health Care — 12.1%
		Biotechnology — 2.9%
	12	Amgen, Inc. (j)		2,002
	27	Gilead Sciences, Inc. (j)		2,777
	8	United Therapeutics Corp. (a)		1,313
	14	Vertex Pharmaceuticals, Inc. (a)		1,728
				7,820
		Health Care Equipment & Supplies — 2.2%
	28	Alere, Inc. (a)		1,109
	10	C.R. Bard, Inc.		1,876
	76	Hologic, Inc. (a) (j)		2,923
				5,908
		Health Care Providers & Services — 6.2%
	6	Aetna, Inc. (j)		665
	2	Anthem, Inc. (j)		293
	17	Cardinal Health, Inc. (j)		1,473
	7	Cigna Corp.		955
	17	Community Health Systems, Inc. (a)		454
	33	Express Scripts Holding Co. (a)		2,863
	36	Health Net, Inc. (a)		2,478
	16	Humana, Inc.		2,780
	26	LifePoint Health, Inc. (a)		1,896
	8	McKesson Corp.		1,602
	22	Molina Healthcare, Inc. (a)		1,347
				16,806

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 0.8%
	3	Jazz Pharmaceuticals plc, (Ireland) (a)		358
	59	Pfizer, Inc. (j)		1,919
				2,277
		Total Health Care		32,811
		Industrials — 15.1%
		Aerospace & Defense — 2.8%
	69	BWX Technologies, Inc. (j)		2,177
	37	Curtiss-Wright Corp.		2,528
	2	General Dynamics Corp. (j)		275
	15	Huntington Ingalls Industries, Inc. (j)		1,893
	15	Spirit AeroSystems Holdings, Inc., Class A (a)		771
				7,644
		Air Freight & Logistics — 0.7%
	40	Expeditors International of Washington, Inc.		1,789
		Airlines — 2.0%
	53	Delta Air Lines, Inc. (j)		2,665
	43	Southwest Airlines Co.		1,859
	15	United Continental Holdings, Inc. (a)		857
				5,381
		Commercial Services & Supplies — 1.5%
	28	KAR Auction Services, Inc.		1,026
	83	Pitney Bowes, Inc.		1,709
	88	R.R. Donnelley & Sons Co.		1,290
				4,025
		Construction & Engineering — 1.3%
	83	AECOM (a) (j)		2,487
	64	KBR, Inc. (j)		1,075
				3,562
		Machinery — 5.0%
	24	AGCO Corp.		1,082
	99	Allison Transmission Holdings, Inc. (j)		2,572
	55	Crane Co.		2,626
	27	Illinois Tool Works, Inc. (j)		2,530
	119	Terex Corp.		2,200
	25	Valmont Industries, Inc.		2,621
				13,631
		Professional Services — 0.6%
	10	Dun & Bradstreet Corp. (The)		1,026
	8	ManpowerGroup, Inc.		677
				1,703

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 29

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Road & Rail — 0.4%
	20	Landstar System, Inc.		1,186
		Trading Companies & Distributors — 0.8%
	50	WESCO International, Inc. (a)		2,171
		Total Industrials		41,092
		Information Technology — 26.1%
		Communications Equipment — 2.5%
	268	Brocade Communications Systems, Inc.		2,458
	111	Ciena Corp. (a)		2,296
	35	Cisco Systems, Inc. (j)		950
	41	Juniper Networks, Inc.		1,137
				6,841
		Electronic Equipment, Instruments & Components — 1.5%
	66	Ingram Micro, Inc., Class A		2,002
	23	SYNNEX Corp. (j)		2,095
				4,097
		Internet Software & Services — 2.9%
	88	eBay, Inc. (a)		2,416
	32	j2 Global, Inc. (j)		2,657
	34	VeriSign, Inc. (a)		2,933
				8,006
		IT Services — 9.1%
	48	Amdocs Ltd. (j)		2,610
	77	Computer Sciences Corp.		2,515
	73	CoreLogic, Inc. (a) (j)		2,463
	44	CSRA, Inc.		1,318
	33	Euronet Worldwide, Inc. (a)		2,397
	16	Global Payments, Inc.		1,055
	20	International Business Machines Corp.		2,732
	57	Leidos Holdings, Inc. (j)		3,179
	64	Teradata Corp. (a)		1,682
	18	Total System Services, Inc.		888
	27	Vantiv, Inc., Class A (a)		1,296
	145	Western Union Co. (The)		2,591
				24,726
		Semiconductors & Semiconductor Equipment — 2.2%
	7	Lam Research Corp.		547
	73	Marvell Technology Group Ltd., (Bermuda)		642
	72	NVIDIA Corp. (j)		2,387
	121	Teradyne, Inc.		2,494
				6,070

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — 5.4%
	39	Activision Blizzard, Inc.		1,495
	114	Cadence Design Systems, Inc. (a)		2,363
	33	Citrix Systems, Inc. (a)		2,532
	20	Fortinet, Inc. (a)		635
	142	Nuance Communications, Inc. (a) (j)		2,815
	27	PTC, Inc. (a)		933
	9	Red Hat, Inc. (a)		785
	40	Take-Two Interactive Software, Inc. (a)		1,407
	29	VMware, Inc., Class A (a)		1,622
				14,587
		Technology Hardware, Storage & Peripherals — 2.5%
	25	Apple, Inc. (j)		2,642
	26	Hewlett Packard Enterprise Co.		397
	26	HP, Inc.		309
	63	NCR Corp. (a)		1,534
	67	NetApp, Inc.		1,784
				6,666
		Total Information Technology		70,993
		Materials — 5.6%
		Chemicals — 2.0%
	61	Cabot Corp.		2,494
	18	LyondellBasell Industries N.V., Class A		1,599
	48	Mosaic Co. (The)		1,335
				5,428
		Containers & Packaging — 1.3%
	17	Crown Holdings, Inc. (a)		846
	59	Sealed Air Corp. (j)		2,638
				3,484
		Metals & Mining — 1.3%
	13	Reliance Steel & Aluminum Co.		777
	151	Steel Dynamics, Inc.		2,704
				3,481
		Paper & Forest Products — 1.0%
	69	Domtar Corp., (Canada)		2,536
	8	International Paper Co.		316
				2,852
		Total Materials		15,245
		Telecommunication Services — 1.6%
		Diversified Telecommunication Services — 1.6%
	54	AT&T, Inc. (j)		1,857
	97	CenturyLink, Inc.		2,433
		Total Telecommunication Services		4,290

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Utilities — 2.5%
		Electric Utilities — 1.1%
	42	Entergy Corp.		2,902
		Gas Utilities — 1.0%
	77	UGI Corp.		2,615
		Independent Power & Renewable Electricity Producers — 0.4%
	125	AES Corp. (j)		1,198
		Total Utilities		6,715
		Total Common Stocks (Cost $242,384)		243,199
	Short-Term Investment — 10.0%
		Investment Company — 10.0%
	27,308	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $27,308)		27,308
		Total Investments — 99.5% (Cost $269,692)		270,507
		Other Assets in Excess of Liabilities — 0.5% (c)		1,510
		NET ASSETS — 100.0%	$	272,017
	Short Positions — 88.9%
	Common Stocks — 88.9%
		Consumer Discretionary — 11.0%
		Automobiles — 0.3%
	3	Tesla Motors, Inc. (a)		756
		Hotels, Restaurants & Leisure — 2.8%
	84	Aramark		2,724
	2	Chipotle Mexican Grill, Inc. (a)		1,092
	10	Domino’s Pizza, Inc.		1,154
	36	Wynn Resorts Ltd.		2,519
				7,489
		Household Durables — 1.0%
	9	Mohawk Industries, Inc. (a)		1,671
	27	Newell Rubbermaid, Inc.		1,176
				2,847
		Internet & Catalog Retail — 0.2%
	7	TripAdvisor, Inc. (a)		614
		Media — 0.5%
	8	AMC Entertainment Holdings, Inc., Class A		198
	7	Charter Communications, Inc., Class A (a)		1,227
				1,425
		Multiline Retail — 1.6%
	32	Dollar Tree, Inc. (a)		2,481
	38	Nordstrom, Inc.		1,869
				4,350

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 3.1%
	54	Cabela’s, Inc. (a)		2,519
	27	CarMax, Inc. (a)		1,479
	32	DSW, Inc., Class A		770
	23	Restoration Hardware Holdings, Inc. (a)		1,855
	6	Signet Jewelers Ltd.		738
	14	Tractor Supply Co.		1,168
				8,529
		Textiles, Apparel & Luxury Goods — 1.5%
	125	Kate Spade & Co. (a)		2,225
	23	Under Armour, Inc., Class A (a)		1,814
				4,039
		Total Consumer Discretionary		30,049
		Consumer Staples — 8.4%
		Beverages — 2.6%
	13	Boston Beer Co., Inc. (The), Class A (a)		2,564
	27	Brown-Forman Corp., Class B		2,652
	13	Constellation Brands, Inc., Class A		1,859
				7,075
		Food & Staples Retailing — 1.1%
	28	Sprouts Farmers Market, Inc. (a)		753
	58	United Natural Foods, Inc. (a)		2,271
				3,024
		Food Products — 3.0%
	45	Hain Celestial Group, Inc. (The) (a)		1,798
	27	Hershey Co. (The)		2,417
	13	McCormick & Co., Inc. (Non-Voting)		1,154
	69	WhiteWave Foods Co. (The) (a)		2,675
				8,044
		Household Products — 0.5%
	16	Procter & Gamble Co. (The)		1,309
		Personal Products — 1.2%
	39	Estee Lauder Cos., Inc. (The), Class A		3,417
		Total Consumer Staples		22,869
		Energy — 4.6%
		Energy Equipment & Services — 1.0%
	16	Helmerich & Payne, Inc.		877
	65	Patterson-UTI Energy, Inc.		980
	59	RPC, Inc.		705
	34	Seadrill Ltd., (United Kingdom) (a)		114
				2,676

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 31

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 3.6%
	49	Cabot Oil & Gas Corp.		861
	10	Chevron Corp.		879
	86	Columbia Pipeline Group, Inc.		1,727
	10	Concho Resources, Inc. (a)		898
	194	CONSOL Energy, Inc.		1,531
	34	Golar LNG Ltd., (Bermuda)		532
	20	Kinder Morgan, Inc.		299
	6	Pioneer Natural Resources Co.		712
	22	Range Resources Corp.		533
	71	SM Energy Co.		1,403
	37	Whiting Petroleum Corp. (a)		349
				9,724
		Total Energy		12,400
		Financials — 3.9%
		Banks — 0.8%
	127	People’s United Financial, Inc.		2,049
		Capital Markets — 1.1%
	15	Artisan Partners Asset Management, Inc., Class A		539
	27	Franklin Resources, Inc.		985
	22	T. Rowe Price Group, Inc.		1,572
				3,096
		Consumer Finance — 0.1%
	22	Navient Corp.		250
		Insurance — 1.0%
	3	Markel Corp. (a)		2,738
		Real Estate Investment Trusts (REITs) — 0.9%
	115	Rayonier, Inc.		2,558
		Total Financials		10,691
		Health Care — 11.2%
		Biotechnology — 1.1%
	5	Alnylam Pharmaceuticals, Inc. (a)		494
	23	Cepheid, Inc. (a)		845
	8	Puma Biotechnology, Inc. (a)		596
	2	Regeneron Pharmaceuticals, Inc. (a)		1,045
				2,980
		Health Care Equipment & Supplies — 1.0%
	19	Cooper Cos., Inc. (The)		2,596
		Health Care Providers & Services — 3.6%
	39	Acadia Healthcare Co., Inc. (a)		2,416
	56	Envision Healthcare Holdings, Inc. (a)		1,450
	7	Henry Schein, Inc. (a)		1,040

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	58	Patterson Cos., Inc.		2,619
	20	Team Health Holdings, Inc. (a)		881
	49	Tenet Healthcare Corp. (a)		1,499
				9,905
		Health Care Technology — 0.8%
	14	athenahealth, Inc. (a)		2,274
		Life Sciences Tools & Services — 0.8%
	26	Bio-Techne Corp.		2,297
		Pharmaceuticals — 3.9%
	70	Akorn, Inc. (a)		2,626
	63	Catalent, Inc. (a)		1,579
	30	Eli Lilly & Co.		2,519
	14	Impax Laboratories, Inc. (a)		603
	11	Mylan N.V. (a)		614
	53	Zoetis, Inc.		2,528
				10,469
		Total Health Care		30,521
		Industrials — 17.1%
		Aerospace & Defense — 1.5%
	34	B/E Aerospace, Inc.		1,451
	55	Hexcel Corp.		2,570
				4,021
		Airlines — 0.8%
	12	Copa Holdings S.A., (Panama), Class A		597
	37	Spirit Airlines, Inc. (a)		1,459
				2,056
		Building Products — 1.4%
	16	Armstrong World Industries, Inc. (a)		750
	53	Fortune Brands Home & Security, Inc.		2,921
				3,671
		Commercial Services & Supplies — 3.3%
	71	Covanta Holding Corp.		1,094
	46	Republic Services, Inc.		2,024
	23	Stericycle, Inc. (a)		2,756
	55	Waste Connections, Inc.		3,083
				8,957
		Construction & Engineering — 0.2%
	28	Quanta Services, Inc. (a)		572
		Machinery — 4.4%
	51	CLARCOR, Inc.		2,516
	92	Donaldson Co., Inc.		2,636

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Machinery — continued
	16	Graco, Inc.		1,151
	12	Middleby Corp. (The) (a)		1,276
	15	Nordson Corp.		951
	69	Oshkosh Corp.		2,687
	10	Wabtec Corp.		711
				11,928
		Marine — 0.2%
	11	Kirby Corp. (a)		596
		Professional Services — 0.2%
	8	Verisk Analytics, Inc. (a)		609
		Road & Rail — 2.7%
	18	Genesee & Wyoming, Inc., Class A (a)		966
	41	J.B. Hunt Transport Services, Inc.		2,989
	29	Kansas City Southern		2,137
	22	Ryder System, Inc.		1,247
				7,339
		Trading Companies & Distributors — 2.4%
	67	Fastenal Co.		2,746
	22	MSC Industrial Direct Co., Inc., Class A		1,233
	13	W.W. Grainger, Inc.		2,659
				6,638
		Total Industrials		46,387
		Information Technology — 24.5%
		Communications Equipment — 1.2%
	20	NetScout Systems, Inc. (a)		604
	45	ViaSat, Inc. (a)		2,724
				3,328
		Electronic Equipment, Instruments & Components — 4.5%
	43	Amphenol Corp., Class A		2,234
	43	CDW Corp.		1,806
	144	Knowles Corp. (a)		1,922
	51	National Instruments Corp.		1,459
	110	Trimble Navigation Ltd. (a)		2,366
	36	Zebra Technologies Corp., Class A (a)		2,500
				12,287
		Internet Software & Services — 4.6%
	16	Akamai Technologies, Inc. (a)		842
	12	CoStar Group, Inc. (a)		2,449
	12	Facebook, Inc., Class A (a)		1,209
	6	LinkedIn Corp., Class A (a)		1,350
	22	Pandora Media, Inc. (a)		296

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — continued
	92	Rackspace Hosting, Inc. (a)		2,321
	99	Twitter, Inc. (a)		2,299
	62	Yelp, Inc. (a)		1,783
				12,549
		IT Services — 5.5%
	46	Booz Allen Hamilton Holding Corp.		1,424
	21	DST Systems, Inc.		2,427
	17	FleetCor Technologies, Inc. (a)		2,451
	10	Gartner, Inc. (a)		937
	32	Jack Henry & Associates, Inc.		2,527
	46	MAXIMUS, Inc.		2,590
	50	Paychex, Inc.		2,634
				14,990
		Semiconductors & Semiconductor Equipment — 2.1%
	40	Cavium, Inc. (a)		2,619
	20	Cree, Inc. (a)		525
	226	Cypress Semiconductor Corp. (a)		2,215
	7	Qorvo, Inc. (a)		380
				5,739
		Software — 6.1%
	41	Autodesk, Inc. (a)		2,515
	64	CommVault Systems, Inc. (a)		2,503
	14	Manhattan Associates, Inc. (a)		897
	31	NetSuite, Inc. (a)		2,582
	45	Splunk, Inc. (a)		2,623
	18	SS&C Technologies Holdings, Inc.		1,202
	12	Tableau Software, Inc., Class A (a)		1,156
	12	Ultimate Software Group, Inc. (The) (a)		2,434
	6	Workday, Inc., Class A (a)		498
				16,410
		Technology Hardware, Storage & Peripherals — 0.5%
	52	Stratasys Ltd. (a)		1,227
		Total Information Technology		66,530
		Materials — 4.7%
		Chemicals — 3.1%
	21	Air Products & Chemicals, Inc.		2,705
	19	CF Industries Holdings, Inc.		761
	65	FMC Corp.		2,542
	25	Praxair, Inc.		2,559
				8,567
		Metals & Mining — 1.6%
	254	Freeport-McMoRan, Inc.		1,720

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 33

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Metals & Mining — continued
	64	Southern Copper Corp., (Peru)		1,684
	94	Tahoe Resources, Inc.		817
				4,221
		Total Materials		12,788
		Telecommunication Services — 1.4%
		Wireless Telecommunication Services — 1.4%
	452	Sprint Corp. (a)		1,636
	25	Telephone & Data Systems, Inc.		634
	35	United States Cellular Corp. (a)		1,443
		Total Telecommunication Services		3,713
		Utilities — 2.1%
		Electric Utilities — 0.8%
	80	Pepco Holdings, Inc.		2,072

SHARES		SECURITY DESCRIPTION	VALUE($)
		Independent Power & Renewable Electricity Producers — 0.3%
	63	Dynegy, Inc. (a)		841
				—
		Multi-Utilities — 1.0%
	42	Dominion Resources, Inc.		2,846
		Total Utilities		5,759
		Total Securities Sold Short (Proceeds $265,343)	$	241,707

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(9	)	E-mini S&P 500		03/18/16		USD	$	(916	)	$	—	(h)
	(13	)	S&P Mid Cap 400		03/18/16		USD		(1,811	)		1
											$	1

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.3%
		Consumer Discretionary — 14.4%
		Distributors — 1.2%
	1,508	Genuine Parts Co.		129,488
		Hotels, Restaurants & Leisure — 0.9%
	527	Brinker International, Inc.		25,277
	1,596	ClubCorp Holdings, Inc.		29,154
	3,272	La Quinta Holdings, Inc. (a)		44,532
				98,963
		Household Durables — 0.3%
	586	Jarden Corp. (a)		33,484
		Internet & Catalog Retail — 0.8%
	760	Expedia, Inc.		94,455
		Media — 4.6%
	1,489	CBS Corp. (Non-Voting), Class B		70,191
	458	Charter Communications, Inc., Class A (a)		83,768
	3,970	Clear Channel Outdoor Holdings, Inc., Class A (a)		22,192
	2,304	DISH Network Corp., Class A (a)		131,755
	2,521	Entercom Communications Corp., Class A (a)		28,315
	3,176	Media General, Inc. (a)		51,294
	1,738	TEGNA, Inc.		44,355
	749	Time Warner, Inc.		48,425
	1,921	Time, Inc.		30,100
				510,395
		Multiline Retail — 1.2%
	2,938	Kohl’s Corp.		139,946
		Specialty Retail — 4.7%
	118	AutoZone, Inc. (a)		87,263
	1,786	Bed Bath & Beyond, Inc. (a)		86,155
	3,254	Best Buy Co., Inc.		99,076
	3,242	Gap, Inc. (The)		80,068
	595	Home Depot, Inc. (The)		78,677
	1,220	Tiffany & Co.		93,043
				524,282
		Textiles, Apparel & Luxury Goods — 0.7%
	399	Columbia Sportswear Co.		19,465
	1,872	Hanesbrands, Inc.		55,087
				74,552
		Total Consumer Discretionary		1,605,565
		Consumer Staples — 4.9%
		Beverages — 0.7%
	840	Dr. Pepper Snapple Group, Inc.		78,285

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 1.6%
	888	CVS Health Corp.		86,839
	2,110	Kroger Co. (The)		88,270
				175,109
		Food Products — 1.1%
	973	Post Holdings, Inc. (a)		60,010
	849	TreeHouse Foods, Inc. (a)		66,627
				126,637
		Household Products — 1.5%
	1,029	Energizer Holdings, Inc.		35,039
	1,668	Procter & Gamble Co. (The)		132,456
				167,495
		Total Consumer Staples		547,526
		Energy — 6.4%
		Oil, Gas & Consumable Fuels — 6.4%
	988	Devon Energy Corp.		31,600
	865	EQT Corp.		45,103
	3,099	Exxon Mobil Corp.		241,528
	1,902	HollyFrontier Corp.		75,872
	4,340	Kinder Morgan, Inc.		64,756
	957	Marathon Petroleum Corp.		49,611
	1,648	PBF Energy, Inc., Class A		60,661
	1,120	Phillips 66		91,583
	2,599	Southwestern Energy Co. (a)		18,477
	3,239	Teekay Corp., (Bermuda)		31,968
		Total Energy		711,159
		Financials — 36.2%
		Banks — 15.0%
	13,070	Bank of America Corp.		219,970
	1,694	CIT Group, Inc.		67,256
	2,427	Citigroup, Inc.		125,574
	3,809	Citizens Financial Group, Inc.		99,758
	3,959	Fifth Third Bancorp		79,568
	871	First Republic Bank		57,563
	1,338	M&T Bank Corp.		162,169
	511	National Bank Holdings Corp., Class A		10,920
	1,598	PNC Financial Services Group, Inc. (The)		152,305
	2,911	SunTrust Banks, Inc.		124,694
	2,958	U.S. Bancorp		126,222
	8,292	Wells Fargo & Co.		450,775
				1,676,774
		Capital Markets — 2.7%
	481	Ameriprise Financial, Inc.		51,209
	1,944	Legg Mason, Inc.		76,274

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 35

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	810	Northern Trust Corp.		58,416
	1,648	T. Rowe Price Group, Inc.		117,796
				303,695
		Consumer Finance — 2.7%
	4,235	Ally Financial, Inc. (a)		78,933
	3,107	Capital One Financial Corp.		224,256
				303,189
		Insurance — 10.5%
	90	Alleghany Corp. (a)		43,178
	1,589	Allied World Assurance Co. Holdings AG, (Switzerland)		59,102
	2,713	American International Group, Inc.		168,118
	847	Chubb Corp. (The)		112,280
	3,215	CNO Financial Group, Inc.		61,378
	2,910	Hartford Financial Services Group, Inc. (The)		126,451
	5,393	Loews Corp.		207,108
	975	Marsh & McLennan Cos., Inc.		54,069
	1,327	Prudential Financial, Inc.		108,039
	1,124	Travelers Cos., Inc. (The)		126,900
	2,612	Unum Group		86,937
	410	W.R. Berkley Corp.		22,459
				1,176,019
		Real Estate Investment Trusts (REITs) — 4.8%
	3,534	American Homes 4 Rent, Class A		58,880
	2,067	American Residential Properties, Inc.		39,074
	3,518	Brixmor Property Group, Inc.		90,824
	895	EastGroup Properties, Inc.		49,754
	1,359	HCP, Inc.		51,980
	2,459	Kimco Realty Corp.		65,055
	1,975	Outfront Media, Inc.		43,119
	3,214	Rayonier, Inc.		71,351
	2,174	Weyerhaeuser Co.		65,177
				535,214
		Real Estate Management & Development — 0.5%
	1,572	Brookfield Asset Management, Inc., (Canada), Class A		49,562
		Total Financials		4,044,453
		Health Care — 8.6%
		Health Care Providers & Services — 3.1%
	976	Aetna, Inc.		105,497
	938	HCA Holdings, Inc. (a)		63,403
	476	National HealthCare Corp.		29,349
	1,192	UnitedHealth Group, Inc.		140,250
				338,499

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 5.5%
	1,616	Johnson & Johnson		165,975
	2,931	Merck & Co., Inc.		154,831
	9,151	Pfizer, Inc.		295,381
				616,187
		Total Health Care		954,686
		Industrials — 7.5%
		Aerospace & Defense — 2.0%
	887	Honeywell International, Inc.		91,825
	1,398	United Technologies Corp.		134,306
				226,131
		Airlines — 1.6%
	3,527	Delta Air Lines, Inc.		178,774
		Industrial Conglomerates — 0.9%
	1,101	Carlisle Cos., Inc.		97,659
		Machinery — 2.0%
	1,925	Dover Corp.		117,991
	1,083	Illinois Tool Works, Inc.		100,391
				218,382
		Trading Companies & Distributors — 1.0%
	550	W.W. Grainger, Inc.		111,384
		Total Industrials		832,330
		Information Technology — 6.9%
		Communications Equipment — 1.8%
	4,211	Cisco Systems, Inc.		114,353
	1,745	QUALCOMM, Inc.		87,236
				201,589
		Electronic Equipment, Instruments & Components — 0.8%
	1,630	Arrow Electronics, Inc. (a)		88,297
		IT Services — 0.4%
	1,138	PayPal Holdings, Inc. (a)		41,199
		Semiconductors & Semiconductor Equipment — 2.1%
	622	Analog Devices, Inc.		34,426
	850	KLA-Tencor Corp.		58,961
	2,575	Texas Instruments, Inc.		141,152
				234,539
		Software — 1.2%
	2,514	Microsoft Corp.		139,504
		Technology Hardware, Storage & Peripherals — 0.6%
	2,817	Hewlett Packard Enterprise Co.		42,812

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Technology Hardware, Storage & Peripherals — continued
	2,218	HP, Inc.		26,256
				69,068
		Total Information Technology		774,196
		Materials — 4.0%
		Chemicals — 0.6%
	2,284	Mosaic Co. (The)		63,002
		Construction Materials — 0.9%
	704	Martin Marietta Materials, Inc.		96,133
		Containers & Packaging — 1.9%
	1,559	Ball Corp.		113,364
	2,239	WestRock Co.		102,152
				215,516
		Paper & Forest Products — 0.6%
	3,002	KapStone Paper & Packaging Corp.		67,804
		Total Materials		442,455
		Telecommunication Services — 2.0%
		Diversified Telecommunication Services — 1.2%
	2,906	Verizon Communications, Inc.		134,316
		Wireless Telecommunication Services — 0.8%
	2,172	T-Mobile US, Inc. (a)		84,957
		Total Telecommunication Services		219,273

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 6.4%
		Electric Utilities — 5.6%
	1,861	American Electric Power Co., Inc.		108,458
	1,470	Duke Energy Corp.		104,922
	1,724	Edison International		102,057
	1,695	Eversource Energy		86,543
	1,035	NextEra Energy, Inc.		107,557
	3,121	Xcel Energy, Inc.		112,086
				621,623
		Multi-Utilities — 0.8%
	1,007	Sempra Energy		94,640
		Total Utilities		716,263
		Total Common Stocks (Cost $9,801,722)		10,847,906
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	306,638	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $306,638)		306,638
		Total Investments — 100.0% (Cost $10,108,360)		11,154,544
		Other Assets in Excess of Liabilities — 0.0% (g)		221
		NET ASSETS — 100.0%	$	11,154,765

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 37

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

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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).
(j)	—  All or a portion of the security is segregated for short sales.
	The following approximates the aggregate amount of securities segregated for short sales (amounts in thousands):

Fund	Value
Multi-Cap Market Neutral Fund	$	44,367

(l) —  The rate shown is the current yield as of December 31, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 39

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (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	$	6,276,762	$	3,129,525	$	2,774,905
Investments in affiliates, at value		170,071		85,656		94,931
Total investment securities, at value		6,446,833		3,215,181		2,869,836
Cash		—		57		39
Receivables:
Investment securities sold		5,054		1,350		1,883
Fund shares sold		31,673		6,358		12,578
Dividends from non-affiliates		1,359		2,665		611
Dividends from affiliates		16		11		14
Total Assets		6,484,935		3,225,622		2,884,961
LIABILITIES:
Payables:
Investment securities purchased		—		5,871		10,042
Fund shares redeemed		4,740		1,568		6,371
Accrued liabilities:
Investment advisory fees		3,479		1,663		1,485
Administration fees		443		211		175
Distribution fees		703		72		288
Shareholder servicing fees		616		12		175
Custodian and accounting fees		57		35		21
Trustees’ and Chief Compliance Officer’s fees		1		1		1
Other		320		428		392
Total Liabilities		10,359		9,861		18,950
Net Assets	$	6,474,576	$	3,215,761	$	2,866,011

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Growth Advantage Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	5,179,887		$	2,605,097		$	2,324,318
Accumulated undistributed (distributions in excess of) net investment income		(22,367	)		(1,425	)		(15,461	)
Accumulated net realized gains (losses)		(64,169	)		5,370			194,979
Net unrealized appreciation (depreciation)		1,381,225			606,719			362,175
Total Net Assets	$	6,474,576		$	3,215,761		$	2,866,011
Net Assets:
Class A	$	1,735,538		$	268,940		$	1,007,816
Class C		567,051			26,425			101,493
Class R2		—			780			30,702
Class R5		77,931			2,939			218,610
Class R6		2,636,336			1,312,265			492,194
Select Class		1,457,720			1,604,412			1,015,196
Total	$	6,474,576		$	3,215,761		$	2,866,011
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		115,583			6,357			41,492
Class C		42,083			639			5,128
Class R2		—			18			1,164
Class R5		5,013			69			7,905
Class R6		169,222			30,735			17,749
Select Class		94,992			37,590			36,979
Net Asset Value (a):
Class A — Redemption price per share	$	15.02		$	42.31		$	24.29
Class C — Offering price per share (b)		13.47			41.32			19.79
Class R2 — Offering and redemption price per share		—			42.15			26.37
Class R5 — Offering and redemption price per share		15.55			42.69			27.66
Class R6 — Offering and redemption price per share		15.58			42.70			27.73
Select Class — Offering and redemption price per share		15.35			42.68			27.45
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)]	$	15.85		$	44.65		$	25.64
Cost of investments in non-affiliates	$	4,895,537		$	2,522,806		$	2,412,730
Cost of investments in affiliates		170,071			85,656			94,931

(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, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 41

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (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	$	14,585,101	$	243,199	$	10,847,906
Investments in affiliates, at value		180,998		27,308		306,638
Total investment securities, at value		14,766,099		270,507		11,154,544
Cash		—		187		24
Deposits at broker for futures contracts		—		740		—
Deposits at broker for securities sold short		—		243,083		—
Receivables:
Investment securities sold		—		—		4,004
Fund shares sold		29,071		38		31,174
Dividends from non-affiliates		22,462		240		11,567
Dividends from affiliates		25		4		42
Total Assets		14,817,657		514,799		11,201,355
LIABILITIES:
Payables:
Due to custodian		57		—		—
Securities sold short, at value		—		241,707		—
Dividend expense to non-affiliates on securities sold short		—		102		—
Investment securities purchased		1,183		55		19,366
Interest expense to non-affiliates on securities sold short		—		51		—
Fund shares redeemed		102,576		40		17,675
Variation margin on futures contracts		—		559		—
Accrued liabilities:
Investment advisory fees		7,404		153		5,796
Administration fees		655		—		542
Distribution fees		875		6		925
Shareholder servicing fees		770		56		869
Custodian and accounting fees		201		16		90
Trustees’ and Chief Compliance Officer’s fees		1		1		1
Other		3,785		36		1,326
Total Liabilities		117,507		242,782		46,590
Net Assets	$	14,700,150	$	272,017	$	11,154,765

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Mid Cap Value Fund			Multi-Cap Market Neutral  Fund			Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	10,243,119		$	281,889		$	10,171,102
Accumulated undistributed (distributions in excess of) net investment income		(5,151	)		(1,429	)		(1,830	)
Accumulated net realized gains (losses)		83,869			(32,895	)		(60,691	)
Net unrealized appreciation (depreciation)		4,378,313			24,452			1,046,184
Total Net Assets	$	14,700,150		$	272,017		$	11,154,765
Net Assets:
Class A	$	2,329,955		$	7,161		$	2,180,257
Class C		545,458			6,761			720,642
Class R2		64,927			—			—
Institutional Class		9,626,398			—			6,831,402
Select Class		2,133,412			258,095			1,422,464
Total	$	14,700,150		$	272,017		$	11,154,765
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		69,927			702			78,404
Class C		16,923			704			25,977
Class R2		2,019			—			—
Institutional Class		283,377			—			244,562
Select Class		63,425			24,764			50,859
Net Asset Value (a):
Class A — Redemption price per share	$	33.32		$	10.20		$	27.81
Class C — Offering price per share (b)		32.23			9.60			27.74
Class R2 — Offering and redemption price per share		32.16			—			—
Institutional Class — Offering and redemption price per share		33.97			—			27.93
Select Class — Offering and redemption price per share		33.64			10.42			27.97
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)]	$	35.17		$	10.77		$	29.35
Cost of investments in non-affiliates	$	10,206,788		$	242,384		$	9,801,722
Cost of investments in affiliates		180,998			27,308			306,638
Proceeds from securities sold short		—			265,343			—

(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, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 43

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

	Growth Advantage Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	17,724		$	18,541		$	8,165
Dividend income from affiliates		71			45			56
Total investment income		17,795			18,586			8,221
EXPENSES:
Investment advisory fees		18,983			10,569			10,005
Administration fees		2,390			1,331			1,260
Distribution fees:
Class A		1,822			305			1,257
Class C		1,646			97			337
Class R2		—			2			47
Shareholder servicing fees:
Class A		1,822			305			1,257
Class C		548			32			113
Class R2		—			1			23
Class R5		17			1			43
Select Class		1,696			2,112			1,782
Custodian and accounting fees		82			46			39
Professional fees		61			25			42
Trustees’ and Chief Compliance Officer’s fees		23			13			13
Printing and mailing costs		138			170			104
Registration and filing fees		171			68			108
Transfer agent fees (See Note 2.E)		78			27			207
Sub-transfer agent fees (See Note 2.E.)		1,275			1,654			1,275
Other		57			12			25
Total expenses		30,809			16,770			17,937
Less fees waived		(950	)		(2,516	)		(2,203	)
Less expense reimbursements		—			(159	)		(23	)
Net expenses		29,859			14,095			15,711
Net investment income (loss)		(12,064	)		4,491			(7,490	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from Investments in non-affiliates		10,611			40,702			218,864
Change in net unrealized appreciation/depreciation on Investments in non-affiliates		(49,510	)		(225,538	)		(426,232	)
Net realized/unrealized gains (losses)		(38,899	)		(184,836	)		(207,368	)
Change in net assets resulting from operations	$	(50,963	)	$	(180,345	)	$	(214,858	)

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Mid Cap Value Fund			Multi-Cap Market Neutral  Fund			Value Advantage Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	136,944		$	2,874		$	114,349
Dividend income from affiliates		138			16			237
Total investment income		137,082			2,890			114,586
EXPENSES:
Investment advisory fees		50,222			1,352			36,959
Administration fees		6,323			116			4,654
Distribution fees:
Class A		3,112			8			2,843
Class C		2,148			25			2,689
Class R2		173			—			—
Shareholder servicing fees:
Class A		3,112			8			2,843
Class C		716			8			896
Class R2		87			—			—
Institutional Class		5,039			—			3,141
Select Class		2,804			337			2,624
Custodian and accounting fees		207			23			132
Interest expense to non-affiliates		—			1			—
Interest expense to affiliates		—			2			—
Professional fees		95			27			93
Trustees’ and Chief Compliance Officer’s fees		65			2			45
Printing and mailing costs		489			3			294
Registration and filing fees		232			25			284
Transfer agent fees (See Note 2.E)		517			4			111
Sub-transfer agent fees (See Note 2.E.)		7,181			17			3,527
Other		68			5			51
Dividend expense to non-affiliates on securities sold short		—			1,628			—
Interest expense to non-affiliates on securities sold short		—			269			—
Total expenses		82,590			3,860			61,186
Less fees waived		(12,608	)		(430	)		(7,000	)
Less earnings credits		—	(a)		—			—
Less expense reimbursements		(525	)		—			(336	)
Net expenses		69,457			3,430			53,850
Net investment income (loss)		67,625			(540	)		60,736
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		223,102			17,641			(38,418	)
Futures		—			159			—
Securities sold short		—			7,326			—
Foreign currency transactions		—			1			—
Net realized gain (loss)		223,102			25,127			(38,418	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(926,118	)		(37,918	)		(605,225	)
Futures		—			(35	)		—
Securities sold short		—			22,928			—
Change in net unrealized appreciation/depreciation		(926,118	)		(15,025	)		(605,225	)
Net realized/unrealized gains (losses)		(703,016	)		10,102			(643,643	)
Change in net assets resulting from operations	$	(635,391	)	$	9,562		$	(582,907	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(12,064	)	$	(17,194	)	$	4,491		$	9,702
Net realized gain (loss)		10,611			172,792			40,702			165,578
Change in net unrealized appreciation/depreciation		(49,510	)		461,167			(225,538	)		134,637
Change in net assets resulting from operations		(50,963	)		616,765			(180,345	)		309,917
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(183	)		(81	)
From net realized gains		(57,173	)		(32,469	)		(12,309	)		(8,089	)
Class B (a)
From net realized gains		—			(98	)		—			—
Class C
From net realized gains		(20,218	)		(7,969	)		(1,246	)		(990	)
Class R2
From net investment income		—			—			—	(b)		—
From net realized gains		—			—			(39	)		(30	)
Class R5
From net investment income		—			—			(6	)		(2	)
From net realized gains		(2,457	)		(1,758	)		(147	)		(26	)
Class R6
From net investment income		—			—			(3,099	)		(3,446	)
From net realized gains		(86,200	)		(73,271	)		(61,528	)		(46,736	)
Select Class
From net investment income		—			—			(2,603	)		(3,414	)
From net realized gains		(48,267	)		(39,626	)		(75,744	)		(80,115	)
Total distributions to shareholders		(214,315	)		(155,191	)		(156,904	)		(142,929	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,551,574			1,161,499			249,717			363,135
NET ASSETS:
Change in net assets		1,286,296			1,623,073			(87,532	)		530,123
Beginning of period		5,188,280			3,565,207			3,303,293			2,773,170
End of period	$	6,474,576		$	5,188,280		$	3,215,761		$	3,303,293
Accumulated undistributed (distributions in excess of) net investment income	$	(22,367	)	$	(10,303	)	$	(1,425	)	$	(25	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Growth Advantage 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, 2015

	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(7,490	)	$	(11,970	)	$	67,625		$	137,103
Net realized gain (loss)		218,864			173,141			223,102			1,096,684
Change in net unrealized appreciation/depreciation		(426,232	)		150,704			(926,118	)		(12,168	)
Change in net assets resulting from operations		(214,858	)		311,875			(635,391	)		1,221,619
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(9,590	)		(15,287	)
From net realized gains		(56,339	)		(80,615	)		(130,210	)		(197,218	)
Class B (a)
From net realized gains		—			(608	)		—			(668	)
Class C
From net investment income		—			—			—			(1,024	)
From net realized gains		(6,714	)		(6,222	)		(31,402	)		(45,175	)
Class R2
From net investment income		—			—			(113	)		(331	)
From net realized gains		(1,533	)		(345	)		(3,769	)		(5,603	)
Class R5
From net realized gains		(8,974	)		(3,427	)		—			—
Class R6
From net realized gains		(23,518	)		(7,943	)		—			—
Institutional Class
From net investment income		—			—			(89,774	)		(108,605	)
From net realized gains		—			—			(526,794	)		(711,308	)
Select Class
From net investment income		—			—			(14,584	)		(19,269	)
From net realized gains		(50,435	)		(119,065	)		(117,229	)		(172,337	)
Total distributions to shareholders		(147,513	)		(218,225	)		(923,465	)		(1,276,825	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		165,856			787,072			299,933			368,694
NET ASSETS:
Change in net assets		(196,515	)		880,722			(1,258,923	)		313,488
Beginning of period		3,062,526			2,181,804			15,959,073			15,645,585
End of period	$	2,866,011		$	3,062,526		$	14,700,150		$	15,959,073
Accumulated undistributed (distributions in excess of) net investment income	$	(15,461	)	$	(7,971	)	$	(5,151	)	$	41,285

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(540	)	$	(3,300	)	$	60,736		$	87,727
Net realized gain (loss)		25,127			2,998			(38,418	)		148,940
Change in net unrealized appreciation/depreciation		(15,025	)		1,106			(605,225	)		322,296
Change in net assets resulting from operations		9,562			804			(582,907	)		558,963
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(13,377	)		(18,586	)
From net realized gains		—			—			(22,280	)		(49,085	)
Class C
From net investment income		—			—			(1,450	)		(2,882	)
From net realized gains		—			—			(7,343	)		(12,315	)
Institutional Class
From net investment income		—			—			(77,515	)		(51,909	)
From net realized gains		—			—			(69,360	)		(93,724	)
Select Class
From net investment income		—			—			(9,572	)		(31,036	)
From net realized gains		—			—			(14,646	)		(67,644	)
Total distributions to shareholders		—			—			(215,543	)		(327,181	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(28,225	)		(161,126	)		658,708			3,369,281
NET ASSETS:
Change in net assets		(18,663	)		(160,322	)		(139,742	)		3,601,063
Beginning of period		290,680			451,002			11,294,507			7,693,444
End of period	$	272,017		$	290,680		$	11,154,765		$	11,294,507
Accumulated undistributed (distributions in excess of) net investment income	$	(1,429	)	$	(889	)	$	(1,830	)	$	39,348

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Growth Advantage Fund						Mid Cap Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	735,277		$	548,977		$	74,185		$	93,435
Distributions reinvested		56,255			31,822			12,454			8,101
Cost of shares redeemed		(160,075	)		(222,820	)		(23,985	)		(35,536	)
Conversion from Class B Shares		—			2,100			—			—
Change in net assets resulting from Class A capital transactions	$	631,457		$	360,079		$	62,654		$	66,000
Class B (a)
Proceeds from shares issued	$	—		$	225		$	—		$	—
Distributions reinvested		—			95			—			—
Cost of shares redeemed		—			(865	)		—			—
Conversion to Class A Shares		—			(2,100	)		—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(2,645	)	$	—		$	—
Class C
Proceeds from shares issued	$	287,850		$	182,071		$	4,550		$	6,417
Distributions reinvested		18,351			6,954			1,244			990
Cost of shares redeemed		(35,380	)		(32,956	)		(2,178	)		(2,929	)
Change in net assets resulting from Class C capital transactions	$	270,821		$	156,069		$	3,616		$	4,478
Class R2
Proceeds from shares issued	$	—		$	—		$	123		$	336
Distributions reinvested		—			—			27			18
Cost of shares redeemed		—			—			(108	)		(251	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	42		$	103
Class R5
Proceeds from shares issued	$	25,906		$	77,457		$	1,959		$	1,637
Distributions reinvested		2,457			1,758			153			28
Cost of shares redeemed		(6,209	)		(1,506,939	)		(497	)		(186	)
Change in net assets resulting from Class R5 capital transactions	$	22,154		$	(1,427,724	)	$	1,615		$	1,479
Class R6
Proceeds from shares issued	$	273,887		$	1,928,585		$	128,793		$	369,933
Distributions reinvested		83,297			70,979			64,380			49,924
Cost of shares redeemed		(28,391	)		(53,688	)		(15,372	)		(35,342	)
Change in net assets resulting from Class R6 capital transactions	$	328,793		$	1,945,876		$	177,801		$	384,515
Select Class
Proceeds from shares issued	$	473,454		$	361,358		$	166,319		$	345,873
Distributions reinvested		31,907			23,846			64,677			60,746
Cost of shares redeemed		(207,012	)		(255,360	)		(227,007	)		(500,059	)
Change in net assets resulting from Select Class capital transactions	$	298,349		$	129,844		$	3,989		$	(93,440	)
Total change in net assets resulting from capital transactions	$	1,551,574		$	1,161,499		$	249,717		$	363,135

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Growth Advantage Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		47,557			36,907			1,661			2,053
Reinvested		3,824			2,270			298			188
Redeemed		(10,380	)		(15,105	)		(533	)		(784	)
Conversion from Class B Shares		—			131			—			—
Change in Class A Shares		41,001			24,203			1,426			1,457
Class B (a)
Issued		—			17			—			—
Reinvested		—			7			—			—
Redeemed		—			(64	)		—			—
Conversion to Class A Shares		—			(146	)		—			—
Change in Class B Shares		—			(186	)		—			—
Class C
Issued		20,643			13,414			104			144
Reinvested		1,389			547			30			23
Redeemed		(2,557	)		(2,464	)		(50	)		(65	)
Change in Class C Shares		19,475			11,497			84			102
Class R2
Issued		—			—			2			7
Reinvested		—			—			1			—	(b)
Redeemed		—			—			(2	)		(6	)
Change in Class R2 Shares		—			—			1			1
Class R5
Issued		1,627			5,216			42			35
Reinvested		161			122			4			1
Redeemed		(387	)		(101,089	)		(11	)		(4	)
Change in Class R5 Shares		1,401			(95,751	)		35			32
Class R6
Issued		17,149			128,407			2,819			8,126
Reinvested		5,459			4,909			1,528			1,145
Redeemed		(1,739	)		(3,544	)		(333	)		(779	)
Change in Class R6 Shares		20,869			129,772			4,014			8,492
Select Class
Issued		29,969			23,952			3,666			7,557
Reinvested		2,122			1,668			1,536			1,396
Redeemed		(13,016	)		(16,966	)		(4,978	)		(10,866	)
Change in Select Class Shares		19,075			8,654			224			(1,913	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Growth Advantage 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, 2015

	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	201,904		$	274,574		$	152,388		$	394,792
Distributions reinvested		54,215			76,907			127,887			195,292
Cost of shares redeemed		(103,020	)		(162,077	)		(326,787	)		(1,360,678	)
Conversion from Class B Shares		—			3,778			—			6,728
Change in net assets resulting from Class A capital transactions	$	153,099		$	193,182		$	(46,512	)	$	(763,866	)
Class B (a)
Proceeds from shares issued	$	—		$	27		$	—		$	22
Distributions reinvested		—			593			—			639
Cost of shares redeemed		—			(1,919	)		—			(4,670	)
Conversion to Class A Shares		—			(3,778	)		—			(6,728	)
Change in net assets resulting from Class B capital transactions	$	—		$	(5,077	)	$	—		$	(10,737	)
Class C
Proceeds from shares issued	$	42,799		$	37,238		$	15,390		$	27,636
Distributions reinvested		5,744			5,274			25,199			36,724
Cost of shares redeemed		(9,200	)		(8,786	)		(33,138	)		(72,861	)
Change in net assets resulting from Class C capital transactions	$	39,343		$	33,726		$	7,451		$	(8,501	)
Class R2
Proceeds from shares issued	$	23,796		$	8,894		$	6,355		$	16,445
Distributions reinvested		1,494			345			3,715			5,637
Cost of shares redeemed		(1,843	)		(1,635	)		(9,892	)		(21,709	)
Change in net assets resulting from Class R2 capital transactions	$	23,447		$	7,604		$	178		$	373
Class R5
Proceeds from shares issued	$	81,505		$	139,213		$	—		$	—
Distributions reinvested		8,974			3,427			—			—
Cost of shares redeemed		(15,850	)		(10,062	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	74,629		$	132,578		$	—		$	—
Class R6
Proceeds from shares issued	$	283,930		$	185,884		$	—		$	—
Distributions reinvested		23,176			7,291			—			—
Cost of shares redeemed		(32,004	)		(26,514	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	275,102		$	166,661		$	—		$	—
Institutional Class
Proceeds from shares issued	$	—		$	—		$	797,849		$	2,898,688
Distributions reinvested		—			—			515,077			686,825
Cost of shares redeemed		—			—			(984,522	)		(1,786,837	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	328,404		$	1,798,676

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS: (continued)
Select Class
Proceeds from shares issued	$	427,113		$	427,509		$	179,926		$	1,046,215
Distributions reinvested		41,535			103,039			119,621			174,083
Cost of shares redeemed		(266,294	)		(272,150	)		(289,135	)		(1,867,549	)
Redemptions in-kind (See Note 7)		(602,118	)		—			—			—
Change in net assets resulting from Select Class capital transactions	$	(399,764	)	$	258,398		$	10,412		$	(647,251	)
Total change in net assets resulting from capital transactions	$	165,856		$	787,072		$	299,933		$	368,694

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		7,653			10,468			4,300			10,652
Reinvested		2,266			3,166			3,881			5,494
Redeemed		(3,946	)		(6,089	)		(9,203	)		(36,773	)
Conversion from Class B Shares		—			136			—			178
Change in Class A Shares		5,973			7,681			(1,022	)		(20,449	)
Class B (a)
Issued		—			1			—			1
Reinvested		—			37			—			18
Redeemed		—			(106	)		—			(128	)
Conversion to Class A Shares		—			(202	)		—			(182	)
Change in Class B Shares		—			(270	)		—			(291	)
Class C
Issued		1,973			1,668			461			779
Reinvested		295			262			794			1,070
Redeemed		(432	)		(396	)		(967	)		(2,021	)
Change in Class C Shares		1,836			1,534			288			(172	)
Class R2
Issued		843			310			186			458
Reinvested		57			13			117			164
Redeemed		(65	)		(57	)		(290	)		(607	)
Change in Class R2 Shares		835			266			13			15
Class R5
Issued		2,842			4,578			—			—
Reinvested		329			125			—			—
Redeemed		(535	)		(334	)		—			—
Change in Class R5 Shares		2,636			4,369			—			—
Class R6
Issued		9,500			6,285			—			—
Reinvested		849			266			—			—
Redeemed		(1,087	)		(882	)		—			—
Change in Class R6 Shares		9,262			5,669			—			—
Institutional Class
Issued		—			—			22,039			75,729
Reinvested		—			—			15,274			18,860
Redeemed		—			—			(27,266	)		(47,177	)
Change in Institutional Class Shares		—			—			10,047			47,412
Select Class
Issued		14,554			14,507			5,094			27,961
Reinvested		1,536			3,790			3,589			4,839
Redeemed		(9,115	)		(9,299	)		(8,092	)		(48,879	)
Redemptions in-kind (See Note 7)		(20,287	)		—			—			—
Change in Select Class Shares		(13,312	)		8,998			591			(16,079	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,619		$	558		$	426,720		$	1,131,012
Distributions reinvested		—			—			34,154			63,610
Cost of shares redeemed		(938	)		(4,659	)		(571,134	)		(503,182	)
Conversion from Class B Shares		—			79			—			—
Change in net assets resulting from Class A capital transactions	$	681		$	(4,022	)	$	(110,260	)	$	691,440
Class B (a)
Cost of shares redeemed	$	—		$	(129	)	$	—		$	—
Conversion to Class A Shares		—			(79	)		—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(208	)	$	—		$	—
Class C
Proceeds from shares issued	$	754		$	522		$	121,500		$	341,265
Distributions reinvested		—			—			7,430			12,024
Cost of shares redeemed		(952	)		(2,310	)		(60,487	)		(65,697	)
Change in net assets resulting from Class C capital transactions	$	(198	)	$	(1,788	)	$	68,443		$	287,592
Institutional Class
Proceeds from shares issued	$	—		$	—		$	2,575,922		$	2,416,260
Distributions reinvested		—			—			138,428			134,005
Cost of shares redeemed		—			—			(508,024	)		(641,266	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	2,206,326		$	1,908,999
Select Class
Proceeds from shares issued	$	1,223		$	8,612		$	368,274		$	883,261
Distributions reinvested		—			—			17,281			87,369
Cost of shares redeemed		(29,931	)		(163,720	)		(1,891,356	)		(489,380	)
Change in net assets resulting from Select Class capital transactions	$	(28,708	)	$	(155,108	)	$	(1,505,801	)	$	481,250
Total change in net assets resulting from capital transactions	$	(28,225	)	$	(161,126	)	$	658,708		$	3,369,281

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Multi-Cap Market Neutral Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		159			56			14,780			38,204
Reinvested		—			—			1,238			2,177
Redeemed		(93	)		(468	)		(19,379	)		(16,986	)
Conversion from Class B Shares		—			8			—			—
Change in Class A Shares		66			(404	)		(3,361	)		23,395
Class B (a)
Redeemed		—			(14	)		—			—
Conversion to Class A Shares		—			(8	)		—			—
Change in Class B Shares		—			(22	)		—			—
Class C
Issued		79			56			4,234			11,531
Reinvested		—			—			270			414
Redeemed		(101	)		(245	)		(2,111	)		(2,215	)
Change in Class C Shares		(22	)		(189	)		2,393			9,730
Institutional Class
Issued		—			—			88,843			81,240
Reinvested		—			—			4,985			4,545
Redeemed		—			—			(17,556	)		(21,282	)
Change in Institutional Class Shares		—			—			76,272			64,503
Select Class
Issued		120			848			12,743			29,705
Reinvested		—			—			623			2,972
Redeemed		(2,921	)		(16,074	)		(65,712	)		(16,492	)
Change in Select Class Shares		(2,801	)		(15,226	)		(52,346	)		16,185

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Multi-Cap Market Neutral Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)	$	15.74	$	(0.05	)(f)	$	(0.14	)	$	(0.19	)	$	—		$	(0.53	)	$	(0.53	)
Year Ended June 30, 2015		14.24		(0.10	)(f)		2.17			2.07			—			(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			—			—			—
Class C
Six Months Ended December 31, 2015 (Unaudited)		14.22		(0.08	)(f)		(0.14	)		(0.22	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		12.98		(0.15	)(f)		1.96			1.81			—			(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			—			—			—
Class R5
Six Months Ended December 31, 2015 (Unaudited)		16.25		(0.02	)(f)		(0.15	)		(0.17	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.63		(0.04	)(f)		2.23			2.19			—			(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			—			—			—
Class R6
Six Months Ended December 31, 2015 (Unaudited)		16.27		(0.01	)(f)		(0.15	)		(0.16	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.64		(0.03	)(f)		2.23			2.20			—			(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, 2015 (Unaudited)		16.06		(0.04	)(f)		(0.14	)		(0.18	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.50		(0.07	)(f)		2.20			2.13			—			(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			—			—			—

(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), $0.03 and $0.01 for Class A, Class C, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.17)%, (0.66)%, 0.27% and 0.09% for Class A, 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 ncome (loss) per share would have been $(0.05), $(0.09), $(0.01) and $(0.03) for Class A, Class C, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.56)%, (1.03)%, (0.12)% and (0.37)% for Class A, 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, 2015

		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)
$	15.02		(1.12	)%	$	1,735,538		1.25	%		(0.63	)%		1.34	%		15	%
	15.74		14.99			1,174,260		1.24			(0.65	)		1.35			46
	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
	13.47		(1.46	)		567,051		1.75			(1.13	)		1.82			15
	14.22		14.43			321,500		1.74			(1.14	)		1.84			46
	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
	15.55		(0.96	)		77,931		0.87			(0.26	)		0.88			15
	16.25		15.42			58,686		0.86			(0.25	)		0.87			46
	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
	15.58		(0.90	)		2,636,336		0.75			(0.14	)		0.75			15
	16.27		15.48			2,414,333		0.76			(0.17	)		0.77			46
	14.64		5.63			271,958		0.80			(0.15	)		0.82			62
	15.35		(1.04	)		1,457,720		1.08			(0.47	)		1.08			15
	16.06		15.14			1,219,501		1.09			(0.48	)		1.09			46
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)	$	47.12	$	(0.02	)(f)	$	(2.65	)	$	(2.67	)	$	(0.03	)	$	(2.11	)	$	(2.14	)
Year Ended June 30, 2015		44.91		(0.03	)(f)		4.32			4.29			(0.02	)		(2.06	)		(2.08	)
Year Ended June 30, 2014		38.10		(0.04	)(f)		10.25			10.21			(0.02	)		(3.38	)		(3.40	)
Year Ended June 30, 2013		30.97		0.10	(f)(g)		7.36			7.46			(0.07	)		(0.26	)		(0.33	)
Year Ended June 30, 2012		31.29		0.10	(f)(h)		(0.34	)		(0.24	)		(0.08	)		—			(0.08	)
Year Ended June 30, 2011		22.95		0.04	(f)		8.36			8.40			(0.06	)		—			(0.06	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		46.16		(0.13	)(f)		(2.60	)		(2.73	)		—			(2.11	)		(2.11	)
Year Ended June 30, 2015		44.21		(0.25	)(f)		4.23			3.98			—			(2.03	)		(2.03	)
Year Ended June 30, 2014		37.71		(0.24	)(f)		10.12			9.88			—			(3.38	)		(3.38	)
Year Ended June 30, 2013		30.75		(0.07	)(f)(g)		7.29			7.22			—	(i)		(0.26	)		(0.26	)
Year Ended June 30, 2012		31.16		(0.05	)(f)(h)		(0.35	)		(0.40	)		(0.01	)		—			(0.01	)
Year Ended June 30, 2011		22.93		(0.12	)(f)		8.37			8.25			(0.02	)		—			(0.02	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		46.98		(0.08	)(f)		(2.64	)		(2.72	)		—	(i)		(2.11	)		(2.11	)
Year Ended June 30, 2015		44.87		(0.14	)(f)		4.30			4.16			—			(2.05	)		(2.05	)
March 14, 2014 (j) through June 30, 2014		42.92		(0.05	)(f)		2.01			1.96			(0.01	)		—			(0.01	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		47.49		0.09	(f)		(2.69	)		(2.60	)		(0.09	)		(2.11	)		(2.20	)
Year Ended June 30, 2015		45.15		0.20	(f)		4.33			4.53			(0.13	)		(2.06	)		(2.19	)
March 14, 2014 (j) through June 30, 2014		43.14		0.04	(f)		2.02			2.06			(0.05	)		—			(0.05	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		47.49		0.09	(f)		(2.67	)		(2.58	)		(0.10	)		(2.11	)		(2.21	)
Year Ended June 30, 2015		45.15		0.20	(f)		4.34			4.54			(0.14	)		(2.06	)		(2.20	)
March 14, 2014 (j) through June 30, 2014		43.14		0.04	(f)		2.02			2.06			(0.05	)		—			(0.05	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		47.47		0.06	(f)		(2.67	)		(2.61	)		(0.07	)		(2.11	)		(2.18	)
Year Ended June 30, 2015		45.15		0.13	(f)		4.34			4.47			(0.09	)		(2.06	)		(2.15	)
Year Ended June 30, 2014		38.22		0.11	(f)		10.30			10.41			(0.10	)		(3.38	)		(3.48	)
Year Ended June 30, 2013		31.05		0.20	(f)(g)		7.40			7.60			(0.17	)		(0.26	)		(0.43	)
Year Ended June 30, 2012		31.36		0.19	(f)(h)		(0.33	)		(0.14	)		(0.17	)		—			(0.17	)
Year Ended June 30, 2011		22.97		0.14	(f)		8.37			8.51			(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 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.

(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, $(0.10) 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.

(i) Amount rounds to less than $0.01.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

		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)
$	42.31		(5.60	)%	$	268,940		1.25	%		(0.09	)%		1.44	%		17	%
	47.12		9.99			232,320		1.24			(0.06	)		1.44			41
	44.91		27.96			156,016		1.24			(0.08	)		1.41			47
	38.10		24.23			21,171		1.24			0.27	(g)		1.49			67
	30.97		(0.76	)		6,965		1.24			0.34	(h)		1.54			55
	31.29		36.60			2,918		1.24			0.14			1.53			88
	41.32		(5.84	)		26,425		1.75			(0.60	)		1.93			17
	46.16		9.44			25,597		1.74			(0.56	)		1.91			41
	44.21		27.34			20,018		1.74			(0.57	)		1.93			47
	37.71		23.60			6,136		1.74			(0.21	)(g)		2.00			67
	30.75		(1.29	)		1,244		1.75			(0.18	)(h)		2.03			55
	31.16		35.98			447		1.74			(0.40	)		2.06			88
	‘
	42.15		(5.72	)		780		1.50			(0.36	)		1.76			17
	46.98		9.71			823		1.49			(0.31	)		1.69			41
	44.87		4.56			688		1.47			(0.41	)		1.60			47
	42.69		(5.39	)		2,939		0.80			0.37			0.85			17
	47.49		10.49			1,636		0.79			0.43			0.88			41
	45.15		4.77			91		0.78			0.27			0.91			47
	42.70		(5.35	)		1,312,265		0.75			0.41			0.76			17
	47.49		10.53			1,268,988		0.74			0.45			0.80			41
	45.15		4.78			823,036		0.73			0.34			0.86			47
	42.68		(5.43	)		1,604,412		0.90			0.24			1.18			17
	47.47		10.35			1,773,929		0.89			0.29			1.16			41
	45.15		28.45			1,773,321		0.89			0.27			1.18			47
	38.22		24.64			932,920		0.89			0.57	(g)		1.23			67
	31.05		(0.42	)		813,125		0.89			0.64	(h)		1.30			55
	31.36		37.09			568,854		0.89			0.50			1.27			88

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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
Mid Cap Growth Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	27.71	$	(0.09	)(f)	$	(1.87	)	$	(1.96	)	$	(1.46	)
Year Ended June 30, 2015		27.49		(0.18	)(f)		3.19			3.01			(2.79	)
Year Ended June 30, 2014		22.99		(0.13	)(f)(g)		7.42			7.29			(2.79	)
Year Ended June 30, 2013		19.52		(0.04	)(f)(h)		4.50			4.46			(0.99	)
Year Ended June 30, 2012		23.30		(0.05	)(f)(i)		(1.72	)		(1.77	)		(2.01	)
Year Ended June 30, 2011		16.35		(0.09	)(f)		7.04			6.95			—
Class C
Six Months Ended December 31, 2015 (Unaudited)		22.93		(0.13	)(f)		(1.55	)		(1.68	)		(1.46	)
Year Ended June 30, 2015		23.35		(0.26	)(f)		2.63			2.37			(2.79	)
Year Ended June 30, 2014		19.97		(0.22	)(f)(g)		6.39			6.17			(2.79	)
Year Ended June 30, 2013		17.17		(0.12	)(f)(h)		3.91			3.79			(0.99	)
Year Ended June 30, 2012		20.88		(0.13	)(f)(i)		(1.57	)		(1.70	)		(2.01	)
Year Ended June 30, 2011		14.73		(0.18	)(f)		6.33			6.15			—
Class R2
Six Months Ended December 31, 2015 (Unaudited)		29.96		(0.12	)(f)		(2.01	)		(2.13	)		(1.46	)
Year Ended June 30, 2015		29.54		(0.24	)(f)		3.45			3.21			(2.79	)
Year Ended June 30, 2014		24.56		(0.20	)(f)(g)		7.97			7.77			(2.79	)
Year Ended June 30, 2013		20.83		(0.07	)(f)(h)		4.79			4.72			(0.99	)
Year Ended June 30, 2012		24.73		(0.07	)(f)(i)		(1.82	)		(1.89	)		(2.01	)
Year Ended June 30, 2011		17.38		(0.13	)(f)		7.48			7.35			—
Class R5
Six Months Ended December 31, 2015 (Unaudited)		31.26		(0.04	)(f)		(2.10	)		(2.14	)		(1.46	)
Year Ended June 30, 2015		30.52		(0.07	)(f)		3.60			3.53			(2.79	)
Year Ended June 30, 2014		25.15		(0.02	)(f)(g)		8.18			8.16			(2.79	)
Year Ended June 30, 2013		21.18		0.06	(f)(h)		4.90			4.96			(0.99	)
November 1, 2011 (j) through June 30, 2012		21.75		0.04	(f)(i)		1.40			1.44			(2.01	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		31.33		(0.03	)(f)		(2.11	)		(2.14	)		(1.46	)
Year Ended June 30, 2015		30.57		(0.06	)(f)		3.61			3.55			(2.79	)
Year Ended June 30, 2014		25.17		—	(f)(g)(k)		8.19			8.19			(2.79	)
Year Ended June 30, 2013		21.19		0.08	(f)(h)		4.89			4.97			(0.99	)
November 1, 2011 (j) through June 30, 2012		21.75		0.08	(f)(i)		1.37			1.45			(2.01	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		31.06		(0.06	)(f)		(2.09	)		(2.15	)		(1.46	)
Year Ended June 30, 2015		30.39		(0.11	)(f)		3.57			3.46			(2.79	)
Year Ended June 30, 2014		25.08		(0.06	)(f)(g)		8.16			8.10			(2.79	)
Year Ended June 30, 2013		21.15		0.03	(f)(h)		4.89			4.92			(0.99	)
Year Ended June 30, 2012		24.97		0.02	(f)(i)		(1.83	)		(1.81	)		(2.01	)
Year Ended June 30, 2011		17.47		(0.03	)(f)		7.53			7.50			—

(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.

(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), $(0.23), $(0.20), $(0.02), $(0.01) and $(0.06) 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 (0.53)%, (1.03)%, (0.73)%, (0.08)%, (0.03)% and (0.22)% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

		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)
$	24.29		(6.99	)%	$	1,007,816		1.24	%		(0.70	)%		1.37	%		26	%
	27.71		12.37			984,262		1.23			(0.68	)		1.35			57
	27.49		33.44			765,310		1.24			(0.51	)(g)		1.37			69
	22.99		23.70			586,787		1.23			(0.17	)(h)		1.45			70
	19.52		(6.61	)		538,323		1.24			(0.23	)(i)		1.38			70
	23.30		42.51			696,334		1.24			(0.44	)		1.36			79
	19.79		(7.23	)		101,493		1.74			(1.19	)		1.87			26
	22.93		11.78			75,494		1.73			(1.19	)		1.86			57
	23.35		32.85			41,047		1.73			(1.01	)(g)		1.86			69
	19.97		23.03			23,745		1.73			(0.67	)(h)		1.95			70
	17.17		(7.06	)		22,190		1.75			(0.75	)(i)		1.88			70
	20.88		41.75			29,187		1.77			(0.97	)		1.86			79
	26.37		(7.04	)		30,702		1.40			(0.82	)		1.64			26
	29.96		12.18			9,868		1.39			(0.85	)		1.64			57
	29.54		33.25			1,852		1.40			(0.71	)(g)		1.59			69
	24.56		23.46			320		1.39			(0.32	)(h)		1.71			70
	20.83		(6.72	)		230		1.40			(0.35	)(i)		1.63			70
	24.73		42.29			121		1.40			(0.59	)		1.60			79
	27.66		(6.77	)		218,610		0.79			(0.25	)		0.88			26
	31.26		12.87			164,713		0.78			(0.25	)		0.87			57
	30.52		34.06			27,454		0.79			(0.06	)(g)		0.92			69
	25.15		24.22			17,848		0.79			0.28	(h)		1.00			70
	21.18		7.71			14,837		0.78			0.31	(i)		0.92			70
	27.73		(6.76	)		492,194		0.74			(0.17	)		0.76			26
	31.33		12.92			265,905		0.73			(0.19	)		0.78			57
	30.57		34.16			86,150		0.74			(0.01	)(g)		0.86			69
	25.17		24.26			47,434		0.74			0.34	(h)		0.98			70
	21.19		7.76			13,982		0.73			0.58	(i)		0.87			70
	27.45		(6.85	)		1,015,196		0.93			(0.40	)		1.11			26
	31.06		12.68			1,562,284		0.92			(0.37	)		1.12			57
	30.39		33.91			1,254,748		0.93			(0.20	)(g)		1.12			69
	25.08		24.06			894,740		0.93			0.14	(h)		1.20			70
	21.15		(6.31	)		827,306		0.93			0.09	(i)		1.13			70
	24.97		42.93			1,031,463		0.93			(0.13	)		1.10			79

(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), $(0.17), $(0.13), $0.01, $0.02 and $(0.02) 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 (0.42)%, (0.92)%, (0.57)%, 0.04%, 0.09% and (0.10)% for Class A, 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), $(0.17), $(0.12), less than $0.01, $0.03 and $(0.03) 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 (0.46)%, (0.97)%, (0.57)%, (0.03)%, 0.24% and (0.14)% for Class A, 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.

DECEMBER 31, 2015 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 investment income			Net realized gain			Total distributions
Mid Cap Value Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	36.98	$	0.10	(f)	$	(1.67	)	$	(1.57	)	$	(0.14	)	$	(1.95	)	$	(2.09	)
Year Ended June 30, 2015		37.25		0.20	(f)		2.52			2.72			(0.20	)		(2.79	)		(2.99	)
Year Ended June 30, 2014		31.68		0.15	(f)(g)		7.02			7.17			(0.15	)		(1.45	)		(1.60	)
Year Ended June 30, 2013		25.80		0.19	(f)(h)		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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		35.79		—	(f)(i)		(1.61	)		(1.61	)		—			(1.95	)		(1.95	)
Year Ended June 30, 2015		36.19		0.01	(f)		2.44			2.45			(0.06	)		(2.79	)		(2.85	)
Year Ended June 30, 2014		30.84		(0.03	)(f)(g)		6.83			6.80			—	(i)		(1.45	)		(1.45	)
Year Ended June 30, 2013		25.14		0.05	(f)(h)		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	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		35.73		0.05	(f)		(1.61	)		(1.56	)		(0.06	)		(1.95	)		(2.01	)
Year Ended June 30, 2015		36.14		0.10	(f)		2.43			2.53			(0.15	)		(2.79	)		(2.94	)
Year Ended June 30, 2014		30.81		0.06	(f)(g)		6.82			6.88			(0.10	)		(1.45	)		(1.55	)
Year Ended June 30, 2013		25.18		0.12	(f)(h)		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	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		37.76		0.19	(f)		(1.71	)		(1.52	)		(0.32	)		(1.95	)		(2.27	)
Year Ended June 30, 2015		37.99		0.40	(f)		2.56			2.96			(0.40	)		(2.79	)		(3.19	)
Year Ended June 30, 2014		32.26		0.32	(f)(g)		7.17			7.49			(0.31	)		(1.45	)		(1.76	)
Year Ended June 30, 2013		26.24		0.34	(f)(h)		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	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		37.36		0.14	(f)		(1.68	)		(1.54	)		(0.23	)		(1.95	)		(2.18	)
Year Ended June 30, 2015		37.61		0.28	(f)		2.55			2.83			(0.29	)		(2.79	)		(3.08	)
Year Ended June 30, 2014		31.95		0.23	(f)(g)		7.10			7.33			(0.22	)		(1.45	)		(1.67	)
Year Ended June 30, 2013		26.01		0.27	(f)(h)		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	)

(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, $(0.03), $0.05, $0.32 and $0.23 for Class A, 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)%, 0.16%, 0.90% and 0.66% for Class A, 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 $0.16, $0.01, $0.09, $0.31 and $0.23 for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.55%, 0.04%, 0.31%, 1.04% and 0.80% for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

(i) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

		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)
$	33.32		(4.16	)%	$	2,329,955		1.24	%		0.54	%		1.40	%		7	%
	36.98		7.68			2,623,772		1.23			0.53			1.38			18
	37.25		23.25			3,404,974		1.23			0.42	(g)		1.37			25
	31.68		25.06			3,157,503		1.23			0.67	(h)		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
	32.23		(4.41	)		545,458		1.75			0.03			1.83			7
	35.79		7.12			595,385		1.74			0.03			1.84			18
	36.19		22.63			608,283		1.74			(0.09	)(g)		1.87			25
	30.84		24.43			534,813		1.74			0.16	(h)		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
	32.16		(4.28	)		64,927		1.50			0.28			1.74			7
	35.73		7.38			71,697		1.49			0.28			1.71			18
	36.14		22.94			71,958		1.49			0.17	(g)		1.62			25
	30.81		24.71			57,003		1.49			0.43	(h)		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
	33.97		(3.93	)		9,626,398		0.75			1.03			0.94			7
	37.76		8.19			10,320,516		0.74			1.05			0.94			18
	37.99		23.88			8,581,992		0.74			0.92	(g)		0.97			25
	32.26		25.68			6,627,529		0.74			1.16	(h)		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
	33.64		(4.02	)		2,133,412		0.99			0.79			1.11			7
	37.36		7.92			2,347,703		0.98			0.75			1.10			18
	37.61		23.59			2,967,759		0.98			0.67	(g)		1.12			25
	31.95		25.35			2,870,752		0.98			0.92	(h)		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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 63

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
Multi-Cap Market Neutral Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	9.87	$	(0.03	)(g)	$	0.36	$	0.33
Year Ended June 30, 2015		9.91		(0.11	)(g)		0.07		(0.04	)
Year Ended June 30, 2014		9.79		(0.13	)(g)		0.25		0.12
Year Ended June 30, 2013		9.69		(0.11	)(g)(h)		0.21		0.10
Year Ended June 30, 2012		9.81		(0.14	)(g)		0.02		(0.12	)
Year Ended June 30, 2011		9.71		(0.16	)(g)		0.26		0.10
Class C
Six Months Ended December 31, 2015 (Unaudited)		9.31		(0.05	)(g)		0.34		0.29
Year Ended June 30, 2015		9.40		(0.15	)(g)		0.06		(0.09	)
Year Ended June 30, 2014		9.33		(0.17	)(g)		0.24		0.07
Year Ended June 30, 2013		9.30		(0.17	)(g)(h)		0.20		0.03
Year Ended June 30, 2012		9.48		(0.20	)(g)		0.02		(0.18	)
Year Ended June 30, 2011		9.46		(0.23	)(g)		0.25		0.02
Select Class
Six Months Ended December 31, 2015 (Unaudited)		10.07		(0.02	)(g)		0.37		0.35
Year Ended June 30, 2015		10.09		(0.09	)(g)		0.07		(0.02	)
Year Ended June 30, 2014		9.94		(0.11	)(g)		0.26		0.15
Year Ended June 30, 2013		9.82		(0.09	)(g)(h)		0.21		0.12
Year Ended June 30, 2012		9.91		(0.12	)(g)		0.03		(0.09	)
Year Ended June 30, 2011		9.79		(0.14	)(g)		0.26		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% 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 1.32% and 1.75% for the six months ended December 31, 2015, 1.48% and 1.95% for the year ended June 30, 2015, 1.49% and 1.91% for 2014, 1.48% and 1.88% for 2013, 1.48% and 1.94% for 2012, and 1.49% and 1.95% for 2011; for Class C are 1.82% and 2.28% for the six months ended December 31, 2015, 1.98% and 2.45% for the year ended June 30, 2015, 1.99% and 2.40% for 2014, 2.15% and 2.38% for 2013, 2.23% and 2.44% for 2012, 2.24% and 2.45% for 2011; for Select Class are 1.06% and 1.36% for the six months ended December 31, 2015, 1.23% and 1.64% for the year ended June 30, 2015, 1.23% and 1.65% for 2014, 1.23% and 1.63% for 2013, 1.23% and 1.69% for 2012, and 1.24% and 1.70% for 2011, 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) and $(0.11) for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (1.38)%, (2.06)% and (1.16)% for Class A, Class C and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

		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 (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 (excluding securities sold short) (b)(f)			Portfolio turnover rate (including securities sold short) (b)(f)
$	10.20		3.34	%	$	7,161		2.67	%		(0.59	)%		3.10	%		51	%		106	%
	9.87		(0.40	)		6,273		2.68			(1.14	)		3.15			74			204
	9.91		1.23			10,301		2.78			(1.36	)		3.20			106			227
	9.79		1.03			14,101		3.04			(1.13	)(h)		3.44			94			251
	9.69		(1.22	)		19,759		2.86			(1.42	)		3.32			151			316
	9.81		1.03			29,216		2.92			(1.65	)		3.38			145			339
	9.60		3.11			6,761		3.17			(1.10	)		3.63			51			106
	9.31		(0.96	)		6,760		3.18			(1.62	)		3.65			74			204
	9.40		0.75			8,602		3.28			(1.85	)		3.70			106			227
	9.33		0.32			11,181		3.69			(1.81	)(h)		3.92			94			251
	9.30		(1.90	)		15,677		3.61			(2.17	)		3.82			151			316
	9.48		0.21			22,094		3.67			(2.46	)		3.88			145			339
	10.42		3.48			258,095		2.41			(0.36	)		2.71			51			106
	10.07		(0.20	)		277,647		2.43			(0.89	)		2.84			74			204
	10.09		1.51			431,890		2.52			(1.07	)		2.94			106			227
	9.94		1.22			317,974		2.78			(0.90	)(h)		3.18			94			251
	9.82		(0.91	)		476,803		2.61			(1.17	)		3.07			151			316
	9.91		1.23			491,653		2.67			(1.39	)		3.13			145			339

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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
Value Advantage Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	29.84	$	0.11	(f)	$	(1.68	)	$	(1.57	)	$	(0.17	)	$	(0.29	)	$	(0.46	)
Year Ended June 30, 2015		29.15		0.19	(f)		1.47			1.66			(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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		29.72		0.04	(f)		(1.67	)		(1.63	)		(0.06	)		(0.29	)		(0.35	)
Year Ended June 30, 2015		29.08		0.04	(f)		1.47			1.51			(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	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		30.06		0.19	(f)		(1.71	)		(1.52	)		(0.32	)		(0.29	)		(0.61	)
Year Ended June 30, 2015		29.31		0.34	(f)		1.50			1.84			(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	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		29.99		0.14	(f)		(1.68	)		(1.54	)		(0.19	)		(0.29	)		(0.48	)
Year Ended June 30, 2015		29.27		0.27	(f)		1.48			1.75			(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	)

(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.

66 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

		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)
$	27.81		(5.24	)%	$	2,180,257		1.24	%		0.77	%		1.43	%		7	%
	29.84		5.78			2,440,061		1.24			0.64			1.41			17
	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
	27.74		(5.49	)		720,642		1.74			0.28			1.84			7
	29.72		5.26			701,023		1.73			0.14			1.83			17
	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
	27.93		(5.04	)		6,831,402		0.74			1.31			0.88			7
	30.06		6.36			5,058,172		0.74			1.15			0.90			17
	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
	27.97		(5.13	)		1,422,464		0.99			0.95			1.03			7
	29.99		6.05			3,095,251		0.99			0.89			1.05			17
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 67

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (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 (collectively, 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 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 C, Class R2, Class R5, Class R6 and Select Class	JPM II	Diversified
Mid Cap Value Fund	Class A, Class C, Class R2, Institutional Class and Select Class	JPMFMFG	Diversified
Multi-Cap Market Neutral Fund	Class A, Class C, and Select Class	JPM II	Diversified
Value Advantage Fund	Class A, Class C, Institutional Class and Select Class	JPM I	Diversified

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 Fund’s 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 Fund’s prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6, 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 transfer agency, sub-transfer agency, 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.

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC. 

2. Significant Accounting Policies

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

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

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

68 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

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

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.

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

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

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

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

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

Growth Advantage Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	6,446,833		$	–	$	–	$	6,446,833
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)	$	3,215,181		$	–	$	–	$	3,215,181
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)	$	2,869,836		$	–	$	–	$	2,869,836
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)	$	14,766,099		$	–	$	–	$	14,766,099
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)	$	270,507		$	–	$	–	$	270,507
Total Liabilities for Securities Sold Short (a)	$	(241,707	)	$	–	$	–	$	(241,707	)
Appreciation in Other Financial Instruments
Futures Contracts	$	1		$	–	$	–	$	1

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 69

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

Value Advantage Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	11,154,544	$	–	$	–	$	11,154,544

(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, 2015.

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 on the SOIs. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net income or fee is reported as Interest income or Interest expense, respectively, on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short.

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as change in net unrealized appreciation (depreciation) on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

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

As of December 31, 2015, the Fund had outstanding short sales as listed on the SOIs.

C. Futures Contracts — Multi-Cap Market Neutral Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the 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 use of futures contracts exposes the Fund to equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade.

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

70 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended December 31, 2015 (amounts in thousands):

	Multi-Cap Market Neutral Fund
Futures Contracts:
Average Notional Balance short	$	4,221
Ending Notional Balance Short		2,727

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.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows (amounts in thousands):

	Class A		Class C		Class R2			Class R5			Class R6		Institutional Class		Select Class		Total
Growth Advantage Fund
Transfer agent fees	$	41	$	13		n/a		$	2		$	8		n/a	$	14	$	78
Sub-transfer agent fees		585		134		n/a			24			—		n/a		532		1,275
Mid Cap Equity Fund
Transfer agent fees		6		2	$	—	(a)		—	(a)		5		n/a		14		27
Sub-transfer agent fees		215		20		1			—	(a)		—		n/a		1,418		1,654
Mid Cap Growth Fund
Transfer agent fees		178		6		2			2			5		n/a		14		207
Sub-transfer agent fees		405		42		10			62			—		n/a		756		1,275
Mid Cap Value Fund
Transfer agent fees		83		14		5			n/a			n/a	$	20		395		517
Sub-transfer agent fees		1,779		202		78			n/a			n/a		3,940		1,182		7,181
Multi-Cap Market Neutral Fund
Transfer agent fees		1		1		n/a			n/a			n/a		n/a		2		4
Sub-transfer agent fees		4		5		n/a			n/a			n/a		n/a		8		17
Value Advantage Fund
Transfer agent fees		43		21		n/a			n/a			n/a		30		17		111
Sub-transfer agent fees		1,999		288		n/a			n/a			n/a		989		251		3,527

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

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, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

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.

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”), 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*	0.80
Value Advantage Fund	0.65

* Prior to September 1, 2015, the investment advisory fee for Multi-Cap Market Neutral Fund was 1.25%.

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, 2015, 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 C and Class R2 Shares of the Funds, as applicable, 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 C			Class R2
Growth Advantage Fund		0.25	%		0.75	%		n/a
Mid Cap Equity Fund		0.25			0.75			0.50	%
Mid Cap Growth Fund		0.25			0.75			0.50
Mid Cap Value Fund		0.25			0.75			0.50
Multi-Cap Market Neutral Fund		0.25			0.75			n/a
Value Advantage Fund		0.25			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 C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Growth Advantage Fund	$	796		$	2
Mid Cap Equity Fund		180			—
Mid Cap Growth Fund		119			1
Mid Cap Value Fund		16			—	(a)
Multi-Cap Market Neutral Fund		—	(a)		—
Value Advantage Fund		316			2

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

72 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

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 C			Class R2			Class R5			Institutional Class			Select Class
Growth Advantage Fund		0.25	%		0.25	%		n/a			0.05	%		n/a			0.25	%
Mid Cap Equity Fund		0.25			0.25			0.25	%		0.05			n/a			0.25
Mid Cap Growth Fund		0.25			0.25			0.25			0.05			n/a			0.25
Mid Cap Value Fund		0.25			0.25			0.25			n/a			0.10	%		0.25
Multi-Cap Market Neutral Fund		0.25			0.25			n/a			n/a			n/a			0.25
Value Advantage Fund		0.25			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 on the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or 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 other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Growth Advantage Fund		1.25	%		1.75	%		n/a			0.90	%		0.85	%		n/a			1.10	%
Mid Cap Equity Fund		1.25			1.75			1.50	%		0.80			0.75			n/a			0.90
Mid Cap Growth Fund		1.24			1.74			1.40			0.79			0.74			n/a			0.93
Mid Cap Value Fund		1.24			1.75			1.50			n/a			n/a			0.75	%		0.99
Multi-Cap Market Neutral Fund		1.25	*		1.75	*		n/a			n/a			n/a			n/a			0.99	*
Value Advantage Fund		1.25			1.75			n/a			n/a			n/a			0.75			1.00

* Prior to September 1, 2015, the contractual expense limitation for Multi-Cap Market Neutral Fund was 1.50%, 2.00% and 1.25% for Class A, 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, 2015. The contractual expense limitation percentages in the table above are in place until at least October 31, 2016.

For the six months ended December 31, 2015, 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	$	—	$	—	$	774		$	774	$	—
Mid Cap Equity Fund		31		20		2,355			2,406		159
Mid Cap Growth Fund		149		96		1,854			2,099		23
Mid Cap Value Fund		3,355		2,238		6,610			12,203		525
Multi-Cap Market Neutral Fund		275		116		10			401		—
Value Advantage Fund		870		581		4,860	��		6,311		336

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective November 1, 2015, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to November 1, 2015, a portion of the waiver was voluntary.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2015 was as follows (amounts in thousands):

Growth Advantage Fund	$	176
Mid Cap Equity Fund		110
Mid Cap Growth Fund		104
Mid Cap Value Fund		405
Multi-Cap Market Neutral Fund		29
Value Advantage Fund		689

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 on the Statements of Operations.

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

During the six months ended December 31, 2015, 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, 2015, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Growth Advantage Fund	$	1
Mid Cap Equity Fund		—	(a)
Mid Cap Growth Fund		—	(a)
Mid Cap Value Fund		—	(a)
Multi-Cap Market Neutral Fund		—	(a)
Value Advantage Fund		6

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

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

4. Investment Transactions

During the six months ended December 31, 2015, purchases and sales of investments (excluding short-term investments and transfers in-kind) 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	$	2,106,961	$	834,963	$	—	$	—
Mid Cap Equity Fund		642,031		517,585		—		—
Mid Cap Growth Fund		1,380,680		776,544		—		—
Mid Cap Value Fund		1,084,974		1,146,695		—		—
Multi-Cap Market Neutral Fund		135,862		126,344		148,770		129,458
Value Advantage Fund		2,055,471		797,861		—		—

During the six months ended December 31, 2015, there were no purchases or sales of U.S. Government securities.

74 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

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, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	5,065,608	$	1,529,214	$	147,989	$	1,381,225
Mid Cap Equity Fund		2,608,462		740,455		133,736		606,719
Mid Cap Growth Fund		2,507,661		470,341		108,166		362,175
Mid Cap Value Fund		10,387,786		4,802,709		424,396		4,378,313
Multi-Cap Market Neutral Fund		269,692		22,215		21,400		815
Value Advantage Fund		10,108,360		1,582,912		536,728		1,046,184

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, 2015, the Funds did not have any post-enactment capital loss carryforwards.

At June 30, 2015, 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 Value Fund	$	—	$	—	$	22,101	*	$	22,101	*
Multi-Cap Market Neutral Fund		16,117		—		—			16,117

* Amount includes capital loss carryforwards from business combinations, which are limited in future years under Internal Revenue Code Sections 381—384. Excludes approximately $5,263,000 of losses no longer available due to 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 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015, or at any time during the six months then ended.

7. Redemptions in-Kind

During the six months ended December 31, 2015, certain Select Class shareholders sold their shares of Mid Cap Growth Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as of the close of business on the date and at the market value listed below (amounts in thousands):

November 6, 2015	Value			Realized Gains (Losses)		Type
Select Class	$	602,118	*	$	203,177		Redemptions in-kind

* This amount includes cash of approximately $25,788,000 associated with the redemption in-kind.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

8. Risks, Concentrations and Indemnifications

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

As of December 31, 2015, an affiliate of the Adviser had investment discretion with respect to its clients’ holdings in the Funds, which collectively represent the following percentage of each Fund’s net assets:

	% of the Fund
Growth Advantage Fund Mid Cap Equity Fund		13.0 24.8	%

As of December 31, 2015, the J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Growth Advantage Fund		n/a			35.0	%
Mid Cap Equity Fund		n/a			35.8
Multi-Cap Market Neutral Fund		90.2	%		n/a
Value Advantage Fund		n/a			18.6

As of December 31, 2015, Mid Cap Equity Fund, Mid Cap Value Fund and Value Advantage Fund, each had a shareholder, which is an account maintained by a financial intermediary on behalf of its clients, that collectively owned shares representing the following percentage of each applicable Fund’s net assets:

	% of the Fund
Mid Cap Equity Fund Mid Cap Value Fund Value Advantage Fund		10.8 17.0 18.7	%

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

As of December 31, 2015, the Multi-Cap Market Neutral Fund pledged a significant portion 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.

9. Subsequent Events

During the period December 31, 2015 through February 23, 2016, affiliated fund of funds of Multi-Cap Market Neutral Fund redeemed approximately $75,037,000. This amount represents 27.6% of the Fund’s net assets as of December 31, 2015.

During the period December 31, 2015 through February 23, 2016 certain shareholders of Mid Cap Equity Fund redeemed approximately $693,000,000. This amount represents 21.6% of the Fund’s net assets as of December 31, 2015.

76 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

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, 2015, and continued to hold your shares at the end of the reporting period, December 31, 2015.

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, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Growth Advantage Fund
Class A
Actual	$	1,000.00	$	988.80	$	6.25		1.25	%
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		985.40		8.73		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Class R5
Actual		1,000.00		990.40		4.35		0.87
Hypothetical		1,000.00		1,020.76		4.42		0.87
Class R6
Actual		1,000.00		991.00		3.75		0.75
Hypothetical		1,000.00		1,021.37		3.81		0.75
Select Class
Actual		1,000.00		989.60		5.40		1.08
Hypothetical		1,000.00		1,019.71		5.48		1.08
Mid Cap Equity Fund
Class A
Actual		1,000.00		944.00		6.11		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		941.60		8.54		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Class R2
Actual		1,000.00		942.80		7.33		1.50
Hypothetical		1,000.00		1,017.60		7.61		1.50

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 77

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Mid Cap Equity Fund (continued)
Class R5
Actual	$	1,000.00	$	946.10	$	3.91		0.80	%
Hypothetical		1,000.00		1,021.11		4.06		0.80
Class R6
Actual		1,000.00		946.50		3.67		0.75
Hypothetical		1,000.00		1,021.37		3.81		0.75
Select Class
Actual		1,000.00		945.70		4.40		0.90
Hypothetical		1,000.00		1,020.61		4.57		0.90
Mid Cap Growth Fund
Class A
Actual		1,000.00		930.10		6.02		1.24
Hypothetical		1,000.00		1,018.90		6.29		1.24
Class C
Actual		1,000.00		927.70		8.43		1.74
Hypothetical		1,000.00		1,016.39		8.82		1.74
Class R2
Actual		1,000.00		929.60		6.79		1.40
Hypothetical		1,000.00		1,018.10		7.10		1.40
Class R5
Actual		1,000.00		932.30		3.84		0.79
Hypothetical		1,000.00		1,021.17		4.01		0.79
Class R6
Actual		1,000.00		932.40		3.59		0.74
Hypothetical		1,000.00		1,021.42		3.76		0.74
Select Class
Actual		1,000.00		931.50		4.52		0.93
Hypothetical		1,000.00		1,020.46		4.72		0.93
Mid Cap Value Fund
Class A
Actual		1,000.00		958.40		6.10		1.24
Hypothetical		1,000.00		1,018.90		6.29		1.24
Class C
Actual		1,000.00		955.90		8.60		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Class R2
Actual		1,000.00		957.20		7.38		1.50
Hypothetical		1,000.00		1,017.60		7.61		1.50
Institutional Class
Actual		1,000.00		960.70		3.70		0.75
Hypothetical		1,000.00		1,021.37		3.81		0.75
Select Class
Actual		1,000.00		959.80		4.88		0.99
Hypothetical		1,000.00		1,020.16		5.03		0.99
Multi-Cap Market Neutral Fund
Class A
Actual		1,000.00		1,033.40		13.65		2.67
Hypothetical		1,000.00		1,011.71		13.50		2.67
Class C
Actual		1,000.00		1,031.10		16.18		3.17
Hypothetical		1,000.00		1,009.20		16.01		3.17
Select Class
Actual		1,000.00		1,034.80		12.33		2.41
Hypothetical		1,000.00		1,013.02		12.19		2.41

78 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Multi-Cap Market Neutral Fund (continued)
Value Advantage Fund
Class A
Actual	$	1,000.00	$	947.60	$	6.07		1.24	%
Hypothetical		1,000.00		1,018.90		6.29		1.24
Class C
Actual		1,000.00		945.10		8.51		1.74
Hypothetical		1,000.00		1,016.39		8.82		1.74
Institutional Class
Actual		1,000.00		949.60		3.63		0.74
Hypothetical		1,000.00		1,021.42		3.76		0.74
Select Class
Actual		1,000.00		948.70		4.85		0.99
Hypothetical		1,000.00		1,020.16		5.03		0.99

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 79

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 2015, 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 19, 2015.

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 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.

80 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

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 may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also 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 Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

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

The Trustees noted that, upon their direction, the Senior Officer for the 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, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 81

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance 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 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 third, first, and first quintiles for both Class A and Select Class shares for the one-, three- and five year periods ended December 31, 2014, 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 first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, 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, first and second quintiles for Class A shares for the one-, three- and five- year periods ended December 31, 2014, respectively, and in the first quintile for

Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, 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 Value 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, 2014, 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 Multi-Cap Market Neutral Fund’s performance was in the third, third and fourth quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Value Advantage Fund’s performance was in the first, second, and first quintiles for Class A shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and in the first quintile for Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, 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.

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

82 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

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 for Class A and Select Class shares was in the third and fourth quintiles, respectively, 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 fees were reasonable.

The Trustees noted that the Mid Cap Equity Fund’s net advisory fee for Class A and Select Class shares was in the second and first 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 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 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 fee was 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 third quintile, and that the 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 Value Advantage 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.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 83

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., 2016.  All rights reserved. December 2015. SAN-MC-1215

Semi-Annual Report

J.P. Morgan Large Cap Funds

December 31, 2015 (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	2
Fund Commentaries:
JPMorgan Disciplined Equity Fund	3
JPMorgan Dynamic Growth Fund	5
JPMorgan Equity Focus Fund	7
JPMorgan Equity Income Fund	9
JPMorgan Growth and Income Fund	11
JPMorgan Hedged Equity Fund	13
JPMorgan Large Cap Growth Fund	15
JPMorgan Large Cap Value Fund	17
JPMorgan U.S. Equity Fund.	19
Schedules of Portfolio Investments	21
Financial Statements	50
Financial Highlights	74
Notes to Financial Statements	92
Schedule of Shareholder Expenses	104
Board Approval of Investment Advisory Agreement	108

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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 29, 2016 (Unaudited)

Dear Shareholder,

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48%

of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

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, 2015 J.P. MORGAN LARGE CAP FUNDS 1

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

U.S. equities financial markets provided slim returns for the second half of 2015. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in the Shanghai and Shenzhen equity markets. A global sell-off followed on August 24^th, dragging down the Standard & Poor’s 500 Index (S&P 500) by 3.9% for the day.

However, U.S. equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. The S&P 500 turned in its best one-month performance since October 2011.

In general, the U.S. equities market for the six month reporting period was marked by large gains in a few select stocks, especially technology sector stocks, while most other stocks ended the period lower or essentially flat. The energy, materials and industrials sectors underperformed the broader market, while the consumer discretionary, consumer staples and health care sectors outperformed the broader market. Over the reporting period, growth stocks generally outperformed value stocks and small cap stocks generally underperformed both mid cap and large cap stocks. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and the Russell 1000 Index returned -0.78%.

2 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Disciplined Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		-4.61%
S&P 500 Index		0.15%
Net Assets as of 12/31/2015 (In Thousands)	$	8,163,167

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 Composite Stock Price Index (the “Benchmark”).

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

The Fund’s Institutional Class Shares underperformed the Benchmark for the six months ended December 31, 2015. The Fund’s security selection in the industrial cyclical and media sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the energy and utilities sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Time Warner Inc., 21^st Century Fox Inc. and Mosaic Co. Shares of media and entertainment companies Time Warner and 21^st Century Fox fell on lower-than-expected advertising revenue amid a consumer trend away from cable TV and toward online entertainment providers. Shares of Mosaic, a fertilizer company, fell on a decline in slower sales and earnings.

Leading individual contributors to relative performance included the Fund’s overweight position in Valero Energy Corp. and its underweight positions in Walt Disney Co. and Kinder Morgan Inc. Shares of Valero Energy, a refinery operator specializing in gasoline and diesel fuel, rose on the company’s plans to expand its refining and transport systems to reduce operating costs. Shares of Walt Disney, an entertainment and media company, declined amid a consumer trend away from cable TV and toward online entertainment providers. Shares of Kinder Morgan, an owner/operator of natural gas pipelines and terminals, declined amid continued weakness in energy prices.

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 HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	3.4	%
	2.	Alphabet, Inc., Class A	2.9
	3.	Microsoft Corp.	2.5
	4.	Bank of America Corp.	2.4
	5.	Gilead Sciences, Inc.	2.0
	6.	Lowe’s Cos., Inc.	2.0
	7.	PepsiCo, Inc.	1.9
	8.	Avago Technologies Ltd., (Singapore)	1.8
	9.	Lam Research Corp.	1.8
	10.	Accenture plc, (Ireland), Class A	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	21.0	%
Financials	17.3
Consumer Discretionary	15.7
Health Care	15.6
Industrials	9.2
Consumer Staples	6.6
Energy	6.2
Utilities	2.9
Materials	2.4
Telecommunication Services	1.7
Short-Term Investments	1.4

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 3

JPMorgan Disciplined Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
Without Sales Charge			(4.83	)%		(2.68	)%		11.99	%		7.27	%
With Sales Charge**			(9.83	)		(7.78	)		10.79			6.69
CLASS R6 SHARES	March 24, 2003		(4.60	)		(2.16	)		12.56			7.81
INSTITUTIONAL CLASS SHARES	January 3, 1997		(4.61	)		(2.25	)		12.46			7.70
SELECT CLASS SHARES	September 10, 2001		(4.68	)		(2.38	)		12.28			7.54

* Not annualized.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. 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.

4 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Dynamic Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		3.54%
Russell 1000 Growth Index		1.64%
Net Assets as of 12/31/2015 (In Thousands)	$	373,247

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) outperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the consumer discretionary and technology sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection and underweight position in the consumer staples sector and its security selection and overweight position in the health care sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Amazon.com Inc. and Facebook Inc. and its underweight position in Apple Inc. Shares of Amazon.com, an online retailer, rose on continued expansion of its business and an overall increase in online shopping during the 2015 holiday season. Shares of Facebook, an online social media business, rose on growth in advertising sales. Shares of Apple, a maker of computers and mobile devices, fell on weakness in iPhone sales and analysts’ expectation for declining revenue and earnings.

Leading individual detractors from relative performance included the Fund’s overweight positions in Lululemon Athletica Inc., Gilead Sciences Inc. and Kansas City Southern Co. Shares of Lululemon, an athletic apparel maker, fell after the company reduced its earnings forecast and said its profit margins would not likely recover until 2017. Shares of Gilead Sciences, a pharmaceutical company, fell on investor expectations that revenue growth would slow in 2016. Shares of Kansas City Southern, a freight railroad, declined amid slowing freight traffic.

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.	Alphabet, Inc., Class A	6.6	%
	2.	Amazon.com, Inc.	6.4
	3.	Facebook, Inc., Class A	5.9
	4.	MasterCard, Inc., Class A	5.8
	5.	Regeneron Pharmaceuticals, Inc.	4.6
	6.	Home Depot, Inc. (The)	4.6
	7.	Charles Schwab Corp. (The)	4.4
	8.	salesforce.com, Inc.	4.0
	9.	Gilead Sciences, Inc.	3.8
	10.	Starbucks Corp.	3.7

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	35.4	%
Consumer Discretionary	23.3
Health Care	21.1
Financials	4.4
Industrials	3.4
Materials	2.9
Consumer Staples	2.4
Energy	1.7
Short-Term Investment	5.4

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 5

JPMorgan Dynamic Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2007
Without Sales Charge			3.41	%		8.82	%		12.42	%		7.35	%
With Sales Charge**			(2.00	)		3.13			11.22			6.64
CLASS C SHARES	November 30, 2007
Without CDSC			3.14			8.24			11.85			6.82
With CDSC***			2.14			7.24			11.85			6.82
CLASS R5 SHARES	November 30, 2007		3.64			9.31			12.91			7.84
SELECT CLASS SHARES	November 30, 2007		3.54			9.12			12.70			7.62

* 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 12/31/15)

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, 2015. 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 and 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.

6 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		1.97%
S&P 500 Index		0.15%
Net Assets as of 12/31/2015 (In Thousands)	$	83,636

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) outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the technology and consumer discretionary sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the producer durables sector and its underweight position in the consumer staples sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Amazon.com Inc., Alphabet Inc. and Facebook Inc. Shares of Amazon.com, an online retailer, rose on continued expansion of its business and an overall increase in online shopping during the 2015 holiday season. Shares of Alphabet, the parent company of Google and its subsidiaries and affiliates, rose on continued growth in Google advertising revenue and investors’ desire for defensive large cap stocks amid market volatility. Shares of Facebook, an online social media business, rose on growth in advertising sales.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gilead Sciences Inc., Kohl’s Corp. and WestRock Co. Shares of Gilead Sciences, a pharmaceutical company, fell on investor concerns about industry-wide pricing practices. Shares of Kohl’s, a department store chain, fell after the company reported lower-than-expected earnings and revenue. Shares of WestRock, a packaging manufacturer, declined on lower-than-expected revenue and investor concerns about pricing trends in the packaging industry.

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 overweight positions versus the Benchmark were in the consumer discretionary and financial services sectors. The Fund’s largest underweight positions versus the Benchmark were in the consumer staples and utilities sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class C	6.2	%
	2.	Facebook, Inc., Class A	6.0
	3.	Amazon.com, Inc.	5.2
	4.	Regeneron Pharmaceuticals, Inc.	4.4
	5.	Gilead Sciences, Inc.	4.4
	6.	MasterCard, Inc., Class A	4.4
	7.	Loews Corp.	3.7
	8.	Wells Fargo & Co.	3.6
	9.	Priceline Group, Inc. (The)	3.5
	10.	Celgene Corp.	3.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	23.5	%
Financials	20.9
Consumer Discretionary	19.3
Health Care	16.5
Industrials	5.9
Energy	5.0
Materials	3.2
Utilities	2.4
Short-Term Investment	3.3

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 7

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 29, 2011
Without Sales Charge			1.84	%		4.11	%		16.11	%		13.23	%
With Sales Charge**			(3.49	)		(1.34	)		14.04			11.86
CLASS C SHARES	July 29, 2011
Without CDSC			1.57			3.62			15.54			12.66
With CDSC***			0.57			2.62			15.54			12.66
SELECT CLASS SHARES	July 29, 2011		1.97			4.40			16.41			13.51

* 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 12/31/15)

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, 2015. 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 31, 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.

8 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-1.07%
Russell 1000 Value Index		-3.23%
Net Assets as of 12/31/2015 (In Thousands)	$	10,426,079

INVESTMENT OBJECTIVE**

The JPMorgan Equity Income Fund (the “Fund”) seeks capital appreciation and current income.

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, 2015. The Fund’s security selection and an underweight position in the energy sector and its security selection in the consumer staples sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the industrials and information technology sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Altria Group Inc., Home Depot Inc. and Airgas Inc. Shares of Altria Group, a tobacco company, rose on strong quarterly sales growth and investor expectations that it would benefit from Anheuser-Busch InBev SA’s proposed takeover of SABMiller PLC, in which Altria held a 27% stake as of October. Shares of Home Depot, a home improvement retail chain, rose on strong sales growth amid continued strength in the U.S. housing sector. Shares of Airgas, a supplier of specialty gases to the industrial and medical sectors, rose on news of a $13.4 billion takeover bid by Air Liquide SA.

Leading individual detractors from relative performance included the Fund’s underweight position in General Electric Co. and its overweight positions in Time Warner Inc. and Apple Inc. Shares of General Electric, an industrial conglomerate not held in the Fund, rose on expectations of profit growth after the company shed large parts of its finance business. Shares of Time Warner, a media and entertainment company, fell on lower-than-expected advertising revenue amid a consumer trend away from cable TV and toward online entertainment providers. Shares of Apple, a maker of computers and mobile devices, fell on weakness in iPhone sales and analysts’ expectation for declining revenue and earnings.

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.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	4.6	%
	2.	Exxon Mobil Corp.	2.6
	3.	Johnson & Johnson	2.4
	4.	PNC Financial Services Group, Inc. (The)	2.2
	5.	BlackRock, Inc.	2.1
	6.	Altria Group, Inc.	2.1
	7.	Pfizer, Inc.	2.0
	8.	Travelers Cos., Inc. (The)	2.0
	9.	Apple, Inc.	2.0
	10.	CME Group, Inc.	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	29.4	%
Health Care	11.7
Consumer Discretionary	10.2
Consumer Staples	9.4
Industrials	9.2
Information Technology	9.0
Energy	8.6
Utilities	4.7
Materials	3.8
Telecommunication Services	1.5
Short-Term Investment	2.5

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 9

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
Without Sales Charge			(1.21	)%		(2.51	)%		12.01	%		7.68	%
With Sales Charge**			(6.38	)		(7.64	)		10.81			7.10
CLASS C SHARES	November 4, 1997
Without CDSC			(1.41	)		(2.99	)		11.45			7.14
With CDSC***			(2.41	)		(3.99	)		11.45			7.14
CLASS R2 SHARES	February 28, 2011		(1.32	)		(2.78	)		11.74			7.50
CLASS R5 SHARES	February 28, 2011		(0.90	)		(2.05	)		12.51			8.09
CLASS R6 SHARES	January 31, 2012		(0.93	)		(1.96	)		12.55			8.11
SELECT CLASS SHARES	July 2, 1987		(1.07	)		(2.31	)		12.29			7.99

* 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 (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. 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.

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

10 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Growth and Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		-1.69%
Russell 1000 Value Index		-3.23%
Net Assets as of 12/31/2015 (In Thousands)	$	503,755

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’s Class A Shares, without a sales charge, outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection and underweight position in the energy sector and its security selection in the consumer staples sector were leading contributors to performance relative to the Benchmark, while the Fund’s underweight position in the utilities sector and its security selection in the financials sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Molson Coors Brewing Co., Alphabet Inc. and Home Depot Inc. Shares of Molson Coors, a brewing company, rose on investor expectations that it would acquire control of a valuable joint venture MillerCoors following the proposed acquisition of SABMiller by Anheuser Busch InBev. Shares of Alphabet, the parent company of Google Inc. and its subsidiaries and affiliates, rose on continued growth in Google advertising revenue and investors’ desire for defensive large cap stocks amid market volatility. Shares of Home Depot, a home improvement retail chain, rose on strong sales growth amid continued strength in the U.S. housing sector. Alphabet and Home Depot were not constituents of the Benchmark.

Leading individual detractors from relative performance included the Fund’s overweight positions in Apple Inc. and Affiliated Managers Group Inc. and its underweight position in Intel Corp. Shares of Apple, a maker of computers and mobile devices that was not held in the Benchmark, fell on weakness in iPhone sales and analysts’ expectation for declining revenue and earnings. Shares of Affiliated Managers, a financial asset manager not held in the Benchmark, weakened after the company lowered its earnings forecast amid declines in the market for high yield bonds (also known as “junk bonds”). Shares of Intel, a semiconductor manufacturer not held by the Fund, rose on solid quarterly earnings and investors’ desire for defensive large cap stocks amid market volatility.

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 and fundamental research. During the reporting period, the Fund’s largest overweight position relative to the Benchmark was in the consumer discretionary sector, while its largest underweight position was in the energy sector.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	3.0	%
	2.	Wells Fargo & Co.	2.6
	3.	Bank of America Corp.	2.5
	4.	Apple, Inc.	2.1
	5.	Verizon Communications, Inc.	2.0
	6.	Exxon Mobil Corp.	2.0
	7.	Berkshire Hathaway, Inc., Class B	1.9
	8.	General Electric Co.	1.9
	9.	Johnson & Johnson	1.8
	10.	Occidental Petroleum Corp.	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Financials	31.7	%
Health Care	11.9
Information Technology	10.5
Energy	8.9
Industrials	8.2
Consumer Staples	7.8
Consumer Discretionary	7.4
Utilities	3.6
Telecommunication Services	2.0
Materials	0.9
Short-Term Investment	7.1

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 11

JPMorgan Growth and Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
Without Sales Charge			(1.69	)%		(2.54	)%		12.31	%		6.47	%
With Sales Charge**			(6.85	)		(7.64	)		11.10			5.90
CLASS C SHARES	January 2, 1998
Without CDSC			(1.93	)		(3.04	)		11.74			5.94
With CDSC***			(2.93	)		(4.04	)		11.74			5.94
CLASS R2 SHARES	November 2, 2015		(1.73	)		(2.57	)		12.30			6.47
CLASS R5 SHARES	November 2, 2015		(1.53	)		(2.29	)		12.61			6.78
CLASS R6 SHARES	November 2, 2015		(1.51	)		(2.26	)		12.61			6.79
SELECT CLASS SHARES	January 25, 1996		(1.56	)		(2.32	)		12.60			6.78

* 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 (12/31/05 TO 12/31/15)

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 different than those shown because Class R2 Shares have different expenses than Class A 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 than those shown because Class R5 and Class R6 Shares have different expenses than Select Class Shares.

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 Lipper Large-Cap Core Funds Index and the Lipper Large-Cap Value Funds Index from December 31, 2005 to December 31, 2015. 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 benchmarks, 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 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.

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.

12 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-2.05%
S&P 500 Index		0.15%
Net Assets as of 12/31/2015 (In Thousands)	$	255,632

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, 2015. The Fund’s options hedge allowed the Fund to perform as designed, delivering returns with roughly half of the Benchmark’s volatility during the reporting period. The Fund provided a downside buffer in the third quarter of 2015, while also capturing 56% of the fourth quarter market rebound, with less volatility.

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 the Fund’s security selection in the technology and utilities sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Time Warner Inc., 21^st Century Fox Inc. and Valeant Pharmaceuticals International Inc. Shares of media and entertainment companies Time Warner and 21^st Century Fox fell on lower-than-expected advertising revenue amid a consumer trend away from cable TV and toward online entertainment providers. Shares of Valeant Pharmaceuticals, a drug maker not held in the Benchmark, fell amid questions about its accounting practices.

Leading individual contributors to relative performance included the Fund’s underweight positions in Walt Disney Co. and Kinder Morgan Inc. and its overweight position in Microsoft Corp. Shares of Walt Disney, an entertainment and media company not held in the Fund, declined amid a consumer trend away from cable TV and toward online entertainment providers. Shares of Kinder Morgan, an owner/operator of natural gas pipelines and terminals, declined amid continued weakness in energy prices. Shares of Microsoft, a provider of software and services, rose on growth in its Azure cloud computing platform as investors sought large cap stocks amid market volatility.

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 provided 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.		3.3	%
	2.	Microsoft Corp.		3.0
	3.	Wells Fargo & Co.	��	2.1
	4.	Facebook, Inc., Class A		1.9
	5.	Citigroup, Inc.		1.6
	6.	Amazon.com, Inc.		1.6
	7.	Bank of America Corp.		1.5
	8.	Exxon Mobil Corp.		1.5
	9.	Alphabet, Inc., Class A		1.4
	10.	Alphabet, Inc., Class C		1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.6	%
Financials	16.2
Health Care	15.6
Consumer Discretionary	13.4
Industrials	9.8
Consumer Staples	8.5
Energy	6.3
Utilities	3.1
Materials	2.5
Put Option	1.9
Telecommunication Services	1.5
Short-Term Investment	0.6

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 13

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	December 13, 2013
Without Sales Charge			(2.19	)%		(1.68	)%		4.47	%
With Sales Charge**			(7.31	)		(6.83	)		1.76
CLASS C SHARES	December 13, 2013
Without CDSC			(2.43	)		(2.19	)		3.94
With CDSC***			(3.43	)		(3.19	)		3.94
CLASS R5 SHARES	December 13, 2013		(1.98	)		(1.27	)		4.93
CLASS R6 SHARES	December 13, 2013		(1.94	)		(1.21	)		4.98
SELECT CLASS SHARES	December 13, 2013		(2.05	)		(1.43	)		4.72

* 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 12/31/15)

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, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and the Lipper Alternative Long/Short Equity Funds Average from December 13, 2013 to December 31, 2015. 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 benchmarks, if applicable. The performance of the Lipper Alternative Long/Short Equity Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. The S&P 500 Index is an unmanaged index generally representative

of the performance of large companies in the U.S. stock market. The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Lipper Alternative Long/Short Equity Funds Average is an average based on the total returns of all mutual funds within the funds designated category as determined by Lipper, Inc.

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

Subsequent to the inception date of the Fund and through May 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

14 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		0.85%
Russell 1000 Growth Index		1.64%
Net Assets as of 12/31/2015 (In Thousands)	$	15,470,564

INVESTMENT OBJECTIVE**

The JPMorgan Large Cap Growth 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 Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection and overweight positions in the health care and consumer staples sectors were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and technology sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Valeant Pharmaceuticals International Ltd. and Biomarin Pharmaceutical Inc. and its underweight position in Microsoft Corp. Shares of Valeant Pharmaceuticals, a drug maker, fell amid questions about its accounting practices. Shares of Biomarin Pharmaceuticals, a drug maker, declined after the Food and Drug Administration issued a negative review of the company’s drug candidate for a muscle wasting disorder. Shares of Microsoft, a provider of software and technology services, rose on growth in its Azure cloud computing platform as investors sought large cap stocks amid market volatility.

Leading individual contributors to relative performance included the Fund’s overweight positions in Amazon.com Inc., Facebook Inc. and Home Depot Inc. Shares of Amazon.com, an online retailer not held in the Benchmark, rose on continued expansion of its business and an overall increase in online shopping during the 2015 holiday season. Shares of Facebook, an online social media business, rose on growth in advertising sales. Shares of Home Depot, a home improvement retail chain, rose on strong sales growth amid continued strength in the U.S. housing sector.

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.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Facebook, Inc., Class A	5.6	%
	2.	Alphabet, Inc., Class C	5.5
	3.	Home Depot, Inc. (The)	4.8
	4.	Amazon.com, Inc.	4.7
	5.	Regeneron Pharmaceuticals, Inc.	4.4
	6.	MasterCard, Inc., Class A	3.8
	7.	Visa, Inc., Class A	3.8
	8.	Celgene Corp.	3.4
	9.	Apple, Inc.	3.3
	10.	Netflix, Inc.	2.6

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	33.5	%
Consumer Discretionary	23.2
Health Care	19.9
Consumer Staples	6.9
Industrials	6.3
Materials	4.7
Financials	2.5
Energy	0.5
Short-Term Investment	2.5

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 15

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 22, 1994
Without Sales Charge			0.77	%		7.45	%		12.60	%		8.91	%
With Sales Charge**			(4.52	)		1.82			11.40			8.32
CLASS C SHARES	November 4, 1997
Without CDSC			0.51			6.92			12.04			8.34
With CDSC***			(0.49	)		5.92			12.04			8.34
CLASS R2 SHARES	November 3, 2008		0.64			7.18			12.33			8.64
CLASS R5 SHARES	April 14, 2009		0.97			7.84			13.03			9.28
CLASS R6 SHARES	November 30, 2010		1.00			7.94			13.10			9.32
SELECT CLASS SHARES	February 28, 1992		0.85			7.61			12.80			9.14

* 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 (12/31/05 TO 12/31/15)

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 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, 2005 to December 31, 2015. 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.

16 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-3.04%
Russell 1000 Value Index		-3.23%
Net Assets as of 12/31/2015 (In Thousands)	$	722,807

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, 2015. The Fund’s security selection and underweight positions in the energy sector and its security selection in the utilities sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the financials and materials sectors was a leading detractor from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Royal Caribbean Cruises Ltd., Southwest Airlines Co. and Ace Ltd. Shares of Caribbean Cruises, an owner/operator of cruise ships, rose on better-than-expected earnings and revenue. Shares of Southwest Airlines rose amid improved utilization and consumer demand. Shares of Ace Ltd., an insurance company, rose ahead of its acquisition of Chubb Ltd.

Leading individual detractors from relative performance included the Fund’s underweight position in General Electric Co. and its overweight positions in PVH Corp. and Cabot Oil & Gas Corp. Shares of General Electric, an industrial conglomerate, rose after the company shed its financing business. Shares of PVH, an owner of brand-name apparel, fell after the company lowered its sales forecast. Shares of Cabot Oil & Gas, a producer of oil and gas, declined amid continued weakness in global energy prices.

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.	4.0	%
	2.	General Motors Co.	3.4
	3.	ACE Ltd., (Switzerland)	3.1
	4.	Citigroup, Inc.	3.1
	5.	Exxon Mobil Corp.	2.7
	6.	Best Buy Co., Inc.	2.5
	7.	Pfizer, Inc.	2.5
	8.	MetLife, Inc.	2.5
	9.	Aetna, Inc.	2.4
	10.	PACCAR, Inc.	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	25.7	%
Consumer Discretionary	19.6
Health Care	13.6
Industrials	9.0
Information Technology	8.8
Energy	7.3
Utilities	5.6
Materials	3.3
Telecommunication Services	2.3
Consumer Staples	1.0
Short-Term Investment	3.8

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 17

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
Without Sales Charge			(3.14	)%		(2.05	)%		10.92	%		6.03	%
With Sales Charge**			(8.21	)		(7.21	)		9.74			5.46
CLASS C SHARES	March 22, 1999
Without CDSC			(3.39	)		(2.58	)		10.37			5.48
With CDSC***			(4.39	)		(3.58	)		10.37			5.48
CLASS R2 SHARES	November 3, 2008		(3.29	)		(2.35	)		10.63			5.74
CLASS R5 SHARES	May 15, 2006		(2.93	)		(1.72	)		11.33			6.44
CLASS R6 SHARES	November 30, 2010		(2.90	)		(1.65	)		11.37			6.46
SELECT CLASS SHARES	March 1, 1991		(3.04	)		(1.91	)		11.08			6.23

* 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 (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. 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.

18 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		-1.33%
S&P 500 Index		0.15%
Net Assets as of 12/31/2015 (In Thousands)	$	13,224,927

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) underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the pharmaceutical/medical technology and the basic materials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the software & services sector and the semiconductor & hardware sector was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Time Warner Inc., Valeant Pharmaceuticals International Inc. and 21^st Century Fox Inc. Shares of media and entertainment companies Time Warner and 21^st Century Fox fell on lower-than-expected advertising revenue amid a consumer trend away from cable TV and toward online entertainment providers. Shares of Valeant Pharmaceuticals, a drug maker, fell amid questions about its accounting practices.

Leading individual contributors to relative performance included the Fund’s overweight positions in Avago Technologies Ltd. and Ace Ltd. and its underweight position in Kinder Morgen Inc. Shares of Avago, a maker of analog semiconductors, rose on continued demand for its products for mobile devices. Shares of Ace Ltd., an insurance company, rose ahead of its acquisition of Chubb Ltd. Shares of Kinder Morgan, an owner/operator of natural gas pipelines and terminals, declined amid continued weakness in energy prices.

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’s largest overweight positions relative to the Benchmark at December 31, 2105, were in the big banks and brokerages sector, the insurance sector and the media sector. The Fund’s largest underweight positions were in the consumer staples and retail sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	3.3	%
	2.	Microsoft Corp.	3.3
	3.	Wells Fargo & Co.	2.9
	4.	Lowe’s Cos., Inc.	2.2
	5.	Alphabet, Inc., Class C	2.2
	6.	Avago Technologies Ltd., (Singapore)	2.0
	7.	ACE Ltd., (Switzerland)	1.9
	8.	Amazon.com, Inc.	1.8
	9.	Honeywell International, Inc.	1.6
	10.	Facebook, Inc., Class A	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	23.0	%
Financials	17.0
Health Care	15.8
Consumer Discretionary	15.4
Industrials	9.8
Energy	6.3
Consumer Staples	6.1
Materials	2.3
Utilities	2.0
Telecommunication Services	0.9
Short-Term Investment	1.4

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 19

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
Without Sales Charge			(1.50	)%		0.45	%		12.14	%		8.44	%
With Sales Charge**			(6.69	)		(4.79	)		10.94			7.86
CLASS C SHARES	September 10, 2001
Without CDSC			(1.70	)		(0.01	)		11.60			7.89
With CDSC***			(2.70	)		(1.01	)		11.60			7.89
CLASS R2 SHARES	November 3, 2008		(1.63	)		0.22			11.88			8.25
CLASS R5 SHARES	May 15, 2006		(1.30	)		0.84			12.58			8.89
CLASS R6 SHARES	November 30, 2010		(1.27	)		0.90			12.66			8.93
INSTITUTIONAL CLASS SHARES	September 17, 1993		(1.33	)		0.79			12.52			8.84
SELECT CLASS SHARES	September 10, 2001		(1.44	)		0.64			12.37			8.67

* 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 (12/31/05 TO 12/31/15)

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 their 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, 2005 to December 31, 2015. 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.

20 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.0%
		Consumer Discretionary — 15.8%
		Auto Components — 0.3%
	628	Magna International, Inc., (Canada)		25,476
		Automobiles — 2.0%
	4,012	Ford Motor Co.		56,526
	3,135	General Motors Co.		106,608
				163,134
		Hotels, Restaurants & Leisure — 0.4%
	1,341	Hilton Worldwide Holdings, Inc.		28,689
		Household Durables — 0.8%
	1,894	D.R. Horton, Inc.		60,649
	461	PulteGroup, Inc.		8,209
				68,858
		Internet & Catalog Retail — 1.6%
	192	Amazon.com, Inc. (a)		129,636
		Media — 5.4%
	1,431	CBS Corp. (Non-Voting), Class B		67,443
	44	Charter Communications, Inc., Class A (a)		7,983
	1,544	Comcast Corp., Class A		87,111
	1,676	DISH Network Corp., Class A (a)		95,851
	45	Time Warner Cable, Inc.		8,352
	1,119	Time Warner, Inc.		72,346
	3,698	Twenty-First Century Fox, Inc., Class A		100,435
				439,521
		Multiline Retail — 0.5%
	408	Dollar General Corp.		29,323
	208	Target Corp.		15,110
				44,433
		Specialty Retail — 3.8%
	1,455	AutoNation, Inc. (a)		86,799
	714	Best Buy Co., Inc.		21,732
	86	Home Depot, Inc. (The)		11,374
	2,138	Lowe’s Cos., Inc.		162,596
	162	Ross Stores, Inc.		8,707
	53	Tiffany & Co.		4,013
	177	TJX Cos., Inc. (The)		12,572
				307,793
		Textiles, Apparel & Luxury Goods — 1.0%
	494	PVH Corp.		36,405
	36	Ralph Lauren Corp.		4,058
	604	V.F. Corp.		37,586
				78,049
		Total Consumer Discretionary		1,285,589

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 6.6%
		Beverages — 3.1%
	284	Coca-Cola Co. (The)		12,179
	144	Constellation Brands, Inc., Class A		20,455
	720	Molson Coors Brewing Co., Class B		67,613
	1,521	PepsiCo, Inc.		151,968
				252,215
		Food & Staples Retailing — 0.1%
	53	Costco Wholesale Corp.		8,495
		Food Products — 0.3%
	528	Mondelez International, Inc., Class A		23,662
		Household Products — 1.6%
	257	Colgate-Palmolive Co.		17,101
	346	Kimberly-Clark Corp.		43,982
	868	Procter & Gamble Co. (The)		68,960
				130,043
		Tobacco — 1.5%
	1,424	Philip Morris International, Inc.		125,210
		Total Consumer Staples		539,625
		Energy — 6.3%
		Energy Equipment & Services — 0.8%
	446	Baker Hughes, Inc.		20,569
	332	Halliburton Co.		11,308
	661	National Oilwell Varco, Inc.		22,150
	601	Noble Corp. plc, (United Kingdom)		6,343
				60,370
		Oil, Gas & Consumable Fuels — 5.5%
	199	Cabot Oil & Gas Corp.		3,520
	1,185	Chevron Corp.		106,576
	296	Diamondback Energy, Inc.		19,776
	53	EOG Resources, Inc.		3,752
	157	EQT Corp.		8,163
	1,407	Exxon Mobil Corp.		109,691
	353	Marathon Petroleum Corp.		18,310
	989	Occidental Petroleum Corp.		66,859
	301	Pioneer Natural Resources Co.		37,777
	1,079	Valero Energy Corp.		76,268
				450,692
		Total Energy		511,062
		Financials — 17.4%
		Banks — 4.8%
	11,530	Bank of America Corp.		194,052
	1,864	Citigroup, Inc.		96,441

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 21

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Banks — continued
	321	Prosperity Bancshares, Inc.		15,382
	1,609	Wells Fargo & Co.		87,460
				393,335
		Capital Markets — 4.4%
	35	Ameriprise Financial, Inc.		3,767
	585	Bank of New York Mellon Corp. (The)		24,097
	65	BlackRock, Inc.		22,134
	280	Charles Schwab Corp. (The)		9,234
	594	Goldman Sachs Group, Inc. (The)		107,002
	1,809	Invesco Ltd.		60,565
	143	Legg Mason, Inc.		5,618
	3,461	Morgan Stanley		110,085
	179	State Street Corp.		11,872
				354,374
		Consumer Finance — 1.0%
	341	Capital One Financial Corp.		24,578
	146	Discover Financial Services		7,839
	1,724	Synchrony Financial (a)		52,433
				84,850
		Diversified Financial Services — 1.6%
	882	Berkshire Hathaway, Inc., Class B (a)		116,512
	66	Intercontinental Exchange, Inc.		16,913
				133,425
		Insurance — 3.6%
	560	ACE Ltd., (Switzerland)		65,448
	332	American International Group, Inc.		20,549
	613	Arthur J. Gallagher & Co.		25,105
	61	Everest Re Group Ltd., (Bermuda)		11,242
	2,401	MetLife, Inc.		115,752
	717	Prudential Financial, Inc.		58,330
				296,426
		Real Estate Investment Trusts (REITs) — 2.0%
	241	AvalonBay Communities, Inc.		44,449
	646	General Growth Properties, Inc.		17,586
	105	Highwoods Properties, Inc.		4,556
	314	LaSalle Hotel Properties		7,908
	687	Prologis, Inc.		29,481
	103	Simon Property Group, Inc.		19,969
	209	SL Green Realty Corp.		23,613
	124	Vornado Realty Trust		12,385
				159,947
		Total Financials		1,422,357

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care — 15.6%
		Biotechnology — 6.0%
	125	Alexion Pharmaceuticals, Inc. (a)		23,844
	383	Biogen, Inc. (a)		117,393
	73	BioMarin Pharmaceutical, Inc. (a)		7,668
	1,025	Celgene Corp. (a)		122,718
	1,621	Gilead Sciences, Inc.		164,059
	75	Incyte Corp. (a)		8,156
	70	Regeneron Pharmaceuticals, Inc. (a)		38,001
	107	Vertex Pharmaceuticals, Inc. (a)		13,489
				495,328
		Health Care Equipment & Supplies — 0.5%
	866	Abbott Laboratories		38,897
		Health Care Providers & Services — 4.1%
	1,244	Aetna, Inc.		134,534
	331	Anthem, Inc.		46,210
	89	Cigna Corp.		13,023
	39	Humana, Inc.		6,962
	410	McKesson Corp.		80,845
	456	UnitedHealth Group, Inc.		53,679
				335,253
		Life Sciences Tools & Services — 0.2%
	85	Illumina, Inc. (a)		16,315
		Pharmaceuticals — 4.8%
	183	Allergan plc (a)		57,250
	955	Bristol-Myers Squibb Co.		65,674
	732	Eli Lilly & Co.		61,695
	280	Johnson & Johnson		28,762
	572	Merck & Co., Inc.		30,197
	3,943	Pfizer, Inc.		127,290
	188	Valeant Pharmaceuticals International, Inc. (a)		19,151
				390,019
		Total Health Care		1,275,812
		Industrials — 9.2%
		Aerospace & Defense — 3.2%
	300	General Dynamics Corp.		41,208
	1,030	Honeywell International, Inc.		106,656
	143	L-3 Communications Holdings, Inc.		17,066
	90	Northrop Grumman Corp.		17,068
	803	United Technologies Corp.		77,135
				259,133

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Airlines — 1.2%
	381	Delta Air Lines, Inc.		19,298
	1,386	United Continental Holdings, Inc. (a)		79,412
				98,710
		Building Products — 0.4%
	455	Allegion plc, (Ireland)		29,974
		Construction & Engineering — 0.1%
	153	Fluor Corp.		7,239
		Electrical Equipment — 0.4%
	585	Eaton Corp. plc		30,454
		Industrial Conglomerates — 0.8%
	525	Danaher Corp.		48,799
	673	General Electric Co.		20,964
				69,763
		Machinery — 2.4%
	116	Cummins, Inc.		10,192
	1,331	PACCAR, Inc.		63,075
	135	Pentair plc, (United Kingdom)		6,682
	63	Snap-on, Inc.		10,817
	953	Stanley Black & Decker, Inc.		101,692
				192,458
		Road & Rail — 0.7%
	30	Canadian Pacific Railway Ltd., (Canada)		3,853
	173	CSX Corp.		4,497
	641	Union Pacific Corp.		50,095
				58,445
		Trading Companies & Distributors — 0.0% (g)
	101	AerCap Holdings N.V., (Netherlands) (a)		4,342
		Total Industrials		750,518
		Information Technology — 21.1%
		Communications Equipment — 0.2%
	280	QUALCOMM, Inc.		14,001
		Electronic Equipment, Instruments & Components — 1.1%
	1,321	TE Connectivity Ltd., (Switzerland)		85,324
		Internet Software & Services — 4.8%
	305	Alphabet, Inc., Class A (a)		236,982
	54	Alphabet, Inc., Class C (a)		40,752
	1,114	Facebook, Inc., Class A (a)		116,612
				394,346
		IT Services — 4.1%
	1,321	Accenture plc, (Ireland), Class A		138,065
	1,409	Cognizant Technology Solutions Corp., Class A (a)		84,556

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — continued
	1,012	Fidelity National Information Services, Inc.		61,345
	186	Global Payments, Inc.		11,999
	660	Vantiv, Inc., Class A (a)		31,307
	110	Visa, Inc., Class A		8,500
				335,772
		Semiconductors & Semiconductor Equipment — 4.5%
	1,033	Avago Technologies Ltd., (Singapore)		149,940
	1,862	Lam Research Corp.		147,856
	410	NXP Semiconductors N.V., (Netherlands) (a)		34,560
	665	Texas Instruments, Inc.		36,432
				368,788
		Software — 2.8%
	248	Adobe Systems, Inc. (a)		23,269
	3,726	Microsoft Corp.		206,718
				229,987
		Technology Hardware, Storage & Peripherals — 3.6%
	2,623	Apple, Inc.		276,118
	1,162	HP, Inc.		13,762
				289,880
		Total Information Technology		1,718,098
		Materials — 2.4%
		Chemicals — 0.9%
	73	Dow Chemical Co. (The)		3,758
	337	Eastman Chemical Co.		22,724
	1,810	Mosaic Co. (The)		49,941
				76,423
		Containers & Packaging — 1.5%
	1,333	Crown Holdings, Inc. (a)		67,598
	746	Sealed Air Corp.		33,290
	463	WestRock Co.		21,099
				121,987
		Total Materials		198,410
		Telecommunication Services — 1.7%
		Diversified Telecommunication Services — 1.2%
	2,864	AT&T, Inc.		98,557
		Wireless Telecommunication Services — 0.5%
	1,009	T-Mobile US, Inc. (a)		39,472
		Total Telecommunication Services		138,029
		Utilities — 2.9%
		Electric Utilities — 2.6%
	51	American Electric Power Co., Inc.		2,995
	675	Edison International		39,984

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 23

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electric Utilities — continued
	231	NextEra Energy, Inc.		23,978
	2,562	PPL Corp.		87,431
	1,550	Xcel Energy, Inc.		55,646
				210,034
		Gas Utilities — 0.2%
	717	Questar Corp.		13,973
	173	UGI Corp.		5,847
				19,820
		Multi-Utilities — 0.1%
	240	Public Service Enterprise Group, Inc.		9,290
		Total Utilities		239,144
		Total Common Stocks (Cost $7,600,142)		8,078,644
PRINCIPAL AMOUNT($)
	Short-Term Investments — 1.4%
		U.S. Treasury Obligation — 0.1%
	13,890	U.S. Treasury Bill, 0.225%, 04/28/16 (k) (n)		13,878

SHARES		SECURITY DESCRIPTION	VALUE($)
		Investment Company — 1.3%
	104,343	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l)		104,343
		Total Short-Term Investments (Cost $118,223)		118,221
		Total Investments — 100.4% (Cost $7,718,365)		8,196,865
		Liabilities in Excess of Other Assets — (0.4)%		(33,698	)
		NET ASSETS — 100.0%	$	8,163,167

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	933	E-mini S&P 500		03/18/16		USD	$	94,951	$	1,382

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Dynamic Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.8%
		Consumer Discretionary — 23.1%
		Automobiles — 1.5%
	23	Tesla Motors, Inc. (a)		5,628
		Hotels, Restaurants & Leisure — 3.6%
	225	Starbucks Corp.		13,528
		Household Durables — 1.5%
	58	Harman International Industries, Inc.		5,467
		Internet & Catalog Retail — 12.0%
	35	Amazon.com, Inc. (a)		23,514
	83	Netflix, Inc. (a)		9,459
	9	Priceline Group, Inc. (The) (a)		11,653
				44,626
		Specialty Retail — 4.5%
	128	Home Depot, Inc. (The)		16,984
		Total Consumer Discretionary		86,233
		Consumer Staples — 2.4%
		Food & Staples Retailing — 2.4%
	92	CVS Health Corp.		9,029
		Energy — 1.7%
		Oil, Gas & Consumable Fuels — 1.7%
	50	Pioneer Natural Resources Co.		6,322
		Financials — 4.4%
		Capital Markets — 4.4%
	500	Charles Schwab Corp. (The)		16,454
		Health Care — 20.9%
		Biotechnology — 17.4%
	88	BioMarin Pharmaceutical, Inc. (a)		9,264
	99	Celgene Corp. (a)		11,802
	138	Gilead Sciences, Inc.		13,919
	75	Incyte Corp. (a)		8,123
	32	Regeneron Pharmaceuticals, Inc. (a)		17,168
	38	Vertex Pharmaceuticals, Inc. (a)		4,813
				65,089
		Life Sciences Tools & Services — 3.5%
	67	Illumina, Inc. (a)		12,870
		Total Health Care		77,959
		Industrials — 3.3%
		Aerospace & Defense — 2.0%
	32	TransDigm Group, Inc. (a)		7,410
		Road & Rail — 1.3%
	67	Kansas City Southern		4,973
		Total Industrials		12,383

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 35.1%
		Internet Software & Services — 12.5%
	32	Alphabet, Inc., Class A (a)		24,534
	210	Facebook, Inc., Class A (a)		22,018
				46,552
		IT Services — 10.7%
	219	MasterCard, Inc., Class A		21,344
	185	PayPal Holdings, Inc. (a)		6,697
	156	Visa, Inc., Class A		12,105
				40,146
		Semiconductors & Semiconductor Equipment — 5.9%
	247	ARM Holdings plc, (United Kingdom), ADR		11,175
	75	Avago Technologies Ltd., (Singapore)		10,836
				22,011
		Software — 6.0%
	189	salesforce.com, Inc. (a)		14,816
	86	ServiceNow, Inc. (a)		7,444
				22,260
		Total Information Technology		130,969
		Materials — 2.9%
		Chemicals — 2.9%
	83	Air Products & Chemicals, Inc.		10,773
		Total Common Stocks (Cost $263,581)		350,122
	Short-Term Investment — 5.4%
		Investment Company — 5.4%
	20,149	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $20,149)		20,149
		Total Investments — 99.2% (Cost $283,730)		370,271
		Other Assets in Excess of Liabilities — 0.8%		2,976
		NET ASSETS — 100.0%	$	373,247

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 25

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.1%
		Consumer Discretionary — 19.5%
		Distributors — 2.4%
	23	Genuine Parts Co.		1,993
		Hotels, Restaurants & Leisure — 3.2%
	45	Starbucks Corp.		2,729
		Internet & Catalog Retail — 8.8%
	6	Amazon.com, Inc. (a)		4,386
	2	Priceline Group, Inc. (The) (a)		2,977
				7,363
		Multiline Retail — 2.0%
	35	Kohl’s Corp.		1,688
		Specialty Retail — 3.1%
	48	Best Buy Co., Inc.		1,449
	46	Gap, Inc. (The)		1,130
				2,579
		Total Consumer Discretionary		16,352
		Energy — 5.1%
		Oil, Gas & Consumable Fuels — 5.1%
	22	Exxon Mobil Corp.		1,739
	67	Kinder Morgan, Inc.		1,004
	12	Pioneer Natural Resources Co.		1,542
		Total Energy		4,285
		Financials — 21.2%
		Banks — 3.6%
	56	Wells Fargo & Co.		3,028
		Capital Markets — 2.9%
	33	T. Rowe Price Group, Inc.		2,383
		Consumer Finance — 5.9%
	114	Ally Financial, Inc. (a)		2,116
	39	Capital One Financial Corp.		2,822
				4,938
		Insurance — 7.2%
	46	American International Group, Inc.		2,854
	82	Loews Corp.		3,143
				5,997
		Real Estate Investment Trusts (REITs) — 1.6%
	62	Rayonier, Inc.		1,372
		Total Financials		17,718
		Health Care — 16.8%
		Biotechnology — 12.4%
	24	Celgene Corp. (a)		2,884
	37	Gilead Sciences, Inc.		3,726

SHARES		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
	7	Regeneron Pharmaceuticals, Inc. (a)		3,751
				10,361
		Health Care Providers & Services — 1.7%
	12	UnitedHealth Group, Inc.		1,442
		Life Sciences Tools & Services — 2.7%
	12	Illumina, Inc. (a)		2,248
		Total Health Care		14,051
		Industrials — 6.0%
		Airlines — 2.6%
	44	Delta Air Lines, Inc.		2,206
		Machinery — 2.3%
	31	Dover Corp.		1,905
		Road & Rail — 1.1%
	12	Kansas City Southern		894
		Total Industrials		5,005
		Information Technology — 23.8%
		Electronic Equipment, Instruments & Components — 1.4%
	23	Arrow Electronics, Inc. (a)		1,227
		Internet Software & Services — 12.3%
	7	Alphabet, Inc., Class C (a)		5,244
	48	Facebook, Inc., Class A (a)		5,055
				10,299
		IT Services — 5.5%
	38	MasterCard, Inc., Class A		3,702
	24	PayPal Holdings, Inc. (a)		873
				4,575
		Semiconductors & Semiconductor Equipment — 1.8%
	33	ARM Holdings plc, (United Kingdom), ADR		1,493
		Software — 2.8%
	30	salesforce.com, Inc. (a)		2,326
		Total Information Technology		19,920
		Materials — 3.2%
		Construction Materials — 1.1%
	7	Martin Marietta Materials, Inc.		949
		Containers & Packaging — 2.1%
	38	WestRock Co.		1,747
		Total Materials		2,696
		Utilities — 2.5%
		Electric Utilities — 2.5%
	35	Edison International		2,056
		Total Common Stocks (Cost $73,254)		82,083

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	2,762	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $2,762)		2,762
		Total Investments — 101.4% (Cost $76,016)		84,845
		Liabilities in Excess of Other Assets — (1.4)%		(1,209	)
		NET ASSETS — 100.0%	$	83,636

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 27

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.5%
		Consumer Discretionary — 10.3%
		Distributors — 0.8%
	968	Genuine Parts Co.		83,120
		Hotels, Restaurants & Leisure — 1.6%
	1,350	Brinker International, Inc.		64,710
	658	Dunkin’ Brands Group, Inc.		28,005
	995	Wyndham Worldwide Corp.		72,296
				165,011
		Media — 2.5%
	1,067	Cinemark Holdings, Inc.		35,684
	1,597	Comcast Corp., Class A		90,126
	2,123	Time Warner, Inc.		137,291
				263,101
		Multiline Retail — 0.7%
	1,080	Target Corp.		78,452
		Specialty Retail — 4.0%
	1,561	Best Buy Co., Inc.		47,526
	1,236	Home Depot, Inc. (The)		163,523
	1,100	L Brands, Inc.		105,418
	1,143	Tiffany & Co.		87,197
	218	Williams-Sonoma, Inc.		12,711
				416,375
		Textiles, Apparel & Luxury Goods — 0.7%
	1,143	V.F. Corp.		71,178
		Total Consumer Discretionary		1,077,237
		Consumer Staples — 9.5%
		Beverages — 2.6%
	2,189	Coca-Cola Co. (The)		94,046
	1,485	Coca-Cola Enterprises, Inc.		73,115
	1,099	Dr. Pepper Snapple Group, Inc.		102,410
				269,571
		Food Products — 1.8%
	631	Hershey Co. (The)		56,326
	315	Kraft Heinz Co. (The)		22,934
	2,325	Mondelez International, Inc., Class A		104,247
				183,507
		Household Products — 2.0%
	859	Kimberly-Clark Corp.		109,315
	1,309	Procter & Gamble Co. (The)		103,913
				213,228

SHARES		SECURITY DESCRIPTION	VALUE($)
		Tobacco — 3.1%
	3,730	Altria Group, Inc.		217,147
	1,168	Philip Morris International, Inc.		102,650
				319,797
		Total Consumer Staples		986,103
		Energy — 8.7%
		Energy Equipment & Services — 0.7%
	992	Schlumberger Ltd.		69,166
		Oil, Gas & Consumable Fuels — 8.0%
	1,528	Chevron Corp.		137,462
	1,413	Columbia Pipeline Group, Inc.		28,255
	2,494	ConocoPhillips		116,468
	3,457	Exxon Mobil Corp.		269,477
	1,435	Marathon Petroleum Corp.		74,400
	3,095	Occidental Petroleum Corp.		209,255
				835,317
		Total Energy		904,483
		Financials — 29.7%
		Banks — 10.3%
	3,363	BB&T Corp.		127,170
	820	Cullen/Frost Bankers, Inc.		49,229
	431	M&T Bank Corp.		52,264
	2,485	PNC Financial Services Group, Inc. (The)		236,802
	2,791	U.S. Bancorp		119,071
	9,000	Wells Fargo & Co.		489,258
				1,073,794
		Capital Markets — 4.6%
	437	Ameriprise Financial, Inc.		46,480
	644	BlackRock, Inc.		219,181
	1,419	Northern Trust Corp.		102,293
	1,623	T. Rowe Price Group, Inc.		116,015
				483,969
		Consumer Finance — 1.0%
	1,004	Capital One Financial Corp.		72,500
	589	Discover Financial Services		31,587
				104,087
		Diversified Financial Services — 2.6%
	2,314	CME Group, Inc.		209,626
	645	McGraw Hill Financial, Inc.		63,613
				273,239
		Insurance — 8.0%
	745	ACE Ltd., (Switzerland)		86,995
	1,202	Arthur J. Gallagher & Co.		49,191

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	725	Cincinnati Financial Corp.		42,924
	3,582	Hartford Financial Services Group, Inc. (The)		155,673
	2,640	MetLife, Inc.		127,284
	1,256	Progressive Corp. (The)		39,954
	1,150	Prudential Financial, Inc.		93,590
	1,884	Travelers Cos., Inc. (The)		212,585
	515	Validus Holdings Ltd., (Bermuda)		23,851
				832,047
		Real Estate Investment Trusts (REITs) — 3.2%
	420	Alexandria Real Estate Equities, Inc.		37,947
	473	AvalonBay Communities, Inc.		87,111
	172	Boston Properties, Inc.		21,899
	1,641	HCP, Inc.		62,738
	633	Simon Property Group, Inc.		123,079
				332,774
		Total Financials		3,099,910
		Health Care — 11.8%
		Health Care Equipment & Supplies — 2.3%
	1,869	Abbott Laboratories		83,952
	1,006	Becton, Dickinson and Co.		154,947
				238,899
		Pharmaceuticals — 9.5%
	1,036	AbbVie, Inc.		61,365
	1,965	Bristol-Myers Squibb Co.		135,176
	1,513	Eli Lilly & Co.		127,453
	2,506	Johnson & Johnson		257,432
	3,722	Merck & Co., Inc.		196,600
	6,603	Pfizer, Inc.		213,153
				991,179
		Total Health Care		1,230,078
		Industrials — 9.3%
		Aerospace & Defense — 2.9%
	149	General Dynamics Corp.		20,494
	1,359	Honeywell International, Inc.		140,726
	1,423	United Technologies Corp.		136,700
				297,920
		Air Freight & Logistics — 0.6%
	648	United Parcel Service, Inc., Class B		62,387
		Commercial Services & Supplies — 0.7%
	1,766	Republic Services, Inc.		77,702

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — 1.2%
	815	3M Co.		122,733
		Machinery — 2.6%
	1,819	Illinois Tool Works, Inc.		168,608
	1,702	PACCAR, Inc.		80,679
	153	Snap-on, Inc.		26,305
				275,592
		Road & Rail — 1.3%
	771	Norfolk Southern Corp.		65,224
	909	Union Pacific Corp.		71,105
				136,329
		Total Industrials		972,663
		Information Technology — 9.1%
		Communications Equipment — 0.6%
	1,246	QUALCOMM, Inc.		62,290
		IT Services — 2.2%
	626	Accenture plc, (Ireland), Class A		65,416
	781	Automatic Data Processing, Inc.		66,201
	1,634	Fidelity National Information Services, Inc.		99,021
				230,638
		Semiconductors & Semiconductor Equipment — 2.9%
	1,546	Analog Devices, Inc.		85,510
	1,221	KLA-Tencor Corp.		84,643
	2,414	Texas Instruments, Inc.		132,288
				302,441
		Software — 1.4%
	2,600	Microsoft Corp.		144,274
		Technology Hardware, Storage & Peripherals — 2.0%
	2,017	Apple, Inc.		212,268
		Total Information Technology		951,911
		Materials — 3.8%
		Chemicals — 3.6%
	702	Airgas, Inc.		97,166
	1,269	E.I. du Pont de Nemours & Co.		84,511
	757	PPG Industries, Inc.		74,801
	750	Praxair, Inc.		76,768
	934	RPM International, Inc.		41,148
				374,394
		Containers & Packaging — 0.2%
	538	WestRock Co.		24,550
		Total Materials		398,944

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 29

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Telecommunication Services — 1.6%
		Diversified Telecommunication Services — 1.6%
	3,470	Verizon Communications, Inc.		160,391
		Utilities — 4.7%
		Electric Utilities — 2.6%
	1,812	Edison International		107,298
	723	NextEra Energy, Inc.		75,125
	2,629	Xcel Energy, Inc.		94,423
				276,846
		Multi-Utilities — 2.1%
	2,760	CMS Energy Corp.		99,582
	253	DTE Energy Co.		20,262
	2,739	NiSource, Inc.		53,435
	463	Sempra Energy		43,528
				216,807
		Total Utilities		493,653
		Total Common Stocks (Cost $8,799,825)		10,275,373
	Short-Term Investment — 2.5%
		Investment Company — 2.5%
	258,280	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $258,280)		258,280
		Total Investments — 101.0% (Cost $9,058,105)		10,533,653
		Liabilities in Excess of Other Assets — (1.0)%		(107,574	)
		NET ASSETS — 100.0%	$	10,426,079

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.2%
		Consumer Discretionary — 7.9%
		Household Durables — 0.4%
	20	Harman International Industries, Inc.		1,903
		Media — 1.3%
	59	Time Warner, Inc.		3,835
	24	Walt Disney Co. (The)		2,501
				6,336
		Specialty Retail — 5.4%
	6	AutoZone, Inc. (a)		4,533
	163	Best Buy Co., Inc.		4,976
	88	Gap, Inc. (The)		2,174
	58	Home Depot, Inc. (The)		7,670
	63	Tiffany & Co.		4,821
	46	TJX Cos., Inc. (The)		3,276
				27,450
		Textiles, Apparel & Luxury Goods — 0.8%
	62	V.F. Corp.		3,878
		Total Consumer Discretionary		39,567
		Consumer Staples — 8.3%
		Beverages — 2.8%
	59	Dr. Pepper Snapple Group, Inc.		5,517
	90	Molson Coors Brewing Co., Class B		8,472
				13,989
		Food & Staples Retailing — 1.4%
	70	CVS Health Corp.		6,844
		Food Products — 1.8%
	49	Kraft Heinz Co. (The)		3,536
	72	Mead Johnson Nutrition Co.		5,645
				9,181
		Household Products — 1.3%
	23	Kimberly-Clark Corp.		2,966
	49	Procter & Gamble Co. (The)		3,871
				6,837
		Tobacco — 1.0%
	89	Altria Group, Inc.		5,158
		Total Consumer Staples		42,009
		Energy — 9.5%
		Energy Equipment & Services — 0.7%
	51	Schlumberger Ltd.		3,543
		Oil, Gas & Consumable Fuels — 8.8%
	85	Chevron Corp.		7,620
	75	ConocoPhillips		3,524

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	45	Devon Energy Corp.		1,447
	33	EOG Resources, Inc.		2,343
	138	Exxon Mobil Corp.		10,764
	128	Kinder Morgan, Inc.		1,911
	49	Marathon Petroleum Corp.		2,545
	137	Occidental Petroleum Corp.		9,249
	31	Phillips 66		2,495
	34	Valero Energy Corp.		2,397
				44,295
		Total Energy		47,838
		Financials — 33.8%
		Banks — 12.5%
	788	Bank of America Corp.		13,264
	134	BB&T Corp.		5,067
	135	Citigroup, Inc.		6,964
	55	Cullen/Frost Bankers, Inc.		3,288
	37	M&T Bank Corp.		4,447
	58	PNC Financial Services Group, Inc. (The)		5,480
	128	SunTrust Banks, Inc.		5,496
	116	U.S. Bancorp		4,928
	257	Wells Fargo & Co.		13,960
				62,894
		Capital Markets — 8.5%
	26	Affiliated Managers Group, Inc. (a)		4,202
	38	Ameriprise Financial, Inc.		4,087
	23	BlackRock, Inc.		7,798
	163	Charles Schwab Corp. (The)		5,354
	21	Goldman Sachs Group, Inc. (The)		3,785
	232	Invesco Ltd.		7,764
	113	Morgan Stanley		3,585
	88	T. Rowe Price Group, Inc.		6,255
				42,830
		Consumer Finance — 1.3%
	44	Capital One Financial Corp.		3,154
	66	Discover Financial Services		3,555
				6,709
		Diversified Financial Services — 2.6%
	78	Berkshire Hathaway, Inc., Class B (a)		10,326
	10	Intercontinental Exchange, Inc.		2,639
				12,965
		Insurance — 4.6%
	35	Chubb Corp. (The)		4,643
	169	Hartford Financial Services Group, Inc. (The)		7,358

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 31

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	96	Loews Corp.		3,702
	76	MetLife, Inc.		3,654
	49	Prudential Financial, Inc.		3,997
				23,354
		Real Estate Investment Trusts (REITs) — 4.3%
	16	AvalonBay Communities, Inc.		3,001
	147	General Growth Properties, Inc.		3,986
	98	HCP, Inc.		3,732
	48	Macerich Co. (The)		3,841
	75	Prologis, Inc.		3,223
	39	Vornado Realty Trust		3,879
				21,662
		Total Financials		170,414
		Health Care — 12.7%
		Biotechnology — 0.9%
	45	Gilead Sciences, Inc.		4,543
		Health Care Equipment & Supplies — 0.8%
	26	Becton, Dickinson and Co.		3,976
		Health Care Providers & Services — 3.0%
	20	Aetna, Inc.		2,174
	32	Humana, Inc.		5,623
	17	McKesson Corp.		3,274
	37	UnitedHealth Group, Inc.		4,329
				15,400
		Pharmaceuticals — 8.0%
	55	AbbVie, Inc.		3,264
	134	Bristol-Myers Squibb Co.		9,232
	60	Eli Lilly & Co.		5,081
	92	Johnson & Johnson		9,481
	101	Merck & Co., Inc.		5,349
	245	Pfizer, Inc.		7,902
				40,309
		Total Health Care		64,228
		Industrials — 8.8%
		Aerospace & Defense — 2.7%
	80	Honeywell International, Inc.		8,306
	55	United Technologies Corp.		5,265
				13,571
		Building Products — 0.5%
	96	Masco Corp.		2,714
		Industrial Conglomerates — 3.3%
	42	3M Co.		6,372

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — continued
	327	General Electric Co.		10,189
				16,561
		Machinery — 0.6%
	61	PACCAR, Inc.		2,872
		Road & Rail — 0.5%
	101	CSX Corp.		2,616
		Trading Companies & Distributors — 1.2%
	15	W.W. Grainger, Inc.		2,938
	24	Watsco, Inc.		2,846
				5,784
		Total Industrials		44,118
		Information Technology — 11.2%
		Communications Equipment — 1.0%
	97	Cisco Systems, Inc.		2,637
	50	QUALCOMM, Inc.		2,494
				5,131
		Electronic Equipment, Instruments & Components — 0.4%
	29	TE Connectivity Ltd., (Switzerland)		1,887
		Internet Software & Services — 1.2%
	8	Alphabet, Inc., Class C (a)		6,085
		IT Services — 0.9%
	42	Fidelity National Information Services, Inc.		2,545
	23	MasterCard, Inc., Class A		2,210
				4,755
		Semiconductors & Semiconductor Equipment — 2.3%
	239	Applied Materials, Inc.		4,470
	52	KLA-Tencor Corp.		3,634
	59	Texas Instruments, Inc.		3,206
				11,310
		Software — 3.2%
	291	Microsoft Corp.		16,123
		Technology Hardware, Storage & Peripherals — 2.2%
	106	Apple, Inc.		11,115
		Total Information Technology		56,406
		Materials — 0.9%
		Chemicals — 0.9%
	70	E.I. du Pont de Nemours & Co.		4,635
		Telecommunication Services — 2.2%
		Diversified Telecommunication Services — 2.2%
	237	Verizon Communications, Inc.		10,932

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 3.9%
		Electric Utilities — 2.7%
	79	Edison International		4,678
	35	NextEra Energy, Inc.		3,605
	76	PPL Corp.		2,580
	74	Xcel Energy, Inc.		2,646
				13,509
		Multi-Utilities — 1.2%
	120	CMS Energy Corp.		4,333
	17	Sempra Energy		1,589
				5,922
		Total Utilities		19,431
		Total Common Stocks (Cost $375,816)		499,578
	Short-Term Investment — 7.6%
		Investment Company — 7.6%
	38,313	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $38,313)		38,313
		Total Investments — 106.8% (Cost $414,129)		537,891
		Liabilities in Excess of Other Assets — (6.8)%		(34,136	)
		NET ASSETS — 100.0%	$	503,755

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 33

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.9%
			Consumer Discretionary — 13.4%
			Auto Components — 0.0% (g)
	3		Magna International, Inc., (Canada)		109
			Automobiles — 0.5%
	62		Ford Motor Co.		870
	9		General Motors Co. (o)		322
					1,192
			Hotels, Restaurants & Leisure — 1.1%
	—	(h)	Chipotle Mexican Grill, Inc. (a)		155
	3		Dunkin’ Brands Group, Inc.		109
	12		Royal Caribbean Cruises Ltd.		1,205
	23		Starbucks Corp. (o)		1,356
					2,825
			Household Durables — 0.8%
	21		D.R. Horton, Inc.		664
	8		Harman International Industries, Inc.		778
	29		PulteGroup, Inc.		518
	3		Toll Brothers, Inc. (a)		112
					2,072
			Internet & Catalog Retail — 1.6%
	6		Amazon.com, Inc. (a) (o)		3,977
			Media — 4.2%
	18		CBS Corp. (Non-Voting), Class B		854
	6		Charter Communications, Inc., Class A (a)		1,063
	51		Comcast Corp., Class A		2,853
	13		DISH Network Corp., Class A (a)		740
	3		Time Warner Cable, Inc.		543
	42		Time Warner, Inc. (o)		2,684
	77		Twenty-First Century Fox, Inc., Class A (o)		2,098
					10,835
			Multiline Retail — 0.8%
	15		Dollar General Corp.		1,106
	13		Target Corp.		974
					2,080
			Specialty Retail — 3.6%
	4		AutoNation, Inc. (a)		239
	—	(h)	AutoZone, Inc. (a) (o)		214
	15		Best Buy Co., Inc.		453
	27		Home Depot, Inc. (The) (o)		3,562
	35		Lowe’s Cos., Inc. (o)		2,688
	2		Ross Stores, Inc.		130
	5		Tiffany & Co.		355
	23		TJX Cos., Inc. (The) (o)		1,630
					9,271

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.8%
	4	lululemon athletica, Inc., (Canada) (a)		212
	1	PVH Corp.		86
	4	Ralph Lauren Corp.		479
	19	V.F. Corp. (o)		1,161
				1,938
		Total Consumer Discretionary		34,299
		Consumer Staples — 8.6%
		Beverages — 3.2%
	1	Boston Beer Co., Inc. (The), Class A (a)		247
	34	Coca-Cola Co. (The) (o)		1,466
	3	Coca-Cola Enterprises, Inc.		150
	9	Constellation Brands, Inc., Class A (o)		1,253
	4	Dr. Pepper Snapple Group, Inc.		372
	15	Molson Coors Brewing Co., Class B		1,377
	33	PepsiCo, Inc.		3,312
				8,177
		Food & Staples Retailing — 0.9%
	12	Costco Wholesale Corp. (o)		1,913
	1	CVS Health Corp. (o)		57
	10	Kroger Co. (The)		415
	1	Wal-Mart Stores, Inc.		31
				2,416
		Food Products — 1.4%
	10	Archer-Daniels-Midland Co. (o)		368
	10	Hershey Co. (The)		867
	1	Mead Johnson Nutrition Co.		85
	50	Mondelez International, Inc., Class A (o)		2,252
				3,572
		Household Products — 1.9%
	14	Kimberly-Clark Corp. (o)		1,798
	37	Procter & Gamble Co. (The)		2,959
				4,757
		Personal Products — 0.1%
	3	Estee Lauder Cos., Inc. (The), Class A		257
		Tobacco — 1.1%
	31	Philip Morris International, Inc. (o)		2,748
		Total Consumer Staples		21,927
		Energy — 6.3%
		Energy Equipment & Services — 0.7%
	7	Baker Hughes, Inc.		326
	23	Halliburton Co. (o)		782

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	5	National Oilwell Varco, Inc.		182
	9	Schlumberger Ltd. (o)		604
				1,894
		Oil, Gas & Consumable Fuels — 5.6%
	30	Cabot Oil & Gas Corp.		523
	35	Chevron Corp.		3,163
	32	Columbia Pipeline Group, Inc.		649
	1	Energen Corp.		43
	13	EOG Resources, Inc. (o)		952
	7	EQT Corp.		385
	49	Exxon Mobil Corp. (o)		3,796
	13	Kinder Morgan, Inc.		196
	8	Marathon Petroleum Corp.		394
	29	Occidental Petroleum Corp. (o)		1,959
	1	Phillips 66		72
	8	Pioneer Natural Resources Co.		983
	16	Valero Energy Corp.		1,157
				14,272
		Total Energy		16,166
		Financials — 16.3%
		Banks — 5.6%
	229	Bank of America Corp. (o)		3,861
	5	BB&T Corp.		176
	77	Citigroup, Inc.		3,978
	18	Fifth Third Bancorp		370
	34	KeyCorp		451
	2	SVB Financial Group (a)		265
	97	Wells Fargo & Co. (o)		5,285
				14,386
		Capital Markets — 3.1%
	2	Ameriprise Financial, Inc.		223
	6	Bank of New York Mellon Corp. (The)		248
	3	BlackRock, Inc.		961
	39	Charles Schwab Corp. (The) (o)		1,287
	6	Goldman Sachs Group, Inc. (The) (o)		1,148
	38	Invesco Ltd. (o)		1,280
	62	Morgan Stanley (o)		1,965
	13	State Street Corp. (o)		839
	3	TD Ameritrade Holding Corp.		97
				8,048
		Consumer Finance — 0.6%
	6	Capital One Financial Corp.		454

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — continued
	6	Discover Financial Services		336
	21	Synchrony Financial (a) (o)		651
				1,441
		Diversified Financial Services — 1.8%
	24	Berkshire Hathaway, Inc., Class B (a) (o)		3,191
	5	Intercontinental Exchange, Inc. (o)		1,287
				4,478
		Insurance — 2.7%
	19	ACE Ltd., (Switzerland)		2,236
	17	American International Group, Inc. (o)		1,036
	6	Arthur J. Gallagher & Co.		237
	3	Lincoln National Corp.		169
	46	MetLife, Inc. (o)		2,230
	4	Prudential Financial, Inc.		296
	15	XL Group plc, (Ireland)		568
				6,772
		Real Estate Investment Trusts (REITs) — 2.5%
	8	American Tower Corp.		737
	6	AvalonBay Communities, Inc.		1,055
	5	Boston Properties, Inc.		700
	18	DiamondRock Hospitality Co.		178
	1	Equinix, Inc.		380
	1	Essex Property Trust, Inc.		133
	15	General Growth Properties, Inc.		408
	10	LaSalle Hotel Properties		260
	10	Liberty Property Trust		302
	20	Prologis, Inc.		854
	1	Public Storage		181
	5	Simon Property Group, Inc. (o)		1,054
	2	SL Green Realty Corp.		243
				6,485
		Total Financials		41,610
		Health Care — 15.7%
		Biotechnology — 3.6%
	6	Alexion Pharmaceuticals, Inc. (a)		1,067
	7	Biogen, Inc. (a) (o)		2,102
	3	BioMarin Pharmaceutical, Inc. (a)		365
	22	Celgene Corp. (a) (o)		2,588
	22	Gilead Sciences, Inc. (o)		2,258
	7	Vertex Pharmaceuticals, Inc. (a)		867
				9,247

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 35

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — 1.6%
	41	Abbott Laboratories (o)		1,839
	88	Boston Scientific Corp. (a) (o)		1,618
	7	Stryker Corp. (o)		620
				4,077
		Health Care Providers & Services — 3.7%
	13	Aetna, Inc. (o)		1,374
	4	Cigna Corp.		544
	11	Express Scripts Holding Co. (a)		950
	2	HCA Holdings, Inc. (a)		124
	7	Humana, Inc.		1,318
	13	McKesson Corp.		2,573
	22	UnitedHealth Group, Inc. (o)		2,558
				9,441
		Life Sciences Tools & Services — 0.6%
	3	Illumina, Inc. (a)		518
	6	Thermo Fisher Scientific, Inc.		903
				1,421
		Pharmaceuticals — 6.2%
	9	Allergan plc (a) (o)		2,709
	46	Bristol-Myers Squibb Co. (o)		3,191
	32	Eli Lilly & Co.		2,705
	21	Johnson & Johnson		2,158
	15	Merck & Co., Inc. (o)		785
	5	Mylan N.V. (a)		289
	1	Perrigo Co. plc, (Ireland)		192
	107	Pfizer, Inc. (o)		3,447
	3	Valeant Pharmaceuticals International, Inc. (a)		335
				15,811
		Total Health Care		39,997
		Industrials — 9.8%
		Aerospace & Defense — 3.1%
	27	Honeywell International, Inc. (o)		2,753
	9	L-3 Communications Holdings, Inc.		1,100
	4	Northrop Grumman Corp.		821
	33	United Technologies Corp.		3,159
				7,833
		Air Freight & Logistics — 0.0% (g)
	1	FedEx Corp.		124
		Airlines — 0.8%
	13	Delta Air Lines, Inc.		671
	23	United Continental Holdings, Inc. (a)		1,291
				1,962

SHARES		SECURITY DESCRIPTION	VALUE($)
		Building Products — 0.5%
	9	Allegion plc, (Ireland)		586
	3	Fortune Brands Home & Security, Inc.		164
	21	Masco Corp.		592
				1,342
		Construction & Engineering — 0.4%
	21	Fluor Corp. (o)		972
		Electrical Equipment — 0.6%
	29	Eaton Corp. plc (o)		1,511
		Industrial Conglomerates — 0.9%
	3	Danaher Corp.		269
	70	General Electric Co. (o)		2,170
				2,439
		Machinery — 1.8%
	2	Caterpillar, Inc.		110
	9	Cummins, Inc. (o)		794
	3	Deere & Co.		256
	6	Ingersoll-Rand plc		312
	25	PACCAR, Inc. (o)		1,204
	8	Parker-Hannifin Corp. (o)		789
	1	Snap-on, Inc.		152
	8	Stanley Black & Decker, Inc.		887
				4,504
		Professional Services — 0.2%
	4	Equifax, Inc.		459
		Road & Rail — 1.5%
	6	Canadian Pacific Railway Ltd., (Canada)		823
	32	CSX Corp. (o)		835
	29	Union Pacific Corp.		2,265
				3,923
		Total Industrials		25,069
		Information Technology — 20.7%
		Communications Equipment — 0.7%
	60	Cisco Systems, Inc. (o)		1,618
	5	QUALCOMM, Inc. (o)		233
				1,851
		Electronic Equipment, Instruments & Components — 0.7%
	2	Amphenol Corp., Class A		123
	11	Corning, Inc.		196
	21	TE Connectivity Ltd., (Switzerland) (o)		1,380
				1,699

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Internet Software & Services — 4.7%
	5		Alphabet, Inc., Class A (a)		3,698
	5		Alphabet, Inc., Class C (a)		3,585
	45		Facebook, Inc., Class A (a) (o)		4,752
					12,035
			IT Services — 3.5%
	31		Accenture plc, (Ireland), Class A		3,253
	2		Automatic Data Processing, Inc.		138
	30		Cognizant Technology Solutions Corp., Class A (a) (o)		1,776
	15		Fidelity National Information Services, Inc.		908
	4		PayPal Holdings, Inc. (a)		135
	35		Visa, Inc., Class A (o)		2,680
					8,890
			Semiconductors & Semiconductor Equipment — 3.0%
	13		Applied Materials, Inc.		251
	18		Avago Technologies Ltd., (Singapore)		2,552
	8		Broadcom Corp., Class A		452
	2		KLA-Tencor Corp.		119
	25		Lam Research Corp. (o)		2,015
	12		Marvell Technology Group Ltd., (Bermuda)		104
	4		NXP Semiconductors N.V., (Netherlands) (a)		336
	35		Texas Instruments, Inc. (o)		1,933
					7,762
			Software — 4.3%
	26		Adobe Systems, Inc. (a) (o)		2,398
	2		Intuit, Inc.		216
	139		Microsoft Corp. (o)		7,691
	18		Oracle Corp. (o)		668
					10,973
			Technology Hardware, Storage & Peripherals — 3.8%
	81		Apple, Inc. (o)		8,502
	41		Hewlett Packard Enterprise Co.		628
	52		HP, Inc.		612
					9,742
			Total Information Technology		52,952
			Materials — 2.5%
			Chemicals — 1.8%
	7		Axiall Corp.		115
	27		Dow Chemical Co. (The)		1,381
	24		E.I. du Pont de Nemours & Co. (o)		1,575
	8		Eastman Chemical Co.		555
	33		Mosaic Co. (The) (o)		903
	—	(h)	Sherwin-Williams Co. (The)		28
					4,557

SHARES			SECURITY DESCRIPTION	VALUE($)
			Construction Materials — 0.1%
	3		Martin Marietta Materials, Inc. (o)		419
			Containers & Packaging — 0.6%
	17		Crown Holdings, Inc. (a)		872
	13		WestRock Co.		581
					1,453
			Metals & Mining — 0.0% (g)
	—	(h)	Alcoa, Inc.		2
	7		United States Steel Corp.		60
					62
			Total Materials		6,491
			Telecommunication Services — 1.5%
			Diversified Telecommunication Services — 1.4%
	76		AT&T, Inc. (o)		2,601
	23		Verizon Communications, Inc. (o)		1,082
					3,683
			Wireless Telecommunication Services — 0.1%
	3		T-Mobile US, Inc. (a)		113
			Total Telecommunication Services		3,796
			Utilities — 3.1%
			Electric Utilities — 2.4%
	7		American Electric Power Co., Inc.		379
	23		Edison International (o)		1,386
	2		Exelon Corp. (o)		57
	15		NextEra Energy, Inc. (o)		1,578
	39		PPL Corp.		1,340
	39		Xcel Energy, Inc.		1,418
					6,158
			Gas Utilities — 0.1%
	6		Questar Corp.		124
			Multi-Utilities — 0.5%
	5		CenterPoint Energy, Inc.		90
	10		CMS Energy Corp.		378
	22		Public Service Enterprise Group, Inc.		844
					1,312
			Water Utilities — 0.1%
	4		American Water Works Co., Inc.		262
			Total Utilities		7,856
			Total Common Stocks (Cost $239,074)		250,163

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 37

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures and Options contracts)

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE($)
	Option Purchased — 1.9%
		Put Option Purchased — 1.9%
	1228	S&P 500 Index, Expiring 03/31/16 at $1,940.00, European Style (Cost $4,916)		4,912
				–
PRINCIPAL AMOUNT($)
	Short-Term Investments — 0.6%
		U.S. Treasury Obligation — 0.2%
	540	U.S. Treasury Bill, 0.238%, 04/28/16 (k) (n)		539

SHARES		SECURITY DESCRIPTION	VALUE($)
		Investment Company — 0.4%
	1,057	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l)		1,057
		Total Short-Term Investments (Cost $1,596)		1,596
		Total Investments — 100.4% (Cost $245,586)		256,671
		Liabilities in Excess of Other Assets — (0.4)%		(1,039	)
		NET ASSETS — 100.0%	$	255,632

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	38	E-mini S&P 500		03/18/16		USD	$	3,867	$	18

OPTIONS WRITTEN

Call Options Written
DESCRIPTION	EXERCISE PRICE		EXPIRATION DATE		NUMBER OF CONTRACTS		VALUE
S&P 500 Index, European Style	$	2,120.000		03/31/16		1,228	$	(2,763	)
(Premiums received of $2,759)

Put Options Written
DESCRIPTION	EXERCISE PRICE		EXPIRATION DATE		NUMBER OF CONTRACTS		VALUE
S&P 500 Index, European Style	$	1,625.000		03/31/16		1,228	$	(860	)
(Premiums received of $856)

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.9%
		Consumer Discretionary — 23.8%
		Auto Components — 1.4%
	2,614	Delphi Automotive plc, (United Kingdom)		224,064
		Automobiles — 1.5%
	953	Tesla Motors, Inc. (a)		228,682
		Hotels, Restaurants & Leisure — 3.1%
	184	Chipotle Mexican Grill, Inc. (a)		88,196
	6,466	Starbucks Corp.		388,171
				476,367
		Household Durables — 0.2%
	247	Whirlpool Corp.		36,203
		Internet & Catalog Retail — 8.9%
	1,099	Amazon.com, Inc. (a)		742,763
	3,616	Netflix, Inc. (a)		413,552
	174	Priceline Group, Inc. (The) (a)		222,351
				1,378,666
		Media — 3.7%
	6,812	Comcast Corp., Class A		384,378
	3,622	Liberty Global plc, (United Kingdom), Series C (a)		147,665
	582	Time Warner, Inc.		37,606
				569,649
		Specialty Retail — 5.0%
	5,793	Home Depot, Inc. (The)		766,085
		Total Consumer Discretionary		3,679,716
		Consumer Staples — 7.1%
		Beverages — 2.0%
	806	Constellation Brands, Inc., Class A		114,807
	1,245	Monster Beverage Corp. (a)		185,515
				300,322
		Food & Staples Retailing — 3.6%
	1,417	Costco Wholesale Corp.		228,813
	2,131	CVS Health Corp.		208,358
	1,477	Walgreens Boots Alliance, Inc.		125,774
				562,945
		Tobacco — 1.5%
	5,039	Reynolds American, Inc.		232,545
		Total Consumer Staples		1,095,812
		Energy — 0.6%
		Oil, Gas & Consumable Fuels — 0.6%
	1,593	Marathon Petroleum Corp.		82,571
	37	Pioneer Natural Resources Co.		4,626
		Total Energy		87,197

SHARES		SECURITY DESCRIPTION	VALUE($)
		Financials — 2.5%
		Capital Markets — 1.3%
	160	BlackRock, Inc.		54,585
	4,309	TD Ameritrade Holding Corp.		149,548
				204,133
		Diversified Financial Services — 1.2%
	1,896	Moody’s Corp.		190,245
		Total Financials		394,378
		Health Care — 20.4%
		Biotechnology — 15.4%
	199	Alexion Pharmaceuticals, Inc. (a)		37,940
	32	Biogen, Inc. (a)		9,650
	1,448	BioMarin Pharmaceutical, Inc. (a)		151,640
	4,501	Celgene Corp. (a)		539,004
	4,029	Gilead Sciences, Inc.		407,705
	1,601	Incyte Corp. (a)		173,672
	1,292	Regeneron Pharmaceuticals, Inc. (a)		701,117
	2,809	Vertex Pharmaceuticals, Inc. (a)		353,393
				2,374,121
		Health Care Providers & Services — 2.5%
	2,427	AmerisourceBergen Corp.		251,684
	678	McKesson Corp.		133,781
				385,465
		Life Sciences Tools & Services — 1.2%
	985	Illumina, Inc. (a)		189,008
		Pharmaceuticals — 1.3%
	2,017	Valeant Pharmaceuticals International, Inc. (a)		205,018
		Total Health Care		3,153,612
		Industrials — 6.4%
		Aerospace & Defense — 2.4%
	2,174	Honeywell International, Inc.		225,192
	812	Northrop Grumman Corp.		153,314
				378,506
		Airlines — 2.3%
	7,032	Delta Air Lines, Inc.		356,462
		Electrical Equipment — 0.4%
	283	Acuity Brands, Inc.		66,119
		Industrial Conglomerates — 1.0%
	804	Roper Technologies, Inc.		152,610
		Road & Rail — 0.3%
	543	Kansas City Southern		40,523
		Total Industrials		994,220

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 39

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Information Technology — 34.3%
		Electronic Equipment, Instruments & Components — 0.7%
	2,097	Amphenol Corp., Class A		109,511
		Internet Software & Services — 12.6%
	1,146	Alphabet, Inc., Class C (a)		869,420
	31	Baidu, Inc., (China), ADR (a)		5,917
	8,530	Facebook, Inc., Class A (a)		892,760
	570	LinkedIn Corp., Class A (a)		128,341
	580	VeriSign, Inc. (a)		50,634
				1,947,072
		IT Services — 9.5%
	174	Alliance Data Systems Corp. (a)		48,068
	2,094	Cognizant Technology Solutions Corp., Class A (a)		125,682
	6,181	MasterCard, Inc., Class A		601,802
	2,007	Vantiv, Inc., Class A (a)		95,167
	7,722	Visa, Inc., Class A		598,864
				1,469,583
		Semiconductors & Semiconductor Equipment — 3.3%
	304	ARM Holdings plc, (United Kingdom), ADR		13,762
	862	ASML Holding N.V., (Netherlands)		76,553
	2,199	Avago Technologies Ltd., (Singapore)		319,214
	1,185	NXP Semiconductors N.V., (Netherlands) (a)		99,794
				509,323
		Software — 4.8%
	2,921	Activision Blizzard, Inc.		113,056
	2,961	Adobe Systems, Inc. (a)		278,147
	3,740	salesforce.com, Inc. (a)		293,232
	469	ServiceNow, Inc. (a)		40,596
	452	Splunk, Inc. (a)		26,606
				751,637
		Technology Hardware, Storage & Peripherals — 3.4%
	4,983	Apple, Inc.		524,551
		Total Information Technology		5,311,677
		Materials — 4.8%
		Chemicals — 4.8%
	1,400	Ecolab, Inc.		160,132
	2,168	LyondellBasell Industries N.V., Class A		188,356
	1,342	PPG Industries, Inc.		132,646
	991	Sherwin-Williams Co. (The)		257,289
		Total Materials		738,423
		Total Common Stocks (Cost $9,764,204)		15,455,035

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.5%
		Investment Company — 2.5%
	393,464	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $393,464)		393,464
		Total Investments — 102.4% (Cost $10,157,668)		15,848,499
		Liabilities in Excess of Other Assets — (2.4)%		(377,935	)
		NET ASSETS — 100.0%	$	15,470,564

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.7%
		Consumer Discretionary — 19.9%
		Auto Components — 0.4%
	59	Magna International, Inc., (Canada)		2,385
		Automobiles — 4.9%
	750	Ford Motor Co.		10,562
	736	General Motors Co.		25,021
				35,583
		Hotels, Restaurants & Leisure — 0.6%
	44	Royal Caribbean Cruises Ltd.		4,494
		Household Durables — 6.2%
	122	D.R. Horton, Inc.		3,898
	144	Harman International Industries, Inc.		13,528
	64	Jarden Corp. (a)		3,673
	545	PulteGroup, Inc.		9,719
	43	Taylor Morrison Home Corp., Class A (a)		693
	268	Toll Brothers, Inc. (a)		8,914
	27	Whirlpool Corp.		3,995
				44,420
		Media — 2.0%
	13	Charter Communications, Inc., Class A (a)		2,362
	39	DISH Network Corp., Class A (a)		2,213
	53	Time Warner, Inc.		3,408
	243	Twenty-First Century Fox, Inc., Class A		6,589
				14,572
		Multiline Retail — 0.3%
	49	Kohl’s Corp.		2,339
		Specialty Retail — 3.7%
	105	AutoNation, Inc. (a)		6,288
	604	Best Buy Co., Inc.		18,401
	35	Murphy USA, Inc. (a)		2,108
				26,797
		Textiles, Apparel & Luxury Goods — 1.8%
	82	Coach, Inc.		2,687
	62	Michael Kors Holdings Ltd., (United Kingdom) (a)		2,464
	108	PVH Corp.		7,932
				13,083
		Total Consumer Discretionary		143,673
		Consumer Staples — 1.1%
		Beverages — 0.5%
	39	Molson Coors Brewing Co., Class B		3,673
		Food Products — 0.6%
	44	Keurig Green Mountain, Inc.		3,995
		Total Consumer Staples		7,668

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 7.4%
		Energy Equipment & Services — 0.2%
	157	Noble Corp. plc, (United Kingdom)		1,653
		Oil, Gas & Consumable Fuels — 7.2%
	63	Chevron Corp.		5,658
	66	EOG Resources, Inc.		4,665
	51	EQT Corp.		2,664
	256	Exxon Mobil Corp.		19,946
	179	Occidental Petroleum Corp.		12,089
	58	PBF Energy, Inc., Class A		2,142
	22	Pioneer Natural Resources Co.		2,721
	83	Suncor Energy, Inc., (Canada)		2,149
				52,034
		Total Energy		53,687
		Financials — 26.1%
		Banks — 14.0%
	764	Bank of America Corp.		12,863
	323	BB&T Corp.		12,209
	437	Citigroup, Inc.		22,632
	920	KeyCorp		12,136
	34	M&T Bank Corp.		4,120
	8	SVB Financial Group (a)		963
	161	U.S. Bancorp		6,883
	536	Wells Fargo & Co.		29,135
				100,941
		Capital Markets — 2.9%
	214	Charles Schwab Corp. (The)		7,047
	40	Goldman Sachs Group, Inc. (The)		7,191
	142	Morgan Stanley		4,523
	61	TD Ameritrade Holding Corp.		2,121
				20,882
		Consumer Finance — 0.2%
	99	Ally Financial, Inc. (a)		1,840
		Insurance — 7.6%
	194	ACE Ltd., (Switzerland)		22,663
	61	Allstate Corp. (The)		3,756
	95	Arthur J. Gallagher & Co.		3,885
	379	MetLife, Inc.		18,278
	14	RenaissanceRe Holdings Ltd., (Bermuda)		1,630
	115	XL Group plc, (Ireland)		4,506
				54,718
		Real Estate Investment Trusts (REITs) — 1.1%
	220	Host Hotels & Resorts, Inc.		3,372
	79	LaSalle Hotel Properties		1,987

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 41

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — continued
	87	Liberty Property Trust		2,711
				8,070
		Real Estate Management & Development — 0.1%
	55	St. Joe Co. (The) (a)		1,009
		Thrifts & Mortgage Finance — 0.2%
	76	BofI Holding, Inc. (a)		1,606
		Total Financials		189,066
		Health Care — 13.8%
		Biotechnology — 0.3%
	62	Baxalta, Inc.		2,424
		Health Care Equipment & Supplies — 1.0%
	163	Abbott Laboratories		7,298
		Health Care Providers & Services — 5.2%
	161	Aetna, Inc.		17,450
	16	Anthem, Inc.		2,259
	47	Cigna Corp.		6,848
	61	Humana, Inc.		10,877
				37,434
		Life Sciences Tools & Services — 1.4%
	71	Thermo Fisher Scientific, Inc.		10,010
		Pharmaceuticals — 5.9%
	20	Allergan plc (a)		6,281
	45	Johnson & Johnson		4,632
	118	Merck & Co., Inc.		6,213
	45	Mylan N.V. (a)		2,428
	31	Perrigo Co. plc, (Ireland)		4,486
	568	Pfizer, Inc.		18,325
				42,365
		Total Health Care		99,531
		Industrials — 9.1%
		Aerospace & Defense — 2.3%
	122	Embraer S.A., (Brazil), ADR		3,607
	24	General Dynamics Corp.		3,255
	41	L-3 Communications Holdings, Inc.		4,948
	38	Raytheon Co.		4,682
				16,492
		Airlines — 3.8%
	79	Delta Air Lines, Inc.		3,994
	178	Southwest Airlines Co.		7,678
	217	Spirit Airlines, Inc. (a)		8,655
	120	United Continental Holdings, Inc. (a)		6,882
				27,209

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electrical Equipment — 0.2%
	34	Eaton Corp. plc		1,754
		Machinery — 2.8%
	112	Allison Transmission Holdings, Inc.		2,910
	52	Ingersoll-Rand plc		2,875
	313	PACCAR, Inc.		14,822
				20,607
		Total Industrials		66,062
		Information Technology — 9.0%
		Communications Equipment — 0.9%
	21	Harris Corp.		1,790
	103	QUALCOMM, Inc.		5,138
				6,928
		Electronic Equipment, Instruments & Components — 0.8%
	90	TE Connectivity Ltd., (Switzerland)		5,841
		Internet Software & Services — 0.9%
	187	Yahoo!, Inc. (a)		6,206
		Semiconductors & Semiconductor Equipment — 4.2%
	55	Avago Technologies Ltd., (Singapore)		7,911
	148	Broadcom Corp., Class A		8,552
	98	Lam Research Corp.		7,799
	179	Marvell Technology Group Ltd., (Bermuda)		1,574
	25	NXP Semiconductors N.V., (Netherlands) (a)		2,106
	43	Qorvo, Inc. (a)		2,189
				30,131
		Software — 1.1%
	142	Microsoft Corp.		7,878
		Technology Hardware, Storage & Peripherals — 1.1%
	23	Apple, Inc.		2,368
	159	EMC Corp.		4,081
	126	HP, Inc.		1,492
				7,941
		Total Information Technology		64,925
		Materials — 3.3%
		Chemicals — 1.7%
	59	Albemarle Corp.		3,282
	104	Axiall Corp.		1,596
	73	Dow Chemical Co. (The)		3,764
	52	Eastman Chemical Co.		3,524
				12,166
		Containers & Packaging — 0.5%
	76	WestRock Co.		3,476
		Metals & Mining — 1.1%
	662	Norsk Hydro ASA, (Norway), ADR		2,493

42 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Metals & Mining — continued
	25	Reliance Steel & Aluminum Co.		1,419
	126	Rio Tinto plc, (United Kingdom), ADR		3,681
	81	United States Steel Corp.		647
				8,240
		Total Materials		23,882
		Telecommunication Services — 2.3%
		Diversified Telecommunication Services — 1.9%
	405	AT&T, Inc.		13,939
		Wireless Telecommunication Services — 0.4%
	72	T-Mobile US, Inc. (a)		2,826
		Total Telecommunication Services		16,765
		Utilities — 5.7%
		Electric Utilities — 4.7%
	62	American Electric Power Co., Inc.		3,630
	51	Duke Energy Corp.		3,627
	181	Edison International		10,735
	63	NextEra Energy, Inc.		6,587
	261	Xcel Energy, Inc.		9,383
				33,962
		Gas Utilities — 0.6%
	72	AGL Resources, Inc.		4,594
		Multi-Utilities — 0.4%
	54	WEC Energy Group, Inc.		2,781
		Total Utilities		41,337
		Total Common Stocks (Cost $641,990)		706,596
NUMBER OF WARRANTS
	Warrant — 0.0%
		Financials — 0.0%
		Consumer Finance — 0.0%
	36	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.9%
		Investment Company — 3.9%
	27,932	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $27,932)		27,932
		Total Investments — 101.6% (Cost $669,922)		734,528
		Liabilities in Excess of Other Assets — (1.6)%		(11,721	)
		NET ASSETS — 100.0%	$	722,807

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 43

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.5%
		Consumer Discretionary — 15.4%
		Auto Components — 0.3%
	367	Delphi Automotive plc, (United Kingdom)		31,466
		Automobiles — 1.5%
	3,109	Ford Motor Co.		43,805
	4,522	General Motors Co.		153,810
				197,615
		Hotels, Restaurants & Leisure — 0.9%
	282	Carnival Corp.		15,380
	27	Chipotle Mexican Grill, Inc. (a)		12,951
	554	Royal Caribbean Cruises Ltd.		56,029
	504	Yum! Brands, Inc.		36,796
				121,156
		Household Durables — 1.7%
	1,641	D.R. Horton, Inc.		52,572
	778	Harman International Industries, Inc.		73,320
	92	Mohawk Industries, Inc. (a)		17,463
	1,163	PulteGroup, Inc.		20,727
	1,432	Toll Brothers, Inc. (a)		47,700
	59	Whirlpool Corp.		8,703
				220,485
		Internet & Catalog Retail — 1.8%
	357	Amazon.com, Inc. (a)		241,162
		Media — 5.0%
	1,320	CBS Corp. (Non-Voting), Class B		62,194
	401	Charter Communications, Inc., Class A (a)		73,442
	1,243	Comcast Corp., Class A		70,166
	1,298	DISH Network Corp., Class A (a)		74,213
	103	Time Warner Cable, Inc.		19,054
	2,641	Time Warner, Inc.		170,811
	295	Time, Inc.		4,629
	4,528	Twenty-First Century Fox, Inc., Class A		122,974
	821	Twenty-First Century Fox, Inc., Class B		22,342
	430	Walt Disney Co. (The)		45,144
				664,969
		Specialty Retail — 3.7%
	952	Best Buy Co., Inc.		28,979
	360	Home Depot, Inc. (The)		47,674
	3,849	Lowe’s Cos., Inc.		292,690
	417	Tiffany & Co.		31,819
	1,272	TJX Cos., Inc. (The)		90,189
				491,351

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.5%
	79	lululemon athletica, Inc., (Canada) (a)		4,158
	228	Ralph Lauren Corp.		25,466
	534	V.F. Corp.		33,267
				62,891
		Total Consumer Discretionary		2,031,095
		Consumer Staples — 6.1%
		Beverages — 2.7%
	1,842	Coca-Cola Co. (The)		79,141
	169	Constellation Brands, Inc., Class A		24,007
	1,193	Molson Coors Brewing Co., Class B		112,017
	1,388	PepsiCo, Inc.		138,699
				353,864
		Food & Staples Retailing — 0.9%
	579	Costco Wholesale Corp.		93,439
	607	Kroger Co. (The)		25,384
				118,823
		Food Products — 0.9%
	174	Hershey Co. (The)		15,523
	2,375	Mondelez International, Inc., Class A		106,516
				122,039
		Household Products — 1.1%
	175	Colgate-Palmolive Co.		11,660
	453	Kimberly-Clark Corp.		57,705
	954	Procter & Gamble Co. (The)		75,740
				145,105
		Tobacco — 0.5%
	770	Philip Morris International, Inc.		67,649
		Total Consumer Staples		807,480
		Energy — 6.3%
		Energy Equipment & Services — 0.2%
	259	Baker Hughes, Inc.		11,975
	300	Schlumberger Ltd.		20,916
				32,891
		Oil, Gas & Consumable Fuels — 6.1%
	103	Anadarko Petroleum Corp.		5,018
	2,346	Cabot Oil & Gas Corp.		41,501
	1,469	Chevron Corp.		132,149
	3,110	Columbia Pipeline Group, Inc.		62,201
	220	Concho Resources, Inc. (a)		20,431
	323	Diamondback Energy, Inc.(a)		21,590
	125	Energen Corp.		5,111
	1,139	EOG Resources, Inc.		80,658

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	1,231	EQT Corp.		64,171
	315	Exxon Mobil Corp.		24,567
	237	Hess Corp.		11,486
	212	Marathon Petroleum Corp.		10,973
	3,068	Occidental Petroleum Corp.		207,458
	611	Pioneer Natural Resources Co.		76,620
	530	Valero Energy Corp.		37,506
				801,440
		Total Energy		834,331
		Financials — 17.0%
		Banks — 6.7%
	11,840	Bank of America Corp.		199,269
	464	BB&T Corp.		17,543
	3,432	Citigroup, Inc.		177,596
	301	East West Bancorp, Inc.		12,517
	1,976	KeyCorp		26,057
	383	SunTrust Banks, Inc.		16,410
	420	SVB Financial Group (a)		49,947
	7,111	Wells Fargo & Co.		386,581
				885,920
		Capital Markets — 4.1%
	341	Ameriprise Financial, Inc.		36,312
	286	BlackRock, Inc.		97,364
	3,307	Charles Schwab Corp. (The)		108,886
	411	Goldman Sachs Group, Inc. (The)		74,055
	977	Invesco Ltd.		32,697
	6,176	Morgan Stanley		196,454
	141	TD Ameritrade Holding Corp.		4,884
				550,652
		Consumer Finance — 0.6%
	1,326	Discover Financial Services		71,088
	119	Synchrony Financial (a)		3,628
				74,716
		Diversified Financial Services — 0.6%
	296	Intercontinental Exchange, Inc.		75,959
		Insurance — 4.0%
	2,166	ACE Ltd., (Switzerland)		253,046
	518	American International Group, Inc.		32,097
	1,282	Arthur J. Gallagher & Co.		52,489
	1,191	Marsh & McLennan Cos., Inc.		66,031
	2,447	MetLife, Inc.		117,969
	144	XL Group plc, (Ireland)		5,647
				527,279

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — 1.0%
	29	Alexandria Real Estate Equities, Inc.		2,605
	156	AvalonBay Communities, Inc.		28,729
	64	Boston Properties, Inc.		8,161
	191	General Growth Properties, Inc.		5,200
	38	Kilroy Realty Corp.		2,394
	127	Kimco Realty Corp.		3,371
	1,413	Prologis, Inc.		60,633
	53	Simon Property Group, Inc.		10,339
	45	SL Green Realty Corp.		5,130
	75	Vornado Realty Trust		7,486
				134,048
		Total Financials		2,248,574
		Health Care — 15.8%
		Biotechnology — 4.8%
	478	Alexion Pharmaceuticals, Inc. (a)		91,118
	357	Biogen, Inc. (a)		109,292
	331	BioMarin Pharmaceutical, Inc. (a)		34,628
	1,486	Celgene Corp. (a)		177,905
	927	Gilead Sciences, Inc.		93,819
	141	Incyte Corp. (a)		15,270
	858	Vertex Pharmaceuticals, Inc. (a)		107,919
				629,951
		Health Care Equipment & Supplies — 0.5%
	804	Abbott Laboratories		36,119
	1,787	Boston Scientific Corp. (a)		32,949
				69,068
		Health Care Providers & Services — 3.9%
	1,083	Aetna, Inc.		117,131
	527	Humana, Inc.		94,013
	491	McKesson Corp.		96,884
	1,812	UnitedHealth Group, Inc.		213,126
				521,154
		Life Sciences Tools & Services — 0.6%
	413	Illumina, Inc. (a)		79,329
		Pharmaceuticals — 6.0%
	675	Allergan plc (a)		210,988
	2,374	Bristol-Myers Squibb Co.		163,328
	2,056	Eli Lilly & Co.		173,196
	6,104	Pfizer, Inc.		197,036
	413	Valeant Pharmaceuticals International, Inc. (a)		42,032
				786,580
		Total Health Care		2,086,082

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 45

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Industrials — 9.7%
		Aerospace & Defense — 3.6%
	20	General Dynamics Corp.		2,737
	2,091	Honeywell International, Inc.		216,607
	355	L-3 Communications Holdings, Inc.		42,396
	301	Northrop Grumman Corp.		56,767
	302	Raytheon Co.		37,577
	1,257	United Technologies Corp.		120,793
				476,877
		Airlines — 1.2%
	592	Delta Air Lines, Inc.		30,029
	40	Spirit Airlines, Inc. (a)		1,608
	2,303	United Continental Holdings, Inc. (a)		131,963
				163,600
		Building Products — 0.8%
	317	Allegion plc, (Ireland)		20,928
	364	Fortune Brands Home & Security, Inc.		20,176
	65	Lennox International, Inc.		8,163
	1,967	Masco Corp.		55,663
				104,930
		Commercial Services & Supplies — 0.0% (g)
	73	Tyco International plc		2,331
		Construction & Engineering — 0.3%
	833	Fluor Corp.		39,355
		Electrical Equipment — 0.3%
	489	Eaton Corp. plc		25,471
	262	Sensata Technologies Holding N.V. (a)		12,060
				37,531
		Industrial Conglomerates — 0.8%
	3,533	General Electric Co.		110,055
		Machinery — 1.4%
	388	Ingersoll-Rand plc		21,428
	1,684	PACCAR, Inc.		79,811
	56	SPX FLOW, Inc. (a)		1,552
	716	Stanley Black & Decker, Inc.		76,382
	97	WABCO Holdings, Inc. (a)		9,874
				189,047
		Road & Rail — 1.2%
	129	Canadian Pacific Railway Ltd., (Canada)		16,450
	1,250	CSX Corp.		32,442
	41	Kansas City Southern		3,070
	144	Norfolk Southern Corp.		12,144
	1,183	Union Pacific Corp.		92,539
				156,645

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — 0.1%
	142	AerCap Holdings N.V., (Netherlands) (a)		6,120
		Total Industrials		1,286,491
		Information Technology — 23.0%
		Electronic Equipment, Instruments & Components — 0.6%
	1,249	TE Connectivity Ltd., (Switzerland)		80,668
		Internet Software & Services — 4.9%
	184	Alphabet, Inc., Class A (a)		143,187
	378	Alphabet, Inc., Class C (a)		287,023
	2,066	Facebook, Inc., Class A (a)		216,192
				646,402
		IT Services — 4.1%
	1,720	Accenture plc, (Ireland), Class A		179,737
	1,165	Cognizant Technology Solutions Corp., Class A (a)		69,920
	1,108	Fidelity National Information Services, Inc.		67,148
	400	MasterCard, Inc., Class A		38,938
	2,390	Visa, Inc., Class A		185,345
	22	WEX, Inc. (a)		1,966
				543,054
		Semiconductors & Semiconductor Equipment — 5.3%
	1,785	Avago Technologies Ltd., (Singapore)		259,081
	928	Broadcom Corp., Class A		53,633
	80	KLA-Tencor Corp.		5,573
	2,583	Lam Research Corp.		205,153
	807	Marvell Technology Group Ltd., (Bermuda)		7,121
	1,034	NXP Semiconductors N.V., (Netherlands) (a)		87,099
	28	Qorvo, Inc. (a)		1,428
	1,577	Texas Instruments, Inc.		86,416
				705,504
		Software — 4.3%
	1,080	Adobe Systems, Inc. (a)		101,496
	7,842	Microsoft Corp.		435,064
	664	Oracle Corp.		24,273
				560,833
		Technology Hardware, Storage & Peripherals — 3.8%
	4,140	Apple, Inc.		435,820
	1,578	Hewlett Packard Enterprise Co.		23,990
	3,124	HP, Inc.		36,985
				496,795
		Total Information Technology		3,033,256
		Materials — 2.3%
		Chemicals — 1.1%
	75	Albemarle Corp.		4,213
	674	Axiall Corp.		10,374

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Chemicals — continued
	246	CF Industries Holdings, Inc.		10,037
	500	Dow Chemical Co. (The)		25,763
	841	E.I. du Pont de Nemours & Co.		56,019
	1,159	Mosaic Co. (The)		31,979
	26	Sherwin-Williams Co. (The)		6,685
				145,070
		Construction Materials — 0.5%
	253	Martin Marietta Materials, Inc.		34,582
	296	Vulcan Materials Co.		28,108
				62,690
		Containers & Packaging — 0.4%
	1,043	Crown Holdings, Inc. (a)		52,893
	56	Silgan Holdings, Inc.		2,988
	33	WestRock Co.		1,521
				57,402
		Metals & Mining — 0.3%
	346	Nucor Corp.		13,926
	3,550	United States Steel Corp.		28,333
				42,259
		Total Materials		307,421
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.7%
	2,682	AT&T, Inc.		92,292
		Wireless Telecommunication Services — 0.2%
	792	T-Mobile US, Inc. (a)		30,991
		Total Telecommunication Services		123,283
		Utilities — 2.0%
		Electric Utilities — 1.7%
	429	American Electric Power Co., Inc.		24,998
	1,172	Edison International		69,415
	456	NextEra Energy, Inc.		47,362
	1,885	PPL Corp.		64,340
	515	Xcel Energy, Inc.		18,501
				224,616
		Multi-Utilities — 0.3%
	1,010	CMS Energy Corp.		36,457
	112	NiSource, Inc.		2,193
				38,650

SHARES		SECURITY DESCRIPTION	VALUE($)
		Water Utilities — 0.0% (g)
	57	American Water Works Co., Inc.		3,384
		Total Utilities		266,650
		Total Common Stocks (Cost $10,108,027)		13,024,663
NUMBER OF WARRANTS
	Warrant — 0.0%
		Financials — 0.0%
		Consumer Finance — 0.0%
	24	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—
SHARES
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	188,412	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $188,412)		188,412
		Total Investments — 99.9% (Cost $10,296,439)		13,213,075
		Other Assets in Excess of Liabilities — 0.1% (c)		11,852
		NET ASSETS — 100.0%	$	13,224,927

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 47

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	971	E-mini S&P 500		03/18/16		USD	$	98,819	$	1,137

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

J.P. Morgan Large Cap Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

ADR	—  American Depositary Receipt
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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).
(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, 2015.
(n)	—  The rate shown is the effective yield at the date of purchase.
(o)	—  All or a portion of the security is segregated for options written.

The following approximates the aggregate amount of securities segregated for options written (amounts in thousands):

Fund	Value
Hedged Equity Fund	$108,413

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands, except per share amounts)

	Disciplined Equity Fund		Dynamic Growth Fund			Equity Focus Fund
ASSETS:
Investments in non-affiliates, at value	$	8,092,522	$	350,122		$	82,083
Investments in affiliates, at value		104,343		20,149			2,762
Total investment securities, at value		8,196,865		370,271			84,845
Receivables:
Investment securities sold		17,370		2,981			74
Fund shares sold		4,107		751			6
Dividends from non-affiliates		10,056		122			34
Dividends from affiliates		20		3			—	(a)
Total Assets		8,228,418		374,128			84,959
LIABILITIES:
Payables:
Investment securities purchased		36,098		—			1,215
Fund shares redeemed		25,289		187			30
Variation margin on futures contracts		1,064		—			—
Accrued liabilities:
Investment advisory fees		1,708		558			40
Administration fees		569		18			1
Distribution fees		125		19			1
Shareholder servicing fees		134		38			18
Custodian and accounting fees		43		10			3
Trustees’ and Chief Compliance Officer’s fees		7		—	(a)		—	(a)
Other		214		51			15
Total Liabilities		65,251		881			1,323
Net Assets	$	8,163,167	$	373,247		$	83,636

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

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Disciplined Equity Fund			Dynamic Growth Fund			Equity Focus Fund
NET ASSETS:
Paid-in-Capital	$	8,045,698		$	293,940		$	75,114
Accumulated undistributed (distributions in excess of) net investment income		339			(1,278	)		(16	)
Accumulated net realized gains (losses)		(362,752	)		(5,956	)		(291	)
Net unrealized appreciation (depreciation)		479,882			86,541			8,829
Total Net Assets	$	8,163,167		$	373,247		$	83,636
Net Assets:
Class A	$	573,559		$	56,427		$	1,796
Class C		—			12,565			962
Class R5		—			242,738			—
Class R6		6,503,860			—			—
Institutional Class		796,569			—			—
Select Class		289,179			61,517			80,878
Total	$	8,163,167		$	373,247		$	83,636
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		26,400			2,176			73
Class C		—			505			40
Class R5		—			9,023			—
Class R6		297,233			—			—
Institutional Class		36,412			—			—
Select Class		13,201			2,324			3,270
Net Asset Value (a):
Class A — Redemption price per share	$	21.73		$	25.93		$	24.56
Class C — Offering price per share (b)		—			24.89			24.06
Class R5 — Offering and redemption price per share		—			26.90			—
Class R6 — Offering and redemption price per share		21.88			—			—
Institutional Class — Offering and redemption price per share		21.88			—			—
Select Class — Offering and redemption price per share		21.91			26.47			24.73
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)]	$	22.93		$	27.37		$	25.92
Cost of investments in non-affiliates	$	7,614,022		$	263,581		$	73,254
Cost of investments in affiliates		104,343			20,149			2,762

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 51

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (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	$	10,275,373		$	499,578		$	255,614
Investments in affiliates, at value		258,280			38,313			1,057
Total investment securities, at value		10,533,653			537,891			256,671
Cash		—			—			4
Receivables:
Investment securities sold		—			—			13,260
Fund shares sold		95,149			281			1,948
Dividends from non-affiliates		28,577			879			353
Dividends from affiliates		30			2			—	(a)
Total Assets		10,657,409			539,053			272,236
LIABILITIES:
Payables:
Due to custodian		—	(a)		—	(a)		—
Investment securities purchased		—			33,330			12,569
Fund shares redeemed		222,842			1,457			198
Variation margin on futures contracts		—			—			15
Outstanding options written, at fair value		—			—			3,623
Accrued liabilities:
Investment advisory fees		3,561			163			38
Administration fees		737			34			8
Distribution fees		1,431			120			22
Shareholder servicing fees		1,516			79			45
Custodian and accounting fees		90			8			14
Trustees’ and Chief Compliance Officer’s fees		27			—	(a)		—
Other		1,126			107			72
Total Liabilities		231,330			35,298			16,604
Net Assets	$	10,426,079		$	503,755		$	255,632

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

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Equity Income Fund			Growth and Income Fund			Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	8,982,520		$	372,184		$	256,130
Accumulated undistributed (distributions in excess of) net investment income		990			(169	)		1
Accumulated net realized gains (losses)		(32,979	)		7,978			(11,594	)
Net unrealized appreciation (depreciation)		1,475,548			123,762			11,095
Total Net Assets	$	10,426,079		$	503,755		$	255,632
Net Assets:
Class A	$	3,082,651		$	441,903		$	81,098
Class C		1,173,291			25,223			7,767
Class R2		64,164			19			—
Class R5		499,230			19			21
Class R6		1,334,578			19			20
Select Class		4,272,165			36,572			166,726
Total	$	10,426,079		$	503,755		$	255,632
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		230,478			10,553			5,068
Class C		89,003			659			487
Class R2		4,809			1			—
Class R5		36,766			—	(a)		1
Class R6		98,345			—	(a)		1
Select Class		314,726			834			10,399
Net Asset Value (b):
Class A — Redemption price per share	$	13.38		$	41.88		$	16.00
Class C — Offering price per share (c)		13.18			38.30			15.95
Class R2 — Offering and redemption price per share		13.34			42.04			—
Class R5 — Offering and redemption price per share		13.58			44.07			16.05
Class R6 — Offering and redemption price per share		13.57			44.07			16.05
Select Class — Offering and redemption price per share		13.57			43.83			16.03
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)]	$	14.12		$	44.20		$	16.89
Cost of investments in non-affiliates	$	8,799,825		$	375,816		$	244,529
Cost of investments in affiliates		258,280			38,313			1,057
Premiums received from options written		—			—			3,615

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 53

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (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	$	15,455,035		$	706,596		$	13,024,663
Investments in affiliates, at value		393,464			27,932			188,412
Total investment securities, at value		15,848,499			734,528			13,213,075
Cash		—	(a)		18			10
Deposits at broker for futures contracts		—			—			3,497
Receivables:
Investment securities sold		—			—			15,500
Fund shares sold		44,944			309			42,278
Dividends from non-affiliates		2,892			1,352			15,569
Dividends from affiliates		61			4			17
Variation margin on futures contracts		—			—			452
Total Assets		15,896,396			736,211			13,290,398
LIABILITIES:						��
Payables:
Investment securities purchased		—			12,706			36,431
Fund shares redeemed		412,214			268			21,462
Accrued liabilities:
Investment advisory fees		6,647			243			4,468
Administration fees		1,105			50			922
Distribution fees		1,506			30			564
Shareholder servicing fees		1,146			5			431
Custodian and accounting fees		207			20			159
Trustees’ and Chief Compliance Officer’s fees		37			1			1
Other		2,970			81			1,033
Total Liabilities		425,832			13,404			65,471
Net Assets	$	15,470,564		$	722,807		$	13,224,927

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

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Large Cap Growth Fund			Large Cap Value Fund			U.S. Equity Fund
NET ASSETS:
Paid-in-Capital	$	9,733,248		$	668,880		$	10,585,444
Accumulated undistributed (distributions in excess of) net investment income		(12,849	)		67			395
Accumulated net realized gains (losses)		59,334			(10,746	)		(278,685	)
Net unrealized appreciation (depreciation)		5,690,831			64,606			2,917,773
Total Net Assets	$	15,470,564		$	722,807		$	13,224,927
Net Assets:
Class A	$	4,722,730		$	91,684		$	1,426,621
Class C		644,083			15,130			281,934
Class R2		219,992			2,933			194,007
Class R5		1,406,513			2,190			929,652
Class R6		3,614,233			592,318			4,545,278
Institutional Class		—			—			4,754,046
Select Class		4,863,013			18,552			1,093,389
Total	$	15,470,564		$	722,807		$	13,224,927
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		133,130			7,217			103,646
Class C		21,192			1,231			21,012
Class R2		6,313			232			14,193
Class R5		39,094			174			67,323
Class R6		100,153			47,203			328,730
Institutional Class		—			—			344,438
Select Class		136,592			1,479			79,270
Net Asset Value (a):
Class A — Redemption price per share	$	35.47		$	12.70		$	13.76
Class C — Offering price per share (b)		30.39			12.29			13.42
Class R2 — Offering and redemption price per share		34.85			12.63			13.67
Class R5 — Offering and redemption price per share		35.98			12.62			13.81
Class R6 — Offering and redemption price per share		36.09			12.55			13.83
Institutional Class — Offering and redemption price per share		—			—			13.80
Select Class — Offering and redemption price per share		35.60			12.54			13.79
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)]	$	37.44		$	13.40		$	14.52
Cost of investments in non-affiliates	$	9,764,204		$	641,990		$	10,108,027
Cost of investments in affiliates		393,464			27,932			188,412

(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, 2015 J.P. MORGAN LARGE CAP FUNDS 55

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

	Disciplined Equity Fund			Dynamic Growth Fund			Equity Focus Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	13		$	—		$	—
Dividend income from non-affiliates		77,939			1,037			474
Dividend income from affiliates		67			8			1
Total investment income		78,019			1,045			475
EXPENSES:
Investment advisory fees		10,269			1,086			281
Administration fees		3,362			148			35
Distribution fees:
Class A		683			60			2
Class C		—			38			3
Shareholder servicing fees:
Class A		683			60			2
Class C		—			12			1
Class R5		—			20			—
Institutional Class		405			—			—
Select Class		362			281			105
Custodian and accounting fees		90			14			7
Professional fees		74			16			22
Trustees’ and Chief Compliance Officer’s fees		31			1			—	(a)
Printing and mailing costs		117			10			2
Registration and filing fees		103			40			27
Transfer agent fees (See Note 2.E)		46			10			2
Sub-transfer agent fees (See Note 2.E)		564			56			1
Other		23			5			4
Total expenses		16,812			1,857			494
Less fees waived		(676	)		(137	)		(60	)
Net expenses		16,136			1,720			434
Net investment income (loss)		61,883			(675	)		41
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(289,424	)		(1,318	)		175
Futures		(15,568	)		—			—
Net realized gain (loss)		(304,992	)		(1,318	)		175
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(138,633	)		15,551			1,414
Futures		1,826			—			—
Change in net unrealized appreciation/depreciation		(136,807	)		15,551			1,414
Net realized/unrealized gains (losses)		(441,799	)		14,233			1,589
Change in net assets resulting from operations	$	(379,916	)	$	13,558		$	1,630

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

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Equity Income Fund			Growth and Income Fund			Hedged Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	1
Dividend income from non-affiliates		149,354			5,760			2,359
Dividend income from affiliates		159			4			2
Total investment income		149,513			5,764			2,362
EXPENSES:
Investment advisory fees		20,827			974			297
Administration fees		4,262			199			97
Distribution fees:
Class A		3,811			537			100
Class C		4,359			93			24
Class R2		150			14			—
Shareholder servicing fees:
Class A		3,811			537			100
Class C		1,453			31			8
Class R2 (a)		75			7			—
Class R5 (a)		136			1			—	(b)
Select Class		5,724			41			189
Custodian and accounting fees		130			14			26
Professional fees		74			23			40
Trustees’ and Chief Compliance Officer’s fees		58			2			—	(b)
Printing and mailing costs		277			22			6
Registration and filing fees		338			12			43
Transfer agent fees (See Note 2.E)		157			115			6
Sub-transfer agent fees (See Note 2.E)		3,173			113			78
Other		51			4			3
Total expenses		48,866			2,739			1,017
Less fees waived		(1,734	)		(69	)		(185	)
Less expense reimbursements		(2	)		—			—	(b)
Net expenses		47,130			2,670			832
Net investment income (loss)		102,383			3,094			1,530
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		64			16,651			(11,854	)
Futures		—			—			145
Options written		—			—			2,637
Net realized gain (loss)		64			16,651			(9,072	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(217,708	)		(28,017	)		3,507
Futures		—			—			38
Options written		—			—			(51	)
Change in net unrealized appreciation/depreciation		(217,708	)		(28,017	)		3,494
Net realized/unrealized gains (losses)		(217,644	)		(11,366	)		(5,578	)
Change in net assets resulting from operations	$	(115,261	)	$	(8,272	)	$	(4,048	)

(a) Commencement of offering of class of shares effective November 2, 2015 for Growth and Income Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 57

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

		Large Cap Growth Fund			Large Cap Value Fund			U.S. Equity Fund
INVESTMENT INCOME:
Dividend income from non-affiliates		$	57,443		$	8,247		$	113,384
Dividend income from affiliates			277			11			67
Total investment income			57,720			8,258			113,451
EXPENSES:
Investment advisory fees			39,609			1,482			25,878
Administration fees			6,483			303			5,295
Distribution fees:
Class A			5,852			117			1,774
Class C			2,342			55			997
Class R2	��		598			4			473
Shareholder servicing fees:
Class A			5,852			117			1,774
Class C			781			18			332
Class R2			299			2			236
Class R5			346			1			170
Institutional Class			—			—			2,411
Select Class			6,775			544			2,511
Custodian and accounting fees			208			24			206
Professional fees			76			22			75
Trustees’ and Chief Compliance Officer’s fees			88			—	(a)		50
Printing and mailing costs			573			15			368
Registration and filing fees			238			41			194
Transfer agent fees (See Note 2.E)			319			41			168
Sub-transfer agent fees (See Note 2.E)			6,129			31			3,117
Other			100			8			49
Total expenses			76,668			2,825			46,078
Less fees waived			(6,465	)		(115	)		(3,434	)
Less expense reimbursements			—			(1	)		(9	)
Net expenses			70,203			2,709			42,635
Net investment income (loss)			(12,483	)		5,549			70,816
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates			135,279			18,308			134,095
Futures			—			—			(3,684	)
Net realized gain (loss)			135,279			18,308			130,411
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates			13,768			(46,047	)		(356,740	)
Futures			—			—			1,840
Change in net unrealized appreciation/depreciation			13,768			(46,047	)		(354,900	)
Net realized/unrealized gains (losses)			149,047			(27,739	)		(224,489	)
Change in net assets resulting from operations		$	136,564		$	(22,190	)	$	(153,673	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Disciplined Equity Fund						Dynamic Growth Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	61,883		$	73,373		$	(675	)	$	(1,191	)
Net realized gain (loss)		(304,992	)		463,028			(1,318	)		211
Change in net unrealized appreciation/depreciation		(136,807	)		(65,993	)		15,551			25,578
Change in net assets resulting from operations		(379,916	)		470,408			13,558			24,598
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,136	)		(2,861	)		—			—
From net realized gains		(25,328	)		(19,848	)		(551	)		(413	)
Class C
From net realized gains		—			—			(123	)		(111	)
Class R5
From net realized gains		—			—			(2,408	)		(1	)
Class R6
From net investment income		(51,550	)		(59,604	)		—			—
From net realized gains		(271,746	)		(266,822	)		—			—
Institutional Class
From net investment income		(5,880	)		(6,739	)		—			—
From net realized gains		(34,112	)		(32,068	)		—			—
Select Class
From net investment income		(1,953	)		(2,632	)		—			—
From net realized gains		(12,537	)		(15,846	)		(615	)		(4,260	)
Total distributions to shareholders		(406,242	)		(406,420	)		(3,697	)		(4,785	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,202,910			3,404,441			26,190			34,618
NET ASSETS:
Change in net assets		416,752			3,468,429			36,051			54,431
Beginning of period		7,746,415			4,277,986			337,196			282,765
End of period	$	8,163,167		$	7,746,415		$	373,247		$	337,196
Accumulated undistributed (distributions in excess of) net investment income	$	339		$	975		$	(1,278	)	$	(603	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	41		$	116		$	102,383		$	175,624
Net realized gain (loss)		175			2,395			64			136,057
Change in net unrealized appreciation/depreciation		1,414			2,264			(217,708	)		75,086
Change in net assets resulting from operations		1,630			4,775			(115,261	)		386,767
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—	(a)		(1	)		(28,213	)		(50,416	)
From net realized gains		(47	)		(5	)		(23,907	)		(53,724	)
Class B (b)
From net investment income		—			—			—			(41	)
From net realized gains		—			—			—			(67	)
Class C
From net investment income		—			—			(8,738	)		(14,285	)
From net realized gains		(26	)		(4	)		(9,180	)		(18,697	)
Class R2
From net investment income		—			—			(504	)		(708	)
From net realized gains		—			—			(492	)		(817	)
Class R5
From net investment income		—			—			(6,206	)		(9,307	)
From net realized gains		—			—			(4,298	)		(7,581	)
Class R6
From net investment income		—			—			(12,625	)		(16,393	)
From net realized gains		—			—			(9,559	)		(13,082	)
Select Class
From net investment income		(122	)		(112	)		(46,620	)		(84,500	)
From net realized gains		(2,128	)		(492	)		(33,778	)		(77,081	)
Total distributions to shareholders		(2,323	)		(614	)		(184,120	)		(346,699	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		825			6,723			472,280			2,687,583
NET ASSETS:
Change in net assets		132			10,884			172,899			2,727,651
Beginning of period		83,504			72,620			10,253,180			7,525,529
End of period	$	83,636		$	83,504		$	10,426,079		$	10,253,180
Accumulated undistributed (distributions in excess of) net investment income	$	(16	)	$	65		$	990		$	1,513

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

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Growth and Income Fund						Hedged Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,094		$	6,236		$	1,530		$	1,504
Net realized gain (loss)		16,651			32,555			(9,072	)		(2,468	)
Change in net unrealized appreciation/depreciation		(28,017	)		(14,988	)		3,494			7,302
Change in net assets resulting from operations		(8,272	)		23,803			(4,048	)		6,338
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,834	)		(5,313	)		(443	)		(594	)
From net realized gains		(23,586	)		(9,151	)		—			—
Class B (a)
From net investment income		—			(13	)		—			—
From net realized gains		—			(53	)		—			—
Class C
From net investment income		(130	)		(193	)		(28	)		(11	)
From net realized gains		(1,528	)		(427	)		—			—
Class R2 (b)
From net realized gains		(1	)		—			—			—
Class R5 (b)
From net investment income		—			—			—	(c)		(5	)
From net realized gains		(1	)		—			—			—
Class R6 (b)
From net investment income		—			—			—	(c)		(5	)
From net realized gains		(1	)		—			—			—
Select Class
From net investment income		(266	)		(463	)		(1,104	)		(772	)
From net realized gains		(1,738	)		(660	)		—			—
Total distributions to shareholders		(30,085	)		(16,273	)		(1,575	)		(1,387	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		46,793			23,921			58,561			192,708
NET ASSETS:
Change in net assets		8,436			31,451			52,938			197,659
Beginning of period		495,319			463,868			202,694			5,035
End of period	$	503,755		$	495,319		$	255,632		$	202,694
Accumulated undistributed (distributions in excess of) net investment income	$	(169	)	$	(33	)	$	1		$	46

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Growth and Income Fund.

(b) Commencement of offering of class of shares effective November 2, 2015 for Growth and Income Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(12,483	)	$	(19,868	)	$	5,549		$	9,696
Net realized gain (loss)		135,279			827,611			18,308			102,268
Change in net unrealized appreciation/depreciation		13,768			1,414,740			(46,047	)		(49,217	)
Change in net assets resulting from operations		136,564			2,222,483			(22,190	)		62,747
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(579	)		(1,005	)
From net realized gains		(204,092	)		(85,875	)		(10,979	)		(13,856	)
Class B (a)
From net investment income		—			—			—			(6	)
From net realized gains		—			(133	)		—			(230	)
Class C
From net investment income		—			—			(60	)		(88	)
From net realized gains		(31,708	)		(11,256	)		(1,856	)		(2,003	)
Class R2
From net investment income		—			—			(14	)		(7	)
From net realized gains		(9,889	)		(3,964	)		(358	)		(87	)
Class R5
From net investment income		—			—			(17	)		(61	)
From net realized gains		(55,775	)		(24,104	)		(267	)		(646	)
Class R6
From net investment income		—			—			(3,184	)		(341	)
From net realized gains		(163,685	)		(50,817	)		(71,699	)		(6,003	)
Select Class
From net investment income		—			—			(1,601	)		(8,298	)
From net realized gains		(220,849	)		(97,149	)		(2,301	)		(102,872	)
Total distributions to shareholders		(685,998	)		(273,298	)		(92,915	)		(135,503	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		376,348			(1,251,267	)		86,564			(343	)
NET ASSETS:
Change in net assets		(173,086	)		697,918			(28,541	)		(73,099	)
Beginning of period		15,643,650			14,945,732			751,348			824,447
End of period	$	15,470,564		$	15,643,650		$	722,807		$	751,348
Accumulated undistributed (distributions in excess of) net investment income	$	(12,849	)	$	(366	)	$	67		$	(27	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	U.S. Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	70,816		$	142,361
Net realized gain (loss)		130,411			943,140
Change in net unrealized appreciation/depreciation		(354,900	)		(31,749	)
Change in net assets resulting from operations		(153,673	)		1,053,752
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(5,921	)		(11,732	)
From net realized gains		(69,017	)		(101,441	)
Class B (a)
From net investment income		—			(15	)
From net realized gains		—			(335	)
Class C
From net investment income		(533	)		(1,049	)
From net realized gains		(13,589	)		(16,831	)
Class R2
From net investment income		(578	)		(1,082	)
From net realized gains		(9,319	)		(12,128	)
Class R5
From net investment income		(4,478	)		(6,071	)
From net realized gains		(44,668	)		(39,025	)
Class R6
From net investment income		(24,754	)		(35,475	)
From net realized gains		(215,169	)		(207,916	)
Institutional Class
From net investment income		(27,483	)		(57,166	)
From net realized gains		(229,612	)		(373,132	)
Select Class
From net investment income		(7,940	)		(27,032	)
From net realized gains		(52,720	)		(194,871	)
Total distributions to shareholders		(705,781	)		(1,085,301	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,472,378			1,863,908
NET ASSETS:
Change in net assets		612,924			1,832,359
Beginning of period		12,612,003			10,779,644
End of period	$	13,224,927		$	12,612,003
Accumulated undistributed (distributions in excess of) net investment income	$	395		$	1,266

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	244,443		$	358,585		$	19,194		$	26,887
Distributions reinvested		28,418			22,668			538			402
Cost of shares redeemed		(130,513	)		(108,252	)		(3,458	)		(6,767	)
Change in net assets resulting from Class A capital transactions	$	142,348		$	273,001		$	16,274		$	20,522
Class C
Proceeds from shares issued	$	—		$	—		$	4,557		$	5,474
Distributions reinvested		—			—			101			84
Cost of shares redeemed		—			—			(1,162	)		(1,468	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	3,496		$	4,090
Class R5
Proceeds from shares issued	$	—		$	—		$	255,981		$	—
Distributions reinvested		—			—			2,408			1
Cost of shares redeemed		—			—			(10,456	)		—
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	247,933		$	1
Class R6
Proceeds from shares issued	$	1,190,391		$	2,411,314		$	—		$	—
Distributions reinvested		323,296			326,426			—			—
Cost of shares redeemed		(585,513	)		(180,826	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	928,174		$	2,556,914		$	—		$	—
Institutional Class
Proceeds from shares issued	$	166,683		$	529,705		$	—		$	—
Distributions reinvested		30,612			35,134			—			—
Cost of shares redeemed		(120,667	)		(160,633	)		—			—
Change in net assets resulting from Institutional Class capital transactions	$	76,628		$	404,206		$	—		$	—
Select Class
Proceeds from shares issued	$	88,663		$	374,608		$	21,049		$	50,453
Distributions reinvested		13,629			7,520			177			3,771
Cost of shares redeemed		(46,532	)		(211,808	)		(262,739	)		(44,219	)
Change in net assets resulting from Select Class capital transactions	$	55,760		$	170,320		$	(241,513	)	$	10,005
Total change in net assets resulting from capital transactions	$	1,202,910		$	3,404,441		$	26,190		$	34,618

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Disciplined Equity Fund						Dynamic Growth Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		10,673			14,944			745			1,094
Reinvested		1,324			985			21			17
Redeemed		(5,739	)		(4,497	)		(135	)		(276	)
Change in Class A Shares		6,258			11,432			631			835
Class C
Issued		—			—			183			232
Reinvested		—			—			4			4
Redeemed		—			—			(47	)		(61	)
Change in Class C Shares		—			—			140			175
Class R5
Issued		—			—			9,309			—
Reinvested		—			—			92			—	(a)
Redeemed		—			—			(380	)		—
Change in Class R5 Shares		—			—			9,021			—	(a)
Class R6
Issued		51,057			99,461			—			—
Reinvested		14,959			14,056			—			—
Redeemed		(25,671	)		(7,497	)		—			—
Change in Class R6 Shares		40,345			106,020			—			—
Institutional Class
Issued		7,227			21,787			—			—
Reinvested		1,417			1,514			—			—
Redeemed		(5,228	)		(6,635	)		—			—
Change in Institutional Class Shares		3,416			16,666			—			—
Select Class
Issued		3,833			15,608			840			2,071
Reinvested		630			323			7			156
Redeemed		(2,039	)		(8,625	)		(9,715	)		(1,772	)
Change in Select Class Shares		2,424			7,306			(8,868	)		455

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	755		$	1,181		$	587,879		$	1,420,165
Distributions reinvested		47			6			49,619			99,766
Cost of shares redeemed		(420	)		(194	)		(481,645	)		(887,735	)
Conversion from Class B Shares		—			—			—			2,543
Change in net assets resulting from Class A capital transactions	$	382		$	993		$	155,853		$	634,739
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	255
Distributions reinvested		—			—			—			101
Cost of shares redeemed		—			—			—			(1,842	)
Conversion to Class A Shares		—			—			—			(2,543	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(4,029	)
Class C
Proceeds from shares issued	$	196		$	782		$	148,417		$	469,144
Distributions reinvested		26			4			14,871			27,318
Cost of shares redeemed		(119	)		(62	)		(115,658	)		(142,759	)
Change in net assets resulting from Class C capital transactions	$	103		$	724		$	47,630		$	353,703
Class R2
Proceeds from shares issued	$	—		$	—		$	15,973		$	38,187
Distributions reinvested		—			—			908			1,483
Cost of shares redeemed		—			—			(7,462	)		(11,830	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	��		$	9,419		$	27,840
Class R5
Proceeds from shares issued	$	—		$	—		$	111,100		$	289,715
Distributions reinvested		—			—			8,106			14,261
Cost of shares redeemed		—			—			(124,702	)		(90,072	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(5,496	)	$	213,904
Class R6
Proceeds from shares issued	$	—		$	—		$	626,870		$	427,210
Distributions reinvested		—			—			20,360			26,378
Cost of shares redeemed		—			—			(138,069	)		(143,972	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	509,161		$	309,616
Select Class
Proceeds from shares issued	$	11,308		$	19,248		$	658,521		$	1,995,707
Distributions reinvested		118			41			52,606			97,011
Cost of shares redeemed		(11,086	)		(14,283	)		(955,414	)		(940,908	)
Change in net assets resulting from Select Class capital transactions	$	340		$	5,006		$	(244,287	)	$	1,151,810
Total change in net assets resulting from capital transactions	$	825		$	6,723		$	472,280		$	2,687,583

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Equity Focus Fund						Equity Income Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		29			49			43,516			102,541
Reinvested		2			—	(a)		3,731			7,191
Redeemed		(17	)		(8	)		(35,725	)		(63,788	)
Conversion from Class B Shares		—			—			—			181
Change in Class A Shares		14			41			11,522			46,125
Class B (b)
Issued		—			—			—			19
Reinvested		—			—			—			7
Redeemed		—			—			—			(134	)
Conversion to Class A Shares		—			—			—			(182	)
Change in Class B Shares		—			—			—			(290	)
Class C
Issued		8			33			11,150			34,111
Reinvested		1			—	(a)		1,135			1,997
Redeemed		(5	)		(3	)		(8,679	)		(10,411	)
Change in Class C Shares		4			30			3,606			25,697
Class R2
Issued		—			—			1,183			2,750
Reinvested		—			—			69			107
Redeemed		—			—			(557	)		(850	)
Change in Class R2 Shares		—			—			695			2,007
Class R5
Issued		—			—			8,066			20,388
Reinvested		—			—			599			1,012
Redeemed		—			—			(9,155	)		(6,358	)
Change in Class R5 Shares		—			—			(490	)		15,042
Class R6
Issued		—			—			45,228			30,221
Reinvested		—			—			1,503			1,872
Redeemed		—			—			(10,088	)		(10,221	)
Change in Class R6 Shares		—			—			36,643			21,872
Select Class
Issued		453			792			47,966			141,421
Reinvested		5			2			3,894			6,888
Redeemed		(442	)		(584	)		(69,209	)		(66,629	)
Change in Select Class Shares		16			210			(17,349	)		81,680

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

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	45,482		$	47,842		$	28,692		$	107,013
Distributions reinvested		25,408			13,884			443			594
Cost of shares redeemed		(29,791	)		(55,510	)		(38,947	)		(17,993	)
Conversion from Class B Shares		—			2,102			—			—
Change in net assets resulting from Class A capital transactions	$	41,099		$	8,318		$	(9,812	)	$	89,614
Class B (a)
Proceeds from shares issued	$	—		$	130		$	—		$	—
Distributions reinvested		—			65			—			—
Cost of shares redeemed		—			(847	)		—			—
Conversion to Class A Shares		—			(2,102	)		—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(2,754	)	$	—		$	—
Class C
Proceeds from shares issued	$	3,550		$	12,911		$	5,110		$	3,979
Distributions reinvested		1,476			554			28			10
Cost of shares redeemed		(2,307	)		(3,566	)		(637	)		(621	)
Change in net assets resulting from Class C capital transactions	$	2,719		$	9,899		$	4,501		$	3,368
Class R2 (b)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Distributions reinvested		1			—			—			—
Change in net assets resulting from Class R2 capital transactions	$	21		$	—		$	—		$	—
Class R5 (b)
Proceeds from shares issued	$	20		$	—		$	4		$	374
Distributions reinvested		1			—			—	(c)		5
Cost of shares redeemed		—			—			(427	)		—
Change in net assets resulting from Class R5 capital transactions	$	21		$	—		$	(423	)	$	379
Class R6 (b)
Proceeds from shares issued	$	20		$	—		$	—		$	374
Distributions reinvested		1			—			—	(c)		5
Cost of shares redeemed		—			—			(424	)		—
Change in net assets resulting from Class R6 capital transactions	$	21		$	—		$	(424	)	$	379
Select Class
Proceeds from shares issued	$	8,019		$	11,721		$	114,216		$	125,592
Distributions reinvested		1,717			962			1,079			755
Cost of shares redeemed		(6,824	)		(4,225	)		(50,576	)		(27,379	)
Change in net assets resulting from Select Class capital transactions	$	2,912		$	8,458		$	64,719		$	98,968
Total change in net assets resulting from capital transactions	$	46,793		$	23,921		$	58,561		$	192,708

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Growth and Income Fund.

(b) Commencement of offering of class of shares effective November 2, 2015 for Growth and Income Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Growth and Income Fund						Hedged Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		1,054			1,044			1,789			6,659
Reinvested		614			308			28			36
Redeemed		(675	)		(1,222	)		(2,397	)		(1,083	)
Conversion from Class B Shares		—			45			—			—
Change in Class A Shares		993			175			(580	)		5,612
Class B (a)
Issued		—			3			—			—
Reinvested		—			2			—			—
Redeemed		—			(20	)		—			—
Conversion to Class A Shares		—			(46	)		—			—
Change in Class B Shares		—			(61	)		—			—
Class C
Issued		88			307			318			241
Reinvested		39			13			2			1
Redeemed		(57	)		(85	)		(40	)		(38	)
Change in Class C Shares		70			235			280			204
Class R2 (b)
Issued		1			—			—			—
Reinvested		—	(c)		—			—			—
Change in Class R2 Shares		1			—			—			—
Class R5 (b)
Issued		—	(c)		—			—	(c)		24
Reinvested		—	(c)		—			—	(c)		—	(c)
Redeemed		—			—			(26	)		—
Change in Class R5 Shares		—	(c)		—			(26	)		24
Class R6 (b)
Issued		—	(c)		—			—			24
Reinvested		—	(c)		—			—	(c)		—	(c)
Redeemed		—			—			(26	)		—
Change in Class R6 Shares		—	(c)		—			(26	)		24
Select Class
Issued		179			248			7,097			7,719
Reinvested		40			20			68			46
Redeemed		(146	)		(89	)		(3,153	)		(1,651	)
Change in Select Class Shares		73			179			4,012			6,114

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Growth and Income Fund.

(b) Commencement of offering of class of shares effective November 2, 2015 for Growth and Income Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	657,919		$	1,015,188		$	9,969		$	12,794
Distributions reinvested		190,608			80,373			11,128			14,323
Cost of shares redeemed		(630,140	)		(2,084,770	)		(7,898	)		(19,005	)
Conversion from Class B Shares		—			6,138			—			1,111
Change in net assets resulting from Class A capital transactions	$	218,387		$	(983,071	)	$	13,199		$	9,223
Class B (a)
Proceeds from shares issued	$	—		$	125		$	—		$	31
Distributions reinvested		—			131			—			226
Cost of shares redeemed		—			(2,472	)		—			(923	)
Conversion to Class A Shares		—			(6,138	)		—			(1,111	)
Change in net assets resulting from Class B capital transactions	$	—		$	(8,354	)	$	—		$	(1,777	)
Class C
Proceeds from shares issued	$	99,496		$	110,881		$	3,104		$	4,828
Distributions reinvested		22,387			7,502			1,659			1,882
Cost of shares redeemed		(49,989	)		(107,204	)		(1,536	)		(2,807	)
Change in net assets resulting from Class C capital transactions	$	71,894		$	11,179		$	3,227		$	3,903
Class R2
Proceeds from shares issued	$	39,884		$	78,590		$	2,444		$	669
Distributions reinvested		7,704			3,119			229			64
Cost of shares redeemed		(62,055	)		(89,755	)		(377	)		(60	)
Change in net assets resulting from Class R2 capital transactions	$	(14,467	)	$	(8,046	)	$	2,296		$	673
Class R5
Proceeds from shares issued	$	373,422		$	337,438		$	285		$	717
Distributions reinvested		52,449			22,865			143			515
Cost of shares redeemed		(367,835	)		(549,243	)		(2,210	)		(843	)
Change in net assets resulting from Class R5 capital transactions	$	58,036		$	(188,940	)	$	(1,782	)	$	389
Class R6
Proceeds from shares issued	$	958,136		$	723,964		$	610,052		$	5,285
Distributions reinvested		156,166			48,411			74,883			6,344
Cost of shares redeemed		(582,937	)		(639,517	)		(2,405	)		(55,097	)
Change in net assets resulting from Class R6 capital transactions	$	531,365		$	132,858		$	682,530		$	(43,468	)
Select Class
Proceeds from shares issued	$	618,736		$	1,342,590		$	17,003		$	35,937
Distributions reinvested		160,552			69,462			3,395			110,461
Cost of shares redeemed		(1,268,155	)		(1,618,945	)		(633,304	)		(115,684	)
Change in net assets resulting from Select Class capital transactions	$	(488,867	)	$	(206,893	)	$	(612,906	)	$	30,714
Total change in net assets resulting from capital transactions	$	376,348		$	(1,251,267	)	$	86,564		$	(343	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Large Cap Growth Fund							Large Cap Value Fund
	Six Months Ended December 31, 2015 (Unaudited)				Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		17,939				29,011			688			805
Reinvested		5,482				2,374			885			989
Redeemed		(17,139	)			(59,974	)		(553	)		(1,211	)
Conversion from Class B Shares		—				165			—			72
Change in Class A Shares		6,282				(28,424	)		1,020			655
Class B (a)
Issued		—				4			—			2
Reinvested		—				4			—			16
Redeemed		—				(80	)		—			(60	)
Conversion to Class A Shares		—				(189	)		—			(74	)
Change in Class B Shares		—				(261	)		—			(116	)
Class C
Issued		3,177				3,633			226			319
Reinvested		751				255			137			134
Redeemed		(1,583	)			(3,539	)		(112	)		(190	)
Change in Class C Shares		2,345				349			251			263
Class R2
Issued		1,107				2,288			169			44
Reinvested		226				94			18			5
Redeemed		(1,712	)			(2,626	)		(27	)		(4	)
				��
Change in Class R2 Shares		(379	)			(244	)		160			45
Class R5
Issued		10,131				9,542			22			46
Reinvested		1,488				669			11			36
Redeemed		(9,956	)			(15,538	)		(157	)		(52	)
Change in Class R5 Shares		1,663				(5,327	)		(124	)		30
Class R6
Issued		25,410				20,459			41,082			338
Reinvested		4,416				1,413			6,029			442
Redeemed		(15,909	)			(18,258	)		(187	)		(3,591	)
Change in Class R6 Shares		13,917				3,614			46,924			(2,811	)
Select Class
Issued		16,886				38,845			1,221			2,280
Reinvested		4,602				2,047			266			7,737
Redeemed		(34,296	)			(46,403	)		(42,883	)		(7,526	)
Change in Select Class Shares		(12,808	)			(5,511	)		(41,396	)		2,491

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	245,386		$	467,436
Distributions reinvested		66,245			100,057
Cost of shares redeemed		(187,351	)		(335,025	)
Conversion from Class B Shares		—			3,680
Change in net assets resulting from Class A capital transactions	$	124,280		$	236,148
Class B (a)
Proceeds from shares issued	$	—		$	94
Distributions reinvested		—			331
Cost of shares redeemed		—			(1,044	)
Conversion to Class A Shares		—			(3,680	)
Change in net assets resulting from Class B capital transactions	$	—		$	(4,299	)
Class C
Proceeds from shares issued	$	59,545		$	100,381
Distributions reinvested		13,028			16,229
Cost of shares redeemed		(25,809	)		(35,992	)
Change in net assets resulting from Class C capital transactions	$	46,764		$	80,618
Class R2
Proceeds from shares issued	$	43,097		$	73,014
Distributions reinvested		9,225			12,101
Cost of shares redeemed		(23,670	)		(31,851	)
Change in net assets resulting from Class R2 capital transactions	$	28,652		$	53,264
Class R5
Proceeds from shares issued	$	536,346		$	154,746
Distributions reinvested		44,531			37,556
Cost of shares redeemed		(98,615	)		(134,896	)
Change in net assets resulting from Class R5 capital transactions	$	482,262		$	57,406
Class R6
Proceeds from shares issued	$	1,825,775		$	798,670
Distributions reinvested		237,815			239,312
Cost of shares redeemed		(190,200	)		(439,022	)
Change in net assets resulting from Class R6 capital transactions	$	1,873,390		$	598,960
Institutional Class
Proceeds from shares issued	$	549,387		$	1,523,300
Distributions reinvested		227,792			381,848
Cost of shares redeemed		(635,034	)		(1,111,795	)
Change in net assets resulting from Institutional Class capital transactions	$	142,145		$	793,353
Select Class
Proceeds from shares issued	$	247,414		$	1,285,405
Distributions reinvested		53,633			209,185
Cost of shares redeemed		(1,526,162	)		(434,850	)
Redemptions in-kind (See Note 8)		—			(1,011,282	)
Change in net assets resulting from Select Class capital transactions	$	(1,225,115	)	$	48,458
Total change in net assets resulting from capital transactions	$	1,472,378		$	1,863,908

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	U.S. Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		17,074			31,429
Reinvested		4,882			7,040
Redeemed		(13,148	)		(22,457	)
Conversion from Class B Shares		—			244
Change in Class A Shares		8,808			16,256
Class B (a)
Issued		—			6
Reinvested		—			24
Redeemed		—			(71	)
Conversion to Class A Shares		—			(248	)
Change in Class B Shares		—			(289	)
Class C
Issued		4,273			6,915
Reinvested		985			1,173
Redeemed		(1,854	)		(2,474	)
Change in Class C Shares		3,404			5,614
Class R2
Issued		2,995			4,931
Reinvested		685			858
Redeemed		(1,650	)		(2,153	)
Change in Class R2 Shares		2,030			3,636
Class R5
Issued		37,316			10,375
Reinvested		3,267			2,629
Redeemed		(6,781	)		(9,000	)
Change in Class R5 Shares		33,802			4,004
Class R6
Issued		123,450			53,558
Reinvested		17,427			16,724
Redeemed		(13,043	)		(29,144	)
Change in Class R6 Shares		127,834			41,138
Institutional Class
Issued		38,198			101,695
Reinvested		16,733			26,755
Redeemed		(43,978	)		(74,335	)
Change in Institutional Class Shares		10,953			54,115
Select Class
Issued		17,477			88,739
Reinvested		3,950			14,687
Redeemed		(102,934	)		(29,025	)
Redemptions in-kind ( See Note 8)		—			(66,840	)
Change in Select Class Shares		(81,507	)		7,561

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)	$	23.99	$	0.12	(f)	$	(1.29	)	$	(1.17	)	$	(0.12	)	$	(0.97	)	$	(1.09	)
Year Ended June 30, 2015		23.73		0.20	(f)		1.85			2.05			(0.19	)		(1.60	)		(1.79	)
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	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		24.16		0.18	(f)		(1.31	)		(1.13	)		(0.18	)		(0.97	)		(1.15	)
Year Ended June 30, 2015		23.85		0.32	(f)		1.89			2.21			(0.30	)		(1.60	)		(1.90	)
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	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		24.15		0.17	(f)		(1.31	)		(1.14	)		(0.16	)		(0.97	)		(1.13	)
Year Ended June 30, 2015		23.85		0.29	(f)		1.89			2.18			(0.28	)		(1.60	)		(1.88	)
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	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		24.18		0.15	(f)		(1.30	)		(1.15	)		(0.15	)		(0.97	)		(1.12	)
Year Ended June 30, 2015		23.88		0.26	(f)		1.87			2.13			(0.23	)		(1.60	)		(1.83	)
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	)

(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, 2015

		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)
$	21.73		(4.78	)%	$	573,559		0.85	%		1.08	%		0.96	%		64	%
	23.99		9.04			483,296		0.85			0.84			0.97			144
	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
	21.88		(4.60	)		6,503,860		0.34			1.56			0.34			64
	24.16		9.67			6,205,582		0.35			1.33			0.36			144
	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
	21.88		(4.61	)		796,569		0.45			1.46			0.49			64
	24.15		9.53			796,919		0.45			1.21			0.51			144
	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
	21.91		(4.68	)		289,179		0.60			1.32			0.65			64
	24.18		9.34			260,618		0.60			1.09			0.64			144
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)	$	25.34	$	(0.08	)(f)	$	0.94	$	0.86	$	(0.27	)
Year Ended June 30, 2015		23.95		(0.14	)(f)		1.90		1.76		(0.37	)
Year Ended June 30, 2014		18.94		(0.07	)(f)(g)(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		—
Class C
Six Months Ended December 31, 2015 (Unaudited)		24.39		(0.14	)(f)		0.91		0.77		(0.27	)
Year Ended June 30, 2015		23.19		(0.26	)(f)		1.83		1.57		(0.37	)
Year Ended June 30, 2014		18.43		(0.20	)(f)(g)(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		—
Class R5
Six Months Ended December 31, 2015 (Unaudited)		26.22		—	(f)(j)		0.95		0.95		(0.27	)
Year Ended June 30, 2015		24.65		(0.04	)(f)		1.98		1.94		(0.37	)
Year Ended June 30, 2014		19.42		(0.04	)(f)(g)(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		—
Select Class
Six Months Ended December 31, 2015 (Unaudited)		25.83		(0.05	)(f)		0.96		0.91		(0.27	)
Year Ended June 30, 2015		24.34		(0.08	)(f)		1.94		1.86		(0.37	)
Year Ended June 30, 2014		19.20		(0.08	)(f)(g)(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		—

(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 $(0.08), $(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.

(h) 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.

(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.

(j) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		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)
$	25.93		3.41	%	$	56,427		1.19	%		(0.61	)%		1.40	%		27	%
	25.34		7.46			39,153		1.20			(0.57	)		1.43			74
	23.95		26.45			16,996		1.24			(0.30	)(g)(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
	24.89		3.18			12,565		1.69			(1.11	)		1.85			27
	24.39		6.88			8,894		1.71			(1.08	)		1.88			74
	23.19		25.83			4,416		1.74			(0.86	)(g)(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
	26.90		3.64			242,738		0.74			(0.01	)		0.79			27
	26.22		7.99			49		0.76			(0.14	)		0.90			74
	24.65		26.93			45		0.80			(0.17	)(g)(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
	26.47		3.54			61,517		0.94			(0.42	)		0.99			27
	25.83		7.76			289,100		0.96			(0.34	)		1.01			74
	24.34		26.77			261,308		1.00			(0.35	)(g)(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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)	$	24.78	$	(0.01	)(f)	$	0.45	$	0.44	$	—	(i)	$	(0.66	)	$	(0.66	)
Year Ended June 30, 2015		23.56		(0.02	)(f)		1.42		1.40		(0.02	)		(0.16	)		(0.18	)
Year Ended June 30, 2014		19.18		(0.02	)(f)		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, 2015 (Unaudited)		24.34		(0.08	)(f)		0.46		0.38		—			(0.66	)		(0.66	)
Year Ended June 30, 2015		23.24		(0.13	)(f)		1.39		1.26		—			(0.16	)		(0.16	)
Year Ended June 30, 2014		19.01		(0.15	)(f)		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, 2015 (Unaudited)		24.95		0.01	(f)		0.47		0.48		(0.04	)		(0.66	)		(0.70	)
Year Ended June 30, 2015		23.67		0.04	(f)		1.44		1.48		(0.04	)		(0.16	)		(0.20	)
Year Ended June 30, 2014		19.22		0.04	(f)		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) 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) 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.

(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, 2015

		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)
$	24.56		1.84	%	$	1,796		1.25	%		(0.12	)%		1.50	%		20	%
	24.78		5.98			1,452		1.24			(0.07	)		1.42			52
	23.56		25.43			423		1.24			(0.10	)		2.11			76
	19.18		21.47			64		1.25	(g)		(0.13	)		3.75	(g)		61
	15.79		5.37			53		1.25	(g)		0.04			5.09	(g)		71
	24.06		1.62			962		1.75			(0.64	)		1.98			20
	24.34		5.44			873		1.74			(0.54	)		1.93			52
	23.24		24.86			133		1.74			(0.67	)		2.82			76
	19.01		20.85			63		1.75	(g)		(0.63	)		4.25	(g)		61
	15.73		4.87			52		1.75	(g)		(0.46	)		5.58	(g)		71
	24.73		1.97			80,878		1.00			(0.10	)		1.13			20
	24.95		6.26			81,179		0.99			0.15			1.12			52
	23.67		25.75			72,064		0.99			0.19			1.51			76
	19.22		21.77			3,730		1.00	(g)		0.12			3.51	(g)		61
	15.81		5.61			3,063		1.00	(g)		0.29			4.84	(g)		71

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)	$	13.77	$	0.13	(f)	$	(0.29	)	$	(0.16	)	$	(0.13	)	$	(0.10	)	$	(0.23	)
Year Ended June 30, 2015		13.66		0.25			0.39			0.64			(0.25	)		(0.28	)		(0.53	)
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)(g)		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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		13.58		0.09	(f)		(0.29	)		(0.20	)		(0.10	)		(0.10	)		(0.20	)
Year Ended June 30, 2015		13.49		0.18			0.38			0.56			(0.19	)		(0.28	)		(0.47	)
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)(g)		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	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		13.74		0.11	(f)		(0.30	)		(0.19	)		(0.11	)		(0.10	)		(0.21	)
Year Ended June 30, 2015		13.64		0.22			0.39			0.61			(0.23	)		(0.28	)		(0.51	)
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)(g)		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 (h) through June 30, 2011		9.20		0.06	(f)		0.17			0.23			(0.05	)		—			(0.05	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		13.98		0.16	(f)		(0.30	)		(0.14	)		(0.16	)		(0.10	)		(0.26	)
Year Ended June 30, 2015		13.85		0.31			0.41			0.72			(0.31	)		(0.28	)		(0.59	)
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)(g)		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 (h) through June 30, 2011		9.31		0.10	(f)		0.16			0.26			(0.08	)		—			(0.08	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		13.97		0.17	(f)		(0.31	)		(0.14	)		(0.16	)		(0.10	)		(0.26	)
Year Ended June 30, 2015		13.84		0.33			0.40			0.73			(0.32	)		(0.28	)		(0.60	)
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)(g)		1.87			2.16			(0.28	)		(0.07	)		(0.35	)
January 31, 2012 (h) through June 30, 2012		9.64		0.13	(f)		0.30			0.43			(0.11	)		—			(0.11	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		13.97		0.14	(f)		(0.30	)		(0.16	)		(0.14	)		(0.10	)		(0.24	)
Year Ended June 30, 2015		13.85		0.29			0.40			0.69			(0.29	)		(0.28	)		(0.57	)
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)(g)		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	)

(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, 2015

		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)
$	13.38		(1.14	)%	$	3,082,651		1.04	%		1.84	%		1.10	%		10	%
	13.77		4.71			3,014,937		1.04			1.83			1.09			22
	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	(g)		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
	13.18		(1.41	)		1,173,291		1.54			1.34			1.58			10
	13.58		4.18			1,160,002		1.54			1.32			1.56			22
	13.49		20.95			805,494		1.54			1.19			1.56			20
	11.49		20.94			407,911		1.53			1.71	(g)		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
	13.34		(1.32	)		64,164		1.29			1.61			1.41			10
	13.74		4.44			56,522		1.29			1.59			1.39			22
	13.64		21.27			28,733		1.29			1.44			1.31			20
	11.61		21.21			13,347		1.28			1.92	(g)		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
	13.58		(0.97	)		499,230		0.59			2.30			0.63			10
	13.98		5.23			520,660		0.59			2.27			0.63			22
	13.85		22.06			307,700		0.59			2.11			0.61			20
	11.78		22.17			227,442		0.58			2.69	(g)		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
	13.57		(0.93	)		1,334,578		0.50			2.51			0.50			10
	13.97		5.31			861,809		0.51			2.35			0.51			22
	13.84		22.14			551,378		0.54			2.20			0.56			20
	11.77		22.12			233,034		0.53			2.63	(g)		0.59			34
	9.96		4.47			70,589		0.53			3.28			0.58			44
	13.57		(1.07	)		4,272,165		0.79			2.06			0.80			10
	13.97		4.96			4,639,250		0.79			2.08			0.80			22
	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	(g)		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

(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 $0.21, $0.16, $0.18, $0.27, $0.26 and $0.24 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 1.97%, 1.46%, 1.67%, 2.44%, 2.38% and 2.23% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)	$	45.46	$	0.29	(f)	$	(1.10	)	$	(0.81	)	$	(0.29	)	$	(2.48	)	$	(2.77	)
Year Ended June 30, 2015		44.70		0.59	(f)		1.72			2.31			(0.56	)		(0.99	)		(1.55	)
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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		41.83		0.16	(f)		(1.01	)		(0.85	)		(0.20	)		(2.48	)		(2.68	)
Year Ended June 30, 2015		41.31		0.32	(f)		1.59			1.91			(0.40	)		(0.99	)		(1.39	)
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	)
Class R2
November 2, 2015 (g) through December 31, 2015 (Unaudited)		45.92		0.15	(f)		(1.55	)		(1.40	)		—			(2.48	)		(2.48	)
Class R5
November 2, 2015 (g) through December 31, 2015 (Unaudited)		47.95		0.21	(f)		(1.61	)		(1.40	)		—			(2.48	)		(2.48	)
Class R6
November 2, 2015 (g) through December 31, 2015 (Unaudited)		47.95		0.21	(f)		(1.61	)		(1.40	)		—			(2.48	)		(2.48	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		47.45		0.35	(f)		(1.15	)		(0.80	)		(0.34	)		(2.48	)		(2.82	)
Year Ended June 30, 2015		46.58		0.73	(f)		1.79			2.52			(0.66	)		(0.99	)		(1.65	)
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	)

(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.

82 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		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)
$	41.88		(1.67	)%	$	441,903		1.09	%		1.28	%		1.12	%		23	%
	45.46		5.24			434,573		1.10			1.30			1.10			39
	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
	38.30		(1.91	)		25,223		1.58			0.79			1.61			23
	41.83		4.68			24,647		1.62			0.77			1.63			39
	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
	42.04		(2.96	)		19		1.28			2.09			1.29			23
	44.07		(2.85	)		19		0.59			2.78			0.59			23
	44.07		(2.83	)		19		0.53			2.84			0.53			23
	43.83		(1.56	)		36,572		0.84			1.52			0.87			23
	47.45		5.48			36,099		0.88			1.53			0.88			39
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)	$	16.47	$	0.09	(g)	$	(0.47	)	$	(0.38	)	$	(0.09	)	$	—		$	(0.09	)
Year Ended June 30, 2015		15.74		0.19	(g)		0.67			0.86			(0.13	)		—			(0.13	)
December 13, 2013 (h) 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, 2015 (Unaudited)		16.43	$	0.06	(g)		(0.48	)		(0.42	)		(0.06	)		—			(0.06	)
Year Ended June 30, 2015		15.76		0.10	(g)		0.67			0.77			(0.10	)		—			(0.10	)
December 13, 2013 (h) 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, 2015 (Unaudited)		16.51	$	0.10	(g)		(0.44	)		(0.34	)		(0.12	)		—			(0.12	)
Year Ended June 30, 2015		15.76		0.26	(g)		0.66			0.92			(0.17	)		—			(0.17	)
December 13, 2013 (h) 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, 2015 (Unaudited)		16.52	$	0.10	(g)		(0.44	)		(0.34	)		(0.13	)		—			(0.13	)
Year Ended June 30, 2015		15.76		0.27	(g)		0.67			0.94			(0.18	)		—			(0.18	)
December 13, 2013 (h) 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, 2015 (Unaudited)		16.50	$	0.11	(g)		(0.47	)		(0.36	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2015		15.76		0.23	(g)		0.66			0.89			(0.15	)		—			(0.15	)
December 13, 2013 (h) 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 year ended June 30, 2015 and for 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 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.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		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)
$	16.00		(2.31	)%	$	81,098		0.85	%		1.12	%		1.09	%		22	%
	16.47		5.45			93,007		0.85			1.14			1.21			42
	15.74		6.11			569		0.85			0.96			16.65			36
	15.95		(2.55	)		7,767		1.35			0.69			1.48			22
	16.43		4.85			3,405		1.35			0.59			1.65			42
	15.76		5.87			53		1.35			0.56			10.04			36
	16.05		(2.04	)		21		0.40			1.21			1.46			22
	16.51		5.86			442		0.40			1.58			0.82			42
	15.76		6.37			53		0.40			1.51			9.10			36
	16.05		(2.06	)		20		0.35			1.26			1.39			22
	16.52		5.96			443		0.35			1.63			0.77			42
	15.76		6.39			53		0.35			1.56			9.05			36
	16.03		(2.17	)		166,726		0.60			1.41			0.71			22
	16.50		5.66			105,397		0.60			1.39			0.91			42
	15.76		6.28			4,307		0.60			1.30			9.91			36

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)	$	36.82	$	(0.06	)(f)	$	0.31	$	0.25	$	—		$	(1.60	)	$	(1.60	)
Year Ended June 30, 2015		32.49		(0.10	)(f)		5.05		4.95		—			(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		—			—			—
Class C
Six Months Ended December 31, 2015 (Unaudited)		31.86		(0.13	)(f)		0.26		0.13		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		28.33		(0.24	)(f)		4.39		4.15		—			(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		—			—			—
Class R2
Six Months Ended December 31, 2015 (Unaudited)		36.24		(0.10	)(f)		0.31		0.21		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.07		(0.18	)(f)		4.97		4.79		—			(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		—			—			—
Class R5
Six Months Ended December 31, 2015 (Unaudited)		37.25		—	(f)(h)		0.33		0.33		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.75		0.03	(f)		5.09		5.12		—			(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		—			—			—
Class R6
Six Months Ended December 31, 2015 (Unaudited)		37.34		0.03	(f)		0.32		0.35		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.80		0.06	(f)		5.10		5.16		—			(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, 2015 (Unaudited)		36.92		(0.03	)(f)		0.31		0.28		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.52		(0.04	)(f)		5.06		5.02		—			(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		—			—			—

(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.

86 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		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)
$	35.47		0.77	%	$	4,722,730		1.05	%		(0.32	)%		1.25	%		15	%
	36.82		15.40			4,670,460		1.06			(0.28	)		1.21			19
	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
	30.39		0.51			644,083		1.55			(0.82	)		1.69			15
	31.86		14.83			600,404		1.56			(0.78	)		1.68			19
	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
	34.85		0.67			219,992		1.30			(0.57	)		1.53			15
	36.24		15.10			242,550		1.31			(0.53	)		1.49			19
	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
	35.98		0.97			1,406,513		0.70			0.02			0.72			15
	37.25		15.80			1,394,419		0.70			0.08			0.74			19
	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
	36.09		1.03			3,614,233		0.59			0.15			0.60			15
	37.34		15.90			3,220,191		0.62			0.17			0.62			19
	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
	35.60		0.85			4,863,013		0.90			(0.17	)		0.92			15
	36.92		15.60			5,515,626		0.90			(0.12	)		0.92			19
	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

(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), $(0.04), $0.12, $0.13 and $0.07 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 0.08%, 0.42)%, (0.17)%, 0.47%, 0.50% and 0.28% for Class A, 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.

DECEMBER 31, 2015 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 Value Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	15.02	$	0.09	(f)	$	(0.60	)	$	(0.51	)	$	(0.08	)	$	(1.73	)	$	(1.81	)
Year Ended June 30, 2015		16.63		0.17	(f)		0.94			1.11			(0.17	)		(2.55	)		(2.72	)
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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		14.60		0.06	(f)		(0.59	)		(0.53	)		(0.05	)		(1.73	)		(1.78	)
Year Ended June 30, 2015		16.25		0.08	(f)		0.92			1.00			(0.10	)		(2.55	)		(2.65	)
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	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		14.96		0.09	(f)		(0.62	)		(0.53	)		(0.07	)		(1.73	)		(1.80	)
Year Ended June 30, 2015		16.58		0.13	(f)		0.94			1.07			(0.14	)		(2.55	)		(2.69	)
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	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		14.93		0.11	(f)		(0.59	)		(0.48	)		(0.10	)		(1.73	)		(1.83	)
Year Ended June 30, 2015		16.54		0.22	(f)		0.94			1.16			(0.22	)		(2.55	)		(2.77	)
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	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		14.86		0.18	(f)		(0.65	)		(0.47	)		(0.11	)		(1.73	)		(1.84	)
Year Ended June 30, 2015		16.48		0.25	(f)		0.91			1.16			(0.23	)		(2.55	)		(2.78	)
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, 2015 (Unaudited)		14.79		0.08	(f)		(0.56	)		(0.48	)		(0.04	)		(1.73	)		(1.77	)
Year Ended June 30, 2015		16.42		0.19	(f)		0.92			1.11			(0.19	)		(2.55	)		(2.74	)
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	)

(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.

88 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		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)
$	12.70		(3.14	)%	$	91,684		0.93	%		1.31	%		1.11	%		97	%
	15.02		7.44			93,078		0.93			1.07			1.05			143
	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
	12.29		(3.39	)		15,130		1.45			0.80			1.61			97
	14.60		6.88			14,307		1.45			0.55			1.55			143
	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
	12.63		(3.29	)		2,933		1.20			1.22			1.53			97
	14.96		7.21			1,074		1.20			0.82			1.40			143
	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
	12.62		(2.93	)		2,190		0.60			1.56			0.61			97
	14.93		7.83			4,443		0.58			1.41			0.59			143
	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
	12.55		(2.90	)		592,318		0.52			2.65			0.52			97
	14.86		7.85			4,145		0.53			1.54			0.53			143
	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
	12.54		(3.04	)		18,552		0.76			1.06			0.77			97
	14.79		7.56			634,301		0.77			1.22			0.77			143
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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
U.S. Equity Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	14.75	$	0.06	(f)	$	(0.29	)	$	(0.23	)	$	(0.06	)	$	(0.70	)	$	(0.76	)
Year Ended June 30, 2015		14.92		0.13			1.10			1.23			(0.13	)		(1.27	)		(1.40	)
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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		14.40		0.02	(f)		(0.27	)		(0.25	)		(0.03	)		(0.70	)		(0.73	)
Year Ended June 30, 2015		14.61		0.07			1.06			1.13			(0.07	)		(1.27	)		(1.34	)
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	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		14.66		0.04	(f)		(0.29	)		(0.25	)		(0.04	)		(0.70	)		(0.74	)
Year Ended June 30, 2015		14.84		0.10			1.09			1.19			(0.10	)		(1.27	)		(1.37	)
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	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		14.80		0.09	(f)		(0.29	)		(0.20	)		(0.09	)		(0.70	)		(0.79	)
Year Ended June 30, 2015		14.96		0.19			1.11			1.30			(0.19	)		(1.27	)		(1.46	)
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	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		14.82		0.10	(f)		(0.30	)		(0.20	)		(0.09	)		(0.70	)		(0.79	)
Year Ended June 30, 2015		14.98		0.20			1.10			1.30			(0.19	)		(1.27	)		(1.46	)
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(g) through June 30, 2011		9.59		0.07	(f)		1.10			1.17			(0.09	)		—			(0.09	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		14.79		0.08	(f)		(0.29	)		(0.21	)		(0.08	)		(0.70	)		(0.78	)
Year Ended June 30, 2015		14.96		0.19			1.09			1.28			(0.18	)		(1.27	)		(1.45	)
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	)
Select Class
Six Months Ended December��31, 2015 (Unaudited)		14.78		0.06	(f)		(0.28	)		(0.22	)		(0.07	)		(0.70	)		(0.77	)
Year Ended June 30, 2015		14.94		0.16			1.11			1.27			(0.16	)		(1.27	)		(1.43	)
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	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		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)
$	13.76		(1.50	)%	$	1,426,621		0.94	%		0.82	%		1.12	%		38	%
	14.75		8.70			1,399,208		0.95			0.92			1.10			79
	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
	13.42		(1.70	)		281,934		1.44			0.32			1.58			38
	14.40		8.15			253,608		1.45			0.41			1.57			79
	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
	13.67		(1.63	)		194,007		1.19			0.57			1.45			38
	14.66		8.45			178,272		1.20			0.67			1.41			79
	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
	13.81		(1.30	)		929,652		0.56			1.28			0.61			38
	14.80		9.13			496,102		0.57			1.30			0.62			79
	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
	13.83		(1.27	)		4,545,278		0.50			1.33			0.50			38
	14.82		9.17			2,976,379		0.51			1.35			0.52			79
	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
	13.80		(1.33	)		4,754,046		0.61			1.14			0.66			38
	14.79		9.01			4,932,896		0.62			1.25			0.66			79
	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
	13.79		(1.44	)		1,093,389		0.76			0.87			0.79			38
	14.78		8.92			2,375,538		0.77			1.08			0.79			79
	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

(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.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

1. Organization

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

The following are 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 C, Class R2, Class R5, Class R6 and Select Class		JPM II	Diversified
Growth and Income Fund	Class A, Class C, Class R2*, Class R5*, Class R6* 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 C, Class R2, Class R5, Class R6 and Select Class		JPM II	Diversified
Large Cap Value Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class		JPM II	Diversified
U.S. Equity Fund	Class A, Class C, Class R2, Class R5, Class R6, Institutional Class and Select Class		JPM I	Diversified

* Class R2, Class R5 and Class R6 Shares commenced operation on November 2, 2015 for Growth and Income Fund.

The investment objective of 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 Dynamic Growth Fund is to seek long-term capital growth.

The investment objective of Equity Focus Fund and Large Cap Growth Fund is to seek long-term capital appreciation.

The investment objective of Equity Income Fund is to seek capital appreciation and current income.

The investment objective of 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 Hedged Equity Fund is to seek to provide capital appreciation.

The investment objective of 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 U.S. Equity Fund is to seek to provide high total return from a portfolio of selected equity securities.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6, 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 transfer agency, sub-transfer agency, 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.

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC.

2. Significant Accounting Policies

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

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

JPMorgan Funds Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to con-

92 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

sideration 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 Underlying Fund’s NAV per share as of the report date.

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

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

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.

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

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

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

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

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

Disciplined Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	8,182,987	$	13,878	$	—	$	8,196,865
Appreciation in Other Financial Instruments
Futures Contracts	$	1,382	$	—	$	—	$	1,382
Dynamic Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	370,271	$	—	$	—	$	370,271
Equity Focus Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	84,845	$	—	$	—	$	84,845

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 93

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

Equity Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	10,533,653		$	—	$	—		$	10,533,653
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)	$	537,891		$	—	$	—		$	537,891
Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	256,132		$	539	$	—		$	256,671
Appreciation in Other Financial Instruments
Futures Contracts	$	18		$	—	$	—		$	18
Depreciation in Other Financial Instruments
Options Written
Call Options Written	$	(2,763	)	$	—	$	—		$	(2,763	)
Put Options Written		(860	)		—		—			(860	)
Total Depreciation in Other Financial Instruments	$	(3,623	)	$	—	$	—		$	(3,623	)
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)	$	15,848,499		$	—	$	—		$	15,848,499
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	$	143,673		$	—	$	—		$	143,673
Consumer Staples		7,668			—		—			7,668
Energy		53,687			—		—			53,687
Financials		189,066			—		—			189,066
Health Care		99,531			—		—			99,531
Industrials		66,062			—		—			66,062
Information Technology		64,925			—		—			64,925
Materials		23,882			—		—			23,882
Telecommunication Services		16,765			—		—			16,765
Utilities		41,337			—		—			41,337
Total Common Stocks		706,596			—		—			706,596
Warrant
Financials		—			—		—	(c)		—	(c)
Short-Term Investment
Investment Company		27,932			—		—			27,932
Total Investments in Securities	$	734,528		$	—	$	—	(c)		734,528

94 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

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	$	2,031,095	$	—	$	—		$	2,031,095
Consumer Staples		807,480		—		—			807,480
Energy		834,331		—		—			834,331
Financials		2,248,574		—		—			2,248,574
Health Care		2,086,082		—		—			2,086,082
Industrials		1,286,491		—		—			1,286,491
Information Technology		3,033,256		—		—			3,033,256
Materials		307,421		—		—			307,421
Telecommunication Services		123,283		—		—			123,283
Utilities		266,650		—		—			266,650
Total Common Stocks		13,024,663		—		—			13,024,663
Warrant
Financials		—		—		—	(c)		—	(c)
Short-Term Investment
Investment Company		188,412		—		—			188,412
Total Investments in Securities	$	13,213,075	$	—	$	—	(c)	$	13,213,075
Appreciation in Other Financial Instruments
Futures Contracts	$	1,137	$	—	$	—		$	1,137

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOIs. Level 2 consists of a U.S. Treasury Bill that is held for futures collateral. Please refer to the SOIs 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, 2015.

B. Futures Contracts — Disciplined Equity Fund, Hedged Equity Fund and U.S. Equity Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts

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

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 95

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2015 (amounts in thousands):

	Disciplined Equity Fund		Hedged Equity Fund		U.S. Equity Fund
Futures Contracts:
Average Notional Balance Long	$	113,658	$	2,931	$	59,995
Ending Notional Balance Long		94,951		3,867		98,819

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).

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

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change 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.

The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

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

Transactions in options written during the six months ended December 31, 2015 were as follows (amounts in thousands except for number of contracts):

	Options
	Number of Contracts			Premiums Received
Options outstanding at June 30, 2015		1,956		$	3,319
Options written		5,783			10,608
Options expired		(3,682	)		(4,945	)
Options closed		(1,601	)		(5,367	)
Options outstanding at December 31, 2015		2,456		$	3,615

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).

The table below discloses the volume of the Fund’s options contracts activity during the six months ended December 31, 2015:

Exchange-Traded Options:
Average Number of Contracts Purchased	1,169
Average Number of Contracts Written	2,338
Ending Number of Contracts Purchased	1,228
Ending Number of Contracts Written	2,456

96 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

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.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows (amounts in thousands):

	Class A			Class C			Class R2			Class R5			Class R6			Institutional Class		Select Class			Total
Disciplined Equity Fund
Transfer agent fees	$	13			n/a			n/a			n/a		$	22		$	6	$	5		$	46
Sub-transfer agent fees		310			n/a			n/a			n/a			—			175		79			564
Dynamic Growth Fund
Transfer agent fees		2		$	1			n/a		$	4			n/a			n/a		3			10
Sub-transfer agent fees		39			5			n/a			2			n/a			n/a		10			56
Equity Focus Fund
Transfer agent fees		—	(a)		—	(a)		n/a			n/a			n/a			n/a		2			2
Sub-transfer agent fees		1			—	(a)		n/a			n/a			n/a			n/a		—	(a)		1
Equity Income Fund
Transfer agent fees		82			30		$	5			4			6			n/a		30			157
Sub-transfer agent fees		1,374			381			43			199			—			n/a		1,176			3,173
Growth and Income Fund
Transfer agent fees		109			2			—	(a)		—	(a)		—	(a)		n/a		4			115
Sub-transfer agent fees		93			8			—			—			—			n/a		12			113
Hedged Equity Fund
Transfer agent fees		1			—	(a)		n/a			—	(a)		—	(a)		n/a		5			6
Sub-transfer agent fees		60			1			n/a			—			—			n/a		17			78
Large Cap Growth Fund
Transfer agent fees		225			16			8			11			22			n/a		37			319
Sub-transfer agent fees		3,361			242			206			443			—			n/a		1,877			6,129
Large Cap Value Fund
Transfer agent fees		27			2			1			—	(a)		8			n/a		3			41
Sub-transfer agent fees		16			5			2			—	(a)		—			n/a		8			31
U.S. Equity Fund
Transfer agent fees		56			7			3			5			15			64		18			168
Sub-transfer agent fees		769			100			184			187			—			1,490		387			3,117

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

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, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

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.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

H. Distributions to Shareholders — Distributions from net investment income are generally declared and paid quarterly, except for Dynamic Growth Fund and Equity Focus Fund, for which distributions are generally declared and paid annually, and 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; 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”), 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.

B. 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, 2015, 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 C and Class R2 Shares of the Funds, as applicable, 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 C			Class R2
Disciplined Equity Fund		0.25	%		n/a			n/a
Dynamic Growth Fund		0.25			0.75	%		n/a
Equity Focus Fund		0.25			0.75			n/a
Equity Income Fund		0.25			0.75			0.50	%
Growth and Income Fund		0.25			0.75			0.50	%
Hedged Equity Fund		0.25			0.75			n/a
Large Cap Growth Fund		0.25			0.75			0.50
Large Cap Value Fund		0.25			0.75			0.50
U.S. Equity Fund		0.25			0.75			0.50

98 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

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 C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge		CDSC
Disciplined Equity Fund	$	9		—
Dynamic Growth Fund		55		—
Equity Focus Fund		1		—
Equity Income Fund		546		3
Growth and Income Fund		13		—	(a)
Hedged Equity Fund		4		—
Large Cap Growth Fund		204		1
Large Cap Value Fund		8		—	(a)
U.S. Equity Fund		96		1

(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 C			Class R2			Class R5			Institutional Class			Select Class
Disciplined Equity Fund		0.25	%		n/a			n/a			n/a			0.10	%		0.25	%
Dynamic Growth Fund		0.25			0.25	%		n/a			0.05	%		n/a			0.25
Equity Focus Fund		0.25			0.25			n/a			n/a			n/a			0.25
Equity Income Fund		0.25			0.25			0.25	%		0.05			n/a			0.25
Growth and Income Fund		0.25			0.25			0.25			0.05			n/a			0.25
Hedged Equity Fund		0.25			0.25			n/a			0.05			n/a			0.25
Large Cap Growth Fund		0.25			0.25			0.25			0.05			n/a			0.25
Large Cap Value Fund		0.25			0.25			0.25			0.05			n/a			0.25
U.S. Equity Fund		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 on the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or 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 other than certain money market fund fees as

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Class R6			Institutional  Class			Select Class
Disciplined Equity Fund		0.85	%		n/a			n/a			n/a			0.35	%		0.45	%		0.60	%
Dynamic Growth Fund		1.19			1.69	%		n/a			0.74	%		n/a			n/a			0.94
Equity Focus Fund		1.25			1.75			n/a			n/a			n/a			n/a			1.00
Equity Income Fund		1.04			1.54			1.29	%		0.59			0.54			n/a			0.79
Growth and Income Fund		1.04	*		1.54	*		1.29			0.59			0.54			n/a			0.79	*
Hedged Equity Fund		0.85			1.35			n/a			0.40			0.35			n/a			0.60
Large Cap Growth Fund		1.05			1.55			1.30			0.70			0.65			n/a			0.90
Large Cap Value Fund		0.93			1.45			1.20			0.60			0.55			n/a			0.80
U.S. Equity Fund		0.94			1.44			1.19			0.56			0.51			0.61			0.76

* Prior to November 1, 2015, the contractual expense limitation for Growth and Income Fund was 1.30%, 1.80%, and 0.90% for Class A, 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, 2015. The contractual expense limitation percentages in the table above are in place until at least October 31, 2016.

For the six months ended December 31, 2015, 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	$	—	$	—	$	527	$	527	$	—
Dynamic Growth Fund		56		37		44		137		—
Equity Focus Fund		34		23		1		58		—
Equity Income Fund		19		—		1,409		1,428		2
Growth and Income Fund		—		—		60		60		—
Hedged Equity Fund		78		52		51		181		—	(a)
Large Cap Growth Fund		29		—		5,967		5,996		—
Large Cap Value Fund		1		—		98		99		1
U.S. Equity Fund		24		—		3,258		3,282		9

(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 (affiliated money market funds). Effective November 1, 2015, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to November 1, 2015, a portion of the waiver was voluntary.

The amounts of waivers resulting from investments in these money market funds for the six months ended December 31, 2015 were as follows (amounts in thousands):

Disciplined Equity Fund Dynamic Growth Fund	$	149 —	(a)
Equity Focus Fund		2
Equity Income Fund		306
Growth and Income Fund		9
Hedged Equity Fund		4
Large Cap Growth Fund		469
Large Cap Value Fund		16
U.S. Equity Fund		152

(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 on the Statements of Operations.

100 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

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, 2015, 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, 2015, the Funds incurred brokerage commissions with broker dealers affiliated with the Adviser as follows (amounts in thousands):

Disciplined Equity Fund	$	—	(a)
Equity Income Fund		1
Large Cap Growth Fund		—	(a)
U.S. Equity Fund		2

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

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

4. Investment Transactions

During the six months ended December 31, 2015, 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	$	5,904,766	$	5,092,341
Dynamic Growth Fund		105,543		93,480
Equity Focus Fund		17,059		17,141
Equity Income Fund		1,626,298		1,046,916
Growth and Income Fund		129,891		108,790
Hedged Equity Fund		103,670		52,908
Large Cap Growth Fund		2,411,419		2,342,603
Large Cap Value Fund		694,607		697,338
U.S. Equity Fund		5,578,064		4,833,494

During the six months ended December 31, 2015, 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, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Disciplined Equity Fund	$	7,718,365	$	717,581	$	239,081	$	478,500
Dynamic Growth Fund		283,730		90,895		4,354		86,541
Equity Focus Fund		76,016		12,775		3,946		8,829
Equity Income Fund		9,058,105		1,703,333		227,785		1,475,548
Growth and Income Fund		414,129		133,938		10,176		123,762
Hedged Equity Fund		245,586		21,668		10,583		11,085
Large Cap Growth Fund		10,157,668		5,815,951		125,120		5,690,831
Large Cap Value Fund		669,922		86,623		22,017		64,606
U.S. Equity Fund		10,296,439		3,243,005		326,369		2,916,636

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, 2015, the following Fund had the following pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains (amounts in thousands):

	2017		Total
Large Cap Value Fund	$	3,275	$	3,275

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

At June 30, 2015, the following Fund had post-enactment net capital loss carryforwards (amounts in thousands):

	Post-enactment net capital  loss
	Short-Term		Long-Term
Hedged Equity Fund	$	216	$	1,263

At June 30, 2015, Disciplined Equity Fund, Dynamic Growth Fund, Equity Focus Fund, Equity Income Fund, Growth and Income Fund, Large Cap Growth Fund and U.S. Equity Fund 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 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 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015 or at anytime during the six months then ended.

7. Risks, Concentrations and Indemnifications

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

As of December 31, 2015, an affiliate of the Adviser had investment discretion with respect to its clients’ holdings in the Funds, which collectively represent the following percentage of each Fund’s net assets:

	% of the fund
Equity Focus Fund		91.6	%
Equity Income Fund		11.7
Growth and Income Fund		22.0
U.S. Equity Fund		23.8

As of December 31, 2015, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Disciplined Equity Fund		n/a			67.8	%
Dynamic Growth Fund		65.1	%		n/a
Large Cap Value Fund		81.4			n/a
U.S. Equity Fund		10.1			14.9

As of December 31, 2015, Dynamic Growth Fund, Hedged Equity Fund and Large Cap Growth Fund each had shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that collectively owned shares representing the following percentage of each applicable Fund’s net assets:

	Number of Shareholders		% of the Fund
Dynamic Growth Fund		2		22.8	%
Hedged Equity Fund		3		64.3
Large Cap Growth Fund		1		10.6

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

102 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

8. Redemptions in-kind

During the year ended June 30, 2015, a Select Class shareholder sold its shares of U.S. Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as of close of business on the date and at the market value listed below (amounts in thousands):

March 23, 2015	Value			Realized Gains (Losses)		Type
Select Class	$	1,011,282	*	$	54,362		Redemptions in-kind

* This amount includes cash of approximately $15,300,000 associated with the redemption in-kind.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 103

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, 2015 and continued to hold your shares at the end of the reporting period, December 31, 2015.

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, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Disciplined Equity Fund
Class A
Actual	$	1,000.00	$	952.20	$	4.17		0.85	%
Hypothetical		1,000.00		1,020.86		4.32		0.85
Class R6
Actual		1,000.00		954.00		1.67		0.34
Hypothetical		1,000.00		1,023.43		1.73		0.34
Institutional Class
Actual		1,000.00		953.90		2.21		0.45
Hypothetical		1,000.00		1,022.87		2.29		0.45
Select Class
Actual		1,000.00		953.20		2.95		0.60
Hypothetical		1,000.00		1,022.12		3.05		0.60
Dynamic Growth Fund
Class A
Actual		1,000.00		1,034.10		6.08		1.19
Hypothetical		1,000.00		1,019.15		6.04		1.19
Class C
Actual		1,000.00		1,031.80		8.63		1.69
Hypothetical		1,000.00		1,016.64		8.57		1.69
Class R5
Actual		1,000.00		1,036.40		3.79		0.74
Hypothetical		1,000.00		1,021.42		3.76		0.74
Select Class
Actual		1,000.00		1,035.40		4.81		0.94
Hypothetical		1,000.00		1,020.41		4.77		0.94

104 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Equity Focus Fund
Class A
Actual	$	1,000.00	$	1,018.40	$	6.34		1.25	%
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		1,016.20		8.87		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Select Class
Actual		1,000.00		1,019.70		5.08		1.00
Hypothetical		1,000.00		1,020.11		5.08		1.00
Equity Income Fund
Class A
Actual		1,000.00		988.60		5.20		1.04
Hypothetical		1,000.00		1,019.91		5.28		1.04
Class C
Actual		1,000.00		985.90		7.69		1.54
Hypothetical		1,000.00		1,017.39		7.81		1.54
Class R2
Actual		1,000.00		986.80		6.44		1.29
Hypothetical		1,000.00		1,018.65		6.55		1.29
Class R5
Actual		1,000.00		990.30		2.95		0.59
Hypothetical		1,000.00		1,022.17		3.00		0.59
Class R6
Actual		1,000.00		990.70		2.50		0.50
Hypothetical		1,000.00		1,022.62		2.54		0.50
Select Class
Actual		1,000.00		989.30		3.95		0.79
Hypothetical		1,000.00		1,021.17		4.01		0.79
Growth and Income Fund
Class A
Actual		1,000.00		983.30		5.43		1.09
Hypothetical		1,000.00		1,019.66		5.53		1.09
Class C
Actual		1,000.00		980.90		7.87		1.58
Hypothetical		1,000.00		1,017.19		8.01		1.58
Class R2
Actual		1,000.00		970.40		2.03		1.28
Hypothetical		1,000.00		1,018.70		6.50		1.28
Class R5
Actual		1,000.00		971.50		0.94		0.59
Hypothetical		1,000.00		1,022.17		3.00		0.59
Class R6
Actual		1,000.00		971.70		0.84		0.53
Hypothetical		1,000.00		1,022.47		2.69		0.53
Select Class
Actual		1,000.00		984.40		4.19		0.84
Hypothetical		1,000.00		1,020.91		4.27		0.84
Hedged Equity Fund
Class A
Actual		1,000.00		976.90		4.22		0.85
Hypothetical		1,000.00		1,020.86		4.32		0.85
Class C
Actual		1,000.00		974.50		6.70		1.35
Hypothetical		1,000.00		1,018.35		6.85		1.35

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 105

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Hedged Equity Fund (continued)
Class R5
Actual	$	1,000.00	$	979.60	$	1.99		0.40	%
Hypothetical		1,000.00		1,023.13		2.03		0.40
Class R6
Actual		1,000.00		979.40		1.74		0.35
Hypothetical		1,000.00		1,023.38		1.78		0.35
Select Class
Actual		1,000.00		978.30		2.98		0.60
Hypothetical		1,000.00		1,022.12		3.05		0.60
Large Cap Growth Fund
Class A
Actual		1,000.00		1,007.70		5.30		1.05
Hypothetical		1,000.00		1,019.86		5.33		1.05
Class C
Actual		1,000.00		1,005.10		7.81		1.55
Hypothetical		1,000.00		1,017.34		7.86		1.55
Class R2
Actual		1,000.00		1,006.70		6.56		1.30
Hypothetical		1,000.00		1,018.60		6.60		1.30
Class R5
Actual		1,000.00		1,009.70		3.54		0.70
Hypothetical		1,000.00		1,021.62		3.56		0.70
Class R6
Actual		1,000.00		1,010.30		2.98		0.59
Hypothetical		1,000.00		1,022.17		3.00		0.59
Select Class
Actual		1,000.00		1,008.50		4.54		0.90
Hypothetical		1,000.00		1,020.61		4.57		0.90
Large Cap Value Fund
Class A
Actual		1,000.00		968.60		4.60		0.93
Hypothetical		1,000.00		1,020.46		4.72		0.93
Class C
Actual		1,000.00		966.10		7.17		1.45
Hypothetical		1,000.00		1,017.85		7.35		1.45
Class R2
Actual		1,000.00		967.10		5.93		1.20
Hypothetical		1,000.00		1,019.10		6.09		1.20
Class R5
Actual		1,000.00		970.70		2.97		0.60
Hypothetical		1,000.00		1,022.12		3.05		0.60
Class R6
Actual		1,000.00		971.00		2.58		0.52
Hypothetical		1,000.00		1,022.52		2.64		0.52
Select Class
Actual		1,000.00		969.60		3.76		0.76
Hypothetical		1,000.00		1,021.32		3.86		0.76
U.S. Equity Fund
Class A
Actual		1,000.00		985.00		4.69		0.94
Hypothetical		1,000.00		1,020.41		4.77		0.94

106 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
U.S. Equity Fund (continued)
Class C
Actual	$	1,000.00	$	983.00	$	7.18		1.44	%
Hypothetical		1,000.00		1,017.90		7.30		1.44
Class R2
Actual		1,000.00		983.70		5.93		1.19
Hypothetical		1,000.00		1,019.15		6.04		1.19
Class R5
Actual		1,000.00		987.00		2.80		0.56
Hypothetical		1,000.00		1,022.32		2.85		0.56
Class R6
Actual		1,000.00		987.30		2.50		0.50
Hypothetical		1,000.00		1,022.62		2.54		0.50
Institutional Class
Actual		1,000.00		986.70		3.05		0.61
Hypothetical		1,000.00		1,022.07		3.10		0.61
Select Class
Actual		1,000.00		985.60		3.79		0.76
Hypothetical		1,000.00		1,021.32		3.86		0.76

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 107

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 2015, 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 19, 2015.

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 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 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 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.

108 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

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 may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also 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 Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

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

The Trustees noted that, upon their direction, the Senior Officer for the 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, Growth and Income Fund, and Hedged Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 109

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance 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 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 first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, 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 fifth, third, and third quintiles for Class A shares and in the fifth, second, and second quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Equity Focus Fund’s performance was in the fifth and second quintiles for Class A shares and in the fifth and first quintiles for Select Class shares for the one- and three-year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable. 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 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, 2014, 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 Growth and 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, 2014, 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 Hedged Equity Fund’s performance was in the first quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014. 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 third, fifth and second quintiles for Class A shares and in the third, fourth and first quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Large Cap Value Fund’s performance was in the first, first, and second quintiles for both Class A

110 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

and Select Class shares for the one-, three- and five-year periods ended December 31, 2014, 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. Equity 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, 2014, 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 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 Class A and Select Class shares was in the second and third quintiles, and that the actual total expenses for Class A and Select Class shares were in the third and fourth quintiles of the Universe Group, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Equity Focus Fund’s net advisory fee for Class A and Select Class shares was in the second and

third quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the fourth 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 Equity Income Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for both Class A and Select Class shares were in the second quintile of 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 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 Hedged 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 Large Cap Growth Fund’s net advisory fee for both Class A and Select Class shares was in the second quintile and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of 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 both Class A and Select Class shares was in the second quintiles 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. Equity Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, of the Universe Group, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 111

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., 2016. All rights reserved. December 2015. SAN-LCE-1215

Semi-Annual Report

J.P. Morgan Equity Funds

December 31, 2015 (Unaudited)

JPMorgan Equity Index Fund

JPMorgan Market Expansion Enhanced Index Fund

CONTENTS

CEO’s Letter	1
Fund Commentaries:
JPMorgan Equity Index Fund	2
JPMorgan Market Expansion Enhanced Index Fund	4
Schedules of Portfolio Investments	7
Financial Statements	25
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 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 29, 2016 (Unaudited)

Dear Shareholder,

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

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, 2015 J.P. MORGAN EQUITY FUNDS 1

JPMorgan Equity Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	0.08%
S&P 500 Index	0.15%
Net Assets as of 12/31/2015 (In Thousands)	$1,560,967

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’s Select Class Shares performed largely in line with the Benchmark for the six months ended December 31, 2015, before considering the effect of Fund fees and expenses. 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.

In general, the U.S. equity market for the six month reporting period was marked by large gains in a few select stocks, especially technology sector stocks, while most other stocks ended the period lower or essentially flat. The information technology, consumer staples, consumer discretionary and utilities sectors were the largest contributors to performance in both the Fund and the Benchmark. The energy, health care, financials and materials sectors were the largest detractors from performance. For the six months ended December 31, 2015, the S&P 500 Index returned 0.15%.

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.	3.3	%
	2.	Microsoft Corp.	2.5
	3.	Exxon Mobil Corp.	1.8
	4.	General Electric Co.	1.6
	5.	Johnson & Johnson	1.6
	6.	Amazon.com, Inc.	1.4
	7.	Wells Fargo & Co.	1.4
	8.	Berkshire Hathaway, Inc., Class B	1.4
	9.	JPMorgan Chase & Co.	1.4
	10.	Facebook, Inc., Class A	1.3

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	20.6	%
Financials	16.4
Health Care	15.1
Consumer Discretionary	12.8
Consumer Staples	10.0
Industrials	10.0
Energy	6.4
Utilities	3.0
Materials	2.7
Telecommunication Services	2.4
Short-Term Investment	0.6

* 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.

*** “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, 2015. The Fund’s portfolio composition is subject to change.

2 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
Without Sales Charge			(0.07	)%		0.93	%		12.06	%		6.85	%
With Sales Charge**			(5.32	)		(4.36	)		10.86			6.28
CLASS C SHARES	November 4, 1997
Without CDSC			(0.44	)		0.20			11.22			6.06
With CDSC***			(1.44	)		(0.80	)		11.22			6.06
SELECT CLASS SHARES	July 2, 1991		0.08			1.19			12.34			7.12

* 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 (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. 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 manage-

ment 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.

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, 2015 J.P. MORGAN EQUITY FUNDS 3

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

Reporting Period Return:
Fund (Select Class Shares)*		(5.19)%
S&P 1000 Index		(6.05)%
Net Assets as of 12/31/2015 (In Thousands)	$	1,111,694

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’s Select Class Shares outperformed the Standard & Poor’s 1000 Index (“S&P 1000 Index”)*** (the “Benchmark”) for the six months ended December 31, 2015.

In general, the U.S. equities market for the six month reporting period was marked by large gains in a few select stocks, especially technology sector stocks, while most other stocks ended the period lower or essentially flat. The energy, materials and industrials sectors underperformed the broader market, while the consumer discretionary, consumer staples and health care sectors outperformed the broader market.

The Fund’s security selection in the industrial cyclical and basic materials sectors was a leading contributor to performance relative to the Benchmark, while security selection in the health services & systems sector and real estate investment trusts was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in American Woodmark Co. and Leidos Holdings Inc. and its underweight position in SunEdison Inc. Shares of American Woodmark, a maker of cabinets and other home furnishings, rose on better-than-expected earnings amid a strong U.S. housing market. Shares of Leidos, a data technology company, rose on better-than-expected earnings and a $4.34 billion contract to build a health records system for the U.S. military. Shares of SunEdison, a solar energy company, declined on investor concerns about the company’s high debt levels and its pending acquisition of Vivint Solar Inc.

Leading individual detractors from relative performance included the Fund’s underweight position in Acuity Brands Inc. and its overweight position in Community Health Systems and Momenta Pharmaceuticals Inc. Shares of Acuity Brands, a maker of commercial and residential lighting, rose based on the strength in its LED lighting business and market share gains. Shares of Community Health Systems, an owner/operator of hospitals, declined on lower-than-expected earnings amid declining hospital admissions. Shares of Momenta, which makes of generic drugs to treat cancer and auto-immune diseases, fell after the company reported lower- than-expected earnings and revenue.

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 momentum, the Fund’s portfolio managers overweighted what they believed were attractively priced stocks with improving momentum and underweighted what they believed were expensive stocks with deteriorating momentum, 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.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Hologic, Inc.	0.8	%
	2.	Global Payments, Inc.	0.8
	3.	SEI Investments Co.	0.7
	4.	Extra Space Storage, Inc.	0.7
	5.	Jones Lang LaSalle, Inc.	0.7
	6.	Huntington Ingalls Industries, Inc.	0.7
	7.	Broadridge Financial Solutions, Inc.	0.7
	8.	Synopsys, Inc.	0.7
	9.	MSCI, Inc.	0.7
	10.	A.O. Smith Corp.	0.6

4 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

PORTFOLIO COMPOSITION BY SECTOR****
Financials	24.8	%
Information Technology	17.4
Industrials	15.7
Health Care	11.2
Consumer Discretionary	11.2
Materials	6.1
Utilities	4.4
Consumer Staples	3.5
Energy	3.1
Telecommunication Services	0.6
Short-Term Investment	2.0

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

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

*** “S&P 1000 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 5

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 1998
Without Sales Charge			(5.19	)%		(1.15	)%		10.99	%		7.78	%
With Sales Charge**			(10.17	)		(6.32	)		9.81			7.20
CLASS C SHARES	March 22, 1999
Without CDSC			(5.56	)		(1.91	)		10.22			7.01
With CDSC***			(6.56	)		(2.91	)		10.22			7.01
CLASS R2 SHARES	November 3, 2008		(5.41	)		(1.45	)		10.67			7.43
SELECT CLASS SHARES	July 31, 1998		(5.19	)		(0.99	)		11.25			8.04

* 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 (12/31/05 TO 12/31/15)

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 Small-Cap Core Funds Index and the Lipper Mid-Cap Core Funds Index from December 31, 2005 to December 31, 2015. 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 Small-Cap Core Funds Index and the Lipper Mid-Cap Core Funds Index are indices based on total returns of certain mutual funds within the small cap and mid 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.

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 EQUITY FUNDS DECEMBER 31, 2015

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.9%
		Consumer Discretionary — 12.9%
		Auto Components — 0.4%
	20	BorgWarner, Inc.		845
	24	Delphi Automotive plc, (United Kingdom)		2,093
	23	Goodyear Tire & Rubber Co. (The)		766
	56	Johnson Controls, Inc.		2,230
				5,934
		Automobiles — 0.6%
	340	Ford Motor Co.		4,788
	123	General Motors Co.		4,199
	17	Harley-Davidson, Inc.		759
				9,746
		Distributors — 0.1%
	13	Genuine Parts Co.		1,129
		Diversified Consumer Services — 0.1%
	21	H&R Block, Inc.		685
		Hotels, Restaurants & Leisure — 1.9%
	40	Carnival Corp.		2,186
	3	Chipotle Mexican Grill, Inc. (a)		1,305
	10	Darden Restaurants, Inc.		640
	17	Marriott International, Inc., Class A		1,127
	80	McDonald’s Corp.		9,458
	15	Royal Caribbean Cruises Ltd.		1,514
	129	Starbucks Corp.		7,771
	15	Starwood Hotels & Resorts Worldwide, Inc.		1,019
	10	Wyndham Worldwide Corp.		736
	7	Wynn Resorts Ltd.		490
	38	Yum! Brands, Inc.		2,747
				28,993
		Household Durables — 0.4%
	29	D.R. Horton, Inc.		916
	10	Garmin Ltd., (Switzerland)		382
	6	Harman International Industries, Inc.		584
	12	Leggett & Platt, Inc.		499
	16	Lennar Corp., Class A		763
	6	Mohawk Industries, Inc. (a)		1,050
	23	Newell Rubbermaid, Inc.		1,027
	28	PulteGroup, Inc.		494
	7	Whirlpool Corp.		1,001
				6,716
		Internet & Catalog Retail — 2.2%
	34	Amazon.com, Inc. (a)		22,650
	10	Expedia, Inc.		1,275

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet & Catalog Retail — continued
	37	Netflix, Inc. (a)		4,262
	4	Priceline Group, Inc. (The) (a)		5,535
	10	TripAdvisor, Inc. (a)		840
				34,562
		Leisure Products — 0.1%
	10	Hasbro, Inc.		659
	30	Mattel, Inc.		804
				1,463
		Media — 3.0%
	19	Cablevision Systems Corp., Class A		619
	38	CBS Corp. (Non-Voting), Class B		1,782
	213	Comcast Corp., Class A		12,014
	13	Discovery Communications, Inc., Class A (a)		348
	22	Discovery Communications, Inc., Class C (a)		567
	35	Interpublic Group of Cos., Inc. (The)		825
	33	News Corp., Class A		444
	9	News Corp., Class B		131
	21	Omnicom Group, Inc.		1,598
	8	Scripps Networks Interactive, Inc., Class A		455
	19	TEGNA, Inc.		493
	25	Time Warner Cable, Inc.		4,582
	70	Time Warner, Inc.		4,508
	102	Twenty-First Century Fox, Inc., Class A		2,772
	38	Twenty-First Century Fox, Inc., Class B		1,024
	30	Viacom, Inc., Class B		1,246
	133	Walt Disney Co. (The)		13,934
				47,342
		Multiline Retail — 0.6%
	25	Dollar General Corp.		1,823
	20	Dollar Tree, Inc. (a)		1,581
	17	Kohl’s Corp.		788
	27	Macy’s, Inc.		958
	12	Nordstrom, Inc.		591
	54	Target Corp.		3,900
				9,641
		Specialty Retail — 2.6%
	6	Advance Auto Parts, Inc.		961
	7	AutoNation, Inc. (a)		397
	3	AutoZone, Inc. (a)		1,972
	15	Bed Bath & Beyond, Inc. (a)		702
	26	Best Buy Co., Inc.		792
	18	CarMax, Inc. (a)		954
	9	GameStop Corp., Class A		258

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 7

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Specialty Retail — continued
	20	Gap, Inc. (The)		493
	111	Home Depot, Inc. (The)		14,619
	22	L Brands, Inc.		2,128
	80	Lowe’s Cos., Inc.		6,067
	9	O’Reilly Automotive, Inc. (a)		2,179
	35	Ross Stores, Inc.		1,900
	7	Signet Jewelers Ltd.		858
	56	Staples, Inc.		531
	10	Tiffany & Co.		742
	58	TJX Cos., Inc. (The)		4,139
	12	Tractor Supply Co.		1,001
	8	Urban Outfitters, Inc. (a)		172
				40,865
		Textiles, Apparel & Luxury Goods — 0.9%
	24	Coach, Inc.		792
	4	Fossil Group, Inc. (a)		132
	34	Hanesbrands, Inc.		1,005
	16	Michael Kors Holdings Ltd., (United Kingdom) (a)		643
	118	NIKE, Inc., Class B		7,353
	7	PVH Corp.		530
	5	Ralph Lauren Corp.		572
	16	Under Armour, Inc., Class A (a)		1,266
	30	V.F. Corp.		1,851
				14,144
		Total Consumer Discretionary		201,220
		Consumer Staples — 10.0%
		Beverages — 2.3%
	9	Brown-Forman Corp., Class B		880
	341	Coca-Cola Co. (The)		14,660
	18	Coca-Cola Enterprises, Inc.		896
	15	Constellation Brands, Inc., Class A		2,150
	16	Dr. Pepper Snapple Group, Inc.		1,535
	14	Molson Coors Brewing Co., Class B		1,290
	13	Monster Beverage Corp. (a)		1,948
	127	PepsiCo, Inc.		12,692
				36,051
		Food & Staples Retailing — 2.4%
	38	Costco Wholesale Corp.		6,159
	97	CVS Health Corp.		9,439
	85	Kroger Co. (The)		3,550
	46	Sysco Corp.		1,876
	76	Walgreens Boots Alliance, Inc.		6,467

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — continued
	137	Wal-Mart Stores, Inc.		8,385
	30	Whole Foods Market, Inc.		997
				36,873
		Food Products — 1.7%
	52	Archer-Daniels-Midland Co.		1,908
	16	Campbell Soup Co.		823
	38	ConAgra Foods, Inc.		1,591
	52	General Mills, Inc.		3,005
	13	Hershey Co. (The)		1,118
	12	Hormel Foods Corp.		930
	10	JM Smucker Co. (The)		1,287
	22	Kellogg Co.		1,608
	10	Keurig Green Mountain, Inc.		911
	52	Kraft Heinz Co. (The)		3,772
	10	McCormick & Co., Inc. (Non-Voting)		867
	17	Mead Johnson Nutrition Co.		1,357
	139	Mondelez International, Inc., Class A		6,213
	26	Tyson Foods, Inc., Class A		1,375
				26,765
		Household Products — 1.9%
	11	Church & Dwight Co., Inc.		971
	11	Clorox Co. (The)		1,427
	78	Colgate-Palmolive Co.		5,210
	32	Kimberly-Clark Corp.		4,029
	237	Procter & Gamble Co. (The)		18,836
				30,473
		Personal Products — 0.1%
	19	Estee Lauder Cos., Inc. (The), Class A		1,709
		Tobacco — 1.6%
	171	Altria Group, Inc.		9,951
	135	Philip Morris International, Inc.		11,874
	72	Reynolds American, Inc.		3,335
				25,160
		Total Consumer Staples		157,031
		Energy — 6.5%
		Energy Equipment & Services — 1.0%
	38	Baker Hughes, Inc.		1,755
	17	Cameron International Corp. (a)		1,053
	6	Diamond Offshore Drilling, Inc.		118
	21	Ensco plc, (United Kingdom), Class A		316
	20	FMC Technologies, Inc. (a)		577
	75	Halliburton Co.		2,540

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	9	Helmerich & Payne, Inc.		503
	33	National Oilwell Varco, Inc.		1,097
	110	Schlumberger Ltd.		7,669
	30	Transocean Ltd., (Switzerland)		369
				15,997
		Oil, Gas & Consumable Fuels — 5.5%
	44	Anadarko Petroleum Corp.		2,152
	33	Apache Corp.		1,466
	36	Cabot Oil & Gas Corp.		638
	45	Chesapeake Energy Corp.		203
	164	Chevron Corp.		14,761
	8	Cimarex Energy Co.		737
	34	Columbia Pipeline Group, Inc.		679
	108	ConocoPhillips		5,026
	20	CONSOL Energy, Inc.		158
	34	Devon Energy Corp.		1,078
	48	EOG Resources, Inc.		3,393
	13	EQT Corp.		693
	363	Exxon Mobil Corp.		28,292
	21	Hess Corp.		1,016
	160	Kinder Morgan, Inc.		2,380
	59	Marathon Oil Corp.		743
	46	Marathon Petroleum Corp.		2,409
	14	Murphy Oil Corp.		317
	14	Newfield Exploration Co. (a)		459
	37	Noble Energy, Inc.		1,222
	67	Occidental Petroleum Corp.		4,502
	18	ONEOK, Inc.		450
	41	Phillips 66		3,386
	13	Pioneer Natural Resources Co.		1,633
	15	Range Resources Corp.		363
	34	Southwestern Energy Co. (a)		238
	59	Spectra Energy Corp.		1,401
	10	Tesoro Corp.		1,106
	42	Valero Energy Corp.		2,968
	59	Williams Cos., Inc. (The)		1,529
				85,398
		Total Energy		101,395
		Financials — 16.5%
		Banks — 6.0%
	908	Bank of America Corp.		15,278
	68	BB&T Corp.		2,572
	260	Citigroup, Inc.		13,441

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	15	Comerica, Inc.		644
	69	Fifth Third Bancorp		1,392
	69	Huntington Bancshares, Inc.		768
	321	JPMorgan Chase & Co. (q)		21,192
	73	KeyCorp		961
	14	M&T Bank Corp.		1,690
	27	People’s United Financial, Inc.		437
	44	PNC Financial Services Group, Inc. (The)		4,220
	114	Regions Financial Corp.		1,093
	44	SunTrust Banks, Inc.		1,903
	143	U.S. Bancorp		6,117
	405	Wells Fargo & Co.		22,029
	18	Zions Bancorporation		486
				94,223
		Capital Markets — 2.1%
	5	Affiliated Managers Group, Inc. (a)		753
	15	Ameriprise Financial, Inc.		1,615
	95	Bank of New York Mellon Corp. (The)		3,928
	11	BlackRock, Inc.		3,749
	104	Charles Schwab Corp. (The)		3,440
	26	E*TRADE Financial Corp. (a)		757
	33	Franklin Resources, Inc.		1,216
	35	Goldman Sachs Group, Inc. (The)		6,233
	37	Invesco Ltd.		1,237
	9	Legg Mason, Inc.		369
	132	Morgan Stanley		4,189
	19	Northern Trust Corp.		1,366
	35	State Street Corp.		2,334
	22	T. Rowe Price Group, Inc.		1,565
				32,751
		Consumer Finance — 0.8%
	73	American Express Co.		5,073
	46	Capital One Financial Corp.		3,348
	37	Discover Financial Services		1,998
	32	Navient Corp.		362
	73	Synchrony Financial (a)		2,211
				12,992
		Diversified Financial Services — 2.1%
	163	Berkshire Hathaway, Inc., Class B (a)		21,567
	29	CME Group, Inc.		2,672
	10	Intercontinental Exchange, Inc.		2,653
	29	Leucadia National Corp.		505
	24	McGraw Hill Financial, Inc.		2,323

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 9

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Diversified Financial Services — continued
	15	Moody’s Corp.		1,505
	10	Nasdaq, Inc.		583
				31,808
		Insurance — 2.7%
	28	ACE Ltd., (Switzerland)		3,303
	37	Aflac, Inc.		2,229
	34	Allstate Corp. (The)		2,097
	108	American International Group, Inc.		6,683
	24	Aon plc, (United Kingdom)		2,202
	6	Assurant, Inc.		462
	20	Chubb Corp. (The)		2,626
	13	Cincinnati Financial Corp.		761
	36	Hartford Financial Services Group, Inc. (The)		1,552
	22	Lincoln National Corp.		1,084
	24	Loews Corp.		937
	45	Marsh & McLennan Cos., Inc.		2,522
	97	MetLife, Inc.		4,672
	24	Principal Financial Group, Inc.		1,068
	51	Progressive Corp. (The)		1,620
	39	Prudential Financial, Inc.		3,187
	10	Torchmark Corp.		572
	27	Travelers Cos., Inc. (The)		2,993
	21	Unum Group		707
	26	XL Group plc, (Ireland)		1,017
				42,294
		Real Estate Investment Trusts (REITs) — 2.7%
	37	American Tower Corp.		3,580
	14	Apartment Investment & Management Co., Class A		546
	12	AvalonBay Communities, Inc.		2,197
	13	Boston Properties, Inc.		1,708
	29	Crown Castle International Corp.		2,516
	5	Equinix, Inc.		1,634
	32	Equity Residential		2,591
	6	Essex Property Trust, Inc.		1,379
	51	General Growth Properties, Inc.		1,381
	41	HCP, Inc.		1,550
	66	Host Hotels & Resorts, Inc.		1,005
	17	Iron Mountain, Inc.		452
	36	Kimco Realty Corp.		954
	12	Macerich Co. (The)		947
	15	Plum Creek Timber Co., Inc.		722
	46	Prologis, Inc.		1,962
	13	Public Storage		3,179

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	22	Realty Income Corp.		1,124
	27	Simon Property Group, Inc.		5,245
	9	SL Green Realty Corp.		982
	29	Ventas, Inc.		1,638
	15	Vornado Realty Trust		1,545
	31	Welltower, Inc.		2,099
	45	Weyerhaeuser Co.		1,334
				42,270
		Real Estate Management & Development — 0.1%
	25	CBRE Group, Inc., Class A (a)		876
		Total Financials		257,214
		Health Care — 15.1%
		Biotechnology — 3.2%
	20	Alexion Pharmaceuticals, Inc. (a)		3,747
	66	Amgen, Inc.		10,676
	47	Baxalta, Inc.		1,847
	19	Biogen, Inc. (a)		5,954
	68	Celgene Corp. (a)		8,203
	126	Gilead Sciences, Inc.		12,714
	7	Regeneron Pharmaceuticals, Inc. (a)		3,675
	21	Vertex Pharmaceuticals, Inc. (a)		2,696
				49,512
		Health Care Equipment & Supplies — 2.2%
	130	Abbott Laboratories		5,841
	48	Baxter International, Inc.		1,820
	18	Becton, Dickinson and Co.		2,831
	117	Boston Scientific Corp. (a)		2,163
	6	C.R. Bard, Inc.		1,220
	12	DENTSPLY International, Inc.		742
	19	Edwards Lifesciences Corp. (a)		1,485
	3	Intuitive Surgical, Inc. (a)		1,779
	123	Medtronic plc, (Ireland)		9,430
	25	St. Jude Medical, Inc.		1,522
	28	Stryker Corp.		2,559
	8	Varian Medical Systems, Inc. (a)		683
	15	Zimmer Biomet Holdings, Inc.		1,531
				33,606
		Health Care Providers & Services — 2.7%
	30	Aetna, Inc.		3,287
	17	AmerisourceBergen Corp.		1,766
	23	Anthem, Inc.		3,174
	29	Cardinal Health, Inc.		2,561
	22	Cigna Corp.		3,286

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	15	DaVita HealthCare Partners, Inc. (a)		1,013
	59	Express Scripts Holding Co. (a)		5,154
	27	HCA Holdings, Inc. (a)		1,851
	7	Henry Schein, Inc. (a)		1,144
	13	Humana, Inc.		2,307
	9	Laboratory Corp. of America Holdings (a)		1,091
	20	McKesson Corp.		3,957
	7	Patterson Cos., Inc.		329
	12	Quest Diagnostics, Inc.		889
	9	Tenet Healthcare Corp. (a)		263
	83	UnitedHealth Group, Inc.		9,776
	8	Universal Health Services, Inc., Class B		950
				42,798
		Health Care Technology — 0.1%
	27	Cerner Corp. (a)		1,597
		Life Sciences Tools & Services — 0.6%
	29	Agilent Technologies, Inc.		1,208
	13	Illumina, Inc. (a)		2,450
	10	PerkinElmer, Inc.		523
	35	Thermo Fisher Scientific, Inc.		4,936
	7	Waters Corp. (a)		958
				10,075
		Pharmaceuticals — 6.3%
	143	AbbVie, Inc.		8,443
	34	Allergan plc (a)		10,738
	145	Bristol-Myers Squibb Co.		10,006
	85	Eli Lilly & Co.		7,170
	18	Endo International plc, (Ireland) (a)		1,111
	241	Johnson & Johnson		24,780
	10	Mallinckrodt plc (a)		754
	244	Merck & Co., Inc.		12,865
	36	Mylan N.V. (a)		1,947
	13	Perrigo Co. plc, (Ireland)		1,847
	538	Pfizer, Inc.		17,373
	40	Zoetis, Inc.		1,914
				98,948
		Total Health Care		236,536
		Industrials — 10.0%
		Aerospace & Defense — 2.7%
	55	Boeing Co. (The)		7,939
	26	General Dynamics Corp.		3,559
	67	Honeywell International, Inc.		6,959

SHARES		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	7	L-3 Communications Holdings, Inc.		817
	23	Lockheed Martin Corp.		5,003
	16	Northrop Grumman Corp.		3,002
	12	Precision Castparts Corp.		2,783
	26	Raytheon Co.		3,269
	11	Rockwell Collins, Inc.		1,058
	24	Textron, Inc.		1,002
	72	United Technologies Corp.		6,910
				42,301
		Air Freight & Logistics — 0.7%
	13	C.H. Robinson Worldwide, Inc.		777
	16	Expeditors International of Washington, Inc.		733
	23	FedEx Corp.		3,411
	61	United Parcel Service, Inc., Class B		5,841
				10,762
		Airlines — 0.6%
	55	American Airlines Group, Inc.		2,327
	69	Delta Air Lines, Inc.		3,476
	57	Southwest Airlines Co.		2,442
	33	United Continental Holdings, Inc. (a)		1,862
				10,107
		Building Products — 0.1%
	8	Allegion plc, (Ireland)		552
	29	Masco Corp.		830
				1,382
		Commercial Services & Supplies — 0.4%
	14	ADT Corp. (The)		474
	8	Cintas Corp.		694
	17	Pitney Bowes, Inc.		355
	21	Republic Services, Inc.		919
	7	Stericycle, Inc. (a)		894
	37	Tyco International plc		1,175
	36	Waste Management, Inc.		1,932
				6,443
		Construction & Engineering — 0.1%
	12	Fluor Corp.		583
	11	Jacobs Engineering Group, Inc. (a)		448
	14	Quanta Services, Inc. (a)		282
				1,313
		Electrical Equipment — 0.4%
	21	AMETEK, Inc.		1,111
	40	Eaton Corp. plc		2,100

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 11

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electrical Equipment — continued
	57	Emerson Electric Co.		2,730
	12	Rockwell Automation, Inc.		1,181
				7,122
		Industrial Conglomerates — 2.6%
	54	3M Co.		8,086
	52	Danaher Corp.		4,828
	823	General Electric Co. (k)		25,632
	9	Roper Technologies, Inc.		1,668
				40,214
		Machinery — 1.2%
	51	Caterpillar, Inc.		3,450
	14	Cummins, Inc.		1,260
	27	Deere & Co.		2,073
	14	Dover Corp.		828
	11	Flowserve Corp.		480
	29	Illinois Tool Works, Inc.		2,644
	23	Ingersoll-Rand plc		1,258
	31	PACCAR, Inc.		1,461
	12	Parker-Hannifin Corp.		1,150
	16	Pentair plc, (United Kingdom)		778
	5	Snap-on, Inc.		868
	13	Stanley Black & Decker, Inc.		1,393
	16	Xylem, Inc.		571
				18,214
		Professional Services — 0.3%
	3	Dun & Bradstreet Corp. (The)		328
	10	Equifax, Inc.		1,150
	32	Nielsen Holdings plc		1,479
	12	Robert Half International, Inc.		545
	14	Verisk Analytics, Inc. (a)		1,045
				4,547
		Road & Rail — 0.7%
	85	CSX Corp.		2,206
	8	J.B. Hunt Transport Services, Inc.		579
	10	Kansas City Southern		710
	26	Norfolk Southern Corp.		2,202
	5	Ryder System, Inc.		265
	74	Union Pacific Corp.		5,823
				11,785
		Trading Companies & Distributors — 0.2%
	25	Fastenal Co.		1,031
	8	United Rentals, Inc. (a)		587

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — continued
	5	W.W. Grainger, Inc.		1,020
				2,638
		Total Industrials		156,828
		Information Technology — 20.7%
		Communications Equipment — 1.4%
	443	Cisco Systems, Inc.		12,018
	6	F5 Networks, Inc. (a)		595
	11	Harris Corp.		943
	31	Juniper Networks, Inc.		854
	14	Motorola Solutions, Inc.		959
	131	QUALCOMM, Inc.		6,550
				21,919
		Electronic Equipment, Instruments & Components — 0.4%
	27	Amphenol Corp., Class A		1,404
	103	Corning, Inc.		1,885
	12	FLIR Systems, Inc.		338
	34	TE Connectivity Ltd., (Switzerland)		2,176
				5,803
		Internet Software & Services — 4.3%
	16	Akamai Technologies, Inc. (a)		817
	25	Alphabet, Inc., Class A (a)		19,761
	26	Alphabet, Inc., Class C (a)		19,660
	96	eBay, Inc. (a)		2,646
	198	Facebook, Inc., Class A (a)		20,717
	9	VeriSign, Inc. (a)		747
	76	Yahoo!, Inc. (a)		2,519
				66,867
		IT Services — 3.7%
	54	Accenture plc, (Ireland), Class A		5,693
	5	Alliance Data Systems Corp. (a)		1,474
	40	Automatic Data Processing, Inc.		3,407
	53	Cognizant Technology Solutions Corp., Class A (a)		3,182
	12	CSRA, Inc.		360
	24	Fidelity National Information Services, Inc.		1,466
	20	Fiserv, Inc. (a)		1,822
	78	International Business Machines Corp.		10,709
	86	MasterCard, Inc., Class A		8,405
	28	Paychex, Inc.		1,480
	97	PayPal Holdings, Inc. (a)		3,509
	12	Teradata Corp. (a)		306
	15	Total System Services, Inc.		735
	170	Visa, Inc., Class A		13,160

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		IT Services — continued
	44	Western Union Co. (The)		789
	83	Xerox Corp.		882
				57,379
		Semiconductors & Semiconductor Equipment — 2.4%
	27	Analog Devices, Inc.		1,505
	100	Applied Materials, Inc.		1,871
	23	Avago Technologies Ltd., (Singapore)		3,318
	49	Broadcom Corp., Class A		2,828
	7	First Solar, Inc. (a)		435
	411	Intel Corp.		14,174
	14	KLA-Tencor Corp.		943
	14	Lam Research Corp.		1,097
	21	Linear Technology Corp.		886
	18	Microchip Technology, Inc.		824
	95	Micron Technology, Inc. (a)		1,340
	45	NVIDIA Corp.		1,469
	12	Qorvo, Inc. (a)		627
	17	Skyworks Solutions, Inc.		1,280
	88	Texas Instruments, Inc.		4,848
	22	Xilinx, Inc.		1,052
				38,497
		Software — 4.4%
	44	Activision Blizzard, Inc.		1,703
	43	Adobe Systems, Inc. (a)		4,085
	20	Autodesk, Inc. (a)		1,201
	27	CA, Inc.		776
	13	Citrix Systems, Inc. (a)		1,015
	27	Electronic Arts, Inc. (a)		1,862
	23	Intuit, Inc.		2,221
	696	Microsoft Corp.		38,638
	279	Oracle Corp.		10,196
	16	Red Hat, Inc. (a)		1,320
	54	salesforce.com, Inc. (a)		4,266
	59	Symantec Corp.		1,237
				68,520
		Technology Hardware, Storage & Peripherals — 4.1%
	486	Apple, Inc.		51,165
	169	EMC Corp.		4,341
	157	Hewlett Packard Enterprise Co.		2,383
	157	HP, Inc.		1,865
	25	NetApp, Inc.		676
	17	SanDisk Corp.		1,330
	26	Seagate Technology plc		956

SHARES		SECURITY DESCRIPTION	VALUE($)
		Technology Hardware, Storage & Peripherals — continued
	20	Western Digital Corp.		1,213
				63,929
		Total Information Technology		322,914
		Materials — 2.8%
		Chemicals — 2.1%
	17	Air Products & Chemicals, Inc.		2,199
	6	Airgas, Inc.		782
	20	CF Industries Holdings, Inc.		829
	98	Dow Chemical Co. (The)		5,047
	76	E.I. du Pont de Nemours & Co.		5,089
	13	Eastman Chemical Co.		875
	23	Ecolab, Inc.		2,650
	12	FMC Corp.		456
	7	International Flavors & Fragrances, Inc.		837
	31	LyondellBasell Industries N.V., Class A		2,724
	38	Monsanto Co.		3,778
	29	Mosaic Co. (The)		807
	23	PPG Industries, Inc.		2,320
	25	Praxair, Inc.		2,543
	7	Sherwin-Williams Co. (The)		1,791
				32,727
		Construction Materials — 0.1%
	6	Martin Marietta Materials, Inc.		787
	12	Vulcan Materials Co.		1,104
				1,891
		Containers & Packaging — 0.2%
	8	Avery Dennison Corp.		498
	12	Ball Corp.		864
	14	Owens-Illinois, Inc. (a)		244
	17	Sealed Air Corp.		768
	22	WestRock Co.		1,023
				3,397
		Metals & Mining — 0.3%
	114	Alcoa, Inc.		1,128
	101	Freeport-McMoRan, Inc.		682
	46	Newmont Mining Corp.		830
	28	Nucor Corp.		1,123
				3,763
		Paper & Forest Products — 0.1%
	36	International Paper Co.		1,363
		Total Materials		43,141

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 13

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Telecommunication Services — 2.4%
		Diversified Telecommunication Services — 2.4%
	536	AT&T, Inc.		18,456
	48	CenturyLink, Inc.		1,204
	102	Frontier Communications Corp.		476
	25	Level 3 Communications, Inc. (a)		1,368
	355	Verizon Communications, Inc.		16,396
		Total Telecommunication Services		37,900
		Utilities — 3.0%
		Electric Utilities — 1.7%
	43	American Electric Power Co., Inc.		2,494
	60	Duke Energy Corp.		4,284
	28	Edison International		1,682
	16	Entergy Corp.		1,063
	28	Eversource Energy		1,412
	80	Exelon Corp.		2,227
	37	FirstEnergy Corp.		1,170
	40	NextEra Energy, Inc.		4,171
	22	Pepco Holdings, Inc.		575
	10	Pinnacle West Capital Corp.		623
	59	PPL Corp.		1,999
	79	Southern Co. (The)		3,708
	44	Xcel Energy, Inc.		1,589
				26,997
		Gas Utilities — 0.0% (g)
	10	AGL Resources, Inc.		669
		Independent Power & Renewable Electricity Producers — 0.1%
	59	AES Corp.		562
	27	NRG Energy, Inc.		322
				884
		Multi-Utilities — 1.2%
	21	Ameren Corp.		914
	38	CenterPoint Energy, Inc.		689
	24	CMS Energy Corp.		871

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — continued
	26	Consolidated Edison, Inc.		1,643
	52	Dominion Resources, Inc.		3,511
	16	DTE Energy Co.		1,255
	28	NiSource, Inc.		542
	43	PG&E Corp.		2,274
	44	Public Service Enterprise Group, Inc.		1,707
	12	SCANA Corp.		754
	21	Sempra Energy		1,933
	21	TECO Energy, Inc.		547
	28	WEC Energy Group, Inc.		1,412
				18,052
		Total Utilities		46,602
		Total Common Stocks (Cost $507,803)		1,560,781
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Consumer Staples — 0.0% (g)
		Food & Staples Retailing — 0.0% (g)
	25	Safeway, Inc., PDC CVR, expiring 01/30/17 (a)		1
	25	Safeway, Inc., PDC CVR, expiring 01/30/18 (a)		2
		Total Rights (Cost $—)		3
SHARES
	Short-Term Investment — 0.6%
		Investment Company — 0.6%
	8,684	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $8,684)		8,684
		Total Investments — 100.5% (Cost $516,487)		1,569,468
		Liabilities in Excess of Other Assets — (0.5)%		(8,501	)
		NET ASSETS — 100.0%	$	1,560,967

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	86	E-mini S&P 500		03/18/16		USD	$	8,752	$	158

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.0%
		Consumer Discretionary — 11.2%
		Auto Components — 0.6%
	216	Dana Holding Corp.		2,981
	181	Gentex Corp.		2,892
	4	Gentherm, Inc. (a)		209
	15	Standard Motor Products, Inc.		552
				6,634
		Automobiles — 0.1%
	23	Thor Industries, Inc.		1,271
		Distributors — 0.4%
	150	LKQ Corp. (a)		4,438
	41	VOXX International Corp. (a)		217
				4,655
		Diversified Consumer Services — 0.2%
	8	Capella Education Co.		363
	2	Graham Holdings Co., Class B		1,116
	6	Strayer Education, Inc. (a)		349
				1,828
		Hotels, Restaurants & Leisure — 1.6%
	45	Boyd Gaming Corp. (a)		886
	65	Brinker International, Inc.		3,135
	7	Buffalo Wild Wings, Inc. (a)		1,133
	45	Cheesecake Factory, Inc. (The)		2,052
	15	Cracker Barrel Old Country Store, Inc.		1,944
	8	DineEquity, Inc.		637
	3	Domino’s Pizza, Inc.		356
	19	Jack in the Box, Inc.		1,434
	15	Marriott Vacations Worldwide Corp.		827
	6	Panera Bread Co., Class A (a)		1,169
	7	Red Robin Gourmet Burgers, Inc. (a)		420
	32	Ruby Tuesday, Inc. (a)		178
	197	Ruth’s Hospitality Group, Inc.		3,134
	31	Texas Roadhouse, Inc.		1,114
				18,419
		Household Durables — 1.8%
	23	CalAtlantic Group, Inc.		885
	16	Helen of Troy Ltd. (a)		1,544
	14	iRobot Corp. (a)		483
	101	Jarden Corp. (a)		5,790
	44	KB Home		546
	26	La-Z-Boy, Inc.		647
	2	NVR, Inc. (a)		3,761
	30	Tempur Sealy International, Inc. (a)		2,142
	79	Toll Brothers, Inc. (a)		2,621

SHARES		SECURITY DESCRIPTION	VALUE($)
		Household Durables — continued
	23	Tupperware Brands Corp.		1,277
				19,696
		Internet & Catalog Retail — 0.1%
	7	Blue Nile, Inc. (a)		258
	16	HSN, Inc.		816
	12	Nutrisystem, Inc.		264
				1,338
		Leisure Products — 0.8%
	102	Brunswick Corp.		5,137
	59	Callaway Golf Co.		555
	11	Polaris Industries, Inc.		935
	9	Sturm Ruger & Co., Inc.		512
	32	Vista Outdoor, Inc. (a)		1,412
				8,551
		Media — 1.0%
	44	AMC Networks, Inc., Class A (a)		3,316
	1	Cable One, Inc.		390
	52	Cinemark Holdings, Inc.		1,742
	24	John Wiley & Sons, Inc., Class A		1,061
	74	Live Nation Entertainment, Inc. (a)		1,822
	19	Meredith Corp.		807
	13	Scholastic Corp.		513
	49	Sizmek, Inc. (a)		178
	55	Time, Inc.		857
				10,686
		Multiline Retail — 0.2%
	30	Big Lots, Inc.		1,153
	138	J.C. Penney Co., Inc. (a)		919
				2,072
		Specialty Retail — 3.5%
	30	Aaron’s, Inc.		682
	46	Abercrombie & Fitch Co., Class A		1,247
	87	American Eagle Outfitters, Inc.		1,345
	68	Ascena Retail Group, Inc. (a)		665
	21	Barnes & Noble, Inc.		182
	27	Big 5 Sporting Goods Corp.		265
	22	Caleres, Inc.		590
	88	Cato Corp. (The), Class A		3,246
	82	Chico’s FAS, Inc.		873
	59	Children’s Place, Inc. (The)		3,264
	36	CST Brands, Inc.		1,401
	48	Dick’s Sporting Goods, Inc.		1,712

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 15

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Specialty Retail — continued
	39	Express, Inc. (a)		667
	26	Finish Line, Inc. (The), Class A		477
	70	Foot Locker, Inc.		4,567
	20	Francesca’s Holdings Corp. (a)		354
	13	Genesco, Inc. (a)		726
	12	Group 1 Automotive, Inc.		912
	146	Guess?, Inc.		2,747
	9	Haverty Furniture Cos., Inc.		192
	17	Kirkland’s, Inc.		243
	30	Lithia Motors, Inc., Class A		3,181
	36	Murphy USA, Inc. (a)		2,169
	426	Office Depot, Inc. (a)		2,402
	36	Outerwall, Inc.		1,304
	27	Select Comfort Corp. (a)		567
	15	Vitamin Shoppe, Inc. (a)		495
	42	Williams-Sonoma, Inc.		2,447
				38,922
		Textiles, Apparel & Luxury Goods — 0.9%
	34	Carter’s, Inc.		2,991
	37	Crocs, Inc. (a)		382
	14	Deckers Outdoor Corp. (a)		670
	21	G-III Apparel Group Ltd. (a)		934
	9	Movado Group, Inc.		229
	7	Oxford Industries, Inc.		447
	52	Perry Ellis International, Inc. (a)		961
	73	Skechers U.S.A., Inc., Class A (a)		2,198
	29	Steven Madden Ltd. (a)		890
	46	Wolverine World Wide, Inc.		765
				10,467
		Total Consumer Discretionary		124,539
		Consumer Staples — 3.5%
		Food & Staples Retailing — 0.7%
	45	Andersons, Inc. (The)		1,408
	20	Casey’s General Stores, Inc.		2,464
	111	SpartanNash Co.		2,395
	238	SUPERVALU, Inc. (a)		1,617
				7,884
		Food Products — 2.0%
	30	B&G Foods, Inc.		1,063
	15	Cal-Maine Foods, Inc.		680
	50	Darling Ingredients, Inc. (a)		526
	182	Dean Foods Co.		3,118
	65	Flowers Foods, Inc.		1,393
	36	Hain Celestial Group, Inc. (The) (a)		1,470

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — continued
	73	Ingredion, Inc.		7,041
	7	J&J Snack Foods Corp.		828
	31	Post Holdings, Inc. (a)		1,900
	7	Sanderson Farms, Inc.		521
	16	Seneca Foods Corp., Class A (a)		468
	86	WhiteWave Foods Co. (The) (a)		3,354
				22,362
		Household Products — 0.6%
	107	Central Garden & Pet Co., Class A (a)		1,458
	48	Church & Dwight Co., Inc.		4,098
	33	Energizer Holdings, Inc.		1,112
				6,668
		Personal Products — 0.1%
	206	Avon Products, Inc.		836
	7	Medifast, Inc.		211
				1,047
		Tobacco — 0.1%
	12	Universal Corp.		645
		Total Consumer Staples		38,606
		Energy — 3.1%
		Energy Equipment & Services — 1.4%
	33	Archrock, Inc.		245
	28	Atwood Oceanics, Inc.		288
	16	Basic Energy Services, Inc. (a)		42
	54	Bristow Group, Inc.		1,407
	11	Dril-Quip, Inc. (a)		658
	16	Exterran Corp. (a)		262
	58	Gulf Island Fabrication, Inc.		611
	206	Helix Energy Solutions Group, Inc. (a)		1,082
	16	Hornbeck Offshore Services, Inc. (a)		158
	66	Matrix Service Co. (a)		1,361
	143	Nabors Industries Ltd., (Bermuda)		1,213
	124	Noble Corp. plc, (United Kingdom)		1,311
	48	Oceaneering International, Inc.		1,804
	24	Oil States International, Inc. (a)		656
	65	Patterson-UTI Energy, Inc.		979
	30	Pioneer Energy Services Corp. (a)		65
	64	Rowan Cos. plc, Class A		1,076
	160	Superior Energy Services, Inc.		2,155
	16	Tesco Corp.		112
	26	Tidewater, Inc.		182
	21	Unit Corp. (a)		261
				15,928

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 1.7%
	23	Bill Barrett Corp. (a)		90
	148	California Resources Corp.		344
	23	Carrizo Oil & Gas, Inc. (a)		684
	7	Contango Oil & Gas Co. (a)		44
	94	Denbury Resources, Inc.		190
	27	Energen Corp.		1,103
	20	Green Plains, Inc.		446
	142	Gulfport Energy Corp. (a)		3,494
	136	HollyFrontier Corp.		5,423
	6	PDC Energy, Inc. (a)		342
	83	QEP Resources, Inc.		1,116
	10	SM Energy Co.		195
	64	Stone Energy Corp. (a)		277
	34	Western Refining, Inc.		1,211
	44	World Fuel Services Corp.		1,699
	278	WPX Energy, Inc. (a)		1,595
				18,253
		Total Energy		34,181
		Financials — 24.8%
		Banks — 6.7%
	168	Associated Banc-Corp.		3,159
	57	BancorpSouth, Inc.		1,359
	34	Bank of Hawaii Corp.		2,147
	29	Bank of the Ozarks, Inc.		1,431
	9	Banner Corp.		405
	40	BBCN Bancorp, Inc.		689
	40	Boston Private Financial Holdings, Inc.		458
	42	Cathay General Bancorp		1,311
	33	Columbia Banking System, Inc.		1,071
	2	Commerce Bancshares, Inc.		98
	22	Community Bank System, Inc.		869
	45	CVB Financial Corp.		756
	164	East West Bancorp, Inc.		6,801
	27	First Financial Bancorp		485
	38	First Midwest Bancorp, Inc.		695
	9	First NBC Bank Holding Co. (a)		344
	246	First Niagara Financial Group, Inc.		2,672
	219	FirstMerit Corp.		4,093
	31	FNB Corp.		409
	108	Fulton Financial Corp.		1,408
	41	Hancock Holding Co.		1,042
	74	Hanmi Financial Corp.		1,750
	22	Home BancShares, Inc.		890
	11	Independent Bank Corp.		502
	20	LegacyTexas Financial Group, Inc.		493

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	28	MB Financial, Inc.		921
	18	NBT Bancorp, Inc.		508
	11	Old National Bancorp		143
	122	PacWest Bancorp		5,259
	18	Pinnacle Financial Partners, Inc.		911
	33	PrivateBancorp, Inc.		1,369
	23	Prosperity Bancshares, Inc.		1,090
	23	Signature Bank (a)		3,574
	19	Simmons First National Corp., Class A		976
	222	Sterling Bancorp		3,594
	45	SVB Financial Group (a)		5,386
	161	Synovus Financial Corp.		5,223
	85	TCF Financial Corp.		1,200
	10	Texas Capital Bancshares, Inc. (a)		494
	6	Tompkins Financial Corp.		333
	41	Trustmark Corp.		949
	20	UMB Financial Corp.		908
	157	Umpqua Holdings Corp.		2,498
	22	United Community Banks, Inc.		423
	45	Webster Financial Corp.		1,657
	29	Wilshire Bancorp, Inc.		333
	24	Wintrust Financial Corp.		1,156
				74,242
		Capital Markets — 2.1%
	26	Eaton Vance Corp.		859
	73	Evercore Partners, Inc., Class A		3,920
	15	HFF, Inc., Class A		481
	8	Piper Jaffray Cos. (a)		307
	120	Raymond James Financial, Inc.		6,972
	157	SEI Investments Co.		8,229
	30	Stifel Financial Corp. (a)		1,285
	4	Virtus Investment Partners, Inc.		446
	42	Waddell & Reed Financial, Inc., Class A		1,213
				23,712
		Consumer Finance — 0.3%
	28	Cash America International, Inc.		849
	11	Encore Capital Group, Inc. (a)		316
	4	First Cash Financial Services, Inc. (a)		154
	22	Green Dot Corp., Class A (a)		363
	206	SLM Corp. (a)		1,343
				3,025
		Diversified Financial Services — 1.1%
	50	CBOE Holdings, Inc.		3,261
	19	MarketAxess Holdings, Inc.		2,064

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 17

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Diversified Financial Services — continued
	100	MSCI, Inc.		7,235
				12,560
		Insurance — 4.5%
	8	Alleghany Corp. (a)		3,854
	68	American Financial Group, Inc.		4,928
	9	AMERISAFE, Inc.		464
	20	Arthur J. Gallagher & Co.		823
	83	Aspen Insurance Holdings Ltd., (Bermuda)		4,025
	46	Brown & Brown, Inc.		1,477
	78	eHealth, Inc. (a)		782
	37	Everest Re Group Ltd., (Bermuda)		6,823
	135	First American Financial Corp.		4,832
	70	Hanover Insurance Group, Inc. (The)		5,664
	6	Navigators Group, Inc. (The) (a)		553
	266	Old Republic International Corp.		4,963
	58	Reinsurance Group of America, Inc.		4,970
	28	Selective Insurance Group, Inc.		950
	5	StanCorp Financial Group, Inc.		571
	10	Stewart Information Services Corp.		364
	20	United Fire Group, Inc.		751
	17	Universal Insurance Holdings, Inc.		394
	46	W.R. Berkley Corp.		2,533
				49,721
		Real Estate Investment Trusts (REITs) — 9.0%
	23	Acadia Realty Trust		747
	32	Alexandria Real Estate Equities, Inc.		2,886
	18	American Assets Trust, Inc.		706
	53	American Campus Communities, Inc.		2,177
	227	BioMed Realty Trust, Inc.		5,377
	22	Camden Property Trust		1,655
	36	Cedar Realty Trust, Inc.		256
	27	Chesapeake Lodging Trust		679
	19	CoreSite Realty Corp.		1,049
	37	Corporate Office Properties Trust		815
	66	Corrections Corp. of America		1,749
	126	Cousins Properties, Inc.		1,191
	354	DiamondRock Hospitality Co.		3,415
	161	Duke Realty Corp.		3,384
	5	EastGroup Properties, Inc.		270
	24	EPR Properties		1,398
	31	Equity One, Inc.		841
	88	Extra Space Storage, Inc.		7,795
	10	Federal Realty Investment Trust		1,481
	37	Franklin Street Properties Corp.		382

SHARES			SECURITY DESCRIPTION	VALUE($)
			Real Estate Investment Trusts (REITs) — continued
	35		GEO Group, Inc. (The)		1,006
	13		Getty Realty Corp.		231
	20		Government Properties Income Trust		313
	39		Healthcare Realty Trust, Inc.		1,118
	67		Highwoods Properties, Inc.		2,917
	74		Hospitality Properties Trust		1,928
	40		Inland Real Estate Corp.		421
	79		Kilroy Realty Corp.		5,028
	153		Kite Realty Group Trust		3,978
	148		LaSalle Hotel Properties		3,729
	58		Liberty Property Trust		1,813
	45		Mack-Cali Realty Corp.		1,046
	76		Mid-America Apartment Communities, Inc.		6,877
	11		Parkway Properties, Inc.		172
	56		Post Properties, Inc.		3,319
	72		Potlatch Corp.		2,184
	18		PS Business Parks, Inc.		1,605
	46		Regency Centers Corp.		3,123
	50		Retail Opportunity Investments Corp.		900
	6		Saul Centers, Inc.		312
	95		Senior Housing Properties Trust		1,414
	16		Sovran Self Storage, Inc.		1,672
	94		Summit Hotel Properties, Inc.		1,120
	48		Tanger Factory Outlet Centers, Inc.		1,560
	68		Taubman Centers, Inc.		5,239
	129		UDR, Inc.		4,830
	6		Universal Health Realty Income Trust		318
	12		Urstadt Biddle Properties, Inc., Class A		229
	62		Weingarten Realty Investors		2,153
	82		WP Glimcher, Inc.		868
					99,676
			Real Estate Management & Development — 0.8%
	48		Alexander & Baldwin, Inc.		1,682
	47		Jones Lang LaSalle, Inc.		7,583
	—	(h)	RMR Group, Inc. (The), Class A (a)		—	(h)
					9,265
			Thrifts & Mortgage Finance — 0.3%
	71		BofI Holding, Inc. (a)		1,499
	44		New York Community Bancorp, Inc.		714
	27		Provident Financial Services, Inc.		550
	46		TrustCo Bank Corp.		282
	15		Walker & Dunlop, Inc. (a)		441
					3,486
			Total Financials		275,687

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care — 11.2%
		Biotechnology — 1.1%
	86	Acorda Therapeutics, Inc. (a)		3,683
	14	Emergent BioSolutions, Inc. (a)		556
	154	Momenta Pharmaceuticals, Inc. (a)		2,287
	40	United Therapeutics Corp. (a)		6,198
				12,724
		Health Care Equipment & Supplies — 3.9%
	19	ABIOMED, Inc. (a)		1,733
	40	Align Technology, Inc. (a)		2,654
	14	CONMED Corp.		634
	26	Cooper Cos., Inc. (The)		3,476
	10	Cynosure, Inc., Class A (a)		460
	12	Greatbatch, Inc. (a)		630
	85	Hill-Rom Holdings, Inc.		4,075
	237	Hologic, Inc. (a)		9,185
	19	ICU Medical, Inc. (a)		2,098
	12	IDEXX Laboratories, Inc. (a)		890
	14	LivaNova plc, (United Kingdom) (a)		831
	79	Masimo Corp. (a)		3,259
	17	Natus Medical, Inc. (a)		812
	26	NuVasive, Inc. (a)		1,396
	73	ResMed, Inc.		3,909
	62	Sirona Dental Systems, Inc. (a)		6,749
	4	West Pharmaceutical Services, Inc.		259
				43,050
		Health Care Providers & Services — 3.7%
	20	AMN Healthcare Services, Inc. (a)		623
	23	Amsurg Corp. (a)		1,782
	78	Centene Corp. (a)		5,138
	103	Community Health Systems, Inc. (a)		2,719
	6	CorVel Corp. (a)		272
	40	Cross Country Healthcare, Inc. (a)		649
	16	Ensign Group, Inc. (The)		370
	73	Health Net, Inc. (a)		5,003
	72	Kindred Healthcare, Inc.		863
	60	LifePoint Health, Inc. (a)		4,411
	29	Magellan Health, Inc. (a)		1,792
	48	MEDNAX, Inc. (a)		3,417
	50	Molina Healthcare, Inc. (a)		3,024
	21	Owens & Minor, Inc.		770
	91	PharMerica Corp. (a)		3,189
	5	Providence Service Corp. (The) (a)		225
	100	VCA, Inc. (a)		5,520
	23	WellCare Health Plans, Inc. (a)		1,760
				41,527

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Technology — 0.4%
	220	Allscripts Healthcare Solutions, Inc. (a)		3,382
	17	Omnicell, Inc. (a)		531
	22	Quality Systems, Inc.		355
				4,268
		Life Sciences Tools & Services — 1.0%
	37	Affymetrix, Inc. (a)		374
	11	Bio-Rad Laboratories, Inc., Class A (a)		1,484
	17	Cambrex Corp. (a)		786
	29	Charles River Laboratories International, Inc. (a)		2,339
	14	Mettler-Toledo International, Inc. (a)		4,850
	29	PAREXEL International Corp. (a)		2,005
				11,838
		Pharmaceuticals — 1.1%
	127	Akorn, Inc. (a)		4,727
	13	Catalent, Inc. (a)		315
	35	Impax Laboratories, Inc. (a)		1,475
	107	Medicines Co. (The) (a)		4,007
	26	Prestige Brands Holdings, Inc. (a)		1,322
				11,846
		Total Health Care		125,253
		Industrials — 15.7%
		Aerospace & Defense — 1.8%
	15	AAR Corp.		391
	33	Aerojet Rocketdyne Holdings, Inc. (a)		510
	4	B/E Aerospace, Inc.		159
	12	Cubic Corp.		557
	30	Curtiss-Wright Corp.		2,069
	10	Engility Holdings, Inc.		329
	60	Huntington Ingalls Industries, Inc.		7,555
	16	Moog, Inc., Class A (a)		993
	6	National Presto Industries, Inc.		514
	47	Orbital ATK, Inc.		4,182
	19	Teledyne Technologies, Inc. (a)		1,650
	19	Triumph Group, Inc.		739
				19,648
		Air Freight & Logistics — 0.4%
	37	Atlas Air Worldwide Holdings, Inc. (a)		1,517
	101	Hub Group, Inc., Class A (a)		3,314
				4,831
		Airlines — 1.4%
	78	Alaska Air Group, Inc.		6,275
	105	Hawaiian Holdings, Inc. (a)		3,699

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 19

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Airlines — continued
	224	JetBlue Airways Corp. (a)		5,073
				15,047
		Building Products — 1.7%
	94	A.O. Smith Corp.		7,194
	36	American Woodmark Corp. (a)		2,895
	54	Fortune Brands Home & Security, Inc.		3,008
	17	Gibraltar Industries, Inc. (a)		428
	27	Lennox International, Inc.		3,405
	43	Quanex Building Products Corp.		888
	10	Universal Forest Products, Inc.		662
				18,480
		Commercial Services & Supplies — 1.9%
	29	ABM Industries, Inc.		834
	46	Copart, Inc. (a)		1,760
	24	Deluxe Corp.		1,300
	108	Essendant, Inc.		3,500
	30	Herman Miller, Inc.		874
	22	HNI Corp.		781
	77	Interface, Inc.		1,472
	15	Matthews International Corp., Class A		784
	305	R.R. Donnelley & Sons Co.		4,483
	137	Tetra Tech, Inc.		3,564
	12	US Ecology, Inc.		437
	43	Viad Corp.		1,224
				21,013
		Construction & Engineering — 1.4%
	162	AECOM (a)		4,855
	117	Aegion Corp. (a)		2,254
	19	Comfort Systems USA, Inc.		527
	17	Dycom Industries, Inc. (a)		1,182
	72	EMCOR Group, Inc.		3,462
	209	KBR, Inc.		3,528
				15,808
		Electrical Equipment — 1.1%
	13	AZZ, Inc.		695
	50	EnerSys		2,781
	213	General Cable Corp.		2,855
	22	Hubbell, Inc.		2,262
	61	Regal Beloit Corp.		3,572
				12,165
		Industrial Conglomerates — 0.2%
	31	Carlisle Cos., Inc.		2,725

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — 2.7%
	42	AGCO Corp.		1,921
	14	Albany International Corp., Class A		512
	95	Barnes Group, Inc.		3,366
	22	Briggs & Stratton Corp.		374
	75	Crane Co.		3,570
	31	Federal Signal Corp.		493
	33	IDEX Corp.		2,497
	107	ITT Corp.		3,883
	14	John Bean Technologies Corp.		702
	40	Kennametal, Inc.		764
	15	Lincoln Electric Holdings, Inc.		752
	8	Lydall, Inc. (a)		288
	30	Mueller Industries, Inc.		799
	20	SPX Corp.		185
	20	SPX FLOW, Inc. (a)		552
	7	Standex International Corp.		549
	10	Tennant Co.		543
	96	Terex Corp.		1,776
	41	Timken Co. (The)		1,162
	9	Toro Co. (The)		650
	85	Trinity Industries, Inc.		2,049
	4	Valmont Industries, Inc.		456
	34	Wabtec Corp.		2,420
	6	Watts Water Technologies, Inc., Class A		283
				30,546
		Marine — 0.3%
	86	Matson, Inc.		3,671
		Professional Services — 1.9%
	16	CEB, Inc.		987
	19	FTI Consulting, Inc. (a)		644
	40	Heidrick & Struggles International, Inc.		1,077
	61	Insperity, Inc.		2,927
	25	Korn/Ferry International		817
	73	ManpowerGroup, Inc.		6,169
	21	On Assignment, Inc. (a)		957
	63	Resources Connection, Inc.		1,025
	33	Towers Watson & Co., Class A		4,229
	77	TrueBlue, Inc. (a)		1,977
				20,809
		Road & Rail — 0.4%
	114	ArcBest Corp.		2,439
	22	Landstar System, Inc.		1,318
	7	Old Dominion Freight Line, Inc. (a)		407
	12	Roadrunner Transportation Systems, Inc. (a)		113
				4,277

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Trading Companies & Distributors — 0.5%
	21	Applied Industrial Technologies, Inc.		862
	9	GATX Corp.		375
	3	MSC Industrial Direct Co., Inc., Class A		158
	56	NOW, Inc. (a)		889
	37	Veritiv Corp. (a)		1,329
	13	Watsco, Inc.		1,546
				5,159
		Total Industrials		174,179
		Information Technology — 17.4%
		Communications Equipment — 1.1%
	27	ADTRAN, Inc.		472
	73	ARRIS Group, Inc. (a)		2,241
	27	Bel Fuse, Inc., Class B		467
	61	Ciena Corp. (a)		1,256
	7	Comtech Telecommunications Corp.		141
	73	Digi International, Inc. (a)		826
	17	InterDigital, Inc.		848
	130	Ixia (a)		1,618
	22	Lumentum Holdings, Inc. (a)		485
	18	NETGEAR, Inc. (a)		752
	51	NetScout Systems, Inc. (a)		1,553
	117	Polycom, Inc. (a)		1,470
				12,129
		Electronic Equipment, Instruments & Components — 4.6%
	14	Anixter International, Inc. (a)		839
	122	Arrow Electronics, Inc. (a)		6,623
	152	Avnet, Inc.		6,509
	21	Belden, Inc.		998
	158	Benchmark Electronics, Inc. (a)		3,270
	88	Checkpoint Systems, Inc.		553
	54	Coherent, Inc. (a)		3,529
	7	DTS, Inc. (a)		158
	13	Electro Scientific Industries, Inc. (a)		66
	72	Fabrinet, (Thailand) (a)		1,710
	7	II-VI, Inc. (a)	��	138
	174	Ingram Micro, Inc., Class A		5,291
	120	Insight Enterprises, Inc. (a)		3,010
	98	Jabil Circuit, Inc.		2,287
	177	Keysight Technologies, Inc. (a)		5,000
	11	Littelfuse, Inc.		1,199
	18	Methode Electronics, Inc.		581
	10	OSI Systems, Inc. (a)		869
	11	Park Electrochemical Corp.		161

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — continued
	16	Plexus Corp. (a)		569
	15	Rofin-Sinar Technologies, Inc. (a)		390
	80	Sanmina Corp. (a)		1,644
	22	SYNNEX Corp.		1,988
	17	Tech Data Corp. (a)		1,115
	107	Trimble Navigation Ltd. (a)		2,294
	72	Vishay Intertechnology, Inc.		866
				51,657
		Internet Software & Services — 0.5%
	82	Blucora, Inc. (a)		805
	14	j2 Global, Inc.		1,152
	122	Liquidity Services, Inc. (a)		790
	13	LogMeIn, Inc. (a)		852
	38	Monster Worldwide, Inc. (a)		215
	17	NIC, Inc.		339
	42	Rackspace Hosting, Inc. (a)		1,063
				5,216
		IT Services — 4.5%
	136	Broadridge Financial Solutions, Inc.		7,323
	46	CACI International, Inc., Class A (a)		4,278
	7	Cardtronics, Inc. (a)		235
	168	Computer Sciences Corp.		5,484
	49	Convergys Corp.		1,232
	124	CoreLogic, Inc. (a)		4,212
	50	ExlService Holdings, Inc. (a)		2,245
	135	Global Payments, Inc.		8,685
	29	Heartland Payment Systems, Inc.		2,746
	84	Leidos Holdings, Inc.		4,726
	17	MAXIMUS, Inc.		951
	28	NeuStar, Inc., Class A (a)		662
	22	Science Applications International Corp.		1,003
	108	Sykes Enterprises, Inc. (a)		3,314
	12	TeleTech Holdings, Inc.		335
	28	VeriFone Systems, Inc. (a)		785
	20	WEX, Inc. (a)		1,733
				49,949
		Semiconductors & Semiconductor Equipment — 2.0%
	22	Advanced Energy Industries, Inc. (a)		629
	779	Advanced Micro Devices, Inc. (a)		2,236
	234	Atmel Corp.		2,013
	12	Cabot Microelectronics Corp. (a)		523
	33	Cirrus Logic, Inc. (a)		964
	88	Cohu, Inc.		1,066

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 21

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	17	Diodes, Inc. (a)		398
	72	Integrated Device Technology, Inc. (a)		1,903
	260	Kulicke & Soffa Industries, Inc., (Singapore) (a)		3,038
	70	Microsemi Corp. (a)		2,265
	32	MKS Instruments, Inc.		1,147
	59	Nanometrics, Inc. (a)		892
	18	Rudolph Technologies, Inc. (a)		249
	113	SunEdison, Inc. (a)		574
	19	Synaptics, Inc. (a)		1,494
	109	Teradyne, Inc.		2,243
	13	Ultratech, Inc. (a)		267
				21,901
		Software — 4.1%
	2	ANSYS, Inc. (a)		213
	17	Bottomline Technologies de, Inc. (a)		491
	145	Cadence Design Systems, Inc. (a)		3,012
	104	CDK Global, Inc.		4,918
	21	CommVault Systems, Inc. (a)		838
	16	EPIQ Systems, Inc.		215
	14	Fair Isaac Corp.		1,333
	88	Fortinet, Inc. (a)		2,743
	25	Mentor Graphics Corp.		462
	16	MicroStrategy, Inc., Class A (a)		2,914
	107	Progress Software Corp. (a)		2,558
	134	PTC, Inc. (a)		4,641
	227	Rovi Corp. (a)		3,782
	34	SolarWinds, Inc. (a)		2,001
	35	Solera Holdings, Inc.		1,919
	159	Synopsys, Inc. (a)		7,253
	118	Take-Two Interactive Software, Inc. (a)		4,120
	10	Tyler Technologies, Inc. (a)		1,743
				45,156
		Technology Hardware, Storage & Peripherals — 0.6%
	27	Diebold, Inc.		811
	57	Lexmark International, Inc., Class A		1,838
	183	NCR Corp. (a)		4,469
				7,118
		Total Information Technology		193,126
		Materials — 6.1%
		Chemicals — 3.2%
	16	A Schulman, Inc.		493
	56	Albemarle Corp.		3,137
	34	Ashland, Inc.		3,510
	107	Cabot Corp.		4,388

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
	125	FutureFuel Corp.		1,690
	10	Innophos Holdings, Inc.		290
	65	Innospec, Inc.		3,514
	60	Koppers Holdings, Inc. (a)		1,086
	17	Kraton Performance Polymers, Inc. (a)		289
	20	Minerals Technologies, Inc.		919
	41	Olin Corp.		712
	7	Quaker Chemical Corp.		503
	21	Rayonier Advanced Materials, Inc.		208
	115	RPM International, Inc.		5,062
	69	Scotts Miracle-Gro Co. (The), Class A		4,471
	56	Stepan Co.		2,796
	37	Valspar Corp. (The)		3,107
				36,175
		Containers & Packaging — 1.0%
	31	AptarGroup, Inc.		2,281
	51	Bemis Co., Inc.		2,288
	50	Packaging Corp. of America		3,168
	33	Silgan Holdings, Inc.		1,775
	32	Sonoco Products Co.		1,304
				10,816
		Metals & Mining — 1.1%
	12	Carpenter Technology Corp.		372
	163	Commercial Metals Co.		2,236
	34	Ferroglobe plc, (United Kingdom)		370
	14	Kaiser Aluminum Corp.		1,143
	85	Reliance Steel & Aluminum Co.		4,939
	148	Steel Dynamics, Inc.		2,637
	27	Worthington Industries, Inc.		815
				12,512
		Paper & Forest Products — 0.8%
	64	Boise Cascade Co. (a)		1,634
	32	Domtar Corp., (Canada)		1,200
	45	KapStone Paper & Packaging Corp.		1,010
	10	Neenah Paper, Inc.		593
	22	PH Glatfelter Co.		402
	90	Schweitzer-Mauduit International, Inc.		3,789
				8,628
		Total Materials		68,131
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.2%
	43	8x8, Inc. (a)		497
	6	Atlantic Tele-Network, Inc.		438

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Diversified Telecommunication Services — continued
	92	General Communication, Inc., Class A (a)		1,810
				2,745
		Wireless Telecommunication Services — 0.4%
	47	Spok Holdings, Inc.		854
	139	Telephone & Data Systems, Inc.		3,593
				4,447
		Total Telecommunication Services		7,192
		Utilities — 4.4%
		Electric Utilities — 1.3%
	43	El Paso Electric Co.		1,667
	154	Great Plains Energy, Inc.		4,202
	101	Hawaiian Electric Industries, Inc.		2,924
	46	IDACORP, Inc.		3,099
	70	OGE Energy Corp.		1,846
	14	Westar Energy, Inc.		589
				14,327
		Gas Utilities — 2.0%
	106	Atmos Energy Corp.		6,680
	23	National Fuel Gas Co.		968
	135	New Jersey Resources Corp.		4,450
	87	Questar Corp.		1,697
	26	Southwest Gas Corp.		1,459
	193	UGI Corp.		6,528
	5	WGL Holdings, Inc.		296
				22,078

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — 1.0%
	56	Alliant Energy Corp.		3,513
	46	Avista Corp.		1,631
	5	Black Hills Corp.		248
		Multi-Utilities — continued
	69	MDU Resources Group, Inc.		1,261
	20	NorthWestern Corp.		1,076
	98	Vectren Corp.		4,140
				11,869
		Water Utilities — 0.1%
	20	American States Water Co.		832
		Total Utilities		49,106
		Total Common Stocks (Cost $842,343)		1,090,000
SHARES
	Short-Term Investment — 2.0%
		Investment Company — 2.0%
	21,750	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $21,750)		21,750
		Total Investments — 100.0% (Cost $864,093)		1,111,750
		Liabilities in Excess of Other Assets — 0.0% (c) (g)		(56	)
		NET ASSETS — 100.0%	$	1,111,694

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	47	E-mini Russell 2000		03/18/16		USD	$	5,318	$	20
	115	S&P Mid Cap 400		03/18/16		USD		16,025		46
									$	66

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 23

J.P. Morgan Equity Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

CVR	—  Contingent Value Rights
PDC	—  Property Development Center
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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).
(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, 2015.
(q)	—  Investment in affiliate which is a security in the Fund’s index.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands, except per share amounts)

	Equity Index Fund		Market Expansion Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	1,539,592	$	1,090,000
Investments in affiliates, at value		29,876		21,750
Total investment securities, at value		1,569,468		1,111,750
Cash		3		14
Deposits at broker for futures contracts		—		1,372
Receivables:
Investment securities sold		—		69
Fund shares sold		2,393		1,470
Dividends from non-affiliates		2,124		1,043
Dividends from affiliates		1		2
Total Assets		1,573,989		1,115,720
LIABILITIES:
Payables:
Investment securities purchased		201		1,658
Fund shares redeemed		12,089		1,608
Variation margin on futures contracts		86		222
Accrued liabilities:
Investment advisory fees		121		168
Administration fees		—		32
Distribution fees		187		40
Shareholder servicing fees		19		181
Custodian and accounting fees		25		34
Trustees’ and Chief Compliance Officer’s fees		4		3
Other		290		80
Total Liabilities		13,022		4,026
Net Assets	$	1,560,967	$	1,111,694

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	Equity Index Fund			Market Expansion Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	515,080		$	851,368
Accumulated undistributed (distributions in excess of) net investment income		236			79
Accumulated net realized gains (losses)		(7,488	)		12,524
Net unrealized appreciation (depreciation)		1,053,139			247,723
Total Net Assets	$	1,560,967		$	1,111,694
Net Assets:
Class A	$	613,004		$	98,932
Class C		88,872			23,007
Class R2		—			10,327
Select Class		859,091			979,428
Total	$	1,560,967		$	1,111,694
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		17,818			9,798
Class C		2,603			2,615
Class R2		—			1,034
Select Class		24,949			96,073
Net Asset Value (a):
Class A — Redemption price per share	$	34.40		$	10.10
Class C — Offering price per share (b)		34.14			8.80
Class R2 — Offering and redemption price per share		—			9.98
Select Class — Offering and redemption price per share		34.43			10.19
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)]	$	36.31		$	10.66
Cost of investments in non-affiliates	$	500,744		$	842,343
Cost of investments in affiliates		15,743			21,750

(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, 2015 J.P. MORGAN EQUITY FUNDS 26

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

	Equity Index Fund			Market Expansion Enhanced Index Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	20,835		$	9,485
Dividend income from affiliates		322			15
Total investment income		21,157			9,500
EXPENSES:
Investment advisory fees		2,170			1,595
Administration fees		710			522
Distribution fees:
Class A		793			130
Class C		336			88
Class R2		—			25
Shareholder servicing fees:
Class A		793			130
Class C		112			29
Class R2		—			13
Select Class		1,265			1,423
Custodian and accounting fees		39			44
Interest expense to affiliates		—	(a)		—
Professional fees		24			27
Trustees’ and Chief Compliance Officer’s fees		10			7
Printing and mailing costs		63			27
Registration and filing fees		43			37
Transfer agent fees (See Note 2.E.)		137			27
Sub-transfer agent fees (See Note 2.E.)		465			123
Other		16			15
Total expenses		6,976			4,262
Less fees waived		(3,926	)		(1,216	)
Less expense reimbursements		(82	)		(4	)
Net expenses		2,968			3,042
Net investment income (loss)		18,189			6,458
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		183,348			49,784
Investments in affiliates		2,326			—
Futures		227			(4,873	)
Net realized gain (loss)		185,901			44,911
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(211,093	)		(119,543	)
Investments in affiliates		(3,155	)		—
Futures		297			1,026
Change in net unrealized appreciation/depreciation		(213,951	)		(118,517	)
Net realized/unrealized gains (losses)		(28,050	)		(73,606	)
Change in net assets resulting from operations	$	(9,861	)	$	(67,148	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 27

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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	18,189		$	33,964		$	6,458		$	14,127
Net realized gain (loss)		185,901			110,392			44,911			242,784
Change in net unrealized appreciation/depreciation		(213,951	)		(9,524	)		(118,517	)		(155,127	)
Change in net assets resulting from operations		(9,861	)		134,832			(67,148	)		101,784
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(6,600	)		(11,348	)		(453	)		(844	)
From net realized gains		(93,301	)		(50,028	)		(17,264	)		(12,480	)
Class B (a)
From net investment income		—			(49	)		—			(2	)
From net realized gains		—			(558	)		—			(117	)
Class C
From net investment income		(621	)		(769	)		(46	)		(56	)
From net realized gains		(13,966	)		(5,873	)		(4,521	)		(2,944	)
Class R2
From net investment income		—			—			(36	)		(52	)
From net realized gains		—			—			(1,808	)		(1,023	)
Select Class
From net investment income		(11,436	)		(20,780	)		(5,989	)		(12,714	)
From net realized gains		(137,624	)		(78,050	)		(180,035	)		(154,236	)
Total distributions to shareholders		(263,548	)		(167,455	)		(210,152	)		(184,468	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(58,530	)		22,791			41,669			(134,019	)
NET ASSETS:
Change in net assets		(331,939	)		(9,832	)		(235,631	)		(216,703	)
Beginning of period		1,892,906			1,902,738			1,347,325			1,564,028
End of period	$	1,560,967		$	1,892,906		$	1,111,694		$	1,347,325
Accumulated undistributed (distributions in excess of) net investment income	$	236		$	704		$	79		$	145

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

	Equity Index Fund						Market Expansion Enhanced Index Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	51,329		$	158,207		$	12,091		$	25,488
Distributions reinvested		98,934			60,975			14,675			11,511
Cost of shares redeemed		(126,361	)		(219,378	)		(14,638	)		(38,207	)
Conversion from Class B Shares		—			6,841			—			777
Change in net assets resulting from Class A capital transactions	$	23,902		$	6,645		$	12,128		$	(431	)
Class B (a)
Proceeds from shares issued	$	—		$	17		$	—		$	7
Distributions reinvested		—			596			—			112
Cost of shares redeemed		—			(3,758	)		—			(588	)
Conversion to Class A Shares		—			(6,841	)		—			(777	)
Change in net assets resulting from Class B capital transactions	$	—		$	(9,986	)	$	—		$	(1,246	)
Class C
Proceeds from shares issued	$	17,543		$	24,847		$	4,163		$	4,923
Distributions reinvested		11,171			4,994			3,927			2,477
Cost of shares redeemed		(13,687	)		(17,097	)		(2,884	)		(5,356	)
Change in net assets resulting from Class C capital transactions	$	15,027		$	12,744		$	5,206		$	2,044
Class R2
Proceeds from shares issued	$	—		$	—		$	2,991		$	3,758
Distributions reinvested		—			—			1,477			811
Cost of shares redeemed		—			—			(1,699	)		(2,943	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	2,769		$	1,626
Select Class
Proceeds from shares issued	$	92,682		$	251,960		$	62,218		$	132,492
Distributions reinvested		121,595			81,977			119,168			85,971
Cost of shares redeemed		(311,736	)		(320,549	)		(159,820	)		(354,475	)
Change in net assets resulting from Select Class capital transactions	$	(97,459	)	$	13,388		$	21,566		$	(136,012	)
Total change in net assets resulting from capital transactions	$	(58,530	)	$	22,791		$	41,669		$	(134,019	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		1,299			3,776			1,051			1,951
Reinvested		2,897			1,513			1,460			951
Redeemed		(3,138	)		(5,261	)		(1,196	)		(2,908	)
Conversion from Class B Shares		—			162			—			58
Change in Class A Shares		1,058			190			1,315			52
Class B (a)
Issued		—			—	(b)		—			1
Reinvested		—			15			—			9
Redeemed		—			(90	)		—			(46	)
Conversion to Class A Shares		—			(163	)		—			(62	)
Change in Class B Shares		—			(238	)		—			(98	)
Class C
Issued		461			599			397			419
Reinvested		330			125			450			229
Redeemed		(362	)		(411	)		(272	)		(456	)
Change in Class C Shares		429			313			575			192
Class R2
Issued		—			—			253			289
Reinvested		—			—			149			68
Redeemed		—			—			(141	)		(226	)
Change in Class R2 Shares		—			—			261			131
Select Class
Issued		2,381			6,036			5,348			10,188
Reinvested		3,552			2,029			11,733			7,034
Redeemed		(8,082	)		(7,663	)		(12,984	)		(26,696	)
Change in Select Class Shares		(2,149	)		402			4,097			(9,474	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

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

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2015 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, 2015 (Unaudited)	$	41.12	$	0.40	(f)	$	(0.55	)	$	(0.15	)	$	(0.39	)	$	(6.18	)	$	(6.57	)
Year Ended June 30, 2015		41.94		0.68	(f)		2.11			2.79			(0.66	)		(2.95	)		(3.61	)
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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		40.86		0.25	(f)		(0.54	)		(0.29	)		(0.25	)		(6.18	)		(6.43	)
Year Ended June 30, 2015		41.72		0.37	(f)		2.09			2.46			(0.37	)		(2.95	)		(3.32	)
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	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		41.14		0.45	(f)		(0.54	)		(0.09	)		(0.44	)		(6.18	)		(6.62	)
Year Ended June 30, 2015		41.96		0.79	(f)		2.10			2.89			(0.76	)		(2.95	)		(3.71	)
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	)

(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, 2015

		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)
$	34.40		(0.07	)%	$	613,004		0.45	%		2.01	%		0.95	%		2	%
	41.12		6.94			689,107		0.45			1.63			0.92			5
	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
	34.14		(0.44	)		88,872		1.20			1.28			1.43			2
	40.86		6.15			88,842		1.20			0.88			1.41			5
	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
	34.43		0.08			859,091		0.20			2.24			0.66			2
	41.14		7.19			1,114,957		0.20			1.88			0.66			5
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)	$	12.98	$	0.05	(f)	$	(0.74	)	$	(0.69	)	$	(0.05	)	$	(2.14	)	$	(2.19	)
Year Ended June 30, 2015		13.85		0.10	(f)		0.72			0.82			(0.10	)		(1.59	)		(1.69	)
Year Ended June 30, 2014		12.17		0.09	(f)(g)		2.81			2.90			(0.08	)		(1.14	)		(1.22	)
Year Ended June 30, 2013		10.32		0.11	(f)(h)		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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		11.62		0.01	(f)		(0.67	)		(0.66	)		(0.02	)		(2.14	)		(2.16	)
Year Ended June 30, 2015		12.58		0.01	(f)		0.65			0.66			(0.03	)		(1.59	)		(1.62	)
Year Ended June 30, 2014		11.18		—	(f)(g)(i)		2.56			2.56			(0.02	)		(1.14	)		(1.16	)
Year Ended June 30, 2013		9.55		0.03	(f)(h)		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	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		12.87		0.04	(f)		(0.75	)		(0.71	)		(0.04	)		(2.14	)		(2.18	)
Year Ended June 30, 2015		13.74		0.07	(f)		0.72			0.79			(0.07	)		(1.59	)		(1.66	)
Year Ended June 30, 2014		12.09		0.06	(f)(g)		2.78			2.84			(0.05	)		(1.14	)		(1.19	)
Year Ended June 30, 2013		10.25		0.08	(f)(h)		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	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		13.09		0.07	(f)		(0.77	)		(0.70	)		(0.06	)		(2.14	)		(2.20	)
Year Ended June 30, 2015		13.94		0.13	(f)		0.74			0.87			(0.13	)		(1.59	)		(1.72	)
Year Ended June 30, 2014		12.24		0.12	(f)(g)		2.83			2.95			(0.11	)		(1.14	)		(1.25	)
Year Ended June 30, 2013		10.37		0.14	(f)(h)		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	)

(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 remained the same for Class A, Class C, Class R2 and Select Class Shares and the net investment income (loss) ratio would have been 0.65%, (0.03)%, 0.42% and 0.90% for Class A, 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 would have been $0.09, $0.01, $0.06 and $0.12 for Class A, Class C, Class R2 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.82%, 0.13%, 0.58% and 1.07% for Class A, Class C, Class R2 and Select Class Shares, respectively.

(i) Amount rounds to less than $0.01.

(j) Amount rounds to less than 0.01%

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

		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)
$	10.10		(5.19	)%	$	98,932		0.69	%		0.82	%		0.97	%		20	%
	12.98		6.90			110,138		0.68			0.75			0.92			39
	13.85		24.96			116,727		0.69			0.68	(g)		0.87			25
	12.17		25.91			84,296		0.69			0.95	(h)		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
	8.80		(5.56	)		23,007		1.39			0.12			1.51			20
	11.62		6.25			23,705		1.38			0.06			1.44			39
	12.58		24.03			23,248		1.37			—	(g)(j)		1.37			25
	11.18		25.07			16,636		1.37			0.27	(h)		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
	9.98		(5.41	)		10,327		0.92			0.60			1.37			20
	12.87		6.75			9,946		0.91			0.53			1.26			39
	13.74		24.60			8,821		0.92			0.45	(g)		1.12			25
	12.09		25.72			6,985		0.93			0.72	(h)		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
	10.19		(5.19	)		979,428		0.44			1.06			0.62			20
	13.09		7.26			1,203,536		0.43			1.00			0.62			39
	13.94		25.26			1,413,937		0.44			0.92	(g)		0.62			25
	12.24		26.26			1,296,602		0.44			1.21	(h)		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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (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 C and Select Class	Diversified
Market Expansion Enhanced Index Fund	Class A, 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.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2 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 transfer agency, sub-transfer agency, 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.

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC.

2. Significant Accounting Policies

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

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

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

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

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

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

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

36 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

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

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

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

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

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

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

Equity 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	$	201,220	$	—	$	—	$	201,220
Consumer Staples		157,031		—		—		157,031
Energy		101,395		—		—		101,395
Financials		257,214		—		—		257,214
Health Care		236,536		—		—		236,536
Industrials		156,828		—		—		156,828
Information Technology		322,914		—		—		322,914
Materials		43,141		—		—		43,141
Telecommunication Services		37,900		—		—		37,900
Utilities		46,602		—		—		46,602
Total Common Stocks		1,560,781		—		—		1,560,781
Rights
Consumer Staples		—		—		3		3
Short-Term Investment
Investment Company		8,684		—		—		8,684
Total Investments in Securities	$	1,569,465	$	—	$	3	$	1,569,468
Appreciation in Other Financial Instruments
Futures Contracts	$	158	$	—	$	—	$	158

Market Expansion Enhanced Index Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,111,750	$	—	$	—	$	1,111,750
Appreciation in Other Financial Instruments
Futures Contracts	$	66	$	—	$	—	$	66

(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, 2015.

B. Futures Contracts — The Funds used index futures contracts to gain or reduce exposure to their respective indices, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2015 (amounts in thousands):

	Equity Index Fund		Market Expansion Enhanced Index Fund
Futures Contracts:
Average Notional Balance Long	$	9,989	$	32,585
Ending Notional Balance Long		8,752		21,343

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).

C. 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 issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below (amounts in thousands).

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)		Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Equity Index Fund
JPMorgan Chase & Co. (common stock)*	$	25,944	$	—	$	3,922	$	2,326	$	317		321	$	21,192
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		9,361		100,390		101,067		—		5		8,684		8,684
Total	$	35,305					$	2,326	$	322			$	29,876

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)		Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Market Expansion Enhanced Index Fund
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares	$	42,800	$	154,741	$	175,791	$	—	$	15		21,750	$	21,750
Total	$	42,800					$	—	$	15			$	21,750

* Investment in affiliate which is a security in the Fund’s Index.

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

38 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

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 Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer Agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows (amounts in thousands):

	Class A		Class C		Class R2		Select Class		Total
Equity Index Fund
Transfer Agent Fees	$	124	$	4		n/a	$	9	$	137
Sub-Transfer Agent Fees		163		26		n/a		276		465
Market Expansion Enhanced Index Fund
Transfer Agent Fees		13		3	$	2		9		27
Sub-Transfer Agent Fees		45		14		11		53		123

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, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — 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”), 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.

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, 2015, 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 C and Class R2 Shares of the Funds, as applicable, 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 C			Class R2
Equity Index Fund		0.25	%		0.75	%		n/a
Market Expansion Enhanced Index Fund		0.25			0.75			0.50	%

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

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 C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following amounts (amounts in thousands):

	Front-End Sales Charge		CDSC
Equity Index Fund	$	21	$	—	(a)
Market Expansion Enhanced Index Fund		6		—	(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 on the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or 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 other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R2		Select Class
Equity Index Fund		0.45	%		1.20	%		n/a		0.20	%
Market Expansion Enhanced Index Fund		0.69			1.39			0.92		0.44

The expense limitation agreements were in effect for the six months ended December 31, 2015 and are in place until at least October 31, 2016.

For the six months ended December 31, 2015, 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 six months.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Equity Index Fund	$	1,203	$	710	$	2,004	$	3,917	$	82
Market Expansion Enhanced Index Fund		442		293		451		1,186		4

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective November 1, 2015, the Adviser, Administrator and/or the Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the respective Funds’ investment in such affiliated money market fund. Prior to November 1, 2015, a portion of the waiver was voluntary.

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2015 was as follows (amounts in thousands):

Equity Index Fund	$	9
Market Expansion Enhanced Index Fund		30

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 on the Statements of Operations.

40 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

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, 2015, 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, 2015, 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, 2015, 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)
Equity Index Fund	$	33,050	$	323,347
Market Expansion Enhanced Index Fund		244,317		386,210

During the six months ended December 31, 2015, 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, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Index Fund	$	516,487	$	1,071,529	$	18,548	$	1,052,981
Market Expansion Enhanced Index Fund		864,093		306,632		58,975		247,657

At June 30, 2015, 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 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 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015. Average borrowings from the Facility for, or at any time during, the six months ended December 31, 2015, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Equity Index Fund	$	7,764		0.18	%		1	$	—	(a)

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

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

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

7. Risks, Concentrations and Indemnifications

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

As of December 31, 2015, an affiliate of the Adviser had investment discretion with respect to its clients’ holdings in the Funds, which collectively represent the following percentage of each Fund’s net assets:

	% of the Fund
Equity Index Fund		13.0	%
Market Expansion Enhanced Index Fund		27.1

As of December 31, 2015, the J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate shares representing 46.7% of the net assets of Market Expansion Enhanced Index Fund.

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

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

42 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

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, 2015, and continued to hold your shares at the end of the reporting period, December 31, 2015.

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, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Equity Index Fund
Class A
Actual	$	1,000.00	$	999.30	$	2.26		0.45	%
Hypothetical		1,000.00		1,022.87		2.29		0.45
Class C
Actual		1,000.00		995.60		6.02		1.20
Hypothetical		1,000.00		1,019.10		6.09		1.20
Select Class
Actual		1,000.00		1,000.80		1.01		0.20
Hypothetical		1,000.00		1,024.13		1.02		0.20
Market Expansion Enhanced Index Fund
Class A
Actual		1,000.00		948.10		3.38		0.69
Hypothetical		1,000.00		1,021.67		3.51		0.69
Class C
Actual		1,000.00		944.40		6.79		1.39
Hypothetical		1,000.00		1,018.15		7.05		1.39
Class R2
Actual		1,000.00		945.90		4.50		0.92
Hypothetical		1,000.00		1,020.51		4.67		0.92
Select Class
Actual		1,000.00		948.10		2.15		0.44
Hypothetical		1,000.00		1,022.92		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 184/366 (to reflect the one-half year period).

DECEMBER 31, 2015 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 2015, 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 19, 2015.

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, 2015

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 may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also 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 Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

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

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 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, 2014, 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 first, first, and second quintiles for Class A, and in the first quintile for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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 Equity Index 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.

The Trustees noted that the Market Expansion Enhanced Index Fund’s net advisory fee for Class A and Select Class shares was in the third and fourth quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the 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.

46 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

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 2015. SAN-INDEX-1215

Semi-Annual Report

J.P. Morgan Investor Funds

December 31, 2015 (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	24
Notes to Financial Statements	32
Schedule of Shareholder Expenses	45
Tax Letter	47
Board Approval of Investment Advisory Agreement	48

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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 29, 2016 (Unaudited)

Dear Shareholder,

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets —including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

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, 2015 J.P. MORGAN INVESTOR FUNDS 1

J.P. Morgan Investor Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2015 (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, 2015 (in thousands)
JPMorgan Investor Balanced Fund, Class A (No sales charge)		(2.25	)%		0.57%		(1.43	)%		(0.30	)%**	$	5,495,669
JPMorgan Investor Conservative Growth Fund, Class A (No sales charge)		(1.70	)%		0.57%		(1.43	)%		0.08	%***	$	4,311,341
JPMorgan Investor Growth Fund, Class A (No sales charge)		(3.60	)%		0.57%		(1.43	)%		(1.18	)%****	$	2,477,491
JPMorgan Investor Growth & Income Fund, Class A (No sales charge)		(2.87	)%		0.57%		(1.43	)%		(0.72	)%*****	$	3,212,078

Portfolio Composition by Asset Class******

Investor Balanced Fund
Fixed Income	39.6	%
U.S. Equity	39.0
International Equity	13.9
Alternative Assets	5.6
Money Market	1.9
Investor Conservative Growth Fund
Fixed Income	59.9	%
U.S. Equity	24.9
International Equity	8.2
Alternative Assets	6.0
Money Market	1.0
Investor Growth Fund
U.S. Equity	67.9	%
International Equity	21.0
Fixed Income	7.6
Money Market	1.9
Alternative Assets	1.6
Investor Growth & Income Fund
U.S. Equity	52.0	%
Fixed Income	24.2
International Equity	17.7
Alternative Assets	4.6
Money Market	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 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, 2015. The Funds’ portfolio composition is subject to change.

2 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

J.P. Morgan Investor Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (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?

The U.S. equity and bond markets provided slim returns for the second half of 2015. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity and bond prices for the six month period. Outside the U.S., equity and bond markets in both developed and emerging markets generally posted negative returns.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in the Shanghai and Shenzhen equity markets. A global sell-off followed on August 24, 2015, dragging down the Standard & Poor’s 500 Index (S&P 500) by 3.9% for the day.

However, U.S. equity prices rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve (the “Fed”) held interest rates at historically low levels. The S&P 500 turned in its best one-month performance since October 2011. In general, U.S. equity market performance over the six month reporting period was marked by large gains in a few select stocks, especially technology sector stocks, while most other stocks ended the period lower or essentially flat.

In the final months of 2015, investor anticipation of the Fed’s December interest rate increase drove yields higher on two-year and ten-year Treasury bond yields. Corporate bonds provided a small but positive return and investor concerns about risk drove prices lower for high yield debt, also known as

junk bonds. Investment grade U.S. corporate bonds ended the reporting period with a small gain.

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, 2015, the JPMorgan Balanced Fund, the JPMorgan Conservative Growth Fund, the JPMorgan Growth & Income Fund and the JPMorgan Growth Fund each underperformed the Barclays U.S. Intermediate Aggregate Index, the Investor Funds’ broad based fixed income benchmark. Each of the Investor Funds also underperformed the Russell 3000 Index, the Investor Funds’ broad based equity benchmark, mainly due to the Funds’ positions in non-U.S. development equity and emerging markets equity, which were not held in the Benchmark and generally underperformed other asset classes.

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 target allocation.

All four Investor Funds underperformed their respective composite benchmarks, mainly due to 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. The portfolio managers 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’ portfolio managers – through their investments in underlying funds – slightly increased their allocations to U.S. equity and international equity, while reducing their allocations to core

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 3

fixed income, high yield debt and short-term debt and alternative investments. The Funds’ gradual repositioning reflected the managers’ assessment that various segments of the

financial markets are more fairly valued compared with other segments.

* 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, 2015

JPMorgan Investor Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
Without Sales Charge			(2.25	)%		(1.05	)%		5.98	%		5.43	%
With Sales Charge**			(6.63	)		(5.53	)		5.00			4.95
CLASS C SHARES	July 1, 1997
Without CDSC			(2.53	)		(1.60	)		5.43			4.86
With CDSC***			(3.53	)		(2.60	)		5.43			4.86
SELECT CLASS SHARES	December 10, 1996		(2.11	)		(0.79	)		6.23			5.69

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. 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.

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, 2015 J.P. MORGAN INVESTOR FUNDS 5

JPMorgan Investor Conservative Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		December 10, 1996
Without Sales Charge				(1.70	)%		(0.92	)%		4.50	%		4.71	%
With Sales Charge**				(6.11	)		(5.37	)		3.53			4.23
CLASS C SHARES		July 1, 1997
Without CDSC				(1.97	)		(1.46	)		3.96			4.15
With CDSC***				(2.97	)		(2.46	)		3.96			4.15
SELECT CLASS SHARES		December 10, 1996		(1.56	)		(0.73	)		4.76			4.97

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. 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.

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, 2015

JPMorgan Investor Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
Without Sales Charge			(3.60	)%		(1.42	)%		8.85	%		6.16	%
With Sales Charge**			(7.94	)		(5.85	)		7.86			5.67
CLASS C SHARES	July 1, 1997
Without CDSC			(3.82	)		(1.91	)		8.27			5.57
With CDSC***			(4.82	)		(2.91	)		8.27			5.57
SELECT CLASS SHARES	December 10, 1996		(3.45	)		(1.11	)		9.13			6.43

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. 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.

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, 2015 J.P. MORGAN INVESTOR FUNDS 7

JPMorgan Investor Growth & Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
Without Sales Charge			(2.87	)%		(1.12	)%		7.23	%		5.75	%
With Sales Charge**			(7.23	)		(5.56	)		6.25			5.26
CLASS C SHARES	July 1, 1997
Without CDSC			(3.19	)		(1.68	)		6.66			5.16
With CDSC***			(4.19	)		(2.68	)		6.66			5.16
SELECT CLASS SHARES	December 10, 1996		(2.77	)		(0.85	)		7.51			6.01

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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, 2005 to December 31, 2015. 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.

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, 2015

JPMorgan Investor Balanced Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 100.1% (b)
		Alternative Assets — 5.6%
	667	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		5,467
	10,487	JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares (a)		109,275
	6,471	JPMorgan Research Market Neutral Fund, Institutional Class Shares (a)		96,811
	6,282	JPMorgan Systematic Alpha Fund, Class R6 Shares		94,732
		Total Alternative Assets		306,285
		Fixed Income — 39.6%
	74,829	JPMorgan Core Bond Fund, Class R6 Shares		864,278
	63,307	JPMorgan Core Plus Bond Fund, Class R6 Shares		510,256
	6,072	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		46,690
	16,807	JPMorgan Floating Rate Income Fund, Class R6 Shares		152,947
	1,134	JPMorgan Government Bond Fund, Select Class Shares		12,027
	24,643	JPMorgan High Yield Fund, Class R6 Shares		168,311
	10,873	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		109,816
	19,066	JPMorgan Limited Duration Bond Fund, Class R6 Shares		190,092
	9,070	JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		100,675
	2,393	JPMorgan Unconstrained Debt Fund, Class R6 Shares		23,067
		Total Fixed Income		2,178,159
		International Equity — 14.0%
	5,634	JPMorgan Emerging Economies Fund, Class R6 Shares		58,082
	3,093	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		57,967
	10,375	JPMorgan Global Research Enhanced Index Fund, Select Class Shares		185,091
	7,339	JPMorgan International Equity Fund, Class R6 Shares		105,681
	15,587	JPMorgan International Research Enhanced Equity Fund, Select Class Shares		245,334
	4,220	JPMorgan Intrepid European Fund, Institutional Class Shares		101,373
	1,377	JPMorgan Latin America Fund, Class R6 Shares		14,343
		Total International Equity		767,871
		Money Market — 1.9%
	102,421	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (l)		102,421

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — 39.0%
	4,405	JPMorgan Dynamic Growth Fund, Class R5 Shares (a)		118,482
	6,412	JPMorgan Equity Income Fund, Class R6 Shares		87,015
	9,905	JPMorgan Intrepid America Fund, Class R6 Shares		347,859
	4,832	JPMorgan Intrepid Growth Fund, Class R6 Shares		196,727
	4,626	JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		91,002
	1,556	JPMorgan Large Cap Growth Fund, Class R6 Shares (a)		56,166
	12,509	JPMorgan Large Cap Value Fund, Class R6 Shares		156,985
	20,328	JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		207,140
	1,915	JPMorgan Small Cap Value Fund, Class R6 Shares		46,874
	3,098	JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		53,746
	33,797	JPMorgan U.S. Equity Fund, Class R6 Shares		467,414
	8,404	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		226,065
	3,240	JPMorgan Value Advantage Fund, Institutional Class Shares		90,503
		Total U.S. Equity		2,145,978
		Total Investments — 100.1% (Cost $4,965,883)		5,500,714
		Liabilities in Excess of Other Assets — (0.1)%		(5,045	)
		NET ASSETS — 100.0%	$	5,495,669

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 9

JPMorgan Investor Conservative Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 100.1% (b)
		Alternative Assets — 6.0%
	555	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		4,547
	7,502	JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares (a)		78,166
	5,969	JPMorgan Research Market Neutral Fund, Institutional Class Shares (a)		89,289
	5,789	JPMorgan Systematic Alpha Fund, Class R6 Shares		87,305
		Total Alternative Assets		259,307
		Fixed Income — 60.0%
	95,789	JPMorgan Core Bond Fund, Class R6 Shares		1,106,365
	65,385	JPMorgan Core Plus Bond Fund, Class R6 Shares		527,001
	4,131	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		31,767
	15,582	JPMorgan Floating Rate Income Fund, Class R6 Shares		141,795
	3,139	JPMorgan Government Bond Fund, Select Class Shares		33,305
	20,396	JPMorgan High Yield Fund, Class R6 Shares		139,304
	12,795	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		129,230
	35,502	JPMorgan Limited Duration Bond Fund, Class R6 Shares		353,953
	9,313	JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		103,374
	1,976	JPMorgan Unconstrained Debt Fund, Class R6 Shares		19,049
		Total Fixed Income		2,585,143
		International Equity — 8.2%
	2,711	JPMorgan Emerging Economies Fund, Class R6 Shares		27,946
	1,468	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		27,517
	2,961	JPMorgan Global Research Enhanced Index Fund, Select Class Shares		52,830
	3,105	JPMorgan International Equity Fund, Class R6 Shares		44,711
	9,012	JPMorgan International Research Enhanced Equity Fund, Select Class Shares		141,857
	2,106	JPMorgan Intrepid European Fund, Institutional Class Shares		50,576
	886	JPMorgan Latin America Fund, Class R6 Shares		9,230
		Total International Equity		354,667
		Money Market — 1.0%
	42,793	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (l)		42,793

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — 24.9%
	1,780	JPMorgan Dynamic Growth Fund, Class R5 Shares (a)		47,895
	5,845	JPMorgan Equity Income Fund, Class R6 Shares		79,317
	6,262	JPMorgan Intrepid America Fund, Class R6 Shares		219,927
	3,054	JPMorgan Intrepid Growth Fund, Class R6 Shares		124,337
	1,469	JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		28,900
	1,478	JPMorgan Large Cap Value Fund, Class R6 Shares		18,555
	5,347	JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		54,487
	978	JPMorgan Mid Cap Growth Fund, Class R6 Shares (a)		27,124
	1,415	JPMorgan Small Cap Value Fund, Class R6 Shares		34,651
	1,773	JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		30,760
	15,998	JPMorgan U.S. Equity Fund, Class R6 Shares		221,257
	4,466	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		120,147
	2,330	JPMorgan Value Advantage Fund, Institutional Class Shares		65,077
		Total U.S. Equity		1,072,434
		Total Investments — 100.1% (Cost $4,033,963)		4,314,344
		Liabilities in Excess of Other Assets — (0.1)%		(3,003	)
		NET ASSETS — 100.0%	$	4,311,341

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

JPMorgan Investor Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 100.0% (b)
		Alternative Assets — 1.6%
	771	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		6,321
	1,014	JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares (a)		10,567
	731	JPMorgan Research Market Neutral Fund, Institutional Class Shares (a)		10,937
	879	JPMorgan Systematic Alpha Fund, Class R6 Shares		13,259
		Total Alternative Assets		41,084
		Fixed Income — 7.6%
	6,843	JPMorgan Core Bond Fund, Class R6 Shares		79,039
	2,852	JPMorgan Core Plus Bond Fund, Class R6 Shares		22,988
	1,017	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		7,821
	1,132	JPMorgan Floating Rate Income Fund, Class R6 Shares		10,302
	4,706	JPMorgan High Yield Fund, Class R6 Shares		32,143
	2,470	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		24,947
	515	JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		5,715
	520	JPMorgan Unconstrained Debt Fund, Class R6 Shares		5,010
		Total Fixed Income		187,965
		International Equity — 21.0%
	4,253	JPMorgan Emerging Economies Fund, Class R6 Shares		43,850
	2,329	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		43,638
	3,649	JPMorgan Global Research Enhanced Index Fund, Select Class Shares		65,094
	7,142	JPMorgan International Equity Fund, Class R6 Shares		102,842
	8,510	JPMorgan International Research Enhanced Equity Fund, Select Class Shares		133,951
	2,879	JPMorgan International Unconstrained Equity Fund, Class R6 Shares		49,635
	2,998	JPMorgan Intrepid European Fund, Institutional Class Shares		72,018
	826	JPMorgan Latin America Fund, Class R6 Shares		8,605
		Total International Equity		519,633
		Money Market — 1.9%
	47,311	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (l)		47,311

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — 67.9%
	1,001	JPMorgan Dynamic Growth Fund, Class R5 Shares (a)		26,932
	2,615	JPMorgan Equity Income Fund, Class R6 Shares		35,482
	7,938	JPMorgan Intrepid America Fund, Class R6 Shares		278,794
	3,525	JPMorgan Intrepid Growth Fund, Class R6 Shares		143,503
	3,755	JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		73,856
	5,462	JPMorgan Large Cap Growth Fund, Class R6 Shares (a)		197,115
	18,379	JPMorgan Large Cap Value Fund, Class R6 Shares		230,662
	13,275	JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		135,267
	608	JPMorgan Mid Cap Growth Fund, Class R6 Shares (a)		16,862
	2,487	JPMorgan Small Cap Value Fund, Class R6 Shares		60,882
	1,411	JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		24,476
	23,067	JPMorgan U.S. Equity Fund, Class R6 Shares		319,015
	3,736	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		100,493
	1,371	JPMorgan Value Advantage Fund, Institutional Class Shares		38,281
		Total U.S. Equity		1,681,620
		Total Investments — 100.0% (Cost $2,006,956)		2,477,613
		Liabilities in Excess of Other Assets — 0.0% (g)		(122	)
		NET ASSETS — 100.0%	$	2,477,491

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 11

JPMorgan Investor Growth & Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 100.0% (b)
		Alternative Assets — 4.6%
	1,126	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		9,236
	4,529	JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares (a)		47,193
	2,944	JPMorgan Research Market Neutral Fund, Institutional Class Shares (a)		44,035
	3,064	JPMorgan Systematic Alpha Fund, Class R6 Shares		46,208
		Total Alternative Assets		146,672
		Fixed Income — 24.2%
	22,826	JPMorgan Core Bond Fund, Class R6 Shares		263,635
	22,690	JPMorgan Core Plus Bond Fund, Class R6 Shares		182,884
	2,187	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		16,815
	10,603	JPMorgan Floating Rate Income Fund, Class R6 Shares		96,491
	1,045	JPMorgan Government Bond Fund, Select Class Shares		11,088
	13,511	JPMorgan High Yield Fund, Class R6 Shares		92,280
	5,202	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		52,539
	1,448	JPMorgan Limited Duration Bond Fund, Class R6 Shares		14,432
	3,015	JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		33,471
	1,458	JPMorgan Unconstrained Debt Fund, Class R6 Shares		14,058
		Total Fixed Income		777,693
		International Equity — 17.7%
	4,560	JPMorgan Emerging Economies Fund, Class R6 Shares		47,017
	2,501	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		46,862
	6,563	JPMorgan Global Research Enhanced Index Fund, Select Class Shares		117,077
	8,323	JPMorgan International Equity Fund, Class R6 Shares		119,848
	9,311	JPMorgan International Research Enhanced Equity Fund, Select Class Shares		146,558
	3,557	JPMorgan Intrepid European Fund, Institutional Class Shares		85,428
	677	JPMorgan Latin America Fund, Class R6 Shares		7,057
		Total International Equity		569,847
		Money Market — 1.5%
	46,755	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (l)		46,755

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — 52.0%
	1,836	JPMorgan Dynamic Growth Fund, Class R5 Shares (a)		49,384
	4,010	JPMorgan Equity Income Fund, Class R6 Shares		54,414
	9,281	JPMorgan Intrepid America Fund, Class R6 Shares		325,941
	2,791	JPMorgan Intrepid Growth Fund, Class R6 Shares		113,622
	1,373	JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		26,998
	4,785	JPMorgan Large Cap Growth Fund, Class R6 Shares (a)		172,702
	14,534	JPMorgan Large Cap Value Fund, Class R6 Shares		182,400
	11,952	JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		121,792
	725	JPMorgan Mid Cap Growth Fund, Class R6 Shares (a)		20,116
	2,371	JPMorgan Small Cap Value Fund, Class R6 Shares		58,045
	2,446	JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		42,445
	23,262	JPMorgan U.S. Equity Fund, Class R6 Shares		321,710
	4,919	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		132,312
	1,785	JPMorgan Value Advantage Fund, Institutional Class Shares		49,862
		Total U.S. Equity		1,671,743
		Total Investments — 100.0% (Cost $2,740,191)		3,212,710
		Liabilities in Excess of Other Assets — 0.0% (g)		(632	)
		NET ASSETS — 100.0%	$	3,212,078

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

J.P. Morgan Investor Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (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, 2015.

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, 2015 J.P. MORGAN INVESTOR FUNDS 13

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (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	$	5,500,714	$	4,314,344	$	2,477,613	$	3,212,710
Receivables:
Fund shares sold		7,796		4,427		5,852		5,762
Dividends from affiliates		9		5		6		5
Total Assets		5,508,519		4,318,776		2,483,471		3,218,477
LIABILITIES:
Payables:
Distributions		3,279		444		2,803		1,921
Fund shares redeemed		6,308		3,998		1,806		2,676
Accrued liabilities:
Investment advisory fees		165		106		29		63
Administration fees		227		171		86		122
Distribution fees		1,586		1,651		582		816
Shareholder servicing fees		664		626		268		367
Custodian and accounting fees		9		18		8		1
Trustees’ and Chief Compliance Officer’s fees		13		10		6		8
Other		599		411		392		425
Total Liabilities		12,850		7,435		5,980		6,399
Net Assets	$	5,495,669	$	4,311,341	$	2,477,491	$	3,212,078

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

	Investor Balanced Fund			Investor Conservative Growth Fund			Investor Growth Fund			Investor Growth & Income Fund
NET ASSETS:
Paid-in-Capital	$	4,948,176		$	4,028,447		$	1,980,267		$	2,757,629
Accumulated undistributed (distributions in excess of) net investment income		(10,480	)		(3,864	)		(10,349	)		(8,638	)
Accumulated net realized gains (losses)		23,142			6,377			36,916			(9,432	)
Net unrealized appreciation (depreciation)		534,831			280,381			470,657			472,519
Total Net Assets	$	5,495,669		$	4,311,341		$	2,477,491		$	3,212,078
Net Assets:
Class A	$	3,891,117		$	2,407,074		$	1,911,534		$	2,542,223
Class C		1,200,498			1,780,498			275,013			431,233
Select Class		404,054			123,769			290,944			238,622
Total	$	5,495,669		$	4,311,341		$	2,477,491		$	3,212,078
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		275,290			198,619			105,815			161,750
Class C		86,137			147,541			16,042			28,143
Select Class		28,540			10,161			15,818			15,397
Net Asset Value (a):
Class A — Redemption price per share	$	14.13		$	12.12		$	18.06		$	15.72
Class C — Offering price per share (b)		13.94			12.07			17.14			15.32
Select Class — Offering and redemption price per share		14.16			12.18			18.39			15.50
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)]	$	14.80		$	12.69		$	18.91		$	16.46
Cost of investments in affiliates	$	4,965,883		$	4,033,963		$	2,006,956		$	2,740,191

(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, 2015 J.P. MORGAN INVESTOR FUNDS 15

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

	Investor Balanced Fund			Investor Conservative Growth Fund			Investor Growth Fund			Investor Growth & Income Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	66,414		$	54,459		$	23,565		$	36,638
EXPENSES:
Investment advisory fees		1,392			1,111			628			822
Administration fees		1,586			1,303			821			1,008
Distribution fees:
Class A		4,946			3,124			2,440			3,259
Class C		4,530			6,818			1,023			1,624
Shareholder servicing fees:
Class A		4,946			3,124			2,440			3,259
Class C		1,510			2,272			341			541
Select Class		502			159			359			308
Custodian and accounting fees		—			22			13			12
Professional fees		53			44			22			25
Trustees’ and Chief Compliance Officer’s fees		31			25			14			18
Printing and mailing costs		255			185			155			166
Registration and filing fees		223			156			80			131
Transfer agent fees (See Note 2.D.)		210			123			306			246
Sub-transfer agent fees (See Note 2.D.)		839			632			544			581
Other		35			28			16			21
Total expenses		21,058			19,126			9,202			12,021
Less fees waived		(7,099	)		(5,453	)		(3,571	)		(4,443	)
Net expenses		13,959			13,673			5,631			7,578
Net investment income (loss)		52,455			40,786			17,934			29,060
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on investments in affiliates		(29,503	)		(22,952	)		(9,913	)		(15,384	)
Distributions of capital gains received from investment company affiliates		138,666			58,999			113,219			108,413
Change in net unrealized appreciation/depreciation on investments in affiliates		(294,835	)		(157,618	)		(213,527	)		(220,431	)
Net realized/unrealized gains (losses)		(185,672	)		(121,571	)		(110,221	)		(127,402	)
Change in net assets resulting from operations	$	(133,217	)	$	(80,785	)	$	(92,287	)	$	(98,342	)

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	52,455		$	63,224		$	40,786		$	57,076
Net realized gain (loss) on investments in affiliates		(29,503	)		23,374			(22,952	)		24,012
Distributions of capital gains received from investment company affiliates		138,666			184,349			58,999			97,101
Change in net unrealized appreciation/depreciation on investments in affiliates		(294,835	)		(123,577	)		(157,618	)		(104,466	)
Change in net assets resulting from operations		(133,217	)		147,370			(80,785	)		73,723
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(45,969	)		(72,271	)		(27,578	)		(44,383	)
From net realized gains		(121,890	)		(69,634	)		(58,389	)		(46,254	)
Class B (a)
From net investment income		—			(982	)		—			(478	)
From net realized gains		—			(1,403	)		—			(733	)
Class C
From net investment income		(11,282	)		(15,495	)		(15,418	)		(22,098	)
From net realized gains		(38,413	)		(19,719	)		(43,262	)		(31,039	)
Select Class
From net investment income		(5,280	)		(6,916	)		(1,567	)		(2,449	)
From net realized gains		(12,696	)		(5,776	)		(3,008	)		(2,228	)
Total distributions to shareholders		(235,530	)		(192,196	)		(149,222	)		(149,662	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		296,940			447,233			25,050			329,699
NET ASSETS:
Change in net assets		(71,807	)		402,407			(204,957	)		253,760
Beginning of period		5,567,476			5,165,069			4,516,298			4,262,538
End of period	$	5,495,669		$	5,567,476		$	4,311,341		$	4,516,298
Accumulated undistributed (distributions in excess of) net investment income	$	(10,480	)	$	(404	)	$	(3,864	)	$	(87	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	17,934		$	16,763		$	29,060		$	34,157
Net realized gain (loss) on investments in affiliates		(9,913	)		15,831			(15,384	)		12,333
Distributions of capital gains received from investment company affiliates		113,219			139,253			108,413			136,056
Change in net unrealized appreciation/depreciation on investments in affiliates		(213,527	)		(45,878	)		(220,431	)		(63,849	)
Change in net assets resulting from operations		(92,287	)		125,969			(98,342	)		118,697
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(21,628	)		(36,765	)		(30,100	)		(48,758	)
From net realized gains		(94,493	)		(28,153	)		(94,772	)		(56,378	)
Class B (a)
From net investment income		—			(1,355	)		—			(1,146	)
From net realized gains		—			(1,177	)		—			(1,807	)
Class C
From net investment income		(2,839	)		(4,447	)		(4,139	)		(6,023	)
From net realized gains		(14,281	)		(3,829	)		(16,453	)		(8,812	)
Select Class
From net investment income		(3,641	)		(4,648	)		(3,214	)		(5,072	)
From net realized gains		(14,030	)		(3,065	)		(9,016	)		(5,055	)
Total distributions to shareholders		(150,912	)		(83,439	)		(157,694	)		(133,051	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		197,531			192,247			134,482			253,188
NET ASSETS:
Change in net assets		(45,668	)		234,777			(121,554	)		238,834
Beginning of period		2,523,159			2,288,382			3,333,632			3,094,798
End of period	$	2,477,491		$	2,523,159		$	3,212,078		$	3,333,632
Accumulated undistributed (distributions in excess of) net investment income	$	(10,349	)	$	(175	)	$	(8,638	)	$	(245	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

	Investor Balanced Fund						Investor Conservative Growth Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	295,095		$	761,516		$	155,579		$	477,274
Distributions reinvested		167,391			141,568			85,764			90,426
Cost of shares redeemed		(329,607	)		(663,757	)		(259,685	)		(517,879	)
Conversion from Class B Shares		—			61,738			—			31,590
Change in net assets resulting from Class A capital transactions	$	132,879		$	301,065		$	(18,342	)	$	81,411
Class B (a)
Proceeds from shares issued	$	—		$	1,320		$	—		$	547
Distributions reinvested		—			2,376			—			1,206
Cost of shares redeemed		—			(32,334	)		—			(16,017	)
Conversion to Class A Shares		—			(61,738	)		—			(31,590	)
Change in net assets resulting from Class B capital transactions	$	—		$	(90,376	)	$	—		$	(45,854	)
Class C
Proceeds from shares issued	$	159,638		$	377,453		$	202,378		$	557,723
Distributions reinvested		49,377			34,950			58,458			52,950
Cost of shares redeemed		(123,418	)		(202,286	)		(217,243	)		(329,481	)
Change in net assets resulting from Class C capital transactions	$	85,597		$	210,117		$	43,593		$	281,192
Select Class
Proceeds from shares issued	$	112,307		$	105,111		$	19,727		$	36,634
Distributions reinvested		4,058			3,676			2,227			2,086
Cost of shares redeemed		(37,901	)		(82,360	)		(22,155	)		(25,770	)
Change in net assets resulting from Select Class capital transactions	$	78,464		$	26,427		$	(201	)	$	12,950
Total change in net assets resulting from capital transactions	$	296,940		$	447,233		$	25,050		$	329,699

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 19

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

		Investor Balanced Fund						Investor Conservative Growth Fund
		Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued			19,982			49,957			12,351			36,878
Reinvested			11,826			9,426			7,030			7,072
Redeemed			(22,261	)		(43,567	)		(20,635	)		(40,057	)
Conversion from Class B Shares			—			4,026			—			2,449
Change in Class A Shares			9,547			19,842			(1,254	)		6,342
Class B (a)
Issued			—			86			—			43
Reinvested			—			159			—			94
Redeemed			—			(2,125	)		—			(1,239	)
Conversion to Class A Shares			—			(4,029	)		—			(2,447	)
Change in Class B Shares			—			(5,909	)		—			(3,549	)
Class C
Issued			10,897			25,100			16,133			43,317
Reinvested			3,542			2,362			4,825			4,164
Redeemed			(8,454	)		(13,486	)		(17,347	)		(25,614	)
	��
Change in Class C Shares			5,985			13,976			3,611			21,867
Select Class
Issued			7,485			6,901			1,559			2,824
Reinvested			286			244			182			162
Redeemed			(2,567	)		(5,390	)		(1,743	)		(1,986	)
Change in Select Class Shares			5,204			1,755			(2	)		1,000

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

	Investor Growth Fund						Investor Growth & Income Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	110,716		$	288,677		$	136,004		$	441,133
Distributions reinvested		115,534			64,605			124,401			104,781
Cost of shares redeemed		(122,556	)		(243,613	)		(175,208	)		(369,117	)
Conversion from Class B Shares		—			61,221			—			62,193
Change in net assets resulting from Class A capital transactions	$	103,694		$	170,890		$	85,197		$	238,990
Class B (a)
Proceeds from shares issued	$	—		$	289		$	—		$	664
Distributions reinvested		—			2,519			—			2,945
Cost of shares redeemed		—			(32,144	)		—			(37,395	)
Conversion to Class A Shares		—			(61,221	)		—			(62,193	)
Change in net assets resulting from Class B capital transactions	$	—		$	(90,557	)	$	—		$	(95,979	)
Class C
Proceeds from shares issued	$	39,637		$	71,520		$	56,785		$	128,515
Distributions reinvested		16,601			7,842			19,945			14,248
Cost of shares redeemed		(22,023	)		(40,872	)		(40,851	)		(68,902	)
Change in net assets resulting from Class C capital transactions	$	34,215		$	38,490		$	35,879		$	73,861
Select Class
Proceeds from shares issued	$	83,277		$	101,289		$	29,543		$	74,597
Distributions reinvested		3,803			2,044			4,320			4,325
Cost of shares redeemed		(27,458	)		(29,909	)		(20,457	)		(42,606	)
Change in net assets resulting from Select Class capital transactions	$	59,622		$	73,424		$	13,406		$	36,316
Total change in net assets resulting from capital transactions	$	197,531		$	192,247		$	134,482		$	253,188

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 21

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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		5,719			14,546			8,180			25,797
Reinvested		6,417			3,310			7,921			6,245
Redeemed		(6,325	)		(12,286	)		(10,562	)		(21,582	)
Conversion from Class B Shares		—			3,017			—			3,594
Change in Class A Shares		5,811			8,587			5,539			14,054
Class B (a)
Issued		—			15			—			40
Reinvested		—			133			—			176
Redeemed		—			(1,666	)		—			(2,198	)
Conversion to Class A Shares		—			(3,109	)		—			(3,617	)
Change in Class B Shares		—			(4,627	)		—			(5,599	)
Class C
Issued		2,157			3,770			3,500			7,695
Reinvested		973			421			1,304			870
Redeemed		(1,199	)		(2,156	)		(2,536	)		(4,129	)
Change in Class C Shares		1,931			2,035			2,268			4,436
Select Class
Issued		4,209			5,035			1,826			4,439
Reinvested		207			103			279			261
Redeemed		(1,419	)		(1,477	)		(1,251	)		(2,521	)
Change in Select Class Shares		2,997			3,661			854			2,179

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Investor Balanced Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	15.12	$	0.15	(h)	$	(0.50	)	$	(0.35	)	$	(0.17	)	$	(0.47	)	$	(0.64	)
Year Ended June 30, 2015		15.25		0.19			0.24			0.43			(0.28	)		(0.28	)		(0.56	)
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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		14.92		0.11	(h)		(0.49	)		(0.38	)		(0.13	)		(0.47	)		(0.60	)
Year Ended June 30, 2015		15.05		0.13			0.23			0.36			(0.21	)		(0.28	)		(0.49	)
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	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		15.14		0.17	(h)		(0.49	)		(0.32	)		(0.19	)		(0.47	)		(0.66	)
Year Ended June 30, 2015		15.27		0.24			0.23			0.47			(0.32	)		(0.28	)		(0.60	)
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	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

		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)
$	14.13		(2.31	)%	$	3,891,117			0.41	%		1.98	%		0.67	%		4	%
	15.12		2.89			4,018,244			0.34			1.26			0.66			10
	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
	13.94		(2.53	)		1,200,498			0.93			1.47			1.17			4
	14.92		2.45			1,195,830			0.80			0.81			1.16			10
	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
	14.16		(2.11	)		404,054	��		0.14			2.30			0.39			4
	15.14		3.15			353,402			0.08			1.51			0.40			10
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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 Conservative Growth Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	12.78	$	0.13	(h)	$	(0.35	)	$	(0.22	)	$	(0.14	)		$	(0.30	)	$	(0.44	)
Year Ended June 30, 2015		13.00		0.19			0.05			0.24			(0.22	)			(0.24	)		(0.46	)
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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		12.73		0.10	(h)		(0.35	)		(0.25	)		(0.11	)			(0.30	)		(0.41	)
Year Ended June 30, 2015		12.95		0.13			0.06			0.19			(0.17	)			(0.24	)		(0.41	)
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	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		12.84		0.15	(h)		(0.35	)		(0.20	)		(0.16	)			(0.30	)		(0.46	)
Year Ended June 30, 2015		13.06		0.22			0.06			0.28			(0.26	)			(0.24	)		(0.50	)
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	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

		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)
$	12.12		(1.70	)%	$	2,407,074		0.41	%		2.04	%		0.67	%		6	%
	12.78		1.89			2,554,155		0.34			1.46			0.66			11
	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
	12.07		(1.97	)		1,780,498		0.93			1.53			1.16			6
	12.73		1.44			1,831,636		0.79			1.02			1.16			11
	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
	12.18		(1.56	)		123,769		0.15			2.31			0.41			6
	12.84		2.13			130,507		0.09			1.71			0.40			11
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	19.95	$	0.14	(h)	$	(0.87	)	$	(0.73	)	$	(0.21	)	$	(0.95	)	$	(1.16	)
Year Ended June 30, 2015		19.59		0.15	(h)		0.91			1.06			(0.39	)		(0.31	)		(0.70	)
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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		19.01		0.09	(h)		(0.83	)		(0.74	)		(0.18	)		(0.95	)		(1.13	)
Year Ended June 30, 2015		18.75		0.05	(h)		0.87			0.92			(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	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		20.29		0.18	(h)		(0.90	)		(0.72	)		(0.23	)		(0.95	)		(1.18	)
Year Ended June 30, 2015		19.91		0.20	(h)		0.93			1.13			(0.44	)		(0.31	)		(0.75	)
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	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

		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)
$	18.06		(3.60	)%	$	1,911,534		0.43	%		1.45	%		0.72	%		3	%
	19.95		5.51			1,994,792		0.38			0.74			0.71			10
	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
	17.14		(3.82	)		275,013		0.95			0.96			1.21			3
	19.01		4.97			268,270		0.85			0.26			1.21			10
	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
	18.39		(3.45	)		290,944		0.14			1.78			0.40			3
	20.29		5.80			260,097		0.10			1.01			0.42			10
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 29

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, 2015 (Unaudited)	$	17.02	$	0.15	(h)	$	(0.65	)	$	(0.50	)	$	(0.19	)	$	(0.61	)	$	(0.80	)
Year Ended June 30, 2015		17.11		0.19	(h)		0.44			0.63			(0.33	)		(0.39	)		(0.72	)
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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		16.62		0.11	(h)		(0.65	)		(0.54	)		(0.15	)		(0.61	)		(0.76	)
Year Ended June 30, 2015		16.72		0.11	(h)		0.44			0.55			(0.26	)		(0.39	)		(0.65	)
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	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		16.80		0.17	(h)		(0.65	)		(0.48	)		(0.21	)		(0.61	)		(0.82	)
Year Ended June 30, 2015		16.89		0.23	(h)		0.44			0.67			(0.37	)		(0.39	)		(0.76	)
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	)

(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) Amount rounds to less than 0.01%

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

		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)
$	15.72		(2.87	)%	$	2,542,223		0.41	%		1.82	%		0.69	%		5	%
	17.02		3.78			2,659,305		0.36			1.11			0.69			9
	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
	15.32		(3.19	)		431,233		0.94			1.32			1.18			5
	16.62		3.37			430,037		0.82			0.65			1.19			9
	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	(i)		179,336		1.03			0.80			1.21			11
	13.01		21.28			186,625		1.04			0.91			1.21			9
	15.50		(2.77	)		238,622		0.14			2.09			0.40			5
	16.80		4.11			244,290		0.09			1.38			0.41			9
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (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 C and Select Class	Diversified
Investor Conservative Growth Fund	Class A, Class C and Select Class	Diversified
Investor Growth Fund	Class A, Class C and Select Class	Diversified
Investor Growth & Income Fund	Class A, 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.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, 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.

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC.

2. Significant Accounting Policies

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

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

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

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’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.

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

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

32 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

• 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 table represents 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)	$	5,500,714	$	—	$	—	$	5,500,714
Investor Conservative Growth Fund
Total Investments in Securities (a)	$	4,314,344	$	—	$	—	$	4,314,344
Investor Growth Fund
Total Investments in Securities (a)	$	2,477,613	$	—	$	—	$	2,477,613
Investor Growth & Income Fund
Total Investments in Securities (a)	$	3,212,710	$	—	$	—	$	3,212,710

(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, 2015.

B. Investment Transactions with Affiliates — The Funds invest in Underlying Funds advised by J.P. Morgan Investment Management Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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 issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Included in the realized gain (loss) amounts in the 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, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Investor Balanced Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	—	$	9,055	$	—	$	—		$	—		667	$	5,467
JPMorgan Commodities Strategy Fund, Select Class Shares		20,437		—		20,255		(6,045	)		—		—		—
JPMorgan Core Bond Fund, Class R6 Shares		—		851,891		—		1,696			3,800		74,829		864,278
JPMorgan Core Bond Fund, Select Class Shares		848,868		54,012		881,894		(351	)		7,112		—		—
JPMorgan Core Plus Bond Fund, Class R6 Shares		—		503,628		—		1,105			2,897		63,307		510,256
JPMorgan Core Plus Bond Fund, Select Class Shares		510,890		5,429		499,627		—			5,429		—		—
JPMorgan Dynamic Growth Fund, Class R5 Shares		—		93,363		8,323		1,973			—		4,405		118,482
JPMorgan Dynamic Growth Fund, Select Class Shares		117,968		4,200		92,190		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		72,012		—		—			769		5,634		58,082
JPMorgan Emerging Economies Fund, Select Class Shares		61,699		4,900		68,643		—			—		—		—
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		—		47,785		—		—			530		6,072		46,690
JPMorgan Emerging Markets Debt Fund, Select Class Shares		47,064		767		47,256		—			767		—		—
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		—		66,961		—		—			646		3,093		57,967
JPMorgan Emerging Markets Equity Fund, Select Class Shares		57,728		4,900		61,715		—			—		—		—
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		—		8,673		6,840		(1,833	)		—		—		—
JPMorgan Emerging Markets Local Currency Debt Fund, Select Class Shares		33,969		—		32,923		(8,774	)		—		—		—
JPMorgan Equity Income Fund, Class R6 Shares		—		71,582		—		665			506		6,412		87,015

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Investor Balanced Fund (continued)
JPMorgan Equity Income Fund, Select Class Shares	$	83,514	$	4,531	$	70,410	$	—		$	431		—	$	—
JPMorgan Floating Rate Income Fund, Class R6 Shares		—		173,041		5,539		(448	)		1,336		16,807		152,947
JPMorgan Floating Rate Income Fund, Select Class Shares		176,664		10,986		190,405		(1,346	)		2,486		—		—
JPMorgan Global Natural Resources Fund, Class R6 Shares		—		18,022		6,880		(11,142	)		—		—		—
JPMorgan Global Natural Resources Fund, Select Class Shares		9,449		—		18,022		—			—		—		—
JPMorgan Global Research Enhanced Index Fund, Select Class Shares		182,476		12,105		—		—			3,505		10,375		185,091
JPMorgan Government Bond Fund, Select Class Shares		11,991		317		—		166			150		1,134		12,027
JPMorgan High Yield Fund, Class R6 Shares		—		183,351		—		98			1,905		24,643		168,311
JPMorgan High Yield Fund, Select Class Shares		122,230		50,766		172,608		—			2,866		—		—
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		—		114,622		—		—			152		10,873		109,816
JPMorgan Inflation Managed Bond Fund, Select Class Shares		121,509		772		125,070		(841	)		772		—		—
JPMorgan International Equity Fund, Class R6 Shares		—		113,219		—		—			308		7,339		105,681
JPMorgan International Equity Fund, Select Class Shares		106,311		9,042		112,909		—			142		—		—
JPMorgan International Research Enhanced Equity Fund, Select Class Shares		232,315		35,266		—		2,264			6,200		15,587		245,334
JPMorgan Intrepid America Fund, Class R6 Shares		—		222,578		—		20,664			5,002		9,905		347,859
JPMorgan Intrepid America Fund, Select Class Shares		343,433		17,000		205,812		328			—		—		—
JPMorgan Intrepid European Fund, Institutional Class Shares		—		110,425		—		—			1,700		4,220		101,373
JPMorgan Intrepid European Fund, Select Class Shares		90,836		15,200		108,725		—			—		—		—
JPMorgan Intrepid Growth Fund, Class R6 Shares		—		98,927		—		—			2,190		4,832		196,727
JPMorgan Intrepid Growth Fund, Select Class Shares		186,225		11,600		98,737		(63	)		—		—		—
JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		—		51,054		—		7,274			470		4,626		91,002
JPMorgan Intrepid Mid Cap Fund, Select Class Shares		90,360		5,398		43,310		—			98		—		—
JPMorgan Large Cap Growth Fund, Class R6 Shares		—		23,962		2,774		2,778			—		1,556		56,166
JPMorgan Large Cap Growth Fund, Select Class Shares		58,384		5,100		27,080		386			—		—		—
JPMorgan Large Cap Value Fund, Class R6 Shares		—		127,234		—		18,938			838		12,509		156,985
JPMorgan Large Cap Value Fund, Select Class Shares		159,695		5,209		110,458		27			409		—		—
JPMorgan Lartin America Fund, Class R6 Shares		—		24,655		—		—			294		1,377		14,343
JPMorgan Lartin America Fund, Select Class Shares		18,875		—		24,361		—			—		—		—
JPMorgan Limited Duration Bond Fund, Class R6 Shares		—		183,113		—		—			381		19,066		190,092
JPMorgan Limited Duration Bond Fund, Select Class Shares		196,792		4,661		193,332		(43	)		661		—		—
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		143,943		190,191		231,713		—			41		102,421		102,421
JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		206,199		48,229		—		35,747			1,182		20,328		207,140
JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares		113,477		—		8,000		182			—		10,487		109,275
JPMorgan Research Market Neutral Fund, Institutional Class Shares		—		99,376		—		—			—		6,471		96,811
JPMorgan Research Market Neutral Fund, Select Class Shares		106,855		—		107,376		(324	)		—		—		—
JPMorgan Small Cap Value Fund, Class R6 Shares		—		52,223		—		1,992			211		1,915		46,874
JPMorgan Small Cap Value Fund, Select Class Shares		39,042		10,790		50,020		—			90		—		—
JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		—		107,946		—		—			838		9,070		100,675

34 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Investor Balanced Fund (continued)
JPMorgan Strategic Income Opportunities Fund, Select Class Shares	$	109,188	$	1,216	$	112,408	$	(313	)	$	1,216		—	$	—
JPMorgan Systematic Alpha Fund, Class R6 Shares		—		96,256		—		—			2,400		6,282		94,732
JPMorgan Systematic Alpha Fund, Select Class Shares		95,123		—		96,556		(58	)		—		—		—
JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		55,760		4,947		4,000		2,822			494		3,098		53,746
JPMorgan U.S. Equity Fund, Class R6 Shares		—		325,955		—		22,317			1,668		33,797		467,414
JPMorgan U.S. Equity Fund, Select Class Shares		463,592		20,191		311,871		(159	)		991		—		—
JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		—		160,734		—		18,518			1,127		8,404		226,065
JPMorgan U.S. Large Cap Core Plus Fund, Select Class Shares		228,534		7,900		146,088		48			—		—		—
JPMorgan Unconstrained Debt Fund, Class R6 Shares		—		24,815		—		—			204		2,393		23,067
JPMorgan Unconstrained Debt Fund, Select Class Shares		23,233		175		24,611		—			175		—		—
JPMorgan Value Advantage Fund, Institutional Class Shares		—		76,876		—		915			1,025		3,240		90,503
JPMorgan Value Advantage Fund, Select Class Shares		89,672		5,300		74,936		—			—		—		—
Total	$	5,564,300					$	109,163		$	66,414			$	5,500,714
			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Investor Conservative Growth Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	—	$	7,524	$	—	$	—		$	—		555	$	4,547
JPMorgan Commodities Strategy Fund, Select Class Shares		18,048		—		17,724		(5,476	)		—		—		—
JPMorgan Core Bond Fund, Class R6 Shares		—		1,102,880		—		2,171			4,865		95,789		1,106,365
JPMorgan Core Bond Fund, Select Class Shares		1,135,187		9,081		1,129,644		(360	)		9,082		—		—
JPMorgan Core Plus Bond Fund, Class R6 Shares		—		521,825		—		1,141			2,992		65,385		527,001
JPMorgan Core Plus Bond Fund, Select Class Shares		546,496		5,694		536,592		(399	)		5,695		—		—
JPMorgan Dynamic Growth Fund, Class R5 Shares		—		37,486		500		482			—		1,780		47,895
JPMorgan Dynamic Growth Fund, Select Class Shares		40,717		6,500		38,007		86			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		34,274		—		—			370		2,711		27,946
JPMorgan Emerging Economies Fund, Select Class Shares		28,744		4,400		33,903		—			—		—		—
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		—		32,378		—		—			360		4,131		31,767
JPMorgan Emerging Markets Debt Fund, Select Class Shares		31,012		1,518		32,019		—			518		—		—
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		—		31,464		—		—			307		1,468		27,517
JPMorgan Emerging Markets Equity Fund, Select Class Shares		27,055		4,750		31,158		—			—		—		—
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		—		15,282		12,164		(3,118	)		—		—		—
JPMorgan Emerging Markets Local Currency Debt Fund, Select Class Shares		48,540		—		47,982		(10,789	)		—		—		—
JPMorgan Equity Income Fund, Class R6 Shares		—		60,984		—		607			461		5,845		79,317
JPMorgan Equity Income Fund, Select Class Shares		78,142		2,197		59,916		—			397		—		—
JPMorgan Floating Rate Income Fund, Class R6 Shares		—		161,099		4,391		(370	)		1,238		15,582		141,795
JPMorgan Floating Rate Income Fund, Select Class Shares		168,704		2,388		174,861		(1,123	)		2,388		—		—
JPMorgan Global Natural Resources Fund, Class R6 Shares		—		14,341		5,847		(8,494	)		—		—		—

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Investor Conservative Growth Fund (continued)
JPMorgan Global Natural Resources Fund, Select Class Shares	$	8,027	$	—	$	14,341	$	—		$	—		—	$	—
JPMorgan Global Research Enhanced Index Fund, Select Class Shares		51,745		3,700		—		—			1,000		2,961		52,830
JPMorgan Government Bond Fund, Select Class Shares		33,206		876		—		459			416		3,139		33,305
JPMorgan High Yield Fund, Class R6 Shares		—		149,867		—		81			1,577		20,396		139,304
JPMorgan High Yield Fund, Select Class Shares		91,838		37,829		128,618		—			1,929		—		—
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		—		134,176		—		—			179		12,795		129,230
JPMorgan Inflation Managed Bond Fund, Select Class Shares		153,503		936		156,896		(1,708	)		936		—		—
JPMorgan International Equity Fund, Class R6 Shares		—		47,648		—		—			130		3,105		44,711
JPMorgan International Equity Fund, Select Class Shares		44,402		4,259		47,517		—			59		—		—
JPMorgan International Research Enhanced Equity Fund, Select Class Shares		136,484		17,695		—		1,309			3,587		9,012		141,857
JPMorgan Intrepid America Fund, Class R6 Shares		—		137,944		—		13,064			3,162		6,262		219,927
JPMorgan Intrepid America Fund, Select Class Shares		230,157		7,500		137,017		3,394			—		—		—
JPMorgan Intrepid European Fund, Institutional Class Shares		—		55,062		—		—			848		2,106		50,576
JPMorgan Intrepid European Fund, Select Class Shares		47,345		5,200		54,213		—			—		—		—
JPMorgan Intrepid Growth Fund, Class R6 Shares		—		66,532		1,000		(4	)		1,390		3,054		124,337
JPMorgan Intrepid Growth Fund, Select Class Shares		118,273		8,700		67,642		65			—		—		—
JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		—		16,395		—		2,309			149		1,469		28,900
JPMorgan Intrepid Mid Cap Fund, Select Class Shares		29,871		632		13,936		—			32		—		—
JPMorgan Large Cap Value Fund, Class R6 Shares		—		12,167		—		2,239			99		1,478		18,555
JPMorgan Large Cap Value Fund, Select Class Shares		28,567		766		19,830		3,075			66		—		—
JPMorgan Lartin America Fund, Class R6 Shares		—		16,137		—		—			189		886		9,230
JPMorgan Lartin America Fund, Select Class Shares		12,146		—		15,948		—			—		—		—
JPMorgan Limited Duration Bond Fund, Class R6 Shares		—		349,233		5,500		(39	)		714		35,502		353,953
JPMorgan Limited Duration Bond Fund, Select Class Shares		360,360		9,917		357,919		(36	)		1,217		—		—
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		58,323		133,856		149,386		—			22		42,793		42,793
JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		55,930		11,116		—		9,402			313		5,347		54,487
JPMorgan Mid Cap Growth Fund, Class R6 Shares		—		18,917		—		1,356			—		978		27,124
JPMorgan Mid Cap Growth Fund, Select Class Shares		28,340		700		17,561		—			—		—		—
JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares		86,207		—		10,900		388			—		7,502		78,166
JPMorgan Research Market Neutral Fund, Institutional Class Shares		—		96,093		4,000		(211	)		—		5,969		89,289
JPMorgan Research Market Neutral Fund, Select Class Shares		107,173		—		107,993		(446	)		—		—		—
JPMorgan Small Cap Value Fund, Class R6 Shares		—		38,387		—		1,472			156		1,415		34,651
JPMorgan Small Cap Value Fund, Select Class Shares		27,478		9,163		36,758		—			63		—		—
JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		—		110,673		—		—			861		9,313		103,374
JPMorgan Strategic Income Opportunities Fund, Select Class Shares		116,893		1,259		120,012		(439	)		1,259		—		—
JPMorgan Systematic Alpha Fund, Class R6 Shares		—		88,881		—		—			2,212		5,789		87,305
JPMorgan Systematic Alpha Fund, Select Class Shares		87,376		—		88,868		(47	)		—		—		—
JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		38,183		2,970		8,500		3,055			292		1,773		30,760
JPMorgan U.S. Equity Fund, Class R6 Shares		—		151,070		—		10,564			789		15,998		221,257
JPMorgan U.S. Equity Fund, Select Class Shares		229,981		9,486		155,017		1,061			486		—		—
JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		—		82,822		2,000		10,003			604		4,466		120,147

36 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Investor Conservative Growth Fund (continued)
JPMorgan U.S. Large Cap Core Plus Fund, Select Class Shares	$	130,423	$	3,300	$	80,710	$	665		$	—		—	$	—
JPMorgan Unconstrained Debt Fund, Class R6 Shares		—		20,498		—		—			169		1,976		19,049
JPMorgan Unconstrained Debt Fund, Select Class Shares		19,186		144		20,329		—			144		—		—
JPMorgan Value Advantage Fund, Institutional Class Shares		—		44,757		—		658			737		2,330		65,077
JPMorgan Value Advantage Fund, Select Class Shares		62,004		6,000		43,362		—			—		—		—
Total	$	4,516,066					$	36,047		$	54,459			$	4,314,344
			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Investor Growth Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	—	$	10,640	$	—	$	—		$	—		771	$	6,321
JPMorgan Commodities Strategy Fund, Select Class Shares		9,702		—		11,840		(660	)		—		—		—
JPMorgan Core Bond Fund, Class R6 Shares		—		79,811		—		155			348		6,843		79,039
JPMorgan Core Bond Fund, Select Class Shares		92,120		2,784		95,008		(32	)		685		—		—
JPMorgan Core Plus Bond Fund, Class R6 Shares		—		23,223		—		50			130		2,852		22,988
JPMorgan Core Plus Bond Fund, Select Class Shares		23,016		246		23,043		—			245		—		—
JPMorgan Dynamic Growth Fund, Class R5 Shares		—		19,670		—		267			—		1,001		26,932
JPMorgan Dynamic Growth Fund, Select Class Shares		25,610		400		19,403		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		55,498		—		—			580		4,253		43,850
JPMorgan Emerging Economies Fund, Select Class Shares		50,587		2,151		54,918		—			—		—		—
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		—		7,548		—		—			89		1,017		7,821
JPMorgan Emerging Markets Debt Fund, Select Class Shares		7,883		129		7,459		—			128		—		—
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		—		52,126		—		—			487		2,329		43,638
JPMorgan Emerging Markets Equity Fund, Select Class Shares		47,124		2,050		49,839		—			—		���		—
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		—		87		65		(22	)		—		—		—
JPMorgan Emerging Markets Local Currency Debt Fund, Select Class Shares		7,757		—		7,137		(2,764	)		—		—		—
JPMorgan Equity Income Fund, Class R6 Shares		—		29,231		—		272			206		2,615		35,482
JPMorgan Equity Income Fund, Select Class Shares		35,304		678		28,753		—			178		—		—
JPMorgan Floating Rate Income Fund, Class R6 Shares		—		13,486		2,520		(165	)		80		1,132		10,302
JPMorgan Floating Rate Income Fund, Select Class Shares		14,650		2,083		16,606		(334	)		183		—		—
JPMorgan Global Natural Resources Fund, Class R6 Shares		—		8,896		3,460		(5,436	)		—		—		—
JPMorgan Global Natural Resources Fund, Select Class Shares		4,753		—		8,896		—			—		—		—
JPMorgan Global Research Enhanced Index Fund, Select Class Shares		66,386		2,232		—		—			1,233		3,649		65,094
JPMorgan High Yield Fund, Class R6 Shares		—		31,900		—		14			325		4,706		32,143
JPMorgan High Yield Fund, Select Class Shares		12,066		11,608		21,578		—			308		—		—
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		—		25,855		—		—			35		2,470		24,947
JPMorgan Inflation Managed Bond Fund, Select Class Shares		25,168		161		25,820		—			162		—		—
JPMorgan International Equity Fund, Class R6 Shares		—		104,217		—		—			300		7,142		102,842
JPMorgan International Equity Fund, Select Class Shares		111,510		1,743		103,917		—			143		—		—
JPMorgan International Research Enhanced Equity Fund, Select Class Shares		138,496		8,222		—		1,236			3,386		8,510		133,951
JPMorgan International Unconstrained Equity Fund, Class R6 Shares		—		53,530		—		—			229		2,879		49,635
JPMorgan International Unconstrained Equity Fund, Select Class Shares		44,071		9,000		53,301		—			—		—		—
JPMorgan Intrepid America Fund, Class R6 Shares		—		178,563		3,700		16,722			4,062		7,938		278,794
JPMorgan Intrepid America Fund, Select Class Shares		282,867		4,700		159,123		(65	)		—		—		—

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

				For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Investor Growth Fund (continued)
JPMorgan Intrepid European Fund, Institutional Class Shares	$	—	$	76,856	$	—	$	—		$	1,208		2,998	$	72,018
JPMorgan Intrepid European Fund, Select Class Shares		73,857		1,500		75,648		—			—		—		—
JPMorgan Intrepid Growth Fund, Class R6 Shares		—		68,191		1,200		20			1,611		3,525		143,503
JPMorgan Intrepid Growth Fund, Select Class Shares		144,786		2,100		68,980		163			—		—		—
JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		—		53,415		—		5,904			381		3,755		73,856
JPMorgan Intrepid Mid Cap Fund, Select Class Shares		76,863		1,181		47,130		—			81		—		—
JPMorgan Large Cap Growth Fund, Class R6 Shares		—		78,404		—		8,361			—		5,462		197,115
JPMorgan Large Cap Growth Fund, Select Class Shares		194,481		2,800		72,043		(15	)		—		—		—
JPMorgan Large Cap Value Fund, Class R6 Shares		—		212,699		1,200		27,821			1,237		18,379		230,662
JPMorgan Large Cap Value Fund, Select Class Shares		238,900		3,901		186,893		(32	)		601		—		—
JPMorgan Lartin America Fund, Class R6 Shares		—		14,143		—		—			176		826		8,605
JPMorgan Lartin America Fund, Select Class Shares		11,324		—		13,967		—			—		—		—
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		16,895		90,773		60,357		—			18		47,311		47,311
JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		140,566		26,122		—		23,344			778		13,275		135,267
JPMorgan Mid Cap Growth Fund, Class R6 Shares		—		12,261		—		843			—		608		16,862
JPMorgan Mid Cap Growth Fund, Select Class Shares		17,886		200		11,418		—			—		—		—
JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares		11,402		—		1,201		52			—		1,014		10,567
JPMorgan Research Market Neutral Fund, Institutional Class Shares		—		11,006		—		—			—		731		10,937
JPMorgan Research Market Neutral Fund, Select Class Shares		12,368		—		12,206		(39	)		—		—		—
JPMorgan Small Cap Value Fund, Class R6 Shares		—		40,111		1,250		2,469			280		2,487		60,882
JPMorgan Small Cap Value Fund, Select Class Shares		66,522		1,133		37,191		—			134		—		—
JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		—		6,074		—		—			48		515		5,715
JPMorgan Strategic Income Opportunities Fund, Select Class Shares		5,891		67		6,026		—			66		—		—
JPMorgan Systematic Alpha Fund, Class R6 Shares		—		13,477		—		—			336		879		13,259
JPMorgan Systematic Alpha Fund, Select Class Shares		14,135		—		14,341		(26	)		—		—		—
JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		26,225		1,953		2,250		1,355			237		1,411		24,476
JPMorgan U.S. Equity Fund, Class R6 Shares		—		235,886		2,501		15,271			1,147		23,067		319,015
JPMorgan U.S. Equity Fund, Select Class Shares		323,001		5,982		221,789		(114	)		682		—		—
JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		—		73,335		1,250		8,342			507		3,736		100,493
JPMorgan U.S. Large Cap Core Plus Fund, Select Class Shares		103,797		1,500		65,494		(38	)		—		—		—
JPMorgan Unconstrained Debt Fund, Class R6 Shares		—		5,393		—		—			44		520		5,010
JPMorgan Unconstrained Debt Fund, Select Class Shares		5,046		38		5,349		—			38		—		—
JPMorgan Value Advantage Fund, Institutional Class Shares		—		28,807		—		387			433		1,371		38,281
JPMorgan Value Advantage Fund, Select Class Shares		39,717		600		27,986		—			—		—		—
Total	$	2,522,732					$	103,306		$	23,565			$	2,477,613
			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Investor Growth & Income Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	—	$	15,526	$	—	$	—		$	—		1,126	$	9,236
JPMorgan Commodities Strategy Fund, Select Class Shares		13,994		—		17,126		(873	)		—		—		—
JPMorgan Core Bond Fund, Class R6 Shares		—		258,466		—		518			1,159		22,826		263,635
JPMorgan Core Bond Fund, Select Class Shares		298,881		2,235		293,589		(82	)		2,234		—		—
JPMorgan Core Plus Bond Fund, Class R6 Shares		—		176,909		—		396			1,038		22,690		182,884
JPMorgan Core Plus Bond Fund, Select Class Shares		183,111		1,946		175,475		—			1,945		—		—
JPMorgan Dynamic Growth Fund, Class R5 Shares		—		38,311		1,640		680			—		1,836		49,384

38 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

				For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Investor Growth & Income Fund (continued)
JPMorgan Dynamic Growth Fund, Select Class Shares	$	48,399	$	800	$	37,822	$	—		$	—		—	$	—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		59,062		—		—			622		4,560		47,017
JPMorgan Emerging Economies Fund, Select Class Shares		52,496		2,300		56,940		—			—		—		—
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		—		16,715		—		—			191		2,187		16,815
JPMorgan Emerging Markets Debt Fund, Select Class Shares		16,950		276		16,524		—			276		—		—
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		—		55,122		—		—			523		2,501		46,862
JPMorgan Emerging Markets Equity Fund, Select Class Shares		50,815		2,400		53,099		—			—		—		—
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		—		2,284		1,807		(477	)		—		—		—
JPMorgan Emerging Markets Local Currency Debt Fund, Select Class Shares		16,453		—		15,484		(5,028	)		—		—		—
JPMorgan Equity Income Fund, Class R6 Shares		—		45,528		1,600		397			321		4,010		54,414
JPMorgan Equity Income Fund, Select Class Shares		54,488		2,176		44,778		—			276		—		—
JPMorgan Floating Rate Income Fund, Class R6 Shares		—		109,112		3,275		(265	)		843		10,603		96,491
JPMorgan Floating Rate Income Fund, Select Class Shares		115,806		1,637		119,169		(783	)		1,637		—		—
JPMorgan Global Natural Resources Fund, Class R6 Shares		—		13,188		5,078		(8,110	)		—		—		—
JPMorgan Global Natural Resources Fund, Select Class Shares		6,944		—		13,188		—			—		—		—
JPMorgan Global Research Enhanced Index Fund, Select Class Shares		118,075		5,117		—		—			2,216		6,563		117,077
JPMorgan Government Bond Fund, Select Class Shares		11,055		291		—		154			138		1,045		11,088
JPMorgan High Yield Fund, Class R6 Shares		—		98,737		—		54			1,045		13,511		92,280
JPMorgan High Yield Fund, Select Class Shares		72,038		22,395		92,561		—			1,495		—		—
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		—		54,373		—		—			73		5,202		52,539
JPMorgan Inflation Managed Bond Fund, Select Class Shares		59,072		374		60,300		(469	)		374		—		—
JPMorgan International Equity Fund, Class R6 Shares		—		123,661		—		—			350		8,323		119,848
JPMorgan International Equity Fund, Select Class Shares		125,157		6,062		123,311		—			162		—		—
JPMorgan International Research Enhanced Equity Fund, Select Class Shares		147,399		12,557		—		1,352			3,704		9,311		146,558
JPMorgan Intrepid America Fund, Class R6 Shares		—		209,880		7,800		19,792			4,754		9,281		325,941
JPMorgan Intrepid America Fund, Select Class Shares		332,983		10,500		191,682		101			—		—		—
JPMorgan Intrepid European Fund, Institutional Class Shares		—		94,337		—		—			1,433		3,557		85,428
JPMorgan Intrepid European Fund, Select Class Shares		85,684		3,500		92,904		—			—		—		—
JPMorgan Intrepid Growth Fund, Class R6 Shares		—		53,630		800		14			1,274		2,791		113,622
JPMorgan Intrepid Growth Fund, Select Class Shares		114,267		1,900		54,356		81			—		—		—
JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		—		14,897		—		2,158			139		1,373		26,998
JPMorgan Intrepid Mid Cap Fund, Select Class Shares		28,192		330		12,599		—			30		—		—
JPMorgan Large Cap Growth Fund, Class R6 Shares		—		70,304		1,640		7,514			—		4,785		172,702
JPMorgan Large Cap Growth Fund, Select Class Shares		171,992		4,800		67,478		383			—		—		—
JPMorgan Large Cap Value Fund, Class R6 Shares		—		158,962		800		22,001			978		14,534		182,400
JPMorgan Large Cap Value Fund, Select Class Shares		190,271		3,480		140,585		38			480		—		—
JPMorgan Lartin America Fund, Class R6 Shares		—		11,965		—		—			145		677		7,057
JPMorgan Lartin America Fund, Select Class Shares		9,287		—		11,820		—			—		—		—
JPMorgan Limited Duration Bond Fund, Class R6 Shares		—		14,527		—		—			29		1,448		14,432
JPMorgan Limited Duration Bond Fund, Select Class Shares		20,432		65		20,498		(20	)		65		—		—
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		22,603		76,212		52,060		—			15		46,755		46,755
JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		126,369		23,619		—		21,018			700		11,952		121,792
JPMorgan Mid Cap Growth Fund, Class R6 Shares		—		13,652		—		1,005			—		725		20,116
JPMorgan Mid Cap Growth Fund, Select Class Shares		21,257		300		12,647		—			—		—		—
JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares		50,135		—		4,600		128			—		4,529		47,193

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

				For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Investor Growth & Income Fund (continued)
JPMorgan Research Market Neutral Fund, Institutional Class Shares	$	—	$	44,682	$	—	$	—		$	—		2,944	$	44,035
JPMorgan Research Market Neutral Fund, Select Class Shares		49,573		—		49,282		(158	)		—		—		—
JPMorgan Small Cap Value Fund, Class R6 Shares		—		45,068		1,600		2,311			268		2,371		58,045
JPMorgan Small Cap Value Fund, Select Class Shares		59,054		5,324		42,265		—			124		—		—
JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		—		35,937		—		—			279		3,015		33,471
JPMorgan Strategic Income Opportunities Fund, Select Class Shares		37,564		415		38,658		(177	)		415		—		—
JPMorgan Systematic Alpha Fund, Class R6 Shares		—		47,010		—		—			1,171		3,064		46,208
JPMorgan Systematic Alpha Fund, Select Class Shares		46,681		—		47,439		(34	)		—		—		—
JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		45,923		3,459		4,500		2,312			405		2,446		42,445
JPMorgan U.S. Equity Fund, Class R6 Shares		—		238,162		6,200		15,609			1,159		23,262		321,710
JPMorgan U.S. Equity Fund, Select Class Shares		326,604		11,888		227,891		86			688		—		—
JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		—		96,824		1,600		10,878			668		4,919		132,312
JPMorgan U.S. Large Cap Core Plus Fund, Select Class Shares		137,761		2,300		88,088		21			—		—		—
JPMorgan Unconstrained Debt Fund, Class R6 Shares		—		15,112		—		—			125		1,458		14,058
JPMorgan Unconstrained Debt Fund, Select Class Shares		14,160		106		14,987		—			107		—		—
JPMorgan Value Advantage Fund, Institutional Class Shares		—		36,931		—		504			565		1,785		49,862
JPMorgan Value Advantage Fund, Select Class Shares		50,575		1,800		35,862		—			—		—		—
Total	$	3,332,500					$	93,029		$	36,638			$	3,212,710

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.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows (amounts in thousands):

	Class A		Class C		Select Class		Total
Investor Balanced Fund
Transfer agent fees	$	180	$	23	$	7	$	210
Sub-transfer agent fees		632		188		19		839
Investor Conservative Growth Fund
Transfer agent fees		95		21		7		123
Sub-transfer agent fees		376		247		9		632
Investor Growth Fund
Transfer agent fees		278		17		11		306
Sub-transfer agent fees		464		71		9		544
Investor Growth & Income Fund
Transfer agent fees		225		16		5		246
Sub-transfer agent fees		483		85		13		581

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 on the Statements of Operations and are not included in the ratios to average net assets shown on the Financial Highlights. Certain expenses of Underlying Funds are waived as described in Note 3.F.

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

40 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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 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, 2015, the effective annualized rate was 0.06% 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 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 C
	0.25	%		0.75	%

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 C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge		CDSC
Investor Balanced Fund	$	816	$	1
Investor Conservative Growth Fund		430		2
Investor Growth Fund		442		—	(a)
Investor Growth & Income Fund		314		—	(a)

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

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 on the Statements of

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or 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 other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Select Class
Investor Balanced Fund*		0.52	%		1.10	%		0.27	%
Investor Conservative Growth Fund*		0.52			1.10			0.27
Investor Growth Fund*		0.52			1.10			0.27
Investor Growth & Income Fund*		0.52			1.10			0.27

* Prior to November 1, 2015, the contractual expense limitations for the Funds were 0.39%, 1.14% and 0.14% for Class A, Class C and Select Class Shares, respectively.

The contractual expense limitation percentages are in place until at least October 31, 2016.

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, 2015, 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
Investor Balanced Fund	$	1,058	$	1,138	$	3,464	$	5,660
Investor Conservative Growth Fund		895		967		2,051		3,913
Investor Growth Fund		583		609		2,026		3,218
Investor Growth & Income Fund		687		747		2,381		3,815

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective November 1, 2015, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to November 1, 2015, a portion of the waiver was voluntary.

	Voluntary Waivers
	Shareholder Servicing
Investor Balanced Fund	$	1,439
Investor Conservative Growth Fund		1,540
Investor Growth Fund		353
Investor Growth & Income Fund		628

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 on the Statements of Operations.

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

42 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

4. Investment Transactions

During the six months ended December 31, 2015, 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	$	505,781	$	203,507
Investor Conservative Growth Fund		268,980		274,602
Investor Growth Fund		213,149		65,243
Investor Growth & Income Fund		245,213		153,340

During the six months ended December 31, 2015, 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, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Investor Balanced Fund	$	4,965,883	$	664,412	$	129,581	$	534,831
Investor Conservative Growth Fund		4,033,963		370,957		90,576		280,381
Investor Growth Fund		2,006,956		522,666		52,009		470,657
Investor Growth & Income Fund		2,740,191		553,291		80,772		472,519

At June 30, 2015, 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 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 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015, or at any time during the six months then ended.

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.

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

As of December 31, 2015, an affiliate of the Adviser had investment discretion with respect to its clients’ holdings in the Funds, which collectively represent the following percentage of each Fund’s net assets:

	% of the Fund
Investor Balanced Fund		80.5	%
Investor Conservative Growth Fund		87.8
Investor Growth Fund		65.5
Investor Growth & Income Fund		73.5

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

As of December 31, 2015, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

	% of Net Assets
JPMorgan Multi-Cap Market Neutral Fund		90.2	%
JPMorgan Large Cap Value Fund		81.4
JPMorgan International Research Enhanced Equity Fund		77.5
JPMorgan Systematic Alpha Fund		74.9
JPMorgan Latin America Fund		68.4
JPMorgan International Unconstrained Equity Fund		65.2
JPMorgan Dynamic Growth Fund		65.1
JPMorgan Commodities Strategy Fund		56.4
JPMorgan Intrepid Growth Fund		53.5
JPMorgan U.S. Dynamic Plus Fund		49.6
JPMorgan Market Expansion Enhanced Index Fund		46.7
JPMorgan Limited Duration Bond Fund		42.9
JPMorgan Research Market Neutral Fund		39.2
JPMorgan Intrepid America Fund		31.5
JPMorgan Intrepid European Fund		29.8
JPMorgan Core Plus Bond Fund		27.6
JPMorgan Intrepid Mid Cap Fund		25.8
JPMorgan Floating Rate Income Fund		21.2
JPMorgan Inflation Managed Bond Fund		19.3
JPMorgan Emerging Economies Fund		16.6
JPMorgan International Equity Fund		13.0
JPMorgan Small Cap Value Fund		11.2
JPMorgan U.S. Equity Fund		10.1
JPMorgan Emerging Markets Debt Fund		10.1

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.

44 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

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, 2015 and continued to hold your shares at the end of the reporting period, December 31, 2015.

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, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Investor Balanced Fund
Class A
Actual	$	1,000.00	$	977.50	$	2.04		0.41	%
Hypothetical		1,000.00		1,023.08		2.08		0.41
Class C
Actual		1,000.00		974.70		4.62		0.93
Hypothetical		1,000.00		1,020.46		4.72		0.93
Select Class
Actual		1,000.00		978.90		0.70		0.14
Hypothetical		1,000.00		1,024.43		0.71		0.14
Investor Conservative Growth Fund
Class A
Actual		1,000.00		983.00		2.04		0.41
Hypothetical		1,000.00		1,023.08		2.08		0.41
Class C
Actual		1,000.00		980.30		4.63		0.93
Hypothetical		1,000.00		1,020.46		4.72		0.93
Select Class
Actual		1,000.00		984.40		0.75		0.15
Hypothetical		1,000.00		1,024.38		0.76		0.15

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 45

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Investor Growth Fund
Class A
Actual	$	1,000.00	$	964.00	$	2.12		0.43	%
Hypothetical		1,000.00		1,022.97		2.19		0.43
Class C
Actual		1,000.00		961.80		4.68		0.95
Hypothetical		1,000.00		1,020.36		4.82		0.95
Select Class
Actual		1,000.00		965.50		0.69		0.14
Hypothetical		1,000.00		1,024.43		0.71		0.14
Investor Growth & Income Fund
Class A
Actual		1,000.00		971.30		2.03		0.41
Hypothetical		1,000.00		1,023.08		2.08		0.41
Class C
Actual		1,000.00		968.10		4.65		0.94
Hypothetical		1,000.00		1,020.41		4.77		0.94
Select Class
Actual		1,000.00		972.30		0.69		0.14
Hypothetical		1,000.00		1,024.43		0.71		0.14

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

46 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

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, 2015. 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, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2015, 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	$	10,995	$	1,257
Investor Conservative Growth Fund		6,382		741
Investor Growth Fund		7,862		840
Investor Growth & Income Fund		10,181		1,079

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 47

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 2015, 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 19, 2015.

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 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 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,

48 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

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

Independent Written Evaluation of the Funds’ Senior 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, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 49

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance 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 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 second, second, and third quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Investor Conservative Growth Fund’s performance was in the second, second and third quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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 Investor 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, 2014, 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, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Investor Growth & Income Fund’s performance was in the third quintile for Class A shares for each of the one-, three-, and five-year periods ended December 31, 2014, and in the second, second and third quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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 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 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 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

50 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2015

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 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 third and second 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 Class A and Select Class shares was in the second and first quintiles, and that the actual total expenses for Class A and Select Class shares were in the second and first quintiles,

of the Universe Group, respectively. 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 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 third and second 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.

DECEMBER 31, 2015 J.P. MORGAN INVESTOR FUNDS 51

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., 2016.  All rights reserved. December 2015. SAN-INV-1215

Semi-Annual Report

J.P. Morgan Intrepid Funds

December 31, 2015 (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	2
Fund Commentaries:
JPMorgan Intrepid Advantage Fund	3
JPMorgan Intrepid America Fund	5
JPMorgan Intrepid Growth Fund	7
JPMorgan Intrepid Mid Cap Fund	9
JPMorgan Intrepid Value Fund	11
Schedules of Portfolio Investments	13
Financial Statements	30
Financial Highlights	46
Notes to Financial Statements	56
Schedule of Shareholder Expenses	64
Board Approval of Investment Advisory Agreement	66

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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 29, 2016 (Unaudited)

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

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, 2015 J.P. MORGAN INTREPID FUNDS 1

JPMorgan Intrepid Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

U.S. equities financial markets provided slim returns for the second half of 2015. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in the Shanghai and Shenzhen equity markets. A global sell-off followed on August 24, 2015, dragging down the Standard & Poor’s 500 Index (S&P 500) by 3.9% for the day.

However, U.S. equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. The S&P 500 turned in its best one-month performance since October 2011.

In general, the U.S. equities market for the six month reporting period was marked by large gains in a few select stocks, especially technology sector stocks, while most other stocks ended the period lower or essentially flat. The energy, materials and industrials sectors underperformed the broader market, while the consumer discretionary, consumer staples and health care sectors outperformed the broader market. For the six months ended December 31, 2015, the S&P 500 returned 0.15%.

Intrepid Investment Philosophy and Process

The JPMorgan Behavioral Finance 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 of companies that it believes have positive 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, the Funds were managed and positioned in accordance with this investment philosophy and process.

2 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-0.99%
Russell 3000 Index	-1.43%
Net Assets as of 12/31/2015 (In Thousands)	$20,935

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’s Select Class Shares outperformed the Russell 3000 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the industrials and energy sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the financials and consumer discretionary sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Microsoft Corp., Northrop Corp. and Tyson Foods Inc. Shares of Microsoft, a provider of software and services, rose on growth in its Azure cloud computing platform as investors sought large cap stocks amid market volatility. Shares of Northrop, an aerospace and electronics company, rose on strong growth in earnings and dividends. Shares of Tyson Foods, a meat processing company, rose amid industry consolidation and better-than-expected sales.

Leading individual detractors from relative performance included the Fund’s underweight position in Amazon.com Inc. and its overweight positions in Apple Inc. and Devon Energy Corp. Shares of Amazon.com, an online retailer not held in the Fund, rose on continued expansion of its business and an increase in 2015 online holiday season sales. Shares of Apple, a maker of computers and mobile devices, fell on weakness in iPhone sales and analysts’ expectation for declining revenue and earnings. Shares of Devon Energy, an oil and natural gas producer, fell amid continued weakness in global energy prices.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	4.8	%
	2.	Microsoft Corp.	4.7
	3.	Northrop Grumman Corp.	3.1
	4.	Wells Fargo & Co.	2.7
	5.	Gilead Sciences, Inc.	2.6
	6.	Citigroup, Inc.	2.6
	7.	Cigna Corp.	2.3
	8.	Home Depot, Inc. (The)	2.3
	9.	Wal-Mart Stores, Inc.	1.8
	10.	Tyson Foods, Inc., Class A	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	24.1	%
Health Care	17.2
Financials	15.1
Consumer Staples	12.3
Consumer Discretionary	9.2
Industrials	8.2
Energy	5.6
Utilities	2.8
Telecommunication Services	1.8
Materials	1.4
Short-Term Investment	2.3

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 3

JPMorgan Intrepid Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 19, 2005
Without Sales Charge				(1.11	)%		0.25	%		12.72	%		6.39	%
With Sales Charge**				(6.29	)		(5.02	)		11.51			5.82
CLASS C SHARES		February 19, 2005
Without CDSC				(1.36	)		(0.25	)		12.16			5.86
With CDSC***				(2.36	)		(1.25	)		12.16			5.86
SELECT CLASS SHARES		February 28, 2003		(0.99	)		0.48			13.00			6.66

* 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 (12/31/05 TO 12/31/15)

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 Advantage Fund, the Russell 3000 Index and the Lipper Multi-Cap Core Funds Index from December 31, 2005 to December 31, 2015. 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.

4 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid America Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-1.38%
S&P 500 Index	0.15%
Net Assets as of 12/31/2015 (In Thousands)	$3,727,656

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’s Select Class Shares underperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the consumer discretionary and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the industrials and energy sectors was a leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included its underweight positions in Alphabet Inc. and Amazon.com Inc. and its overweight position in Archer Daniels Midland Co. Shares of Alphabet, the parent company of Google and its subsidiaries and affiliates, rose on continued growth in Google advertising revenue and investors’ desire for defensive large cap stocks amid market volatility. Shares of Amazon.com, an online retailer not held in the Fund, rose on continued expansion of its business and an increase in 2015 online holiday season sales. Shares of Archer Daniels, an agricultural products processor, fell sharply on continued weakness in global commodities prices.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Northrop Corp., Activision Blizzard Inc. and Kroger Co. Shares of Northrop, an aerospace and electronics company, rose on strong prospects for growth. Shares of Activision, a developer of video games not held in the Benchmark, rose on strong product sales and investor expectations of earnings growth. Shares of Kroger, a supermarket chain, rose on increased consumer spending in the U.S. and an increase in its dividend and a share repurchase program.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	5.0	%
	2.	Microsoft Corp.	3.6
	3.	Wells Fargo & Co.	3.3
	4.	Gilead Sciences, Inc.	2.5
	5.	Lowe’s Cos., Inc.	2.3
	6.	Northrop Grumman Corp.	2.3
	7.	Kroger Co. (The)	2.2
	8.	Target Corp.	2.2
	9.	eBay, Inc.	2.2
	10.	Valero Energy Corp.	2.2

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	22.3	%
Health Care	15.2
Financials	13.7
Consumer Discretionary	10.9
Industrials	9.2
Consumer Staples	9.1
Energy	6.5
Materials	3.0
Telecommunication Services	2.7
Utilities	2.4
Short-Term Investment	5.0

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 5

JPMorgan Intrepid America Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
		INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES			February 19, 2005
Without Sales Charge					(1.54	)%		(0.60	)%		12.45	%		6.78	%
With Sales Charge**					(6.71	)		(5.82	)		11.25			6.21
CLASS C SHARES			February 19, 2005
Without CDSC					(1.78	)		(1.10	)		11.89			6.25
With CDSC***					(2.78	)		(2.10	)		11.89			6.25
CLASS R2 SHARES	��		November 3, 2008		(1.67	)		(0.85	)		12.18			6.59
CLASS R5 SHARES			May 15, 2006		(1.27	)		(0.10	)		12.98			7.26
CLASS R6 SHARES			November 2, 2015		(1.28	)		(0.11	)		12.98			7.26
SELECT CLASS SHARES			February 28, 2003		(1.38	)		(0.29	)		12.75			7.05

* 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 (12/31/05 TO 12/31/15)

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

Returns for Class R5 Shares prior to their inception dates are based on the performance of 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. During this period, the actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares from May 15, 2006 to November 1, 2015 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 America Fund, the S&P 500 Index, and the Lipper Large-Cap Core Funds Index from December 31, 2005 to

December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

6 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	0.02%
Russell 1000 Growth Index	1.64%
Net Assets as of 12/31/2015 (In Thousands)	$1,081,708

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’s Select Class Shares underperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the consumer discretionary and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the industrials and energy sectors was a leading positive contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included its underweight positions in Alphabet Inc. and Amazon.com Inc. and its overweight position in Archer Daniels Midland Co. Shares of Alphabet, the parent company of Google and its subsidiaries and affiliates, rose on continued growth in Google advertising revenue and investors’ desire for defensive large cap stocks amid market volatility. Shares of Amazon.com, an online retailer not held in the Fund, rose on continued expansion of its business and an increase in 2015 online holiday season sales. Shares of Archer Daniels, an agricultural products processor, fell sharply on continued weakness in global commodities prices.

Leading individual contributors to relative performance included the Fund’s overweight positions in Microsoft Corp., NVidia Corp. and Activision Blizzard Inc. Shares of Microsoft, a provider of software and services, rose on growth in its Azure cloud computing platform as investors sought large cap stocks amid market volatility. Shares of NVidia, a semiconductor manufacturer not held in the Benchmark, rose on better than expected earnings throughout 2015 and strength in the gaming end-market toward the end of the year. Shares of Activision, a developer of video games not held in the Benchmark, rose on strong product sales and investor expectations of earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	6.7	%
	2.	Microsoft Corp.	4.3
	3.	Gilead Sciences, Inc.	3.3
	4.	Amgen, Inc.	3.1
	5.	Visa, Inc., Class A	2.9
	6.	Home Depot, Inc. (The)	2.9
	7.	Reynolds American, Inc.	2.3
	8.	Delta Air Lines, Inc.	2.2
	9.	Lowe’s Cos., Inc.	2.2
	10.	eBay, Inc.	2.2

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	28.8	%
Consumer Discretionary	19.1
Health Care	16.4
Industrials	10.3
Consumer Staples	10.2
Financials	4.1
Materials	3.7
Telecommunication Services	2.2
Others (each less than 1.0%)	1.3
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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 7

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
Without Sales Charge			(0.11	)%		1.87	%		13.13	%		7.69	%
With Sales Charge**			(5.36	)		(3.48	)		11.91			7.11
CLASS C SHARES	February 19, 2005
Without CDSC			(0.35	)		1.38			12.58			7.15
With CDSC***			(1.35	)		0.38			12.58			7.15
CLASS R2 SHARES	November 3, 2008		(0.23	)		1.64			12.86			7.50
CLASS R5 SHARES	May 15, 2006		0.12			2.34			13.65			8.16
CLASS R6 SHARES	November 2, 2015		0.13			2.34			13.65			8.16
SELECT CLASS SHARES	February 28, 2003		0.02			2.15			13.42			7.96

* 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 (12/31/05 TO 12/31/15)

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

Returns for Class R5 Shares prior to their inception dates are based on the performance of 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. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares from May 15, 2006 to November 1, 2015 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 Growth Fund, the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Index from December 31, 2005 to

December 31, 2015. 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.

8 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-5.38%
Russell Midcap Index	-4.68%
Net Assets as of 12/31/2015 (In Thousands)	$856,495

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’s Select Class Shares underperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the industrials and information technology sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Macy’s Inc., Community Health Systems Inc. and Lexmark International Inc. Shares of Macy’s, a department store retail chain, fell on weakness in earnings and a lowered profit forecast. Shares of Community Health Systems, an owner/operator of hospitals, declined on lower-than-expected earnings amid declining hospital admissions. Shares of Lexmark, a maker of printers and imaging technology, fell on lower-than-expected earnings and revenue.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Leidos Holdings Inc., Huntington Ingalls Industries Inc. and Equinix Inc. Shares of Leidos, a data technology company, rose on better-than-expected earnings and a $4.34 billion contract to build a health records system for the U.S. military. Shares of Huntington Ingalls, a maker and repairer of military ships, rose on better-than-expected earnings and healthy contract growth. Shares of Equinix, an information technology network provider, rose on growth in so-called cloud computing and data center traffic.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Equinix, Inc.	2.3	%
	2.	AmerisourceBergen Corp.	2.2
	3.	Huntington Ingalls Industries, Inc.	2.0
	4.	AECOM	1.9
	5.	Computer Sciences Corp.	1.9
	6.	Lear Corp.	1.8
	7.	Jones Lang LaSalle, Inc.	1.7
	8.	United Continental Holdings, Inc.	1.7
	9.	Zimmer Biomet Holdings, Inc.	1.6
	10.	Ross Stores, Inc.	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.6	%
Consumer Discretionary	14.7
Information Technology	14.4
Industrials	13.1
Health Care	10.3
Consumer Staples	6.2
Utilities	5.6
Materials	4.9
Energy	4.8
Telecommunication Services	0.8
Short-Term Investment	2.6

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 9

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
Without Sales Charge			(5.53	)%		(6.16	)%		11.51	%		6.99	%
With Sales Charge**			(10.49	)		(11.09	)		10.32			6.41
CLASS C SHARES	March 22, 1999
Without CDSC			(5.77	)		(6.70	)		10.82			6.32
With CDSC***			(6.77	)		(7.70	)		10.82			6.32
CLASS R6 SHARES	November 2, 2015		(5.34	)		(5.86	)		11.80			7.26
SELECT CLASS SHARES	June 1, 1991		(5.38	)		(5.90	)		11.79			7.25

* 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 (12/31/05 TO 12/31/15)

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

Returns for Class R6 Shares prior to their inception date are based on the performance of 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 Select Class Shares.

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, 2005 to December 31, 2015. 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 dis-

tributions 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.

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

10 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-6.14%
Russell 1000 Value Index	-3.23%
Net Assets as of 12/31/2015 (In Thousands)	$1,751,448

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’s Select Class Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the information technology and financials sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the industrials and energy sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in General Electric Co. and Microsoft Corp. and its overweight position in Archer Daniels Midland Co. Shares of General Electric, an industrial conglomerate not held in the Fund, rose on expectations for profit growth after the company shed large parts of its finance business. Shares of Microsoft, a provider of software and services that was not held in the Fund, rose on growth in its Azure cloud computing platform as investors sought large cap stocks amid market volatility. Shares of Archer Daniels, an agricultural products processor, fell sharply on continued weakness in global commodities prices.

Leading individual contributors to relative performance included the Fund’s overweight positions in Northrop Corp. and Valero Energy Corp. and its underweight position in Kinder Morgan Inc. Shares of Northrop, an aerospace and electronics company, rose on strong growth in earnings and dividends. Shares of Valero Energy, a refinery operator specializing in gasoline and diesel fuel, rose on the company’s plans to expand its refining and transport systems to reduce operating costs. Shares of Kinder Morgan, an owner/operator of natural gas pipelines and terminals, declined amid continued weakness in energy prices.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	4.2	%
	2.	Pfizer, Inc.	3.7
	3.	Citigroup, Inc.	3.2
	4.	Bank of America Corp.	2.7
	5.	Valero Energy Corp.	2.3
	6.	Northrop Grumman Corp.	2.1
	7.	General Dynamics Corp.	1.9	��
	8.	LyondellBasell Industries N.V., Class A	1.8
	9.	Apple, Inc.	1.8
	10.	Ford Motor Co.	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Financials	28.3	%
Health Care	12.3
Energy	11.9
Information Technology	11.3
Industrials	10.4
Consumer Staples	6.2
Utilities	5.6
Consumer Discretionary	5.5
Materials	3.0
Telecommunication Services	1.5
Short-Term Investment	4.0

* 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, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 11

JPMorgan Intrepid Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
Without Sales Charge			(6.21	)%		(6.29	)%		10.94	%		6.22	%
With Sales Charge**			(11.14	)		(11.21	)		9.75			5.65
CLASS C SHARES	February 19, 2005
Without CDSC			(6.43	)		(6.74	)		10.38			5.69
With CDSC***			(7.43	)		(7.74	)		10.38			5.69
CLASS R2 SHARES	November 3, 2008		(6.32	)		(6.51	)		10.66			6.03
CLASS R5 SHARES	May 15, 2006		(6.02	)		(5.96	)		11.32			6.63
CLASS R6 SHARES	November 30, 2010		(6.02	)		(5.91	)		11.39			6.66
SELECT CLASS SHARES	February 28, 2003		(6.14	)		(6.15	)		11.11			6.43

* 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 (12/31/05 TO 12/31/15)

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

Returns for Class R5 Shares prior to their inception dates are based on the performance of 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. 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, 2005 to

December 31, 2015. 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.

12 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.5%
		Consumer Discretionary — 9.2%
		Hotels, Restaurants & Leisure — 0.8%
	1	McDonald’s Corp.		174
		Internet & Catalog Retail — 1.2%
	2	Expedia, Inc.		255
		Media — 1.7%
	4	Comcast Corp., Class A		252
	2	Time Warner, Inc.		99
				351
		Multiline Retail — 0.7%
	2	Target Corp.		153
		Specialty Retail — 4.3%
	6	Best Buy Co., Inc.		175
	4	Home Depot, Inc. (The)		486
	2	Lowe’s Cos., Inc.		175
	7	Staples, Inc.		63
				899
		Textiles, Apparel & Luxury Goods — 0.5%
	3	Coach, Inc.		99
		Total Consumer Discretionary		1,931
		Consumer Staples — 12.2%
		Beverages — 3.4%
	5	Coca-Cola Co. (The)		205
	3	Molson Coors Brewing Co., Class B		254
	2	PepsiCo, Inc.		245
				704
		Food & Staples Retailing — 3.1%
	3	Walgreens Boots Alliance, Inc.		275
	6	Wal-Mart Stores, Inc.		383
				658
		Food Products — 4.1%
	1	Ingredion, Inc.		117
	2	Kraft Heinz Co. (The)		153
	4	Mondelez International, Inc., Class A		201
	7	Tyson Foods, Inc., Class A		382
				853
		Household Products — 0.2%
	1	Energizer Holdings, Inc.		44
		Tobacco — 1.4%
	2	Philip Morris International, Inc.		216
	2	Reynolds American, Inc.		86
				302
		Total Consumer Staples		2,561

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 5.6%
		Energy Equipment & Services — 0.5%
	2	Baker Hughes, Inc.		104
		Oil, Gas & Consumable Fuels — 5.1%
	1	Anadarko Petroleum Corp.		51
	1	Chevron Corp.		110
	3	Devon Energy Corp.		94
	1	Exxon Mobil Corp.		105
	5	Marathon Petroleum Corp.		270
	3	Occidental Petroleum Corp.		174
	4	Valero Energy Corp.		269
				1,073
		Total Energy		1,177
		Financials — 15.1%
		Banks — 7.3%
	10	Bank of America Corp.		162
	10	Citigroup, Inc.		535
	5	Fifth Third Bancorp		94
	4	SunTrust Banks, Inc.		179
	10	Wells Fargo & Co.		555
				1,525
		Capital Markets — 1.1%
	2	Bank of New York Mellon Corp. (The)		82
	5	Morgan Stanley		151
				233
		Consumer Finance — 1.8%
	3	Capital One Financial Corp.		211
	3	Discover Financial Services		157
				368
		Diversified Financial Services — 1.1%
	6	Voya Financial, Inc.		228
		Insurance — 2.9%
	2	Allstate Corp. (The)		121
	4	American International Group, Inc.		259
	5	Hartford Financial Services Group, Inc. (The)		230
				610
		Real Estate Investment Trusts (REITs) — 0.9%
	1	AvalonBay Communities, Inc.		120
	1	NorthStar Realty Europe Corp.		14
	4	NorthStar Realty Finance Corp.		59
				193
		Total Financials		3,157

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 13

JPMorgan Intrepid Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care — 17.1%
		Biotechnology — 5.9%
	2	Amgen, Inc.		327
	2	Celgene Corp. (a)		240
	5	Gilead Sciences, Inc.		546
	1	Vertex Pharmaceuticals, Inc. (a)		120
				1,233
		Health Care Equipment & Supplies — 2.3%
	1	Becton, Dickinson and Co.		144
	8	Boston Scientific Corp. (a)		143
	3	Medtronic plc, (Ireland)		196
				483
		Health Care Providers & Services — 6.6%
	1	Aetna, Inc.		59
	1	Anthem, Inc.		188
	3	Cardinal Health, Inc.		223
	3	Cigna Corp.		487
	2	Humana, Inc.		268
	1	McKesson Corp.		156
				1,381
		Pharmaceuticals — 2.3%
	2	AbbVie, Inc.		111
	12	Pfizer, Inc.		376
				487
		Total Health Care		3,584
		Industrials — 8.2%
		Aerospace & Defense — 5.1%
	2	General Dynamics Corp.		206
	1	Lockheed Martin Corp.		234
	3	Northrop Grumman Corp.		637
				1,077
		Airlines — 1.9%
	3	Delta Air Lines, Inc.		165
	4	Southwest Airlines Co.		159
	1	United Continental Holdings, Inc. (a)		67
				391
		Construction & Engineering — 0.9%
	6	AECOM (a)		179
		Machinery — 0.3%
	3	Allison Transmission Holdings, Inc.		73
		Total Industrials		1,720

SHARES			SECURITY DESCRIPTION	VALUE($)
			Information Technology — 24.1%
			Communications Equipment — 2.5%
	13		Cisco Systems, Inc.		364
	3		QUALCOMM, Inc.		149
					513
			Internet Software & Services — 4.3%
	–	(h)	Alphabet, Inc., Class A (a)		247
	–	(h)	Alphabet, Inc., Class C (a)		298
	2		VeriSign, Inc. (a)		146
	6		Yahoo!, Inc. (a)		211
					902
			IT Services — 1.6%
	2		MasterCard, Inc., Class A		170
	2		Visa, Inc., Class A		155
					325
			Semiconductors & Semiconductor Equipment — 2.5%
	3		Broadcom Corp., Class A		191
	3		KLA-Tencor Corp.		191
	2		Lam Research Corp.		131
					513
			Software — 6.6%
	18		Microsoft Corp.		979
	5		Oracle Corp.		191
	8		Rovi Corp. (a)		133
	4		Symantec Corp.		83
					1,386
			Technology Hardware, Storage & Peripherals — 6.6%
	9		Apple, Inc.		998
	10		Hewlett Packard Enterprise Co.		158
	11		HP, Inc.		125
	1		SanDisk Corp.		110
					1,391
			Total Information Technology		5,030
			Materials — 1.4%
			Chemicals — 0.8%
	3		Dow Chemical Co. (The)		157
			Containers & Packaging — 0.6%
	3		Crown Holdings, Inc. (a)		133
			Total Materials		290
			Telecommunication Services — 1.8%
			Diversified Telecommunication Services — 1.8%
	7		CenturyLink, Inc.		186

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Diversified Telecommunication Services — continued
	4	Verizon Communications, Inc.		185
		Total Telecommunication Services		371
		Utilities — 2.8%
		Electric Utilities — 1.1%
	3	Entergy Corp.		221
		Gas Utilities — 1.3%
	8	UGI Corp.		274
		Independent Power & Renewable Electricity Producers — 0.4%
	10	AES Corp.		92
		Total Utilities		587
		Total Common Stocks (Cost $16,480)		20,408
	Short-Term Investment — 2.3%
		Investment Company — 2.3%
	482	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $482)		482
		Total Investments — 99.8% (Cost $16,962)		20,890
		Other Assets in Excess of Liabilities — 0.2%		45
		NET ASSETS — 100.0%	$	20,935

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 15

JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.4%
		Consumer Discretionary — 11.2%
		Auto Components — 0.2%
	245	Goodyear Tire & Rubber Co. (The)		7,998
		Automobiles — 0.8%
	2,229	Ford Motor Co.		31,404
		Diversified Consumer Services — 0.8%
	18	Graham Holdings Co., Class B		8,487
	577	ServiceMaster Global Holdings, Inc. (a)		22,649
				31,136
		Hotels, Restaurants & Leisure — 1.0%
	301	Darden Restaurants, Inc.		19,168
	474	Restaurant Brands International, Inc., (Canada)		17,705
				36,873
		Household Durables — 1.1%
	642	Toll Brothers, Inc. (a)		21,392
	122	Whirlpool Corp.		17,962
				39,354
		Media — 2.0%
	24	Cable One, Inc.		10,234
	155	Comcast Corp., Class A		8,764
	2,041	Twenty-First Century Fox, Inc., Class A		55,444
				74,442
		Multiline Retail — 2.2%
	1,145	Target Corp.		83,110
		Specialty Retail — 3.1%
	856	Best Buy Co., Inc.		26,071
	1,156	Lowe’s Cos., Inc.		87,925
				113,996
		Total Consumer Discretionary		418,313
		Consumer Staples — 9.4%
		Food & Staples Retailing — 2.8%
	177	CVS Health Corp.		17,295
	2,040	Kroger Co. (The)		85,342
				102,637
		Food Products — 3.9%
	1,153	Archer-Daniels-Midland Co.		42,285
	387	Bunge Ltd.		26,438
	315	Ingredion, Inc.		30,151
	1,347	Pilgrim’s Pride Corp.		29,755
	332	Tyson Foods, Inc., Class A		17,679
				146,308

SHARES		SECURITY DESCRIPTION	VALUE($)
		Household Products — 0.6%
	657	Energizer Holdings, Inc.		22,378
		Personal Products — 0.5%
	369	Herbalife Ltd. (a)		19,764
		Tobacco — 1.6%
	1,239	Reynolds American, Inc.		57,201
		Total Consumer Staples		348,288
		Energy — 6.7%
		Energy Equipment & Services — 2.5%
	453	Cameron International Corp. (a)		28,649
	1,752	Ensco plc, (United Kingdom), Class A		26,970
	155	National Oilwell Varco, Inc.		5,174
	823	Noble Corp. plc, (United Kingdom)		8,682
	119	Schlumberger Ltd.		8,293
	2,181	Seadrill Ltd., (United Kingdom) (a)		7,395
	699	Transocean Ltd., (Switzerland)		8,647
				93,810
		Oil, Gas & Consumable Fuels — 4.2%
	2,651	Denbury Resources, Inc.		5,355
	731	Marathon Oil Corp.		9,206
	260	Marathon Petroleum Corp.		13,499
	358	Occidental Petroleum Corp.		24,225
	202	Tesoro Corp.		21,242
	1,172	Valero Energy Corp.		82,879
				156,406
		Total Energy		250,216
		Financials — 14.0%
		Banks — 5.7%
	1,240	Bank of America Corp.		20,873
	801	Citigroup, Inc.		41,452
	522	Fifth Third Bancorp		10,490
	152	PNC Financial Services Group, Inc. (The)		14,506
	2,332	Wells Fargo & Co.		126,770
				214,091
		Capital Markets — 0.4%
	123	Ameriprise Financial, Inc.		13,111
		Consumer Finance — 1.0%
	694	Discover Financial Services		37,234
		Diversified Financial Services — 0.8%
	297	MSCI, Inc.		21,386
	260	Voya Financial, Inc.		9,578
				30,964
		Insurance — 3.8%
	199	Allstate Corp. (The)		12,368

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	355	Aspen Insurance Holdings Ltd., (Bermuda)		17,166
	150	Everest Re Group Ltd., (Bermuda)		27,427
	493	Hartford Financial Services Group, Inc. (The)		21,434
	327	Lincoln National Corp.		16,410
	208	Prudential Financial, Inc.		16,893
	256	Travelers Cos., Inc. (The)		28,915
				140,613
		Real Estate Investment Trusts (REITs) — 1.0%
	453	Annaly Capital Management, Inc.		4,253
	656	Equity Commonwealth (a)		18,191
	159	Vornado Realty Trust		15,863
				38,307
		Real Estate Management & Development — 1.3%
	561	CBRE Group, Inc., Class A (a)		19,382
	181	Jones Lang LaSalle, Inc.		28,887
				48,269
		Total Financials		522,589
		Health Care — 15.5%
		Biotechnology — 4.7%
	498	Amgen, Inc.		80,856
	941	Gilead Sciences, Inc.		95,220
				176,076
		Health Care Equipment & Supplies — 2.1%
	1,023	Medtronic plc, (Ireland)		78,682
		Health Care Providers & Services — 6.8%
	75	Aetna, Inc.		8,120
	281	AmerisourceBergen Corp.		29,101
	164	Anthem, Inc.		22,924
	274	Cigna Corp.		40,080
	466	Health Net, Inc. (a)		31,909
	232	Humana, Inc.		41,379
	68	LifePoint Health, Inc. (a)		5,020
	231	McKesson Corp.		45,521
	474	Molina Healthcare, Inc. (a)		28,489
				252,543
		Pharmaceuticals — 1.9%
	2,227	Pfizer, Inc.		71,889
		Total Health Care		579,190
		Industrials — 9.4%
		Aerospace & Defense — 4.0%
	131	General Dynamics Corp.		17,967
	110	Huntington Ingalls Industries, Inc.		13,966

SHARES		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	462	Northrop Grumman Corp.		87,287
	584	Spirit AeroSystems Holdings, Inc., Class A (a)		29,251
				148,471
		Airlines — 2.5%
	1,600	Delta Air Lines, Inc.		81,114
	330	Southwest Airlines Co.		14,201
				95,315
		Building Products — 0.6%
	751	Masco Corp.		21,239
		Commercial Services & Supplies — 0.3%
	407	Pitney Bowes, Inc.		8,413
	302	R.R. Donnelley & Sons Co.		4,445
				12,858
		Construction & Engineering — 0.8%
	972	AECOM (a)		29,198
		Machinery — 1.2%
	482	Illinois Tool Works, Inc.		44,663
		Total Industrials		351,744
		Information Technology — 22.9%
		Communications Equipment — 0.5%
	511	Juniper Networks, Inc.		14,098
	33	Palo Alto Networks, Inc. (a)		5,830
				19,928
		Internet Software & Services — 3.1%
	3,019	eBay, Inc. (a)		82,957
	374	VeriSign, Inc. (a)		32,655
				115,612
		IT Services — 4.0%
	285	Amdocs Ltd.		15,557
	515	Leidos Holdings, Inc.		28,991
	122	MasterCard, Inc., Class A		11,829
	1,061	Visa, Inc., Class A		82,257
	558	Western Union Co. (The)		10,001
				148,635
		Semiconductors & Semiconductor Equipment — 2.9%
	515	KLA-Tencor Corp.		35,681
	330	Lam Research Corp.		26,232
	1,779	Marvell Technology Group Ltd., (Bermuda)		15,690
	929	NVIDIA Corp.		30,626
				108,229
		Software — 7.2%
	984	Activision Blizzard, Inc.		38,106

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 17

JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	285	Electronic Arts, Inc. (a)		19,551
	2,453	Microsoft Corp.		136,076
	288	Nuance Communications, Inc. (a)		5,725
	1,876	Oracle Corp.		68,530
				267,988
		Technology Hardware, Storage & Peripherals — 5.2%
	1,829	Apple, Inc.		192,552
		Total Information Technology		852,944
		Materials — 3.1%
		Chemicals — 1.8%
	766	LyondellBasell Industries N.V., Class A		66,592
		Containers & Packaging — 0.7%
	615	Sealed Air Corp.		27,416
		Metals & Mining — 0.6%
	1,141	Steel Dynamics, Inc.		20,391
		Total Materials		114,399
		Telecommunication Services — 2.8%
		Diversified Telecommunication Services — 2.8%
	911	AT&T, Inc.		31,334
	749	CenturyLink, Inc.		18,836
	1,142	Verizon Communications, Inc.		52,797
		Total Telecommunication Services		102,967

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 2.4%
		Electric Utilities — 0.8%
	441	Entergy Corp.		30,153
		Gas Utilities — 0.8%
	878	UGI Corp.		29,628
		Multi-Utilities — 0.8%
	774	Public Service Enterprise Group, Inc.		29,950
		Total Utilities		89,731
		Total Common Stocks (Cost $3,046,978)		3,630,381
	Short-Term Investment — 5.1%
		Investment Company — 5.1%
	191,899	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $191,899)		191,899
		Total Investments — 102.5% (Cost $3,238,877)		3,822,280
		Liabilities in Excess of Other Assets — (2.5)% (c)		(94,624	)
		NET ASSETS — 100.0%	$	3,727,656

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	881	E-mini S&P 500		03/18/16		USD	$	89,659	$	1,528

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.9%
		Consumer Discretionary — 19.1%
		Auto Components — 0.4%
	147	Goodyear Tire & Rubber Co. (The)		4,786
		Diversified Consumer Services — 1.6%
	8	Graham Holdings Co., Class B		4,073
	119	H&R Block, Inc.		3,954
	237	ServiceMaster Global Holdings, Inc. (a)		9,300
				17,327
		Hotels, Restaurants & Leisure — 1.5%
	121	Darden Restaurants, Inc.		7,701
	226	Restaurant Brands International, Inc., (Canada)		8,450
				16,151
		Household Durables — 0.7%
	3	NVR, Inc. (a)		4,107
	88	Toll Brothers, Inc. (a)		2,934
				7,041
		Internet & Catalog Retail — 1.6%
	67	Expedia, Inc.		8,365
	183	Wayfair, Inc., Class A (a)		8,715
				17,080
		Media — 4.4%
	8	Cable One, Inc.		3,643
	115	DISH Network Corp., Class A (a)		6,598
	223	Interpublic Group of Cos., Inc. (The)		5,182
	62	Sinclair Broadcast Group, Inc., Class A		2,024
	2,158	Sirius XM Holdings, Inc. (a)		8,782
	804	Twenty-First Century Fox, Inc., Class A		21,826
				48,055
		Multiline Retail — 1.8%
	262	Target Corp.		19,017
		Specialty Retail — 5.9%
	130	Foot Locker, Inc.		8,455
	240	Home Depot, Inc. (The)		31,714
	311	Lowe’s Cos., Inc.		23,633
				63,802
		Textiles, Apparel & Luxury Goods — 1.2%
	56	Carter’s, Inc.		4,959
	271	Skechers U.S.A., Inc., Class A (a)		8,190
				13,149
		Total Consumer Discretionary		206,408

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 10.2%
		Beverages — 1.2%
	125	PepsiCo, Inc.		12,470
		Food & Staples Retailing — 2.2%
	554	Kroger Co. (The)		23,183
		Food Products — 3.7%
	91	Bunge Ltd.		6,200
	91	Ingredion, Inc.		8,750
	391	Pilgrim’s Pride Corp.		8,628
	134	Post Holdings, Inc. (a)		8,262
	157	Tyson Foods, Inc., Class A		8,394
				40,234
		Household Products — 0.1%
	41	Energizer Holdings, Inc.		1,410
		Personal Products — 0.7%
	24	Edgewell Personal Care Co.		1,842
	115	Herbalife Ltd. (a)		6,139
				7,981
		Tobacco — 2.3%
	547	Reynolds American, Inc.		25,221
		Total Consumer Staples		110,499
		Energy — 0.9%
		Energy Equipment & Services — 0.7%
	106	Cameron International Corp. (a)		6,718
	45	Ensco plc, (United Kingdom), Class A		686
				7,404
		Oil, Gas & Consumable Fuels — 0.2%
	420	Denbury Resources, Inc.		848
	120	Marathon Oil Corp.		1,506
				2,354
		Total Energy		9,758
		Financials — 4.1%
		Diversified Financial Services — 1.3%
	32	MarketAxess Holdings, Inc.		3,549
	87	Moody’s Corp.		8,730
	23	Morningstar, Inc.		1,833
				14,112
		Insurance — 0.4%
	8	Assurant, Inc.		644
	24	Prudential Financial, Inc.		1,962
	34	Validus Holdings Ltd., (Bermuda)		1,556
				4,162

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 19

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — 1.9%
	154	American Tower Corp.		14,891
	35	Equity Commonwealth (a)		982
	55	Extra Space Storage, Inc.		4,816
				20,689
		Real Estate Management & Development — 0.5%
	155	CBRE Group, Inc., Class A (a)		5,346
		Total Financials		44,309
		Health Care — 16.4%
		Biotechnology — 8.9%
	210	Amgen, Inc.		34,057
	38	Anacor Pharmaceuticals, Inc. (a)		4,270
	35	Celgene Corp. (a)		4,227
	357	Gilead Sciences, Inc.		36,165
	36	United Therapeutics Corp. (a)		5,638
	91	Vertex Pharmaceuticals, Inc. (a)		11,451
				95,808
		Health Care Equipment & Supplies — 0.8%
	225	Hologic, Inc. (a)		8,713
		Health Care Providers & Services — 6.7%
	57	AmerisourceBergen Corp.		5,911
	14	Amsurg Corp. (a)		1,079
	134	Cardinal Health, Inc.		11,980
	124	Centene Corp. (a)		8,174
	74	Cigna Corp.		10,814
	133	Health Net, Inc. (a)		9,098
	96	Humana, Inc.		17,173
	145	Molina Healthcare, Inc. (a)		8,689
				72,918
		Total Health Care		177,439
		Industrials — 10.2%
		Aerospace & Defense — 4.7%
	291	BWX Technologies, Inc.		9,242
	119	Curtiss-Wright Corp.		8,165
	67	Huntington Ingalls Industries, Inc.		8,537
	39	Northrop Grumman Corp.		7,439
	164	Spirit AeroSystems Holdings, Inc., Class A (a)		8,217
	38	TransDigm Group, Inc. (a)		8,772
				50,372
		Airlines — 3.5%
	86	Alaska Air Group, Inc.		6,956
	479	Delta Air Lines, Inc.		24,296
	166	Southwest Airlines Co.		7,143
				38,395

SHARES		SECURITY DESCRIPTION	VALUE($)
		Building Products — 0.8%
	287	Masco Corp.		8,116
		Commercial Services & Supplies — 0.1%
	68	R.R. Donnelley & Sons Co.		994
		Machinery — 0.6%
	263	Allison Transmission Holdings, Inc.		6,807
		Professional Services — 0.5%
	70	ManpowerGroup, Inc.		5,917
		Total Industrials		110,601
		Information Technology — 28.7%
		Internet Software & Services — 4.0%
	11	Alphabet, Inc., Class A (a)		8,247
	5	Alphabet, Inc., Class C (a)		4,098
	856	eBay, Inc. (a)		23,512
	84	VeriSign, Inc. (a)		7,347
				43,204
		IT Services — 5.2%
	88	Amdocs Ltd.		4,813
	245	Computer Sciences Corp.		8,010
	109	Leidos Holdings, Inc.		6,121
	146	PayPal Holdings, Inc. (a)		5,296
	410	Visa, Inc., Class A		31,757
				55,997
		Semiconductors & Semiconductor Equipment — 2.5%
	120	KLA-Tencor Corp.		8,315
	109	Lam Research Corp.		8,617
	178	Marvell Technology Group Ltd., (Bermuda)		1,573
	279	NVIDIA Corp.		9,192
				27,697
		Software — 10.3%
	274	Activision Blizzard, Inc.		10,614
	45	Aspen Technology, Inc. (a)		1,699
	112	Citrix Systems, Inc. (a)		8,435
	66	Electronic Arts, Inc. (a)		4,515
	56	Fortinet, Inc. (a)		1,758
	837	Microsoft Corp.		46,456
	412	Nuance Communications, Inc. (a)		8,189
	617	Oracle Corp.		22,546
	38	Red Hat, Inc. (a)		3,130
	116	Take-Two Interactive Software, Inc. (a)		4,028
				111,370

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Technology Hardware, Storage & Peripherals — 6.7%
	690	Apple, Inc.		72,582
		Total Information Technology		310,850
		Materials — 3.7%
		Chemicals — 1.4%
	170	LyondellBasell Industries N.V., Class A		14,799
		Containers & Packaging — 1.5%
	167	Crown Holdings, Inc. (a)		8,452
	185	Sealed Air Corp.		8,251
				16,703
		Metals & Mining — 0.8%
	486	Steel Dynamics, Inc.		8,688
		Total Materials		40,190
		Telecommunication Services — 2.2%
		Diversified Telecommunication Services — 1.8%
	578	AT&T, Inc.		19,904

SHARES		SECURITY DESCRIPTION	VALUE($)
		Wireless Telecommunication Services — 0.4%
	99	T-Mobile US, Inc. (a)		3,877
		Total Telecommunication Services		23,781
		Utilities — 0.4%
		Electric Utilities — 0.4%
	61	Entergy Corp.		4,143
		Total Common Stocks (Cost $835,919)		1,037,978
	Short-Term Investment — 3.9%
		Investment Company — 3.9%
	42,060	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $42,060)		42,060
		Total Investments — 99.8% (Cost $877,979)		1,080,038
		Other Assets in Excess of Liabilities — 0.2% (c)		1,670
		NET ASSETS — 100.0%	$	1,081,708

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	421	E-mini S&P 500		03/18/16		USD	$	42,845	$	731

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 21

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.4%
		Consumer Discretionary — 14.7%
		Auto Components — 1.8%
	124	Lear Corp.		15,268
		Diversified Consumer Services — 2.6%
	18	Graham Holdings Co., Class B		8,875
	337	ServiceMaster Global Holdings, Inc. (a)		13,236
				22,111
		Hotels, Restaurants & Leisure — 0.6%
	87	Darden Restaurants, Inc.		5,549
		Internet & Catalog Retail — 1.2%
	342	Groupon, Inc. (a)		1,049
	200	Liberty Ventures, Series A (a)		9,022
				10,071
		Leisure Products — 0.3%
	49	Brunswick Corp.		2,480
		Media — 1.7%
	35	Discovery Communications, Inc., Class C (a)		875
	56	Interpublic Group of Cos., Inc. (The)		1,313
	50	John Wiley & Sons, Inc., Class A		2,256
	741	News Corp., Class A		9,905
				14,349
		Multiline Retail — 1.2%
	25	Dollar Tree, Inc. (a)		1,915
	247	Macy’s, Inc.		8,640
				10,555
		Specialty Retail — 4.8%
	379	Best Buy Co., Inc.		11,532
	16	GameStop Corp., Class A		440
	106	Murphy USA, Inc. (a)		6,414
	102	Penske Automotive Group, Inc.		4,298
	257	Ross Stores, Inc.		13,845
	507	Staples, Inc.		4,802
				41,331
		Textiles, Apparel & Luxury Goods — 0.5%
	142	Skechers U.S.A., Inc., Class A (a)		4,284
		Total Consumer Discretionary		125,998
		Consumer Staples — 6.2%
		Food & Staples Retailing — 0.8%
	171	Kroger Co. (The)		7,170
		Food Products — 4.2%
	202	Bunge Ltd.		13,793

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — continued
	144	Ingredion, Inc.		13,772
	162	Tyson Foods, Inc., Class A		8,655
				36,220
		Personal Products — 0.6%
	91	Herbalife Ltd. (a)		4,869
		Tobacco — 0.6%
	103	Reynolds American, Inc.		4,754
		Total Consumer Staples		53,013
		Energy — 4.8%
		Energy Equipment & Services — 1.0%
	9	Baker Hughes, Inc.		401
	48	Cameron International Corp. (a)		3,046
	298	Nabors Industries Ltd.		2,533
	108	Rowan Cos. plc, Class A		1,831
	196	Seadrill Ltd., (United Kingdom) (a)		666
				8,477
		Oil, Gas & Consumable Fuels — 3.8%
	32	Cimarex Energy Co.		2,883
	129	EQT Corp.		6,735
	160	Gulfport Energy Corp. (a)		3,919
	361	Marathon Oil Corp.		4,542
	38	Marathon Petroleum Corp.		1,944
	57	Murphy Oil Corp.		1,268
	8	Noble Energy, Inc.		277
	68	PBF Energy, Inc., Class A		2,514
	24	QEP Resources, Inc.		324
	35	Valero Energy Corp.		2,489
	129	World Fuel Services Corp.		4,954
	199	WPX Energy, Inc. (a)		1,144
				32,993
		Total Energy		41,470
		Financials — 22.6%
		Banks — 2.9%
	43	Citizens Financial Group, Inc.		1,134
	64	East West Bancorp, Inc.		2,652
	29	Fifth Third Bancorp		585
	100	Huntington Bancshares, Inc.		1,107
	329	KeyCorp		4,343
	71	PacWest Bancorp		3,077
	346	Regions Financial Corp.		3,321
	14	Signature Bank (a)		2,116
	54	SVB Financial Group (a)		6,385
				24,720

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks— continued
		Capital Markets — 0.9%
	20	Affiliated Managers Group, Inc. (a)		3,163
	88	Lazard Ltd., (Bermuda), Class A		3,952
	11	Raymond James Financial, Inc.		620
				7,735
		Consumer Finance — 2.1%
	198	Discover Financial Services		10,627
	229	Synchrony Financial (a)		6,961
				17,588
		Diversified Financial Services — 1.1%
	11	Intercontinental Exchange, Inc.		2,845
	81	MSCI, Inc.		5,828
	16	Nasdaq, Inc.		925
				9,598
		Insurance — 4.7%
	73	Allied World Assurance Co. Holdings AG, (Switzerland)		2,696
	74	American Financial Group, Inc.		5,327
	5	American National Insurance Co.		542
	23	Aon plc, (United Kingdom)		2,112
	17	Arch Capital Group Ltd., (Bermuda) (a)		1,210
	35	Aspen Insurance Holdings Ltd., (Bermuda)		1,710
	35	Assurant, Inc.		2,855
	53	Assured Guaranty Ltd., (Bermuda)		1,398
	18	Axis Capital Holdings Ltd., (Bermuda)		1,001
	21	Endurance Specialty Holdings Ltd., (Bermuda)		1,363
	8	Everest Re Group Ltd., (Bermuda)		1,501
	15	FNF Group		504
	77	Hanover Insurance Group, Inc. (The)		6,247
	48	Hartford Financial Services Group, Inc. (The)		2,099
	33	Lincoln National Corp.		1,654
	44	Principal Financial Group, Inc.		1,970
	22	Torchmark Corp.		1,276
	101	Unum Group		3,366
	34	Validus Holdings Ltd., (Bermuda)		1,569
				40,400
		Real Estate Investment Trusts (REITs) — 9.2%
	85	Annaly Capital Management, Inc.		793
	80	Apartment Investment & Management Co., Class A		3,214
	8	AvalonBay Communities, Inc.		1,547
	9	Boston Properties, Inc.		1,148
	78	Brandywine Realty Trust		1,060
	132	Brixmor Property Group, Inc.		3,408

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	10	Care Capital Properties, Inc.		296
	20	Crown Castle International Corp.		1,738
	33	Douglas Emmett, Inc.		1,029
	64	Equinix, Inc.		19,445
	138	Equity Commonwealth (a)		3,834
	49	Equity LifeStyle Properties, Inc.		3,273
	10	Equity Residential		824
	56	Extra Space Storage, Inc.		4,949
	29	Four Corners Property Trust, Inc. (a)		712
	15	Mid-America Apartment Communities, Inc.		1,380
	11	NorthStar Realty Europe Corp.		132
	142	Paramount Group, Inc.		2,567
	58	Post Properties, Inc.		3,455
	18	Regency Centers Corp.		1,247
	8	SL Green Realty Corp.		926
	35	Taubman Centers, Inc.		2,693
	206	Two Harbors Investment Corp.		1,669
	3	Ventas, Inc.		179
	49	Vornado Realty Trust		4,878
	15	Welltower, Inc.		1,000
	318	Weyerhaeuser Co.		9,540
	37	WP Carey, Inc.		2,165
				79,101
		Real Estate Management & Development — 1.7%
	93	Jones Lang LaSalle, Inc.		14,803
		Total Financials		193,945
		Health Care — 10.3%
		Biotechnology — 2.0%
	34	Alnylam Pharmaceuticals, Inc. (a)		3,191
	48	BioMarin Pharmaceutical, Inc. (a)		4,997
	16	Incyte Corp. (a)		1,692
	16	Intercept Pharmaceuticals, Inc. (a)		2,420
	64	Medivation, Inc. (a)		3,079
	25	Puma Biotechnology, Inc. (a)		1,921
				17,300
		Health Care Equipment & Supplies — 3.2%
	6	C.R. Bard, Inc.		1,136
				—
	323	Hologic, Inc. (a)		12,493
	136	Zimmer Biomet Holdings, Inc.		13,973
				27,602
		Health Care Providers & Services — 3.7%
	184	AmerisourceBergen Corp.		19,124
	3	Centene Corp. (a)		184
	10	Cigna Corp.		1,463

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 23

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	122	Community Health Systems, Inc. (a)		3,245
	34	Health Net, Inc. (a)		2,293
	4	Humana, Inc.		661
	87	Premier, Inc., Class A (a)		3,069
	43	Tenet Healthcare Corp. (a)		1,297
				31,336
		Pharmaceuticals — 1.4%
	71	Endo International plc, (Ireland) (a)		4,371
	6	Jazz Pharmaceuticals plc, (Ireland) (a)		899
	25	Mallinckrodt plc (a)		1,866
	33	Perrigo Co. plc, (Ireland)		4,703
				11,839
		Total Health Care		88,077
		Industrials — 13.1%
		Aerospace & Defense — 2.9%
	32	BWX Technologies, Inc.		1,023
	137	Huntington Ingalls Industries, Inc.		17,418
	4	Northrop Grumman Corp.		680
	18	Orbital ATK, Inc.		1,617
	80	Spirit AeroSystems Holdings, Inc., Class A (a)		3,981
				24,719
		Airlines — 3.3%
	114	Delta Air Lines, Inc.		5,758
	345	JetBlue Airways Corp. (a)		7,817
	257	United Continental Holdings, Inc. (a)		14,703
				28,278
		Commercial Services & Supplies — 1.6%
	369	KAR Auction Services, Inc.		13,675
		Construction & Engineering — 2.5%
	536	AECOM (a)		16,093
	34	Fluor Corp.		1,596
	87	Jacobs Engineering Group, Inc. (a)		3,629
				21,318
		Electrical Equipment — 0.1%
	16	Babcock & Wilcox Enterprises, Inc. (a)		337
		Machinery — 2.0%
	155	Crane Co.		7,415
	47	Ingersoll-Rand plc		2,604
	72	Parker-Hannifin Corp.		6,939
				16,958
		Professional Services — 0.6%
	64	ManpowerGroup, Inc.		5,378

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 0.1%
	19	Landstar System, Inc.		1,120
		Total Industrials		111,783
		Information Technology — 14.4%
		Communications Equipment — 1.4%
	99	Harris Corp.		8,642
	105	Juniper Networks, Inc.		2,898
				11,540
		Electronic Equipment, Instruments & Components — 1.0%
	79	Avnet, Inc.		3,372
	179	Ingram Micro, Inc., Class A		5,441
				8,813
		Internet Software & Services — 0.3%
	12	LinkedIn Corp., Class A (a)		2,723
		IT Services — 3.7%
	488	Computer Sciences Corp.		15,951
	263	Vantiv, Inc., Class A (a)		12,481
	268	Xerox Corp.		2,845
				31,277
		Semiconductors & Semiconductor Equipment — 3.8%
	469	Applied Materials, Inc.		8,747
	61	First Solar, Inc. (a)		3,992
	27	Lam Research Corp.		2,121
	1,480	Marvell Technology Group Ltd., (Bermuda)		13,057
	157	Micron Technology, Inc. (a)		2,220
	206	ON Semiconductor Corp. (a)		2,022
				32,159
		Software — 3.0%
	70	Cadence Design Systems, Inc. (a)		1,450
	164	Citrix Systems, Inc. (a)		12,369
	61	Nuance Communications, Inc. (a)		1,207
	239	Synopsys, Inc. (a)		10,878
				25,904
		Technology Hardware, Storage & Peripherals — 1.2%
	140	Lexmark International, Inc., Class A		4,553
	245	NCR Corp. (a)		5,995
				10,548
		Total Information Technology		122,964
		Materials — 4.9%
		Chemicals — 1.7%
	13	Ashland, Inc.		1,335
	150	Cabot Corp.		6,124

SEE NOTES TO FINANCIAL STATEMENTS

24 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Chemicals — continued
	13		Huntsman Corp.		151
	72		PPG Industries, Inc.		7,145
					14,755
			Containers & Packaging — 1.4%
	36		Avery Dennison Corp.		2,274
	84		Crown Holdings, Inc. (a)		4,269
	51		Sealed Air Corp.		2,288
	63		WestRock Co.		2,879
					11,710
			Metals & Mining — 1.2%
	9		Nucor Corp.		354
	68		Reliance Steel & Aluminum Co.		3,915
	344		Steel Dynamics, Inc.		6,144
					10,413
			Paper & Forest Products — 0.6%
	49		Domtar Corp., (Canada)		1,826
	96		International Paper Co.		3,604
					5,430
			Total Materials		42,308
			Telecommunication Services — 0.8%
			Diversified Telecommunication Services — 0.8%
	1,534		Frontier Communications Corp.		7,163
		��
			Utilities — 5.6%
			Electric Utilities — 0.7%
	78		Entergy Corp.		5,359
	8		Pinnacle West Capital Corp.		516
					5,875
			Gas Utilities — 1.0%
	242		UGI Corp.		8,162
			Independent Power & Renewable Electricity Producers — 0.4%
	388		AES Corp.		3,714

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — 3.5%
	39	Alliant Energy Corp.		2,407
	47	Ameren Corp.		2,049
	124	CenterPoint Energy, Inc.		2,273
	116	CMS Energy Corp.		4,178
	35	Consolidated Edison, Inc.		2,275
	62	DTE Energy Co.		4,964
	93	Public Service Enterprise Group, Inc.		3,598
	57	Sempra Energy		5,359
	102	TECO Energy, Inc.		2,709
				29,812
		Total Utilities		47,563
		Total Common Stocks (Cost $764,219)		834,284
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Consumer Staples — 0.0% (g)
		Food & Staples Retailing — 0.0% (g)
	121	Safeway, Inc. PDC CVR, expiring 01/30/17 (a)		6
	121	Safeway, Inc. PDC CVR, expiring 01/30/18 (a)		8
		Total Rights (Cost $–)		14
SHARES
	Short-Term Investment — 2.6%
		Investment Company — 2.6%
	22,090	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $22,090)		22,090
		Total Investments — 100.0% (Cost $786,309)		856,388
		Other Assets in Excess of Liabilities — 0.0% (c) (g)		107
		NET ASSETS — 100.0%	$	856,495

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	157	S&P Mid Cap 400		03/18/16		USD	$	21,878	$	(80	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 25

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.9%
		Consumer Discretionary — 5.5%
		Automobiles — 1.7%
	2,183	Ford Motor Co.		30,763
		Diversified Consumer Services — 0.1%
	49	ServiceMaster Global Holdings, Inc. (a)		1,915
		Hotels, Restaurants & Leisure — 0.7%
	194	Darden Restaurants, Inc.		12,333
		Household Durables — 0.5%
	451	PulteGroup, Inc.		8,028
		Media — 1.4%
	206	CBS Corp. (Non-Voting), Class B		9,699
	3,561	Sirius XM Holdings, Inc. (a)		14,494
				24,193
		Multiline Retail — 0.7%
	102	Macy’s, Inc.		3,575
	132	Target Corp.		9,548
				13,123
		Specialty Retail — 0.4%
	667	Staples, Inc.		6,314
		Total Consumer Discretionary		96,669
		Consumer Staples — 6.2%
		Food & Staples Retailing — 2.0%
	111	CVS Health Corp.		10,892
	581	Kroger Co. (The)		24,282
				35,174
		Food Products — 2.4%
	715	Archer-Daniels-Midland Co.		26,219
	146	Bunge Ltd.		9,996
	293	Pilgrim’s Pride Corp.		6,479
				42,694
		Household Products — 0.4%
	187	Energizer Holdings, Inc.		6,369
		Personal Products — 1.4%
	57	Edgewell Personal Care Co.		4,475
	194	Herbalife Ltd. (a)		10,376
	257	Nu Skin Enterprises, Inc., Class A		9,730
				24,581
		Total Consumer Staples		108,818
		Energy — 11.9%
		Energy Equipment & Services — 4.5%
	75	Baker Hughes, Inc.		3,452
	200	Cameron International Corp. (a)		12,653

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy Equipment & Services — continued
	806	Ensco plc, (United Kingdom), Class A		12,400
	175	FMC Technologies, Inc. (a)		5,071
	418	Frank’s International N.V., (Netherlands)		6,975
	335	National Oilwell Varco, Inc.		11,216
	1,124	Noble Corp. plc, (United Kingdom)		11,853
	106	Schlumberger Ltd.		7,372
	2,388	Seadrill Ltd., (United Kingdom) (a)		8,093
				79,085
		Oil, Gas & Consumable Fuels — 7.4%
	100	Chevron Corp.		8,965
	278	ConocoPhillips		12,961
	935	Denbury Resources, Inc.		1,888
	148	Devon Energy Corp.		4,746
	45	Exxon Mobil Corp.		3,516
	584	Marathon Oil Corp.		7,358
	396	Marathon Petroleum Corp.		20,523
	420	Occidental Petroleum Corp.		28,369
	577	Valero Energy Corp.		40,814
				129,140
		Total Energy		208,225
		Financials — 28.3%
		Banks — 11.3%
	2,826	Bank of America Corp.		47,567
	1,069	Citigroup, Inc.		55,315
	855	KeyCorp		11,283
	53	PNC Financial Services Group, Inc. (The)		5,020
	116	Popular, Inc., (Puerto Rico)		3,296
	42	U.S. Bancorp		1,792
	1,366	Wells Fargo & Co.		74,253
				198,526
		Capital Markets — 2.0%
	111	Ameriprise Financial, Inc.		11,845
	100	Goldman Sachs Group, Inc. (The)		18,068
	184	Morgan Stanley		5,853
				35,766
		Consumer Finance — 1.2%
	22	Capital One Financial Corp.		1,609
	344	Discover Financial Services		18,424
				20,033
		Diversified Financial Services — 1.7%
	219	MSCI, Inc.		15,811
	376	Voya Financial, Inc.		13,871
				29,682

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Insurance — 7.8%
	371		Allstate Corp. (The)		23,011
	241		Aspen Insurance Holdings Ltd., (Bermuda)		11,640
	250		Axis Capital Holdings Ltd., (Bermuda)		14,044
	85		Everest Re Group Ltd., (Bermuda)		15,599
	329		Hartford Financial Services Group, Inc. (The)		14,277
	279		Lincoln National Corp.		14,013
	314		Prudential Financial, Inc.		25,595
	32		Travelers Cos., Inc. (The)		3,645
	315		Validus Holdings Ltd., (Bermuda)		14,567
					136,391
			Real Estate Investment Trusts (REITs) — 2.7%
	295		American Capital Agency Corp.		5,114
	319		Annaly Capital Management, Inc.		2,990
	492		Equity Commonwealth (a)		13,632
	212		Hospitality Properties Trust		5,533
	117		NorthStar Realty Finance Corp.		1,987
	406		Piedmont Office Realty Trust, Inc., Class A		7,673
	332		RLJ Lodging Trust		7,183
	38		Vornado Realty Trust		3,759
					47,871
			Real Estate Management & Development — 1.6%
	388		CBRE Group, Inc., Class A (a)		13,407
	86		Jones Lang LaSalle, Inc.		13,700
	–	(h)	RMR Group, Inc.(The), Class A (a)		–	(h)
					27,107
			Total Financials		495,376
			Health Care — 12.2%
			Biotechnology — 2.5%
	32		Amgen, Inc.		5,243
	288		Gilead Sciences, Inc.		29,133
	64		United Therapeutics Corp. (a)		9,976
					44,352
			Health Care Equipment & Supplies — 1.1%
	254		Alere, Inc. (a)		9,925
	29		C.R. Bard, Inc.		5,513
	96		Hologic, Inc. (a)		3,695
					19,133
			Health Care Providers & Services — 4.9%
	136		AmerisourceBergen Corp.		14,063
	52		Anthem, Inc.		7,195
	39		Cardinal Health, Inc.		3,481
	106		Cigna Corp.		15,482

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	218	Health Net, Inc. (a)		14,890
	95	Humana, Inc.		16,905
	229	Molina Healthcare, Inc. (a)		13,788
				85,804
		Pharmaceuticals — 3.7%
	2,017	Pfizer, Inc.		65,116
		Total Health Care		214,405
		Industrials — 10.4%
		Aerospace & Defense — 5.4%
	170	Curtiss-Wright Corp.		11,659
	239	General Dynamics Corp.		32,870
	195	Northrop Grumman Corp.		36,724
	275	Spirit AeroSystems Holdings, Inc., Class A (a)		13,779
				95,032
		Airlines — 1.4%
	490	Delta Air Lines, Inc.		24,833
		Commercial Services & Supplies — 1.0%
	565	Pitney Bowes, Inc.		11,657
	359	R.R. Donnelley & Sons Co.		5,290
				16,947
		Construction & Engineering — 0.9%
	494	AECOM (a)		14,847
		Machinery — 1.7%
	37	Deere & Co.		2,829
	216	Illinois Tool Works, Inc.		20,019
	66	Valmont Industries, Inc.		6,955
				29,803
		Total Industrials		181,462
		Information Technology — 11.3%
		Communications Equipment — 2.4%
	591	Cisco Systems, Inc.		16,048
	523	Juniper Networks, Inc.		14,424
	212	QUALCOMM, Inc.		10,587
				41,059
		Internet Software & Services — 0.8%
	157	VeriSign, Inc. (a)		13,690
		IT Services — 3.0%
	137	Amdocs Ltd.		7,465
	427	Computer Sciences Corp.		13,961
	393	CoreLogic, Inc. (a)		13,310
	73	CSRA, Inc.		2,184
	84	International Business Machines Corp.		11,560

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 27

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		IT Services — continued
	47	Leidos Holdings, Inc.		2,656
	90	Western Union Co. (The)		1,619
				52,755
		Semiconductors & Semiconductor Equipment — 2.5%
	146	Intel Corp.		5,033
	171	Lam Research Corp.		13,541
	793	Micron Technology, Inc. (a)		11,232
	672	Teradyne, Inc.		13,888
				43,694
		Software — 0.8%
	725	Nuance Communications, Inc. (a)		14,424
		Technology Hardware, Storage & Peripherals — 1.8%
	301	Apple, Inc.		31,652
		Total Information Technology		197,274
		Materials — 3.0%
		Chemicals — 1.8%
	372	LyondellBasell Industries N.V., Class A		32,335
		Containers & Packaging — 0.6%
	221	Sealed Air Corp.		9,857
		Metals & Mining — 0.6%
	575	Steel Dynamics, Inc.		10,282
		Total Materials		52,474
		Telecommunication Services — 1.5%
		Diversified Telecommunication Services — 1.5%
	496	AT&T, Inc.		17,054
	407	CenturyLink, Inc.		10,235

SHARES		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
		Total Telecommunication Services		27,289
		Utilities — 5.6%
		Electric Utilities — 3.4%
	490	American Electric Power Co., Inc.		28,529
	210	Entergy Corp.		14,355
	161	NextEra Energy, Inc.		16,716
				59,600
		Gas Utilities — 0.9%
	445	UGI Corp.		15,038
		Independent Power & Renewable Electricity Producers — 0.5%
	930	AES Corp.		8,902
		Multi-Utilities — 0.8%
	361	Public Service Enterprise Group, Inc.		13,979
		Total Utilities		97,519
		Total Common Stocks (Cost $1,492,568)		1,679,511
	Short-Term Investment — 3.9%
		Investment Company — 3.9%
	69,084	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $69,084)		69,084
		Total Investments — 99.8% (Cost $1,561,652)		1,748,595
		Other Assets in Excess of Liabilities — 0.2% (c)		2,853
		NET ASSETS — 100.0%	$	1,751,448

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	683	E-mini S&P 500		03/18/16		USD	$	69,509	$	1,091

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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 or dollars).
(l)	—  The rate shown is the current yield as of December 31, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands, except per share amounts)

	Intrepid Advantage Fund			Intrepid America Fund			Intrepid Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	20,408		$	3,630,381		$	1,037,978
Investments in affiliates, at value		482			191,899			42,060
Total investment securities, at value		20,890			3,822,280			1,080,038
Cash		—			14			—
Deposits at broker for futures contracts		—			3,554			2,067
Receivables:
Investment securities sold		—			—	(a)		—	(a)
Fund shares sold		54			1,096			545
Dividends from non-affiliates		25			2,693			695
Dividends from affiliates		—	(a)		18			5
Other assets		—			—			28
Total Assets		20,969			3,829,655			1,083,378
LIABILITIES:
Payables:
Investment securities purchased		—			99,289			676
Fund shares redeemed		—	(a)		797			219
Variation margin on futures contracts		—			146			244
Accrued liabilities:
Investment advisory fees		1			1,250			352
Administration fees		—	(a)		260			10
Distribution fees		6			39			56
Shareholder servicing fees		4			60			39
Custodian and accounting fees		10			39			15
Trustees’ and Chief Compliance Officer’s fees		—	(a)		10			2
Audit fees		10			27			15
Other		3			82			42
Total Liabilities		34			101,999			1,670
Net Assets	$	20,935		$	3,727,656		$	1,081,708

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

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Advantage Fund			Intrepid America Fund			Intrepid Growth Fund
NET ASSETS:
Paid-in-Capital	$	18,946		$	3,148,335		$	1,034,943
Accumulated undistributed (distributions in excess of) net investment income		2			(271	)		(2	)
Accumulated net realized gains (losses)		(1,941	)		(5,339	)		(156,023	)
Net unrealized appreciation (depreciation)		3,928			584,931			202,790
Total Net Assets	$	20,935		$	3,727,656		$	1,081,708
Net Assets:
Class A	$	9,999		$	130,189		$	101,039
Class C		6,754			14,175			51,187
Class R2		—			4,368			2,625
Class R5		—			3,312			200,030
Class R6		—			3,311,516			578,229
Select Class		4,182			264,096			148,598
Total	$	20,935		$	3,727,656		$	1,081,708
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		302			3,726			2,484
Class C		208			409			1,279
Class R2		—			128			66
Class R5		—			93			4,911
Class R6		—			94,283			14,203
Select Class		126			7,415			3,601
Net Asset Value (a):
Class A — Redemption price per share	$	33.07		$	34.94		$	40.68
Class C — Offering price per share (b)		32.43			34.64			40.03
Class R2 — Offering and redemption price per share		—			34.23			40.02
Class R5 — Offering and redemption price per share		—			35.64			40.73
Class R6 — Offering and redemption price per share		—			35.12			40.71
Select Class — Offering and redemption price per share		33.23			35.62			41.26
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)]	$	34.90		$	36.88		$	42.93
Cost of investments in non-affiliates	$	16,480		$	3,046,978		$	835,919
Cost of investments in affiliates		482			191,899			42,060

(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, 2015 J.P. MORGAN INTREPID FUNDS 31

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	Intrepid Mid Cap Fund		Intrepid Value Fund
ASSETS:
Investments in non-affiliates, at value	$	834,298	$	1,679,511
Investments in affiliates, at value		22,090		69,084
Total investment securities, at value		856,388		1,748,595
Cash		5		17
Deposits at broker for futures contracts		1,073		3,244
Receivables:
Investment securities sold		—		—	(a)
Fund shares sold		1,073		2,757
Dividends from non-affiliates		1,021		1,652
Dividends from affiliates		2		8
Total Assets		859,562		1,756,273
LIABILITIES:
Payables:
Fund shares redeemed		2,170		3,099
Variation margin on futures contracts		204		656
Accrued liabilities:
Investment advisory fees		418		517
Administration fees		22		75
Distribution fees		120		94
Shareholder servicing fees		53		110
Custodian and accounting fees		12		25
Trustees’ and Chief Compliance Officer’s fees		2		3
Audit fees		12		15
Other		54		231
Total Liabilities		3,067		4,825
Net Assets	$	856,495	$	1,751,448

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

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Mid Cap Fund			Intrepid Value Fund
NET ASSETS:
Paid-in-Capital	$	799,194		$	1,588,686
Accumulated undistributed (distributions in excess of) net investment income		(181	)		(50	)
Accumulated net realized gains (losses)		(12,517	)		(25,222	)
Net unrealized appreciation (depreciation)		69,999			188,034
Total Net Assets	$	856,495		$	1,751,448
Net Assets:
Class A	$	317,019		$	260,080
Class C		81,643			48,844
Class R2		—			15,679
Class R5		—			88,457
Class R6		220,902			77,199
Select Class		236,931			1,261,189
Total	$	856,495		$	1,751,448
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		16,876			8,235
Class C		5,053			1,563
Class R2		—			499
Class R5		—			2,782
Class R6		11,228			2,427
Select Class		12,037			39,759
Net Asset Value (a):
Class A—Redemption price per share	$	18.79		$	31.58
Class C—Offering price per share (b)		16.16			31.25
Class R2—Offering and redemption price per share		—			31.42
Class R5—Offering and redemption price per share		—			31.80
Class R6—Offering and redemption price per share		19.67			31.80
Select Class—Offering and redemption price per share		19.68			31.72
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	19.83		$	33.33
Cost of investments in non-affiliates	$	764,219		$	1,492,568
Cost of investments in affiliates		22,090			69,084

(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, 2015 J.P. MORGAN INTREPID FUNDS 33

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

	Intrepid Advantage Fund			Intrepid America Fund			Intrepid Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	403		$	35,221		$	7,941
Dividend income from affiliates		—	(a)		48			17
Total investment income		403			35,269			7,958
EXPENSES:
Investment advisory fees		69			7,474			2,682
Administration fees		9			1,529			439
Distribution fees:
Class A		13			178			129
Class C		25			55			190
Class R2		—			9			5
Shareholder servicing fees:
Class A		13			178			129
Class C		8			18			63
Class R2		—			5			3
Class R5		—			357			49
Select Class		6			1,371			668
Custodian and accounting fees		13			46			21
Professional fees		23			50			25
Trustees’ and Chief Compliance Officer’s fees		—	(a)		19			5
Printing and mailing costs		2			28			19
Registration and filing fees		18			50			49
Transfer agent fees (See Note 2.D.)		3			21			15
Sub-transfer agent fees (See Note 2.D.)		7			166			162
Other		2			14			6
Total expenses		211			11,568			4,659
Less fees waived		(77	)		(223	)		(1,148	)
Less expense reimbursements		—			(2	)		(6	)
Net expenses		134			11,343			3,505
Net investment income (loss)		269			23,926			4,453
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		129			48,974			13,324
Futures		—			(2,455	)		(1,727	)
Foreign currency transactions		—			2			—	(a)
Net realized gain (loss)		129			46,521			11,597
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(648	)		(118,781	)		(15,002	)
Futures		—			2,662			1,221
Change in net unrealized appreciation/depreciation		(648	)		(116,119	)		(13,781	)
Net realized/unrealized gains (losses)		(519	)		(69,598	)		(2,184	)
Change in net assets resulting from operations	$	(250	)	$	(45,672	)	$	2,269

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

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Mid Cap Fund			Intrepid Value Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	9,144		$	22,046
Dividend income from affiliates		10			23
Total investment income		9,154			22,069
EXPENSES:
Investment advisory fees		3,001			3,570
Administration fees		378			731
Distribution fees:
Class A		437			306
Class C		318			193
Class R2		—			37
Shareholder servicing fees:
Class A		437			306
Class C		106			64
Class R2		—			18
Class R5		—			23
Select Class		523			1,658
Custodian and accounting fees		30			28
Professional fees		25			28
Trustees’ and Chief Compliance Officer’s fees		5			9
Printing and mailing costs		41			76
Registration and filing fees		74			80
Transfer agent fees (See Note 2.D.)		34			51
Sub-transfer agent fees (See Note 2.D.)		391			1,012
Other		6			7
Total expenses		5,806			8,197
Less fees waived		(942	)		(1,947	)
Less expense reimbursements		(1	)		(9	)
Net expenses		4,863			6,241
Net investment income (loss)		4,291			15,828
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(2,621	)		25,953
Futures		(2,877	)		(3,856	)
Net realized gain (loss)		(5,498	)		22,097
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(53,071	)		(153,599	)
Futures		214			1,534
Change in net unrealized appreciation/depreciation		(52,857	)		(152,065	)
Net realized/unrealized gains (losses)		(58,355	)		(129,968	)
Change in net assets resulting from operations	$	(54,064	)	$	(114,140	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Intrepid Advantage Fund						Intrepid America Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	269		$	161		$	23,926		$	49,610
Net realized gain (loss)		129			1,123			46,521			242,651
Change in net unrealized appreciation/depreciation		(648	)		181			(116,119	)		(13,084	)
Change in net assets resulting from operations		(250	)		1,465			(45,672	)		279,177
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(166	)		(78	)		(997	)		(1,555	)
From net realized gains		—			—			(7,771	)		(7,056	)
Class C
From net investment income		(82	)		(37	)		(59	)		(59	)
From net realized gains		—			—			(875	)		(488	)
Class R2
From net investment income		—			—			(39	)		(8	)
From net realized gains		—			—			(263	)		(20	)
Class R5
From net investment income		—			—			—			(22,291	)
From net realized gains		—			—			(200	)		(75,877	)
Class R6 (a)
From net investment income		—			—			(47,617	)		—
From net realized gains		—			—			(196,504	)		—
Select Class
From net investment income		(80	)		(33	)		(411	)		(17,845	)
From net realized gains		—			—			(16,260	)		(72,997	)
Total distributions to shareholders		(328	)		(148	)		(270,996	)		(198,196	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,127	)		4,710			334,687			645,023
NET ASSETS:
Change in net assets		(1,705	)		6,027			18,019			726,004
Beginning of period		22,640			16,613			3,709,637			2,983,633
End of period	$	20,935		$	22,640		$	3,727,656		$	3,709,637
Accumulated undistributed (distributions in excess of) net investment income	$	2		$	61		$	(271	)	$	24,926

(a) Commencement of offering of class of shares effective November 2, 2015 for Intrepid America Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Growth Fund						Intrepid Mid Cap Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,453		$	7,255		$	4,291		$	3,270
Net realized gain (loss)		11,597			86,067			(5,498	)		83,487
Change in net unrealized appreciation/depreciation		(13,781	)		586			(52,857	)		(52,938	)
Change in net assets resulting from operations		2,269			93,908			(54,064	)		33,819
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(645	)		(320	)		(1,481	)		(1,100	)
From net realized gains		—			—			(27,036	)		(33,270	)
Class B (a)
From net investment income		—			—			—			(5	)
From net realized gains		—			—			—			(722	)
Class C
From net investment income		(111	)		(45	)		(279	)		(75	)
From net realized gains		—			—			(7,872	)		(8,490	)
Class R2
From net investment income		(19	)		(1	)		—			—
Class R5
From net investment income		(2,127	)		(995	)		—			—
Class R6 (b)
From net investment income		(6,464	)		—			(1,140	)		—
From net realized gains		—			—			(17,654	)		—
Select Class
From net investment income		(70	)		(3,526	)		(1,549	)		(2,295	)
From net realized gains		—			—			(19,338	)		(53,175	)
Total distributions to shareholders		(9,436	)		(4,887	)		(76,349	)		(99,132	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		34,046			189,626			11,359			443,967
NET ASSETS:
Change in net assets		26,879			278,647			(119,054	)		378,654
Beginning of period		1,054,829			776,182			975,549			596,895
End of period	$	1,081,708		$	1,054,829		$	856,495		$	975,549
Accumulated undistributed (distributions in excess of) net investment income	$	(2	)	$	4,981		$	(181	)	$	(23	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Intrepid Mid Cap Fund.

(b) Commencement of offering of class of shares effective November 2, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	15,828		$	23,033
Net realized gain (loss)		22,097			117,183
Change in net unrealized appreciation/depreciation		(152,065	)		(55,479	)
Change in net assets resulting from operations		(114,140	)		84,737
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,265	)		(1,883	)
From net realized gains		(12,129	)		(10,740	)
Class C
From net investment income		(292	)		(373	)
From net realized gains		(2,317	)		(3,334	)
Class R2
From net investment income		(111	)		(98	)
From net realized gains		(725	)		(155	)
Class R5
From net investment income		(902	)		(1,285	)
From net realized gains		(4,135	)		(6,160	)
Class R6
From net investment income		(729	)		(508	)
From net realized gains		(3,575	)		(2,196	)
Select Class
From net investment income		(11,562	)		(18,775	)
From net realized gains		(58,980	)		(102,921	)
Total distributions to shareholders		(97,722	)		(148,428	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		175,527			385,861
NET ASSETS:
Change in net assets		(36,335	)		322,170
Beginning of period		1,787,783			1,465,613
End of period	$	1,751,448		$	1,787,783
Accumulated undistributed (distributions in excess of) net investment income	$	(50	)	$	(17	)

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Advantage Fund						Intrepid America Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,005		$	3,725		$	29,472		$	168,215
Distributions reinvested		166			78			8,675			7,997
Cost of shares redeemed		(1,843	)		(3,040	)		(80,856	)		(94,262	)
Change in net assets resulting from Class A capital transactions	$	(672	)	$	763		$	(42,709	)	$	81,950
Class C
Proceeds from shares issued	$	407		$	3,609		$	1,229		$	7,099
Distributions reinvested		77			34			840			508
Cost of shares redeemed		(422	)		(832	)		(1,678	)		(1,603	)
Change in net assets resulting from Class C capital transactions	$	62		$	2,811		$	391		$	6,004
Class R2
Proceeds from shares issued	$	—		$	—		$	2,119		$	3,255
Distributions reinvested		—			—			206			10
Cost of shares redeemed		—			—			(548	)		(567	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	1,777		$	2,698
Class R5
Proceeds from shares issued	$	—		$	—		$	146,434		$	551,608
Distributions reinvested		—			—			98			98,125
Cost of shares redeemed		—			—			(2,206,006	)		(31,065	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(2,059,474	)	$	618,668
Class R6 (a)
Proceeds from shares issued	$	—		$	—		$	3,438,029		$	—
Distributions reinvested		—			—			244,121			—
Cost of shares redeemed		—			—			(12,684	)		—
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	3,669,466		$	—
Select Class
Proceeds from shares issued	$	266		$	1,411		$	71,557		$	111,237
Distributions reinvested		50			22			3,411			75,360
Cost of shares redeemed		(833	)		(297	)		(1,309,732	)		(250,894	)
Change in net assets resulting from Select Class capital transactions	$	(517	)	$	1,136		$	(1,234,764	)	$	(64,297	)
Total change in net assets resulting from capital transactions	$	(1,127	)	$	4,710		$	334,687		$	645,023

(a) Commencement of offering of class of shares effective November 2, 2015 for Intrepid America Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 39

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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		31			112			794			4,472
Reinvested		5			2			249			216
Redeemed		(55	)		(90	)		(2,155	)		(2,456	)
Change in Class A Shares		(19	)		24			(1,112	)		2,232
Class C
Issued		12			113			34			188
Reinvested		2			1			24			14
Redeemed		(13	)		(25	)		(46	)		(42	)
Change in Class C Shares		1			89			12			160
Class R2
Issued		—			—			59			88
Reinvested		—			—			6			—	(a)
Redeemed		—			—			(15	)		(15	)
Change in Class R2 Shares		—			—			50			73
Class R5
Issued		—			—			3,878			14,342
Reinvested		—			—			3			2,615
Redeemed		—			—			(56,250	)		(816	)
Change in Class R5 Shares		—			—			(52,369	)		16,141
Class R6 (b)
Issued		—			—			87,682			—
Reinvested		—			—			6,953			—
Redeemed		—			—			(352	)		—
Change in Class R6 Shares		—			—			94,283			—
Select Class
Issued		8			42			1,975			2,960
Reinvested		2			1			97			2,006
Redeemed		(25	)		(9	)		(33,425	)		(6,458	)
Change in Select Class Shares		(15	)		34			(31,353	)		(1,492	)

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

(b) Commencement of offering of class of shares effective November 2, 2015 for Intrepid America Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Growth Fund						Intrepid Mid Cap Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,647		$	98,088		$	68,681		$	241,603
Distributions reinvested		464			307			25,965			32,554
Cost of shares redeemed		(25,931	)		(30,452	)		(105,608	)		(68,865	)
Conversion from Class B Shares		—			—			—			3,279
Change in net assets resulting from Class A capital transactions	$	(4,820	)	$	67,943		$	(10,962	)	$	208,571
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	113
Distributions reinvested		—			—			—			692
Cost of shares redeemed		—			—			—			(2,858	)
Conversion to Class A Shares		—			—			—			(3,279	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(5,332	)
Class C
Proceeds from shares issued	$	5,967		$	30,221		$	12,134		$	48,031
Distributions reinvested		81			35			7,157			7,809
Cost of shares redeemed		(3,870	)		(3,414	)		(11,642	)		(11,521	)
Change in net assets resulting from Class C capital transactions	$	2,178		$	26,842		$	7,649		$	44,319
Class R2
Proceeds from shares issued	$	1,638		$	1,169		$	—		$	—
Distributions reinvested		7			1			—			—
Cost of shares redeemed		(222	)		(666	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	1,423		$	504		$	—		$	—
Class R5
Proceeds from shares issued	$	25,215		$	74,969		$	—		$	—
Distributions reinvested		1,858			995			—			—
Cost of shares redeemed		(14,709	)		(24,666	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	12,364		$	51,298		$	—		$	—
Class R6 (b)
Proceeds from shares issued	$	596,701		$	—		$	229,791		$	—
Distributions reinvested		6,464			—			18,794			—
Cost of shares redeemed		(3,029	)		—			(1	)		—
Change in net assets resulting from Class R6 capital transactions	$	600,136		$	—		$	248,584		$	—
Select Class
Proceeds from shares issued	$	44,497		$	140,682		$	88,860		$	301,379
Distributions reinvested		46			3,214			16,939			49,847
Cost of shares redeemed		(621,778	)		(100,857	)		(339,711	)		(154,817	)
Change in net assets resulting from Select Class capital transactions	$	(577,235	)	$	43,039		$	(233,912	)	$	196,409
Total change in net assets resulting from capital transactions	$	34,046		$	189,626		$	11,359		$	443,967

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Commencement of offering of class of shares effective November 2, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 41

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, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		505			2,450			3,242			10,640
Reinvested		12			8			1,403			1,529
Redeemed		(633	)		(764	)		(5,086	)		(3,017	)
Conversion from Class B Shares		—			—			—			145
Change in Class A Shares		(116	)		1,694			(441	)		9,297
Class B (a)
Issued		—			—			—			5
Reinvested		—			—			—			37
Redeemed		—			—			—			(140	)
Conversion to Class A Shares		—			—			—			(166	)
Change in Class B Shares		—			—			—			(264	)
Class C
Issued		149			774			680			2,416
Reinvested		2			1			450			420
Redeemed		(97	)		(87	)		(650	)		(572	)
Change in Class C Shares		54			688			480			2,264
Class R2
Issued		42			30			—			—
Reinvested		—	(b)		—	(b)		—			—
Redeemed		(6	)		(16	)		—			—
Change in Class R2 Shares		36			14			—			—
Class R5
Issued		617			1,842			—			—
Reinvested		46			24			—			—
Redeemed		(360	)		(614	)		—			—
Change in Class R5 Shares		303			1,252			—			—
Class R6 (c)
Issued		14,116			—			10,259			—
Reinvested		160			—			969			—
Redeemed		(73	)		—			—	(b)		—
Change in Class R6 Shares		14,203			—			11,228			—
Select Class
Issued		1,122			3,517			4,087			12,734
Reinvested		1			79			873			2,245
Redeemed		(14,685	)		(2,493	)		(15,346	)		(6,494	)
Change in Select Class Shares		(13,562	)		1,103			(10,386	)		8,485

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Intrepid Mid Cap Fund.

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

(c) Commencement of offering of class of shares effective November 2, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	141,929		$	97,330
Distributions reinvested		13,786			12,172
Cost of shares redeemed		(38,019	)		(45,423	)
Change in net assets resulting from Class A capital transactions	$	117,696		$	64,079
Class C
Proceeds from shares issued	$	4,649		$	22,302
Distributions reinvested		2,342			3,280
Cost of shares redeemed		(5,510	)		(6,296	)
Change in net assets resulting from Class C capital transactions	$	1,481		$	19,286
Class R2
Proceeds from shares issued	$	5,139		$	15,444
Distributions reinvested		721			179
Cost of shares redeemed		(2,627	)		(2,495	)
Change in net assets resulting from Class R2 capital transactions	$	3,233		$	13,128
Class R5
Proceeds from shares issued	$	16,428		$	19,393
Distributions reinvested		5,037			7,445
Cost of shares redeemed		(6,327	)		(20,221	)
Change in net assets resulting from Class R5 capital transactions	$	15,138		$	6,617
Class R6
Proceeds from shares issued	$	46,520		$	25,620
Distributions reinvested		4,304			2,704
Cost of shares redeemed		(5,443	)		(7,455	)
Change in net assets resulting from Class R6 capital transactions	$	45,381		$	20,869
Select Class
Proceeds from shares issued	$	165,367		$	495,104
Distributions reinvested		65,151			109,550
Cost of shares redeemed		(237,920	)		(342,772	)
Change in net assets resulting from Select Class capital transactions	$	(7,402	)	$	261,882
Total change in net assets resulting from capital transactions	$	175,527		$	385,861

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 43

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		4,062			2,685
Reinvested		440			348
Redeemed		(1,123	)		(1,249	)
Change in Class A Shares		3,379			1,784
Class C
Issued		139			616
Reinvested		76			95
Redeemed		(166	)		(174	)
Change in Class C Shares		49			537
Class R2
Issued		152			429
Reinvested		23			5
Redeemed		(77	)		(69	)
Change in Class R2 Shares		98			365
Class R5
Issued		472			527
Reinvested		160			212
Redeemed		(187	)		(546	)
Change in Class R5 Shares		445			193
Class R6
Issued		1,365			693
Reinvested		136			77
Redeemed		(161	)		(205	)
Change in Class R6 Shares		1,340			565
Select Class
Issued		4,842			13,382
Reinvested		2,073			3,121
Redeemed		(6,941	)		(9,329	)
Change in Select Class Shares		(26	)		7,174

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 45

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, 2015 (Unaudited)	$	34.01	$	0.45	(f)	$	(0.83	)	$	(0.38	)	$	(0.56	)
Year Ended June 30, 2015		31.93		0.28	(f)		2.02			2.30			(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)(g)		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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		33.29		0.35	(f)		(0.81	)		(0.46	)		(0.40	)
Year Ended June 30, 2015		31.38		0.12	(f)		1.98			2.10			(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)(g)		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			—
Select Class
Six Months Ended December 31, 2015 (Unaudited)		34.22		0.46	(f)		(0.81	)		(0.35	)		(0.64	)
Year Ended June 30, 2015		32.07		0.37	(f)		2.04			2.41			(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)(g)		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	)

(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, $0.06 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.

46 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

		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)
$	33.07		(1.11	)%	$	9,999		1.15	%		2.68	%		1.88	%		13	%
	34.01		7.22			10,933		1.15			0.85			1.87			35
	31.93		25.78			9,466		1.17			0.68			2.19			49
	25.54		22.15			8,765		1.25			0.92	(g)		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
	32.43		(1.36	)		6,754		1.65			2.16			2.39			13
	33.29		6.71			6,874		1.65			0.36			2.36			35
	31.38		25.13			3,709		1.66			0.19			2.66			49
	25.14		21.55			2,294		1.75			0.43	(g)		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
	33.23		(0.99	)		4,182		0.90			2.71			1.58			13
	34.22		7.51			4,833		0.90			1.10			1.59			35
	32.07		26.10			3,438		0.91			0.95			1.90			49
	25.65		22.46			1,516		1.00			1.19	(g)		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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 47

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, 2015 (Unaudited)	$	38.08	$	0.16	(f)	$	(0.78	)	$	(0.62	)	$	(0.27	)	$	(2.25	)	$	(2.52	)
Year Ended June 30, 2015		37.28		0.44	(f)		2.57			3.01			(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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		37.74		0.07	(f)		(0.77	)		(0.70	)		(0.15	)		(2.25	)		(2.40	)
Year Ended June 30, 2015		36.99		0.22	(f)		2.57			2.79			(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	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		37.45		0.11	(f)		(0.77	)		(0.66	)		(0.31	)		(2.25	)		(2.56	)
Year Ended June 30, 2015		36.82		0.33	(f)		2.55			2.88			(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	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		38.41		0.21	(f)		(0.73	)		(0.52	)		—			(2.25	)		(2.25	)
Year Ended June 30, 2015		37.54		0.60	(f)		2.61			3.21			(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	)
Class R6
November 2, 2015 (g) through December 31, 2015 (Unaudited)		39.15		0.12	(f)		(1.39	)		(1.27	)		(0.51	)		(2.25	)		(2.76	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		38.49		0.18	(f)		(0.74	)		(0.56	)		(0.06	)		(2.25	)		(2.31	)
Year Ended June 30, 2015		37.61		0.53	(f)		2.61			3.14			(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	)

(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.

48 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	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		(1.54	)%	$	130,189		1.04	%		0.84	%		1.22	%		27	%
38.08		8.27			184,225		1.03			1.16			1.11			49
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
34.64		(1.78	)		14,175		1.54			0.36			1.61			27
37.74		7.72			14,978		1.53			0.58			1.56			49
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
34.23		(1.67	)		4,368		1.29			0.62			1.43			27
37.45		8.01			2,923		1.28			0.88			1.35			49
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
35.64		(1.27	)		3,312		0.54			1.09			0.54			27
38.41		8.76			2,015,302		0.55			1.56			0.55			49
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
35.12		(3.15	)		3,311,516		0.49			1.98			0.50			27
35.62		(1.38	)		264,096		0.74			0.95			0.75			27
38.49		8.56			1,492,209		0.75			1.37			0.76			49
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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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
Intrepid Growth Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	40.99	$	0.11	(f)	$	(0.16	)	$	(0.05	)	$	(0.26	)
Year Ended June 30, 2015		37.05		0.25	(f)		3.88			4.13			(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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		40.26		0.01	(f)		(0.15	)		(0.14	)		(0.09	)
Year Ended June 30, 2015		36.45		0.05	(f)		3.81			3.86			(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	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		40.39		0.07	(f)		(0.15	)		(0.08	)		(0.29	)
Year Ended June 30, 2015		36.49		0.12	(f)		3.85			3.97			(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	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		41.12		0.21	(f)		(0.16	)		0.05			(0.44	)
Year Ended June 30, 2015		37.09		0.41	(f)		3.91			4.32			(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	)
Class R6
November 2, 2015 (h) through December 31, 2015 (Unaudited)		42.20		0.11	(f)		(1.14	)		(1.03	)		(0.46	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		41.27		0.12	(f)		(0.11	)		0.01			(0.02	)
Year Ended June 30, 2015		37.23		0.32	(f)		3.93			4.25			(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	)

(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.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

		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)
$	40.68		(0.11	)%	$	101,039		0.93	%		0.55	%		1.21	%		31	%
	40.99		11.16			106,573		0.96			0.62			1.16			64
	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
	40.03		(0.35	)		51,187		1.42			0.07			1.70			31
	40.26		10.60			49,309		1.46			0.12			1.66			64
	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
	40.02		(0.20	)		2,625		1.17			0.35			1.63			31
	40.39		10.87			1,205		1.22			0.31			1.45			64
	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
	40.73		0.12			200,030		0.47			1.02			0.72			31
	41.12		11.66			189,466		0.54			1.02			0.70			64
	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
	40.71		(2.44	)		578,229		0.42			1.65			0.61			31
	41.26		0.02			148,598		0.68			0.61			0.87			31
	41.27		11.43			708,276		0.74			0.80			0.87			64
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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			Net realized gain			Total distributions
Intrepid Mid Cap Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	21.82	$	0.09	(f)	$	(1.31	)	$	(1.22	)	$	(0.09	)	$	(1.72	)	$	(1.81	)
Year Ended June 30, 2015		24.11		0.08	(f)		1.18			1.26			(0.09	)		(3.46	)		(3.55	)
Year Ended June 30, 2014		18.79		0.08	(f)(g)		5.41			5.49			(0.07	)		(0.10	)		(0.17	)
Year Ended June 30, 2013		14.99		0.13	(f)(h)		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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		19.07		0.02	(f)		(1.15	)		(1.13	)		(0.06	)		(1.72	)		(1.78	)
Year Ended June 30, 2015		21.56		(0.06	)(f)		1.06			1.00			(0.03	)		(3.46	)		(3.49	)
Year Ended June 30, 2014		16.87		(0.05	)(f)(g)		4.84			4.79			—			(0.10	)		(0.10	)
Year Ended June 30, 2013		13.48		0.02	(f)(h)		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	)
Class R6
November 2, 2015 (i) through December 31, 2015 (Unaudited)		22.41		0.08	(f)		(1.00	)		(0.92	)		(0.10	)		(1.72	)		(1.82	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		22.77		0.10	(f)		(1.36	)		(1.26	)		(0.11	)		(1.72	)		(1.83	)
Year Ended June 30, 2015		24.97		0.14	(f)		1.24			1.38			(0.12	)		(3.46	)		(3.58	)
Year Ended June 30, 2014		19.45		0.14	(f)(g)		5.60			5.74			(0.12	)		(0.10	)		(0.22	)
Year Ended June 30, 2013		15.51		0.18	(f)(h)		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	)

(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 $0.04, $(0.08) and $0.10 for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.20%, (0.42)% and 0.45% for Class A, Class C, 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 $0.08, $(0.03) and $0.13 for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.47%, (0.17)% and 0.72% for Class A, Class C and Select Class Shares, respectively.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

		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)
$	18.79		(5.43	)%	$	317,019		1.15	%		0.83	%		1.41	%		32	%
	21.82		5.64			377,893		1.14			0.33			1.37			66
	24.11		29.30			193,342		1.16			0.38	(g)		1.32			64
	18.79		26.30			144,405		1.23			0.78	(h)		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
	16.16		(5.77	)		81,643		1.79			0.21			1.92			32
	19.07		5.02			87,191		1.78			(0.31	)		1.87			66
	21.56		28.43			49,796		1.79			(0.25	)(g)		1.82			64
	16.87		25.51			36,073		1.87			0.13	(h)		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
	19.67		(3.93	)		220,902		0.65			2.28			0.78			32
	19.68		(5.38	)		236,931		0.90			0.94			1.08			32
	22.77		5.97			510,465		0.89			0.58			1.07			66
	24.97		29.61			348,077		0.91			0.62	(g)		1.08			64
	19.45		26.60			327,834		0.98			1.03	(h)		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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 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 Value Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	35.66	$	0.29	(f)	$	(2.54	)	$	(2.25	)	$	(0.28	)	$	(1.55	)	$	(1.83	)
Year Ended June 30, 2015		37.13		0.46	(f)		1.38			1.84			(0.44	)		(2.87	)		(3.31	)
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	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		35.29		0.19	(f)		(2.49	)		(2.30	)		(0.19	)		(1.55	)		(1.74	)
Year Ended June 30, 2015		36.80		0.27	(f)		1.37			1.64			(0.28	)		(2.87	)		(3.15	)
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	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		35.48		0.24	(f)		(2.51	)		(2.27	)		(0.24	)		(1.55	)		(1.79	)
Year Ended June 30, 2015		37.02		0.35	(f)		1.40			1.75			(0.42	)		(2.87	)		(3.29	)
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	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		35.88		0.35	(f)		(2.55	)		(2.20	)		(0.33	)		(1.55	)		(1.88	)
Year Ended June 30, 2015		37.33		0.59	(f)		1.39			1.98			(0.56	)		(2.87	)		(3.43	)
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	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		35.89		0.36	(f)		(2.56	)		(2.20	)		(0.34	)		(1.55	)		(1.89	)
Year Ended June 30, 2015		37.33		0.61	(f)		1.39			2.00			(0.57	)		(2.87	)		(3.44	)
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, 2015 (Unaudited)		35.80		0.31	(f)		(2.54	)		(2.23	)		(0.30	)		(1.55	)		(1.85	)
Year Ended June 30, 2015		37.25		0.51	(f)		1.40			1.91			(0.49	)		(2.87	)		(3.36	)
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	)

(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.

54 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

		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)
$	31.58		(6.21	)%	$	260,080		0.83	%		1.69	%		1.11	%		23	%
	35.66		5.24			173,149		0.86			1.26			1.13			52
	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
	31.25		(6.43	)		48,844		1.33			1.14			1.61			23
	35.29		4.72			53,413		1.36			0.76			1.62			52
	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
	31.42		(6.32	)		15,679		1.08			1.43			1.54			23
	35.48		4.98			14,237		1.09			0.97			1.43			52
	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
	31.80		(6.02	)		88,457		0.48			2.02			0.60			23
	35.88		5.60			83,859		0.51			1.59			0.63			52
	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
	31.80		(6.02	)		77,199		0.43			2.13			0.51			23
	35.89		5.67			39,024		0.46			1.65			0.55			52
	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			1.48			0.87			72
	31.72		(6.14	)		1,261,189		0.68			1.79			0.89			23
	35.80		5.41			1,424,101		0.71			1.39			0.90			52
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (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, Class R6* and Select Class	JPM I	Diversified
Intrepid Growth Fund	Class A, Class C, Class R2, Class R5, Class R6* and Select Class	JPM I	Diversified
Intrepid Mid Cap Fund	Class A, Class C, Class R6* 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

* Class R6 Shares commenced operations on November 2, 2015 for Intrepid America Fund, Intrepid Growth Fund and Intrepid Mid Cap Fund.

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.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6 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 transfer agency, sub-transfer agency, 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.

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC.

2. Significant Accounting Policies

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

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

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

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

56 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

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

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.

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

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

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

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

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

Intrepid Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	20,890	$	—	$	—	$	20,890

Intrepid America Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,822,280	$	—	$	—	$	3, 822,280
Appreciation in Other Financial Instruments
Futures Contracts	$	1,528	$	—	$	—	$	1,528

Intrepid Growth Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,080,038	$	—	$	—	$	1,080,038
Appreciation in Other Financial Instruments
Futures Contracts	$	731	$	—	$	—	$	731

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

Intrepid Mid Cap Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	125,998		$	—	$	—	$	125,998
Consumer Staples		53,013			—		—		53,013
Energy		41,470			—		—		41,470
Financials		193,945			—		—		193,945
Health Care		88,077			—		—		88,077
Industrials		111,783			—		—		111,783
Information Technology		122,964			—		—		122,964
Materials		42,308			—		—		42,308
Telecommunication Services		7,163			—		—		7,163
Utilities		47,563			—		—		47,563
Total Common Stocks		834,284			—		—		834,284
Rights
Consumer Staples		—			—		14		14
Short-Term Investment
Investment Company		22,090			—		—		22,090
Total Investments in Securities		856,374			—		14		856,388
Depreciation in Other Financial Instruments
Futures Contracts	$	(80	)	$	—	$	—	$	(80	)

Intrepid Value Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,748,595	$	—	$	—	$	1,748,595
Appreciation in Other Financial Instruments
Futures Contracts	$	1,091	$	—	$	—	$	1,091

(a) All portfolio holdings designated as Level 1 are disclosed 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, 2015.

B. Futures Contracts — Intrepid America Fund, Intrepid Growth Fund, Intrepid Mid Cap Fund and Intrepid Value Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

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

58 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2015 (amounts in thousands):

	Intrepid America Fund		Intrepid Growth Fund		Intrepid Mid Cap Fund		Intrepid Value Fund
Average Notional Balance Long	$	96,721	$	37,309	$	21,773	$	43,530
Ending Notional Balance Long		89,659		42,845		21,878		69,509

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.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows (amounts in thousands):

	Class A		Class C		Class R2			Class R5			Class R6		Select Class		Total
Intrepid Advantage Fund
Transfer agent fees	$	1	$	1		n/a			n/a			n/a	$	1	$	3
Sub-transfer agent fees		3		3		n/a			n/a			n/a		1		7
Intrepid America Fund
Transfer agent fees		5		1	$	—	(a)	$	5		$	4		6		21
Sub-transfer agent fees		151		7		3			—	(a)		—		5		166
Intrepid Growth Fund
Transfer agent fees		9		1		—	(a)		1			1		3		15
Sub-transfer agent fees		43		23		2			60			—		34		162
Intrepid Mid Cap Fund
Transfer agent fees		25		3		n/a			n/a			1		5		34
Sub-transfer agent fees		215		58		n/a			n/a			—		118		391
Intrepid Value Fund
Transfer agent fees		27		2		12			1			1		8		51
Sub-transfer agent fees		92		24		8			18			—		870		1,012

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

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, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 59

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (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”), 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

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, 2015, 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 C and Class R2 Shares of the Funds, as applicable, 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 C			Class R2
Intrepid Advantage Fund		0.25	%		0.75	%		n/a
Intrepid America Fund		0.25			0.75			0.50	%
Intrepid Growth Fund		0.25			0.75			0.50
Intrepid Mid Cap Fund		0.25			0.75			n/a
Intrepid Value Fund		0.25			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 C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Intrepid Advantage Fund	$	—	(a)	$	—	(a)
Intrepid America Fund		3			—	(a)
Intrepid Growth Fund		9			—	(a)
Intrepid Mid Cap Fund		21			—	(a)
Intrepid Value Fund		9			—	(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 C			Class R2			Class R5			Select Class
Intrepid Advantage Fund		0.25	%		0.25	%		n/a			n/a			0.25	%
Intrepid America Fund		0.25			0.25			0.25	%		0.05	%		0.25
Intrepid Growth Fund		0.25			0.25			0.25			0.05			0.25
Intrepid Mid Cap Fund		0.25			0.25			n/a			n/a			0.25
Intrepid Value Fund		0.25			0.25			0.25			0.05			0.25

60 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

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 on the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or 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 other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Class R6			Select Class
Intrepid Advantage Fund		1.15	%		1.65	%		n/a			n/a			n/a			0.90	%
Intrepid America Fund		1.04			1.54			1.29	%		0.60	%		0.55	%		0.80
Intrepid Growth Fund		0.93			1.42			1.17			0.48			0.43			0.68
Intrepid Mid Cap Fund		1.15			1.79			n/a			n/a			0.65			0.90
Intrepid Value Fund		0.83			1.33			1.08			0.48			0.43			0.68

The expense limitation agreements were in effect for the six months ended December 31, 2015 and are in place until at least October 31, 2016.

For the six months ended December 31, 2015, 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	$	64	$	9	$	4	$	77	$	—
Intrepid America Fund		—		—		128		128		2
Intrepid Growth Fund		589		393		130		1,112		6
Intrepid Mid Cap Fund		318		211		394		923		1
Intrepid Value Fund		427		285		1,189		1,901		9

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective November 1, 2015, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to November 1, 2015, a portion of the waiver was voluntary.

The amounts of waivers resulting from investments in these money market funds for the six months ended December 31, 2015 were as follows (amounts in thousands):

Intrepid Advantage Fund	$	—	(a)
Intrepid America Fund		95
Intrepid Growth Fund		36
Intrepid Mid Cap Fund		19
Intrepid Value Fund		46

(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 on the Statements of Operations.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

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, 2015, 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, 2015, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Intrepid America Fund	$	—	(a)
Intrepid Mid Cap Fund		1

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

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

4. Investment Transactions

During the six months ended December 31, 2015, 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)
Intrepid Advantage Fund	$	2,724	$	4,055
Intrepid America Fund		1,025,276		953,947
Intrepid Growth Fund		329,071		313,267
Intrepid Mid Cap Fund		286,015		348,579
Intrepid Value Fund		448,780		395,072

During the six months ended December 31, 2015, 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, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Intrepid Advantage Fund	$	16,962	$	4,690	$	762	$	3,928
Intrepid America Fund		3,238,877		681,805		98,402		583,403
Intrepid Growth Fund		877,979		223,678		21,619		202,059
Intrepid Mid Cap Fund		786,309		124,493		54,414		70,079
Intrepid Value Fund		1,561,652		298,526		111,583		186,943

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, 2015, the Funds did not have any post-enactment net capital loss carryforwards.

At June 30, 2015, the Funds had the following 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	$	—	$	1,978	$	1,978
Intrepid Growth Fund		162,839		—		162,839

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

62 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

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 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 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015, or at any time during the six months then ended.

7. Risks, Concentrations and Indemnifications

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

As of December 31, 2015, an affiliate of the Adviser had investment discretion with respect to its clients’ holdings in the Funds, which collectively represent the following percentage of each Fund’s net assets:

	% of the Fund
Intrepid Advantage Fund		14.1	%
Intrepid Mid Cap Fund		15.1

As of December 31, 2015, Intrepid Advantage Fund and Intrepid Value Fund had one shareholder and two shareholders, respectively, which are accounts maintained by financial intermediaries on behalf of their clients, that collectively own shares representing the following percentage of each applicable Fund’s net assets:

	% of the Fund
Intrepid Advantage Fund		10.6	%
Intrepid Value Fund		63.0

As of December 31, 2015, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Intrepid America Fund		31.5	%		56.0	%
Intrepid Growth Fund		53.5			n/a
Intrepid Mid Cap Fund		25.8			n/a

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

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 63

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, 2015, and continued to hold your shares at the end of the reporting period, December 31, 2015.

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, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period		Annualized Expense Ratio
Intrepid Advantage Fund
Class A
Actual*	$	1,000.00	$	988.90	$	5.75		1.15	%
Hypothetical*		1,000.00		1,019.36		5.84		1.15
Class C
Actual*		1,000.00		986.40		8.24		1.65
Hypothetical*		1,000.00		1,016.84		8.36		1.65
Select Class
Actual*		1,000.00		990.10		4.50		0.90
Hypothetical*		1,000.00		1,020.61		4.57		0.90
Intrepid America Fund
Class A
Actual*		1,000.00		984.60		5.19		1.04
Hypothetical*		1,000.00		1,019.91		5.28		1.04
Class C
Actual*		1,000.00		982.20		7.67		1.54
Hypothetical*		1,000.00		1,017.39		7.81		1.54
Class R2
Actual*		1,000.00		983.30		6.43		1.29
Hypothetical*		1,000.00		1,018.65		6.55		1.29
Class R5
Actual*		1,000.00		987.30		2.70		0.54
Hypothetical*		1,000.00		1,022.42		2.75		0.54
Class R6
Actual**		1,000.00		968.50		0.78		0.49
Hypothetical *		1,000.00		1,022.67		2.49		0.49
Select Class
Actual*		1,000.00		986.20		3.69		0.74
Hypothetical*		1,000.00		1,021.42		3.76		0.74

64 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period		Annualized Expense Ratio
Intrepid Growth Fund
Class A
Actual*	$	1,000.00	$	998.90	$	4.67		0.93	%
Hypothetical*		1,000.00		1,020.46		4.72		0.93
Class C
Actual*		1,000.00		996.50		7.13		1.42
Hypothetical*		1,000..00		1,018.00		7.20		1.42
Class R2
Actual*		1,000.00		998.00		5.88		1.17
Hypothetical*		1,000.00		1,019.25		5.94		1.17
Class R5
Actual*		1,000.00		1,001.20		2.36		0.47
Hypothetical*		1,000.00		1,022.77		2.39		0.47
Class R6
Actual**		1,000.00		975.60		0.67		0.42
Hypothetical*		1,000.00		1,023.03		2.14		0.42
Select Class
Actual*		1,000.00		1,000.20		3.42		0.68
Hypothetical*		1,000.00		1,021.72		3.46		0.68
Intrepid Mid Cap Fund
Class A
Actual*		1,000.00		945.70		5.62		1.15
Hypothetical*		1,000.00		1,019.36		5.84		1.15
Class C
Actual*		1,000.00		942.30		8.74		1.79
Hypothetical*		1,000.00		1,016.14		9.07		1.79
Class R6
Actual**		1,000.00		960.70		1.03		0.65
Hypothetical*		1,000.00		1,021.87		3.30		0.65
Select Class
Actual*		1,000.00		946.20		4.40		0.90
Hypothetical*		1,000.00		1,020.61		4.57		0.90
Intrepid Value Fund
Class A
Actual*		1,000.00		937.90		4.04		0.83
Hypothetical*		1,000.00		1,020.96		4.22		0.83
Class C
Actual*		1,000.00		935.70		6.47		1.33
Hypothetical*		1,000.00		1,018.45		6.75		1.33
Class R2
Actual*		1,000.00		936.80		5.26		1.08
Hypothetical*		1,000.00		1,019.71		5.48		1.08
Class R5
Actual*		1,000.00		939.80		2.34		0.48
Hypothetical*		1,000.00		1,022.72		2.44		0.48
Class R6
Actual*		1,000.00		939.80		2.10		0.43
Hypothetical*		1,000.00		1,022.97		2.19		0.43
Select Class
Actual*		1,000.00		938.60		3.31		0.68
Hypothetical*		1,000.00		1,021.72		3.46		0.68

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 59/366 (to reflect the one-half year period).

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 65

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 2015, 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 19, 2015.

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.

66 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

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 may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also 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 Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

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

The Trustees noted that, upon their direction, the Senior Officer for the 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, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 67

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance 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 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 first quintile for both Class A and Select Class shares for each of the one-, three- and five-year periods ended December 31, 2014, 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 first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, 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 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, 2014, 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 quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, 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 first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, 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 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.

68 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

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 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 Growth 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 Intrepid Mid Cap 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.

The Trustees noted that the Intrepid Value 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.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 69

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., 2016. All rights reserved. December 2015. SAN-INT-1215

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
	March 4, 2016

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
	March 4, 2016

By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	March 4, 2016